Real Estate Darwinism

The question of the day!! Has Miami Real Estate Hit Bottom??

Most of you that know us know that we are not the type to follow NAR's latest REALTOR bandwagon with "Now is the time to buy" campaign - we just don't see how a National Campaign of that magnitude can generalize about every real estate market since each one is so local in nature.

With that said, there are tell-tale signs that you, as a buyer, should be aware of:

• Investors buying

• Renters buying

• Sales Increasing

We have seen the numbers of Investor movement increasing at a drastic pace. Although we are also hearing the known phrase "Buy when no one else is buying"..... others are also catching on. These investors are not only local, but they come from other parts of the US, from Canada, Europe and South America.

We are also seeing those people that chose to rent 8 months to a year ago (because they wanted to wait for the market to stabilize), making their move now, or at least are beginning to consider to buy.

Miami Real Estate Sales have also increased and numbers don't lie. Here are some examples taking into consideration sales in the first 4 months of the year (from January 1st to April 30th) and the second third (which is not done yet) from May 1st to Today - August 16, 2008. You can see how sales are slowly creeping up.

• Miami Beach Real Estate - single-family homes
  •  
    • First 1/3 of the year - 28 closed sales
      
  •  
    • Second third of the year - 40 closed sales.

 

• Miami Shores Real Estate - single-family homes
  
  •  
    • First 1/3 of the year - 26 closed sales
  •  
    • Second third of the year - 35 closed sales

 

• Miami Real Estate - single-family homes
  
  •  
    • First 1/3 of the year - 907 closed sales
  •  
    • Second third of the year - 950 closed sales

 

• El Portal Real Estate - single-family homes
  
  •  
    • First 1/3 of the year - 1 closed sale
  •  
    • Second third of the year - 4 closed sales

 

• Aventura Real Estate - condos
  •  
    • First 1/3 of the year - 208 closed sales
  •  
    • Second third of the year - 266 closed sales

 

Please don't misconstrue this to mean that we are telling you to rush out right now and buy a property. The truth is that prices may keep dropping a bit in certain neighborhoods, but if you are looking for a long term Miami real estate investment, the signs of a stabilizing market are starting to show.

http://www.realestatedarwinism.com/0040FC

Pinellas County Florida - Well all home owners, investors and others got some bad news today - Leon County Circuit Court ripped Amendment 5 off the November ballot.  We still have a chance because the State will appeal the ruling and it will ultimately be decided by Florida's Supreme Court. 

Govenor Crist Weigh's In on Court's Ruling

In the Florida Capital News Crist weighs in. Crist said Cooper's ruling "doesn't mean anything" because whichever side lost was certain to kick it up to the Supreme Court. "I was disappointed but not dismayed. It will be appealed - I think everybody knows that," said Crist. "I hope it stays on the ballot because I like the will of the people. I want them to weigh in. I want them to have that power because they're the boss."

The Florida Association of Realtors, which supported the amendment, decried Cooper's ruling saying "Homeownership is a fundamental right, and Floridians deserve a say on how their property is taxed," said Chuck Bonfiglio, president of the Florida Association of Realtors, in a prepared statement. "We are shocked that the court decided to deny property owners' the ability to dramatically lower their property tax rates."

We as Clearwater Realtors and home owners we are definitely planning to Vote YES for Amendment 5 Property taxes. We believe it's good for Clearwater Real Estate buyers, residents and renters because everyone should experience savings.  We also believe it will help home sellers since it will make homes more affordable and more appealing to buyers who do not qualify for homestead exemptions.     

Did you know that Florida property taxes have doubled over last 6 years?

Amendment 5 is proposing a sales tax 1% or less to fund education.

If approved it is predicted that Florida property owners could see 25-40% property tax deduction in 2010 if Amendment 5 had passed. This would help local Floridians across the board by sharing the cost of education with all local residents and tourists.  

One of the most important things Amendment 5 will do for our clients (people buying vacation homes or invests in Clearwater Beach and the Clearwater area)  is provide a  5% annual property tax cap on all non-homestead property (which was set at 10% this past February)  It's important for Florida home owners to understand what's at stake.  

Additional aritcles discussing Amendment 5 being removed from the ballot:

Read more »

http://www.realestatedarwinism.com/0040E8

Downtown Long Beach Real Estate Sales-Market Report

 

Homes, Condos, Coops, OYOs, Income Properties

 

Updated 8/11/08

 

 

 

Downtown Long Beach Homes

There are 28 Downtown Long Beach Homes For Sale ranging in price from $184,900 to $1,300,000.

4 homes are for sale under $200,000

4 homes are for sale between $200,000 and $300,000

7 homes are for sale between $300,000 and $400,000

5 homes are for sale between $400,000 and $500,000

Average Price:  $432,110

Average Days on Market:  140

There are 2 Downtown Long Beach Homes pending in escrow

1 @ $219,000

1 @ $275,500

Average Price:  $247,250

Average Days on Market:  53

3 Downtown Long Beach Homes have closed escrow in 2008.

1 @ $184,000

1 @ $330,000

1 @$355,000

Average Price:  $289,666

Average Days on Market:  8

Downtown Long Beach Condos, Coops and OYOs

There are 182 Downtown Long Beach Condos For Sale ranging in price from $75,000 to $2,699,999.

Average Price:  $410,332

Average Days on Market:  99

There are 14 Downtown Long Beach Condos in escrow accepting Back-Up offers.

Average Price:  $288,750

Average Days on Market:  79

There are 24 Downtown Long Beach Condos Pending in escrow. 

Average Price:  $255,854

Average Days on Market:  95

84 Downtown Long Beach Condos have sold (closed escrow) in 2008.

Average Price:  $325,239

Average Days on Market:  88

Downtown Long Beach Lofts

There at 30 Downtown Long Beach Lofts For Sale ranging in price from $244,990 to $875,000.

Average Price:  $548,656

Average Days on Market:  168

There are no Downtown Long Beach Lofts in escrow at this time.

8 Downtown Long Beach Lofts have sold (closed escrow) in 2008. 

Average Price:  $559,812

Average Days on Market:  139

Downtown Long Beach Income Properties

There are 45 Downtown Long Beach Income Properties For Sale ranging in price from $225,000 (duplex) to $1,999,999 (18 units). 

Average Price:  $735,611

Average Days on Market:  119

5 Downtown Long Beach Income Properties are Pending in escrow.

Average Price:  $506,940

Average Days on Market:  62

15 Downtown Long Beach Income Properties have sold (closed escrow) in 2008.

Average Price:  $741,706

Average Days on Market:  111

 

 

Call Laurie to view Downtown Long Beach Properties

Laurie knows Downtown!

http://www.realestatedarwinism.com/0040C8

Are your Granite Countertops "HOT"?

Granite Countertops are one of the top selling points for homes and condos.  In a recent article "Words that Sell Homes", it was disclosed that the word Granite was one of the 7 top words that help sell a home. When thinking about a Long Beach Home Kitchen Remodel, it is the Granite counter-top that is the finishing touch.  Will you go dark or light?  A lot of texture or more sedate? Domestic or Imported? Almost everybody loves granite countertops. 

 

Recently the NY Times published an article raising questions regarding harmful levels of radon gases being emited by the breadown of uranium in the many varieties of granite countertops.  Radon is a radioactive gas that can cause lung cancer.

 

Having read through many of the articles available on the internet most suggest that the countertops emitting the highest levels of radiation seem to be those imported from Brazil and Namibia.

 

The Marble Institute of America has said such claims are "ludicrous" because although granite is known to contain uranium and other radioactive materials like thorium and potassium, the amounts in countertops are not enough to pose a health threat.

 

If you have granite countertops and are concerned whether radon or radiation is a problem you can:

 

1. Contact the American Association of Radon Scientists and Technologists (aarst.org). Testing costs between $100 and $300.
2. Find a certified technician at the Environmental Protection Agency's Web site at epa.gov/radon, as well as from state or regional indoor air environment offices, which can be found at epa.gov/iaq/whereyoulive.html.
3. Radon test kits are available from the National Safety Council  (or call 1-800-SOS-RADON).  Some home improvement stores sell test kits.  To find a qualified testing or mitigation contractor, contact your state radon office or either of the national private radon programs.

 

Articles on the subject you might be interested in reading: 

 

• What's Lurking in Your Countertop? - NY Times
  
• Granite Countertops A Health Threat? - CBS News
  
• Radon in Granite
• Could your granite countertops be leaking radon gas?
• Granite Countertops & Radon Gas

 

http://www.realestatedarwinism.com/0040C1

Here is the July 2008 report for the Stetson Hills Real Estate Market. For more information on Stetson Hills and to view the full report, please visit the Stetson Hills Real Estate Blog.

Single Family Homes in Stetson Hills

• There are currently 305 Stetson Hills homes for sale Colorado Springs.
  • Price Range: $43,900 - $499,900
  • Median Price: $225,000
  • Average Days on Market: 119 days
    
• As of August 13, 2008, there are 66 homes under contract in Stetson Hills.
  
• From 7/1/2008 - 7/31/2008, 61 single family homes SOLD in Stetson Hills.
  • Median Sales Price: $225,000
  • Average Sales Price: $237,205
  • Sale Price to List Price Ratio: 97.4%
  • Average Days on Market: 106 days (1-788 days)
  • 39 of the 61 sales were VA or FHA government loans

  

Townhomes and Condos in Stetson Hills

• There are currently 29 townhomes and condos for sale in Stetson Hills, Colorado Springs.
  • 8 Condos and 21 Townhomes
  • Price Range: $124,900 193,695
  • Median Price: $160,000
  • Average Days on Market: 131 days

• From 7/1/2008 7/31/2008, 4 townhomes and condos sold in Stetson Hills.
  • 2 Condos and 2 Townhomes
  • Price Range: $133,500 - $165,695
  • Median Sold Price: $147,950
  • Average Days on Market: 73 days (48-119 days)
    Down from 98 days in June
  • 2 VA loans and 2 conventional loans

Posted By: Mariana Wagner Wagner iTeam at Keller Williams Clients Choice Realty
Colorado Springs Real Estate Agent Stetson Hills Real Estate Expert

http://www.realestatedarwinism.com/0040AD