Global and national conditions are keeping mortgage rates tantalizingly low. But if you want to buy a house or refinance, remember, the low rates won't last forever.
By ALAN ZIBEL
Associated Press
WASHINGTON -- Turmoil in the stock market and the European debt crisis are making life easier for American home buyers and families looking to refinance: Mortgage rates are inching closer to a record low.
The window of opportunity may close soon. Home loan rates will rise if investors grow more confident and shift money out of the safety of government bonds, which influence mortgage rates.
For now, though, rates are tantalizingly low. The average 30-year fixed-rate loan sank to 4.78 percent this week, the lowest this year and barely above the record of 4.71 percent set in December. And 15-year loans are at their lowest rates in two decades.
"Strike now,'' suggested Greg McBride, senior financial analyst at Bankrate.com.
Some homeowners are doing just that. Applications to refinance surged this week to the highest level in seven months, the Mortgage Bankers Association said.
Anxiety over the European crisis has caused global investors to snap up Treasury bonds, which they view as much safer than other investments. Treasury yields have fallen as a result, taking mortgage rates down, too.
When the crisis eases, and especially if the American economy recovery stays on track, expect investors to move out of bonds and back into stocks. That would make mortgages more expensive.
"If the economy finally really shows sustained improvement, rates are definitely going to go up,'' said Fred Chamberlin, a consultant with Alpine Mortgage Planning in Eugene, Ore.
He suggests that homeowners looking to refinance move fast and not hold out for even lower rates.
"If you want the bottom, the only way you're going to know it is when you've missed it,'' Chamberlin said.
As cheap as mortgages are these days, the number of loans being taken out to buy homes remains at its lowest point in more than 13 years. One reason is that a special tax credit for home buyers expired last month. Many had rushed to sign contracts by then.
Another obstacle: trouble qualifying for a mortgage. Borrowers need solid credit and a down payment of at least 3.5 percent. Banks tightened lending standards after millions of borrowers fell into default and foreclosure during the housing bust.
"They're really looking with a magnifying glass,'' said Steve Mevorah, a loan officer with Icon Mortgage Inc. in Las Vegas. "They're trying to make sure that they are flawless loans.''
Analysts had expected mortgage rates to rise when the government ended a program designed to bolster the housing market. Instead, they fell because of fears that Greece would default on its debt.
Also keeping rates low is the government's decision last year to provide unlimited support through 2012 for Freddie Mac and Fannie Mae, which buy mortgages and package them into securities and help keep rates low.
Investors "are very comfortable with the guarantee that is in place,'' notes Credit Suisse mortgage strategist Mahesh Swaminathan. "That, for all practical purposes, is very strong government support.''
Since the financial crisis ended, mortgages of all types have become more affordable -- from the 30-year fixed to adjustable varieties.
The premium that borrowers pay to take out "jumbo'' loans for more expensive homes has dropped by a full percentage point since late 2008, to just 0.8 percent, for instance.
Read more: http://www.miamiherald.com/2010/05/28/1652095/mortgage-rates-nearing-lows.html#ixzz0pFXU6qc3
There has never been a better time to buy a home in Miami. We can help you find your dream home or condo, and also pre-qualify you for one of these near-record-low home loans. Call us at 305-456-6456 for an appointment today.
Friday, May 28, 2010
Tuesday, May 18, 2010
Downtown Miami Condo Deals Cut Into Beach Area Sales - May 18th, 2010
BY HANNAH SAMPSON
hsampson@MiamiHerald.com
Dennis and Rowena Bennett were set on moving to South Florida from St. Louis. And they thought they knew exactly where they wanted to buy.
"My wife was totally, totally set on a beach property,'' said Bennett, a patent attorney. "She said: 'Don't even show me something that's not on the beach.' ''
But then they saw the ICON Brickell building in downtown Miami. By the end of January, the Bennetts were sold -- and the two-bedroom, two-bathroom condo was theirs.
It's a tale of two sides of the causeway, where palm trees and high prices on one side give way to towering downtown buildings and relative bargains on the other.
On the sands of South Beach, sales of new condo units are sluggish, with only 17 closing in the first three months of 2010.
Across the MacArthur Causeway, the pace picks up. During the first quarter, buyers snapped up 713 units in the downtown Miami area -- nearly twice as many as during the first quarter of 2009.
A look at the price tag explains the difference: in South Beach, the average price per square foot for new condos was $1,364; downtown, buyers paid an average of $326 per square foot. Those figures are according to a report from the real estate research and brokerage firm Condo Vultures. It describes new condos as any built since 2003 with direct sales from the developer to a buyer.
"Many people are just sort of saying this is too good a value, so they're jumping over the causeway and going downtown,'' said Peter Zalewski, a principal with the firm. "It's cheaper to live downtown.''
The situation is different in Broward County where more deals can be found on the beaches. There the average price per square foot for new coastal condos is $276. Over the last six months, 254 new units sold. Beach units were largely condo hotels, Zalewski said.
"In South Beach, you buy because you want to be there,'' he said. "In [coastal] Fort Lauderdale, you buy because it's better value.''
The prime location in central Broward is east of Interstate 95, including downtown Fort Lauderdale, and west of the Intracoastal.
Prices are higher there -- an average of $587 per square foot -- than coastal and inland areas in Broward. Sales aren't as brisk as in downtown Miami, where the price per square foot is lower. Over the last six months, 470 new units closed in the urban area of Broward that includes downtown Fort Lauderdale.
West of I-95, "new'' condos are mostly apartments converted to condos, even if they were built decades ago. There the average price is $86 per square foot, with 904 units sold in the last six months.
But in Miami-Dade, downtown is where the deals are.
Miami Beach-based real estate agent Kevin Tomlinson said now prices have gone down to where they belong on the mainland. "If you've got $300,000 to spend, it's going to get you a prettier, newer building,'' he said. "You're not going to get that over on Miami Beach.''
But he said the chic neighborhood south of Fifth Street on South Beach still has strong sales of high-priced existing condos, which were not included in the report from Condo Vultures.
He said the new building getting the most traffic on the Beach is the Caribbean, 3737 Collins Ave. There, 33 units closed in the first quarter at an average of $562 per square foot, according to Condo Vultures.
At Canyon Ranch Living-Miami Beach, 6801 Collins Ave., which wasn't included in the Condo Vultures report because sales weren't direct from the developer, 88 units have sold since last May at price points between $300 and $900 per square foot. The most popular units fall at about $600, according to a spokesman for the property.
Sunny Isles Beach, with an average price per square foot of $508, saw relatively strong sales with 103 units closing in the city in the first quarter.
Rita Japhet, broker-owner of Sunny Isles Real Estate, said about 65 percent of her buyers are foreign and most of them are looking for second homes.
Everyone, however, is looking for the best value.
"You can find here very good values on brand new luxury construction on the ocean, larger spaces than you would find on South Beach,'' she said.
Still, she said, many buyers are asking to see property beyond Sunny Isles Beach. They want Brickell.
They are not alone. Nearly three-quarters of the more than 22,000 condo units built in the downtown area are occupied, according to a study released earlier this year by the Miami Downtown Development Authority.
Developers have been forced to slash prices and investors have turned to renting out their units, bringing life into once-empty buildings.
"It used to be that you could shoot a cannon down Flagler Street after 7 at night,'' said Alyce Robertson, executive director of the DDA. Now, she said, the neighborhood shares something with South Beach: nightlife.
Dennis Bennett like his new Brickell neighborhood, including all the restaurants, well-kept public areas and lack of graffiti.
"I don't know what was there before, but boy do I feel safe and secure there now,'' he said.
Zalewski said his firm's research shows that it's likely three of four downtown units are bought by investors or second-home buyers. Most rent the units out to tenants who are lured from areas like Kendall, Aventura and South Beach by the good prices.
Alejandro Bonet, 26, had kept his eye on the Marquis project at 1100 Biscayne Blvd. since the preconstruction phase, when units were going for just under a million. Finally this year, he made his move, buying a 1,477-square-foot two-bedroom condo for the mid-$500,000s.
"I love the whole downtown area. I see it as picking up a lot, the vibe and the feeling of the area,'' he said. "And finally the prices came down to a point where it would be a good buy.''
Read more: http://www.miamiherald.com/2010/05/17/v-fullstory/1634368/downtown-condo-deals-cut-into.html#ixzz0oIIx6EKc
At Ocean Sky Realty, we specialize in luxury new construction condos in Brickell and Downtown Miami, including ICON Brickell and the Marquis. With developers dropping prices, these beautiful units are a great value right now, and they are selling fast. Call us today at 305-456-6456 for more information about Downtown Miami and Brickell condos.
hsampson@MiamiHerald.com
Dennis and Rowena Bennett were set on moving to South Florida from St. Louis. And they thought they knew exactly where they wanted to buy.
"My wife was totally, totally set on a beach property,'' said Bennett, a patent attorney. "She said: 'Don't even show me something that's not on the beach.' ''
But then they saw the ICON Brickell building in downtown Miami. By the end of January, the Bennetts were sold -- and the two-bedroom, two-bathroom condo was theirs.
It's a tale of two sides of the causeway, where palm trees and high prices on one side give way to towering downtown buildings and relative bargains on the other.
On the sands of South Beach, sales of new condo units are sluggish, with only 17 closing in the first three months of 2010.
Across the MacArthur Causeway, the pace picks up. During the first quarter, buyers snapped up 713 units in the downtown Miami area -- nearly twice as many as during the first quarter of 2009.
A look at the price tag explains the difference: in South Beach, the average price per square foot for new condos was $1,364; downtown, buyers paid an average of $326 per square foot. Those figures are according to a report from the real estate research and brokerage firm Condo Vultures. It describes new condos as any built since 2003 with direct sales from the developer to a buyer.
"Many people are just sort of saying this is too good a value, so they're jumping over the causeway and going downtown,'' said Peter Zalewski, a principal with the firm. "It's cheaper to live downtown.''
The situation is different in Broward County where more deals can be found on the beaches. There the average price per square foot for new coastal condos is $276. Over the last six months, 254 new units sold. Beach units were largely condo hotels, Zalewski said.
"In South Beach, you buy because you want to be there,'' he said. "In [coastal] Fort Lauderdale, you buy because it's better value.''
The prime location in central Broward is east of Interstate 95, including downtown Fort Lauderdale, and west of the Intracoastal.
Prices are higher there -- an average of $587 per square foot -- than coastal and inland areas in Broward. Sales aren't as brisk as in downtown Miami, where the price per square foot is lower. Over the last six months, 470 new units closed in the urban area of Broward that includes downtown Fort Lauderdale.
West of I-95, "new'' condos are mostly apartments converted to condos, even if they were built decades ago. There the average price is $86 per square foot, with 904 units sold in the last six months.
But in Miami-Dade, downtown is where the deals are.
Miami Beach-based real estate agent Kevin Tomlinson said now prices have gone down to where they belong on the mainland. "If you've got $300,000 to spend, it's going to get you a prettier, newer building,'' he said. "You're not going to get that over on Miami Beach.''
But he said the chic neighborhood south of Fifth Street on South Beach still has strong sales of high-priced existing condos, which were not included in the report from Condo Vultures.
He said the new building getting the most traffic on the Beach is the Caribbean, 3737 Collins Ave. There, 33 units closed in the first quarter at an average of $562 per square foot, according to Condo Vultures.
At Canyon Ranch Living-Miami Beach, 6801 Collins Ave., which wasn't included in the Condo Vultures report because sales weren't direct from the developer, 88 units have sold since last May at price points between $300 and $900 per square foot. The most popular units fall at about $600, according to a spokesman for the property.
Sunny Isles Beach, with an average price per square foot of $508, saw relatively strong sales with 103 units closing in the city in the first quarter.
Rita Japhet, broker-owner of Sunny Isles Real Estate, said about 65 percent of her buyers are foreign and most of them are looking for second homes.
Everyone, however, is looking for the best value.
"You can find here very good values on brand new luxury construction on the ocean, larger spaces than you would find on South Beach,'' she said.
Still, she said, many buyers are asking to see property beyond Sunny Isles Beach. They want Brickell.
They are not alone. Nearly three-quarters of the more than 22,000 condo units built in the downtown area are occupied, according to a study released earlier this year by the Miami Downtown Development Authority.
Developers have been forced to slash prices and investors have turned to renting out their units, bringing life into once-empty buildings.
"It used to be that you could shoot a cannon down Flagler Street after 7 at night,'' said Alyce Robertson, executive director of the DDA. Now, she said, the neighborhood shares something with South Beach: nightlife.
Dennis Bennett like his new Brickell neighborhood, including all the restaurants, well-kept public areas and lack of graffiti.
"I don't know what was there before, but boy do I feel safe and secure there now,'' he said.
Zalewski said his firm's research shows that it's likely three of four downtown units are bought by investors or second-home buyers. Most rent the units out to tenants who are lured from areas like Kendall, Aventura and South Beach by the good prices.
Alejandro Bonet, 26, had kept his eye on the Marquis project at 1100 Biscayne Blvd. since the preconstruction phase, when units were going for just under a million. Finally this year, he made his move, buying a 1,477-square-foot two-bedroom condo for the mid-$500,000s.
"I love the whole downtown area. I see it as picking up a lot, the vibe and the feeling of the area,'' he said. "And finally the prices came down to a point where it would be a good buy.''
Read more: http://www.miamiherald.com/2010/05/17/v-fullstory/1634368/downtown-condo-deals-cut-into.html#ixzz0oIIx6EKc
At Ocean Sky Realty, we specialize in luxury new construction condos in Brickell and Downtown Miami, including ICON Brickell and the Marquis. With developers dropping prices, these beautiful units are a great value right now, and they are selling fast. Call us today at 305-456-6456 for more information about Downtown Miami and Brickell condos.
Thursday, May 13, 2010
Real Estate Scams and Dangers of Using Craigslist - May 13, 2010
Some home scammers using Craigslist
Crooks selling property that doesn't belong to them
By NANCY SARNOFF
Copyright 2009 Houston Chronicle
A couple months ago, Mary Thai found a house for lease on Craigslist, the online database of independent classifieds.
The 27-year-old manicurist made an appointment to look at the Jersey Village property and took her husband and mother along to see it.
It was just what she wanted, so she signed a lease and forked over $1,400 in cash — $995 for the first month’s rent and the rest as a deposit.
But Thai said the man who took her money was impersonating the real estate agent who was actually listing the property for sale on the Houston Association of Realtors’ Web site. He has since disappeared.
Craigslist scams have been reported in other parts of the country since the housing market began to deteriorate, and the local realty association said it’s now started hearing about them in Houston.
The scams typically involve posting properties for rent or sale at discounted prices. The person posting the ad will ask prospective renters or buyers to mail a check, money order or cash or wire funds for the property.
Robin Mueck, president and CEO of Heritage Texas Properties, said she doesn’t see the problem as widespread, but the increasing number of real estate transactions taking place online will lead to more opportunities for fraud.
Her company was affected when a Craigslist ad described a property that was actually being listed by a Heritage Texas agent.
A consumer became interested in the property and after several conversations with the Craigslist advertiser, she drove by the house, saw the realty sign and called the company.
That’s when she discovered the scam.
Thai said she filed a police report and is now waiting to hear from a detective on her case.
A Craigslist spokeswoman said the company goes to great lengths to prevent scams from reaching users, but those that do are quickly identified and removed by user flagging. The site also publishes fraud warnings.
-Many Craigslist postings are placed by legitimate Real Estate Agents. However, fake listings are becoming more common. If you are looking for a home or apartment for rent, be cautious. Do not mail deposits or rent checks to someone you have never seen - make sure you meet the agent at their office, have them show you the property, and sign the appropriate rental contracts before any money changes hands. To protect yourself even more, find your own agent who will represent your interests (rather than those of the landlord) to handle the transaction from start to finish. There is no charge for this service! Call us at 305-456-6456 today - we can help you find your next home.
Even more frightening:
Dad shot dead after placing Craigslist ad
Police say four people came to his home and killed him in front of his family
By Mike Celizic
TODAYshow.com contributor
updated 10:41 a.m. ET, Tues., May 11, 2010
It was just a simple sales transaction set up via Craigslist, the Internet classified ads site. The item being offered was valuable — a 1.07-carat diamond ring, with an asking price of $1,050 — but James Sanders, a trusting man, felt there was nothing to fear.
“He’s sold different things on Craigslist,” Charlene Sanders told TODAY’s Meredith Vieira Tuesday from Puyallup, Wash.
Tragically, Charlene Sanders is a widow today and her husband, James, is dead. He died defending his family from four people who came to the house in response to his ad. They didn’t come to buy the ring; they came to steal it, along with anything else of value the family had.
“Our whole life has been ripped apart,” Charlene said. “We’re just trying to put it back together as best we can. It’s hard.”
Transaction turns to terror
Charlene was speaking on national television for the first time since the April 28 robbery and murder. At her side was Derek Sanders, her husband’s younger brother.
She described a terrifying scene that began with a young couple at the door and a friendly transaction, and ended in gunshots and death.
It was around 9 p.m. on a Wednesday night, and James and Charlene were upstairs in their Edgewood, Wash., home with their two sons, Jimmy, 14, and Chandler, 10, watching a movie on television.
James was expecting a couple to come about buying the diamond ring he had advertised on Craigslist. He went downstairs when they arrived to show them the ring.
The woman who came to look at the ring said she wanted it as a possible Mother’s Day present. She was accompanied by a young man. Two other male accomplices remained hidden.
James showed the couple the ring. Charlene became involved when her husband called her downstairs to answer some questions about it.
“Do you want the ring?” the young man asked the young woman.
“Yes,” she said.
Charlene told Vieira the man pulled out a wad of cash and said to James Sanders, “How’s this?”
“That’s fine,” James Sanders replied.
“Well, how about this?” the man asked as he pulled out a gun.
“That’s how it all started,” Charlene said.
Panic and violence
It was a nightmare, a blur of terror.
“I could feel rushing around. My husband and I were looking at each other, panicking, saying, ‘Just take it, take it, take anything you want,’ ” she told Vieira. “We just kept chanting it: ‘Take it.’ Then all of a sudden we’re getting zip-tied and put down on the floor in the kitchen. I could tell that people had been rushing in.”
Two more males joined the couple who initiated the robbery. Charlene said they went upstairs to bring down the two boys.
Meanwhile, robbers were screaming at James and Charlene, who were on the kitchen floor.
“I had a man come over to me with a gun to the back of my head,” Charlene said. The home invader started to count down, as if he were going to kill her, demanding to know, “Where’s the stuff? Where’s the stuff?”
“What stuff?” she said.
“Where’s the safe?” the man said.
“At one point he kicked me in the head,” Charlene told Vieira.
“I was screaming. The kids were standing there and I went, ‘Oh, please God, don’t let them kill me. Don’t let them kill my kids. Don’t let them kill me in front of my kids,’ ” Charlene said.
He died defending them
Someone pulled her wedding ring off her finger as the robbers took her husband to open the family’s safe, which was located in the garage. Charlene has said she’s not sure of the sequence of events, but she knows that Jimmy, her 14-year-old, at some point jumped on one of the robbers and got pistol-whipped. Her husband managed to break the zip ties that had bound his hands and went to Jimmy’s defense.
Charlene heard three shots from the living room. When the robbers finally left, she found James dying.
One of the boys called 911, telling the dispatcher, “My dad has been shot. Please hurry! Hurry, please! We don’t know if they’re going to come back!”
Charlene cradled her 43-year-old husband in her arms.
“I just kept saying, ‘Honey, stay with me. Stay with us. Stay with us. Don’t go. Don’t go.’ And he was just barely gasping for air, and he was all white. He was starting to get white. I saw that half his ear was shot off and I thought maybe he’s just in shock. That’s why he’s white,” Charlene said.
But he wasn’t in shock.
“He died,” Charlene said.
A father’s example
Craigslist released a statement saying violent acts related to ads on the popular site are rare. But Detective Ed Troyer, who is investigating the case for the Pierce County Sheriff’s office, warned: “If you have something nice, somebody’s going to figure out a way to take it from you. Craigslist is a tool to do that.”
Four people have been arrested in connection with the case and charged with a number of crimes, including first-degree murder. The suspects have been identified as Clabon Terrel Berniard, 23, Amanda Knight, 21, Kiyoshi Higashi, 22, and Joshua Reese, 20. Berniard turned himself in to authorities last Thursday. The other three were arrested at a traffic stop in California.
Meanwhile, the surviving Sanderses are trying to put their lives back together and make James’ death mean something.
“He’s an example of a real man, a family man, a husband and a father. He’s the type of guy a lot of people should aspire to be like,” Derek Sanders said of his older brother.
Jimmy, the boy who was pistol-whipped, has told local reporters in Washington that he will follow his father’s example.
“I will become the man my dad wanted me to be,” Jimmy said. “In time I will forgive these evil people that robbed my dad from me.”
Read more: http://today.msnbc.msn.com/id/37082569/ns/today/?gt1=43001#ixzz0np8DMHiD
We cannot say this enough - please protect yourself online, and especially when using Craigslist. Do not advertise to the world that you have valuable, easily stolen items in your home. If you must meet strangers for in-person transactions, always go to a public place and be aware of your surroundings - do not let them know where you live. If you need to sell jewelry or other expensive items, use a reputable reseller in your area. Their commission is a small price to pay for the safety of your home and family.
Crooks selling property that doesn't belong to them
By NANCY SARNOFF
Copyright 2009 Houston Chronicle
A couple months ago, Mary Thai found a house for lease on Craigslist, the online database of independent classifieds.
The 27-year-old manicurist made an appointment to look at the Jersey Village property and took her husband and mother along to see it.
It was just what she wanted, so she signed a lease and forked over $1,400 in cash — $995 for the first month’s rent and the rest as a deposit.
But Thai said the man who took her money was impersonating the real estate agent who was actually listing the property for sale on the Houston Association of Realtors’ Web site. He has since disappeared.
Craigslist scams have been reported in other parts of the country since the housing market began to deteriorate, and the local realty association said it’s now started hearing about them in Houston.
The scams typically involve posting properties for rent or sale at discounted prices. The person posting the ad will ask prospective renters or buyers to mail a check, money order or cash or wire funds for the property.
Robin Mueck, president and CEO of Heritage Texas Properties, said she doesn’t see the problem as widespread, but the increasing number of real estate transactions taking place online will lead to more opportunities for fraud.
Her company was affected when a Craigslist ad described a property that was actually being listed by a Heritage Texas agent.
A consumer became interested in the property and after several conversations with the Craigslist advertiser, she drove by the house, saw the realty sign and called the company.
That’s when she discovered the scam.
Thai said she filed a police report and is now waiting to hear from a detective on her case.
A Craigslist spokeswoman said the company goes to great lengths to prevent scams from reaching users, but those that do are quickly identified and removed by user flagging. The site also publishes fraud warnings.
-Many Craigslist postings are placed by legitimate Real Estate Agents. However, fake listings are becoming more common. If you are looking for a home or apartment for rent, be cautious. Do not mail deposits or rent checks to someone you have never seen - make sure you meet the agent at their office, have them show you the property, and sign the appropriate rental contracts before any money changes hands. To protect yourself even more, find your own agent who will represent your interests (rather than those of the landlord) to handle the transaction from start to finish. There is no charge for this service! Call us at 305-456-6456 today - we can help you find your next home.
Even more frightening:
Dad shot dead after placing Craigslist ad
Police say four people came to his home and killed him in front of his family
By Mike Celizic
TODAYshow.com contributor
updated 10:41 a.m. ET, Tues., May 11, 2010
It was just a simple sales transaction set up via Craigslist, the Internet classified ads site. The item being offered was valuable — a 1.07-carat diamond ring, with an asking price of $1,050 — but James Sanders, a trusting man, felt there was nothing to fear.
“He’s sold different things on Craigslist,” Charlene Sanders told TODAY’s Meredith Vieira Tuesday from Puyallup, Wash.
Tragically, Charlene Sanders is a widow today and her husband, James, is dead. He died defending his family from four people who came to the house in response to his ad. They didn’t come to buy the ring; they came to steal it, along with anything else of value the family had.
“Our whole life has been ripped apart,” Charlene said. “We’re just trying to put it back together as best we can. It’s hard.”
Transaction turns to terror
Charlene was speaking on national television for the first time since the April 28 robbery and murder. At her side was Derek Sanders, her husband’s younger brother.
She described a terrifying scene that began with a young couple at the door and a friendly transaction, and ended in gunshots and death.
It was around 9 p.m. on a Wednesday night, and James and Charlene were upstairs in their Edgewood, Wash., home with their two sons, Jimmy, 14, and Chandler, 10, watching a movie on television.
James was expecting a couple to come about buying the diamond ring he had advertised on Craigslist. He went downstairs when they arrived to show them the ring.
The woman who came to look at the ring said she wanted it as a possible Mother’s Day present. She was accompanied by a young man. Two other male accomplices remained hidden.
James showed the couple the ring. Charlene became involved when her husband called her downstairs to answer some questions about it.
“Do you want the ring?” the young man asked the young woman.
“Yes,” she said.
Charlene told Vieira the man pulled out a wad of cash and said to James Sanders, “How’s this?”
“That’s fine,” James Sanders replied.
“Well, how about this?” the man asked as he pulled out a gun.
“That’s how it all started,” Charlene said.
Panic and violence
It was a nightmare, a blur of terror.
“I could feel rushing around. My husband and I were looking at each other, panicking, saying, ‘Just take it, take it, take anything you want,’ ” she told Vieira. “We just kept chanting it: ‘Take it.’ Then all of a sudden we’re getting zip-tied and put down on the floor in the kitchen. I could tell that people had been rushing in.”
Two more males joined the couple who initiated the robbery. Charlene said they went upstairs to bring down the two boys.
Meanwhile, robbers were screaming at James and Charlene, who were on the kitchen floor.
“I had a man come over to me with a gun to the back of my head,” Charlene said. The home invader started to count down, as if he were going to kill her, demanding to know, “Where’s the stuff? Where’s the stuff?”
“What stuff?” she said.
“Where’s the safe?” the man said.
“At one point he kicked me in the head,” Charlene told Vieira.
“I was screaming. The kids were standing there and I went, ‘Oh, please God, don’t let them kill me. Don’t let them kill my kids. Don’t let them kill me in front of my kids,’ ” Charlene said.
He died defending them
Someone pulled her wedding ring off her finger as the robbers took her husband to open the family’s safe, which was located in the garage. Charlene has said she’s not sure of the sequence of events, but she knows that Jimmy, her 14-year-old, at some point jumped on one of the robbers and got pistol-whipped. Her husband managed to break the zip ties that had bound his hands and went to Jimmy’s defense.
Charlene heard three shots from the living room. When the robbers finally left, she found James dying.
One of the boys called 911, telling the dispatcher, “My dad has been shot. Please hurry! Hurry, please! We don’t know if they’re going to come back!”
Charlene cradled her 43-year-old husband in her arms.
“I just kept saying, ‘Honey, stay with me. Stay with us. Stay with us. Don’t go. Don’t go.’ And he was just barely gasping for air, and he was all white. He was starting to get white. I saw that half his ear was shot off and I thought maybe he’s just in shock. That’s why he’s white,” Charlene said.
But he wasn’t in shock.
“He died,” Charlene said.
A father’s example
Craigslist released a statement saying violent acts related to ads on the popular site are rare. But Detective Ed Troyer, who is investigating the case for the Pierce County Sheriff’s office, warned: “If you have something nice, somebody’s going to figure out a way to take it from you. Craigslist is a tool to do that.”
Four people have been arrested in connection with the case and charged with a number of crimes, including first-degree murder. The suspects have been identified as Clabon Terrel Berniard, 23, Amanda Knight, 21, Kiyoshi Higashi, 22, and Joshua Reese, 20. Berniard turned himself in to authorities last Thursday. The other three were arrested at a traffic stop in California.
Meanwhile, the surviving Sanderses are trying to put their lives back together and make James’ death mean something.
“He’s an example of a real man, a family man, a husband and a father. He’s the type of guy a lot of people should aspire to be like,” Derek Sanders said of his older brother.
Jimmy, the boy who was pistol-whipped, has told local reporters in Washington that he will follow his father’s example.
“I will become the man my dad wanted me to be,” Jimmy said. “In time I will forgive these evil people that robbed my dad from me.”
Read more: http://today.msnbc.msn.com/id/37082569/ns/today/?gt1=43001#ixzz0np8DMHiD
We cannot say this enough - please protect yourself online, and especially when using Craigslist. Do not advertise to the world that you have valuable, easily stolen items in your home. If you must meet strangers for in-person transactions, always go to a public place and be aware of your surroundings - do not let them know where you live. If you need to sell jewelry or other expensive items, use a reputable reseller in your area. Their commission is a small price to pay for the safety of your home and family.
Wednesday, May 12, 2010
Return to Lender: Developer Hands Back Much of ICON Brickell - May 12, 2010
Ownership of the majority of ICON Brickell will revert to its lenders, with developer The Related Group keeping the rest and co-managing sales, in a deal reached late Tuesday.
BY INA PAIVA CORDLE
icordle@MiamiHerald.com
Miami-based The Related Group has deeded two 57-story towers of ICON Brickell -- an ultra-luxury $1 billion condominium project emblematic of Miami's real estate boom -- back to its lenders, the company said Tuesday.
In a "friendly settlement,'' Towers 1 and 2 of the financially troubled project will return to a syndicate of lenders led by HSBC, and The Related Group and Fortune International will co-manage the project's sales and marketing efforts.
For months, developer Jorge Perez, chairman and chief executive of Related, has said he was in final negotiations with lenders regarding the future of the three-tower, 1,793-unit development in the 400 block of Brickell Avenue.
Recently, sales at the project, which Perez regarded as the pinnacle in his long career, had picked up -- albeit at deep discounts. Late last year, Related won approval from its lenders to slash prices by 30 percent in a bid to get buyers to close.
Project lenders also agreed to start making five-year loans to buyers.
But it wasn't enough to prevent the two towers from reverting to the lenders.
Working with a separate bank syndicate led by Bank of America, Related will continue to own and operate the 50-story Tower 3, which is anchored by the Viceroy Miami hotel, and will continue to sell and market its condo-hotel units and condominiums together with its sales affiliate Related Cervera Realty Services, the company said.
Analysts had been predicting Perez would lose ownership after delivering the opulent ICON, which features an infinity pool the size of a football field, in one of the worst housing markets in South Florida history.
Over the past two years, troubled developers behind on construction loans have been turning over title to projects in so-called "friendly foreclosures'' to avoid costly and lengthy litigation.
In July 2009, Related surrendered ownership of its then-new 420-unit CityPlace South Tower in West Palm Beach to a group of partners led by Toronto-based Scotia Capital.
In creating ICON, Perez had spared no expense.
Designed by Arquitectonica with creative flourishes by renowned designer Philippe Starck, ICON features more than 100 22-foot columns that mimic the statues of Easter Island around its entrances, an immense outdoor fireplace crafted of French limestone, and oversize chess pieces adorning a walkable chessboard on the two-acre pool deck.
"I don't think we'll ever see another project like ICON Brickell built again,'' said Peter Zalewski, principal of Condo Vultures, a real estate brokerage and research firm. "No one will ever say that Jorge Perez and Related don't dream big. Unfortunately, they weren't able to close it.''
When the towers were opened with great fanfare in the fall of 2008, sales in the bleak market were tepid.
But lower prices brought buyers. So far, 433 units, or 24 percent of the 1,793 units, have been sold, according to Condo Vultures.
In 2008 and 2009, 125 ICON units closed, at an average of $543 per square foot, said Zalewski. This year 308 units have closed at an average of $403 per square foot, showing the spike in sales as prices dropped, he said. Pre-construction prices were more than $600 per square foot.
"I think as history is written and people look back and reflect on that period of 2003 to 2010, Jorge Perez and Related will come out in a very positive light,'' said Zalewski. "Unfortunately, some people will not have that positive opinion of him -- and those people will be the ones who lost significantly by investing with him.''
Miami Herald Staff Writer Hannah Sampson contributed to this report.
Read more: http://www.miamiherald.com/2010/05/11/1624875/return-to-lender-developer-hands.html#ixzz0njFTtelX
There are hundreds of units still available for sale and rent at ICON Brickell! We specialize in Brickell condos for sale and rent, and we have access to thousands more condos in Brickell, as well as Downtown Miami, Coral Gables, and South Beach. Let us find the right one for you. Call us today at 305-456-6456 for an appointment to review your options.
BY INA PAIVA CORDLE
icordle@MiamiHerald.com
Miami-based The Related Group has deeded two 57-story towers of ICON Brickell -- an ultra-luxury $1 billion condominium project emblematic of Miami's real estate boom -- back to its lenders, the company said Tuesday.
In a "friendly settlement,'' Towers 1 and 2 of the financially troubled project will return to a syndicate of lenders led by HSBC, and The Related Group and Fortune International will co-manage the project's sales and marketing efforts.
For months, developer Jorge Perez, chairman and chief executive of Related, has said he was in final negotiations with lenders regarding the future of the three-tower, 1,793-unit development in the 400 block of Brickell Avenue.
Recently, sales at the project, which Perez regarded as the pinnacle in his long career, had picked up -- albeit at deep discounts. Late last year, Related won approval from its lenders to slash prices by 30 percent in a bid to get buyers to close.
Project lenders also agreed to start making five-year loans to buyers.
But it wasn't enough to prevent the two towers from reverting to the lenders.
Working with a separate bank syndicate led by Bank of America, Related will continue to own and operate the 50-story Tower 3, which is anchored by the Viceroy Miami hotel, and will continue to sell and market its condo-hotel units and condominiums together with its sales affiliate Related Cervera Realty Services, the company said.
Analysts had been predicting Perez would lose ownership after delivering the opulent ICON, which features an infinity pool the size of a football field, in one of the worst housing markets in South Florida history.
Over the past two years, troubled developers behind on construction loans have been turning over title to projects in so-called "friendly foreclosures'' to avoid costly and lengthy litigation.
In July 2009, Related surrendered ownership of its then-new 420-unit CityPlace South Tower in West Palm Beach to a group of partners led by Toronto-based Scotia Capital.
In creating ICON, Perez had spared no expense.
Designed by Arquitectonica with creative flourishes by renowned designer Philippe Starck, ICON features more than 100 22-foot columns that mimic the statues of Easter Island around its entrances, an immense outdoor fireplace crafted of French limestone, and oversize chess pieces adorning a walkable chessboard on the two-acre pool deck.
"I don't think we'll ever see another project like ICON Brickell built again,'' said Peter Zalewski, principal of Condo Vultures, a real estate brokerage and research firm. "No one will ever say that Jorge Perez and Related don't dream big. Unfortunately, they weren't able to close it.''
When the towers were opened with great fanfare in the fall of 2008, sales in the bleak market were tepid.
But lower prices brought buyers. So far, 433 units, or 24 percent of the 1,793 units, have been sold, according to Condo Vultures.
In 2008 and 2009, 125 ICON units closed, at an average of $543 per square foot, said Zalewski. This year 308 units have closed at an average of $403 per square foot, showing the spike in sales as prices dropped, he said. Pre-construction prices were more than $600 per square foot.
"I think as history is written and people look back and reflect on that period of 2003 to 2010, Jorge Perez and Related will come out in a very positive light,'' said Zalewski. "Unfortunately, some people will not have that positive opinion of him -- and those people will be the ones who lost significantly by investing with him.''
Miami Herald Staff Writer Hannah Sampson contributed to this report.
Read more: http://www.miamiherald.com/2010/05/11/1624875/return-to-lender-developer-hands.html#ixzz0njFTtelX
There are hundreds of units still available for sale and rent at ICON Brickell! We specialize in Brickell condos for sale and rent, and we have access to thousands more condos in Brickell, as well as Downtown Miami, Coral Gables, and South Beach. Let us find the right one for you. Call us today at 305-456-6456 for an appointment to review your options.
Fueled by Overseas Buyers, South Florida Condo Sales Soar - May 12, 2010
In South Florida, international buyers are scooping up property, particularly condos, at relative bargains -- a reason why home sales are rising.
BY INA PAIVA CORDLE
icordle@MiamiHerald.com
Nicola Schon, an Italian restaurateur with homes in Monte Carlo, Milan and New York, wanted the perfect pied-รก-terre in Miami, with plenty of space, water views and amenities such as a spa, concierge and room service.
So he bought a $1.8 million condo at Epic in downtown Miami -- and persuaded 19 friends from Italy to buy there, too.
"The building is half-Italian now,'' joked Schon, who owns eateries Quattro and Sosta in Miami Beach. "We should put an Italian flag on the roof!''
International buyers are quickly converting their currency into real estate in South Florida, snatching up property at floor-sweeping prices. At high-end Epic, Schon paid about 25 percent less than he would have at pre-construction prices a few years ago.
Add low interest rates and a deadline for federal tax credits, and overall sales of single-family homes and condominiums in South Florida soared during the first three months of 2010, according to quarterly figures released Tuesday by Florida Realtors. The association's April numbers will be out May 24.
In Miami-Dade, sales of condos skyrocketed 46 percent during the first quarter, to 1,920, compared to the same period of 2009. Median prices fell 9 percent to $136,100, figures from Florida Realtors show.
The numbers reflect a real estate market where prices have generally bottomed out, said analyst David Dabby, president of Coral Gables-based Dabby Group Advisors.
"It's a continuation of the trend that has been in place for close to a year now. Prices have been reduced by 50 percent over the 2006 highs, and that has increased sales significantly,'' Dabby said. ``Hopefully it will continue, because since 55 percent of the sales are [short sales and foreclosures], the more sales we have, the quicker we will be able to clear the foreclosure pipeline.''
In fact, real estate agents say that buyers who were on the fence before are signing contracts, and renters are realizing it now makes sense to own.
Another reason sales have picked up is federal tax incentives. Buyers had until April 30 to sign a contract to purchase a primary residence and until June 30 to close on it to be eligible for the federal tax credit of up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.
In April, 907 condos sold in Miami-Dade, compared to 872 in April 2009, and 1,330 sold in April in Broward, compared to 1,003 the same month the previous year, according to figures from EWM Realtors, which compiles them from aggregated MLS data.
Veronica Cervera, president of Miami-based Cervera Real Estate, which specializes in condos on Brickell, downtown Miami, Miami Beach and Key Biscayne, said she has seen a surge in international buyers including those from Italy, Germany, Spain, Sweden, Greece and even China. Many are buying vacation homes, she said.
International clients tell her: "We know we'll never see prices like this in Miami again,'' said Cervera, who sold Schon his unit. "I know the market has turned -- it's evident,'' she said. "We're in the process of negotiating more deals in the last two-week period than we did last year, in some of the buildings.''
Fewer than 40,000 condominiums and town houses are now for resale in South Florida, the lowest number of available units on the market in the last 18 months, according to a new report from CondoVultures.com.
Resale units in Miami-Dade, Broward, and Palm Beach counties have dropped by 23 percent, compared to May 2009 when there were 52,000 on the market, the report said.
"As you look at inventory and what is being depleted, Dade is moving much faster than Broward,'' said Peter Zalewski, principal with Condo Vultures, a real estate advisory firm. "Miami is really ahead of the curve: it peaked first, it bottomed out first and it is now showing signs of stabilization -- and the other counties are following behind.''
During the first quarter, sales of single-family homes in Miami-Dade jumped 12 percent, to 1,530 homes, amid a drop in median prices of 6 percent to $191,200, Florida Realtors figures show.
In Broward, sales of condos rose 45 percent during the first quarter to 2,739, as median prices fell 15 percent to $71,900. Sales of single-family homes inched up by 7 percent to 1,756, as median prices dropped 6 percent to $196,700, the figures show.
Jeff Watts and his wife Najat, who had been renting in Fort Lauderdale and before that in Aventura, just bought a $360,000 townhome in downtown Fort Lauderdale's Rio Vista neighborhood for their growing family of four.
"When we ran the numbers of purchasing the townhome versus renting, it made economic sense to buy, because we had the money to put down,'' said Jeff Watts, 34, who works in banking. Luckily, they experienced a buyer's market, in terms of price negotiation and the amount of inventory, he said.
Liz Caldwell, the EWM Realtor who worked with Watts, said the townhome the Watts family purchased was priced at $550,000 to $600,000 at the peak of the market in 2006. She expects it to rise in value over time. "The worst is over probably in terms of values,'' said Caldwell, who specializes in Broward real estate from Weston to Fort Lauderdale.
"You will see some drop in value in the high-end, but for the average dual-income family looking to buy a $600,000-$700,000 house, those values have pretty much stabilized.''
Read more: http://www.miamiherald.com/2010/05/11/1624913_p2/fueled-by-overseas-buyers-condo.html#ixzz0njC0OGRD
The time to buy a home in Miami is now - prices have stabilized, but demand is increasing and the deals on the market right now won't last. Call us today at 305-456-6456 to get started finding the home of your dreams!
BY INA PAIVA CORDLE
icordle@MiamiHerald.com
Nicola Schon, an Italian restaurateur with homes in Monte Carlo, Milan and New York, wanted the perfect pied-รก-terre in Miami, with plenty of space, water views and amenities such as a spa, concierge and room service.
So he bought a $1.8 million condo at Epic in downtown Miami -- and persuaded 19 friends from Italy to buy there, too.
"The building is half-Italian now,'' joked Schon, who owns eateries Quattro and Sosta in Miami Beach. "We should put an Italian flag on the roof!''
International buyers are quickly converting their currency into real estate in South Florida, snatching up property at floor-sweeping prices. At high-end Epic, Schon paid about 25 percent less than he would have at pre-construction prices a few years ago.
Add low interest rates and a deadline for federal tax credits, and overall sales of single-family homes and condominiums in South Florida soared during the first three months of 2010, according to quarterly figures released Tuesday by Florida Realtors. The association's April numbers will be out May 24.
In Miami-Dade, sales of condos skyrocketed 46 percent during the first quarter, to 1,920, compared to the same period of 2009. Median prices fell 9 percent to $136,100, figures from Florida Realtors show.
The numbers reflect a real estate market where prices have generally bottomed out, said analyst David Dabby, president of Coral Gables-based Dabby Group Advisors.
"It's a continuation of the trend that has been in place for close to a year now. Prices have been reduced by 50 percent over the 2006 highs, and that has increased sales significantly,'' Dabby said. ``Hopefully it will continue, because since 55 percent of the sales are [short sales and foreclosures], the more sales we have, the quicker we will be able to clear the foreclosure pipeline.''
In fact, real estate agents say that buyers who were on the fence before are signing contracts, and renters are realizing it now makes sense to own.
Another reason sales have picked up is federal tax incentives. Buyers had until April 30 to sign a contract to purchase a primary residence and until June 30 to close on it to be eligible for the federal tax credit of up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.
In April, 907 condos sold in Miami-Dade, compared to 872 in April 2009, and 1,330 sold in April in Broward, compared to 1,003 the same month the previous year, according to figures from EWM Realtors, which compiles them from aggregated MLS data.
Veronica Cervera, president of Miami-based Cervera Real Estate, which specializes in condos on Brickell, downtown Miami, Miami Beach and Key Biscayne, said she has seen a surge in international buyers including those from Italy, Germany, Spain, Sweden, Greece and even China. Many are buying vacation homes, she said.
International clients tell her: "We know we'll never see prices like this in Miami again,'' said Cervera, who sold Schon his unit. "I know the market has turned -- it's evident,'' she said. "We're in the process of negotiating more deals in the last two-week period than we did last year, in some of the buildings.''
Fewer than 40,000 condominiums and town houses are now for resale in South Florida, the lowest number of available units on the market in the last 18 months, according to a new report from CondoVultures.com.
Resale units in Miami-Dade, Broward, and Palm Beach counties have dropped by 23 percent, compared to May 2009 when there were 52,000 on the market, the report said.
"As you look at inventory and what is being depleted, Dade is moving much faster than Broward,'' said Peter Zalewski, principal with Condo Vultures, a real estate advisory firm. "Miami is really ahead of the curve: it peaked first, it bottomed out first and it is now showing signs of stabilization -- and the other counties are following behind.''
During the first quarter, sales of single-family homes in Miami-Dade jumped 12 percent, to 1,530 homes, amid a drop in median prices of 6 percent to $191,200, Florida Realtors figures show.
In Broward, sales of condos rose 45 percent during the first quarter to 2,739, as median prices fell 15 percent to $71,900. Sales of single-family homes inched up by 7 percent to 1,756, as median prices dropped 6 percent to $196,700, the figures show.
Jeff Watts and his wife Najat, who had been renting in Fort Lauderdale and before that in Aventura, just bought a $360,000 townhome in downtown Fort Lauderdale's Rio Vista neighborhood for their growing family of four.
"When we ran the numbers of purchasing the townhome versus renting, it made economic sense to buy, because we had the money to put down,'' said Jeff Watts, 34, who works in banking. Luckily, they experienced a buyer's market, in terms of price negotiation and the amount of inventory, he said.
Liz Caldwell, the EWM Realtor who worked with Watts, said the townhome the Watts family purchased was priced at $550,000 to $600,000 at the peak of the market in 2006. She expects it to rise in value over time. "The worst is over probably in terms of values,'' said Caldwell, who specializes in Broward real estate from Weston to Fort Lauderdale.
"You will see some drop in value in the high-end, but for the average dual-income family looking to buy a $600,000-$700,000 house, those values have pretty much stabilized.''
Read more: http://www.miamiherald.com/2010/05/11/1624913_p2/fueled-by-overseas-buyers-condo.html#ixzz0njC0OGRD
The time to buy a home in Miami is now - prices have stabilized, but demand is increasing and the deals on the market right now won't last. Call us today at 305-456-6456 to get started finding the home of your dreams!
Wednesday, May 5, 2010
Pending Home Sales in South Florida Jump - May 5, 2010
Pending home sales were up in South Florida in April, an indication of a stabilizing real estate landscape.
By HANNAH SAMPSON
hsampson@MiamiHerald.com
Propelled by low prices, attractive interest rates and federal incentives to lock in offers by the month's end, the number of new contracts on South Florida homes soared in April.
Compared with March, pending sales of single-family homes and condominiums increased last month in both Miami-Dade and Broward, mirroring the national upward trend in contracts signed, according to data released Tuesday by the Realtor Association of Greater Miami and the Beaches. Compared with last April, the number skyrocketed.
Pending home sales track signed contracts that haven't yet closed -- a figure that may have been unusually high for April because buyers had to sign contracts by April 30 to qualify for federal tax credits. To finalize the credit -- $8,000 for first-timers, $6,500 for repeat buyers -- they must close by June 30.
The number of pending home sales overall ticked up by 6.6 percent in Miami-Dade in April, with 10,392 compared with 9,751 in March. In Broward, pending home sales increased from 8,173 in March to 8,525 in April, up 4.3 percent.
Those increases represent huge leaps over last year's numbers. In Miami-Dade, pending sales increased 71 percent year over year; the jump was 64 percent in Broward, figures that point to a recovering market, real estate agents and analysts say.
Sales have increased for the past few months as home prices have fallen.
NEARING BOTTOM?
Independent housing analyst Jack McCabe said the market is likely nearing the bottom, but still must deal with foreclosures and short sales, which keep prices low.
"I think we're going to see a pretty decent year as far as sales numbers, but I don't see prices going up,'' he said.
"The state of paralysis, I think, is pretty much over,'' said Terri Bersach, chairman of the association, which released the data with the Southeast Florida Multiple Listing Service.
Nationally, pending home sales increased in March. The index of sales contracts by the National Association of Realtors rose 5.3 percent from February and 21 percent over last March.
DROP PREDICTED
The national association's chief economist, Lawrence Yun, predicted a drop in sales in the near future.
But South Florida agents say they aren't too concerned about the expired credit.
Jo-Ann Forster, a broker associate with Esslinger Wooten Maxwell, said the tax credit was attractive to buyers looking at less expensive properties.
"If you're going to take all of Miami-Dade into consideration, you're going to see a drop-off,'' Forster said. "If you take our niche markets, I don't think it's going to have a cataclysmic reaction.''
Anthony Askowitz, a broker and owner of two Re/Max offices, said the timing is good because May and June are typically busy sales months.
"If Miami had a season, this is definitely the big season,'' he said.
Read more: http://www.miamiherald.com/2010/05/05/1613443/pending-home-sales-jump.html#ixzz0n4d40PMJ
Now is the time to buy a home or investment property! Call us today at 305-456-6456 to find out how you can take advantage of the current real estate market.
By HANNAH SAMPSON
hsampson@MiamiHerald.com
Propelled by low prices, attractive interest rates and federal incentives to lock in offers by the month's end, the number of new contracts on South Florida homes soared in April.
Compared with March, pending sales of single-family homes and condominiums increased last month in both Miami-Dade and Broward, mirroring the national upward trend in contracts signed, according to data released Tuesday by the Realtor Association of Greater Miami and the Beaches. Compared with last April, the number skyrocketed.
Pending home sales track signed contracts that haven't yet closed -- a figure that may have been unusually high for April because buyers had to sign contracts by April 30 to qualify for federal tax credits. To finalize the credit -- $8,000 for first-timers, $6,500 for repeat buyers -- they must close by June 30.
The number of pending home sales overall ticked up by 6.6 percent in Miami-Dade in April, with 10,392 compared with 9,751 in March. In Broward, pending home sales increased from 8,173 in March to 8,525 in April, up 4.3 percent.
Those increases represent huge leaps over last year's numbers. In Miami-Dade, pending sales increased 71 percent year over year; the jump was 64 percent in Broward, figures that point to a recovering market, real estate agents and analysts say.
Sales have increased for the past few months as home prices have fallen.
NEARING BOTTOM?
Independent housing analyst Jack McCabe said the market is likely nearing the bottom, but still must deal with foreclosures and short sales, which keep prices low.
"I think we're going to see a pretty decent year as far as sales numbers, but I don't see prices going up,'' he said.
"The state of paralysis, I think, is pretty much over,'' said Terri Bersach, chairman of the association, which released the data with the Southeast Florida Multiple Listing Service.
Nationally, pending home sales increased in March. The index of sales contracts by the National Association of Realtors rose 5.3 percent from February and 21 percent over last March.
DROP PREDICTED
The national association's chief economist, Lawrence Yun, predicted a drop in sales in the near future.
But South Florida agents say they aren't too concerned about the expired credit.
Jo-Ann Forster, a broker associate with Esslinger Wooten Maxwell, said the tax credit was attractive to buyers looking at less expensive properties.
"If you're going to take all of Miami-Dade into consideration, you're going to see a drop-off,'' Forster said. "If you take our niche markets, I don't think it's going to have a cataclysmic reaction.''
Anthony Askowitz, a broker and owner of two Re/Max offices, said the timing is good because May and June are typically busy sales months.
"If Miami had a season, this is definitely the big season,'' he said.
Read more: http://www.miamiherald.com/2010/05/05/1613443/pending-home-sales-jump.html#ixzz0n4d40PMJ
Now is the time to buy a home or investment property! Call us today at 305-456-6456 to find out how you can take advantage of the current real estate market.
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