With today’s considerably lower Miami Beach real estate prices, the large inventory of foreclosures and bank owned property the question becomes more of what kind of property is worth investing in than anything else. For purposes of this article, we’ll focus on bank owned properties, also known as REO (real estate owned) property.
A home becomes real estate owned if it doesn’t find a buyer during a property auction. Since banks aren’t necessarily designed to function as Miami Beach real estate property-owners, they’re usually very eager to get rid of them which can result in considerable discounts. However since an REO is not the same thing as a foreclosure, lenders can still earn a profit from them so don’t expect as deep of a discount.
A perk of buying a Miami Beach real estate REO is that there’s much less of a risk of dealing with liens, taxes and other unforeseen costs that come with a foreclosure since lenders will take usually deal with them before the sale is closed. However an REO can still be in bad condition like a foreclosure so it remains important to get a home inspection or check the home out yourself, lenders are not at all obligated to make any repairs on the property but they will allow you to back out if something is seriously wrong.
Posted at 10:24:21 AM
Thursday, March 05, 2009
Examining the Interior of a Home
If you’ve been browsing through Miami Beach real estate on the internet, you’ve more than likely come across numerous resources thoroughly explaining how important it is that you carefully consider where the home is located, the values of neighboring homes, etc. If you’ve done your homework, perhaps it’s time to narrow down your assessment to the home you may soon be living in by giving the interior a meticulous examination.
Perhaps you’d like to start off with the electrical wiring. Depending on your familiarity, you may wish to leave this to a professional or have it done as part of the home inspection report, should you request one. Always check this part out regardless of whether the home was built ten years ago or five years ago.
The plumbing is a little easier. Leakage can often be discovered just by taking a look behind sinks since that’s the spot where mold has the best conditions for accumulating. A leaky sink could be an indicator of bad pipes and thus plumbing, something you likely want to bring to the appropriate person’s attention before signing off on the dotted line on your Miami Beach real estate purchase.
Not all homes come with an addict but if there is one, you may wish to make it your first stop. If you want to examine the roof, the attic is the best spot to do so. If there’s wood that shows wear and tear, this could lead to leakage later on.
Posted at 11:00:29 AM
Wednesday, November 26, 2008
Compiling Comparable Sales
With the advances in technology and the widespread availability of the World Wide Web, there is more real estate information available than ever. Realtors have a number of resources available to help them with their seller and buyer assistance efforts and among these, it’s important to have a good idea of average sales prices in any given neighborhood, officially known as comparable sales and often referred to simply as comps.
Depending on the state where the realtor is doing business, obtaining information on comps can be done by simply heading over to the local courthouse and browsing through public records or reading newspaper listings to get a glimpse of recent sales figures. However this method means that such services need to actually be provided in order to make use of them.
The most readily available resource is the internet since there are many websites available which can be used for finding comparable sales information while removing the need to do a lot of unnecessary and possibly fruitless legwork. Keep in mind though that there is no guarantee as to how current this information may be. A similar approach is to subscribe to service companies which can mail or offer this information via other means besides the internet. Even so, the same problems of encountering outdated information are still there.
The MLS can be extremely useful and if the person using it is already a licensed realtor then they have access to a wealth of information on multiple listings which is more often than not kept up to date.
At the end of the day however, perhaps the best way to have the sharpest knowledge on comps is to take the self research approach and focus on a certain neighborhood and staying abreast of sales.
Posted at 4:43:12 PM
Friday, October 31, 2008
Existing Home Sales Rose Nationally Last Month
While the economy seems bleak with the stock market fluctuating daily and a steady amount of major companies going bankrupt or merging, the real estate market seems to be headed down a different path. Month-after-month the real estate market has slight improvements. Experts think the worst declines in the real estate market have already past while the economy still has a while before it stabilizes.
Recent reports from the National Association of Realtors (NAR) show an increase in existing home sales. Home sales were up 5.5 percent with a total of 5.18 million units sold across the country in the month of September which was higher than the previous month by 1.4 percent. Lead economist for the NAR Lawrence Yun suggests this is part of “a sales turnaround which began in California several months ago…” and “is broadening now to Colarado, Kansas, Minnesota, Missouri and Rhode Island”.
The cause of this influx of real estate business, according to NAR President Richard F. Gaylord is “low home prices and low interest rates”. The nearly thirty percent discounts in home prices in major cities and rural areas have attracted buyers back to the real estate market in certain areas of the country. Richard F. Gaylord is optimistic about recent gains and thinks the real estate market is on its way to recovery.
Lawrence Yun, while also optimistic about the recovery of the real estate market, warns of “market disruptions” on the road to real estate market recovery. The credit markets have a significant impact on the real estate market and as they experience tough times it may have averse effects on the real estate market. But that aside, the NAR is predicting that the worst for the real estate market is over and that it will recover sooner than the economy itself.
Posted at 10:53:28 AM
Friday, September 05, 2008
Global warming, damaging fuel emissions, they’re all more of a concern on people’s minds these days as they become more and more aware of their long term effects on the environment and how important it is to try and incorporate “green practices” into your daily lifestyle whether that means doubling up your recycling efforts or reducing the amount of time you spend sitting idly in traffic.
In real estate, many developers have taken into account how they too can make homes “greener” and many have made use of natural resources to create environmentally friendly condo buildings like Ten Museum Park which uses its glass design to allow tons of natural sunlight to come into the building, thus reducing the need to flip on artificial lights, at least during the day.
The Ten Museum Park condo is only a small part of a bigger picture. Its home, downtown Miami is recognized not only by its sweeping business and condo skyscrapers, but also the numerous and elaborate light displays that bring the city to new life during the evening. Obviously all this visual eye candy, while certainly nice to look at does not do the environment any favors. Thus, to reinforce the message of how important it is to turn off nonessential lights whenever possible, Ten Museum Park and all those other high rises in downtown Miami’s will turn off their own unimportant lights on March 29 in a global effort to encourage environmental awareness.
Regardless of whether you live in a Miami single family home or a luxury condo, the efforts required by you to help out the environment even a little are that simple: turn off lights when you leave a room, drop a plastic water bottle or soda can into a recycling receptacle instead of the trash. It may seem useless but it’s always good to know you’re doing your part in making the world you share with everyone else that much more pleasant.
hat require little to no repairs. Don’t get caught up in the fierce competition without having a limit of how far you’re willing to bid, always remember the winning bid is only a component of the other fees that follow. As you learn the ropes, you’ll eventually get a feel for how real estate auctions work and who knows, if you become good at it, they may become your preferred method of buying Florida real estate.
Posted at 2:50:44 PM
Tuesday, June 24, 2008
International Florida Real Estate Assistance
To some degree the foreclosure situation has transitioned from how to prevent foreclosures to how to get rid of the hundreds of foreclosure properties already available on the market. South Florida homes are among the highest in foreclosure filings, contributing to an already overcrowded housing glut. The answer to appeasing the situation may lie beyond the U.S. borders.
Strategic Real Estate Advisors is an asset management firm situated in London that plans to raise $1 billion dollars in order to purchase luxury property like Miami Beach oceanfront condos currently owned and being sold by the banks through the Florida Prime Residential Opportunity Fund.
Itâ€™s interesting to note that not only is Strategic Real Estate Advisors located outside of the United States, the majority of the funds which will go towards the purchase of all these luxury properties will be coming from well to do investors and funds located throughout Europe and the Middle East. Recent reports have consistently pointed towards international investors and buyers as integral towards maintaining interest in Florida property investments and sales.
Critics may see Strategic Real Estate Advisorsâ€™ initiative as ineffective since they wonâ€™t be making a profit. The firm actually plans to buy and then hold onto these properties for next six years or so, a move that may cost considerable funds as the market fluctuates but which should bring considerable profit by the time it decides to sell them off as a residential property investment or something else entirely.
Within a seven year timeframe home values and the real estate market in general will certainly be in much better shape and buying activity will likely have increased so in a sense Strategic Real Estate Advisors are providing a worthwhile short and long term solution. Is this just another flash in the pan or is it a viable strategy?
Posted at 12:30:39 PM
Wednesday, May 28, 2008
Homes Are Selling Again
Amidst the doom and gloom of housing market reports comes a recent report suggesting the real estate market is showing strong signs of life. In these tumultuous times it's easy for people to think that the economy is headed for recession or even a crash. Despite current market reports that suggest we are beginning to see slow signs of recovery there are still those who would rather build a bunker under their homes to prepare for an apocalypse then invest in real estate.
The last half dozen months have not seen much progress in the way of homes sold. The highest percentage of drop in home sales occurred during that period leading many to believe that the market would eventually begin to recoverâ€”and it did. In April homes sales increased slightly, which wasn't enough to ease all tensions in the housing market but enough to show that the market is on the right track to recovery.
Property value also rose slightly across the nation showing encouraging signs of the real estate market's enduring strength. Though the median home value is comparably low to just four years ago the fact that property value is stabilizing across the country is a sign that things will return to normalcy sooner than later. When property values experience steady rise it will be more practical for people to sell homes and to convince investors to buy homes.
So, how should one react to recent reports of trends reversing in real estate? Real estate transactions rising are a sign that demand for property is still alive. Prices are almost at a low enough level that many people sitting on the fence on whether or not to invest will soon become active. As sales increase, so will home values and soon real estate investments will become stable enough to return to business as usual.
Sewer systems are different than a septic system because one >
Why Many Homeowners >
A sewer system requires no maintenance, but youll need to pay monthly fees for using the system. Local governments allow the homeowner to hook up the local sewer system, which will ensure all of your waste is gone forever.
Youll pay monthly, but you never have to worry about septic system costs and repairs.
Sewers can become clogged and they may backup over-time. This happens when neighbors and others in the community are flushing wet wipes or pouring grease down their drains. When major blockages occur, everyone is impacted.
You may not pay for the unclogging upfront, but your fees may rise to cover the expenditures.
Why Homeowners are Moving Back to Septic Systems
A septic system is your own system, and this is a tank system thats often able to hold 1,000 gallons of water. The three-layer system connects to the home, and the system is placed in the ground on the homes property.
Often seen as an eco-friendly option, you wont pay monthly fees to use your septic system.
Clogging of the system is also your fault. If the system becomes clogged, this is due to your actions: i.e. youre flushing items that cannot breakdown in the system.
Septic systems can be costly to install, and all of the maintenance and repair fees must be paid by the homeowner.
But "sewer betterment" fees are often imposed on homeowners, with some fees being in the 10,000 range. This may include fees for installation and repairs. When these fees are considered, this is often higher than the cost to install a septic system on the land.
Septic systems do need to be pumped, and this can cost 200 - 300 every 3 ndash; 5 years.
Concrete tanks can last 40 years with proper maintenance, while steel tanks have a lifespan of 15 ndash; 20 years.
"Septic systems should be inspected and pumped a minimum of once every three to four years. You may not be experiencing any problems now, but a full septic tank may allow unwanted solids to flow into the drain field, which is the part of the system that consists of a distribution box and a series of connected pipe," explains Apollo Drain.
Septic systems also offer the benefit of being able to build a home in a remote area, which may not have a sewer system connection close by. But when sewer systems are close to the home, theyre often chosen because they can handle large amounts of waste at a time. During storm periods where heavy rains occur, sewer systems are able to handle the water with much greater ease than a septic system.
Yes, you can scour the internet for abstract art in every color, shape, and size, and yoursquo;ll pay a pretty penny for a lot of it. Or, you can D-I-Y your A-R-T. Itrsquo;s easier than you think to create something that looks like you dropped some serious cash to dress up your walls, and you might even have a good time while yoursquo;re at it. Here are a few ideas to get your juices flowing.
Ever see those abstract paintings that have texture and dimension and wonder how they got such a layered look? This tutorial uses a clever trick to approximate the look of ldquo;elevated brush or painting-knife strokesrdquo;: tissue paper Who ever thought an item you use to blow your nose could be so beautifully useful.
Get the right tools
Yoursquo;ll need a canvas, some paint, and at least one paintbrush, obviously, to make your art. But incorporating some other tools can give it a unique, professional look. Drywall spatulas give this painting nbsp;its textural flair without the brush strokes. Varying the usage and pressure of the spatulas and paint brush allow you to create as muchmdash;or as littlemdash;texture as you want.
Pass the alcohol
The alcohol inks, to be exact. If you havenrsquo;t heard of this before, itrsquo;s about to become your favorite craft item. ldquo;Alcohol inks are an acid-free, highly-pigmented, and fast drying medium to be used on non-porous surfaces,rdquo; said Create for Less.
While the finished product of this abstract art looks complicated, itrsquo;s actually a simply process, and one that creates cool-looking art that can be done and hung in a matter of minutes. Watch the tutorial to see how easy it is, but beware: Yoursquo;re dealing with fire here, so, if yoursquo;re accident prone, you might want a chaperone.
And more alcohol
Using rubbing alcohol to blur the lines helps create the ldquo;splash effectrdquo; on this painting. It looks like fluffy clouds to us. One thing is for sure: No one will ever know you did this yourself
Go all Jackson Pollock
Your masterpiece may not end up in the Museum of Modern Art MoMA, but itrsquo;ll sure become the centerpiece of your space Get your splatter on and create a piece yoursquo;ll love.nbsp;This tutorial shows you how. It also shows you how to create your own canvas, but, unless yoursquo;re super keen on this part of the DIY experience, you can save yourself some time and hassle, and maybe even an injury, by picking up a finished, framed canvas at a store like JOANNs, Michaels, or Hobby Lobby.
Dont restrict yourself to just paint
Canrsquo;t find the perfect shade for your art? Tint it yourself This dreamy abstract painting is part paint, part food coloring
Think outside the lines
Animal print is the inspiration for this spotted art. Black and gray paint on a white background keeps it neutral, and the gold-sprayed framed provide a pop. Do like the artist and use watercolors to ldquo;vary the depth of the spots to make it look more natural.rdquo;
Make it fancy
A little touch of metallic takes this art to the next level. This cool painting uses golf leaf, but you can also experiment with metallic paint if yoursquo;d rather.
Preparation is key when painting your cabinets, and the number of steps yoursquo;ll need to follow to achieve a quality finish can seem impossible. Yoursquo;ll want to remove the doors, drawer fronts, and hardware. Fill in any holes and smooth out any gouges. Degrease, sand, vacuum, wipe, sand some more, vacuum some more, wipe some more. And maybe then yoursquo;ll finally be ready for primingmdash;but not painting on the actual color, because that comes after priming.
Frankly, every step is important, and if you miss one, you could end up with a result yoursquo;re unhappy with, or a finish that doesnrsquo;t hold up. If yoursquo;re the type who isnrsquo;t likely to finish what yoursquo;ve started, perhaps you shouldnrsquo;t embark on this paint-your-own adventure. Your old, dated cabinets are still better than half-old-and-dated, half-done cabinets. But if you still want to go for it, at least be prepared for a few realities:
Yoursquo;re never going to get a look as good as the professionals
You may come close, and you may fool your friends, but therersquo;s a reason you pay professionals a couple to several thousand dollars for something verging on perfection.
Your arms will hate you
Which is not such a bad thing, really. You can skip a few ldquo;arm daysrdquo; at the gym if you really put your effort into it.
Yoursquo;ll never want to look at another piece of sandpaper again
Get ready for hand cramps. Thatrsquo;s how you know yoursquo;re doing it right. Sanding is critical to achieving the look you want and making sure the paint sticks.
ldquo;Sand all surfaces with the grain using 100-grit paper. To make sure no bits of dust mar the finish, vacuum the cabinets inside and out, then rub them down with a tack cloth to catch any debris that the vacuum misses,rdquo; said painting contractor John Dee on This Old House. ldquo;Hand sanding is the best technique on oak because you can push the paper into the open grain, which a power sander or sanding block will miss."
The dust is NEVER-ENDING
Refer back to all that sanding. Seriously. This is not a job for any old vacuum. You can rent an industrial vacuum at Home Depot, and itrsquo;s a good idea to also have a smaller vacuum with crevice tools and more rags for wiping and cleanup than you ever imagined needing for anything.
You need a system for keeping track of every door, drawer, and piece of hardware
Sounds easy, but one mistake and yoursquo;re in a world of hurt. If you donrsquo;t label every single door and drawer correctly, theyrsquo;ll get mixed up and they wonrsquo;t fit correctly. While yoursquo;re at it, donrsquo;t forget to label your hinges and handles, too.
ldquo;I read a dozen blogs that said to label my hinges so that they would all go back in the same places,rdquo; said Cori George of Hey, Letrsquo;s Make Stuff. ldquo;But I figured all the hinges were the same, so why spend the time? Huge mistake. The hinges had worn in specific ways in the last two decades and a half, so that after they were painted and I was putting the bathroom back together, none of the hinges worked quite right. I ended up sort of forcing everything into place, and while the doors work, they donrsquo;t work as well as they would have if Irsquo;d labeled them.rdquo;
There will be smudges. And maybe even an errant hair.
Yeah, it happens. Just remember to breathe as yoursquo;re redoing the same cabinet door for the fourth time.
The fumes are horrible
Speaking of breathinghellip;it wonrsquo;t be easy, depending on what kind of product you use.
When someone else is doing your cabinets, you can escape the fumes by gathering the family in a different part of the house for the couple of days of painting, or, even better, check into a hotel and take a little staycation. The DIY version means yoursquo;re all up in those fumes for however long it takes to get your cabinets done, which is likely longer than what the pros can accomplish. The degreaser yoursquo;ll likely need to use to get your cabinets cleaned up before applying any primer or paint is stinky, and certain kinds of paint are no better.
ldquo;In truth, oil primer and paint adhere the best and give the longest-lasting results on cabinets, but because of VOCs, oil is outlawed in many states,rdquo; said Albert Ridge of Ridge Painting in NYC on Remodelista. ldquo;A good alternative is water-soluble waterborne paint, such as Benjamin Moorersquo;s Advance, which is something like a latex-oil combo. But note that it dries quickly, so itrsquo;s wise to add an extender that allows you to the time to get a nice finish without brush marks. And if yoursquo;re painting something plasticky or otherwise hard to paint, Stix is a good primer to know about.rdquo;
The good tools are a worthwhile splurge
Professional painters typically want to spray cabinets because the finish comes out so smooth, although some do prefer the control a brush can bring. No matter which option you go with, you want the best tools you can afford. Paint Sprayer magazine tested a number of options, and the top-ranked sprayer is only 129mdash;a small price to pay for a smooth finish. You do want to make sure you practice ahead of time if yoursquo;re going this route. Poor spraying technique could result in an uneven finish or lots of drips.