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 5, 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 5, 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.
Any kind of extreme weather could bring potential damage to your garage. Fortunately, a lot of the risks they present are preventable mdash; although a recent Esurance survey found that only 25 percent of homeowners proactively prepare for damaging weather events. Donrsquo;t get caught unprepared. Whether itrsquo;s triple-digit heat, below freezing cold, hurricane seasons or drought-induced wildfires, itrsquo;s best to prep your garage ahead of time to minimize your safety risks.
From fire hazards to burst pipes, herersquo;s how to prepare your garage for extreme weather.
Extreme Heat and Wildfires
Propane tanks Propane tanks should never be stored indoors in the first place, but they are a particularly big risk in extreme temperatures as they begin >
Do this instead: Store propane tanks outdoors, about 10 feet away from the house and out of the sun. Make sure theyrsquo;re painted in a color that reflects light. If theyrsquo;ve been left in the sun and you worry that theyrsquo;ve gotten too hot, hose them down.
Oil-stained rags It might seem obvious, but oil-stained rags have been known to cause house fires mdash; even if theyrsquo;ve been through the wash. When the temperature in your garage rises to extremes, they can spontaneously combust. If a wildfire breaks out, they pose a substantial risk for fueling the flames and even causing small explosions.
Do this instead: Dispose of heavily used oil-soaked rags and replace them. Wash gently used rags a few times before storing them in a covered metal can.
Aerosol cans Eighty percent of aerosol cans mdash; even ones filled with hairspray and the like mdash; contain 3 to 5 ounces of butane or propane. When temperatures reach 120 degrees Fahrenheit, they can explode, sending bits of metal shrapnel through the air, or they can become propelled like rockets, capable of causing serious injury or damage.
Do this instead: Store aerosol cans in the garage only if the temperature is between 55 and 80 degrees.
Snow/Ice Storms and Extreme Cold
Aluminum cans Carbonated beverages are temperamental, and they can be dangerous at freezing temps. Beverages like soda and beer freeze at around 15-20 degrees. Once frozen, the carbon dioxide separates from the water and pressurizes, becoming especially dangerous if handled or opened, potentially bursting and sending the top of the can flying.
Do this instead: Keep your canned, carbonated beverages in a refrigerator or cabinet in the house, where they wonrsquo;t freeze.
Glass bottles Similar to aluminum cans, water-filled glass bottles can shatter in the cold, regardless of whether or not the liquid is carbonated. Thatrsquo;s because water expands as it begins to freeze. It can wreak similar havoc on your pipes.
Do this instead: Store your glass beverage containers in the house along with the aluminum cans.
Exposed pipes As water gets colder and colder, it begins to expand, putting extra pressure on pipes. Regardless of the strength and material of the pipes, they will eventually burst under the pressure.
Do this instead: Let water drip from your faucets. Moving water helps prevent freezing. You can also insulate your exposed pipes to prevent them from freezing. Conventional foam insulation is easy to slip over existing pipes with a bit of tape. You can also go with the self-sealing variety, but you may want to leave the spray foam insulation to the pros.
Hurricanes and Windstorms
Generators Anticipating the power going out? Make sure yoursquo;re not running your generator inside mdash; even in your garage. Generators produce large amounts of carbon monoxide, which can be deadly in contained, unventilated spaces.
Do this instead: Set your generator up outside mdash; at least 10 feet from your house mdash; to ensure proper ventilation.
Open doors and windows It might go without saying, but open windows or doors in your garage invite tons of messy debris during a hurricane mdash; not to mention the potential damage to your car and other belongings.
Do this instead: Double-check that your garage door is closed and any and all windows are shut and locked before the storm makes its way in. Consider installing storm windows or shutters to the exterior of the garage to add extra protection against high winds and heavy rains.
Important Documents and Sentimental Items With an increased risk for flooding and water damage, make sure you remove any important files or boxes with sentimental items before the storm hits.
Do this instead: Move any at-risk items safely indoors and store them in an interior room for the duration of the storm.
Are you prepared for extreme weather? Protect your family and your home by inspecting your garage to prevent unsafely storing potentially dangerous items in a weather emergency.
Eric Brandt has more than 25 years experience in the insurance industry. Eric currently serves as Chief Customer Advocate for Esurance, where he leads the customer experience, including claims fulfillment. Prior to joining Esurance, Eric led customer-centered transformations in the areas of claims, risk management and > > Full Story
Does your marketing receive regular complete overhauls? Or, do time pressures only allow for the periodic makeover of one or two content sections? On the other hand, you may simply rearrange existing content with little more than headline changes. Or, do your marketing efforts fall somewhere in between? Regardless of the approach you take, why are you confident your marketing content and strategies resonate with your select target market?
Answer this on-point ldquo;YES or NOrdquo; Quick Quiz to clarify where you stand regarding content creation:
1. Is there really anything new to say about buying and selling real estate?nbsp;YES/NO
2. Is there anything that buyers and sellers havenrsquo;t heard already?nbsp;YES/NO
3. Is there truly something different about the way you, as a real estate professional, work with real estate prospects, buyers, and sellers?nbsp;YES/NO
Real estate professionals who want to create magnetic, engaging real estate content for their target market must answer each of these three key questions above with a resounding ldquo;YES.rdquo;
Professionals who answer one or all of the questions above with ldquo;NOrdquo; will not only produce stale content, but they may also find other aspects of their practice and their productivity lacking
1. If real estate professionals cannot continually see ldquo;newrdquo; perspectives in buying and selling real estate, how can they stay fresh and eager enough on a daily basis to attract prospects and retain clients?
2. Professionals who donrsquo;t believe there is a lot that buyers and sellers will benefit from hearing about real estate, may not radiate enthusiasm and, as a result, may not be as productive or resourceful as necessary to build a sustainable practice and achieve long-term financial goals for themselves and their clients.
3. A professional, who does not clearly see how to uniquely serve the niche of buyers and/or sellers this professional wants to zero in on, cannot expect target prospects and clients to see any difference between this professional and the rest of the real estate ldquo;pack.rdquo;
Fresh, target-> deep, accurate knowledge on many levels, but always from the targetrsquo;s point of view.
Are you in the right frame of mind to create great content for the buyers and sellers you aim to serve? Professionals who decide to hire custom content developers or to buy stock content, must also know exactly what targets need and why.
bull; How do you measure the effectiveness of your marketing content? Buyers and sellers expect their selected real estate professionals to continually prove and improve their value. Marketing content, in any format or on any social media platform, must meet the same target value demands. How do you measure ROI Return on Investment on your marketing efforts, for you and your clients?
bull; How regularly do you update your Brand Profile? Fresh, engaging language, concepts, and offers are essential to keep your brand uppermost in the minds of target buyers and sellers. Donrsquo;t follow your competition into trends-lead your targets.
bull; Have you recently updated the selected target buyer and seller profiles or personas you concentrate your business efforts on? Do your target profiles and content on each social media platform synch up, but remain distinct and in keeping with each specific platform? Is your content an engaging, thought-provoking mirror of target issues?
bull; What process and systems do you use to efficiently recycle and refresh content across selected social and traditional media? Do you have a documented marketing strategy that transforms blog posts into email newsletters, then into YouTube videos and interactive webinars, or whatever media your targets prefer? What criteria do you use to decide when to employ your own content creation skills and when to hire proven expertise?
As well as consistently improving content development, professionals benefit from becoming progressively more sophisticated, more refined, more elegant in their communication techniques, approaches, and outcomes.
Herersquo;s an example of clever email content that lets target clients convince themselves of the value of the content developer, while quickly and simply revealing what targets are doing right and what more they can do for themselves. A lot is packed into one 7-page, graphic-rich publication. Does it inspire you to tackle something similar to reveal your value while giving your targets opportunities to measure their ability to be excellent buyers or sellers working in their own best interest?
New-York-based content developer, Contently, recently produced ldquo;The Contently Content Maturity Modelrdquo; as email marketing content. Disclaimer: Although I have met some Contently staff, I do not have a working >mine.
bull; The Model reveals how, as Strategy, Technology, and Process improve, this leads to ldquo;significant improvements in efficiency, data use, and collection, and alignment across teams.rdquo; bull; The checklist of ldquo;major attributes that represent your maturity at each [of four] phasesrdquo; reveals what you donrsquo;t do and should when it comes to content development, and what Contently does for their clients. bull; The strong sales pitch is in plain sight. Does it seem balanced by valuable content to you? If not, you may not be the selected target.
Resource: For more, visit PJ Wadersquo;s ldquo;Whatrsquo;s Your Point?rdquo; blog.
In 2017, homeowners spent an average of 15,000 on house renovations. However, you need to take each step carefully if yoursquo;re on a tight budget. Letrsquo;s walk you through some simple tips to remodel your home economically:
1. Begin by cleaning up
As soon as the idea of home renovation pops in your mind, you need to hold your horses. This is because any design pointers that come to your brain at this point will be hazy. Thanks to the clutter, you cannot develop a crystal clear idea of what you want.
If you canrsquo;t do that, you canrsquo;t budget realistically. It details the very purpose of renovating your home reasonably. Therefore, start by cleaning your place thoroughly. Declutter and clear out what you donrsquo;t need.
Chances are that cleaning your space and rearranging the furniture can help you redesign your entire house. If your house is in good shape, only cleaning and moving things around can work to give your house a new look. If not, then this DIY project will help you visualize the home remodel that you want.
2. Set a realistic home renovation budget
Business Insider revealed that 61 of us donrsquo;t have a budget, but that wonrsquo;t work if you aim to renovate your house on a shoestring budget. You need a budget, and while you are at it, you need a realistic budget.
This means that if you put yourself in utopia and estimate fairytale costs, you wonrsquo;t be able to get anywhere with your home renovation plans. Hence, you need a fair estimate of what renovations you want in your house.
For instance, if you plan to spruce up your existing backyard, then you need to research the rough estimate of getting done all that yoursquo;ve in your mind. On average, Landscaping Network reports that a budget of 25,000 is typically dedicated to backyard renovation. A good contractor such as Terra Nova Landscaping can help you figure out the costs as per the revamps you want.
3. Decide what you want in advance
Budgeting means there is no room for a change of heart at the last minute. You also donrsquo;t get to be picky, saying that a certain color doesnrsquo;t look the way you anticipated it to, because such double-mindedness quickly adds to the costs.
The simple way to nip this unwelcome evil in the bud is to plan beforehand. Browse through the internet or flip through interior design magazines to get an idea of what yoursquo;re looking for. Turn Pinterest upside down if you have to while rooting around renovation ideas and trends, but do it before you seal the deal with your contractor.
Once you have a blueprint of what you want in your mind, yoursquo;ll be better able to map out your budget. Plus, you can save your money from going down the drain by saving yourself from buying things on impulse.
4. Get a black and white paint palette
You know that you need your home remodeled when the color leaches from your walls. Since yoursquo;re on a mission to give your house a new look on a tight budget, consider a black and white color palette.
Getting different colored palettes can add to the total cost. To counter that, go for the >
Alternatively, choose a neutral color scheme for your rooms. It is a perfect pick because it offers you a lot of flexibility when it comes to decorating. This makes the neutral color scheme a budget-friendly choice because it allows you to add nearly any deacute;cor or accent color.
5. Think smaller home remodeling changes
Another smart tip to refurbish your house on a tight budget is to make small changes. While itrsquo;s nice to think of the big picture, it is useless to daydream about a new look for your house if you donrsquo;t have the cash to make the dream come true.
In such a case, making small changes can significantly change your housersquo;s look. One way to do this is to renovate your house in sections. For instance, get your kitchen renovated this year and then save up and revamp your bedroom sometime later.
Or, you can make minor changes that make a big impact. For instance, change the hardware on the kitchen cabinets for a refreshed look instead of getting the cabinets replaced altogether. Similarly, change the rugs or curtains in your house for a different look.
Budgeting can be tough but not impossible. You can always stay within the limitations of your wallet by planning, making small changes, spending thoughtfully instead of impulsively, and doing some work yourself.