According to an article by Alex Veiga, the foreclosure rate is up an astounding 57% from this time last year. Florida had 30,178 homes on the foreclosure track, up about 158 percent from a year earlier and down 3 percent versus December, RealtyTrac said. What does this mean for the market? Well, in my opinion, a stealthy investor will make his mark in this sort of downturn. Contact me today so we can find a foreclosure property for you make an offer on well below market value. If the property has equity and the original purchase price of the property is below the market value, then all the bank is concerned about is recouping their investment in the loan.
Through the process of a short sale, the buyer's offer will be considered by the bank as the title holder to the property. If your offer is reasonable, then the bank will sell you the property so they don't have to worry about it. Banks don't want to invest in property, they want to lend money and make money on the interest. You, on the other hand as a buyer in the real estate market, want to make the purchase for the purpose of capital gains, tax benefits and rental income or residence. Contact me today at (786) 371-4431 so Keyes and our over 80 years of experience can help you get the most out of this rapid rise in foreclosures.
Harris W. Gilbert
(786) 371-4431
Tuesday, February 26, 2008
Sunday, February 24, 2008
Crist to Combat Florida Foreclosures
Here is an interesting snippet from an FAR email...
CRIST AND HOPE
Gov. Charlie Crist announced a new program to combat the rising problem of foreclosures, the Florida Home Ownership Promotes the Economy (HOPE) Task Force. Crist appointed 2007 FAR President Nancy Riley to the 13-member group, which will bring together experts in the mortgage and banking industries, as well as consumer advocates and policy experts, to review Florida’s foreclosure rate and develop an action plan. “Last year one out of every 95 households experienced foreclosure in our state with filings up more than 275 percent over the previous year,” says Florida Chief Financial Officer Alex Sink, one of the committee members. “Working with the Governor’s HOPE Task Force, my office will be focused on identifying solutions to help families work through the often confusing and difficult process of retaining their homes.” The task force will meet four times – March 3, March 19, April 2 and via conference call on April 9. Task force recommendations will be presented to the governor, Speaker of the House and President of the Senate by April 18. Crist appointed Lt. Governor Jeff Kottkamp to serve as chair.
While it appears that the rising foreclosure rate has been identified as a problem, and several of the top people in the industry will be working together to combat this issue, how will they be able to get around the inflated housing values? Only time will tell, but at least Crist is being proactive.
HWG
786 371 4431
CRIST AND HOPE
Gov. Charlie Crist announced a new program to combat the rising problem of foreclosures, the Florida Home Ownership Promotes the Economy (HOPE) Task Force. Crist appointed 2007 FAR President Nancy Riley to the 13-member group, which will bring together experts in the mortgage and banking industries, as well as consumer advocates and policy experts, to review Florida’s foreclosure rate and develop an action plan. “Last year one out of every 95 households experienced foreclosure in our state with filings up more than 275 percent over the previous year,” says Florida Chief Financial Officer Alex Sink, one of the committee members. “Working with the Governor’s HOPE Task Force, my office will be focused on identifying solutions to help families work through the often confusing and difficult process of retaining their homes.” The task force will meet four times – March 3, March 19, April 2 and via conference call on April 9. Task force recommendations will be presented to the governor, Speaker of the House and President of the Senate by April 18. Crist appointed Lt. Governor Jeff Kottkamp to serve as chair.
While it appears that the rising foreclosure rate has been identified as a problem, and several of the top people in the industry will be working together to combat this issue, how will they be able to get around the inflated housing values? Only time will tell, but at least Crist is being proactive.
HWG
786 371 4431
Friday, February 22, 2008
Million Dollar Housing Market Stays Strong
The real estate fallout hasn't effected the top 10 percent of buyers. Most of the higher end properties are owned by people that haven't had to deal with foreclosure issues. Also, the top end of the population still has plenty of cash reserves and high enough credit scores that the mortgage crunch won't hinder their ability to get loans and make purchases. However, the interest rates have climbed to their highest level in 7 weeks to over 6 percent on 30 year loans. The heightened fear of inflation has the public worrisome the rates may continue to climb. Here is an interesting snippet from today's FAR news and events.
The sweet spot for bargains
Still Celia Chen, director of housing economics at Moody’s Economy.com, said the top 10 percent of the real estate market in terms of home price is doing better than the lower end of the market, which is impacted more by the credit crisis. Prices can be more sticky on the top end because “owners of very high-end homes can wait longer – they don’t have to accept a lowball price,” Chen said.
JoAnn Roberts of Coldwell Banker Residential Real Estate in Pinecrest said million-dollar homes in her area are doing much better than both the lower-priced homes and mansions at the top of the market. She said builders created an oversupply of $3 million to $4 million homes. Contracts are falling through on the lower end of the market because buyers are having trouble qualifying for loans, she said.
The Karsentis say they’re buying now because their family is growing, they love the home, and they know it’s impossible to time the real estate market.
“You can’t help but look over your shoulder and think there might be other opportunities down the road,” he said. “But though it’s difficult to sell at the peak, it’s also difficult to buy at the trough.”
I think the bottom line is, there is never a "perfect" time to buy. If you find the right deal and your ready to make an investment, there is no time like the present for your cash to start earning cash for you.
HG
The sweet spot for bargains
Still Celia Chen, director of housing economics at Moody’s Economy.com, said the top 10 percent of the real estate market in terms of home price is doing better than the lower end of the market, which is impacted more by the credit crisis. Prices can be more sticky on the top end because “owners of very high-end homes can wait longer – they don’t have to accept a lowball price,” Chen said.
JoAnn Roberts of Coldwell Banker Residential Real Estate in Pinecrest said million-dollar homes in her area are doing much better than both the lower-priced homes and mansions at the top of the market. She said builders created an oversupply of $3 million to $4 million homes. Contracts are falling through on the lower end of the market because buyers are having trouble qualifying for loans, she said.
The Karsentis say they’re buying now because their family is growing, they love the home, and they know it’s impossible to time the real estate market.
“You can’t help but look over your shoulder and think there might be other opportunities down the road,” he said. “But though it’s difficult to sell at the peak, it’s also difficult to buy at the trough.”
I think the bottom line is, there is never a "perfect" time to buy. If you find the right deal and your ready to make an investment, there is no time like the present for your cash to start earning cash for you.
HG
Thursday, February 21, 2008
Slow Home Sales Up North has Effect on Florida's Growth
The housing bubble burst in states such as Ohio, New York and other states that people traditionally migrate south from has had a direct effect on the State of Florida's growth. Slow housing sales have restricted people's ability to move. People aren't able to sell their houses due to the combination of negative amortization, lack of willing buyers and inflated expectations of listing prices. In a recent Florida Time Union article it was "estimated only 35,000 more people moved into the state than moved out in the 12 months that ended in July. That was less than a fifth of the average yearly number since 2000."
What does this mean? Well, the normally thriving Florida housing market is reliant upon new people moving to the state. Will this trend last forever? It's unlikely! As history has taught us, the housing market runs in cycles. Once the sub prime bubble effect wears off and homes return to reasonable pricing, the housing market will come back. People from the north will be able to sell their houses or possibly be forced out of them due to foreclosure. Those people will flock to the sunshine state and our population will grow more substantially as that occurs. The bottom line is Florida's market is effected by the rest of the nation's housing lull, but it is only temporary.
Contact me today to discuss your housing issues at (786) 371-4431.
Harris W. Gilbert
harrisgilbert@keyes.com
www.hwgmiamirealestate.com
What does this mean? Well, the normally thriving Florida housing market is reliant upon new people moving to the state. Will this trend last forever? It's unlikely! As history has taught us, the housing market runs in cycles. Once the sub prime bubble effect wears off and homes return to reasonable pricing, the housing market will come back. People from the north will be able to sell their houses or possibly be forced out of them due to foreclosure. Those people will flock to the sunshine state and our population will grow more substantially as that occurs. The bottom line is Florida's market is effected by the rest of the nation's housing lull, but it is only temporary.
Contact me today to discuss your housing issues at (786) 371-4431.
Harris W. Gilbert
harrisgilbert@keyes.com
www.hwgmiamirealestate.com
Monday, February 18, 2008
HWG Miami Real Estate & Keyes
Over the course of time this blog will serve as an informational outlet for Miami real estate information. Right now is a changing time in the Miami market. The residential market is in flux with many properties in foreclosure and more to come. It's a good time to swoop down and snag a property in financial distress as there are many good deals out there.
As for the commercial division, Keyes has already serviced well over 50 million dollars in transactions in 2008 alone, and it's still February! If you have money to invest, it makes sense to find an investment property. Not only will you see a direct return on your cash from rental dollars, but as you build equity you have the potential to make the strongest return for your money.
Contact me today to find a property in the Miami area today. Ask me about the real story, so I can show you how your property WILL make money.
Harris W. Gilbert
Keyes Commercial Division
(786) 371-4431
As for the commercial division, Keyes has already serviced well over 50 million dollars in transactions in 2008 alone, and it's still February! If you have money to invest, it makes sense to find an investment property. Not only will you see a direct return on your cash from rental dollars, but as you build equity you have the potential to make the strongest return for your money.
Contact me today to find a property in the Miami area today. Ask me about the real story, so I can show you how your property WILL make money.
Harris W. Gilbert
Keyes Commercial Division
(786) 371-4431
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