Curb Appeal Blog

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Coral Gables Condos

Nov 15, 2011

Miami Residential Sales Increase In 3rd Quarter

Single family homes and Condominium sales in Miami increased by 51% in the 3rd quarter, making this the 13th consecutive quarter of increased sales as reported by the Miami Association of Realtors. The average sale price of single family residences rose by 19%, and for condos 21%. Total inventory has also dropped by 38% from the same period last year and 65% from 2008. This trend can be attributed mostly to Miami's international appeal which continues to draw investors looking for bargains.

pic from weheartit.com

Jun 13, 2011

New Gables Project Wins $50M Loan

A new 250 residential unit, 26,000 sq. ft commercial space will break ground this summer in Coral Gables. The project is currently called Gables 4585 Ponce located between the University of Miami and Merrick Park. The site covers 2.3 acres of the northeast corner of Lejeune and Ponce, just north of US1.

PNC granted the $50M construction loan to an affiliate of Atlanta based developer, Gables Residential. The great location, and solid rental market were cited as reasons that helped convince the lender that this was a worthy project. Gables 4585 Ponce plans to open in the fall of 2012.

Between luxury rentals, upscale retail, and the contemporary Mediterranean aesthetic it is clear that the project does not deviate from the Merrick Park formula for success.

Jun 08, 2011

Residential Inventory 6/11

So far, 2011 has seen this general trend of increased pending sales and decreased active sales. Over the past month prospective buyers are sure to have noticed their options decrease. Of course, this means that houses are selling. This should provide the impetus for homeowners to "test the market" thus seeing an increase in inventory in the near future.

For more information on selling or buying a home in Miami, home valuation, or questions/comments on my blog please don't hesitate to contact me at gian@miamicurbappeal.com.

Apr 29, 2011

Coral Gables Luxury Condo – An Ideal Choice for Baby Boomers

Retirement – The word resonate the feel of freedom in itself. It suggests freedom from worldly chores, responsibilities, and the everyday work grind. If you have enough savings down your treasure during this time, there can be nothing better for you than living in a Coral Gables Luxury Condo. With all your needs taken care of by the rich range of amenities, your coming years here can be the most fulfilling time of your life.

If you do not realize how it is like to be living in a Coral Gables Luxury Condo, your life of a holiday is yet to begin. This sophisticated, huge development of condos is perfect for people who wish to have lush tropical landscapes surrounding them. Taking a stroll in beautiful parks gives a great start to your day, followed by a good session at the fitness center. Or, you may choose to enjoy in the swimming pool, for a change.

The fun has a whole new definition as you enter the games room of Coral Luxury Condos. Be it billiards or squash, you can try out a new sport or game, almost every day for more than a week. Theatre and media room is another plus that you can count. So, there is no reason for you to feel bored. Interact with people, chill and have a good time.

Thereafter, grab a bite at the sumptuous restaurants situated in close proximity and spend some quality time with your family and friends. Rest of the day can be spent in recreational activities, like spa or massages that help you unwind at the end of the day and relax your body and mind.

Leave all your worries behind and enjoy your life, while the friendly staff takes care of your everyday household chores. What more? You need not care about the security when you live in such a plush surrounding. Retirement need not necessarily be synonymous to inactive lifestyle or loneliness. Our life is all about the choices we make. Living in a Coral Gables Luxury Condo ensures a secure and happy life for baby boomers who often feel left out and don’t know how to spend their days.

Hence, if the idea of an unending lavish holiday entices you, it’s high time you buy a Coral Gables Luxury Condo for yourself before the booming real estate market of Miami condos leave you with no choice but to settle for a property you do not even wish to call ‘home’.

Feb 15, 2011

Brazilian consumerism in South Florida

Due to Brazil's booming economy, one that is expected to be the world's fifth largest by 2016, record low unemployment, and the fact that the Brazilian Real is strong against the Dollar, South Florida is experiencing a tidal wave of Brazilian consumerism. The numbers for 2010 indicate that over 500,000 Brazilian tourists spent over one billion dollars in Miami-Dade alone. And merely as a point of observation, it seems that more and more of our beach-goers here in Miami seems to be able to play volleyball with their feet.

In the world of Real Estate there is one simple factor lending itself to Brazilian consumerism; Brazil is up, way up, and South Florida is low. In the high end sector that the Brazilians are forging, property in Brazil might be about 35% higher than it's comparable here in South Florida. This and a love of our sub-tropic environs make the Brazilians a challenger of the Canadians for South Florida's largest foreign market.

According to the Miami Herald, concerning "The Florida/Brazil trade and business connection — Brazil ranks as South Florida’s top trading partner as well as the Sunshine State’s top trading partner. Florida’s merchandise trade with Brazil during the first 11 months of 2010, the most recent statistics available, topped $14.4 billion, a 27 percent increase over 2009 figures." It is clear that this relationship is mutually beneficial, and that there are plenty of opportunities for moving forward together.

Jan 05, 2011

Energy Efficient Mortgages

An Energy Efficient Mortgage (EEM) is a mortgage that credits a home's energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.

To get an EEM a borrower typically has to have a home energy rater conduct a home energy rating before financing is approved. This rating verifies for the lender that the home is energy-efficient.

EEMs are typically used to purchase a new home that is already energy efficient such as an ENERGY STAR qualified home. The term EEM is commonly used to refer to all types of energy mortgages including Energy Improvement Mortgages (EIMs), which are used to purchase existing homes that will have energy efficiency improvements made to them. EIMs allow borrowers to include the cost of energy-efficiency improvements to an existing home in the mortgage without increasing the down payment. EIMs allow the borrower to use the money saved in utility bills to finance energy improvements. Both EEMs and EIMs typically require a home energy rating to provide the lender with the estimated monthly energy savings and the value of the energy efficiency measures — known as the Energy Savings Value. EEMs (and EIMs) are sponsored by federally insured mortgage programs (FHA and VA) and the conventional secondary mortgage market (Fannie Mae and Freddie Mac). Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs.

Conventional Energy Efficient Mortgages

Conventional EEMs can be offered by lenders who sell their loans to Fannie Mae and Freddie Mac. Conventional EEMs increase the purchasing power of buying an energy efficient home by allowing the lender to increase the borrower's income by a dollar amount equal to the estimated energy savings. The Fannie Mae loan also adjusts the value of the home to reflect the value of the energy efficiency measures. For more information about Fannie Mae's EEM you can call 1-800-7FANNIE (732-6643). Visit Fannie Mae to find a Fannie Mae-approved lender in your state. A PowerPoint presentation, Freddie Mac Energy Efficient Mortgages , is available with more information.

FHA Energy Efficient Mortgages

The mortgage loan amount for an FHA EEM can be increased by the cost of effective energy improvements. The maximum amount of the portion of the EEM for energy efficient improvements is the lesser of 5% of:

the value of the property, or
115% of the median area price of a single family dwelling, or
150% of the conforming Freddie Mac limit.

For more information on FHA EEM loan limits refer to FHA Mortgagee Letter 2009-18 . No additional down payment is required, and the FHA loan limits won't interfere with the process of obtaining the EEM. FHA EEMs are available for site-built as well as for manufactured homes. Applications for an FHA EEM may be submitted to the local HUD Field Office through an FHA-approved lending institution. HUD has a searchable list of approved lenders . Information about the FHA EEM can be found on FHA's web site . Additional information is available from HUD's Office of Single Family Housing by calling (800) 569-4287. There is also a fact sheet about FHA's EEM (70KB). The Systems Building Research Alliance has information about FHA EEMs for ENERGY STAR qualified manufactured homes.

VA Energy Efficient Mortgages

The Veteran's Administration (VA) EEM is available to qualified military personnel, reservists and veterans for energy improvements when purchasing an existing home. The VA EEM caps energy improvements at $3,000–$6,000. Borrowers should ask their lender about a VA EEM at the beginning of the lending process. More information about VA EEMs can be obtained from the Web site for the U.S. Department of Veteran's Affairs or by calling (800) 827-1000. Chapter 7 of VA Pamphlet 26-7 (Revised) (1.5MB) contains lender guidance on the VA EEM.

To learn more about EEMs contact Fannie Mae, Freddie Mac, the FHA or the VA. Additional information about writing energy-efficient mortgages can be found on the Web sites for the U.S. Department of Housing and Urban Development (HUD) and the Residential Energy Services Network (RESNET) .

Nov 03, 2010

Miami Curb Appeal Launch

Thank you for visiting my blog! Miami Curb Appeal serves as the online journal of Realtor-associate, Gian Traina. This blog discusses a range of interests pertaining to Miami’s real estate market including, current market trends and statistics, information on our communities and neighborhoods, its development, mortgage news, the world of green homes, notes on anything of architectural significance, historic preservation, and will of course include lots and lots of pictures and videos of Miami’s beautiful homes. I’d like to invite you all to join Miami Curb Appeal, subscribe to my newsletter, and follow me on facebook. This network should prove valuable for anyone interested in our beautiful city’s real estate market, a great marketing tool for anyone selling property in South Florida, and a fun way to stay informed.