Curb Appeal Blog

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Miami Beach 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 22, 2011

Miami Condo Sales up 46%, Homes Sales 20%

A recent Miami Association of Realtors report indicates that May condo sales were up 46% from the same time last year, and home sales were up 20%. A total of 1,420 condos were sold, up from 962 last May. Single family home sales increased up to 875. International buyers are still the driving force behind closed sales as 60% of transactions were completed by foreign nationals. Brazilians continue to be the hot topic in South Florida. The value of the Real is up, thus Brazilian purchasing power in South Florida makes for a great investment.

Icon Brickell rendering

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.

Feb 15, 2011

New Featured Listing

Capri South Beach - 1445 16 St. #BL - 303

Enjoy stunning Miami skyline and dazzling sunsets, flow through over-sized 2000 sq. ft. terraces, high end kitchen with Miele/Wolfe/Subzero appliances, wine cooler, Poggenpohl cabinetry. Over-sized soaking tub, rain shower with white Thassos stone finish. Amenities: 500' bay walk, private marina, boat slips available, pool, fitness center, spa, 24 hr. security, valet parking, concierge services. Walk to famous Lincoln Road, and South Beach.

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 13, 2011

Sold!

Alliage #206

I just closed this 2 bedroom, 2 bathroom corner loft unit in the Alliage, a 12 unit, 4 story Oppenheim designed boutique building on West Ave. on South Beach. 18 ft ceilings with with floor to ceiling windows, Delano-style floor to ceiling drapery, 3 balconies with Italian porcelain tile, Brazilian walnut wood floors, Austrian glass chandelier, surround sound throughout, open kitchen with granite counter tops, wood cabinetry, and stainless steel appliances, rooftop pool and sundeck, covered parking, and minutes to Lincoln Rd.

This was an interesting sale. We originally put in a back up offer in May of 2010 when it was listed as a short sale. In the meantime, it slipped into foreclosure, and was bought at auction by a third interested party who in turn sold it to my client. It was a bargain. In the past 12 months, the only other sale in the building was an identical unit for over 15% more.

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.