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Frances Khalwy's Blog

By Frances Khawly &The KhawlyTeam | Agent in 33330
  • Miami-Dade Property Values Experience the First Increase in Four Years

    Posted Under: Market Conditions in Miami, Home Buying in Miami, Home Selling in Miami  |  July 3, 2012 10:27 AM  |  1,501 views  |  No comments

    As expected, property values for real estate in Miami-Dade have seen their first increase in the past four years.  The increase of two percent may seem small, but the indication is large.  Real estate experts have been predicting this modest recovery since figures began rebounding early in the first quarter.  Now, Miami-Dade homeowners have proof that the worst is behind them.

    “What we are seeing is a recovery period for Miami-Dade County,” Property Appraiser, Pedro J. Garcia said.

    Having said this, homeowners in Miami-Dade might be in for a bit of a surprise when they receive their tax bill, unless the county decides to lower the tax rate.  18 out of the county’s 35 municipalities have higher tax-rolls than they did last year.  The final tax bill is dependent on several other taxing districts, like the Miami-Dade school board and individual cities.

    As long as inventory continues to remain low and demand continues to be strong, home values will continue to increase.  Demand is showing no signs of slowing down either.  Investor interest remains a primary catalyst due to a steady increase in rental rates, and the generous influx of tenants across the board is supporting this increase.  Traditional buyers are attracted to the record low mortgage interest rates and record high affordability.

    This improvement in home values is also making it more attractive for home owners to sell their Miami-Dade homes.  If you have been waiting for the right time to sell your property, contact Frances Khawly of the Khawly Team – South Florida’s Real Estate Specialists.  With over 25 real estate certifications, a full-time team of knowledgeable professionals and hundreds of happy clients, you can trust that the sale or purchase of your Miami home is in qualified hands.

    If you are interested in taking advantage of great home values and interest rates, the Khawly Team can also help you search Miami-Dade homes and expertly represent you as an experienced buyer-agent during the home buying process.

    Image(s): FreeDigitalPhotos.net

  • Assessments in Miami-Dade Improve

    Posted Under: Market Conditions in Miami-dade County, Home Buying in Miami-dade County, Home Selling in Miami-dade County  |  June 5, 2012 8:38 AM  |  1,385 views  |  No comments

    Tax Assessments in Miami-Dade have increased for the first time since 2007.  The countywide taxable value of all real estate rose 1.48 percent from $186.96 to $189.73 billion since last year, according to an estimate released Thursday by Miami-Dade Property Appraiser Pedro J. Garcia.

    “Coastal municipalities with a concentration of high-end properties experienced the most growth in property values, while others had only negligible changes,’’ Garcia said in a statement. He added: “While it is premature to celebrate a complete recovery of the county’s real estate industry, there was a clear positive trend, especially in the last three months of 2011.’’

    Taxing authorities will not set their 2012-13 tax rates — the figures multiplied by the taxable value of real estate to determine taxes — until later this year, making it difficult to determine how this will affect property taxes at the present time.

    Here’s a look at how various cities in South Florida have improved:

    These increases in assessed value point towards stabilization in the South Florida real estate market, especially Miami-Dade.  These values also follow a steady stream of monthly increases in home prices in Miami-Dade.  However, these figures are based on home sales data from 2011.  Based on the improvements we’ve already seen in home values in 2012, assessments for next year should be up as well.

     “The numbers basically confirm what we already knew. Property values are coming back.’’ says a local real estate broker.

    If you would like to sell a home in Miami or search for homes in Miami, contact Frances Khawly and the Khawly Team – Miami’s Real Estate Specialists.  With over 25 real estate certifications, a full-time team of knowledgeable professionals and hundreds of happy clients, you can trust that the sale or purchase of your Miami home is in good hands.

    Image(s): FreeDigitalPhotos.net

  • Miami Real Estate is Back!

    Posted Under: Market Conditions in Miami, Home Buying in Miami, Home Selling in Miami  |  May 29, 2012 7:25 AM  |  1,187 views  |  No comments

    The Miami Real Estate Market is making a comeback.  Strong demand from buyers, coupled with low inventory, has created the perfect conditions for bidding wars and a transition into a seller’s market.

    In Miami-Dade, home prices continued to move up 30 percent for condos to $150,000, and 8.2 percent for single-family homes to $183,000 - this according to figures released last Tuesday by the Miami Association of Realtors (MAR) comparing current trends to data from one year ago.

    Miami Realtors say the inventory of residential listings has decreased 34 percent in the past year in Miami-Dade, from 17,897 to 11,878.  It continues to decrease in 2012, representing a 4 percent decline since March – this also according to MAR.

    Due to these conditions, it’s not uncommon for real estate agents in Miami to list a home one day and receive multiple offers the next.  And the offers being received are the not the low-ball offers we’ve been hearing about in prior years.  Buyers are losing their leverage due to the inventory shortage, making offers more competitive and above list price at times.

    Meanwhile, distressed properties still make up a large number of sales.

    In April, 47 percent of all closed residential sales in Miami-Dade were distressed, including REOs (bank-owned properties) and short sales – this compared to 59 percent in April 2011, and 49 percent in March 2012.

    There are still many distressed properties in the backlog that will be gradually released onto the market, however, these homes will probably be sold online.

    From a statewide perspective - median sales prices in April increased 10.2 percent to $144,350 for single-family homes and 16.1 percent to $108,000 for condos, according to the Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The national median price for existing sales of all housing types was $177,400 in April 2012, a 10.1 percent increase from one year ago.

    If you would like to sell a home in Miami or search for homes in Miami, contact Frances Khawly and the Khawly Team – Miami’s Real Estate Specialists.  With over 25 real estate certifications, a full-time team of knowledgeable professionals and hundreds of happy clients, you can trust that the sale or purchase of your Miami home is in good hands.

    Image(s): FreeDigitalPhotos.net

  • The South Florida Housing Market has Hit Bottom

    Posted Under: Market Conditions in South Florida, Home Buying in South Florida, Home Selling in South Florida  |  May 8, 2012 9:19 AM  |  592 views  |  No comments

    It’s finally happened.  The South Florida housing market has officially bottomed – at least according to Zillow.  In the fourth quarter of 2011, home prices reached their lowest point and are now on the road to recovery.  Before your skepticism kicks in, I will mention that similar reports are being echoed throughout the nation for a large number of regions.  Experts caution, however, that the recovery will remain slow – marked by single digit percentage increases and modest improvements.

    Fannie Mae just released their 2012 National Housing Survey, which indicated that consumer confidence is the highest it has been since the survey began two years ago.  Consumers who were surveyed also reported increases in annual income and optimism regarding the housing market.

    "There are a lot of good signs," said Ken H. Johnson, an economist and finance professor at Florida International University. "If the guy who buys today looks to sell in a few years, I don't think he will have made such a good decision. But if he buys and holds off selling for eight years or so, he'll think, 'Man, I made a good investment. That was really shrewd.”

    Now that South Florida real estate is back to seeing 2002 prices, the market is becoming active once again.  Demand is strong, especially from foreign buyers and cash investors, and inventory is low.  Bidding wars are back, and a market that once belonged completely to buyers is beginning to tip back into balance for sellers.

    Distressed properties in South Florida still own a large percentage of the total inventory, but this number is slowly decreasing.  Banks are not flooding the market with foreclosures as was previously feared.  Therefore, home values are being preserved and the market is being given a much-needed opportunity to strengthen.

    Mortgage rates are also increasing little by little – another sign of market improvement.  The federal government maintains its involvement, but is beginning to allow the real estate market to take its own course.

    If you would like to search for homes in South Florida, contact Frances Khawly and the Khawly Team – South Florida’s Real Estate Specialists.  With over 25 real estate certifications, a full-time team of knowledgeable professionals and hundreds of happy clients, you can trust that the sale of your South Florida home, or purchase of your South Florida home, is in good hands.


    Image: jannoon028 / FreeDigitalPhotos.net

  • Home Prices Improve in South Florida

    Posted Under: Market Conditions in Miami, Home Buying in Miami, Home Selling in Miami  |  April 10, 2012 10:35 AM  |  430 views  |  No comments

    If you have begun a search for homes in South Florida, then you may have already noticed a shrinking inventory.  This reduction is contributing to an increase in home values throughout the region.  Other contributions have been the improving job market, and lender confidence resulting in the financing of several condo projects.

    Residential listing inventories have decreased 45.1% since February of last year in Miami-Dade.  The number of distressed property closings has decreased as well – 54% this year vs. 69% last year.  Cash continues to be king, as 69% of all closings involved cash transactions – 46% of single family homes and 79% of condominiums were purchased with cash.  The vast majority of these cash transactions came from international buyers.

    Now, let’s talk home values.  The median sales price for condominiums in Miami-Dade has improved 40.4% since last year, putting this figure at $131,950.  The median sales price for single-family homes in Miami-Dade experienced a 19% increase, putting this figure at $175,000.  Both South Florida averages are better than the state averages – $95,000 for condominiums and $135,000 for single-family homes.

    “We definitely have rebounded a lot stronger than we expected,” said Patricia Delinois, president of the Miami Association of Realtors.

    Real estate economists and analysts have been consistently expressing optimism for the year 2012.  While we are far from seeing 2005 values, the small improvements mean stability in the housing market which will ultimately lead to continuous increases year after year. 

    With home values and mortgage rates increasing, now is the time to buy if you haven’t already.  While no one can predict this market with absolute certainty, all signs are upward pointing.  Contact Frances Khawly and The Khawly Team to begin your home search in Miami-Dade today.  Frances and her team of real estate specialists have over 25 real estates certifications, and a wealth of reliable experience with unparalleled knowledge.  


    Image: ddpavumba / FreeDigitalPhotos.net

  • Miami-Dade Luxury Condo Resale Resurgence

    Posted Under: Market Conditions in Miami, Home Buying in Miami, Home Selling in Miami  |  February 23, 2012 9:12 PM  |  359 views  |  No comments



    Miami has seen an increase in luxury condo resales in 2011, surpassing the median sales price in 2006.

    ·         2006 – Median Sales Price – $1.51 Million

    ·         2010 – Median Sales price - $1.50 Million

    ·         2011 – Median Sales Price - $1.60 Million

    ·         2012 Projection – Median Sales Price - $1.75 Million

    590 condos sold for at least $1 Million in 20111.  The 2011 resale activity represents a 29% increase from 2010.  The most expensive condo sold was a penthouse in Setai Resort and Residences for $21.5 Million. 

    The reason for this revival is largely due to the buying power and strong currency of foreign investors and buyers.  Venezuela represents the largest concentration of $1 Million buyers for Florida luxury condos.  The second largest concentration comes from Western European countries such as France, Germany, and Italy.

    Developers are also noticing this powerful purchasing trend.  At least five new condo towers have been planned or are currently under construction.  The proposed sale prices for these units exceed $1 Million.

    As a result, sellers (who have been hesitant to sell in the years prior) are now listing.  There are nearly 1,000 luxury condos are the market asking at least $1 Million.  Nearly 20 of these are ultra-luxury, asking at least $10 Million.  Just weeks into 2012, an additional 100 luxury units went under contract.

    The big question now is whether or not Miami can maintain this momentum.  Currently, Miami has a 20 month supply of inventory in the luxury condo market.  Experts consider a healthy market to have a six month supply.  Basic principals of supply and demand dictate that having too much inventory could eventually lead to a drop in prices.  However, due to the fact that much of the buying pool originates from overseas, it may be safe to conclude that this resurgence will not be dictated by the basic economic principals we are accustomed to.

    If you are interested in buying or selling a property in the Miami-Dade area, please contact the The Khawly Team, Specialists in South Florida Real Estate.

     

    Information Source: http://www.miamiherald.com/2012/01/22/2601915/miami-dades-luxury-condo-resale.html

     

  • FREE EVALUATION REPORT OF YOUR PROPERTY

    Posted Under: Market Conditions in Weston, Home Buying in Weston, Home Selling in Weston  |  October 7, 2010 8:10 PM  |  871 views  |  No comments

    If you are Intrested in Detremining the Value of your home, click the Home Evaluator" Link for a FREE  Evaluation Report" http://bit.ly/9pU756
 
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