100 Edgewater Dr.

 

Looking for a nice, new affordable home in the Gables?  Search no more!  There is a great unit for sale at this time. Ready to move into. 100 Edgewater is an old building but very quaint, quite and very well maintained in a great Coral Gables location.

This is one of the best deals going on in this building/location. Out of town owner, reduced for quick sale! Just bring your toothbrush! Completely renovated in 05 (original unit was gutted). Impeccable 2/2 unit featuring wood flrs., Open Kitchen, Granite counters, S.S appliances (brand name i.e. Kitchen Aid, Sub Zero), Built in Wine Cooler, Spacious Master Bdr., w/extra large shower space, High Hat lighting. Charming community offers 24 hr security, lush landscaping, & pool area overlooking Gables Waterway-no fixed bridges, sauna & more! Dock space not incl.

                                   $ 274,900

        

Or you can buy this unit-below (same sq.ft.as above-1,237) for $263,900. This unit would take another 50k – 60k to make it par with the above unit. Neither of the units have a direct water view.

   

But hey, take your pick!

For professional advice on all aspects of buying or selling real estate, please contact me at richard@teamDoral.com or 786-287-9272.

Technorati Tags: 100 Edgawater Dr.,Coral Gables

The start of 2009. What’s going on?

A sampling of things in the midst.

• We are in a recession/Financial Meltdown. By a common rule of thumb, a recession occurs whenever the gross domestic product, the total output of goods and services, declines for two consecutive quarters. The GDP turned negative in the July-Sept. quarter of 2008 and falling at an even sharper rate at this time.
• The most important indicator of a productive economy, gross domestic product, Florida led the nation in 2005 and now ranks 47th.
• The economy is in a recession because of the housing market, and the housing market is further depressed because of the economy.
• Vanished Companies:
  • Bombay Co.
  • Lehman Brothers
  • Bear Stearns
  • Aloha Airlines
  • Skybus.com
  • Champion Air
  • Linens N Things
  • Steve & Barry’s
  • Catalog Retailer Lillian Vernon Corp.
  • Sharper Image
  • KB Toys
  • The big three (GM, Ford, Chrysler) on the brink….
  • and counting…..

• South Florida home values have fallen to 2003 levels. (We still have about 40 months worth of  inventory (Miami-Dade)- for a balanced market it should be around six months). Fear, financing and falling home prices are keeping consumers from buying a home. A once robust housing market (Florida) has a record inventory of 300,000 unsold homes, six times the normal average of 50,000.
• Florida Home sale purchases from foreigners made up 29% between summers of 2007 & 2008. Canada, Venezuela,UK, France and Italy topped the list of South Florida home buyers. But numbers have dropped considerably since then.                            
•   About 2/3 of the homes listed for sale on South Florida are for less than $300,000-but only the most credit-worthy buyers need apply.    
•   30-Year rates at new low average to 5.1% down from previous record 5.14%.
•   15-Year fixed rate mortgage dropped to 4.83% from 4.91%.
•   Florida’s minimum wage grows to $7.21 per hour. Will rise to $7.25 on July 24, by order of Congress.
•   Whole Foods pulls out of MET Miami Project. (Reason- Take a guess!-I would still like to see the details though) This was supposedly the Ace in the hole   for the MET project in Downtown Miami.
•   For the first time in decades fewer people are moving in to the state. With the mortgage crisis, credit crunch, property taxes and flat lining of population, the twin industries that buffered Florida through previous recessions-Real Estate and construction-are weighing down Florida’s economy.
• Employment- The state led the nation in job growth in 2005 and now leads the nation (9th) in job losses- a 15 year high. About 160,000 unemployed Floridians.
• Real Estate- Florida is 2nd in the nation in Foreclosure filings. (444,000 homeowners in default(Realty Track).

As you can tell, the list  is mostly about the negative stuff that’s going on at this time, but this too shall pass; 2009 is going to be rough for South Florida and so for the rest of the country,  for that matter, but we will bouce back once again in 2010-2011. So hold on to your wallet, if you can!

God Bless America!

 

The Recuset Group

For professional advice on all aspects of buying or selling Real Estate, please contact me Richard Recuset at-786-287-9272 -email: RecusetRealEstate@Gmail.com

“The purpose of life is a life of purpose”

Technorati Tags: Beginning of 2009

Compare Homeowner’s Insurance Rates

Did you know (Florida Homeowners and buyers) can now find insurance cost comparison on a state run Web site? Compare Homeowner’s Insurance Rates which creates a fictional house and then shows how much it would cost to insure, by company and country, based on rate filings submitted to the Florida Office of insurance Regulation. A valuable tool and a great way to find insurance best suited to individual needs. You can compare rates offered competing companies working in your area, sorted from lowest to highest cost, with a company link.

 

 

The Recuset Group

For professional advice on all aspects of buying or selling Real Estate, please contact me Richard Recuset at-786-287-9272 -email: RecusetRealEstate@Gmail.com

“The purpose of life is a life of purpose”

Early Modification is the word

For those thousands of homeowners out their facing tough financial times, here’s some good news.

In the past you had to miss two or three payments before the mortgage company would talk to you about a loan modification. Now, Fannie Mae- Responsible for about 18,000 home loans, will allow borrowers facing tough financial times to request “early workout” loan alterations, before you even make your first late payment.

What precisely is a loan modification? A loan alteration is an abiding change in a number of provisions of a borrower’s mortgage, permits the loan to be reinstated, and ends up in a payment the homeowner can afford.

How do I know if I will be able to qualify for a loan modification? The number one factor your bank is having a look at is your capability to make the new altered payment now and in the future.

You must supply the bank with evidence of your revenue, together with a total and correct finance statement detailing your earnings and expenses to show them that if granted the loan alteration, you’ll be able to afford the new, lower payments.

Fannie Mae’s new policy can potentially save thousands of homes. Under the new approach, company servicers will be required to inform borrowers that if they are “reasonably” certain that changes in their income will cause them to miss mortgage payments, they might qualify for an advance loan modification.

Qualified buyers will start on a trial bases with reduced payments, usually for about four months or so- could then be made permanent. This is after your current situation and facts have been thoroughly examined.

Most banks are following suit considering our nation’s financial crisis.

You should call your financial institution and find out whether your loan is owned by Fannie, Freddie or another major lender, and then request an early workout.

Before the flurry of real estate foreclosures became apparent this reaching out to the customer was unheard of. The sign of the times….

 

The Recuset Group

For professional advice on all aspects of buying or selling Real Estate, please contact me Richard Recuset at-786-287-9272 -email: RecusetRealEstate@Gmail.com

“The purpose of life is a life of purpose”

New Condominium Laws: What Condo Commando’s might not want you to know.

For those who currently live in or will move to a condominium (One of the roughly 25,000 units in the tri-county areas), this is for you.

The Condominium Act (Chapter 718 F.S.) has been significantly amended for present and future residents.

Like just about all written statutes, there are pockets of ambiguity and issues that are open to interpretation-Unwritten attorney employment opportunity act.

Technorati Tags: The Condominium Act (Chapter 718 F.S.)

There are three areas that residents would be most interested in (insurance, board qualifications and collection of delinquent assessments. The laws affecting insurance and assessment collection were effective as of July 1, and those involving board qualifications went into effect on Oct. 1.

INSURANCE (11) a-o A must read.

Board Qualifications

Board member candidates; in order to address the issue of qualification must now submit a certificate as proof of knowledge on their governing documents, as well as the provisions of the Condominium Act.

ASSESSMENTS

The association is now required to provide owners 30 days written notice via certified and regular mail before they can place a lien on the property.

The Recuset Group

For professional advice on all aspects of buying or selling Real Estate, please contact me Richard Recuset at-786-287-9272 -email: RecusetRealEstate@Gmail.com

“The purpose of life is a life of purpose”

The government’s gift to homeowners

Wondering where is your bailout- why not? every other mega-billion dollar financial institution is getting their’s.   The U.S. Treasury is offering a  little present, just in time for the holidays.

The federal government announced that it will pump some $600 billion into the mortgage market — purchasing up to $100 billion of Fannie Mae and Freddie Mac debt and up to $500 billion in mortgage-backed securities. This action caused the average mortgage rate drop below 6%.

For those able to refinance, this is great news. It may mean some serious extra cash in hand each month, to be used to shore up retirement savings, pay down debt, maybe even afford a few more holiday gifts this year.

Now, for those that have not been paying their loans on time or owe more than what the property is worth, this present will more than likely not come to you. 

Getting a loan may still prove difficult for some, even those who aren’t under water on their mortgage loans, given stricter underwriting standards. Still, a refinancing rush is on the way.

Low rates, combined with the decline in home prices is nudging more home buyers into the market. Homes certainly are looking more affordable in many places — that is, for first-time homebuyers (who shouldn’t forget the $7,500 tax credit available to them for purchases between April 8, 2008, and July 1, 2009). Current homeowners eager to buy, on the other hand, well, would have to try to sell into this market, good luck!

Let’s Say Thanks

Let’s Say Thanks – In Support of Our Troops

As Thanksgiving approaches many of us are preparing for the circus of a big family dinner, but unfortunately  people serving in the U.S. military overseas can’t join in the festivities back home.  So Xerox has launched the Let’s Say Thanks Program, giving you the opportunity to let them know we support and appreciate their service to the country. 

All you have to do is choose a postcard designed by children from all over the country, write a personal message and hit send.  The holidays are a particularly difficult time to be away from the ones you love, so let the troops know that we’re thinking of them and hoping that they can come home soon.

Let’s Say Thanks