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.

• 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”

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”

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”

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.

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 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 – 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

When you sell your primary residence, you are not taxed on your profits if:

1. You have have lived in the home for two out of the last five years.
2. Your gain does not exceed $250,000 as a single taxpayer or $500,000 as a married couple filing jointly.

Gains above these limits are taxed at the current rate of 15% for higher income tax payers and 5% for lower income tax payers.

In 2008 the rate will continue for higher income taxpayers; while the 5% lower income rate will drop to 0% for the 2008 tax year only. On January 1, 2009, the long term capital gains tax will once again be 15% and 5% through 2010.

Homeowners can use this tax free provision every two years. As set forth in the American Job Creation Act of 2004, properties converted from a 1031 exchange property into a primary residence must be held and used as a primary residence for at least five years to qualify for the tax exemption.

And last but not least, I would consult a “tax accountant” for more detailed information regarding your particular situation.

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

The Recuset Group

“The purpose of life is a life of purpose”

Affected loans are:

• Mortgages for certain second home purchases.
• Short-term construction loans that convert to permanent mortgages.
• Cash-out refinances.
• Investment loan applications where the buyer already owns at least three other rental properties.
• Loans with anything less than full documentation of borrower income, credit and assets.
• Too new credit with thin files.

Freddie Mack plans to restrict financing to second and investment real estate purchasers who already own interest in multiple properties after August 8, 2008. Second home buyers will be ineligible for new mortgages through Freddie Mack if they have ownership interest in more than a total of four properties securing debt, including the one they propose to finance. The same for loans for rental houses and condos, and other investment properties. Freddie allowed up to 10 rental properties carrying mortgages.

Also affected, cash-out refinancing within the prior six months. The company defines a cash-out as any refinancing where the replacement loan balance exceeds the previous balance by 5% or more.

Meanwhile, private mortgage insurers- who provide loss coverage for lenders and investors on loans where down payments are less than 20%. Are also scaling back especially in declining areas-like Miami, Fl. One of the largest insurers, Genworth FInancial is no longer taking applications for second home purchases anywhere in Florida, irrespective of borrowers’ credit scores, assets or other characteristics.

PMI Group. another high volume insurer, is following suit. Including boosting minimum credit score requirements for “Jumbo” loans nationwide to a 700 FICO, and now will require at least a 10% down payment. And also ruling out stated loans.

MGIC, the largest private mortgage insurer, eliminated all “Option ARM loans”.

No wonder get rich quick, no money down infomercial’s are seen with less frequency these days.

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

The Recuset Group

“The purpose of life is a life of purpose”

There is this 1/1, a corner unit, overlooking the pool of the  Met1,

waiting for you. Designer ready!

This would be below builders prices. Don’t delay! It would have to be a cash deal!!!! 

  (Only Unit under $300,00)   

                      $215,000

Motivated Seller!

This unit wont be listed in the MLS. Buyer can’t close. Just wants out. I’ll keep you posted on the progress of this deal! This will be a good gage as to how effective blog marketing can be. May the fastest draw win! 

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

The Recuset Group . “What do you want to contribute”.

           2/2     1237 Sqft.

The sign of the times…….$339,000

Disclosure: I am the listing agent. When you get over the perfunctory hyped property description, the facts should tell you this would be a great buy.

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

The Recuset Group

“The purpose of life is a life of purpose”

Community Association

A community association is a non-profit corporation established to preserve property values in a development. The term includes homeowners’ associations, condominium associations, property owners’ associations and cooperative associations.

A community association is governed by a board of directors consisting of homeowners who are elected by their fellow residence and who volunteer their time to set policies. Some associations hire an outside management company to handle the day to day job of running the association (collecting monthly assessments, handling maintenance of common areas, notifying homeowners of rule violations, etc). Smaller associations may rely on volunteers to handle such tasks.

It’s a thankless job and because of that there are ample opportunities for opportunist to take advantage of the fact that there are hardly any checks and balances procedures in place to stave off those of poor character and judgement. (Boards of directors- some times self appointed, while shuffling paper around and doing nothing but getting kickbacks from a corrupt management company).

Common Restrictions

Pets – Some prohibit pets outright; others allow pets of a certain size or type.

Rentals – This is a common issue in Florida, as many buyers – particularly those buying into resort areas- want to retain the right to rent out their units.

Vehicles – Some restrict the amount of cars and type. For those who own commercial vehicles, RV, boats and trailers, you might want to get answers to very specific questions regarding this matter.

Home Offices

Most associations have updated their documents to allow residents to maintain home offices in certain situations. Generally, home offices are allowed when permitted under local zoning codes and one that generates no traffic or noise.

Exterior Alterations

Many buyers are unaware that there are strict limitations on their right to alter the exterior of a unit or home in a community association. Must get association approval before any changes are undertaken. This includes painting, additions and even landscaping changes.

Coral Gables has no association but city ordinances takes care of what can and can’t be done. And are very strictly enforced.

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

The Recuset Group

“The purpose of life is a life of purpose”

Remember the following:

35% The Way You Pay

Your credit history is the most important factor!

30% What you owe

Keep your debt below 50% of your credit limit. Thirty percent would be ideal.

15% How long of a history

In other words, build a track record of stability and dependability. This factor assures you future credit. One important item-never close an account.

10% Types of credit

Try to have different types of credit. (mortgage, retail accts. etc.),

10% Trying to get new credit.

Try not to go crazy in applying for credit. Doing so can decrease your score in a heart beat. However, if you do go batty with this, do it within 14 days. In doing so, it  will count as only once.

In times of tight credit-like now, the tougher it is for those with less than stellar scores to get any kind of reasonable credit.

Hope this helps!

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

The Recuset Group .

 “The purpose of life is a life of purpose”

You see, it is my contention that, it is not that there aren’t a whole lot of ready, willing, and able buyers these days, but,  the the lack of serious sellers in the market place. Yes, that’s right, no, it’s not a typo.

You see, if a seller, a real serious seller, not one that simply thinks that because the neighbors house or condo next door sold last year for X amount that there property should sell for the same amount or more.

What is a serious seller you might ask? A serious seller is:

• Willing to accept the best offer from the best buyer in the market.
• Has something to lose if they don’ sell.

If you’re a Realtor and your seller doesn’t fit the bill, you are wasting your time and everyone else’s.

If you’re a for sale by owner, take heed. (You’re swimming upstream against strong currents)

Bottom line- Seller’s, price your property right so that it would sell, mix in some effective marketing and a pinch of luck, and you too could find yourself in the annals of sold property records.

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

The Recuset Group . “The purpose of life is a life of purpose”

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 5.48 percent this week, down from 5.69 percent last week.

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

The Recuset Group . “What do you want to contribute”.