How is Weston’s Real Estate Market Doing?
August 30th, 2010 categories: General RE Info, Market Update
It Depends on Where and the Price Point you are looking at!
Unless you have been living in a Bubble or too Busy getting your kids back to school you have heard terrible news about the economy and the housing Market.I understand that the only way to look at trends is with bulk numbers but when you hear the news you have to make sure you take a closer look before getting anxious.
It’s true the Real Estate Market is very sensitive to perceptions but numbers don’t lie and you have to look at the Sub-Markets and draw your own conclusions…
This Graph represents the behavior of the Single Family Home Market of properties priced Under 500K. Invetories have increased a little and closed sales decreased. As you can see closed sales have erratically moved in the last 15 months but except from the months prior to the two tax credit expiration deadlines pending sales have been trending up.
One of the numbers we follow closely, more than increase or decrease of units sold, to determine how healthy is the market would be is the relationship between homes for sale and homes pending/sold. Based on this criteria in the last 15 months Weston has been swinging between a balanced market and a seller’s market with less than 6 months of Inventory. You can ask anyone who has been in the market buying properties in Weston under $500,000 how many times they competed against other offers.
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Thinking of selling your home? Now might be a good time to put it on the market when the inventory of great properties for sale is low. For a FREE market analysis of your property call me at (954) 588-7260 or contact me
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Will Route 23 – The Only Bus Route Covering Weston be Eliminated?
August 26th, 2010 categories: Community Information, Living in Weston, Services
Or Replaced?
As we see new Bust Stops being installed on Weston Rd. we can imagine the elimination of Route 23 is the forecast of new Bus Routes that will serve Weston.
On September 14th, 2010 at 2:00 p.m. there will be a public hearing with the Broward County Board of Commissioners on the proposed elimination of Bus Route 23 which provides service to Weston. I know many people who uses and have used the service and the complete elimination of the only Public Transportation Service in Weston doesn’t make much sense.
The Meeting will be held at Broward County Governmental Center Room 422.
115 S. Andrews Av, Fort Lauderdale FL 33301.
For more information call (954)357-8355
If you know any additional information please let us Know!
To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.
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Single Family Homes Sold in Weston July 2010
August 12th, 2010 categories: Bonaventure, Communities, Country Isles, Emerald Estates, Isles at Weston, Market Update, San Messina, Savannah, Sunrise, Tequesta, The Falls, The Islands, The Lakes, The Landings, The Ridges, The Springs, Weston Hills Country Club, Windmill Ranch Estates
During the Month of July 2010 56 Single Family Homes were sold in Weston of which:
7 were Short Sales (12%)-One of the lowest percentages in a long time
10 were Foreclosures (18%)
30 were Regular Sales (70%)
The average Sale Price/List Price was 96%. It means that properties are being listed at reasonable prices and in general there is not much room to play with price when presenting offers.
Months of Inventory based on Closed Sales are just a little over 6 months. Months of Inventory indicates if the market is a seller’s or buyer’s market. 6 Months is considered a balanced market.
Almost 77% of the homes closed were under $500,000.00
Information gathered from the Multiple Listing Service as of July 12, 2010
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Weston Single Family Homes Sold: June 2010
July 21st, 2010 categories: Bonaventure, Country Isles, Emerald Estates, Foreclosures, Isles at Weston, Market Update, North Lakes, San Remo, San Sebastian, Savannah, The Falls, The Islands, The Lakes, The Landings, The Meadows, The Ridges, The Springs, Weston Hills Country Club, Windmill Ranch Estates, Windmill Reserve, short sales
99 Single Family Homes Closed on June 2010 in Weston
June has always been a very active month in Weston… It’s interesting to note the decrease in Cash Transactions compared with previous months. In February they represented over 40% of the closed sales.
Sales by Community:
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Short Sales vs. Strategic Defaults
July 11th, 2010 categories: Foreclosures, General RE Info, Tips for Sellers, short sales
The Financial Conundrum
I have been very concerned for the last couple of years with the long term effect of Short Sales and Strategic Defaults. Sometimes selling a property as a short sale is the only option but what about strategic defaults?
Each person’s circumstances are different and you should do what makes you feel more comfortable. I am an advocate to try a loan modification first even though in many cases they are just a way to push forward a financial problem. It may not be the wisest “financial decision” but I think it buys time to work out the problem when the waters have calmed down. Unless there is a reduction of principal the only way to work out the loans is to create a balloon payment; which means at the end of the loan period or upon selling the property a lump sum has to be paid. If someone stays in the property long enough there should be enough equity to pay for it. If it has to be sold anytime in the first years of the loan most likely it will become a short sale but the borrower’s financial situation and the lenders circumstances will be different and you can deal with it then. I am not a financial advisor and I don’t pretend to be one…I know it is a controversial opinion but I think in the long run it will benefit everyone.
I understand trends are important and many people feel that if everyone is doing it, it may be right. I wish I had a crystal ball and be able to see the future as of what will happen in 5-10 years to all the short sales and foreclosures deficiency judgments. For now just make sure you research and understand what you are getting into. Do your homework, talk to at least 3 attorneys and hear different points of view.
I am sharing an article from Current Matters that refers to this topic…
I recently had an email conversation with a well respected real estate professional about the difference between strategic defaults and short sales. We both agreed that we needed to share our conversation with the readers of this blog. Original Question: I have
via A Conversation on Short Sales vs. Strategic Defaults.
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Landlord and Tenant Relationship in Florida – Common Pitfalls III
July 6th, 2010 categories: General RE Info, Market Update, Rentals
Walk-Thru, Late Payments and Deposits
Walk-Thru:
Not documenting Property’s Conditions. Before the Tenant moves in, it is important to both parties to put in writing with as much detail as possible the conditions of the property. This document will be the only defense the Tenant will have if there is a claim of the deposit or the proof a Landlord will have that the damage was caused by the Tenant. I normally take pictures of the property and get them signed by both parties.
Late Payments:
Most Leases include a clause that determines a penalty in case the payment is not received on the due date or after a grace period which normally is 5 days. Not enforcing this clause can have two “side effects”; first the Tenant doesn’t take seriously the importance on on-time payments and after doing it repeatedly the landlord may have a hard time collecting it.
Be very firm and don’t get personal … the best way to keep a healthy relationship is by setting expectations upfront and making sure the Tenant comply with the terms of the contract.
Deposits:
Many Tenants try to convince Landlords to “live the deposit” and not pay the last month. Even though the relationship was great and the property seems to be in great shape it’s advisable to keep the deposit until the tenant vacates the property. If there is a problem the Landlord would have no money for repairs or to pay for them.
The Landlord and Tenant Act has very strict rules on how Security Deposits and Advanced Rents must be kept until due. The Landlord should notify Tenant in writing how the deposit will be kept. If Landlord will keep the deposit the tenant MUST be notified in writing. Please refer to the Landlord and Tenant Act for more details.
Business is Business and Landlord and Tenants relationships should be kept as a commercial transaction with no emotions attached.
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Tax credit closing deadline extension passes Congress | Inman News
July 1st, 2010 categories: Tips For Buyers
Tax credit closing deadline extension passes Congress | Inman News.
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New Law will Protect Condo Association if Owner Defaults
June 30th, 2010 categories: General RE Info, Rentals
Hundreds of New Laws will take in effect Tomorrow July 1st.
As we have seen happening over the last few years many Landlords collect rent but don’t pay Condo Associations. This new Law grants them the right to collect the dues directly from the Tenants or they can be evicted.
It is a great resource for Associations as a way to protect other homeowners from being responsible to pay Special Assessments to cover pass due fees.
As read in the Sun-Sentinel Article:
“Condo renters (SB 1196):
Changes: Homeowners associations can evict a renter if their landlord isn’t paying the condo or association fees.
Impact: Many condo owners, particularly investment owners, are in foreclosure and not paying association fees, but still collecting rent checks from their tenants. This law could put renters on the hook to pay the fees or face eviction.”
If you are interested in renting or listing for rent Real Estate in WESTON, please call me at (954) 588-7260 or contact me.
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Landlord and Tenant Relationship in Florida – Common Pitfalls II
June 29th, 2010 categories: Rentals
Last week I posted an article about the importance of running credit and criminal background on prospective Tenants.
Another Common Pitfall in Landlord Tenant Relationships is allowing a Tenant to move into a Community or Building without being aware of the current Rules and Regulations being enforced at the time. Even though an approval may not be required it’s important to know upfront if there are any restrictions. For example in Weston Trucks are not allowed to be parked in driveways. Many Buildings and Some Homeowners associations have rental restrictions such as times per year the unit can be rented, minimum lease period, age, pets, etc…
Most Associations run credit and criminal background. Some associations also require the Tenant to meet with a Board Member before a final letter of approval is provided. This interview is in most cases is an orientation to make sure the Tenant understands the Rules and Regulations. Other than the cost of applying and the requirement of a deposit, one of the major inconveniences is the turnaround time. It may take up to four weeks from the time the application is received.
Having said that, sometimes Landlords and Tenants are tempted to skip this process. If a Tenant moves into a community that requires approval or in violation of the rules and regulations the association may require him/her to vacate the Unit. You can imagine the hassle it may cause and the legal consequences…
In Weston it’s very important to know that in Savanna properties CAN NOT be rented during the first year of ownership.
So please … be very careful and comply with your association for your own good.
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Landlord and Tenant Relationship in Florida – Common Pitfalls I
June 22nd, 2010 categories: General RE Info
Landlord and Tenant Act
As stated in their web site “The Division of Consumer Services is the state’s clearinghouse for consumer complaints, protection and information…” and in accordance with it’s mission it has a great publication describing in plain English the rights and responsibilities of a Landlord/Tenant Relationship.
Almost everyone by now takes good care of having signed leases before rental tenancies start. Even though most of the times the terms are negotiated upfront, you have to be very careful and think of “what if scenarios” before having a final lease signed.
Common Pitfalls:
-Tenant was accepted without proper due diligence:
Finding out about a tenant’s credit history, past evictions, criminal background is like playing lottery without even buying a ticket. I am not saying that by doing so you are 100% protected but at least you know something about your partner in paying the mortgage. Some tenants don’t understand that a landlord may be jeopardizing it’s own credit when they don’t pay on time. I have seen hundreds of credit reports in my years in real estate and I can tell you that you find two kinds of bad credit: the one due to an specific circumstance (loss of job, sickness, etc…) and some with a consistent history of bad financial decisions. I don’t say someone with bad credit shouldn’t be accepted because, it is about taking preventive actions like collecting additional deposits, requesting cosigners,…
Going even further…what happens if you allow to move into your property someone with serious criminal background? What about a sex offender moves in and your home is next to a school’s bus stop. Or, what about a house rented to a drug dealer that is torn apart by the DEA searching for drugs hidden within the walls. Should I say anything else???
One of the big complaints we get from tenants is when they have to be run by an association too, an additional cost that seems to be for the same purpose. Actually even though it has the same process the problem is that associations don’t share with Landlord’s their findings and normally they reject tenants only based in criminal background. There are just a few associations that are very strict about credit. So, how can a property owner make an informed decision on the tenant?
If a Tenant doesn’t understand the need of screenings previous to moving into a property or refuses to be screened I would run in another direction. Money can be an issue, but in this case saving less that $100 can cost thousand of dollars.
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