Archive for the 'Market Update' Category
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.
To stay updated with what’s going on in Weston and receive my blog posts directly to your inbox subscribe here.
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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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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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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Trulia’s Real Estate Index Rent vs Buy Ratio
June 15th, 2010 categories: General RE Info, Market Update, Tips For Buyers
If you are Renting consider Buying!
As we all know Real Estate prices are very attractive and Mortgage Interest Rates are at historically low rates.
The Real Estate Site Trulia published an interesting article about what is a better financial move… Should we Rent? Should we Buy? As per the study that included many several cities in USA including Miami; in Miami, Fl the Price vs Rent Ratio is 8.
“Price-to-Rent Ratio of 1-15: It is much less expensive to own than to rent a home in this city”
www.trulia.com
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Homes Sold May 2010 in Weston, Florida
June 10th, 2010 categories: Market Update
There were 57 Homes Sold in Weston during the Month of May 2010
Based on the Method of Payment only 16% were paid in Cash and the rest were financed:
The percentage of Distressed Sales (Short Sales and Foreclosures) was 46%:
Homes Sold over $ 7000,000
Homes Sold between $500,000 and $700,000
Homes Sold between $400,000 and $500,000
Homes Sold between $300,000 and $400,000
Homes Sold under $300,000
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Single Family Homes – Closed Sales Weston April 2010
May 22nd, 2010 categories: Bonaventure, Emerald Estates, Isles at Weston, Living in Weston, Market Update, North Lakes, San Remo, San Sebastian, Savannah, Sunrise, The Falls, The Islands, The Lakes, The Meadows, The Ridges, Tips For Buyers, Tips for Sellers, Weston Hills Country Club
April was a very active Month! We expect May and June to have high numbers of closed sales due the expiration of the Tax Credit on April 2010. Buyers rushed to have executed contracts by April 30th to be able to take advantage of the Program.
WESTON HILLS COUNTRY CLUB
SAVANNA
THE RIDGES
ISLES AT WESTON
THE MEADOWS
THE FALLS
THE LAKES
THE ISLANDS
EMERALD ESTATES
EMERALD ISLES
SAN REMO
SAN SEBASTIAN
HAMPTON ISLES
NEW RIVER ESTATES
BONAVENTURE
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Weston Florida Single Family Homes Sold on March 2010
April 7th, 2010 categories: Bonaventure, Country Isles, Isles at Weston, Market Update, North Lakes, Properties in Weston, San Remo, Savannah, Tequesta, The Falls, The Islands, The Lakes, The Landings, The Meadows, The Ridges, The Springs, Tips For Buyers, Weston Hills Country Club
In March 2010 there were 63 Closings of Single Family Homes in Weston, Fl. Of those, 32% were “distress sales” (Short Sales and Foreclosures) which is consistent with the trend of the last few months. Fortunately most of our sales are regular sales and based on Month of Inventory Based on Closed Sales we are slightly in a sellers market with several offers competing for the best values. Buyers are being attracted mostly to properties that need little or none work and preferably with upgrades of which they will pay a fraction of the cost.
Weston Hills Country Club
The Ridges
Savanna
Isles at Weston
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Are Properties in South Florida Undervalued?
March 30th, 2010 categories: General RE Info, Great Deals, Market Update, Tips For Buyers
Miami and Fort Lauderdale Metro Area Report
As I was reading this article in the South Florida Business Journal Biz I started to play with numbers assuming two What if? scenarios… The article is based on a report prepared by IHS Global Insight and PNC Financial services Group released in March 2010 up to the 4th Quarter of 2009. The study comprises 330 Metro areas including Miami and Fort Lauderdale Metro Areas.
In the Summary they conclude:
- “Two years of relentless house price depreciation finally ended in the Summer of 2009. (…)”
- “We ended 2009 with no extremely overvalued metros, (…)”
- “For the Country as a whole, the housing market is now slightly undervalued. (…)”
Miami Metro Area:
2005 Q4 Price: $ 281,300 Overvaluation 49.4
2009 Q4 Price; $ 180,500 Overvaluation -15.6 (undervalued)
Fort Lauderdale Metro Area:
2005 Q4 Price: $ 259,400 Overvaluation 41.9
2009 Q4 Price; $ 146.600 Overvaluation -24.0 (undervalued)
Average Sold Price* for Miami and Fort Lauderdale Metro Areas: What if?
Based on average sold price I made calculations assuming the potential price increase that could have occurred if the real estate market had performed as expected (approx. 5% annual increases) or assuming properties would increase in price based on the average Inflation rate of the last 10 years (approx. 2.57%). If we take into consideration the projection based on a 5% annual increase in both Metro Areas the actual median price is below the projected price. If we compare it with a projected 2.57% annual increase in Dade the values are very close and in Broward the actual Average sold Price is significantly below the projection.
If we compare the data provided by the IHS Report and the data obtained from the MLS (trendgraphix), we can conclude that even though at some point prices in Dade were more overvalued than in Broward today we may say that Broward’s properties could be a better deal!
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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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Weston Short Sales Market Update-Single Family Homes
March 10th, 2010 categories: General RE Info, Market Update, short sales
Weston Short Sale Inventory is Leveled
Weston Single Family Homes Short Sales available for Sale have been decreasing by a couple of points as time goes by. It’s not a significant number but the good news is that the percentage has not increased.
Regarding Short Sale Properties there are Pending Sales input as under contract as far back as April 2008. We never know if the information is totally accurate because not always the information is updated in the MLS in a timely manner as it should.
There are as of Today 8 Active Short Sale Listings in the MLS over $1,000,000.
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 contact me.
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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