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:

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.

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

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

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

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.

Detailed View of All Single Family Homes Sold in Weston on March 2010 (Data Obtained through MLS as of 4/7/2010)

Weston Hills Country Club

The Ridges

Savanna

Isles at Weston

The Landings

The Meadows

The Springs

The Islands

The Lakes

Country Isles

Bonaventure

Coral Harbour

Tequesta

The Falls

Emerald Courts

San Remo

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.

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!

To 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.

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.

RE1 8 Photo View (MLX) IG

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.

There were 37 Closed Sales in Weston during the month of February, 2010.
Of those Sales:
15 were paid Cash (40.5%)
5 FHA Financed (13.5%)
17 Conventional Loans (46%)
The number of cash transactions is still very high and competing against cash buyers when presenting offers may be challenging. On the other hand it’s encouraging to see that some FHA’s went through.

Almost 70% of the sales were regular sales and 30% of the sales were distressed sales (5 short sales and 6 Foreclosures/REO’s).

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.

As of February 01, 2020 there are 318 Active Single Family Homes Listed in Weston,Fl

On the month of January, 2010 there were 32 Closed Sales
The proportion of Short Sales and regular sales have not changed much in the last few months.

For a detailed view of the Single Family Homes that closed in Weston on January 2010 click here.

If you want to compare with November and December activity you can read the related articles:
December 2009 Market Update
November 2009 Market Update

*Some Closed Sales may not be recorded yet in the MLS as of 2/1/2010

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 us.