Coconut Grove, FL

There are so many short sales currently on the market that some people are touting 2010 as "the year of the short sale". For those of you who aren't familiar with the term, short sales occur when a lender allows a property to sell for less than what is owed on the mortgage and takes a loss.

Here are a few tips that I have learned from my many short sale transactions:

What is the time frame on a short sale property?

It is my experience that buyers can wait 4 to 6 weeks just to receive a counter offer on an unapproved short sale. Once the buyer and bank agree on a sale price the deal can typically close in 30 days. There are new government regulations that have been put in place to speed up the process but I have not personally experienced any change in the timing. Truth be told, there doesn't seem to be any way to force the banks to comply with the new regulations.

If I short sell my house, how long will it be before I can get another mortgage?

According to the New York Times, the average person who short sells their house can get a mortgage within 2 to 3 years. This is compared to 5 to 7 years if your home goes into foreclosure. Keep in mind these numbers don't factor in any other credit issues.

Maybe you can get a loan modification as opposed to short selling the home?

Maybe you can but maybe you can't. In the TARP report to Congress in January of 2010, 3+ million people have requested a loan modification in the United States but only 166,000 have received a permanent one. Personally, I know about 3 people who have been successful getting a loan modification and more than 20 who have not.

Maybe You Should Foreclose On Your House Instead of Short Selling It?

Keep in mind that when you walk away from a home in a foreclosure the bank can come after you for the difference between what the mortgage was and what the bank ultimately sold it for - i.e. deficiency judgment. Most of the time in a short sale the lender will release the seller from any future obligation of debt.

What Are The Questions I Should Ask When Submitting An Offer On A Short Sale?

1. Is the short sale "unapproved" or "approved"? The difference is night and day and can take weeks off of your closing date.
2. Are there any other offers? Many times an agent will keep a short sale "active" because they want backup offers knowing that the original buyer often times won't stick around until the bitter end. But sometimes they do stick around and you should know ahead of time where your offer stands.
3. Is the seller working with an attorney? If so, this can help the process move much more quickly.
4. Am I required to use the seller's attorney as my title agent? Many times, an attorney will not agree to handle a short sale transaction for the seller unless it is stated in the contract that they will get the buying side of the deal as well. They don't make much money on handling a short sale transaction and try to recoup some of their cost on the Title. If this is a deal breaker for you, you should know it up front.
5. Is it a local bank? Local banks seem to negotiate short sales much faster than larger national banks.

Short Sale Properties In Coconut Grove?

Click Coconut Grove Short Sale Properties to scroll through the 100+ short sales available in Coconut Grove. If you would like to see any of them give me a call and I would be happy to arrange a showing for you, as I said I have a great amount of experience dealing with short sales on the buying and selling side and would be happy to assist you.

To view this post in its original form, visit my Coconut Grove Real Estate blog.

View From The Residences of Ritz Carlton, Coconut Grove

I was over at The Icon in downtown Miami this weekend and believe it or not there were buyers lined up outside the sales office. There are some buildings in Miami right now that are in high demand and other buildings that are just......not.

For instance, The Residences of Ritz Carlton in Coconut Grove currently has 42 units on the market and has only had 9 sales since January of 2009. Most of the units that sold sat on the market for over a year.

The average List Price/Square Foot at The Ritz is currently $493.00 and the average Sale Price/Square Foot is $392.00. Units currently range in price from $360,000 to $3,600,000.

I had two great listings at The Ritz Carlton last year and rarely had showings. We did everything possible to market them including mailings, newspaper, internet, open houses but it just seemed that the interest wasn't there.

With so many units on the market and sluggish sales it may be a great time to get a deal. Don't forget that The Ritz Carlton offers top notch amenities and a great location. To see a list of condos for sale in Tower 1, click here. To see a list of condos for sale in Tower 2, click here.

To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a followup email.

If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.

To read this post in its original form, visit my Coconut Grove Real Estate blog.

There are 90 single family homes in Coconut Grove priced over $1,000,000 and we have just seen the first home sell in that price range in 2010. The home is located in North Coconut Grove at 2990 Emathla Street. I showed the house a few times to my clients and it was a beautiful home with a great floor plan. Listed at $1,800,000, the house closed for $1,665,000 ($389.00 per square foot) which is a great price for this one of a kind property.

Listed by Coldwell Banker.

To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.

If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.

To view this post in its original form, plesae visit my Coconut Grove Real Estate blog.

The inventory numbers look good for Center Coconut Grove's townhouse market with a 40% drop in the number of properties for sale since March of 2009. This is great news for sellers who were faced with steep competition last year.

Other interesting news is that the List Price to Sale Price ratio has come back up to 94% from 82% last year. This could mean one of two things: (1) that the sellers are getting 12% more in 2010 or (2) that the sellers are more realistic with their prices (more likely).

Other good news for sellers is that the we have seen an increase in the "Sale Price/Square Foot" figures so far in 2010. In 2009 townhouses in Center Grove were selling at an average "Sale Price/Square Foot" of $182.00. So far this year with 11 sales we have an average "Sale Price/Square Foot" of $207.00.

To see a list of all townhouses currently on the market in Coconut Grove, click here.

To see a list of all townhouses THAT HAVE SOLD in 2010, click here.

To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.

If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.

To view this post in its original form, visit my Coconut Grove Real Estate blog.

The property above located at 3528 Bayshore Villas Drive priced at $3,950,000 went under contract yesterday. This is good news for the luxury home market in Coconut Grove which has been extremely slow recently. The property is listed by Engel and Voelkers.

The property above located at 3825 Poinciana Avenue in South Coconut Grove finally sold after 40, yes 40 months on the market. A classic example of sellers chasing the market. Originally priced at $1,749,000, the sellers made 11 price reductions and finally sold for $780,000. Broker was Ingletto Realty Group.

I had the buyer and the seller for the townhouse located at 3055 Virginia Street (pictured above) which closed last week. It was a short sale and required an extreme amount of patience by all parties. The selling price was $260,000.

I had the buyer for another townhouse that closed last week. The property is located in one of my favorite spots in Center Grove - The Arboretum. The address is 3153 Peachy Street and the sales price was $475,000.

To stay updated with all Coconut Grove real estate information, receive my blog posts via email by subscribing here. Once you register, you must activate the subscription in a follow-up email.

If you are interested in buying or selling real estate in Coconut Grove and are looking for a Grove specialist, please contact me at 305.342.1623 or send me a note here.

To see this post in its original form, please visit my Coconut Grove Real Estate Blog.