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What $200,000 will get you around America

Wednesday, May 23, 2018

It’s no secret that some cities compared to others have larger asking prices for smaller spaces.

PropertyShark wanted to test the logic and figure out what a homebuyer can get for their money in cities around the United States. To do so, they set a buying price of $200,000 and found out the amount of square feet a buyer could purchase.

In Miami, a buyer gets 835 square feet for $200,000. Miami buyers get less compared to some cities, like Orlando and Tucson, who get almost 2,000 square feet for the same price. Although, Miami still offers more space than Seattle and Los Angeles, who barely get more than 500 square feet.

Cleveland leads all the cities as the spot to buy the most space with $200,000 with 3,769 square feet. The city’s median price was calculated out to be $53 per square foot. On the opposite end of the scale, at no surprise, Manhattan was found to be the most expenses. With the median price calculated out to be $1,585 per square foot, a buyer would get 126 square feet for $200,000.

The two extremes differ because of the market and population of the cities. Cities like Boston, San Francisco and San Jose are seeing similar trends like Manhattan because of the booming markets.

San Antonio has similar space available to Cleveland, with 3,249 square feet, which is surprising. The city has thriving businesses, healthcare and education and is only going to continue to grow in popularity.

Los Angeles can get buyers more 501 square feet of space, which is higher than all the other California cities reported.

“Looking at the data, it’s safe to say that if you’re in the market to buy a home this year, chances are that you’ll need to come up with a lot more than just the U.S. median price to buy a spacious home in one of the country’s high-profile cities, or a lot less, if you chose a more affordable city. Either way, one thing is for sure, you’ll sacrifice either space or location to stay within this budget,” the PropertyShark report said.

 

The 5 Miami neighborhoods with the lowest single-family supply

Wednesday, May 23, 2018

Total home sales declined by 7.5 percent in the first quarter of 2018 when compared to the same time last year, according to the Miami Association of Realtors. At the same time, the median home price in the area has risen for the 25th consecutive quarter. How can sales decline while home prices continue to increase? The simple answer: inventory.

After a prolonged period of declining inventory, the number of homes available in South Florida actually rose in the first quarter. For single-family homes, inventory increased 2.5 percent to 6.2 months of supply, according to the Realtor association.

A healthy market should have between six and nine months of inventory, so Miami is just within the “healthy” designation when it comes to supply. A look at inventory on the neighborhood level, however, shows a much different story.

The Miami Association of Realtors highlighted the five communities with the tightest single-family home inventory levels, which include:

  1. Westview: 1.6 months supply
  2. Miami Gardens: 2.3 months supply
  3. Virginia Gardens: 2.4 months supply
  4. Hileah Gardens: 2.4 months supply
  5. Palmetto Estates: 2.6 months supply

Notice that the list does not contain some of Miami’s most in-demand areas, which have seen single-family luxury homes or $1 million or more fly off the shelves this year. The list of the communities with the lowest single-family supply are mostly middle-class areas that need more (affordable) housing stock the most.

 

4 highlights from the Realtors Legislative Meetings & Trade Expo

Tuesday, May 22, 2018

The annual Realtors Legislative Meetings & Trade Expo took place last week in Washington D.C. and covered a variety of topics impacting the real estate industry. Couldn’t make it to D.C. for the event? We share some of the highlights below.

NAR annual dues will increase

The board of directors of the National Association of Realtors officially approved a $30 increase in dues to $150 per year starting in 2019. Proposed early last month, this 25 percent jump is expected to produce an additional $39 million per year. NAR said that $17 of additional $30 will go toward Realtor Party programming, while the other $13 will go toward operations and programming.

NAR also originally proposed a 2.5 percent annual increase beginning in 2020, but postponed the vote on that decision. There have been many vocal opponents to the dues increase, including the Houston Association of Realtors, who voted to formally oppose the due hike.

New NAR First Vice President elected

Charlie Oppler was elected as the 2019 First Vice President of NAR, and will become the 2021 president. Oppler, who won by nine votes over Sherri Meadows, has been a Realtor for more than 30 years, and is currently the CEO of Prominent Properties Sotheby’s International Realty in Tenafly, New Jersey. Oppler has served on the NAR Board of Directors since 2003 and was the president of the New Jersey Association of Realtors in 2004.

Home sales expected to rise in 2018

NAR chief economist Lawrence Yun gave his 2018 mid-year forecast at the meeting and offered a generally positive outlook on the housing market. Home sales are expected to increase 1.8 percent and prices will increase 5 percent by the end of the year, which could cause affordability to hit a six-year low.

CFPB to end regulation by enforcement

The Bureau of Consumer Financial Protection announced that it will eliminate regulation by enforcement. CFPB Acting Director Mick Mulvaney spoke at the expo and said that the organization will work to bring more clarity to consumers and businesses about what is and is not legal, while removing any extraneous or overly burdensome regulations.

“It’s a fairness issue, if you’ve done something for so long and the government wants to change the rules, shouldn’t the government have to tell you they are changing the rules before they fine you?” Mulvaney said.

 

Landscaping can increase home values up to 13 percent

Tuesday, May 22, 2018

Sprucing up the curb appeal is one way homeowners can significantly increase the value of their home.

A well-manicured property can increase a home’s value by anywhere from 6 percent to 13 percent compared to a property with no landscaping. This could mean an extra $16,500 to $38,100 in value on a $300,000 home just from keeping a property landscaped.

Homeowners should invest about 10 percent of a property’s value in maintaining landscaping, according to The American Society of Landscape Architects.The Appraisal Institute suggests that spending a relatively small amount of money on a basic design will suffice when seeking to increase home value.

A quick and easy step to improving the landscape of a property is sticking to the essentials. Not only can homeowners add greenery, but they can invest in outdoor rooms, terraces and decks for a quick boost in property value.

Simply planting a few flowers and trees will instantly increase the value of a home for years to come. The number-one thing that buyers look for in landscaping is a sophisticated design. The next up is plant size and maturity.

“Don’t underestimate curb appeal. A home with lackluster landscaping or an exterior in desperate need of a fresh coat of paint will likely be unappealing to prospective buyers and, ultimately, could affect the home’s potential resale value,” said Appraisal Institute President James L. Murrett. “Consumers need to ask themselves if their landscaping is attractive enough to make a prospective buyer walk through the front door.”

 

Record breaking Miami Beach penthouse sells at $26 million

Tuesday, May 22, 2018

Miami’s most sought after penthouse located in the South of Fifth neighborhood has sold for $26,000,000 on Friday, May 11.

The sale at 321 Ocean Dr. is the highest priced residential transaction in the last 12 months in the Miami-Dade County. The mansion is the only full floor oceanfront penthouse in South Beach with a 36-foot infinity pool overlooking open ocean views.

With 13,220 square feet, the two story penthouse has about 7,000 square feet of interior space. It features a private 5,223 square foot roof deck with infinity pool, outdoor kitchen, fire pit and massive entertaining space that seats up to 40 people. The space also offers a 360-degree ocean and city view 100 feet above the beach. The penthouse has five bedrooms, including staff quarters, five baths and two half baths.

The property was purchased by an undisclosed buyer Skurge, LLC, represented by Douglas Elliman’s Eloy Carmenate & Mick Duchon. An American-Russian financer, represented by Bill Hernandez & Bryan Sereny at Douglas Elliman, sold the house for highest price in South Beach since 2014.

 

0 0 Share0 0 No Comments Homeowners expected to spend tax returns on larger homes

Monday, May 21, 2018

With the latest tax plan that is expected to give Americans a larger tax return, many plan to spend their tax cuts on larger houses and home renovations in 2018, according to a new report from Zillow.

Zillow estimates that both renters and homeowners will put in about $40 billion into the housing market. Of the $40 billion, it’s estimated that about $13.2 billion will go towards buying or renting larger homes, while the other $24.7 billion will be invested into home renovations.

The increase of money put into the housing market comes after the Tax Cuts an Job Acts increased the 2018 after-tax incomes. On average, taxpayers are now receiving $1,610 tax cut this year, according to the Tax Policy Center.

The housing market has continued to see price increases over the past year, exceeding 6 percent year-over-year for the last 22 consecutive months, with the median home price to reach $213,300 in March. This is 8 percent higher than where it reached in March 2017.

Similarly to years in the past, Americans are still estimated to spend most of their tax cuts, about $62.6 billion on to invest into savings or pay off debts, according to the survey.

Despite most Americans putting their tax cut money into the housing market, lower income families said they would have invested more money on buying or renting larger homes if their tax break allowed it, adding another $4.5 billion to the housing market, if the new tax cut distributed money in a uniform manner.

The Zillow Housing Aspirations Report also found data on how Americans would spend a raise in salary from a survey. The salary raise is compared to the amount of money Americans receive from the tax cut.

The survey found that about 2.6 percent of renters and 0.5 percent of homeowners would spend almost their entire tax cut on buying or renting a larger home. On the other hand, about 8 percent of renters and 1.4 percent of homeowners would spent at least half on renting or buying a larger home.

Of the 20 metro areas surveyed, St. Louis, Miami and Atlanta renters said they would spend the most on renting or buying a larger home, while Chicago, Seattle and Phoenix renters would spend the least. Miami renters are estimated to spend only 16.5 cents per dollar on renting or buying a larger home.

 

Miami has some of the best high schools in Florida

Monday, May 21, 2018

The majority of Florida’s best high schools are in the Miami area, according to the 2018 U.S. News & World Report Best High Schools rankings.

The state’s No. 1 ranked school is Pine View High School in Osprey, which is between Tampa and Fort Meyers. Pine View is also the No. 19 best high school in the country, according to U.S. News.

After that, the rest of the ranking is dominated by South Florida schools, which make up seven of the top 10 schools in the state. The No. 2 school in the state is Design and Architecture High School in Miami, a public magnet school that is also ranked the 25th best school in the country by U.S. News & World Report.

A total of four Miami schools made the list of the 10 best in the state, with three others are located in Miami suburbs or South Florida communities.

Florida has a particularly strong contingent of magnate schools, with five of the top 15 such high schools located in the state.

Check out the state’s top 10 high schools below and check out U.S. News & World Report’s full rankings here.

 

NAR: Home sales expected to increase in 2018 despite housing shortage

Friday, May 18, 2018

Home sales across America are expected to continue rising throughout 2018 thanks to the nation’s stronger economy.

The National Association of Realtors’ Chief Economist Lawrence Yun predicted the increase in sales during his 2018 mid year forecast. According to Yun, home sales are expected to rise 1.8 percent to 5.6 million sales in 2018 and up to 5.7 million in 2019.

“Overall fundamentals remain solid, driven by a growing economy and steady job creation, which will sustain home sales in 2018 slightly above last year’s pace,” Yun said. “The worsening housing shortage means home prices are primed to rise further this year too, hindering affordability conditions for homebuyers in markets across the country.”

At the end of March, there were only 1.67 million existing homes for sale across America. The total amount of existing houses for sale has decreased by 7.2 percent from last year, when they’re were 1.80 million existing houses for sale. Yun said these are the lowest inventory levels in a generation.

The amount of starter homes, houses priced $200,000 and under, has decreased in the last two years, leaving little affordable homes available in the housing market.

Additionally, as the amount of available homes decreases, the price for homes increases. Yun predicted housing rates will rise 5 percent in 2018, leaving affordability at a six-year low.

The shortage in houses also brings a decrease in ownership rates for certain groups, including buyers with student debt and African American and Latino buyers.

According to Danielle Hale, chief economist for realtor.com, home shortage is something that can change.

“There is reason for optimism ahead though,” she said. “We are starting to see new listings grow in recent months; the inventory shortage isn’t over, it took us years to get into an inventory rut, so it’s going to take us years to get out of it, but we do see signs of a turnaround.”

 

This week in Miami real estate: Controversial road raising, Trump boys buy local home and more

Friday, May 18, 2018

Miami Beach is one of the South Florida communities most vulnerable to rising sea levels, but a plan to address the impact of climate change was nixed by city officials.

The Miami Beach City Commission voted against a plan to elevate North Bay Road and upgrade sewage and stormwater pipes to prevent flooding, according to The Real Deal. After residents said a raised North Bay Road could cause more flooding on their properties, the commission voted down the $24 million proposal. With the official “no” vote, any future work on the street would likely have to wait six years, The Real Deal reports.

In other real estate news:

  • President Donald Trump’s two adult sons – Donald Trump Jr and Eric Trump – recently bought their aunt’s waterfront Palm Beach home, according to The Real Deal. The Trumps used a newly created LLC to buy the mansion for $18.5 million, a significant drop from the $24 million asking price. An $11.2 million mortgage will be used to help finance the buy, the real estate blog reports. The home is not far from one of the president’s favorite haunts, Mar-a-Lago, which raked in $25 million for the Trump family business in 2017, newly released records show. Trump’s entire South Florida real estate portfolio netted $127 million in profits last year, Business Insider reported.
  • An effort to make Miami less reliant on car traffic is seeing some success. Lime, the dockless bike-sharing program launched in June 2017, has recorded over 100,000 rides in less than a year, Curbed reports. The bright green bikes can be found in Wynwood, Brickell, Downtown and Kendall, though they can be used throughout Miami-Dade County. The popularity of such bike-share programs is likely to grow in coming years, according to Curbed.
  • The Miami Association of Realtors is offering its members access to its Platinum Plus services for its lowest price yet. The service allows agents access to Cloud CMA, a second MLS platform, Proxio Premier Agent and Simplicity Ultimate Edition, according to the trade group. Members can access the services for $179 a year. To buy it individually would cost an agent $1,359 a year, according to the group.
 

Miami’s single-family luxury market is soaring

Friday, May 18, 2018

The luxury market in Miami has gotten off to a strong start this year as sales volume and prices for luxury homes have both increased.

Total luxury homes sales climbed by 12 percent in the first quarter of 2018, with 421 total sales so far this year compared to 375 at this point last year, according to the Miami Association of Realtors. Luxury homes are considered those selling for $1 million or more.

Single-family luxury homes sales are having a particularly good year, as sales of such homes jumped by 16 percent this year, the association reports. Luxury condos – which have seen a glut of inventory in recent years – saw sales numbers jump by 8 percent to start this year, with 206 sales this year compared to 190 at this point last year.

South Florida’s luxury market has seen a surge in interest recently because of new federal tax laws, which cap local and state tax deductions at $10,000. George C. Jalil, Miami Association of Realtors chairman, said people from high-tax states are looking at low-tax Florida to save money.

“Miami real estate continues to see major pent-up demand for luxury properties,” Jalil said in a statement. “Miami and Florida as a whole is attracting Americans leaving high-tax states such as New York as the new tax law cuts into their income-tax deductions.”

Despite new tax laws that could hurt wealthy homebuyers, luxury home sales have actually increased 8 percent across the country this year. The strongest luxury price growth in the first quarter was seen in Vero Beach, Florida with a 68 percent price increase since the previous year.

 

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Wednesday, May 23, 2018

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The 5 Miami neighborhoods with the lowest single-family supply
Total home sales declined by 7.5 percent in the first quarter of 2018 when compared to...

What $200,000 will get you around America
It’s no secret that some cities compared to others have larger asking prices for...

Record breaking Miami Beach penthouse sells at $26 million
Miami’s most sought after penthouse located in the South of Fifth neighborhood has...