Let's Get REAL Estate

Something we all have learned from the recent real estate crash is that the Housing Industry and the Economy are tied closely together. In the areas where we see housing recovering, you generally see the economy recovering. That is VERY evident here in the Fort Lauderdale, Wilton Manors area. Our tourism is at levels not seen for a LONG time. Our development is recovering as we see more business opening and being built on Wilton Drive. OUR prices are NOT dropping...they are edging upward. All of these are VERY good signs! The problematic side of all of this is that it is an election year. Usually, very little is able to get done and we end up stalling. Hopefully, legislation that was already enacted will be enough to see us through the year because I doubt we will see anything new and bold being done or being ABLE to be done.

Cross your fingers and hope for some moderation of our political parties! Only then will we see big progress!

Yes, you saw it here! Wilton Manors and the Greater Fort Lauderdale area IS bouncing back from the real estate collapse! Wilton Drive is again seeing LOTS of activity (people and places). The Wilton Bier Gardens has finally opened as has Baily's Bistro (comfort cooking - right next to our Wilton Drive office). Soon to open is Pinche Taqueria...a New York based, fresh mexican restaurant. Sushi Rock (which was delayed for 2 years) is finally being completed, and one of our favorite wine shops, The Naked Grape, has moved and expanded to include tapas.

Our tourism numbers for last year were up 11% and are expected to be even better this year! We agree! The number of people hereon vacation has been amazing...and wonderful!

The city has also been busy trying to help small businesses by allowing them in the "wedge" portion of the city right off of the "Drive". We hope it promotes those little shops or cafes that prefer the quieter (and lower cost) of being just off the main strip!

As we have been telling you for a year...our real estate prices have stabilized and are actually rising...especially in the condo market. Our foreclosures and short sales are way down and most people have a VERY positive outlook for this area! Please come visit our fair city and enjoy everything we have to offer!

Hi All!

We are SO EXCITED as we start filming an episode of HOUSE HUNTERS for HGTV tomorrow! Our episode will feature our cozy community of WILTON MANORS and Fort Lauderdale. They'll be filming from the Ocean to "The Drive" and will feature three condos in our immediate area! Although they will feature the 2 condos, they will also be filming at Georgie's Alibi, Rosie's Bar & Grill and up and down the Drive (hopefully including Art Walk this Friday!)

Our clients Marcel and Carl have been amazing to work with and we are SO THANKFUL that they have embraced this episode of House Hunters.

We will be sure to let you know when the episode will air! Hopefully you will enjoy it and help celebrate this amazing community we call home!

Sorry it's been such a long time since our last blog...

It has been a crazy holiday season (we hope yours was WONDERFUL)! Interest rates are at record lows (30yr at 3.89% and 15yr at 3.16%) and our inventory is at crazy lows as well. So we know what happens next...prices start to increase. We are already seeing it in our market (Wilton Manors/Fort Lauderdale). The cheap small condos are very hard to find now. It's seems strange, but we're hoping some of this "shadow inventory" of foreclosures starts showing up!

So all in all...if you are ready to buy...JUMP IN NOW! This is our high season and it has started with a BANG! You don't want to miss out!

Until next time...

Yes the new sales numbers are out...and they are NOT disappointing! Home sales were up 16% from last year in Broward County. Median prices on single family homes were down 7% from last year but condo prices were UP 25% from last year! I think this is to be expected...and here's why...

As we have been telling you for months and months, our inventory is at record lows. Our number of sales have been up consistently for the past year, especially condos. We have seen a big return of the "investor" paying cash for cheap condos (a large portion from outside of the US). The reason you are seeing the price of condos jump is because the existing inventory of condos is being depleted MUCH more quickly...simply because of the price point. Lower inventory and higher demand usually translates to HIGHER PRICES! I don't think that single family homes are far behind.

Is it too late to "jump in"? Almost...but not quite. I believe we will start to see more foreclosure inventory as the banks resume processing of them. As long as they don't flood the market all at once, our prices should remain stable if not inch upward. So is it too late? No...BUT YOU MUST BE READY TO ACT! If you think..."Let me sleep on it, and I'll make a decision tomorrow" YOU WILL MISS YOUR OPPORTUNITY!

We hope everyone has a GREAT THANKSGIVING! Bob and I give thanks to all of you who make our blog a regular part of your day!

A new article on REALTOR.COM finally says what we have been saying for months...

"A decrease in inventory coupled with an uptick in prices earns Fort Lauderdale the number five spot on the report. Inventory decreased almost 38 percent year-over-year, according to Realtor.com’s October data report. Prices have fallen about 46 percent since 2006, but are now going up." - Realtor.com’s Top 10 Turnaround Town Report

Will this trend continue? We shall see! We also had a positive article from the Sun-Sentinel's resident doom and gloom writer Paul Owers (I must say he has been far more balanced as of late).

The BIG question is...When the media finally starts talking about the housing market recovering...IS IT TOO LATE FOR THE AVERAGE PERSON? Many times that is true. We do think there is still some opportunity ahead as foreclosures pick back up!

The 30 year fixed rate dropped to 3.99% and the 15 year fixed dropped to 3.30%. These rates are expected to remain in this area for a while!

Foreclosure notices were up nationwide 10% (Florida saw a 7% increase). This is an indication that the banks are finally ready to begin working on the backlog of foreclosures. People may look at this as a negative sign but actually it is a good thing! We NEED the inventory and the only way to get through the housing crisis is to clear the backlog!

What does all this mean? It's a great time to buy! We're seeing a jump in sales for houses and condos. So don't delay!

Hello Everybody!

Well 3rd quarter sales are out and our sales are STRONG! Florida home sales were up 12% over the 3rd quarter last year. Pricing on homes remained flat (unchanged) finally showing stabilization! But condos...Condos were up 13% in the number of sales but median price was up a whopping 7%! We can see this in South Florida especially! Our inventory is extremely low and our sales are up...so prices have no choice but to go up.

Keep in mind...we are starting to see the foreclosure engine pick back up (let's clear out those stalled homes) so we could see a dip in prices...BUT we don't think it will be very noticable if at all! We NEED the inventory to SELL! We've got customers, just not homes!

And not to forget...30 year fixed mortgage at 4% and 15 year at 3.31%!

The new, age-old question...to just walk away from your mortgage or work through a short-sale. Here is some info that may help you with your decision.

In the State of Florida when you go through foreclosure, the courts automatically award the lender a deficiency judgement. What does this mean? It means that the lender is permitted to pursue you for the balance of the mortgage that you walked away from for 20 years. In a short-sale you may be able to get the bank to forgive the outstanding amount (after sale) when the transaction is completed.

Yes...a short-sale is frustrating and not easy. The paperwork is extreme...but it may be worth the effort. In general, a foreclosure and a short-sale are similar when it comes to your credit score, BUT in Florida, because of the automatic deficiency judgement, a foreclosure is far worse. You may have problems getting another mortgage as long as that judgement remains unpaid...up to 20 years.

Now here's the rub. In a short sale, you are required to disclose all of your finances to your lender so they can make an informed decision as to accepting a short-sale. Now they know whether or not to go after you for the judgement. So just make sure you CAN'T afford your home before making a decision that could affect you LONG after this time of your life!

Hello to everyone!

We got some new figures showing that our investors are taking advantage of the market! Last month 63% of sales were CASH sales. There are many reasons for that, of course the biggest reason being low prices...but there is more to it. Especially on condos, financing is almost impossible these days. Condo associations are struggling as well as people so lenders won't approve a sale unless the association is in top financial condition. We are also seeing that lenders are being overly picky with borrowers and appraisers. It's just a difficult time for any kind of financing.

The rental market, on the other hand, is HOT right now. With so many foreclosures, people are having to rent. The current occupancy rate in South Florida is a whopping 95%! Because of the, rental prices have increased 3%-7%.

I know a lot of people think otherwise but we feel that home ownership is still a GREAT investment. The general consensus is that we are at or very close to the bottom and that things will (or are) going to get better. Now is the time to buy! If you are financing, our best advice is to BE PREPARED and start the process with your lender BEFORE you look for property. Know what you have to do to help your credit score (and what NOT TO DO). There is no worse feeling than to find your dream home only to find out you cannot buy it! WE CAN HELP YOU! Give us a call!

Hi all!

Well the new office is about to open! We got our first look at it today and IT IS NICE! Very high-tech, sleek and welcoming! The Atlantic Properties Business Cafe will feature real estate (of course), but we'll also be running promotions with other Wilton Manors businesses and having public seminars on issues that are very important to our community and industry! Stay tuned for Grand Opening information and stop in for some coffee or espresso or the like! We can talk about real estate or just chat! We'll also have wi-fi and constant shows relating to business and real estate! We'll let you know the schedule for the festivities!