Miami Existing Condominium Sales Spike 35%

By Guest Contributor Terri Bersach, Managing Broker, Coldwell Banker Residential Real Estate Weston Town Center Office.

In the Miami metropolitan statistical area (MSA), there was a 35% increase of condominium sales in February 2010 compared to the same month the previous year and a 130% increase compared to two years ago, according to the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service (SEFMLS). Sales of existing single-family homes in the Miami MSA increased 9% compared to February 2009 and increased 80% compared to February 2008. The Miami real estate market has experienced a surge in sales since August 2008, posting increases each of the last 19 months.

Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops dropped 0.6% from the previous month but increased 7% from February 2009.

Average and Median Home Sales Price Increases The median sales price for single-family homes increased 4.2% in February from the previous month, from $183,400 to $191,900 and was down only 2% from the previous year when it was $195,500. The median sales price for condominiums dropped 11% compared to the previous month, from $141,700 to $126,100 and 14% from the previous year, when it was $146,100.

The national median existing-home price for all housing types was $165,100 in February, which is 1.8% below February 2009.

According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in February actually increased 12.9% to $282,136 for single-family homes and decreased 10.9% to $212,038 for condominiums.

Dallas/Fort Worth Top Energy Star Cities

Dallas–Fort Worth made the U.S. Environmental Protection Agency’s (EPA) list of top U.S. metropolitan areas with the largest number of buildings that earned the Energy Star rating in 2009.

This market ranked eighth in the U.S. for its 113 buildings, representing 33.1 million square feet of space, recognized as Energy Star efficient in 2009. This saved $33.7 million and prevented emissions equal to 25,600 homes’ electricity use.

Also in Texas, Houston was sixth on the list, with 133 buildings given the Energy Star; and Austin ranked 18th, with 55 buildings receiving the Energy Star rating last year.

What energy-efficiency changes have you made in your environment to become an “energy star”?

the village of palmetto bay - area 50 short sale comparison

By Guest Contributor Joanna Sherman, Branch Manager, Coldwell Banker Residential Real Estate, Pinecrest office

Area 50 in Miami-Dade County extends from 184th Street on the south to 88th Street on north and from 117th Ave on the west to Biscayne Bay on the east. The Village of Palmetto Bay is part of Area 50 in Miami-Dade County; however, it occupies only a portion of Area 50. Palmetto Bay runs from 184th Street on the south to 136th Street on the north and from US1 on the west to Biscayne Bay on the east.

Palmetto Bay has not been completely resistant to the economic forces affecting the real estate market, however, the village has faired better than some of its surrounding communities (excluding The Village of Pinecrest). Just as in every other part of the country, short sales are present in Palmetto Bay.

When comparing single family homes currently listed for sale, Palmetto Bay has a lower percentage of short sales than that of Area 50 as a whole. In addition, the majority of single family homes currently pending sale (PS) or pending sale and accepting backup offers (B) in Palmetto Bay are not short sales. It is the opposite in Area 50 as a whole, where the majority of PS and B status single family homes are short sales. Lastly, when comparing Area 50 as whole, Palmetto Bay has a substantially higher percentage of single family homes that have closed (CS) in the past six months that are not short sales.

These stats are impressive; however, they are actually more impressive than they seem when you consider that The Village of Pinecrest, another area that is quickly stabilizing, is included in the overall numbers of Area 50.

Source: SEFMLS as of 3/18/2010

Below are three properties currently listed for sale in Palmetto Bay.

16640 SW 78 Ave                     8740 SW 158 St                    9020 SW 157 St

Vitale Wants Google Fiber in Sarasota, Baby!

Sarasota has once agained set the bar for other cities vying for the attention of Google Fiber, an ultra-high speed broadband network that Google will be implementing in one or more trial locations across the country. Two weeks ago Sarasota changed the name of City Island to Google Island, last week the mayor swam with a tank full of sharks at Mote Marine, and yesterday they enlisted the help of one of the city's celebrity residents, sports legend and ESPN commentator, Dick Vitale.

In a one-minute YouTube video , Vitale says that he loves living in the area, and although he could live anywhere in America, he chooses to reside in Sarasota/Bradenton because of its "culture, arts, beaches, restaurants and PT (prime-time) peers." He goes on to say that Google should pick Sarasota because "Sarasota is awesome baby — with a capital A!"

What do you think of Sarasota's latest attempt to draw attention to the city? Can Dick Vitale help get the attention of Google executives?

Luxury Real Estate – A Good Investment?

By Guest Contributor Tim Elmes, Sales Associate, Coldwell Banker Residential Real Estate, Ft Lauderdale - SE office

Although some areas of real estate are still struggling, it seems as if there is still a viable market and interest out there for luxury homes.

According to a recent Barclays Plc survey posted on Bloomberg.com, wealthy individuals looking to invest more than $800,000 plan to increase their real estate holdings because they expect better long-term returns than from stocks or bonds. The survey also showed that the U.S. was the most attractive real estate market for investors outside their home country.

If anyone can attest to these findings, it’s Coldwell Banker Residential Real Estate's Tim Elmes, who recently closed a Las Olas Islands home in Fort Lauderdale for $10,800,000, representing both the buyer and seller in the transaction. Coordinated in just four short months, it is the highest priced sale in Fort Lauderdale year–to-date as recorded by the Southeast Florida Multiple Listing Service.

The Las Olas Islands 7,700 square foot home, located at 650 San Marco, is situated on one of the top 10 sites in the city. It encompasses a spectacular point lot with stunning views across the Intracoastal and New River. The home was completely rebuilt and finished last year by top builder Seppala Corp.

The last sale of this stature was 1235 E. Lake Drive which Elmes sold last September for $9,450,000. The previous sale in the Fort Lauderdale MLS to exceed $10,000,000 was 1 Isla Bahia at $17,100,000, encompassing 13,000 square feet, also sold by Elmes in May 2008.

What do you think of the survey’s findings? Do you think that the luxury real estate market will rebound more quickly than lower priced properties?

Tough Times Lead to Some Tax Breaks

Once again, tax season is upon us. For the many people who had a particularly tough go of it in 2009, there are some changes in the tax rules that could benefit you and help you save money.

Yesterday, RISMedia highlighted the people who should pay particular attention to some of the changes. They are those who:

Received unemployment benefits in 2009

Looked for employment

Are receiving debt forgiveness

Had their salaries reduced

Now qualify for benefits they didn't qualify for before

Had college tuition bills in 2009

If you think any of these conditions apply to you, contact your tax preparer for additional information. What do you think about the tax breaks?

Enhancing Curb Appeal – Quick and Easy Tips

Making your home more appealing to a prospective buyer can be inexpensive and easy according to a recent article on RISMEDIA.com . Here are some of their tips on how to enhance your home’s curb appeal.

1. Select a warm and inviting exterior color palette
2. Hang wall lanterns near the front door and provide a lighted path to provide visitors extra light when approaching your home
3. Add shrubs and potted plants
4. Update house numbers and place them above the front door

Some of these simple updates will welcome a prospective buyer to see more of a home that has already caught their eye. What tips do you have that have been successful?

Referrals Still Agents’ Top Marketing Preference

A recent HomeGain national survey of real estate agents found that referrals were the top choice among marketing efforts and objectives - at 8.7 on a 1-10 scale.

Featured listings and email campaigns were considered the next most effective marketing strategies.Realtors are also interested in using postcards/mailings, while MySpace ranked last.

Agents say they'll continue focusing on referrals, email campaigns and featured listings in 2010. They're less likely to invest their marketing dollars and time on Twitter, banner ads, pay per click advertising, outdoor advertising and MySpace, according to the February 2010 survey.

Top effective marketing strategies

(Cumulative average scores, 1 = least effective / 10 = most effective)

1. Referrals (8.7)
2. Featured listings (4.8)
3. Email campaigns (4.7)
4. Postcards/mailers (4.6)
5. Blogging (4.1)
6. Online lead generation services (4.0)
7. Facebook (4.0)
8. LinkedIn (3.6)
9. Outdoor ads (3.6)
10. Print ads (3.6)

Top 2010 marketing objectives

(Same scoring methodolgy as above)

1. Referrals (8.9)
2. Email Campaigns (5.7)
3. Postcards/Mailers (5.4)
4. Featured Listings (5.2)
5. Facebook (4.9)
6. Print Ads (4.3)
7. Blogging (4.2)
8. LinkedIn (4.1)
9. Online lead generation services (4.0)
10. YouTube (3.5)

Have you noticed a shift or reduction in advertising and marketing strategies as a result of today’s economy?

New Palmetto Bay Library

By Guest Contributor, Chris Hutchins, Coldwell Banker Residential Real Estate, Pinecrest North office

Palmetto Bay recently had the grand opening of their new library , which is a branch of the Miami-Dade Public Library System. The 5,000 square-foot library is located inside the Village of Palmetto Bay’s Community Center at Ludovici Park and overlooks mangrove preserves and Biscayne Bay. The neighborhood library also has a two-story community center and amphitheatre and is attached to the Old Cutler Road bike path which will make it easy for residents to access the library on bike or foot.

Have you seen the new library yet? What do you think?

Coldwell Banker Pinecrest Office Celebrates 10 Years as #1 in SE Florida

The Coldwell Banker Pinecrest North office recently celebrated their 10th anniversary reign as the #1 office in Southeast Florida. Managed by Joanna Sherman, the office of over 110 sales associates has been recognized as the most successful office with Coldwell Banker for the past decade. On March 17, the office celebrated its achievement at a special congratulatory luncheon and fellow sales associate, Alberto Labrada sang the office’s new theme song “The Impossible Dream.”

Tips for First-Time Homebuyers

The countdown has begun! There’s still time to qualify for the $8,000 first-time homebuyer or $6,500 repeat buyer tax credits, if you act quickly — the credits expire on April 30, 2010. If you sign a sales contract by the deadline, you have an additional two months to close the sale by June 30.

For those first time homebuyers wondering where to start, here are a few tips from the real estate experts:

Get pre-approved for a loan. There are few things worse than finding the perfect home, only to find out that it costs more than you can afford. Before beginning your house hunt, get pre-approved for a loan. A pre-approval will let you know where you fall financially while informing the mortgage company and sellers that you're ready to buy. Additionally, being pre-approved for a loan can help speed up the closing process once an offer has been accepted.

Set a budget. Beyond basic income and savings, there are a number of other financial elements to consider before setting a price range for the new home. Once you've decided on a location, consider its proximity to your family, job and schools to gauge travel costs. The next step is to add up monthly bills, including car payments, phone bills, insurance costs, groceries, and credit card payments. This total estimated cost of living should be factored into your overall budget.

Allocate additional funds. Your down payment on a new home is just one of the many significant financial aspects of a move. You may need to buy furniture and other items like a washer and dryer that will cost you more money. Keep these added expenses in mind when determining how much house you can afford.

What tips do you have for first time homebuyers? Are there any additional expenses that you incurred that you weren’t expecting when purchasing your first home?

Mr. Seller, please leave!

By Guest Contributor Carlos Lobato, Sales Associate, Coldwell Banker Miami Lakes office

There's a reason why I always insist that the home sellers leave the house when I'm showing it to a perspective buyer. More often than not, the seller sticks their foot in their mouth, and low and behold, yesterday it happened..........again. I was showing a beautifully-kept home that was flawless in every sense of the word. The prospective buyer was sold and was already talking about making an offer while we were still in the house. Then, as the buyer proceeded to comment on the lovely piano the seller says............here it comes........are you ready?.......”Oh, thank you! It belonged to my mother-in-law who passed away, and here's her room. We keep it just like if she were still here with us.” This is not completely verbatim, but you get the idea.

Needless to say, the buyer will not be making any offer on this property; not to mention that the seller potentially gave away a bargaining chip when she disclosed to the buyer that she already bought and just closed on another home. Now granted, this example is on the far end of the foot-in-the-mouth meter, and most infractions are less severe. But, what they all have in common is that they ultimately cost you – the seller, money. So when your agent asks you to leave the house, please don't be offended. Do yourself a favor..........leave!

8290NW 167 Terrance, Miami Lake     10175 NW 130 St, Hialeah Gardens

His & Her Homebuying Tips

For most couples, buying a home is the most significant purchase they will ever make together. While the prospect of owning a home is an exciting one, it can often seem overwhelming, especially for those who are new to the real estate process. From selecting a neighborhood to deciding how to use a spare room, navigating the world of homeownership together requires some extra work.

Sales professionals from Coldwell Banker Residential Brokerage offer simple tips that will ensure a “harmonious house hunt” without rocking the relationship:

Get on the same page. Whether it's a quiet neighborhood or two-car garage, everyone has their own “must haves” and it's important for a couple to discuss each of their essentials before beginning their home search. Agreeing on all features of a future home will likely be impossible, so be prepared to compromise. Once the list of “must haves” is finalized, contact a real estate professional who can determine if your expectations are realistic given the homes currently on the market.

Be patient. When asked how long it took before they knew their home was “right” for them, almost 70% of women had their minds made up the day they walked into the house, vs. 62% of men. On the flip side, significantly more men needed to see the house two or more times: (32% of men vs. 23% of women). If a significant other needs more time, be patient and try not to pressure them.

Sign a contract. Many couples don’t want to think negative thoughts about the future of their relationship, but should they split up, a contract will outline who is responsible for what expenses and how assets will be divided.

What other tips do you have for couples who are considering buying a home together? Do you have any couple buying experiences you want to share?

Coldwell Banker Cares - We Don’t Just Sell Homes…We Build Them

In February, many Miami area Coldwell Banker Residential Real Estate offices participated in a Habitat for Humanity blitz, building 10 homes in 14 days. Over 2,000 volunteers took part in the initiative and Coldwell Banker Cares is proud to assist in the placement of deserving families into their own homes.

In addition to the volunteer work, the Miami Beach office of Coldwell Banker has successfully secured another $25,000 donation to Cares for 2010. This is the second time an anonymous donor has come forward with this generous donation. Foundation representative Renee Hover, facilitated the gift that was earmarked for Habitat for Humanity to help pay for another build in the South Dade area.

Young Americans Flock to the Southwest

A recent Portfolio.com study says it's good to be young in Texas - a great place to get established in life.

The U.S. has 67 metropolitan areas with populations above 750,000. Portfolio.com searched areas for qualities that attract people in their 20s and early 30s. Highest marks: places with strong growth rates, moderate costs of living, and substantial pools of young adults who are college-educated and employed.

Dallas/Fort Worth ranked number seven on the list. Why? Population growth (2.4%+ per year) and its job growth rate — adding 200,000+ jobs in the past five years. Dallas/Fort Worth was also ranked among the nation’s best markets in 2009 for companies building corporate facilities or expanding existing facilities, according to Site Selection magazine, which reports corporate real estate and economic development.

Two other Texas cities made it into the top 10; Austin ranked number one for the highest concentration on young people in the 67 metro areas studied. Houston ranked number five for its job growth rate and recent upswing in per capita income.

Least desirable city for young people was Detroit, with the nation's worst unemployment rate, the slowest rate of income growth. It also lost over 340,000 jobs in the past five years came.

What are you seeing about the Texas market that is helping to attract younger populations?

Tennis, Anyone?

By Guest Contributor Susie Abell, Manager, Coldwell Banker Residential Real Estate,
Key Biscayne office

Absolutely, at the Crandon Park Tennis Center (right next to the Village of Key Biscayne)! Home to the Sony Ericsson Open, considered the Fifth Grand Slam because it includes 92 of the best women and men tennis players in the world, the 2010 tournament begins this year with qualifying matches on March 22 and 23. First round action begins March 24 with the men’s final and women’s doubles final closes the action on April 4.

The tournament itself showcases one of the deepest fields of the year and is considered one of the best international sports extravaganzas. With $6.9 million in prize money equally distributed to the men and women, top players and media from all corners of the world gather to enjoy the amenities that Key Biscayne and the surrounding South Florida communities, including Coconut Grove and Miami Beach, have to offer.

Television coverage of this event reaches more than 200 countries with radio being broadcasted in more than 44 languages.

If you are still interested in taking advantage of the tax credit, get in touch with a Realtor ASAP to help you select homes in your price range and put you in touch with a lender. The credit for a first-time homebuyer is equal to 10% of the cost of the home (up to $8,000). Repeat buyers qualify if they have owned and lived in the same house for a minimum of 5 consecutive years. Vacation homes and rental properties do not qualify. Restrictions on annual income are $125,000 for singles and $225,000 for couples filing jointly.

For more information and tickets, you can go to: http://www.sonyericssonopen.com/.

If you would like to enjoy the unique Key Biscayne lifestyle year round, below you can find a few properties that are currently being offered for sale:

881 Ocean Drive #8B              251 Crandon Blvd #430        265 West Enid Drive

Inflation's effect on your buying decision

By Guest Contributor Carlos Lobato, Sales Associate, Coldwell Banker Miami Lakes office

Regardless of one's opinion of the recent financial bailouts, the fact is that they are happening. We're simply printing paper! The inevitable result of overprinting money is inflation. We had this in the 70's, and stocks performed poorly that decade as a result. However, anyone who bought a home in the 70's can certainly attest to the fact that their property is worth a lot more today. When and if this inflationary cycle will arrive is a matter of debate. Hence, we are sitting on the very best opportunity to buy a home for many years now because:

• Rates are at historic lows. In 1981 rates were at 18%!
• Sellers are motivated to sell

In short, RIGHT NOW you can negotiate the best price using borrowed money at a very low rate!

Could I be wrong? Sure! However, our economy moves in cycles, and it would be fool-hearty to think that inflation will never come back. In short, the case for buying now is simply overwhelming...

February Foreclosure Decrease

According to recent statistics from RealtyTrac Inc., the number of U.S. households facing foreclosure last month was grew only 6%, the smallest annual increase in the past four years.

In a recent MSNBC.com article, RealtyTrac senior VP, Rick Sharga, says last month more than 308,000 homes, or one in every 418 homes received a foreclosure-related notice, down 2% from January. Banks reposessed nearly 80,000 homes in February, down 10% from January, but still up 6% from February 2009.

A report last month from the Mortgage Bankers Association said that only 3.6% of borrowers had missed just one payment on their mortgage for the fourth quarter of 2009, down from 3.8% in the third quarter. The total number of borrowers who have missed a payment or are already in foreclosure is 15%.

What do you think of these new numbers? What are you seeing in your communities?

Homebuyer Tax Credit Reminder

By Guest Contributor Judy Campo, Manager, Coldwell Banker Residential Real Estate, Coconut Grove office

House hunters have less than six weeks left before deadline for the $8,000 tax credit!

This can be emotional roller coaster for frustrated buyers who are hoping to take advantage of the federal government’s tax credit and be under contract by April 30 and close by June 30.

Competition is fierce on homes priced $300,000 and under, and when multiple offers are being considered a cash buyer will most likely get the deal. Adding to the problem is removing the short sales and foreclosures which make up about 60% of the homes available for sale because these homes probably will not close on time. This leaves fewer homes available and is causing buyers concern that their dream home cannot be found.

If you are still interested in taking advantage of the tax credit, get in touch with a Realtor ASAP to help you select homes in your price range and put you in touch with a lender. The credit for a first-time homebuyer is equal to 10% of the cost of the home (up to $8,000). Repeat buyers qualify if they have owned and lived in the same house for a minimum of 5 consecutive years. Vacation homes and rental properties do not qualify. Restrictions on annual income are $125,000 for singles and $225,000 for couples filing jointly.

Please remember that buyers can’t use the tax credit for down payments and/or closing costs — credits are claimed on an individual’s income tax return. For more details on the $8,000 tax credit, check out www.irs.gov or 800.829.1040, www.realtor.org, or www.federalhousingtaxcredit.com.

On the positive side, if you can’t find your home before April 30, you may still be able to qualify for a home because of lower prices and low interest rates just above 5% for a 30-year fixed rate. Call your favorite Realtor NOW!

12000 NE 11 Pl, Biscayne Pk     14 Pinta Rd, Miami                    515 Altara Ave, Coral Gables

Finding the Perfect Match

By Guest Contributor Julianne Villapiano, Sales Associate, Coldwell Banker Residential Real Estate, Cooper City office

First time home buying is an experience wrought with uncertainty, fear, hope and excitement. With the right person steering a buyer on their voyage, the pitfalls can be eliminated and the excitement can be multiplied.

A thoughtful Realtor remembers the overabundance of emotions that accompany the first time home buying experience. What do the homebuyers need? Usually they don’t have any idea! What can they afford? Some will underestimate, while others overestimate. It’s the talented Realtor who can steer them to the house of their dreams while still meeting their needs and expectations. Fluctuating interest rates, last minute requirements from the mortgage company and unexpected expenses for inspections may fray the nerves of buyers, making them doubt if they are really capable of seeing the deal through; a caring Realtor can picture themselves as a knight slaying the dragon that is the homebuyer’s fear, with knowledge as the sword and experience as the shield, the homebuyer is well protected.

Homebuyers shouldn’t be apprehensive, as long as they realize their Realtor is there for them. Sometimes it takes time and patience to find the proper home. In this aspect, the Realtor is like a matchmaker, trying to pair the homebuyer with a house that meets their needs and wants. Magic happens when a family is coupled with a house that will be their home. From a new homeowner’s perspective, any stress or anxiety is worth it once all is said and done; it’s like finding a soulmate.

What it comes down to, for homebuyers, is that they need to feel the freedom to ask their Realtor questions without feeling judged or measured. A first-time homebuyer, for the most part, is going to need a lot of guidance and knowledgeable answers. A Realtor who is open and shares his or her experience and knowledge for the benefit of their homebuyers is a Realtor who is successful not only in business, but in dreambuilding.

Today’s real estate market, with the prices as low as they are, is making it possible to fulfill the dream of homeownership for people who feared they could never afford it. Realtors have a special place in the attainment of these dreams. With the Realtors and the homebuyers working and harmonizing together, great dreams can become great realities.

Start living the dream today; contact your matchmaker…….

Sarasota "Google Island"

Sarasota, Florida is pulling out all the stops to become one of the host cities for Google Fiber - Google's ultra high-speed Internet service. It's expected to provide 1 gigabyte per second, making internet 100 times faster than today! Google is currently looking for communities to build and test the service.

It started when city leaders launched "I Want Google Fiber in Sarasota" campaign on sites like Facebook and Twitter. So far, Sarasota 2,500+ fans trails seven other cities in the race to have the most Facebook fans. Grand Rapids leads the pack with over 25,000.

Sarasota needed to set itself apart from its competitors, so, yesterday, city commissioners temporarily renamed City Island to Google Island (GoogleIsland.net).

"We have only a few weeks to make an impression," said Rich Swier, co-founder of The HuB, a destination for entrepreneurs, artists and professionals to share ideas. "There are hundreds of communities fighting for this opportunity so we want to show that Sarasota is a creative community."

Kelly Kirschner, Sarasota's Vice-Mayor, thinks that Google Fiber might bring more jobs and money to the city. He says, "These are game changers in terms of perhaps differentiating your community with another." And with more jobs, come more people buying homes - helping to further boost the local economy.

Other communities vying for Google's attention include Topeka, KA and Duluth, MN. According to a recent article on PCWorld.com , Duluth city officials posted a spoof press conference on YouTube where they proclaimed that every first born male in the city would be named "Google Fiber" and every female would be named "Googlette Fiber."

You can get in on the Google Fiber bid and nominate Sarasota before March 26 at GoogleIsland.net.

How do you think Google Fiber can help boost Sarasota? Does the city have a chance of winning?

Still Time for Homebuyer Tax Credit

The countdown has begun! There’s still time to qualify for the $8,000 first-time homebuyer or $6,500 repeat buyer tax credits, if you act quickly — the credits expire on April 30, 2010. If you sign a sales contract by the deadline, you have an additional two months to close the sale by June 30.

Is the $6,500 or $8,000 tax credit a critical factor in your decision to buy a home now?

Steady Pinecrest Has Limited # of Distressed Properties

By Guest Contributor Joanna Sherman, Branch Manager, Coldwell Banker Residential Real Estate, Pinecrest office

The Village of Pinecrest has very few distressed properties currently listed for sale. Below is a comparison of Pinecrest and area 50 as a whole. Area 50 runs from 184 Stret on the south to 88 Street on the north, and from 117 Ave on the west to Biscayne Bay on the east. The Village of Pinecrest is in area 50; however, it occupies only a small portion of the area. Pinecrest runs from 136 Street on the south to 88 Street on the north, and from US1 on the west to Old Cutler Road on the east.

According to SEFMLS (as of 2/18/10), Pinecrest has a substantially lower number of non- distressed properties currently listed for sale as compared to area 50 as a whole. In Pinecrest, only 24% of actively marketed townhouses and condos (up to $200,000) are distressed properties; in Area 50 that number jumps to 65%. Only 13% of single family homes in Pinecrest (up to $500,000) that are actively being marketed are distressed; in Area 50 that number is more than tripled to 42%.

Pinecrest is a family oriented community. Among many other local conveniences is the Pinecrest Branch of the Miami Dade County Public Library System. The Library is located adjacent to the Pinecrest Community Center and has a large, open children’s room with comfortable seating, an auditorium for meetings and events and a gallery to display artwork.

Below are three properties currently listed for sale in Pinecrest:

7240 SW 110 Terrace              5845 SW 107 Street               8161 SW 128 Street, Unit 104

Refinancing – Is Anyone Eligible?

According to a recent article on WSJ.com , 37% of borrowers with 30-year confirming fixed-rate mortgages have interest rates of 6% or higher - many could reduce their rates a full percentage point if they refinanced at the current rate of 5%. Over the life of a 30-year loan a borrower could save approximately $40,000 in interest by refinancing.

Unfortunately, average homeowners have had a difficult time trying to take advantage of the lower rates. Fannie Mac and Freddie Mae refinanced 4.2 million borrowers last year, and those borrowers will save an average of $2,600 annually, but according to Michael Fratantoni, the head of research and economics for the MBA, the savings are only going to "very, very good credit borrowers" and the refinancing isn't "going very far down the credit spectrum."

Credit problems are not the only issues that consumers have been facing when they try to refinance — many have been turned down because they don't have enough equity in their home, or they owe more on the house than it's worth. Others have noticed that it doesn't make good financial sense to refinance because of the high fees being charged by the lenders. Says one consumer, "We just can't get a good enough rate to make the refi worth it."

The government program that was launched last year to help homeowners with little or no equity refinance has just been extended for another year (it was set to expire in June 2010). So far, 188,000 borrowers who owe between 80% and 105% of the value of their homes had refinanced through December 2009.

If you have recently refinanced, what has been your experience?

Rise In Multi-Generational Housing Trend

37% of Coldwell Banker real estate professionals say in the past 12 months, they’ve been seeing more families looking for homes that can accommodate multiple generations. Nearly 70% believe economic conditions may cause greater multi-generational housing demand.

Topping the list at 39% for reasons was finances. Another top ranking issue at 29% was health care. 6% referenced strong family bonds.

Hints for marketing your home for multi-generational buyers:

• Highlight "mother-in-law suite," garage apartment, refurbished basement or additional space
• Buyers should know clearly if they just want an extra bedroom — or need a separate kitchen, entrance, handicap accessibility or larger garage, plus proximity to local hospitals and senior centers
• Extended families buying a home together should consider signing a written contract outlining everything - from finances to chores and childcare

Do you know any families sharing a single residence with other generations to save money? Have you noticed more homes listed for sale that highlight multi-generational living possibilities?

Florida Home Sales Up 24% in January

Florida's existing homes sales rose 24% in January with a total of 10,465 homes sold as compared to 8,444 homes sold in January 2009. Existing condo sales gained even more momentum with an 81% increase over the previous year's sales figures.

According to data released by Florida Realtors®, this is the 17th straight month sales activity has increased in the year-to-year comparison.

“Now is the time for anyone thinking of buying a home in Florida to make that decision,” said 2010 Florida Realtors President Wendell Davis. “Markets across the state are seeing increased sales, yet conditions remain very favorable with still-low mortgage rates, a range of housing inventory and attractive prices. As an added incentive, buyers need to accelerate their plans because a purchase contract must be in place by the end of April to take advantage of the extended and expanded federal tax credit. To find out more, consult a Realtor about options, qualification criteria and opportunities in your local housing market.”

Florida's median home price was $130,900 in January, a 6% decrease from a year ago when the median price was $139,400. The existing condo median sales price last month was $97,300, a 14% decrease from $113,300 in January 2009. The National Association of Realtors cites the sales of foreclosures and distressed properties as a reason for the drop in prices since these homes generally sell at a discounted price as compared to traditionally sold homes. The national median home price is $177,500, up 1.4% from a year earlier.

“With inventory levels trending down over the past 18 months, we expect broadly balanced housing market conditions in much of the country by late spring with more areas showing higher prices,” said NAR Chief Economist Lawrence Yun.

What are you noticing in your local real estate market? Do you think that home sales will continue to increase?

Sellers Getting Hurt By Chasing Declining Market

By Guest Contributor Nancy Hogan, Branch Manager, Coldwell Banker Residential Real Estate Coral Gables Office

Telling sellers the truth in today’s real estate environment is an absolute must. Pricing effectively and counseling sellers of the realities of today’s marketplace can save a seller thousands of dollars at the closing table.

There are many cases where sellers have turned down initial offers thinking the offers were low only to result in the end, many months later in much lower sales prices translating to the loss of thousands of dollars.

The asking price of a seller in today’s marketplace needs to take into account the many variables of a marketplace that still has some declining factors. You don’t want to be chasing a declining market – you need to be ahead of it.

According to statistics from Trendgraphix, the average price per square foot in Coral Gables for the period January 2009 compared to January 2010 for properties for sale, the statistics reflect a $547 square foot asking price vs. $437. Sold properties for the same time period record an average price per square foot of $334 vs. $350 or an increase of 4.8% in 2010. The properties currently for sale show a decrease in the average asking price per square foot of 20.1% decrease for the same period. Clearly one would think this reflects more realistic expectations by the seller as they realize the economy is not rebounding as quickly as anyone would like. Unfortunately you are still looking at an average listing price of $437 compared to a sold average sales price of $350.

It is important that sellers price their homes effectively as the market velocity is improving. Well priced homes are moving and moving quickly. Working with a knowledgeable Realtor who understands the data will be able to assist the seller with strategies that make their real estate transactions successful.

Are sellers becoming more realistic with their listing prices in your area?

Truth About Foreign Buyers…One Broker’s 5 a.m. Adventures

By Guest Contributor Jeri Jenkins, Broker Associate at the Coldwell Banker Residential Real Estate Miami Beach office.

A few years back when the market was just starting to slow down and the dollar had dropped significantly, the media was blaring headlines about foreign buyers laden with cash coming to the U.S. to buy everything they could get their hands on.

All of my anxious sellers were asking me, “Where are your foreign buyers?” I knew that if they were, in fact, out there in droves, I would have certainly seen them since I am on the lookout eight days a week. I got the occasional Russian, sun seekers from the UK or the Italians wanting a fun South Beach condo, but nothing like the media made it sound. So, since sellers rarely want to just take your word for it, I started my crack-of-dawn research.

In pursuit of the truth about foreign buyers and determined to have a straight and true answer for my sellers, the story turns ugly with me getting up at 5 am, putting on my Skype headset and calling every high-end broker in major cities across Europe.

At first, I tried ingratiating myself and promising a long and mutually beneficial relationship to the head of each international department; I was without fail told to take a hike. In slightly more polite terms of course.

I was given many reasons why U.S. residential real estate wasn’t even on their radar

1. Our market was considered too volatile
2. An intense dislike of the new visa laws in which foreign travelers felt like they were treated unfairly
3. Everyone was buying in Dubai (we know how that turned out), South of France or the Seychelles Islands
4. No one understood our property taxes or insurance requirements

So, now I had an answer. The perception given by the media that foreign nationals were lining up to make purchases was not true.

I am now happy to say that all that has changed with the descent of the dollar and the relative stability of the market compared to other countries. Now, a large percentage of buyers are indeed foreign.

In one weekend I took out buyers from Iran, London and Italy. I have recently closed deals with buyers from Venezuela, Mexico and the UK, with one common trait - they have all been cash buyers. Florida leads the country with international buyers. Existing home sales were up 45% in Miami Dade County in December compared to December 2008.

Most analysts expect sales to pick up even more in the Spring of 2010. This could be a once-in-a-generation opportunity for real estate investment.

Homebuyers Eyeing Florida

A recent TBO.com article shows that potential homebuyers are once again interested in Florida real estate.

According to Realtor.com, the article's information source, 7 of the 10 most searched listings in the country last month were in Florida, and the most-searched home was located in South Tampa. To compile the list, Realtor.com looked at searches within 20% of the national median list price of $209,900. The study was conducted February 15 through February 21.

The top 10 homes with the most hits were located in the following areas (in order):

1. South Tampa, FL
2. Boca Raton, FL
3. Pembroke Pines, FL
4. Denver, CO
5. Orlando, FL
6. Montverde, FL
7. North Fort Myers, FL
8. Orlando, FL
9. Concord, CA
10. Wildomar, CA

Have you noticed an increase in interest of Florida real estate? Why do you think buyers are once again interested in Florida?

Discover Your Dreams April 10 & 11

Coldwell Banker Residential Real Estate associates and their clients across Florida will be hosting open houses April 10-11. It’s the first-ever statewide open house weekend and it’s being sponsored by the 115,000-member Florida Realtors.

Blue balloons, featuring the Realtor “R” in white, will indicate homes that are part of the campaign - from the Panhandle to Key West.

The Florida Open House Weekend comes just before the April 30, 2010, deadline for the federal homebuyer tax credit. If you're buying a home and want to try for the up to $8,000 tax credits, your homes needs to be under contract by April 30, 2010, and close by June 30, 2010.

The open house will offer you a convenient way to see as many homes as you can in one weekend. Sales associates can be part of this fantastic effort to match buyers to their sellers.

Will you be attending the open houses? If so, are you in the market to buy?