When it comes to selling your home, appearance is everything. But hiring a professional "stager" to prepare the home for prospective buyers can be expensive.
Fortunately, there are some cheap and easy solutions at every homeowner’s disposal:
For more details on these simple and inexpensive ideas to stage your home, please read the Bankrate.com article by Melissa Neiman.
By Guest Contributor Judy Campo, Manager, Coldwell Banker Residential Real Estate, Coconut Grove office
Most people consider the Coldwell Banker brand as the leader in real estate. And for good reason---we are! And the facts prove it. We’ve won the Inman Award for technological innovation twice, and thanks to our great agents, we’re the brand most strongly considered for real estate transactions according to a recent Wall Street Journal subscriber study. With recognition like that, it’s clear that we work harder for our customers than anyone else.
Looking for a home in Coconut Grove?
As of August 25th, there are the 207 Single Family Homes available for sale in our 33133 Zip Code in the following price range:
| # of Homes | Price Range |
| 3 | $12 million – 15 million |
| 20 | $ 3 million – 9 million |
| 84 | $1 million – 3 million |
| 65 | $500k – 999k |
| 35 | $300k- 499k |
The Cherry Group, Sylvia Cherry & Gary Hecht, a husband and wife Team are the Top Selling Agents of Single Family Homes in the $1,000,000 - $4,999,999 price range during the last twelve months per the Top Producers Report, printed in August. Gary and Sylvia give the highest level of personalized service and you’ll receive exceptional, strategic marketing counseling from this highly respected team.
| # of Condo/Townhouses | Price Range |
| 2 | $13-17 million |
| 74 | $1 – 8 million |
| 88 | $500k-999k |
| 87 | $300k-499k |
| 149 | $100k-299k |
Ivory Cooks, known as “Mr. Coconut Grove” has consistently been a Top Producer in Coconut Grove in the Townhouse Market in the $400,000 - $749,999 price range during the last twelve months per the Top Producers Report, printed in August. Ivory believes in personalized service to his customers and to real estate agents as well.
Please preview some of their lovely listings!
3525 E Fairview St.
814 Coral Wy.
By Guest Contributor Valerie Wadsworth, Sales Associate, Coldwell Banker Residential Real Estate, St. Armands Office
Temperature - 88 Degrees F
Interest Rates – 30 Year fixed 4.35% - 15 Year fixed 3.75%
Sarasota Real Estate
3683 Total active listings / 1168 Total Pending Listings
155 Foreclosure’s Active / 162 Foreclosure’s Pending
699 Short sale’s Active / 702 Short sale’s pending
*Total Listings include Foreclosure and Short sales
Florida's foreclosure filing numbers declined for a fourth straight month from June to July — a departure from increased activity throughout much of the rest of the country, according to a new a Realty Trac report.
Two trends appear to be emerging in Florida — which ranked third among U.S. states in foreclosure activity last month, according to the report released Thursday by RealtyTrac.
Fewer homeowners are entering the process now than a year ago — but there’s still a backlog of properties being foreclosed. Florida had more than 51,000 filings in July — flat compared with June and a 9% drop from a year earlier.
Declines in new default notices — down year-over-year for the sixth straight month in July — have been offset by near-record levels of bank repossessions, which increased year-over-year for the eighth straight month.
Do you think a drop in foreclosure filings indicates a sign of market recovery? How strongly does unemployment factor into the sustainability of a meaningful decrease?
Kate Rossi was recently named Executive Vice President, Southeast Region, NRT LLC, filling the position vacated by Budge Huskey - who is now president and COO of Coldwell Banker. Rossi will lead sales and operations for five Florida markets in addition to the company's Atlanta and Dallas/Fort Worth. Her span of control now covers more than 100 offices and 6,300 sales associates in addition to support staff.
Rossi previously served as president of Coldwell Banker Residential Brokerage in Connecticut and Westchester County, N.Y., as well as Long Island, N.Y. and Rossi has more than 25 years of industry experience.
Filling Rossi's place in Connecticut/Westchester County, N.Y. is Cathleen Smith - who most recently served as the company's Tampa Bay senior regional vice president.
These significant promotions for both women represent the company's commitment to continually fostering growth opportunities for their employees. The strong presence of the Coldwell Banker brand, backed by NRT, is a testiment to the company's stability and continued growth in the marketplace.
Are you doing business with Coldwell Banker, or have in the past? What have been your experiences as a consumer? Do you find the their strong brand an advantage in your buyer or selling process?
By Guest Contributor Isabel Fontaneau, P.A., Sales Associate, Coldwell Banker Residential Real Estate Kendall office.
In today's challenging real estate market, many home sellers attempt to make their homes more attractive to buyers by making renovations and sometimes remodeling entire areas in the properties they are trying to sell. As much as improved condition, renovated features and remodeled areas will help them with the sale, the question is, will they recuperate the investment made?
Realtor magazine, in agreement with Remodeling magazine published a summarized report for 2009-2010 showing the national and regional averages for additions, remodelings and replacements for both mid-range and upscale projects.
The addition with the highest cost recuperated nationwide is to add an attic bedroom (83.1%), followed by adding a wood deck (80.6%), both mid-range projects. As far as upscale, adding a composite deck has the highest cost recuperated (60.8%). For both mid-range and upscale, remodeling the kitchen is the highest remodeling cost recuperated (78.3% and 63.2% respectively). In terms of replacements, replacing the entry door for a 20-gauge steel door has an amazing cost recuperated percentage of 128.9% in the mid-range. The highest cost recuperated for an upscale replacement is fiber cement siding (83.6%).
Per G.M. Filisko, author of the article in the January 2010 issue of Realtor magazine "Upgrading kitchens and baths is still a smart bet. However, home owners will recoup the greatest share of their costs by foregoing super-deluxe projects in favor of mid-range kitchen and bath remodels."
The article also mentions tidying up kitchen cabinets, adding or replacing tile, adding a breakfast bar, installing granite tile instead of a slab, freshening up a bathroom, freshening up the basement, adding a room, sprucing up cabinet fronts, replacing light fixtures, and teching-up the garage as "Big-Impact, Low-Cost Remodeling Projects".
The 2009-2010 Cost vs. Value Report by Remodeling magazine also contains region-specific averages. To view the whole report and access a particular region and/or city, click here.
By Guest Contributor Valerie Wadsworth, Sales Associate, Coldwell Banker Residential Real Estate, St. Armands Office
Temperature - 90 Degrees F
Interest Rates – 30 Year fixed 4.5% -15 Year fixed 3.75%
Sarasota Real Estate
3680 Total active listings / 1184 Total Pending Listings
158 Foreclosure’s Active / 165 Foreclosure’s Pending
700 Short sale’s Active / 712 Short sale’s pending
*Total Listings include Foreclosure and Short sales
Lower U.S. home prices and a higher “loonie” make it a good time to be a Canadian snowbird. Great prices, a favorable exchange rate, record-low mortgage rates and Florida’s tropical lifestyle continue to attract Canadian homebuyers, according to the Canadian Press.
They’re finding deals on homes and condos as the loonie hovers around parity with the U.S. dollar, while home prices have stagnated, creating new financial incentives for Canadians who act fast and scoop up American real estate deals.
Buying U.S. real estate is becoming easier for Canadians as more snowbirds snap up getaway homes. But experts caution that the buying process still takes about three to four months.
In addition to Canadians, are you noticing more international buyer interest in Florida’s real estate market?
By Guest Contributor Valerie Wadsworth, Sales Associate, Coldwell Banker Residential Real Estate, St. Armands Circle
Temperature - 91 Degrees F
Interest Rates – 30 Year fixed 4.5% - 15 Year fixed 3.75%
Sarasota Real Estate
3682 Total active listings / 1184 Total Pending Listings
162 Foreclosure’s Active / 161 Foreclosure’s Pending
693 Short sale’s Active / 718 Short sale’s pending
*Total Listings include Foreclosure and Short sales
By Guest Contributor Holly Lynn Schlakman, Broker Associate, Coldwell Banker Residential Real Estate Kendall office
Buyers today are extremely savvy. Long before they pick up a phone to arrange a showing, most will have done extensive research online. Before crossing the threshold for the first time, many will be familiar with the salient history of the property.
Rather than being antagonized by this phenomenon, embrace it. Advanced technology and the information that can be found is a boon, not bane. Your job is actually made easier. Meticulous research of a property that you represent or hope to, allows you to be definitive in your knowledge.
When making a presentation to a seller, it is vital that the information drawn from the databases is accurate, persuasive and clear. Sellers must be realistic in their expectations and goals. This benefits everyone.
Buyers in this "corrected" market will not choose to see a property they know is out of sync with the prevailing market.
Sellers will be ill served by pricing a home far above what is justified by recent closed sales. Overpriced properties will sit, suffer multiple price reductions, will have to compete with fresh inventory as it comes to market.
If the overpriced property does sell, rather than expire, more than likely it will be at a lower price than if it had been correctly priced at the beginning.
Market interest is most keen when the property is new to market. Appraisal is also less fearsome if you have carefully examined the data available to you. Concessions are less likely to occur, or sales fail to close, if the price is right.
Examine the data with a critical eye. As a trained professional, make the most of today's technology to be informed and knowledgeable. The more you know, the more effective you can be.
By Guest Contributor Valerie Wadsworth, Sales Associate, Coldwell Banker Residential Real Estate, St. Armands Circle
Temperature - 88 Degrees F
Interest Rates – 30 Year fixed 4.5% -15 Year fixed 3.75%
Sarasota Real Estate
3672 Total active listings / 1194 Total Pending Listings
162 Foreclosure’s Active / 159 Foreclosure’s Pending
678 Short sale’s Active / 728 Short sale’s pending
*Total Listings include Foreclosure and Short sales
By Guest Contributor Melanie Dawn Wood, Sales Associate, Coldwell Banker Residential Real Estate Pinecrest office
Two recent buyers were considering converting their residences to rental investments so that each could purchase elsewhere. The first buyer purchased her current home ten years ago, but values are now close to what she paid then. She wanted to keep the current house as a long term rental investment while purchasing a new home to live in.
My second buyer knew he would need to hold on to his current property because he is up-side-down but he needs a larger home. He hoped to rent his current property until market values move up again. His credit score, income and job history were excellent, so qualifying for a loan should have been easy even with a rental investment.
Unfortunately, thanks to a growing problem with “buy and dump,” lenders are looking very carefully at situations like these. “Buy and dump” (also called “strategic foreclosure”) is when a borrower rents their current residence to off-set the existing mortgage so that they will be able to qualify for a loan on a different property. They then purposely default on the original more expensive loan. Lenders are taking steps to prevent this type of mortgage fraud by only allowing rental income to offset the existing mortgage if the following requirements are met:
So while both of my buyers had the best of intentions along with their great credit scores, neither will be proceeding as originally planned. My first customer is selling her current home so that she can buy her dream home, while my second buyer was approved for a smaller loan and is keeping the original property as an investment.
With prices and interest rates so low, real estate is still a solid long-term investment. Call David Caporini at Coldwell Banker Home Loans at 305-803-5845 for more details about converting your existing residence to an investment property. Understanding the more conservative lending rules will help you plan your purchases for the greatest success.
Melanie Dawn Wood is currently marketing the following property:
If the economy has your $50,000 kitchen remodeling plan on hold, make the waiting less painful by doing a few upgrades yourself. A few cheap fixes and some sweat equity — painting cabinets, swapping out old knobs and pulls, and replacing your ceiling lights — can make a huge difference, according to the remodeling experts at CNNMoney.com.
Add a little style to the look and feel of your kitchen with these weekend projects.
How have you decided to make your current home more livable, rather than trading up for your dream home?
By Guest Contributor Gabriela Kilianski, Sales Associate, Coldwell Banker Residential Real Estate Cooper City Office
Silver Shores is a community that offers an excellent selection of home styles for sale in one of Miramar/Pembroke Pines most sought-after locations. Silver Shores offers ideal Florida vacation homes and primary residences minutes from beaches, golf courses, Downtown Miami and Fort Lauderdale, Pembroke Gardens shops, "A"-rated schools and more close to I-75.
Master plans are crafted to balance the use of open space, lakes and recreation areas. Communities are carefully planned to be both beautiful and functional. Floor plans are scrutinized for a maximum use of space and functionality. Top quality materials are introduced at every step in the process. As you walk through our incredibly spacious and airy homes you can see the difference in quality and excellence.
Whether you're searching for a Florida vacation home or primary residence in South Florida, look no further than Silver Shores, built by one of the top new home builders in Florida, G.L. Homes.
Silver Shores’ single-family home collections offer floor plans that range in size from 2,144 to over 3,500 air conditioned square feet. These Florida vacation homes and primary residences feature a variety of one and two-story designs with 3, 4 or 5 bedrooms and two or three-car garages.
When it comes to community amenities, Silver Shores homeowners enjoy an incredible lifestyle center and recreation area. Residents can spend their free time enjoying the community’s fitness center and social hall. Silver Shores’ lifestyle center also includes outdoor facilities like tennis, a resort-style pool and spa, an oversized sundeck, basketball and a playground that make the most of Florida living.
By Guest Contributor Charlette Seidel, Manager, Coldwell Banker Residential Real Estate coral Gables Sunset office
Here are the latest statistics on some of the current residential houses inventory in our market:
Coral Gables has: 425 active listings, 97 under contract and 88 closed in the past 3 months.
Coconut Grove has: 182 homes for sale, 29 under contract and 25 closed in the past 3 months
Pinecrest has: 194 homes for sale, 47 under contract and 42 closed in the past 3 months
Palmetto Bay has: 134 homes for sale; 27 under contract and 20 closed in the past 3 months
South Miami has: 36 homes for sale; 9 under contract and 5 closed in the past 3 months
Statistics are from the Multiple Listing Service
1726 S BAYSHORE Lane in Coconut Grove was the most viewed virtual tour on Floridamoves.com. Marketed by Nancy Muniz in the Coldwell Banker Residential Real Estate Coral Gables San Remo office, this breathtaking residence garnered over 1,000 views in the month of July alone.
In your opinion, what made this such a sought-after property? The photography, price, location?
By Guest Contributor Carlos Lobato, Sales Associate, Miami Lakes office of Coldwell Banker Residential Real Estate
I've worked with many a home seller who, when presented with an offer much lower than their asking price, react by saying, "I'm not even going to respond to that!" This response, or lack thereof, most often is a big mistake. The Buyer is obviously interested enough in your house to have made the offer in the first place. "So why the low-ball offer?" you may ask. My experience has shown me that Buyers often think that this is the way real estate deals are done, and subsequently make low ball offers because that's what they did the last time they bought a property 5, 10, or 15 years ago. Additionally, many buyers today are simply afraid to pay too much. Can you blame them?
Here are a few steps to take when responding to low ball offers:
In short, my experience has been that if you have sincere motivation on both sides, most disagreements between Buyer and Seller can be overcome. Yet both parties must do everything possible to take emotion out the equation. So remember Mr. Seller: the buyer's low-ball offer isn't an insult, they're just playing ball. And you'd be wise to step back, take a breath, and play a little ball yourself...
By Guest Contributor Valerie Wadsworth, Sales Associate, Coldwell Banker Residential Real Estate, St. Armands Circle
Temperature - 91 Degrees F
Interest Rates – 30 Year fixed 4.5% - 15 Year fixed 3.75%
Sarasota Real Estate
3687 Total active listings / 1185 Total Pending Listings
180 Foreclosure’s Active / 139 Foreclosure’s Pending
682 Short sale’s Active / 739 Short sale’s pending
*Total Listings include Foreclosure and Short sales
299 non-distressed sales are pending
If you’ve been looking for the hidden gem among value-priced properties, you’re probably wondering how to determine which problems are easy to fix and which aren’t. Real estate expert Barbara Corcoran answered that question on the Today show this morning, giving several examples.
Leaking foundations, termites, carpenter ants and asbestos topped Barbara’s list of problems you should avoid when buying a distressed property. But poor landscaping, old kitchens and outdated bathrooms were among her favorite signs of a hidden gem. Barbara said countertops, floors and walls are easy, inexpensive upgrades. While replacing landscaping can cost $8,000, she said it can increase the value of your property by at least 10%.
What other problems have you seen while searching for a bargain-priced home that only needs a few cosmetic touch-ups to restore its beauty?
International home buyers are increasingly attracted to property in the U.S., according to the National Association of REALTORS®’ 2010 Profile of International Home Buying Activity.
Several factors that continue this drive include strength of the dollar, value and desirability of U.S. real estate, and the emerging economic recovery.
The U.S. is a top destination for buyers worldwide, who were reported in 39 states in 2010. 53% are concentrated in Florida, California, Arizona and Texas. They are from 53 different countries. Of the top four, 23% are from Canada, 10% from Mexico, 9% from the U.K. and 8% from China/Hong Kong.
Foreign buyers purchased an estimated $66 billion of U.S. residential property, or seven percent of the residential market between April 1, 2009 and March 31, 2010.
The median price paid by international buyers for a U.S. home was $219,400, significantly higher than the overall median market price of $172,500 in 2009. 16 percent of the total international purchases were for homes priced at more than $500,000.
How do international buyers impact prices in your local market? Have you noticed more foreign buyers in your community?
The cold reality of pricing a home to sell remains the same. No matter what you think your house is worth, what matters is what buyers are willing to pay. That can be affected by numerous nearby foreclosures and short sales, often priced 20% to 30% below homes owned by financially healthy owners.
Nationally, 30% of all homes for sale were reduced in price in June, according to Zillow.com. Sellers have trouble pricing their home against the foreclosed houses lenders are trying to move.
“People who price their homes to the market are selling them in a reasonable amount of time, but people who cling to 2004 or 2005 prices aren’t,” said Richard Smith, president and CEO of Coldwell Banker’s parent company Realogy. “If you take into account REO (bank-owned property) pressures, you’ll sell pretty quickly.”
In fact, sellers who take foreclosures into account and price their homes right not only find a buyer, but sometimes one who will pay more than the asking price when a bidding war begins between buyers in search of great homes at value prices.
Would you be willing to offer more than the asking price on a foreclosure or short sale bargain to outbid your competition? Are you hearing about multiple offers on homes in your community yet?
Walking away from a problem is always tempting — especially when it’s as big as not being able to afford your mortgage. As reduced property values and increased unemployment force more homeowners to give up their homes, their next question becomes whether they should foreclose or do a short sale. The benefits of negotiating a short sale typically outweigh the ease of a foreclosure, according to Florida Realtors®.
Short sales are the better solution because Florida law allows lenders to collect the balance owed on a loan for up to 20 years. In a short sale — when the bank allows the home sold for less than what is owed — they agree to write off the debt and give up their right to seek the remaining loan balance.
In a foreclosure, the bank doesn’t give up its right to collect the loan balance still owed. So unless the borrower pays off the deficiency, they can be pursued by collectors and it may be 20 years before they’re eligible for another mortgage.
If you’re at risk of losing your home, ask your mortgage lender about doing a short sale. How are foreclosures, short sales and vacant homes impacting home values in your community?
You've seen the signs on your local street corners, foreclosures for sale at really cheap prices. These are usually priced to sell fast since many were grabbed up at real estate auctions or picked up inexpensively from banks.
Buyers should do some homework before they decide to jump into these kinds of deals and talk to a professional realtor who can help guide them. You'll need to be prepared to put some money into most of these properties to fix them up to either live in our prepare to sell.
Brendan McLaughlin aired a report last night on Tampa Bay's ABC Action News. Brendan talked to his agent, Stefanos August of Coldwell Banker for some insight.
Have you thought about buying one of these types of properties, or if you have, what was your experience?
When it comes to selling your home, appearance is everything. But hiring a professional "stager" to prepare the home for prospective buyers can be expensive. Fortunately, there are some cheap and easy solutions at every homeowner’s disposal:
For more details on these simple and inexpensive ideas to stage your home, please read the Bankrate.com article by Melissa Neiman.
