Friday, February 28, 2014

House price rise in Florida

Prices of residential properties in southern Florida went after banks make a para © synthesis in foreclosures after discovering irregularities in documents used in court . Some banks have begun again foreclosures, but the pace is much mores slow.

A report by the Automobile Association of Realtors Estate Miami unveiled this time trend as banks will continue executions mores sooner or later and will return cost-to undergo changes as this pause also produces an increase inventory of properties - the buildup of properties that still have not been put on sale . With fewer low-value homes available , those with median prices increased .

The average price of a detached house in Miami -Dade arrived in October to $ 199.100 , s 5.9 % morethan in September. The price of condominiums in Miami -Dade climbed 8.4 % in the month , to $ 107.700 .
In Broward, single-family homes sold for a median price of $ 217.900 , up 1.7 % for the month. However, in Broward condominiums continued to fall in October, and the median price 5.7 % LOW .

The long- term brake on foreclosures is not clear. Some experts predict a waiting period of year or before the local housing market returns to normal , while others believe that the effects will be pause less traumatic it will attract the investment foreign and cash transactions.

Wednesday, February 26, 2014

Invest in U.S. real estate: ready for the paperwork?

Low prices of real estate in the United States attracting strong interest from investors in Quebec . The prospect of gain in the medium term is enticing.
But in reality , the cost and remote management are grounds for discouragement.

Claude Parent has acquired several properties in Florida after the real estate crisis of 2008. It's a geek . He leads the company Via Loans , specializing in private mortgage financing.

"I work in real estate here . I went to the United States in 2009 because prices were low . But this is not necessarily a sign of profitability, " he warns.

Three years later , Claude Parent made ​​his accounts. " I have two properties . I'll keep one and sell the other. "

Profit for the operation? "Zero , he says. Whatever the property you are buying , municipal taxes are high, condo fees also accounting costs more, and you must live with great unknown : the local market. Each time , suddenly you have to hire intermediaries. "

Claude Parent has a single family home in Fort Lauderdale. In 2012, he will have paid $ 8,000 in taxes, including municipal taxes , school and water. "It was $ 4000 when I bought in 2009 ..." , he cowardly .

Maintenance costs are another cost in money and in time . "I'm here , the building is there. What do I do? I hire someone from a distance. When there are more complex work , must obtain permits . And it is much more difficult there than in Quebec. "

Cumbersome administrative formalities impressed Claude Parent. "There is a lot of paper handling . Americans have more paperwork than us. A mortgage contract , a purchase contract, lease ... Everything goes through lawyers. Litigation risks are therefore multiplied. It is necessary that lawyers work ... "

And on the insurance ? "This is at least twice more expensive than Montreal . Once there was a hurricane , prices rise ... and when there is none, as insurers are raising their prices to make reservations. "

Exasperated by the remote management

All these cumulative costs make the costly operation. Claude Parent estimates the annual costs of ownership in Florida at least 6% , even before a mortgage include in the calculation. " You will get a rent at attractive prices , but the various high costs eat up . It was nice to easily rent is barely profitable. "

Even if one hopes to gain from the sale of his property, Claude Parent knows that his income is uncertain. It must take into account the exchange rate, and these uncertainties. "Currently, the U.S. dollar is below the Canadian dollar, but it is possible that he put together when we sell. " That's what cost him dearly at previous sales. "I lost my profits because of the exchange rate. "

Gourmand time and costs , real estate investment in the United States should first interest those who can go on vacation. "Buy to make it your second home , but not to sell quickly , recommend Claude Parent. And if it's only for one week a year , better rent ! "

Claude Parent is not ready to reinvest in the United States . "I got tired of remote management over costs . Real estate, when you do not take care on site, requires someone to do it for us. In addition, one must know the tax and legal rules. Having a local partner is still the perfect solution. "

The Montreal businessman return to vacation in Florida. But the future is on the Quebec market that will grow its business. "I thought it was a good business opportunity , but in the long term , investing is more profitable here than there. "

Tuesday, February 25, 2014

Miami real estate market continues to grow, prices rise 14 consecutive months

According to the Miami Association of Realtors, after the second record sales year, the real estate market in Miami started strong with sales rising and prices amid limited supply of 2013 .

Residential Sales of Miami-Dade County increased 7.5 percent in January compared to the previous year. Sales of existing single-family homes in Miami -Dade County increased 16.4 percent , from the 892-1065 . Sales of existing condominiums increased 0.3 per cent from 1121-1124 , year after year.

" The continued strengthening and improvement of the real estate market in Miami is generating excitement and attention both nationally and internationally, " said 2013 President of the Board of the Miami Association of Realtors, Natascha Tello. " We expect prices to continue to rise due to the high demand that exists for sales and rentals. The more new listings that come on the market , still there is insufficient supply to meet consumer demand and less significant results for new ranges low price . "

Sales of all existing single-family homes Stateof totaled 13,679 in January, 11.7 percent compared to a year ago , according to the latest data released by Florida Realtors. Sales totaled 6,670 condominiums state , 2.0 percent from January 2012. Nationally, sales of existing single-family homes , townhomes , condominiums and cooperatives rose 0.4 percent from December and were 9.1 percent higher than they were in January 2012 , according to the National Association of Realtors.

Demand is expected to continue to promote the appreciation

Miami home prices rose again in January , marking 14 consecutive months of appreciation for single family homes and condominiums. The median price of condominiums in Miami -Dade , which has increased each of the past 19 months , sales rose 24.1 percent to $ 155,000 compared to one year earlier and fell 4.9 percent compared to the previous month . The average price of single family homes sales increased 14.8 percent to $ 194,000 year -over-year and decreased 9.4 percent compared to the previous month.

The average selling price of a house in Miami -Dade County dropped 2.4 percent to $ 308,978 . The average selling price for condominiums increased 17.2 percent to $ 290,378 .

Sales prices in Florida and the U.S.

State median home price in December rose 12.4 percent to $ 145,000 for single family homes and 18 percent to $ 112,000 for condominiums , according to marketing research and socio 10K data industry of Realtors Florida and department and vendor analysis. The national median existing-home for all types of housing price was $ 173,600 in January , up 12.3 percent from January 2012, according to the National Association of Realtors (NAR ) .

"The current robust market functioning Miami is not only drive prices but also create a seller's market , " said 2013 Miami Association of residential real estate agents I. President Fernando Martinez. "Properties that cost right sell very quickly and generate multiple offers. There are still good opportunities, but buyers need more attention. Sellers who have been reluctant to put properties on the market should consider doing it now . More listings are needed to meet demand .

Inventory Shortage Persists

Active listings at the end of January were 10.7 percent lower than they were in January 2012 , when the market was already experiencing a housing shortage . The inventory of single-family homes fell 12.9 percent , while that of condominiums fell 9.3 percent. Currently , there are 5.3 months supply of single family homes and 6.0 months supply of condos in Miami -Dade , representing drops of 20.4 and 11.5 percent respectively. Currently , there are 12,211 active listings in Miami -Dade County . Total housing inventory nationally fell dea 4.9% in late January and was 25.3 percent below the levels of a years ago , representing a 4.3 -month supply .

Less sales drop

Strong demand for property ( REO ) property of the Bank and improved processing of short sales continues to yield absorption of distressed listings and contribute to price appreciation .

In January, 43.2 percent of all closed residential sales in Miami -Dade County were distressed , including REOs ( bank properties ) and short sales, compared to 59.2 percent in January 2012 to 41.1 percent previous month. Nationally, abandoned homes accounted for 23 percent of January sales .

Cash sales reflect the presence of international buyers

In Miami -Dade County , 64.7 percent of total closed sales in December were all- cash sales , compared to 69.8 percent in January 2011 and 63 percent the previous month. Cash sales accounted for 49 percent of single-family and 76 percent of condominium closings . Nearly 90 percent of foreign buyers purchasing characteristics Florida fully effective . This reflects the much stronger presence of international buyers in the real estate market in Miami - all- cash sales comparison nationally explained 28 percent of transactions in January, down from 29 percent the previous month and 31 percent in January 2011 .