Monday, December 12, 2022 / by Dave Magua
The pandemic disrupted Miami residential real estate in extraordinary fashion, dramatically inflating prices and demand for housing and forever altering the way people think about work, education and lifestyle. At the peak of this unprecedented cycle, bidding wars erupted as soon as listings hit the market, to the spectacular benefit of sellers and agents like me.
But this cycle was never sustainable and has obviously come to a bumpy end. Data clearly shows that the great rush has been over for months, with today’s Miami buyer pool cutting a sharply different profile. Last year, they were making quick decisions; now, they are much less desperate and infinitely more discerning. Time and patience have taught them that they don’t need to be tied down to any particular location, and decision-making has become more difficult. Economic concerns about interest rates, jobs, the stock market and a looming recession that did not exist in 2020 and 2021 are also major factors. Today&r2 ...
Wednesday, December 7, 2022 / by Dave Magua
Aria Development Group and Merrimac Ventures are planning a new Miami Worldcenter condominium project after acquiring a redevelopment site for $17.5 million.
The joint venture acquired the International Longshoremen’s Association’s former Miami headquarters at 33-55 Northwest Sixth Street for $11 million from the labor union, records show. Aria and Merrimac also bought an adjoining vacant parcel for $6.5 million from an affiliate of Miami Worldcenter master developers Art Falcone and Nitin Motwani, according to a press release. The assemblages totals 1.2 acres.
A Colliers team led by Mika Mattingly and Jack Lowell represented Aria and Merrimac, which opened sales for 600 Miami Worldcenter this month. Plans call for a 32-story tower with roughly 600 fully furnished units with no restrictions on short-term rentals, according to online brochures. Prices start at $395,000 and OneWorld Properties is leading sales for the project.
Miami-based Aria, led by princi ...
Saturday, December 3, 2022 / by Dave Magua
A new report from the real estate data curator Attom spotlights what counties are at the greatest risk for housing market declines during the third quarter of 2022 as the U.S. housing market slows considerably from its 2021 boom.
The report found that the most at-risk counties are clustered in New Jersey, Illinois and inland California, mainly in the New York City, Chicago and Philadelphia areas. The 50 most at-risk counties include eight in and around New York City, four around Philadelphia, nine spread throughout California with the remainder up and down the East Coast including all three counties encompassing Delaware.
At the opposite end of the spectrum, the largest cluster of counties considered not at risk were located in the South, Midwest and Western areas outside of California.
“As the prospect of a possible recession hangs over the U.S. economy, counties in three of the seven largest metropolitan areas – New York City, Chicago, and PhilE ...
Friday, December 2, 2022 / by Dave Magua
Homebuyer demand for mortgages was up slightly last week for the fourth week in a row, as rates continue to retreat from 2022 highs on expectations that the Federal Reserve is poised to slow the pace of rate hikes, according to a weekly lender survey by the Mortgage Bankers Association.
The MBA’s Weekly Mortgage Applications Survey showed requests for purchase loans were up a seasonally adjusted 4 percent last week when compared to the week before but down 41 percent from a year ago. Requests to refinance were down 13 percent week over week and 86 percent from a year ago.
“The economy here and abroad is weakening, which should lead to slower inflation and allow the Fed to slow the pace of rate hikes,” MBA Deputy Chief Economist Joel Kan said in a statement. “Purchase activity increased slightly after adjusting for the Thanksgiving holiday, but the decline in rates was still not enough to bring back refinance activity.”
Mortgage rates retreat f; ...
Thursday, December 1, 2022 / by Dave Magua
People often spend decades making their home a visual showcase of their life, family, interests and more. They enjoy having friends and relatives over to see what they’ve collected and displayed in rooms and on walls.
But when it comes time to finally sell the house, asking the owners to remove a lot of those personal items can be a sensitive topic for you as the seller agent. As you know, potential homebuyers liking something in a house for sale means little, but if they don’t like something–that could unnecessarily plant a negative association with that particular home in their minds.
We recently spoke with several REALTORS? who shared some sage advice and strategic tips for helping sellers make their home as neutral-appearing as possible so homebuyers can envision the space as being theirs.
Of course, helping them understand the importance of removing anything personal on view, such as family photos on walls, religious symbols, posters of celebrities or athletes) ...