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 ...
Tuesday, November 22, 2022 / by Dave Magua
With the holiday season approaching, there’s no better time to create a welcoming atmosphere
The season for gathering is almost here, but those who love to entertain year-round know the enduring importance of the right space for hosting. Whether it’s a dinner-party soirée or an intimate gathering with family, the kitchen inevitably becomes the center of attention — so it’s only natural that kitchen design is top of mind. To stay on top of what buyers are asking for, here are six highly coveted kitchen design features that make hosting a joy.
An open floor plan for ease of movement
Buyers want a kitchen that instantly feels like a room they can entertain in. That means it should be spacious and open, rather than closed off and difficult to navigate when there are lots of guests. A natural flow from kitchen to the dining area to living room makes simultaneous preparation, serving, and entertaining a breeze for any type of e ...
Friday, November 11, 2022 / by Dave Magua
It has been three weeks since Hurricane Ian struck Florida on Sept. 28, 2022. The storm took at least 119 lives and caused estimated insured losses ranging from $31 billion to $74 billion, with most estimates in the $60 billion neighborhood. These damages exceed those caused by any other U.S. natural catastrophe, with the exception of Hurricane Katrina.
Above and beyond the tragic ongoing personal and economic hardship wrought, Ian will leave a troubling legacy in Florida’s insurance and real estate markets. Prior to Ian, homeowners insurance premium for Floridians was already three times the national average. The state’s property insurance market was already faltering and under extreme stress, with half a dozen insurance carriers in the state declaring insolvency in 2022 alone
And this is just the beginning. The storm’s aftermath will cause insurance rates to increase, rendering insurance coverage so out of reach that Florin ...
Monday, August 1, 2022 / by Dave Magua
The forces fueling home price growth for the past two years have been weakening in recent months as the market finds itself in the midst of a multi-month slowdown.
Home prices rose by 1 percent in May after accounting for seasonal patterns, according to the S&P Corelogic Case-Shiller Index numbers released on Tuesday. Prices were up nearly 20 percent year over year.
By normal standards, this still represents a remarkably high rate of growth for the prices of U.S. homes.
“Housing data for May 2022 continued strong, as price gains decelerated slightly from very high levels,” S&P Dow Jones Industrial Managing Director Craig Lazzara said in a statement.
But throughout the COVID-19 pandemic, conditions have been far from normal. Cheap mortgages in the first couple years of the pandemic helped drive up demand for homes — and the prices for which they would sell — to previously unseen levels.
Since the start of the year, howeve; ...
Friday, July 15, 2022 / by Dave Magua
Southern Fidelity Insurance Company is the fourth insurer ordered into liquidation so far this year, leaving an estimated 78,000 policyholders in Florida scrambling to find new coverage in 30 days, just as hurricane season gets underway.
Southern Fidelity Insurance Company is the latest property insurer to shut down in Florida.
"Effective July 15, 2022, all Southern Fidelity policies are going to expire," said Mark Friedlander of the Insurance Information Institute.
This is the fourth insurer ordered into liquidation so far this year, leaving an estimated 78,000 policyholders in Florida scrambling to find new coverage in 30 days, just as hurricane season gets underway.
Because the Florida property insurance market is so unstable right now, it's very difficult to find coverage for your home," Friedlander said.
That's why Friedlander says most of those impacted will likely end up with Citizens, the state-created insurer.
"They have already surpassed 900,000 polici. ...