Tag Archives: miami short sales realtor

Another Miami Short Sale SOLD this week by the ShowcaseMiami Team…

 

 

Last week, our ShowcaseMiami Team closed another short sale for a Miami Seller who owed more than the property was worth. ShowcaseMiami’s Omar Roa and Alina Choy were tenacious and persistent in getting this complicated short sale closed.  The fact is that only 7% of the closed sales in Dade County are short sales.  However, up to 30% of the available Miami listings in recent years have been short sales.  This illustrates how difficult it can be to actually get short sales deals to the closing table.

This week’s happy Miami Seller was referred by a wonderful lady who has referred us 5 other  Miami short sale clients as a result of the assistance we gave her in her Palmetto Bay short sale a year and a half ago.  As a matter of fact, in the Palmetto Bay short sale, our Seller’s lender paid our Seller $30,000 at closing in addition to waiving any deficiency judgement.

I would like to share the email she just sent us below…

” Jason,

I wanted to thank you and your team for making this happen for my very dear friend.  I can’t tell you how important it is to have a team like yours that treats my referrals with the same care and importance I would show them.  Thank you again for your team’s excellent work and I will keep the referrals coming!”

Paulina

 

An email like the one above is incredibly rewarding and motivates our Team to press on with the challenges that Miami short sales present.

If you or anyone you know in Miami is underwater on their mortgage and needs to move forward to get their Miami house, condo or townhouse sold, call Jason Smith of the ShowcaseMiami Team to discuss the best solution for your specific situation.

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

 

 

Don’t miss these Open Houses!…(Sunday 1-4pm)

Open Sun 8/12

1-4pm

11725 SW 98 Ave, Offered at $495K

(Features 4-Car Garage…priced at only $113/ sq ft)

 

Open House #1…

 

Address: 11725 SW 98 Ave

Bedrooms: 4

Baths: 3

Living Area 4,352 square feet

Lot Size 15,004 square feet

MLS A1658599

(Not a short sale)

 

So much SPACE indoors and out! Open plan kitchen at the heart of the home, entertain 2 to 20 at bar in the tiled living room, rustic family room, shaded deck, fantastic pool surrounded by a large private garden. Split plan, 3 roomy bedrooms, one with en-suite bath ideal for teen or in-law. Master suite: giant jetted soaking tub, mirrored wall. King size bedroom area, beamed ceiling, clerestory windows, generous sitting area, direct pool access. Wonderful home to customize and enjoy.

 

 

 

 

10220 SW 126 St, Offered at $725K

Open House #2

 

Address: 10220 SW 126 St

Bedrooms: 5

Baths: 4

Living Area 4,646 square feet

Lot Size 18,295 square feet

MLS A1647675

(Not a short sale)

 

The family room featuring spectacular river stone the walls is stunning! This home was made for entertaining or simple relaxation.  Home is ideally located on a quiet street.  The backyard has a covered patio, oversized pool & green grass. If you are looking for a home that you can grow into, this is it. Easy access to.. US-1 & Don Shula Expy. Don’t miss this one!

 

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

4 Observations on the Changing Miami Condo Market…

The Condo Facts:

 

There is a great deal of mis-information out there regarding the Miami real estate market.  One of the areas where this mis-information exists concerns the % of the market that is REO/Bank Owned, Short Sale or Regular Sale.

Below, you will see data straight from the Miami MLS (Condo & Townhouse only)…

Available Listings in Dade County on Miami MLS:

Total…6249

Regular Listings (non-distressed)…5257 (84%)

Short Sale (pre-foreclosure)…710 (11%)

REO (bank owned foreclosures)…282 (5%)

Closed Sales in Dade County (past 90 days)

Total…575

Regular Listings (non-distressed)…395 (69%)

Short Sale (pre-foreclosure)… 29 (5%)

REO (bank owned foreclosures)…151 (26%)

Observations…

    • Surprisingly, only 11% of the available condo listings today are short sales (aka pre-foreclosure)
    • 2 years ago, 35% of the available condo listings were short sales.
    • Today, 26% of closed sales are REO/Foreclosure
  • 2 years ago, 50% of all closed sale were REO/Foreclosure
****The Miami MLS data above continues to indicate a recovering Miami real estate market****

 

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

What percentage of Miami Listings are REO/Foreclosure/Bank Owned and Short Sales, etc?

The Facts:

 

There is a great deal of mis-information out there regarding the Miami real estate market.  One of the areas where this mis-information exists concerns the % of the market that is REO/Bank Owned, Short Sale or Regular Sale.

Below, you will see data straight from the Miami MLS (Single Family only)…

 

Available Listings in Dade County on Miami MLS:

Total…4,096

Regular Listings (non-distressed)…2,926 (71%)

Short Sale (pre-foreclosure)…893 (22%)

REO (bank owned foreclosures)…277 (7%) 

Closed Sales in Dade County (past 90 days)

Total…343

Regular Listings (non-distressed)…199 (58%)

Short Sale (pre-foreclosure)…23 (7%)

REO (bank owned foreclosures)…121 (35%)

Noteworthy changes to the Miami real estate data over the past 2 years:

1) 2 years ago, short sales accounted for 35% of the available Miami listing inventory.

Today, short sales account for 22% of the available Miami listing inventory.

2)  Today, 35% of all Miami sales on MLS are REO (bank owned foreclosures).

2 years ago, REO’s accounted for 50% of all sales on the Miami MLS.

—————————————————————–

Miami MLS data indicates that the following figures have not changed over the past 2 years:

1) The % of Miami closings that are short sales remains at 6-7%.

2)  The % of Miami listings that are REO’s has not changed significantly.

(Today, 7% of all listings on the Miami MLS are REO.

2 years ago, 10% of all listings on the Miami MLS were REO.

****These Miami MLS data above continues to indicate a recovering Miami real estate market****

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

Why was our Coconut Grove townhouse listing just SOLD for $15,000 over appraised value?

This week’s Success Story…

Our Sellers had their Coconut Grove townhouse for sale by owner for almost a year. During this period I kept in touch with them because I knew that they had a desirable property that would sell with the right…

-Marketing
And
-Staging

They were content paying 3% if we brought a buyer. It was the additional 3% for listing the property (total of 6% commission) that they were looking to avoid. Their feeling was that paying 6% commission would reduce their net vs 3% commission. This is the main concern of 95% of the for sale by owners we communicate with. FYI…It has been researched over and over that homes sell for more when listed with a realtor than they do By Owner.

After a year in November 2011, they determined that they wanted us to begin listing and marketing the Coconut Grove townhouse as soon as possible.

My Advice to our Seller…

1). Wait 2 months before hiring our us.
I counseled them to wait until mid-January so that we could put the holiday season slow-down behind us. This way the entry of their listing to the Miami MLS would coincide with the point when all of the buyers were again beginning to look.

2). De-Clutter before you hire us.
Our Sellers took our advice and moved furniture around, sent excess items to storage and threw away other extraneous items.

The Result of Staging…
The home felt like an entirely different space with room to breath. One’s first impression walking through the door (which often
determines whether or not one buys) was that of additional square footage and clear views through the sliding glass windows to their beautifully landscaped outdoor space.

The townhouse SOLD for $15,000 over Appraised value…
As is the case with many of our bank financed deals today, the appraisal came in lower than the agreed upon purchase price between
buyer and seller. Regardless, the buyer determined that the purchase price of the property was fair in today’s appreciating Dade County real estate market.

In my opinion, this was the prudent thing for the buyer to do…
One year ago, very few buyers were paying a penny over appraised value. Today, it is becoming the norm. In today’s appreciating South Florida market, The last 4 buyers of our Seller listings have chosen to pay more than what their lender’s appraiser said the home was worth. Today’s buyers are recognizing that market value (what a buyer is willing to pay) is often higher than appraised value (what value a bank assigns to a property when deciding to underwrite a mortgage).

This deal was truly a win-win for buyer and seller. Both were pleased with the outcome.

Question…
Did the Seller receive value by paying 6% commission to have us manage all aspects of the sale for him?

Please share your thoughts.

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115

Short Sales…not for the faint of heart

Seller Story…

I’d like to share about a transaction where we are the listing agents.  The point of the story is to demonstrate how complex the short sales process can be and how it is critical to hire the right realtor to manage the process.

Our Seller has a $500,000 vacant home for sale near Coral Gables.  The 3 adult children are helping their mother to sell the property now that she no longer lives there.  The challenge in this sale is that there are 4 mortgages (lien holders) on the property and the property is less worth than the total of the mortgages (upside-down).

2 Offers on the table…

We have received 2 offers on this property.  Now…which offer to accept?

Conference call with 6 people (11 Total decision makers need to agree to close this deal)…

To navigate the process, the 3 children plus my business partner plus our short sale negotiator spoke for 45 minutes last night to discuss both offers.  The seller’s attorney will also be assisting as well as mother’s business partner. (Total of 11 decision-makers are involved to get this deal over the goal line).

Very optimistic about this Win-Win-Win transaction…

Our Sellers have selected the strongest offer.  Now, we are making good progress as we communicate one by one with each lien holder (while ensuring that the selected buyer remains patient).  We will close this deal and…

1)  Help our Sellers avoid foreclosure

2) Lien holders will also benefit because they’ll net more than they will if the Gables house is foreclosed upon

3) Buyers will purchase a wonderful home that they’ll enjoy for years to come at an attractive price

ShowcaseMiami Realty specializes in assisting homeowners to Sell their Miami home.

(Highest price in the Shortest period of time)

To discuss a strategy for your home, call…

Jason Smith

Broker (Seller Specialist)

ShowcaseMiami Realty

www.ShowcaseMiami.com

786-326-8115