Brickell City Centre Project

Brickell City Centre Project

Brickell City Centre is located in the center of the Brickell financial district. Brickell City Centre is anticipated to bring a whole new level of urban living and sophistication to the area.

The highlights of the project include:

9.1 acres along South Miami Avenue between Eighth Street and Sixth Street.
5.4 million square feet of office, residential, hotel, retail and entertainment space, in addition to a two-level underground parking garage that spans seven acres below the property.

DEVELOPER: Swire Properties
ARCHITECT: Arquitectonica
INTERIOR DESIGNER: Richardson Sadeki
STORIES: 43
TOTAL UNITS: 390
UNIT MIX 1, 2, 3, 4-Bedroom Residences
Innovative CLIMATE RIBBONTM floating above a luxury shopping center Expansive half-acre amenity deck, Tropical gardens, Barbecue grills, Outdoor fitness areas, Children’s play area
Heated lap and social pools with two heated spas
Spacious, state-of-the-art fitness center with individual fitness studios & machine room Tech-savvy children’s playroom
Exclusive spa for residents’ use, Showers and steam rooms

373 luxury condominiums with ceiling heights from 9’4” to 11’4”
Exclusive collection of seven Penthouse Residences with 12’4” ceilings featuring upgraded appliance packages, outdoor kitchens and some with private rooftop pools and outdoor spas Ten luxurious corner Tower Suites featuring three bedrooms and four baths.
please contact me for the pricing, floor plans, unbranded material, videos, brochure, renderings and more. 305-495-6440

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Mortgage Rate News

Mortgage Rate News

Mortgage Rate News on May 16
www.shantiai.com
Average U.S. rates on fixed mortgages declined this week for a third straight week. The low rates could give a boost to the spring home-buying season.

 
The average rate for a 30-year fell to 4.20 percent.
The average rate for a 15-year mortgage fell to 3.29 percent.
The rate on a five-year adjustable mortgage fell to 3.01 percent.
The rate on a one-year adjustable-rate was steady at 2.43 percent.
The average fee for a 30-year mortgage was at 0.6 point.
The average fee for a 15-year loan also remained at 0.6 point.
The average fee for a five-year adjustable fell to 0.4 point.
The average fee for a one-year adjustable rose to 0.5 point.

Reported by FloridaRealtor.org on May 16-2014

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New Housing Trends

New Housing Trends

Home prices continued to show solid growth in most of the country due to limited inventory conditions, but rising prices and severe winter weather caused existing-home sales to slip in February, according to the National Association of Realtors®.

All-cash sales comprised 35 percent of transactions in February, up from 33 percent in January and 32 percent in February 2013. Individual investors, who account for many cash sales, purchased 21 percent of homes in February, compared with 20 percent in January; they were 22 percent in February 2013. Seventy-three percent of investors paid cash in February.
Please click here to Read Market Update..

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Miami Condo Market

Miami Condo Market

#Miami, in a state that doesn’t collect #income tax, ranked above Dubai, Paris and Beijing on a list of “cities that matter” to global high-net-worth #investors, according to the 2014 “Wealth Report” by London-based consulting firm Knight Frank LLC. At No. 8 worldwide, Miami was the only U.S. city on the list after New York, which ranked second.
After the property rout left the Miami market with more than 25,000 unsold condos in 2008, developers have returned — this time on different terms. With construction lending tight and memories fresh of speculators who walked away when mortgage financing dried up, builders are funding projects with cash commitments from buyers of as much as 60 percent of the purchase price. The strategy has jump-started luxury towers that are setting price records and luring investors such as Goldman Sachs Group Inc. Chief Executive Officer Lloyd Blankfein and Leon Black, founder of Apollo Global Management LLC.
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5 Mortgage Tips

5 Mortgage Tips

5 mortgage tips for homebuyers

• Be prepared to document your finances. Buyers should be ready for a stringent review by lenders underwriting mortgages thanks to new mortgage regulations that took effect in January, particularly in proving borrowers’ ability to repay their loans. To prepare for the inevitable, borrowers should be prepared to show bank statements, tax returns, W-2s, investment accounts and documentation of any other assets they own. Also, they should be prepared to explain any large deposits to their accounts – even a $500 check from a family member during the holidays. If they can’t prove where the money came from, it has the potential to delay closing.

• Lock in a rate soon. Mortgage rates are expected to rise in 2014 as the Federal Reserve winds down its $85 billion per month bond-buying stimulus program. A rate lock is usually good for 30, 45 or 60 days, although the time period can vary among lenders.

• Shop around. Buyers may have the upper hand in 2014. Lenders have lost a large amount of their refinance business this year as rising rates encourage fewer homeowners to refinance. That means they are turning their attention to homebuyers and may be more willing to compete for their business. Homebuyers will want to shop around for more than just the best interest rate on the loan, however – look at points and closing costs as well.

• Pay careful attention to credit. The best mortgage rates often go to borrowers with credit scores of 720 or higher, Bankrate reports. While those with a credit score of 680 can still probably qualify for a loan, they may end up paying higher rates or higher closing costs.

• Watch your spending. Make sure your buyers aren’t tempted to go outfit their new home by buying furniture – on credit – before closing. Lenders carefully scrutinize debt obligations, such as credit cards and student loans. Borrowers are advised to keep their monthly debt obligations, including mortgage and property taxes, to below 43 percent of their income.

Source: “10 Mortgage Tips for 2014,” Bankrate.com (February 2014)

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Miami Market is getting hot!!

Miami Market is getting hot!!

Miami market is coming back.
In the Miami area, 118 condo towers are planned, including the 41 slated for downtown, according to Condo Vultures data. Downtown, there are 12,100 new condo units and 7,000 new rental units on the way.
The former model for cash financing saw developers relying on debt. But in case of developer Carlos Melo and the now-completed 17-story tower 23 Biscayne Bay, about 90 percent of the owners bought their units as investments and opted to rent them out.
Foreign investors feel more at ease putting their money in the Miami real estate market than in countries with a shakier economy such as Venezuela and Argentina. These buyers’ deposits are increasingly funding construction of many condominium projects and providing firmer financial support, the Wall Street Journal reported.
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shantiai.com

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Loan For 5% Down payment

Loan For 5% Down payment

Banks are making it easier for homebuyers to buy a home with a 5 percent down payment verses higher rates recently. This is a positive trend for those individuals with tight pockets.

Buyers who couldn’t come up with 20 percent or more to put down on their home purchase had to turn to the Federal Housing Administration (FHA) in hopes of securing a low-down-payment loan after the housing market went south.
For buyers, banks are offering loans with a minimal down payment as low as 5 percent and buyers can turn to banks such as TD Bank, Bank of America and Wells Fargo to make their home buying dreams a reality.
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Most homes are purchased in cash last year

Most homes are purchased in cash last year

In South Florida, most home sales last year were cash deals. According to NAR about 45% of single-family home sales and 77% of condo sales were made in all cash, reflecting the heavy foreign presence. More than 90% of sales to foreigners in Miami are made in cash.

Across the state, in last month 66 percent of home sales were cash, compared with the national rate of 40 percent.
Sales of single-family homes in Miami climbed 10.3% during the first three months of 2013 compared with 12 months earlier and prices jumped 23%, according to the Florida Association of Realtors.
With one of the nation’s highest foreclosure rates, South Florida has a large supply of bank-owned properties. Lenders aren’t interested in waiting for traditional buyers to qualify for mortgages, preferring instead to sell to investors paying cash.

Much of the cash buying in South Florida is from foreigners who view condominiums as safe investments. In the past year, large funds have entered the region, buying single-family homes and renting them out for a year or longer.

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Get Best Mortgage Rate Deal

Get Best Mortgage Rate Deal

One of the best ways you can get a good rate mortgage is to improve your credit score before the process actually begins. In addition to paying your bills on time, be sure to reduce your debts (especially those with high interest rates) and keep unused lines of credit open. All of these strategies can improve your score and allow you to qualify for the best mortgage interest rates available. You can check your credit score on sites like FreeCreditScore.com a couple times a year to keep track of any improvements or any areas for improvement.

Even before you start looking for a house, you should get preapproved for a mortgage. This will make you a stronger buyer, because sellers will know you have the financing in place to move forward.

Once you’ve found a good rate, consider locking it in, which you can usually do for no cost, or for a fee that is refunded at closing.

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Demand for Residential Rental Properties is Strong

Demand for Residential Rental Properties is Strong

The demand for rental units appears to remain strong, judging by rental price trends. There are higher residential rents compared to 12 months ago. There have been reports that Millenials (the generation born approximately 1978/9 and subsequently) may be unable or unwilling to participate in homeownership to the same degree as previous generations–based on tough job markets and higher levels of student debt. In the July approximately 52 percent of transactions went to clients aged 35-55 years old. Those aged 20 to 34 and under (that part of the Millenial generation currently of home-buying age) accounted for 26 percent of reported sales and numbered 28 percent of the over age 20 population.
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How to Save $20,000 for a Down Payment in Just 2 Years

How to Save $20,000 for a Down Payment in Just 2 Years

Making the move from renter to homeowner is challenging for nearly everyone, and the highest hurdle for most first-time buyers is saving enough money for a down payment. If your No. 1 priority in the next few years is to become a homeowner, financial experts say you’ll likely need to make some aggressive moves to cut your spending, boost your income, or both.
The National Association of Realtors reported that the national median home price in June 2013 was $199,900 (and prices are rising again). For the purposes of this article, we assume that your goal is to buy a house in two years with a 10 percent down payment of $20,000.

To get started, set a timeline and break up your savings goals, suggests Anna Behnam, an Ameriprise financial advisor in Rockville, Md. To save $20,000 in two years, you’ll need to save $833 a month for the next 24 months.
Create an account that will hold only savings designated for your new home,This can help keep you organized and track your progress.
When you’re saving for a short-term goal, financial experts recommend you stick with a low-risk investment such as a high-yield savings account or a CD. A credit union or an online bank usually offers better interest rates on savings than most traditional banks.

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Homebuilders face rising lot prices

Homebuilders face rising lot prices

New homes could get more expensive in the coming months as a shortage of suitable lots drives up builders’ costs.

In 27 leading markets, the average price of a finished lot ready for building was up 40 percent in the second quarter from a year ago, according to John Burns Real Estate Consulting.

Even steeper increases have hit some markets that have also seen strong gains in home values and demand. Year over year, finished lot values were up 87 percent in San Francisco and Oakland, 75 percent in Atlanta and 70 percent in Las Vegas. The big jumps are “making up for lost ground” during the housing downturn, says David Crowe, chief economist for the National Association of Home Builders.

The higher lot prices may foreshadow higher home prices months from now. Finished lot prices represent almost 22 percent of a new home’s price, Crowe says. Finished lot prices there were up 65 percent in the second quarter from a year ago.

Lot prices have risen fast because of their limited supply, especially in popular neighborhoods, and strengthening demand for new homes. July new-home sales, while down 13.4 percent from June, were still almost 7 percent higher than last year, the Commerce Department says.

Meanwhile, few lots were developed during the home-building downturn that began in 2006. When housing started to pick up, builders got caught short.
Crowe doesn’t expect lot prices to keep growing at their current pace. As developers and builders refill the pipeline, price gains will slow.

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Buying or Selling a Home? Where Are Values Headed?

Today, many real estate conversations center around housing prices and where they may be headed. Some believe rapidly rising prices have created a new ‘housing bubble’. Others believe that the sudden rise in interest rates will impact purchasing power to such a degree that it will force prices downward. There is no lack of opinions and there is absolutely no consensus.

That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.

The results of their latest survey

The latest survey was released last week. Here are the results:

Home values will appreciate by 6.7% in 2013.
The average annual appreciation will be 4.7% over the next 5 years
The cumulative appreciation will be 23.7% by 2017.
Even the experts making up the most bearish quartile of the survey still are projecting a cumulative appreciation of over 13% by 2017.
Individual opinions make headlines. We believe the survey is a fairer depiction of future values.

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Housing Prices

Housing Prices

With house prices increasing across the country, sellers may think they can list their homes at a higher price and adjust if necessary. That may not be a good strategy. This is a post we ran last year by Ken H. Johnson, Ph.D. — Florida International University (FIU) and Editor of the Journal of Housing Research.

Implications for Practice

Sellers as well as Brokers/Agents should therefore be aware of the critical necessity of getting the price correct from the start. Sellers wanting to over list will ultimately take longer to sell and will sell their property for less, on average, according to Knight. Brokers/Agents’ desire to take a listing and get the price right later will ultimately lead to their working harder according to Knight, and they are not doing their sellers any favors. Thus, an initial and detailed analysis of the proper price is much more critical than many originally thought.
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