Several factors are causing a spike in buyer demand (5 pending sales in the last week).

This spike in buyer activity is happening for several reasons…

1)  Peak tourist season (February through April) means visiting buyers are purchasing pied a terre residences while in town (ie Miami Beach condo on 6422 Collins which went under contract on Saturday).

2)  Relocation Season for Single Family Home Buyers is under way (March through late June).  Our listing at 7780 SW 115 Street (single family short sale on 1 acre of land for $449,000) has received an offer and buyer conducted inspections yesterday.

3)  The Federal Home Buyer Tax Credit deadline expires April 30th.  As seen below, buyers will literally get a check from the Federal Government if they go under contract on a new primary residence by April 30th (must close by June 30th).  See more details below from www.IRS.gov.  (applies to First Time and Move Up Buyers)

Q. How much is the credit?

A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009 or early 2010) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 in 2009 or early 2010). Long-time homeowners who buy a replacement home after Nov. 6, 2009, or in early 2010 may qualify for a credit of up to $6,500, or $3,250 for a married person filing a separate return. (11/19/09)

Q. Which home purchases qualify for the first-time homebuyer credit?

A. Any home purchased as your principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before May 1, 2010 (with closing to take place before July 1), to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.

Call Jason Smith at 786-326-8115 to select your new property and take advantage of this tax credit of $6500-$8,000 before the April 30th deadline.

Jason Smith (Broker-Associate)

786-326-8115 cell

www.ShowcaseMiami.com

Keller Williams Realty

(Coconut Grove/Coral Gables Office)

Single Family Home at 3970 Poinciana will sell for thousands more than asking price of $489,000 (2 Bedrooms/2 Bathrooms).  We listed it Thursday evening…9 offers by Monday at 4pm.

For assistance in selling, Call Jason Smith at 786-326-8115

Master Brokers Forum

www.ShowcaseMiami.com

Keller Williams Realty

Coral Gables/Coconut Grove Office

3 Bedrooms /2 Bathrooms in Coral Gables!!

$249,000 (Was purchased pre-construction for $530,000 in 2007)

Cash offers only…$275,000 offer contingent on financing was just turned down because building does not qualify for financing.  Reason…one owner owns more than 6 units in the building.

See link below…

http://sef.mlxchange.com/Pub/EmailView.asp?r=328679172&s=SEF&t=SEF

 Call Jason Smith to view the unit

786-326-8115 cell

It was a busy week.  We have picked up 6 new listings over the last few days.  2 Regular Sales, 3 Short Sales and 1 Rental Listing.  We have 2 short sales that appear to finally be closing this month (13 months since we listed them).  Thankfully, this is an anomaly.  Most short sales take between 3-6 months to close.

 This is the time of year that many agents really look forward to for several reasons…

1)  pent up demand over the Holidays causes increased purchasing starting in mid-January.

2)  South Florida’s peak tourist season is in full swing (buyers from around the world often pick up investment real estate while they are in town en masse between January and April)

3)  Single family home searches begin in ernest in the Spring as buyers guage the market and make offers on homes in early summer.  This allows them to close by the start of the school year thereby avoiding interruption of children’s schooling during the move.

Email Jason@ShowcaseMiami.com to be added to our email list of weekly sales and new listings.

Jason Smith

Broker-Associate

Keller Williams Realty

786-326-8115

The market continues to speed up.  November home sales were up 24% from 2008.  That is just the latest indicator that the worst is behind us.  The past 13 months have shown steadily increasing sales.

Anticipate a very active January through April 2010.  Every year, this is peak season for out of town investors to pick up good values.

3180 Lamb Court, Coconut Grove…

As expected, this listing with has attracted multiple offers.  (3/2.5 in Coconut Grove listed for $399,000)

If you are ready to buy or sell,

Call Jason Smith

Keller Williams Realty

786-326-8115

3180 Lamb Court is a very interesting opportunity in Coconut Grove for the right buyer.  Our sellers purchased this luxury townhome on a cul-de-sac street in Center Grove for $745,000.

Today, a buyer can pick it up for about half that price (short sale).  An inspection by the seller has indicated that there is evidence of Chinese drywall in those areas of the home that have been checked.  Contractors that I have spoken to estimate that it will cost $60,000- $125,000 to take out the Chinese drywall throughout the house and replace with new drywall.

Nonetheless, the property is still an outstanding value for the right buyer looking for upside to flip or hold it long-term. This townhome was built on an extra-wide lot.  Therefore, it has the very open layout (feels more like a single family home than a townhouse).

See MLS link below…

http://sef.mlxchange.com/Pub/EmailView.asp?r=1241636313&s=SEF&t=SEF

Call Jason Smith for viewings

786-326-8115 cell

Wonderful Pinecrest Value (4 Bedroom home in Pinecrest with almost 1 acre of land!)…Only $579K

 At the peak of the market in 2005, acres in Pinecrest sold for over $800,000 for the land alone (no structure).

 Not a short sale or foreclosure…click on link below

7780 SW 115 Street, Pinecrest, FL

http://sef.mlxchange.com/Pub/EmailView.asp?r=1809425888&s=SEF&t=SEF

Call Today for showing

Jason Smith

Broker-Associate

ShowcaseMiami.com

786-326-8115

We just received a full-price offer for a 2 Bedroom/1.5 Bathroom condo in Coconut Grove (3 blocks to Biscayne Bay, restaurants, and shops). 3240 Mary Street, S-309

Also, 1801 Espanola in Coconut Grove (Trophy Property in Coconut Grove…Single Family home with 6,500 square feet under air and over 20,000 of land).  This home was just APPROVED for $1,699,000 short sale (Price is Firm).  This house sold for $2.6 million in 2005.  Extraordinary value on one of the premier streets in sought-after Coconut Grove.

Call Jason Smith

ShowcaseMiami Team

Keller Williams Realty

786-326-8115

Very Good News!

          WASHINGTON – Nov. 6, 2009President Obama signed H.R. 3548 this morning, enacting into law an extension, and adjustment, of the $8,000 tax credit for first-time buyers. Among other things, the extension adds money for certain move-up buyers; creates one deadline for signing a contract and a later deadline for closing; changes income requirements; and limits a purchased home’s cost to $800,000.First-time homebuyers
Most details for first-time homebuyers mirror the rules currently in existence. The maximum tax credit remains $8,000 ($4,000 for married individuals filing separately), and anyone who has not owned a home within three years is considered a “first-time buyer.”

http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

Call Jason Smith to find your dream home!Broker-Associate786-326-8115 cell  

The last 2 weeks have brought a rush of first-time buyers to the market!!

They are looking to select and close on a home prior to the end of 2009 in order to qualify for the $8,000 first-time homeowner tax credit.

As I noted last week in my speech to the Rotary Club at Country Club of Miami,  it is interesting to see how different the markets are within Miami depending on…

-condo or single family

-price point

-FHA allowed or not

-neighborhood

For example, East Dade County single family inventory priced at $250,000 continues to dwindle as first-time buyers and investors compete for those offerings (the bottom of that market occurred 6 months ago).

High-end properties condos AND single family are attracting the buyers looking for value.  However, those buyers feel there is still some room to come down in price.

 As in other market cycles, the best priced offerings continue to generate multiple offers, no matter what the price point.

 Enjoy your weekend,

Jason Smith

www.ShowcaseMiami.com

Keller Williams Realty

786-326-8115 cell