Krystal Tower Miami

July 24th, 2015

Krystal Tower Miami

530 NW 1st CT, Miami, Florida, 33136

Krystal Tower Miami

Experience the height of luxurious living in the heart of Miami where your interest is where you are. Located in the heart of Miami, Krystal Tower Miami offers the, best location, convenience comfort, services and more. Glidden Spina + Partners intricately designed the luxury residence with everything that is expected from a high end, modern building in Miami Downtown.

Krystal Tower Miami

The 35 story building offers only 7 units per floor with a wide array of residential choices that meets you your lifestyle: Luxury 1 and 2 bedroom residences, 1 bedroom, 1 bathroom, 2 bedroom, special 1 bedroom, 2 bathroom plus den residences, Dual-Terrace apartment and topmost penthouse. All units have a private terrace where one can simply enjoy the view of Miami. (Click here to view floor plan)

 

Krystal Tower MiamiKrystal Tower Amenities and Services:

  • Valet service and ample guest parking
  • 24-hour front desk service
  • 24-hour on-site security
  • Fitness center with state-of-the-art equipment
  • Yoga studio
  • Plush theater
  • Special bicycle storage
  • Rooftop pool deck with a Jacuzzi
  • Poolside bar and a firepit
  • Krystal Tower Skylounge: exclusive clubhouse for residents only

 

Take a peek of this one of a kind luxury residence to be completed on 2016. Reserve yours one now while units are still available at Krystal Tower Miami. For more information you may visit their website at www.krystaltower.com.

 

Source: krystaltower.com

Image Credit: krystaltower.com

 

 

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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You Could Spend More Than $9,000 Per Year in Hidden Costs & Maintenance Expenses

July 17th, 2015

You Could Spend More Than $9,000 Per Year in Hidden Costs & Maintenance Expenses

By: Alexa Fiander

 You Could Spend More Than $9,000 Per Year in Hidden Costs & Maintenance Expenses

It’s a common problem: First-time home buyers often focus solely on the sticker price of a house when deciding how much they can afford, and then are shocked by all of the other costs associated with homeownership. However, these extra or hidden costs are often the most stressful part about owning a home.

 

To help buyers better prepare, Zillow and Thumbtack identified a variety of common home expenses — both unavoidable and optional — that often get overlooked during initial budgeting, and calculated what homeowners could spend each year to cover these costs in their area. While these extra expenses might seem small, they quickly add up, costing the average U.S. homeowner more than $9,000 per year.

 

Beyond principal and interest

 

Let’s start with the unavoidable. A mortgage calculator can help you estimate your monthly mortgage payment, but if you’re only calculating principal and interest, then you could be underestimating the actual cost of homeownership. That’s because property taxes and homeowners insurance are added to the monthly payment as well. Additionally, while you pay utilities as a renter, if you’re moving into a bigger house, your heat and electric bills will likely increase.

 

Maintenance costs

 

Home maintenance is another common expense many buyers overlook. Using Thumbtack data, we identified costs for five popular home maintenance projects: housecleaning, pressure washing, yard care, carpet cleaning and gutter cleaning. It’s helpful to know how much these types of projects typically cost in your area so you can plan accordingly, even if you, like many homeowners, prefer a DIY approach for these projects (and if that’s the case, remember to budget for trips to the hardware store to buy a lawn mower or other tools).

 

Location, location, location

 

As with all things real estate, these extra costs can vary significantly by region. In Boston, homeowners can pay nearly $14,000 annually for these combined hidden costs and maintenance expenses — the highest in the markets analyzed. Compare that to Phoenix, where homeowners pay almost half ($7,550) for the same costs.

 

Curious how other areas stack up? Check out the graphic below for a breakdown of the 15 metros analyzed in the report.

Courtesy of: Zillow

Source: zillow.com

Image Credit: zillow.com, moneypet.com

 

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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3 Strategic Moves for Competitive Home Buyers

July 9th, 2015

3 Strategic Moves for Competitive Home Buyers

Brendon Desimone

 3 Strategic Moves for Competitive Home Buyers

If you’re a prospective home buyer who has been making offers for many months without being accepted, it’s time to up your game. After all, while making lots of offers helps you learn about the market, the goal is to actually purchase a home, right?

Once you’ve found “the one” and you’re ready to get serious, it’s time to put your game face on and beat out the competition. Take comfort in knowing that most winning buyers are uncomfortable, nervous and financially stressed out at this point. It’s par for the course, but if you’re in it for the long haul, know that it will all eventually work out.

Here are three strategies for making an offer that sellers will pounce on.

Find out what’s important to the seller and give it to them

You want what the seller has, so you have to figure out exactly what they want — and then deliver.

Find out through the listing agent what their story is. Why are they selling? Have they found a home already? Are they moving out of town? Try to put yourself in their situation and imagine what you would want if you were them.

If you find out that they are in contract to purchase a home, for example, tempt them with a quick and clean sale to ease their stress. Have your inspection and appraisal done in a week, and remove all your contingencies quickly so the seller knows they have a sure thing with you.

If they need to find a new place to live, but must sell their current home first, offer them a “rent back” after the closing. This allows them to stay in their home knowing the money is in the bank, their debt relieved, and they don’t have to move twice or feel under the gun.

Make your loan a non-event

3 Strategic Moves for Competitive Home BuyersBy now you should be working with a good local mortgage professional. Hopefully, this is someone recommended by your real estate agent.

The buyer’s loan is the biggest unknown for a seller. By the time you make this offer, your mortgage professional should have your entire file in place and updated.

If you’ve done this, the only unknowns are the appraisal and the title report, which come later. Be certain that the seller knows you have gone to great lengths to get your loan lined up, and that you are a sure thing. With the input of your mortgage professional and real estate agent, make your offer non-contingent on financing. That way, you are as good as cash. To cover yourself, make sure to order and complete the appraisal early on.

Overpay for the home

For someone who has not experienced and bought a home in a hot market, this probably sounds like the worst advice. But most buyers in competitive markets end up paying top dollar once they are in the drama of a bidding war.

It’s these buyers who have been beaten out over and over that make competitive markets strong, and it’s the nature of the beast. While it’s never good advice to pay more than you should, it’s easy to understand the mentality of the buyer in this situation.

 

Work closely with your agent, determine what price would take you over the edge, and know whether or not you could have an appraisal issue. Many buyers before you have gone through this process, and you got this far for a reason.

 

Buyers in hot markets find themselves in competitive situations because they not only want what everyone else wants, but also what’s in limited supply. While we can never predict what’s going to happen, if you are in the game for the long haul and plan on financing with a 30-year fixed loan, chances are you’ll be glad you made the effort.

 

Source: zillow.com; Photo Credit: andypreston.com, houseflippingschool.com

 

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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4th of July Weekend in Miami

July 3rd, 2015

4th of July Weekend in Miami

Celebrate a festive 4th of July in Miami. Find out where to hang out for the spectacular firework, foods and lots of fun.

 

July 3rd

Broward:
Coconut Creek
Seminole Casino Coconut Creek Fireworks by Grucci of New York
Seminole Coconut Creek, 5550 NW 40th Street, Coconut Creek, FL
9:00 pm                 Fireworks (22 minute show choreographed to the music)

Palm Beach:
Jupiter
Mega Bash at Roger Dean Stadium (also on July 4th!)
Roger Dean Stadium
4751 Main Street, Jupiter, FL
4:30 pm                 Kid’s area opens.
4:30 pm                 Gates open
6:05 pm                 Baseball; Ft. Myers vs. Palm Beach
Post Game            Fireworks and live music.
Admission charged

July 4th
Miami:
Aventura
4th of July Fireworks
Visible from Country Club Drive Aventura, Florida
9 pm              Fireworks
Free

Coconut Grove
Peacock Park Fireworks
2820 McFarlane Road, Coconut Grove, FL
5:00 pm           Events Begin with food, music & children’s activities.
Dark                Fireworks
Free

Coral Gables
4th of July Fireworks at the Biltmore Hotel
Biltmore Hotel, 1200 Anastasia Avenue, Coral Gables, Florida
5:00 pm        Events begin
7:00 pm        Concert
9:00 pm        Fireworks
Free
Click here for parking and other info

Hialeah
Independence Day Celebration 2015
Ted Hendricks Stadium at Milander Park, 14700 Palm Avenue, Hialeah, Florida
5 pm              Events Begin
9 pm              Fireworks and Laser Display
Free

Homestead
Race to the 4th!
Homestead Miami Speedway, One Speedway Blvd., Homestead, FL
6:00 pm         Festival begins with music, food, entertainment and more.
Dark                Fireworks
Free

Key Biscayne
Fourth of July Parade & Fireworks
Key Biscayne, FL
11:00 am      Parade on Crandon Blvd
Dark             Fireworks
Free

Miami – Bayfront Park
America’s Birthday Bash
Bayside Amphitheatre / Bayfront Park, 301 N Biscayne Boulevard, Miami, FL 33132
Noon – Midnight       Samuel Adams Beer Garden
3 pm – 7 pm             Free Kids’ Zone
9:00 pm                   Fireworks Show
Free

Miami Beach
City of Miami Beach 4th of July Fireworks
Lummus Park Beach at 9th Street, Miami Beach, FL
7:00 pm         Music and Entertainment.
9:00 pm         Fireworks
Free

Broward:
Coral Springs
Fourth of July Celebration
Mullins Park 10150 Ben Geiger Drive, Coral Springs, FL
6:00 pm         Food and entertainment.
9:00 pm         Fireworks
Free

Davie
Annual Fireworks Show
Pine Island Park Community Center, 3801 S. Pine Island Road, Davie, FL
4:00 pm         Family activities, Arts & Crafts, Food.
9:00 pm         Fireworks
Free

Deerfield Beach
4th of July Celebration
Main Beach Parking, Ocean Way & SE 1st Street, Deerfield Beach, Florida
1:00 pm          Free Concerts, food and more.
9:00 pm          Fireworks from the International Fishing Pier.
Free

Fort Lauderdale
Fourth of July Spectacular
A1A and Las Olas, Fort Lauderdale, FL
12:30 pm         Festival begins with music, beach games and more.
9:00 pm           Fireworks on the Beach.
Free
More information: Fourth of July Spectacular

Hallandale Beach
Fourth of July Fireworks
The Village at Gulfstream Park 901 S. Federal Highway, Hallandale Beach, FL
2:00 pm         Events Begin
9:00 pm         Fireworks
Free

Hollywood
Fourth of July Celebration
Hollywood Beach, 100 Johnson Street, Hollywood, FL
2 pm – 9 pm   Events in various locations
9:00 pm         Fireworks offshore.
Free
Click here for more information.

Lauderdale-By-The-Sea
Fourth of July Parade & Fireworks
El Prado Park & Town Hall, Lauderdale-By-The-Sea, FL
10:00 am        Parade followed by food & events.
9:00 pm          Firework

Margate
City of Margate 4th of July Celebration
Margate Boulevard and US 441, Margate, FL
9:00 am          Parade
10:00 am        Calypso Cove Pool Party
5:00 pm          Live music, food, activities
9:00 pm          Fireworks
Please click here for more information

Miramar
City of Miramar Fireworks
Miramar Regional Park, 16801 Miramar Parkway, Miramar, FL
7:00 pm         Festivities begin
9:00 pm         Fireworks
Free

Pembroke Pines
Independence Day Celebration & Fireworks Show
Pembroke Pines Recreation Center, 7400 Pines Boulevard, Pembroke Pines, FL
6:00 pm         Family activities.
9:00 pm         Fireworks
Free

Plantation
Star Spangled Independence Day Celebration
Central Park Ball fields, Plantation, Florida
9:00 am        Independence Day Parade downtown.
7:00 pm        Music and more at Central Park
Dark             Fireworks

Pompano Beach
2015 Beach Bash & Fireworks Extravaganza
Main Public Beach, North & South of the Pier, Pompano Beach, FL
12 noon         Beach Bash with music, food & fun.
9:00 pm         Fireworks

Sunrise
4th of July Celebration
BB&T Center, 1 Panther Pkwy., Sunrise, FL
10:00 am         “Spirit of America” Parade & Family Fun Day
5:00 pm          Music, Children’s Fun, Games, Food.
9:00 pm          Fireworks
FREE

Tamarac
All American Celebration
Tamarac Sports Complex, 7700 Block of Nob Hill Road, Tamarac, FL
6:00 pm         Music, Dances, Prizes and more.
9:00 pm         Fireworks
(Parking is limited so use shuttles from City Hall at 7575 NW 88th Avenue)
FREE

Palm Beach:
Boca Raton
Fabulous Fourth
DeHoernle Sports Athletic Complex, 1000 NW Spanish River Boulevard, Boca Raton, FL
6:30 pm             Family activities
7:00 pm             Live Music
9:00 pm             Fireworks
Free

Boca Raton
July 4th Celebration
Sunset Cove Amphitheater, 12551 Glades Road, Boca Raton, Florida
5:30 pm          Family events begin
9:00 pm          Fireworks
(Bring blankets and chairs)
Free

Boynton Beach
Fourth of July Celebration
Intracoastal Park, 2240 N Federal Highway, Boynton Beach, FL
6:00 pm         Kid’s Corner opens
6:00 pm         Live Music and more
8:45 pm         Presentation of Colors and National Anthem
9:00 pm         Fireworks
Park & Ride from City Hall Parking lot (100 E Boynton Beach Boulevard) and Boynton
Beach High School (4975 Park Ridge Boulevard).
Free

Delray Beach
July 4th Celebration
Downtown Area, Intersection of A1A & Atlantic Avenue, Delray Beach, Florida
3:00 pm       Activities and entertainment.
Dark            Fireworks
FREE

Lake Worth
4th of July Fireworks
Lake Worth, FL
9:00 pm       Fireworks

Royal Palm Beach
Royal Palm Beach Commons Park
11600 Poinciana Boulevard, Palm Beach, FL
1 pm – 10 pm   Kids Fun Zone will run from
9:00 pm           Fireworks

Wellington
4th of July Fireworks
Village Park, 1700 Pierson Road, Wellington, Florida
6:00 pm         Entertainment, food, activities, fun
9:15 pm         Fireworks

West Palm Beach
Fourth on Flagler
Waterfront Commons, West Palm Beach, FL
10:00 am       Live music, food and more
Dark              Fireworks

Check out availablecondominium units andhomes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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Centro Loft Miami

July 2nd, 2015

Centro Loft Miami

Centro Loft Miami

151 SE 1st St, Miami

 

Centro Loft MiamiCentro is a Spanish word meaning center. Having everything is possible when you are at the center of downtown where everything is at its reach. It has convenient location and stylish home at the best value by Centro Lofts Miami. The renowned Seiger-Suarez Architects is making another masterpiece in the heart of Miami and is projected to finish this fall of 2015.

 

Centro Lofts is located nearby government offices and  close to Miami’s favorite destination – Miami Riverfront, Bayfront Park and Bayside Marketplace, Biscayne Bay, The American Airlines Arena, the upcoming new Museum Park, and the Arsht Center for the Performing Arts. The 37 floor establishment features 350 loft-style apartments with open floor plan, minimal walls, and Floor-to-ceiling windows for a perfect view of the city.

 

Centro Loft Unique Characteristics:

Design inspiration by Yves Béhar of fuseproject

Connected, accessible downtown living

Sustainable and environmentally conscious

Anchor restaurant

First dedicated car2go hub in Miami

One block from the upcoming Whole Foods Market and movie theater

Pet friendly

Centro Loft Features:

Bicycle lending program for residents

Eco-friendly technology

Full service valet parking

Ground-level restaurant and retail

High-speed controlled elevators

Outdoor pet area with access controlled entry and exit

Residents-only club room for gatherings and events

Pool deck

State-of-the-art private gym facilities with spa area, cardio and weight-training equipment

Twenty-four Hour reception desk

Two-Story Penthouse Recreation Area

Decorator ready designs with finished bathrooms & kitchens

Energy-efficient stainless steel kitchen appliances

Italian designed kitchen and bathroom cabinetry

Loft-style floor plans with minimal walls or room separations

Modern light fixtures

Sound-reduction floor-to-ceiling windows

Centro Loft Miami

 

This is the best investment for you at a valued price. Get your unit now while available units are up. For more of Centro Loft information, you may visit their website.

Source: centromiami.com, miamicondolifestyle.com
Image Credit: worldpropertyjournal.com; mnmcompanies.com

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

 

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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Millennials Are Ready to Buy Their First Homes, but Challenges Await

June 25th, 2015

Millennials Are Ready to Buy Their First Homes, but Challenges Await

By: Cicely Wedgeworth

 Millennials Are Ready to Buy Their First Homes, but Challenges Await

First-time home buyers are back, baby—but a new wave of these (mostly) millennial prospectors is more likely than other buyers to face certain obstacles to nailing the deals, a new survey of our users shows.

 

According to the latest existing-home sales report by the National Association of Realtors®, first-time buyers in May represented 32% of all sales, up from 30% in April and 27% a year ago. On realtor.com®, we’ve been seeing record traffic all year, and among serious house hunters, the share of 25- to 34-year-olds—the upper reaches of the millennial generation—has substantially increased.

 

“This is the beginning of millennials now seriously getting into the home-buying market,” said Jonathan Smoke, our chief economist, during a panel discussion on Wednesday at the National Association of Real Estate Editors conference in Miami. The topic was “Mortgage Availability for Millennials and Other First-Time Buyers.”

 

“This age range historically is the critical time frame in which most people buy their first home,” Smoke said after analyzing a survey of more than 12,000 site visitors  from Jan. 1 through June 15. “Even last year, when the first-time buyer segment was depressed, 25- to 34-year-olds still represented the largest single age demographic of buyers.”

Millennials Are Ready to Buy Their First Homes, but Challenges Await

In January this year, about 54% of these older millennials said they were planning to buy a home within three months. By mid-June, that figure was 65%. In addition, older millennials and first-time buyers are more optimistic than the average buyer, saying that they are “very likely to purchase within the next 12 months.”

 

But these buyers are more likely than typical buyers to struggle to find a good house within their budget, to gather funds for a down payment, and to improve their credit score.

 

Struggling to qualify for a mortgage

 

For example, only 3% of prospective buyers report that difficulty qualifying for a mortgage is an impediment, but 65% of them are under 45. Smoke did an in-depth analysis of these buyers with mortgage difficulties.

 

“It’s not just millennials, but also young Generation Xers,” he told the audience in Miami.

 

Would-be buyers who report that they’re having a hard time getting a mortgage are 60% more likely to be first-timers. They have been trying to buy for quite some time—probably because they haven’t been able to qualify for a loan. In fact, 25% report that they started looking to buy more than a year ago, which is 50% higher than the typical buyer.

 

Here are the key impediments that they face:

 

60% cite needing to improve their credit score, the No. 1 issue for this type of buyer; that rate is almost 7 times that of the typical buyer.

52% cite lacking funds for a down payment.

39% say they cannot find a good house in their budget.

15% cite being on a lease, which is 2.5 times that of the typical buyer.

Despite the challenges, these would-be buyers clearly aren’t giving up—they are 85% more likely to say that they plan to buy even if it takes a year or more.

 

Source: realtor.com

Image Credit: Flickr.com

 

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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New Housing Headwind Looms as Fewer Renters Can Afford to Own

June 19th, 2015

New Housing Headwind Looms as Fewer Renters Can Afford to Own

New Housing Headwind Looms as Fewer Renters Can Afford to Own

By: Nick Timiraos

 

Last decade’s housing crisis could give way to a new one in which many families lack the incomes or savings needed to buy homes, creating a surge of renters and a shortage of affordable housing.

 

The latest problem looks very different from the subprime mania of the early 2000s, but it shares one trait: Policy makers in Washington appear either unaware or unwilling to do much about it.

 

The U.S. homeownership rate is below where it stood 20 years ago when President Bill Clinton launched a national campaign to encourage Americans to buy homes. Conventional wisdom says the rate, at 63.7%, is leveling off to where it was for decades before the housing-market peak.

 

But this is probably wrong, according to research from the Urban Institute, which predicts homeownership will continue to slip for at least 15 years.

New Housing Headwind Looms as Fewer Renters Can Afford to Own

Demographics tell the story.

 

Urban Institute researchers predict that more than 3 in 4 new households this decade, and 7 of 8 in the next, will be formed by minorities. These new households—nearly half of which will be Hispanic—have lower incomes, less wealth and lower homeownership rates than the U.S. average.

 

The upshot is that fewer than half of new households formed this decade and the next will own homes. By contrast, almost three-quarters of new households in the 1990s became homeowners.

 

The downtrend would push homeownership below 62% in 2020, and it would hold the rate near 61% in 2030, below the lowest level since records began in 1965.

 

The declines reflect a surge of new renter households, which is boosting rents. Together with tougher mortgage-qualification rules, this will leave households stuck between homes they can’t qualify to purchase and rentals they can’t afford, says Ron Terwilliger, who spent two decades running Trammell Crow Residential, one of the nation’s largest apartment developers.

 

As rent takes a larger share of income, families could face greater challenges in saving for a down payment. This could restrain a housing market that has failed to provide any real lift to the economy in the current expansion.

 

Not everyone, however, shares such a pessimistic view.

 

The decline in homeownership during the past year reflects a surge in new households, a positive development for the economy. For now, these people are renting, but some economists say rising rents will make homeownership look attractive.

 

Economists at Goldman Sachs say demographics ultimately could be a tailwind. They noted in an April report that even though Hispanics, for example, have lower homeownership rates than non-Hispanic whites, those rates have been rising for the past four decades. They see the homeownership rate stabilizing next year after it falls to 63.5%.

 

Housing construction is sure to rise as the millennial generation, about 75 million Americans born between 1981 and 1997,comes of age and leaves the nest. But Laurie Goodman, one of the Urban Institute researchers, says these households have less wealth than previous generations.

 

While the U.S. is on course to add almost 400,000 apartments this year, the vast majority of these are luxury rentals for young, urban professionals, says Mr. Terwilliger. This leaves a shortage of more-affordable supply.

 

One concern, he says, is that ownership simply will climb out of reach for some because of cost, particularly as interest rates rise.

 

A related concern is that qualified households will be unable to move from renting to owning as housing-cost burdens, slow wage growth and student debt make it more difficult to cobble together even a modest down payment.

 

“America is blissfully unaware of this,” says Lewis Ranieri, the financier who co-invented the mortgage-backed security, which allowed large numbers of baby boomers to become homeowners beginning in the 1980s. “We’re rapidly running to a crisis in less than 10 years.”

 

By contrast, Social Security receives far more attention from politicians even though it isn’t projected to run out of cash until the early 2030s.

 

Some fear that, as in the early 2000s, Washington will address a housing-cost crisis by pushing some households to buy homes before they are financially ready. That is less likely today because lenders are being far more careful about qualifying borrowers for a mortgage.

 

What’s to be done?

 

Given budget pressures, it may not be realistic to expect the government to spend more money on housing than it already does. Thus, the focus now should be on reallocating what already is committed, says Mr. Terwilliger, a Republican who this month formally will launch a foundation designed to start these conversations.

 

His goal is legislation after the 2016 election that would realign housing policy with the shifting dynamics.

 

The U.S. commits about $200 billion annually to housing, largely through tax breaks. Nearly three-quarters of that goes toward homeownership, and the biggest piece—almost $100 billion annually—is the mortgage-interest deduction.

 

According to the Congressional Budget Office, the wealthiest 20% of households, those earning more than $160,000 annually, receive 75% of the total tax benefit. Many homeowners don’t directly benefit from the deduction because they don’t itemize their tax deductions.

 

Given the failures of housing policy during the past two decades, Mr. Terwilliger says the U.S. must rethink providing the most generous federal housing assistance to the well-housed and the well-to-do. Instead, the government should refocus the existing subsidies on helping young families save to purchase a home, he says.

 

Curbing the interest deduction also could free up funds for the rental side, where the government could boost the use of low-income housing tax credits that entice developers to build or renovate more affordable housing units.

 

Politically, none of this will be easy. Some will say it is a zero-sum game—helping renters at the expense of owners.

 

Not so, says Mr. Terwilliger. If renters can’t ever become homeowners, who will buy those homes when today’s homeowners need to sell?

 

 

Source: realtor.com

Image source: realtor.com;edmontonjournal.com

 

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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Miami Film Month 2015

June 12th, 2015

 

 Miami Film Month 2015

Miami Film Month 2015

June is Miami Film Month for its third year celebration. This event is organized by Greater Miami Convention & Visitors Bureau (GMCVB) in celebration of film and Miami’s place in the world of film. See the wondrous place of Miami in film on the whole month of June for $8 or free.

 

The Miami Film Month is one of the programs designed to promote local business and spread the word about the city along with the other successful programs including Miami Spice Restaurant Month, Miami Spa Month, Miami Museum Month, Miami Attractions Month, Miami Romance Month, Shop Miami Month and Miami Live Music Month.  The Miami Film Month program allows engagement of local community playing an important role in economy and tourism.  There will be six local movie art houses that are offering movie tickets for just $8. Below is the list of participating cinemas and links for the printable coupons.

 

5030 Brunson Dr., Coral Gables

Tel. 305-284-4861

www.cosfordcinema.com

 

(The coupon is good only for regular screenings Monday through Thursday.)

260 Aragon Ave., Coral Gables

Tel. 786-385-9689

www.gablescinema.com

1130 Washington Ave., Miami Beach

Tel. 305-673-4567

www.mbcinema.com

9806 NE Second Ave., Miami Shores

786-565-3456

www.o-cinema.org

 

1508 SW Eighth St., Miami

Tel. 305-643-8706

www.towertheatermiami.com

 

90 NW 29th St., Miami

Tel. 305-571-9970

www.o-cinema.org

Other exciting happenings for the Miami Film Month 2015:

  • Bus tours that offer a behind-the-scenes look at locations where famous movies were filmed
  • Film Tour (June 29,2015)
    11 a.m. – Film tour featuring Jaie Laplante, executive director of the Miami International Film Festival and Jessica Huppert Berman, Two Much post-production coordinator

          1 p.m. – Screening of Two Much with Antonio Banderas, Melanie Griffith and Daryl         Hannah at Bill Cosford Cinema (free, no ticket required).

  • Film festivals

In honor of Miami Film Month, the GMCVB also celebrates 16 film festivals that have helped establish Miami as a prime destination for filmmakers and film lovers alike, including the Miami International Film Festival, Miami Jewish Film Festival, Miami Gay & Lesbian Film Festival, DocMiami International Film Festival, and Brazilian Film Festival, to name a few.

The Miami Short Film Festival (Dec. 5 – 12, 2014) will host a special cocktail reception and screening of short films that spotlight important Miami filmmakers starting at 7:30 p.m. June 25 at Paragon Cinemas 13 in Coconut Grove. Tickets are available at www.MiamiFilmMonth.com.

  • Free movies

A number of other venues around town are showcasing free movies during Miami Film Month:

The Actor’s Playhouse at the Miracle Theatre in Coral Gables will play Something’s Gotta Give, featuring Diane Keaton and Jack Nicholson, as part of its film series. Showtimes are 8:30 p.m. June 28, and 5 p.m. June 29. Free tickets available at www.actorsplayhouse.org.

Kids can enjoy free movies at the Paragon Theater in Coconut Grove at 10 a.m. Tuesday, Wednesday and Thursday through Aug. 14. Seats are limited. Admission is on a first-come, first-served basis. Films include Epic June 24-26. For more information, visit www.paragontheaters.com.

The Miami Jazz and Film Society will present a free screening of The Heart of the Game, a documentary film about the Roosevelt Roughriders girls basketball team, at 6:15 p.m. Tuesday, June 24, at the African Heritage Cultural Arts Center, 6161 NW 22nd Ave., Miami. For information, visit www.miamijazzsociety.com.

New drive-in for Coconut Grove

While this is not part of Miami Film Month, we couldn’t let it go by without mentioning.

The Blue Starlite Mini Urban Drive-In will celebrate its grand re-opening with a new location behind the Coconut Grove Playhouse at 3500 Main Hwy. On tap: Marx Brother’s The Cocoanuts (shot in Miami) at 8:45 p.m. July 14, followed by the 1988 cult classic remake The Blob at 10:15 p.m. (part of the drive-in’s “Weird in Miami” series on Monday nights).

Prices range from $8 to $45, depending on the package. Go to http://www.miamiurbandrivein.com/

 

Sources : Miamiherald.com and.miamiandbeaches.com

 

So if you are looking for a great way to enjoy Miami get involved in this enjoyable event. For more inquiries you may visit their website.

 

Check out available condominium units and homes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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Hurricane Season 2015

June 5th, 2015

Hurricane Season Advisory

Hurricane Season 2015

Hurricane Season 2015

South Florida home prices still rising — but not as quickly

June 4th, 2015

South Florida home prices still rising — but not as quickly

By: Nicholas Nehamas and Kevin G. Hall

 South Florida home prices still rising — but not as quickly

Chicago home buyer Maria Casillas drags her two kids from one prospective home to another, surprised to learn that most everything desirable in her price range is quickly gone. Working-class neighborhoods across much of the country are seeing bidding wars between buyers.

 

The same holds true for South Florida, according to reports released Thursday. In Miami-Dade, where the real-estate market is fueled by foreign cash, the median sales price for a single-family home rose 7 percent between April 2014 and April 2015, growing from $243,000 to $260,000. In Broward, the median sales price for a single-family home grew 5.3 percent, reaching $287,500 in April 2015, up from $273,000 in April 2014.

 

“There’s a lot of frustration from buyers because there are so many of them on the market,” said Liza Mendez, a former president of the Miami Association of Realtors. “Rental prices are going up, so if you can afford to buy, it makes more financial sense.”

 

Nationwide, the price trend is making housing less affordable for many Americans, who saw wages grow by just 2.6 percent since April 2014. The midpoint price for a home in the United States rose by 8.9 percent between April 2014 and April 2015, to $219,400. That’s more than four times faster than average hourly wage growth. The median home value is now just $2,500 shy of the 2006 peak.

 

“It’s like everyone is coming out to get a house,” lamented Casillas, 33, as her fiancé, David Herrera, inspected the closets of homes they both feel are too small.

 

“It’s getting pricier,” said Robert Shiller, the Yale University economist who created the Case/Shiller Home Price Index and changed the way home prices are tracked.

 

While nowhere near the boom that preceded the bust in 2008, the price increases seem incongruent, Shiller suggested.

 

“We do see nationwide an increase in home prices, and I don’t know if things are better. This boom has negative color to it,” said Shiller, expressing concern that bid wars often reflect a lack of available housing in the most-desirable neighborhoods.

Mendez said listed properties can receive several bids at full price, meaning sellers will then shop around for even better offers.

“South Florida is a hotbed for bidding wars right now,” she said.

Overall, home values in South Florida are up 40 percent since the economy began recovering in 2012, one of the fastest rates of growth in the nation. Inventory is especially tight in Miami-Dade, where there is little land left for new construction but a daily influx of new residents.

 

In Miami-Dade, there are enough single-family houses on the market to last for 5.1 months, down from 5.5 months at the same time last year, according to Thursday’s report. That’s a 7.8 percent decline.

 

“There’s a lot of demand at the lower end of the market from single people, young couples and young families,” said Ron Shuffield, president and CEO of EWM Realty International.

 

Houses under $300,000 have experienced an 18 percent price increase in the last year, and there is only a 2.4-month supply of such houses in Miami-Dade. “You’re going to have double-digit appreciation when the inventory is that low,” Shuffield said.

 

The price increases have put a major squeeze on affordable, workforce housing, especially near the urban core. Local leaders have called the lack of affordable housing a “crisis.”

 

Nearly two out of every five working-class households in Miami spend at least half of their income on housing, according to the Center for Housing Policy in Washington D.C. That was tied with Los Angeles for the highest percentage in the nation.

 

Historically, home prices nationwide have averaged 3-4 percent growth annually with little risk for owners. In the mid-1990s, home prices began soaring to above 13 percent annual growth, before collapsing in 2008. It’s an open question as to whether housing reverts to historical growth rates.

“I think it’s overwhelmingly likely that’s what’s going to happen,” said Austan Goolsbee, a University of Chicago economist and former top adviser to President Barack Obama.

 

Addressing the Society of American Business Editors and Writers in April, Goolsbee expected more home rental, lower ownership rates and continued tight lending standards.

 

If that’s true, the sharp spikes in home prices in some parts of the nation could mean trouble.

 

Real-estate valuation firm Smithfield & Wainwright warns that at least 14 states and the District of Columbia may be experiencing inflated prices like those that preceded the U.S. financial crisis. (Florida was not among them.)

“You’re starting to get a disconnect,” David Macpherson, the company’s chief economist, said of rapidly rising prices in some markets.

 

His company compares home sales price data from the Federal Housing Finance Agency to the cost of renting a home or replacing one in areas across the country. When the sales price exceeds by 10 percent or more either the cost of renting or replacing a home, the valuation firm argues, it signals a potential price bubble that could burst.

 

“The banks are exposed and the homeowners are exposed because they both have a false feeling that the house is worth that amount of money. And that’s false equity,” warned Hogan E. Copeland II, chairman of Smithfield & Wainwright. “The equity they think they’ve built up in their home may prove ephemeral.”

 

During the first quarter of 2007, before the national home-price bubble burst, sales prices nationally were 39.7 percent higher than the cost of renting. In the first three months of 2015, sales prices were about 8 percent above the cost of renting, under Smithfield & Wainwright’s 10 percent “danger zone” but approaching it.

 

The states with prices 10 percent or more above the cost of renting or replacing a home are Alaska, Arizona, Colorado, Idaho, Louisiana, Massachusetts, Minnesota, Montana, North Dakota, Oregon, South Dakota, Utah, Washington and Wyoming, along with the District of Columbia.

The data should be viewed as an “early-warning system,” said Copeland, since it implies that lenders and government-controlled mortgage titans Fannie Mae and Freddie Mac might be exposed to losses if homes are selling for more than they are really worth and prices correct.

“If it looks like a bubble and acts like a bubble then it is a bubble,” Copeland said.

 

If homes are overvalued, homeowners who refinance at the peak will find their mortgages underwater after the bubble bursts, Copeland added.

The escalating prices are “certainly an indicator that things are trending in the wrong direction,” Macpherson said. “In the long run, home prices shouldn’t be growing at a faster rate than income,” he said.

 

But Shuffield said that price jumps were a result of the market making up the ground lost during the recession.

“We were giving away property in 2007 and 2008,” Shuffield said. “Prices were slashed during the foreclosure crisis.” He said he expects prices to grow at a more stable and sustainable rate over the next 12 months.

“We’ve returned to a normal market now,” he said.

 

PRICES RISE AS VOLUME SLIDES

The volume of sales for existing homes in Miami-Dade County dropped slightly in April 2015 compared to April 2014, dragged down by a lack of interest in older condos as new luxury towers pop up on the beach and across the downtown area.

But prices still rose last month in Miami, and the market in Broward County made gains in both home sales and values, according to reports released Thursday by the Miami Association of Realtors and the Greater Fort Lauderdale Realtors.

 

In Miami-Dade, sales for single-family homes were up 8 percent in April 2015 compared with the same month last year. But a 6.8 percent year-over-year drop in condo resales meant that combined Miami-Dade residential sales hit 2,698 last month, compared with 2,712 a year ago, a decline of 0.5 percent.

 

Currency crises in Latin America and Europe have hurt the ability of foreigners to purchase condos in Miami. Foreign buyers usually conduct their transactions in cash, and the number of cash sales fell to 51.9 percent of total sales in April 2015, down from 59.3 percent in April 2014.

But prices were up for both single-family homes and condos, especially in the single-family market where inventory is tight.

In Miami-Dade, the median sales price for a single-family home hit $260,000 in April, up from $243,000 in April 2014, a 7 percent gain. The median sales price for a condo rose less aggressively to $199,000, up from $193,000 a year ago, a 3.1 percent gain.

 

In Broward, home sales and values both went up.

The median sales price for a single-family home grew 5.3 percent, reaching $287,500 in April 2015, up from $273,000 in April 2014. Condo prices were up 4.8 percent, hitting $125,700 last month, compared with $120,000 in the previous year.

 

Overall sales also grew year-over-year, increasing by 7.7 percent, with growth driven by sales of single-family homes.

Nicholas Nehamas

 

Source: miamiherald.com

Image source:nononsensere.com
Read more here: http://www.miamiherald.com/news/business/article21641628.html#storylink=cpy

 

 

Check out availablecondominium units andhomes in Miami. Contact Ralph Magin, your trusted real estate agent, at 305-935-2696 or visit www.ralphmagin.com for real estate inquiries.

 

Ralph Magin, GRI, CRB – Keller Williams Elite Properties
Broker Associate – 35 Years Experience
305.935.2696 Fax 305.328.9267
RalphMagin@yahoo.com- www.RalphMagin.com

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