I listed PH4 at the 7000 Building in Williams Island and in less than a week it was under contract for almost full price. If you price it right it will sell ! Whereas another penthouse in the building has been on and off the market since 2004 starting at $3.1 million to now $1.750 million.

When a Listing is on the market for a long period of time, it becomes stale. PH4 pictured below was listed for $1,495,000 and sold for $1,485,000 in less than a week, this was a cash transaction and an International Buyer. The seller was realistic in his asking price and the Buyer recognized its great value and therefore paid almost list price. If a Buyer sees value and you price it right from the start you have a great chance of selling it quicker.  Pricing is an important factor especially in today’s real estate market.

For real estate information on your condo or home, contact me anytime.

As a follow up to my recent real estate blog illustrating the Broward County 8 yr. real estate inventory, here is the 8 year graph of the Miami-Dade County single family market. This is a great illustration to truly understand the market, as you will see Miami-Dade and Broward Counties have similar graphs but keep in mind this is a summary of all the single family inventory and all price ranges in Miami-Dade county.  To completely understand the market, you need to remember the market is “Community Specific”, “Area Specific” and/or “Building Specific”, in other words you cannot compare one community to another as well as water v.s. non-waterfront.  Every city, community and subdivision is different and to get real specific information about communities such as: Golden Beach, Aventura, Sunny Isles, The Point of Aventura, One Island Place and Presidential Estates we would need to dissect them individually.

If you would like to get real estate stats on your community, feel free to contact me.

New Mediterranean custom built single-family waterfront home is Island Estates, a private island community in Aventura, Florida.  Residences boasts more than 6,700 square feet of luxury, 6 bedrooms, 8.5 bathrooms, convertible loft, elevator, fireplace, gourmet kitchen and wine/wet bar are among the features.  Expansive waterfront views, French doors leading to terraces, heated pool/spa and summer kitchen set the scene for casual gatherings.  Offered at $5,900,000.

View all active active listings in Island Estates Aventura Florida.

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Two more homes sold this month in Hollywood but these were shelled (no kitchen, baths or flooring only walls), however this goes to show you that there’s a right buyer for every property when the property is priced right, “It only takes one Buyer”. Both of these properties were “Short Sales” and both were cash transactions.

4008 Jefferson Street in Hollywood Hills closed yesterday June 10th, 2009 for $262,500.  The previous builder/owner of the home never finished the construction and owed approx. $700,000

1345 Adams Street in Hollywood Lakes closed on June 5th, 2009 for $250,000.  The previous owners owed approx. $600,000.

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Short Sales in South Florida require a lot of patience, time and energy but when all parties collaborate it can be beneficial to all involved. Below is an outline of some basic but imperative steps to follow that have demonstrated to be beneficial for me in overcoming some of the many obstacles short sales present.

South Florida Short Sales – The Sellers side:

1. Be patient, diligent, organized and persistent
2. Whatever you do, do NOT avoid your lender. Be frank with them about your situation
3. Keep open lines of communication with your listing agent and real estate attorney as they will play key roles in moving the process along
4. Gather the following:
   • Last 2 years Tax returns
   • Copies of most recent Bank Statements for all your accounts (3 months to be safe), proof of income and assets
   • Write a Hardship Letter, a letter explaining the reason behind your current financial situation with supporting documents such as medical bills, death certificate, divorce decree, etc.
   • Give your lender authorization to speak with your Realtor and Aventura real estate attorney
5. Execute a sales contract on your South Florida property (Most important part of a short sale)
6. Have your attorney prepare an Estimate of Closing Costs in the form of a HUD 1
7. You are now ready to send a complete package to your lender with all of the above mentioned. (There is no such thing as a pre-approved “short sale”, if there is no sales contract there is nothing to discuss)

Short Sales in South Florida – The Buyers side:

1. Be patient, diligent, organized, persistent and ready to close.
2. Keep open lines of communication with your Realtor and attorney as they will play key roles in moving the process along.
3. Present a clean typed out offer with no financing contingency and with all the required addendum’s. Make the best and strongest offer you can make. Remember there are multi-levels of approvals and conditions are usually required.
4. Have your attorney review the contract and estimated HUD prepared by the Sellers attorney.
5. Have a licensed Home inspector inspect the subject property.
6. Have your Realtor provide a letter outlining your strengths as a Buyer and furnish data concerning current market conditions.

Short Selling A Home In South Florida – Make Sure It’s Complete

It is very important to send a complete package because missing information will delay the processing of your request. Keep in mind that lenders are overwhelmed and they look at thousand of files and will only grasp the packages that look well put together and are likely to close. You have to make a strong case by having your Realtor submit a comparative market analysis including market conditions. Remember Lenders are not in the business to own real estate.

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