Miami Real Estate Blog

We recently sold a listing of ours and had to do certain things that go beyond the duties of a real estate agent.  It's what Rick and I are about, we go beyond our duties, do it to help our real estate customers, do it gladly and with no regrets.

Scenario - one of the contract conditions by the buyer was that everything be removed from the garage, including an old refrigerator.  The sellers had already moved out of town, agreed to clear the garage the weekend before the closing and the garage would be ready by the walk-through date.  The closing was scheduled for 2:00 PM one afternoon and the walk-through would be done the same day at 11:00 AM.

During the walk-through, we discovered that the old refrigerator was still there.  The seller was too busy to do anything about it and asked Rick to dispose of it.  Rick gladly agreed (he could dolly the refrigerator to the alley and Public Works would agree to pick it up).  Rick went to the property that same evening and disposed of the item as planned.

During the closing, both buyer and seller exchanged phone numbers in case they had questions about the home.

A few days after closing, we received a call from the buyer's agent saying that the buyer had found that the loft area inside the garage had not been cleared.  No one had climbed up to the loft and this was missed during the walk-through.  The agent was demanding that this be taken care of ASAP.

Many things went  through my mind at the time including:

1. Removing these boxes would take a total of 10 minutes - it was not a big deal for the seller or the buyer.
2. Why didn't the buyer contact the seller?
3. It is such a minor request, should we take care of this to avoid animosity?

Our real estate customers expect certain things of us as professionals, and we are happy to exceed those expectations, but where do you draw the line?  Maybe if we did not go above and beyond, we would not have to worry about trivial things like this.  We are real estate professionals, but the bottom line is that we are not movers, we are not messengers, we are not a cleaning service.  We are happy to coordinate many services for our customers but this DOES fit into the "extra duty" category.

What happens when a good friend wants to sell their home but you know they will lose money if they sell now?  Just last week we were invited to do a listing presentation by friends and neighbors.  As soon as we pulled their tax information we knew they would loose money with this transaction.

We hoped there was a discrepancy in the tax roll with regards to the size of the house, we hoped they had not put a lot of money into it, we hoped we had made a mistake and could give them the information they wanted to hear. 

Although their house ended up being 200 square feet bigger than the tax roll shows, we did what any ethical real estate agent would do, we presented reality.  Reality that would not be welcomed and would be combated with objections.

These people bought at the height of the real estate market, at the end of 2005.  They paid top dollar for the house and spent over $100,000 in improvements.  The house is in a great location, shows beautifully, but someone would have to pay way above market value for them to break even.

Above market value is not very common in a "buyer's market", above market would mean the house would not appraise and any offer with financing contingencies would have to be re-negotiated, due to the fact that no bank will loan money above the appraisal value.  We have not encountered anyone willing to pay above market in a buyer's market.

Here are some of the objections we heard:

• We have sold 4 properties and all four were listed way above market value and we got what we wanted.  (when asked when this occurred, it just happened to be during the height of a sellers market)
• We understand it is a buyer's market, and don't think marketing does much when selling a property, what works is aggressive selling.  (Don't aggressive selling and aggressive marketing go hand in hand?).
• House X, 2 blocks away is listed for a lot more and it doesn't even compare to ours (I agree it doesn't compare, but it has also been listed for 8 months with 3 price reductions).

It all boils down to understanding the current market.  We know the 2 other agents that will be interviewed will be willing to price the house at whatever the sellers want.  That listing would benefit us tremendously, but it could also hurt not only our reputation, but our friendship.   As creative as we may be, we consider this a lost case and can only wish them luck and hope the agent chosen does not do them a disservice.

If you bought a property in 2005, it is very likely that you paid top dollar, since it was the top of the seller's market.  Your only option might not be to sell, consider renting the property.  Renting may not cover your costs, but you may loose less money by renting now than selling.  Prepare different scenarios with the help of your real estate agent, do the numbers and you will figure out what works best for you.   Be objective when considering all facts, including average time to sell a home in your market, amount of inventory, closed sales and marketability of your property.

For any questions about South Florida real estate and market conditions including Miami and Miami shores, please visit RICK & INES at http://www.yourpropertypros.com/ www.miamism.com

I had to write this post to not only thank Jeff Turner for recommending such a great camera, but to show you hands on what this little camera is capable of.  Just in case some of you don't know, Jeff is the president of Real Estate Shows (a great tool to showcase your listings to your customers and on your websites - take a look at a show I did to test his product).

So here was my dilemma. I am always looking for ways to improve our marketing and I have a great camera (a Lumix, made by Panasonic), which takes unbelievable photos and has a great optical zoom, etc. etc. etc. and have the ability to purchase a wide angle lens for those smaller spaces or difficult angles.  I visited Jeff's website and saw he recommends a tiny little camera that has an ultra wide lens.  I could not believe my eyes when I saw the price ($220.00)!!  And then Jeff writes on how easy it is to use it.  The lens alone for my camera would cost over $400.

So I said, what is there to loose, I am going to trust Jeff's judgment and will buy the camera to test it out.  Take a look at these amazing shots -which I took quickly without prepping or fixing and before even reading the manual.

In this kitchen shot I am standing in the same exact spot without even moving the camera.  The first shot is taken with the normal lens and the second with the wide angle - talk about a difference!!

This is a narrow cabana bathroom.  Again I am standing in the same exact spot without moving the camera and look at the improvement of the second shot.

And lastly, I wanted to do an exterior shot to show you the endless possibilities when it comes to showcasing your properties.

What else can I say but WOW!! and THANK YOU, THANK YOU JEFF!  ...and ultimately THANK YOU ACTIVE RAIN (without Active rain, I would have never learned about Jeff, his services and this great camera).

I received the camera last night and first I had to share with you, now I am running out the door to go take more photographs of our listings. 

This is a true story and I don't know whether to laugh or just shake my head back and forth in disbelief.  The intention of this story is not to point a finger and laugh, but to hopefully educate some agents into doing their due diligence and getting information about their listings.

I have been working with a buyer looking for a home near her place of work.  We have seen all kinds of properties within her price range, from the highly overpriced and meticulously maintained to the highly overpriced dumps waiting to fall apart.  Last week we walked into a really cute house that has been completely remodeled:  new roof, new electrical, new windows, new porcelain floors, new Berber carpets, new honey maple kitchen cabinets with granite tops and new appliances, knockdown finish on all walls and ceilings, new doors and hardware and freshly painted......an immaculate property.

Needless to say, my customer tells me she would like to submit an offer and would like to know one thing, where are the hurricane shutters to the windows?

I called the agent to ask the question and he said that the house did not require shutters because it was built in the 50's.  I explained that South Florida Building Code (SFBC) requires shutters for every new window unless they are impact resistant.  He proceeded to tell me that SFBC does not apply because the house was built in the 50's. I explained that anytime you pull permits to do work, the work must be completed as per code, no matter what year the house was built.  The agent then says, "Oh...so your people are big on permits".

I had to pick up my jaw from the ground in AWE - I said to him, " I hate to be waving a HUGE red flag in front of your face right now, but if all that work was done without permits, you better be disclosing that."  He paused for a few seconds and said, "Before I continue, let me check on these questions with the seller and I will get back to you."

I find it so sad that there are agents out there that kill deals before they even have a chance because of ignorance.  I don't expect real estate agents to be South Florida Building Code Proficient, but at least know whether or not the major renovation job performed on one of your listings was done with permits.

THERE HAS BEEN AN IMPORTANT UPDATE SINCE I POSTED THIS ARTICLE - READ MY UPDATE BELOW.

MY PEOPLE ARE BIG ON PERMITS -  PART II

Finally some great news for Florida - Business 2.0 Magazine ranked the country's strongest real estate markets and 3 Florida cities made it to the list!  Woo Hoo!  Number one used to be my weekend stompping ground my first year of college at Florida State University, what beautiful beaches! 

Here's the list:

1. Panama City, FL
2. Vero Beach, FL
3. Bridgeport, CT
4. Lakeland, FL
5. McAllen, TX
6. San Luis Obispo, CA
7. Wilmington, NC
8. Manchester, NH
9. Fort Collins, CO
10. Atlanta, GA

The same article also lists the bottom 10 cities, the safest cities for investors, and the highest portion of households in foreclosure where Miami is number 3 and Fort Lauderdale is number 5.  Sorry Florida, it can't always be good.

My favorite tool in the magazine is the cost of living comparison. - Try it out and see how much money you'll need to keep your same lifestyle in another city.

I usually don't like posting about articles I've read, but this one had great information about each particular city with specific trends and explanations as well as some fun tools like a Renovation Wizard.

I just received this by e-mail and wanted to share just for laughs - whoever did this is extremely talented!

Doesn't Clinton look HOT as a girl?  HAVE A GREAT WEEKEND EVERYONE!!

Overview of the single family market in Biscayne Park, FL:

• Currently on the market:  40
• Currently under contract:  5
• Closed in the last 90 days: 4
• Lowest Priced Listing:  $264.900
• Highest Priced Listing:  $699,500

Overview of the condo market in Biscayne Park, FL:

• Currently on the market:  1
• Currently under contract:  1
• Closed in the last 90 days: 0
• Lowest Priced Listing:  $169,900
• Highest Priced Listing:  $169,900

Overview of income producing (residential) in Biscayne Park, FL:

• Currently on the market:  18
• Currently under contract:  2
• Closed in the last 90 days: 3
• Lowest Priced Listing:  $329,900
• Highest Priced Listing:  $550,000

Compare with the last market report - prepared November 19th, 2006

Visit  http://www.yourpropertypros.com/ www.miamism.comfor more information about Biscayne Park Real Estate.

**The picture is at a ride in St. Rose of Lima Carnival held the last weekend of January 2007**

The Preserve Town Houses ( A Cornerstone Community), is a tranquil and  beautiful upscale community just South of Miami Shores.  This complex was built in 6 acres of land, surrounded by oak trees and tropical landscaping, has beautiful park areas as well as a community pool.  Construction was finished in 2005 and consists of 98 two and three bedroom units each with a private garage.

Designed by Quincy Johnson, Jones, Myott, Williams, Acevedo, Vaughn Architects Inc. for the Cornerstone Group Townhome Division.  Here's a pre-contruction rendering, followed by photos of the complex.

For a little history about the project....  this land was the previous home of a trailer park that was removed by the city of Miami to make room for low-income housing.  After heated debates between the city, the developer and surrounding home owners, a portable sales office was erected to see if there could be a posibility of building an upscale community.  To the surprise of everyone, the project was sold out in days! 

Located at 758 NE 90th Street - this community represents Florida Lving at its best.  Within walking distance to shopping and banks, it's central location makes it easy to commute to and from work.  Minutes away from Miami Beach, Downtown Miami, Coral Gables and Fort Lauderdale, with easy access to both airports (Miami International Airport and Fort Lauderdale Airport).

Follow this LINK for a sample floor plan of a 2-bedroom villa - and also visit a virtual show.

For additional information about this complex and properties currently available at The Preserve, please contact RICK & INES and visit www.Miamism.com

Our goal with this blog is challenging.  Although we are Realtors and we do sell properties, we want our customers to trust us and to know that we represent their best interest.  We have established a great reputation and hope to convey that message to our readers.  I want to thank Rebecca Blood who has inspired me into writing more in depth about what we do with the idea of establishing a clear road of communication where we can dialogue openly and honestly about our market.

Rick and I specialize in the South Florida Real Estate Market, specifically The Miami Shores and surrounding areas.  We work with sellers for the most part but also work with a limited amount of buyers, buyers that we can offer our time and effort because they are loyal.

As a buyer, you need to work with an agent you feel comfortable with, one that will show you a wide range of properties, not only their listings.  If you are working with an agent that doesn't give you their opinion, that thinks every property you walk into is perfect for you, then it's probably time to find a new agent.  A professional real estate agent will identify your needs, will be able to separate the emotional from the practical and will not be afraid to tell you, "don't buy this one, this is not the house for you". 

During meetings with your agent certain questions should be answered:

• What is the single most important factor when identifying the perfect property, is it price, is it location, is it size? 
• If you have never purchased a property before, the process should be explained
• What types of properties will you be looking at?  MLS listings, For Sale By Owners, pocket listings
• What happens when you place an offer and what steps will follow after an offer is accepted?
• What is the closing process:  Inspections, appraisals, financing, closing documents, etc.

As a seller, it is crucial that you keep an objective mind when interviewing real estate agents.  Price is not everything; a lot of agents will try to "buy" your listing by promising a higher sales price.  Getting more money is every seller's goal, but by pricing your property too high, you will only be doing yourself a disservice.  In a buyer's market, like the one we are in now, there is a lot of inventory (a lot of choice for buyers), and not pricing a property accordingly will only keep you out of the race. 

During your first listing appointment, a listing agent should:

• Explain the market conditions
• Have experience selling properties in your area 
• Show you different models for pricing your home, including tax roll sales and MLS sales.
• Explain how they will communicate with you on a regular basis
• Have a specific marketing plan for your property 

These are just a few guidelines to help you find an agent to sell or buy a property.  Rick and I pride ourselves in great service and will be shockingly candid.  We let our buyers know when a property is overpriced; we let them know what the repercussions will be when buying the most expensive house on the block.  We also walk away from listings when sellers want to overprice.  Our reputation follows us, we are ethical, we are open and our customers become our friends.  

Please feel free to ask us questions about the South Florida Real Estate Market, if we are not familiar with your area, we will refer you to someone that is.

The Miami Beach Arts Festival 2007 is happening right now and it's sponsored by none other than Coldwell Banker - February 10^th and 11^th at Ocean Terrace, between 73rd and 75th Street.  

The Arts Festival is packed with booths where artists from all over showcase their talent.  From painting, to sculpture, ceramics, photography and even jewelry.  There's also great food, a great atmosphere and we could not have asked for better weather.

Coldwell Banker's booth was full of great give-aways from balloons to backpacks to even RICK AND INES soft, stretchable Frisbees for the kids.  Here you can see Rick in action.

Here are some more photographs of the event, depicting the people, artists as well as Miami Beach.

We had such a great time today and it doesn't hurt that the festival was filled with talented artists.  If you missed it today, you can still see it tomorrow.

For other local events, please follow these links:

• ART BASEL Miami Beach - International Art Show.
• Saint Rose of Lima Carnival
• The Superbowl XLI in Miami
• HOME FOR THE HOLIDAYS 15th annual walking tour
• Miami Shores FL - 2006 Holiday Happenings
• Halloween Howl in Miami Shores