Friday, March 30, 2012

- Highly likely to recommend

Bought a Single Family home in 2011 for approximately $225K in Cape Coral, FL.

I have served in the US Army for the past 22 years, and being ready to retire my family and I were looking for a home to buy. We had tried to contact a few realtors trying to find a home but with no luck because no one wanted to take us seriously since we were home shopping all the way from Hawaii until we found Terry he was the only one who didn't mind helping us with our buying process and didn't tell us he couldn't help us due to our distance. He not only listened to our dreams of the house we wanted but in the process of finding the home my family needed he found a temporary place for my wife and children to stay until the closing was done. I could not be a part of the process due to the time I had left at my duty station in Hawaii so my wife and kids had to come to the mainland first. We are so very lucky to have had someone like Terry in our corner and I am equally proud of my wife for making it happen in my absence. Terry took care of my family from beginning to end and we are so thankful to him for that! I strongly recommend Terry for any and all real state needs; he exceeded my expectations in every area and provided us with the home of our dreams. Making our huge move not only from Hawaii easier but the whole process of going from military to civilian life a whole lot more comfortable. Thank you Terry for all you have done for us and for always even after the sale closed keeping in contact with us! That's true customer service!

Morgan and Lorna Quereau US ARMY RET.

Thursday, March 22, 2012

South Florida home prices rise as inventory falls Read more here:

Home prices continued to rise in February as sales slow, reflecting a dearth of inventory in South Florida, Realtors say.

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Home prices in Miami-Dade and Broward counties jumped for the third consecutive month in February despite flat or declining sales volume, as the inventory of listings dwindles, real estate figures released Wednesday show.
MiamiHerald.comRealtors say that heightened demand for bank-owned properties and an improvement in the processing of short sales has resulted in rapid absorption of listings and has contributed to rising prices in South Florida.
At the same time, the bulk of purchases continue to be from buyers who pay with cash, and many of them are international purchasers.
In Miami-Dade, the median sales price of condominiums surged 40.4 percent to $131,950 in February compared to a year earlier, according to the Miami Association of Realtors. The median sales price of single-family homes rose 19 percent to $175,000.
In Broward, the median sales price of single-family homes in February increased 8 percent to $180,000, compared to February 2011. The median sales price for condominiums increased 12 percent to $75,000, compared to the same month last year.
“We definitely have rebounded a lot stronger than we expected,” said Patricia Delinois, president of the Miami Association of Realtors.
Statewide, median sales prices in February increased 15.9 percent to $95,000 for condominiums and 7.2 percent to $135,000 for single-family homes, according to data from Florida Realtors Industry Date and Analysis and partner 10K Research and Marketing. The national median existing-home price for all housing types was $156,000 in February, a 0.3 percent increase from February 2011.
Meanwhile, the volume of local sales are stagnating or falling.
In Miami-Dade, sales of existing single-family homes increased just 1.9 percent in February, from 746 to 760, compared to February 2011. Sales of condominiums dropped 11.7 percent, from 1,230 to 1,086, compared to February 2011.
In Broward, single-family home sales volume was virtually flat (913 last month compared to 909 in February 2011). Condominium sales dropped 8.8 percent in February compared to a year earlier, from 1,357 to 1,238.
Statewide, sales of existing single-family homes fell 4.8 percent in February to 14,270, compared to a year ago. Statewide condominium sales dropped 16 percent to 7,545, from February 2011. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops were 8.8 percent higher than they were in February 2011, according to the National Association of Realtors.
Inventory in South Florida is clearly declining, as banks modify loans or hold onto properties before putting them on the market. At the same time, owners whose property values have fallen are preferring to rent them out rather than sell them.
“Our market is really shifting into a lack of inventory, which then changes it,” Delinois said. “When you have a lower supply and higher demand, it becomes more of a sellers’ market. … We don’t have enough listings.”
From February 2011, the inventory of residential listings in Miami-Dade has decreased 45.1 percent to 13,610.
In Broward, the inventory has fallen by 33.7 percent to 12,483.
“In [February] 2008, we had 46,000 properties for sale, and now we have only 13,610 properties for sale,” Delinois said. “So that is 33,000 fewer residences on the market.”
In February, 54 percent of all closed residential sales in Miami-Dade County were distressed, including bank-owned properties and short sales, compared to 69 percent in February 2011.
Cash also continues to be the primary means of making a purchase. In Miami-Dade, 65 percent of total closed sales in February were all-cash sales, compared to 67 percent a year earlier. Cash sales accounted for 46 percent of single-family and 79 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales were 33 percent of transactions in February.
In Broward, 48 percent of all closed residential sales in February were distressed, compared to 59 percent in February 2011.
Cash sales accounted for 68 percent of all residential sales in Broward in February, 47 percent of single-family and 84 percent of condominium closings.
Delinois said the top countries currently for international buyers are Venezuela, Brazil, Argentina, Canada, Colombia, Mexico and France.

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Florida Realtors®: Fla.'s Housing Market Continues on Positive Track in Feb. 2012 Read more here:

Bradenton Herald"Growing optimism about the economy, gains in the state's jobs market and continued low mortgage rates are generating interest in Florida real estate," says 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. "Increased statewide pending sales for both single family existing homes, up 36.1 percent, and for townhouse-condo properties, up 19.8 percent, show that buyers are encouraged by these positive signs."
ORLANDO, Fla., March 21, 2012 /PRNewswire-USNewswire/ -- Pending sales and median prices rose, while the inventory of homes for sale dropped in Florida's housing market in February, according to the latest housing data released by Florida Realtors®.
Pending sales refer to contracts that are signed but not yet completed or closed; closed sales typically occur 30 to 90 days after sales contracts are written.
The statewide median sales price for single-family existing homes in February was $134,000, up 7.2 percent from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $95,000, up 15.9 percent over Feb. 2011.
The national median sales price for existing single-family homes in January 2012 was $154,400, which is 2.6 percent below the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in January was $268,280; in Massachusetts, it was $265,000; and in Maryland, it was $219,500.
The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.
Statewide sales of existing single-family homes totaled 14,270 in February 2012, down 4.8 percent compared to the year-ago figure. Looking at Florida's year-to-year comparison for sales of townhomes/condos, a total of 7,545 units sold statewide last month, down 16 percent from those sold in February 2011. NAR reported the national median existing condo price in January 2012 was $156,600.
In February, the months supply of inventory stood at 6.2 for single-family homes and at 6.3 for the condos/townhomes, according to Florida Realtors.
"The overall picture that these statistics show is of a stabilizing housing market," said Florida Realtors Chief Economist Dr. John Tuccillo. "While closed sales are down, so are listings and so is inventory. These are signs of a market that's moving from being a buyer's market to a balanced market.
"For the past year, median sales prices have been slowly rising; and over a longer period of time, prices have really flattened out – again, signs of an improving housing market."
The interest rate for a 30-year fixed-rate mortgage averaged 3.89 percent in February 2012, down from the 4.95 percent average during the same month a year earlier, according to Freddie Mac.
To see the full statewide housing activity report, go to Florida Realtors Media Center at and look under Latest Releases, or download the February data report PDF under Market Data at:
Editor's NoteFlorida Realtors 2012 housing market data releases mark a new statewide data reporting partnership between Florida Realtors Industry Data and Analysis department with new vendor partner 10K Research and Marketing. Housing sales data from the state's local Realtor organizations is collected and organized with the goal of providing unique, localized market reports to the local Realtor boards and associations within Florida Realtors, enabling the groups and their Realtor members to serve as the definitive voice of real estate in their respective local markets. At the same time, Florida Realtors is providing comprehensive statewide housing market statistics – but this new data series only includes statewide numbers. Florida Realtors is no longer reporting any market data for Realtor members' sales in the state's metropolitan statistical areas, as had previously been reported in partnership with the University of Florida's Bergstrom Center for Real Estate Studies.

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