posted Jul 23, 2010 12:37 PM by Jayson Wingfield
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ORLANDO, Fla., July 22, 2010 – Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
A total of 18,038 single-family existing homes sold statewide last month compared to 15,732 homes sold in June 2009, according to Florida Realtors. June’s statewide existing home sales increased 7.7 percent over statewide sales activity in May. Meanwhile, last month’s statewide existing-home median price of $143,400 was 2.1 percent higher than May’s statewide existing-home median price of $140,400. It marks the fourth month in a row that the statewide existing-home median price has increased over the previous month’s median.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in June, while 16 MSAs posted increased existing condo sales. A majority of the state’s MSAs have reported increased sales for 24 consecutive months.
Florida’s median sales price for existing homes last month was $143,400; a year ago, it was $147,700 for a decrease of 3 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in May 2010 was $179,400, up 2.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $324,430 in May; in Massachusetts, it was $299,000; in Maryland, it was $249,177; and in New York, it was $194,900.
More jobs are key to the continued recovery of the housing market, according to NAR’s latest industry outlook. “If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” said NAR Chief Economist Lawrence Yun. “We’ll also keep a close eye on market conditions on the Gulf Coast.”
In Florida’s year-to-year comparison for condos, 6,916 units sold statewide last month compared to 5,215 units in June 2009 for an increase of 33 percent. The statewide existing condo median sales price last month was $95,000; in June 2009 it was $112,800 for a 16 percent decrease. The national median existing condo price was $181,300 in May, according to NAR.
The interest rate for a 30-year fixed-rate mortgage averaged 4.74 percent in June, down from the 5.42 percent averaged during June 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the Tampa-St. Petersburg-Clearwater MSA reported a total of 3,226 homes sold in June compared to 2,848 homes a year earlier for a 13 percent increase. The market’s existing home median sales price was $138,400; a year earlier it was $139,400 for a decrease of 1 percent. A total of 912 condos sold in the MSA in June compared to 671 units sold in June 2009 for an increase of 36 percent. The existing condo median price was $99,100; a year earlier, it was $113,300 for a decrease of 13 percent.
© 2010 Florida Realtors® |
posted Jul 23, 2010 12:36 PM by Jayson Wingfield
With the scheduled closing deadline for the home buyer tax credits, existing-home sales slowed in June but remained at relatively elevated levels, according to the National Association of REALTORS®. Existing-home sales, which are completed transactions that include single-family, townhomes, condominiums and co-ops, fell 5.1 percent to a seasonally adjusted annual rate of 5.37 million units in June from 5.66 million in May, but are 9.8 percent higher than the 4.89 million-unit pace in June 2009.Lawrence Yun, NAR chief economist, said the market shows uncharacteristic yet understandable swings as buyers responded to the tax credits. “June home sales still reflect a tax credit impact with some sales not closed due to delays, which will show up in the next two months,” he said. “Broadly speaking, sales closed after the home buyer tax credit will be significantly lower compared to the credit-induced spring surge. Only when jobs are created at a sufficient pace will home sales return to sustainable healthy levels.”According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage fell to a record low 4.74 percent in June from 4.89 percent in May; the rate was 5.42 percent in June 2009.The national median existing-home price for all housing types was $183,700 in June, which is 1.0 percent higher than a year ago. Distressed homes were at 32 percent of sales last month, compared with 31 percent in May; it was also 31 percent in June 2009.NAR President Vicki Cox Golder said softer home sales expected this summer don’t tell the whole story. “Despite these market swings, total annual home sales are rising above 2009 and we’re looking for overall gains again this year as well as in 2011,” she said. “Conditions have become more balanced in much of the country, which is good for both buyers and sellers. However, consumers find it even more challenging to navigate the transaction process, especially for distressed properties, which only underscores the value REALTORS® bring to buyers and sellers in this market.” A parallel NAR practitioner survey shows first-time buyers purchased 43 percent of homes in June, down from 46 percent in May. Investors accounted for 13 percent of sales in June, little changed from 14 percent in May; the remaining purchases were by repeat buyers. All-cash sales were at 24 percent in June compared with 25 percent in May.Total housing inventory at the end of June rose 2.5 percent to 3.99 million existing homes available for sale, which represents an 8.9-month supply at the current sales pace, up from an 8.3-month supply in May. “The supply of homes on the market is higher than we’d like to see. But home prices are still holding their ground because prices had already overcorrected in many local markets,” Yun said. Raw unsold inventory remains 12.7 percent below the record of 4.58 million in July 2008. Single-family home sales fell 5.6 percent to a seasonally adjusted annual rate of 4.70 million in June from a level of 4.98 million in May, but are 8.5 percent above the 4.33 million pace in June 2009. The median existing single-family home price was $184,200 in June, up 1.3 percent from a year ago.Single-family median existing-home prices were higher in 10 out of 19 metropolitan statistical areas reported in June in comparison with June 2009. In addition, existing single-family home sales rose in 12 of the 19 areas from a year ago while two were unchanged.Existing condominium and co-op sales slipped 1.5 percent to a seasonally adjusted annual rate of 670,000 in June from 680,000 in May, but are 20.5 percent higher than the 556,000-unit pace in June 2009. The median existing condo price was $180,100 in June, which is 1.4 percent below a year ago.Regionally, existing-home sales in the Northeast rose 7.9 percent to an annual level of 960,000 in June and are 17.1 percent above June 2009. The median price in the Northeast was $244,300, down 1.2 percent from a year ago.Existing-home sales in the Midwest dropped 7.5 percent in June to a pace of 1.23 million but are 11.8 percent higher than a year ago. The median price in the Midwest was $155,900, down 0.1 percent from June 2009. In the South, existing-home sales fell 6.5 percent to an annual level of 2.01 million in June but are 11.0 percent above June 2009. The median price in the South was $163,600, unchanged from a year ago. Existing-home sales in the West dropped 9.3 percent to an annual pace of 1.17 million in June but are 0.9 percent higher than a year ago. The median price in the West was $221,800, up 1.5 percent from June 2009. Source: NAR |
posted Jul 22, 2010 1:17 PM by Jayson Wingfield
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ORLANDO, Fla., July 22, 2010 – Sales of existing homes in Florida rose 15 percent in June, marking 22 consecutive months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.
A total of 18,038 single-family existing homes sold statewide last month compared to 15,732 homes sold in June 2009, according to Florida Realtors. June’s statewide existing home sales increased 7.7 percent over statewide sales activity in May. Meanwhile, last month’s statewide existing-home median price of $143,400 was 2.1 percent higher than May’s statewide existing-home median price of $140,400. It marks the fourth month in a row that the statewide existing-home median price has increased over the previous month’s median.
Fifteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing home sales in June, while 16 MSAs posted increased existing condo sales. A majority of the state’s MSAs have reported increased sales for 24 consecutive months.
Florida’s median sales price for existing homes last month was $143,400; a year ago, it was $147,700 for a decrease of 3 percent. The median is the midpoint; half the homes sold for more, half for less.
The national median sales price for existing single-family homes in May 2010 was $179,400, up 2.7 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $324,430 in May; in Massachusetts, it was $299,000; in Maryland, it was $249,177; and in New York, it was $194,900.
More jobs are key to the continued recovery of the housing market, according to NAR’s latest industry outlook. “If jobs come back as expected, the pace of home sales should pick up later this year and reach a sustainable level of activity given very favorable affordability conditions,” said NAR Chief Economist Lawrence Yun. “We’ll also keep a close eye on market conditions on the Gulf Coast.”
In Florida’s year-to-year comparison for condos, 6,916 units sold statewide last month compared to 5,215 units in June 2009 for an increase of 33 percent. The statewide existing condo median sales price last month was $95,000; in June 2009 it was $112,800 for a 16 percent decrease. The national median existing condo price was $181,300 in May, according to NAR.
The interest rate for a 30-year fixed-rate mortgage averaged 4.74 percent in June, down from the 5.42 percent averaged during June 2009, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state’s larger markets, the Tampa-St. Petersburg-Clearwater MSA reported a total of 3,226 homes sold in June compared to 2,848 homes a year earlier for a 13 percent increase. The market’s existing home median sales price was $138,400; a year earlier it was $139,400 for a decrease of 1 percent. A total of 912 condos sold in the MSA in June compared to 671 units sold in June 2009 for an increase of 36 percent. The existing condo median price was $99,100; a year earlier, it was $113,300 for a decrease of 13 percent.
© 2010 Florida Realtors® |
posted Jul 22, 2010 6:34 AM by Jayson Wingfield
C ommon short sale myths once evidenced widespread confusion about what a short sale is - mostly misconceptions that they are quick, or faster than “normal” real estate transactions. In reality, the “short” in short sale has nothing to do with timing. Short sales usually take many multiples of time longer than traditional real estate deals - running anywhere from 3 to 8 months-plus, on average, from contract to closing!The only thing short in a short sale is the sales price - it is less than, or “short” of, the amount the seller would need to pay off all the loans and other outstanding obligations (tax liens, delinquent HOA dues, etc.) against the property. In these situations, unless the seller is willing to write a check to make up the difference, their lender(s) must agree to forgive the shortfall in order for the sale to close. But most short sale buyers - and sellers - know this stuff by now. With one in four homeowners in America owing more on their homes than they are worth, short sales won’t be going anywhere for a long time to come. And the more people get involved in a short sale transaction, the more confusion and misunderstandings result. Here are 5 of these “next-generation” myths about short sales, and the facts to shatter them:Myth #1: That there is anything typical, standard or normal when it comes to getting a short sale approved.Fact: There’s no such thing as “normal” in a short sale.Some of the most frequently asked questions in the Trulia Voices Community include things like:
- Is it normal for a bank to respond to a short sale with a counteroffer higher than the list price and the appraised price?
- What’s the standard amount of time it takes a bank to approve a short sale package?
- What’s the rule of thumb for how much below asking a bank will approve?
Despite the recent goverment “streamlining” efforts that promised to impose a set of standards most banks would follow in processing short sales, it’s still a black box experience for most buyers and sellers. Buyers submit their offers, sellers sign them and hand over all their financials to their listing agent who submits it all to the bank - and then often no one hears anything back for a few months, if ever. Other times, the whole thing is approved in a matter of weeks (though this is much less rare).The bank is in the power position, and can respond to your offer however they want. They may counter at a much higher price and demand a cash payment from the seller. Or not. They may take weeks, or they make take six months. They may approve a way-below asking offer, or require a hundred thousand over the asking price. Forget the idea of standard, when it comes to a short sale. Hint: short sale listing agents who have done a lot of recent, successful short sales with the same bank do often have insider knowledge that is the closest thing to a rule of thumb over what any individual bank’s practices are. If you’re a buyer, prioritize short sales that are listed by short sale masters - your agent will know who they are. If you’re a seller, ask prospective listing agents for a list of short sales they recently closed, including which bank(s) were involved.Myth #2: It’s smarter for homeowners to walk away than to short sell their homes.
Fact: Increasingly, I’m hearing those who own upside down homes ask why they would bother with a short sale, when they could just walk away with much less effort and drama. The reality is that walking away and letting your home go to foreclosure is an extremely serious, personal decision - the wisdom of which varies dramatically owner to owner and state-to-state. Some states allow lenders to sue homeowners who default on their mortgages, and impose state taxes on the mortgage debt cancelled out in a foreclosure, sometimes totalling tens of thousands of dollars. Other homeowners’ family and financial plans would be impaired much less by a short sale than by a foreclosure. For still others, it’s pretty much a wash. For everyone, though, it is faster to recover your credit and ability to take out another mortgage on a new home after a short sale than after a foreclosure.Given that a short sale costs a seller little or nothing except some time and effort, in many instances it is smarter to make the effort to short sale than it is to walk away.Myth #3: A short sale is the same as a pre-foreclosure.
Fact: A short sale is a home being sold for less than what is owed on it. A pre-foreclosure is a home that is in some stage of the foreclosure process because the owners are behind on the mortgage payments. Many short sales are pre-foreclosures, because the owners stopped making payments when they put the home on the market, either because they can’t afford them, they are simply done with the property and don’t see a need to continue paying on it, or because they feel the bank is more likely to approve their short sale application if they are in default on their loan (a position many experienced short sale agents argue is true).But not all. Remember, nothing is standard when it comes to short sales. Short sales are closed every day on which the seller is still in good standing on their loan - these are mostly the short sales of owners who elect this strategy out of a desire to maintain their credit as much as possible, but have to move for work or family reasons. Buyers should not assume that every short sale will come on the market later as a foreclosure; they should inquire as to any foreclosure notices against the property, and keep track of those time frames. Many a buyer has been surprised when the bank auctions a property they are in contract to buy.Myth #4: The the buyer’s broker - or even the buyer’s offer - has much to do with getting a short sale approved.
Fact: Writing a clean, well-qualified offer is important to getting a short sale seller to believe that a buyer will hang into the short sale for the duration so they will sign the contract. However, the buyer’s offer and agent have little, if anything, to do with whether the seller’s bank green lights the deal, as needed to close it.While the bank obviously cares about the price you offer, even that’s not as important as several other factors, including:
- the bank’s perception of the home’s fair market value (as usually indicated by a third-party broker’s opinion, or an automated computer model),
- the seller’s financials (if they have a bunch of cash stashed, the lenders is unlikely to let them sell the place with no contribution from them)
- the completion of the seller’s workout application package and follow-up (squeaky wheel gets the grease and all that, and it’s the listing agent that needs to be that, often, for these transactions to get closed).
Myth #5. That the bank “can’t” do X or “has to” do Y.
Fact: The seller’s bank in a short sale is being asked to waive debt that they are legally owed. They have the absolute right to simply refuse entirely to accomodate this debt forgiveness request. However, if they do choose to waive some or all of the shortfall, they also have the right to place whatever conditions on that waiver. They can ask for more money from the seller - or the buyer (and often do). They can ask the agents to reduce their commissions (and often do that, too). They can refuse to pay various closing costs, if they want. And the buyer or seller can counter, accept or refuse any or all of the bank’s demands, too, but know that the banks do have the right to place whatever conditions on the short sale they want. After all - he, she or it who has the cash (or the mortgage, in this case!) makes the rules!Psst - you should follow Trulia and Tara on Facebook, too!So, why buy a short sale? With all the hassle, there are still some great deals to be had. In many cities, most homes on the market are short sales, so if you rule them out, you may never find a home.
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posted Jun 4, 2010 3:32 PM by Jayson Wingfield
South Florida homebuyers signed contracts at a fast clip in May, catapulting the number of pending home sales up 54 percent in Miami-Dade County and 51 percent in Broward County, compared to the same month last year. The figures reflect the surge of international buyers taking advantage of low real estate prices and favorable exchange rates, as well as first-time and existing buyers benefiting from record-setting affordability conditions.Total pending home sales in Miami-Dade -- including single-family residences and condominiums -- increased to 10,456 in May, up 0.62 percent from April, according to figures released Wednesday by the Realtor Association of Greater Miami and the Beaches and the Southeast Florida Multiple Listing Service. April figures included a last-minute surge by homebuyers taking advantage of a federal tax credit that expired April 30. [Palm Beach Post] |
posted Jun 3, 2010 8:26 AM by Jayson Wingfield
Trulia.com and RealtyTrac recently surveyed US adults to get some insight into what people *think* is involved with buying a foreclosure. Here are the Top 10 Myths that came up, and the facts to set the record straight:
1. Foreclosures need a huge amount of work. 92 percent of consumers expressed that if they bought a foreclosure, they would be willing to make home improvements after they closed the deal, with 65 percent being willing to invest 20 percent or less of the purchase price. Although stories of foreclosures missing plumbing and every electrical fixture are very memorable, many foreclosed homes need only the (relatively inexpensive) cosmetics that many new homeowners want to customize no matter what kind of home they’re buying: paint, carpet, etc.
2. Foreclosures sell at massive discounts, compared to other homes. Almost every member – 95 percent – of the surveyed group expected to pay less for a foreclosed home than for a similar, non-foreclosed home; 18 percent had realistic expectations of less than a 25 percent discount. However, 36 percent expected to receive a bargain basement discount of 50 percent or more off the value of a similar non-foreclosure. Reality check: while foreclosures might be discounted massively from what the former owner paid or owed, their discounts are much more modest when compared to their value on today’s market and the prices of similar homes.
3. Buying a foreclosure is risky. 49% of respondents said they perceived buying a foreclosure as risky. And yes - buying a foreclosure at the auction on the county courthouse steps can have risks, including the risk the new owner will take on the former’s owner’s liens and other loans. But most buyers looking for foreclosures are looking at bank-owned properties, which are listed on the open market with other, ‘regular’ homes. Buying these homes is really no more risky than buying a non-foreclosed home.
4. You can’t get inspections on the property when you buy a foreclosed home. County auction foreclosures don’t often offer the ability for buyers to have the homes inspected. But virtually all bank-owned properties for sale on the open market not only allow, but encourage buyers to obtain every inspection they deem necessary. This is because almost every bank sells their foreclosed homes as-is, and they want to avoid later liability. It’s in everyone’s best interests to make sure that the buyer has full information about the property’s condition before they close the deal.
5. There are hidden costs to watch out for when buying a foreclosed home. Sixty-eight percent of survey respondents who felt there is a negative stigma to buying a foreclosure expressed the concern that buying a foreclosure poses the danger of hidden costs. At some foreclosure auctions, there are buyer’s premiums and other hefty fees that can really add up and take a chunk out of the effective savings the buyer stood to realize. However, when you buy a bank-owned property that is listed for sale with a real estate agent, the closing costs are the same as they would be if you bought a non-foreclosed home. Overdue property taxes, HOA dues and other bills left behind by the defaulting homeowner are cleared by the bank that owns a foreclosed home before it is sold on the market, though these items should be watched out for if you buy a home at the county foreclosure auction.
6. Foreclosures are more likely to lose their value than “regular” homes. Thirty-five percent of U.S. adults who believed there are downsides to buying foreclosed properties believed this myth. In fact, because foreclosures often offer a discount from the home’s current market value, they may offer some degree of insulation from further depreciation. Whether a home loses its value or not has to do with the dynamics of the local market, including the area’s supply of homes, demand for homes, interest rates and the health of the employment market – not with whether the home was or was not a foreclosure at the time it was purchased.
7. Most foreclosures happen when homeowners just walk away. Out of homeowners with a mortgage, only 1 percent said walking away from their home would be their first choice if they were unable to pay their mortgage. And a whopping 59 percent of mortgage-holders said they wouldn’t walk away from their home – no matter how upside down they were on their mortgage. Most foreclosures happen when the owners lose their jobs or their mortgage adjusts to the point where they absolutely cannot pay the mortgage, no matter how hard they try. Voluntary ‘walk-away’s are simply not as popular as many people think.
8. When you buy a foreclosure, you should lowball the bank – they are desperate to get these homes off their books. Stories about in the press abound about the large numbers of foreclosed homes the banks have on their books. We’ve all heard the adage that banks have no interest in owning these properties. But the real deal is that they’re simply not desperate enough to give these places away. Also, the banks mostly service the defaulted loans – they don’t own them. Various groups of investors do, and they hold the banks accountable to selling the bank-owned property at as high a price as possible, helping them cut their losses. Many banks won’t even consider lowball offers, and many bank-owned properties actually sell for above the asking price. Before a bank will take a lowball offer, they will almost always reduce the list price first, and see if that attracts a higher offer than the lowball one they have in hand.
9. You need to be able to pay in cash in order to buy a foreclosure. Again, if you buy a foreclosed home on the county courthouse steps, you might need to bring a cashier’s check and be ready to pay for the place on the spot. By contrast, bank-owned homes are bought through a more normal real estate transaction, which means buyers can obtain a mortgage to finance the home just like they would if the home weren’t a foreclosure. It is true, though, that in some markets, banks prefer offers from cash buyers, but this tends to be in situations where the property’s condition is pretty dire, and the bank knows this may make it hard for a buyer to obtain financing.
10. It’s easier to buy a foreclosure with bad credit if you get a mortgage with the same bank that owns the property. Think about it: why would the bank want to end up with the same property as a foreclosure, again? Well, that’s what would happen if they allowed buyers with low credit scores to buy their foreclosures just to earn the interest on the mortgage. In reality, many banks do offer incentives like lower fees or closing cost credits for buyers who use their bank for their mortgage. But the buyers must meet the same credit, income and other qualification standards as anyone else would to seal the deal. |
posted May 24, 2010 10:36 AM by Jayson Wingfield
ORLANDO, Fla. – May 24, 2010 – Sales of existing homes in Florida rose 27 percent in April, which means that sales activity has increased in the year-to-year comparison for 20 months, according to the latest housing data released by Florida Realtors®. Another positive sign: Last month's statewide existing-home median price of $140,100 was 1 percent higher than the statewide median price in April 2009.
Existing home sales rose 27 percent last month with a total of 16,781 homes sold statewide compared to 13,244 homes sold in April 2009, according to Florida Realtors. Statewide existing home sales last month increased nearly 3 percent over statewide sales activity in March. Meanwhile, April's statewide existing-home median price was 2.3 percent higher than March's statewide existing-home median price of $137,000. It marks the second month in a row that the statewide existing-home median price has increased over the previous month's median.
"Buyers responding to the federal homebuyer tax credit before it expired helped to boost home sales across Florida," said 2010 Florida Realtors President Wendell Davis, a broker with Watson Realty Corp. in Jacksonville. "And buying conditions remain favorable, with a variety of housing options available in local markets at attractive and affordable prices. Plus, current mortgage interest rates are at historically low levels, which gives buyers more 'bang' for their buck."
Florida Realtors also reported a 55 percent increase in statewide sales of existing condos in April compared to the previous year's sales figure; statewide existing condo sales last month rose 2 percent over the total units sold in March. Though April's statewide existing-condo median price of $103,600 was down 3 percent compared to the year-ago figure, it was 6.9 percent higher than March's statewide existing-condo median price.
Seventeen of Florida's metropolitan statistical areas (MSAs) reported increased existing home sales in April while all but one MSA had higher condo sales. A majority of the state's MSAs have reported increased sales for 22 consecutive months.
Florida's median sales price for existing homes last month was $140,100; a year ago, it was $138,100 for a 1 percent gain. The median is the midpoint; half the homes sold for more, half for less.
Thenational median sales price for existing single-family homes in March 2010 was $170,700, up 0.6 percent from a year earlier, according to the National Association of Realtors® (NAR). In California, the statewide median resales price was $301,790in March; in Massachusetts, it was $280,000; in Maryland, it was $235,785; and in New York, it was $209,900.
According to NAR's latest outlook, two trends are influencing a broader stabilization of home prices in housing markets across the nation: months of increased sales activity and lower levels of inventory. "Foreclosures have been feeding into the inventory pipeline at a fairly steady pace and are being absorbed manageably," said NAR Chief Economist Lawrence Yun. "With home values stabilizing, a revival in homebuying confidence will likely help the housing market get back on its feet even as the tax credit impact disappears."
In Florida's year-to-year comparison for condos, 7,291 units sold statewide last month compared to 4,703 units in April 2009 for an increase of 55 percent. The statewide existing condo median sales price last month was $103,600; in April 2009 it was $107,200 for a 3 percent decrease. The national median existing condo price was $170,600 in March, according to NAR.
Interest rates for a 30-year fixed-rate mortgage averaged 5.10 percent in April, up from the average rate of 4.81 percent during the same month a year earlier, according to Freddie Mac. Florida Realtors' sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.
Among the state's smaller markets, the Panama City MSA reported a total of 128 homes sold in April compared to 108 homes a year earlier for a 19 percent increase. The market's existing home median sales price last month was $160,000; a year earlier it was $156,800 for an increase of 2 percent. A total of 65 condos sold in the MSA in April compared to 53 units sold the same month a year earlier for an increase of 23 percent. The existing condo median price last month was $187,100; a year earlier, it was $172,900 for an 8 percent gain.
© 2010 Florida Realtors® |
posted May 24, 2010 7:46 AM by Jayson Wingfield
The Office of the State of Florida Condominium Ombudsman was created to serve as a neutral resource for the condominium unit owners, board members and property managers throughout the State of Florida.
The Omdusman's Office is partnering with the City of Miami Beach to present a series of Condominium Workshops with the City of Miami Beach Community Resource and Outreach Team. The remaining dates for 2010 are as follows:
Thursday, June 10, 2010- Condominium Elections
Thursday, September 30, 2010- Condominium Rights and Obligations
Thursday, December, 9, 2010- Basic condominium Finances
All classes will be held at the Miami Beach Regional Library, 227 22 Street, first floor meeting room, from Noon to 3:00 p.m.. The classes will be taught by William And Susan Raphan.
For further information please contact Lynn W. Bernstein, City Manager's Office, 305.673.7000, ext. 6178 or email: lynnbernstein@miamibeachfl.gov |
posted May 21, 2010 8:29 AM by Jayson Wingfield
RISMEDIA, May 21, 2010 --
You've found your dream condo, and you're ready to relax among the mango trees and swaying date palms. Hold everything. To keep from getting stuck with a lemon, you've got to do some homework. Here are the seven most important questions you need to ask before buying a condo.
1. "What's the Beef?"
Take a look at the minutes of the condo association board meetings to see what the owners have been griping about. If everyone was complaining about the faulty plumbing or the gardener's absence, you know that the complex is having management difficulties. Even if there aren't any complaints, reading the minutes will reveal the sorts of projects that are under way at the complex -- projects the seller may have neglected to mention.
2. "Who's Been Naughty and Who's Been Nice?"
Find out the delinquency rates of present owners. If people aren't paying their association dues on time, that is either a sign of discontent or an indication that the association might be underfunded.
3. "How Much Is In the Repair Fund?"
Ask if the community has done a reserve-fund review in the past five years. Lester Giese, the author of The 99 Best Residential & Recreational Communities in America, recommends the following formula: If the complex is one to 10 years old, the reserve fund should have 10% of the cost of replaceable items (roofs, roads, tennis courts, etc.). Between 10 and 20 years old, the repair fund should be at 25% to 30%. At 20 years, that amount should be 50% or above. Residents who brag that they don't pay much in maintenance may be in a complex that either is not being kept up well or is living beyond its means.
4. "Can You Cover Me?"
If you look at nothing else, get a copy of the certificate of insurance, which is a summary of the association's policy. First see if the replacement costs covered by the policy are an accurate estimate of the cost of rebuilding. Then make sure that the policy has a building-ordinance clause, which means that the insurance will cover the cost of bringing the building up to code if there is any rebuilding to be done. On older buildings, there may have been many code upgrades since the time of construction. Finally, make sure that you understand exactly what the association policy covers and what you are responsible for. The smart condo owner will insure his or her personal belongings, along with any other items within the unit that are not covered by the association's policy. If you have trouble understanding the insurance lingo, take the insurance certificate to an agent whom you trust and who understands the state laws.
5. "Does the Association Present Any Legal Problems?"
Buying a single-family home without a lawyer is no big deal for many people. But with a condo, there's so much more involved. Contact a local real estate lawyer and have him or her go over the bylaws of the association. Do they make sense? Are they consistent with the state laws? Giese, the author, once found that the association bylaws of a large garden-style condo complex had been lifted from the books of a high-rise condo, leaving confused tenants with rules about shared hallway space and the correct use of garbage chutes. Benny Kass, a Washington real estate attorney, recommends that you also have your lawyer screen the association at the local courthouse, to see if any owners have filed suit against it.
6. "Is the Complex Renter-Friendly?"
If the renter population is over 10%, there should be clear rental policies, either listed in the bylaws or tacked on as an amendment. Does the management company find renters for you? If so, do they get enough good renters? Ask other tenants about their experience. In addition, ask to see the association's rental lease, and have a real estate lawyer look it over. Keep one thing in mind, though: An association can change its bylaws to prohibit or restrict renting at any time. The more owners who rent, the less chance that will happen.
7. "Am I My Community's Keeper?"
Watch out for a condo whose owners manage the place themselves. Although many are operated efficiently, self-management can lead to more hassles for owners -- especially those who live thousands of miles away. If the complex is professionally managed, check out the management company as thoroughly as you check out the association. Ask other owners. Ask people in nearby buildings. And be sure to interview the day-to-day manager directly. If you hook up with a bad manager, you can be sure of this: Your dream condo will keep you up at night. |
posted May 18, 2010 8:23 PM by Jayson Wingfield
FAQ - Frequently Asked Questions
Can I use the network in my business?
- The City’s WiFi network should not be regarded as business-grade or for enterprises .
- The speed offered by the City’s WiFi Network may not meet the needs of your business.
How much will the service cost?
Wireless Miami Beach will provide FREE public access to all residents, visitors, and businesses across the City.
Will I need an account to use the network?
When you first connect to the network, you will be prompted to register for access to the network. You will be asked to create a username and password. Once you've completed registration you will be asked to accept the Terms and Conditions.
How will I know I've successfully joined the service?
Once you have registered and successfully connected to the City of Miami Beach WiFi network, you will be redirected to the City of Miami Beach WiFi Landing page when you attempt to visit a .com website. At that point you can create a username, log in to the network and navigate to your preferred web site.
What if I can't see a WiFi access point from my location?
You don't have to be able to see an outdoor access point to connect to the network. Most current devices with WiFi capability will display the wireless networks that are detected for connection. If you can see the City_of_Miami_Beach_WiFi wireless network, you should be able to connect if the signal strength adequate.
How do I set up a Mac?
If you have a computer with a AirPort card, you can see a list of available wireless networks, and then connect to one of those networks, no matter where you are. You need to make sure your AirPort Card is enabled. Review the documentation provided with your computer or contact Apple if you need help determining if your AirPort card is operational or activated.
- Open Internet Connect in the Applications folder
- Click AirPort in the toolbar.
If you don't see the AirPort icon in the toolbar, you either don't have an AirPort card installed or it hasn't been installed correctly.
If AirPort is turned off, click Turn AirPort On.
- Choose City_of_Miami_Beach_WiFi from the Network pop-up menu. Optionally, you can select the MBKIDS network.
- Click Connect.
Will my current internet applications and software work with this service?
There are no limitations as to which applications you may run. If you use your application with the Internet today, you should be able to use it on the Network.
How do I connect with a BlackBerry?
To scan for available Wi-Fi® networks, complete the following steps:
- Click Set Up Wi-Fi.
- Click Next.
- Click Scan For Networks.
If prompted, click Turn Wi-Fi on.
- From the list of available Wi-Fi networks, click City_of_Miami_Beach_WiFi Wi-Fi network. Optionally, you can select the MBKIDS network.
- Click Connect to connect to the Wi-Fi network.
To save the Wi-Fi network connection as a profile, click Yes in the Save this Wi-Fi Network as a Profile field.
What is the coverage area?
The City of Miami Beach entered into a contract with IBM to install a citywide wireless broadband network, also known as WiFi (wireless fidelity).. The system was built so that at least 95% of the City will have outdoor WiFi coverage and at least 70% of the City will have indoor coverage up through the second floor of a building. It is important to point out that the limit of how high the WiFi signal travels is basically governed by physics and where the WiFi equipment is mounted throughout the City. There may be places where the signal may be received higher than the second floor.
There is, however, a way for high-rise buildings to distribute the City’s WiFi signal up to the higher floors that would be beyond the reach of the City’s WiFi Network. To ensure that everyone has the opportunity to receive a signal, the City negotiated a 25 percent discount on labor and materials for those high-rise buildings including hotels, apartment buildings and condominiums that wish to utilize IBM to bring the WiFi signal to the units above the second floor.
Should I replace my cable modem or DSL service with the City's free Wi-Fi?
Before making such a decision, the following should be considered:
- In many instances, a cable modem or DSL service subscription is going to offer much higher performance for Internet access than what you will experience on the City’s wireless network.
- The citywide WiFi offers best coverage in outdoor areas, and may not be usable inside some buildings and locations.
Aren’t Cable and DSL broadband services already available in most of the county?
Even in areas where DSL and Cable Internet access is currently available, it is cost prohibitive for many residents and businesses. In addition, these wired services do not support mobile broadband access, which has become widely used to provide efficient government services, and is increasingly important for residents, businesses, business travelers and visitors to our community.
What equipment do I need to connect to the network?
You can use any device that is wireless-enabled and has a web browser.
Most wireless-enabled devices will be labeled as WiFi Ready or WiFi Compatible. You will need a WiFi enabled device like a
- Computer - Laptop and some desktop computers include a WiFi adapter. If your computer does not have a WiFi adapter, your local home electronics retailer carries devices compatible with most computers.You will need an adapter that specifies WiFi 802.11 b/g compatibility.
- iPhone or iPod Touch - These devices are WiFi ready.
- BlackBerry - Some BlackBerry models are WiFi capable. Check with your cellular carrier.
- WiFi enabled smartphone - Check with your cellular carrier to determine if your device is capable of WiFi connectivity.
You will want make sure you have the latest device drivers, connection software, and web browser.
How can I be sure children aren't visiting internet sites with inappropriate content?
The City is providing a separate wireless network that is content filtered to block Internet content that may be inappropriate for children. If you wish to access the content-filtered wireless network, ensure that your computer can only connect to the WiFi network MBKIDS rather than the open, unfiltered City_of_Miami_Beach_WiFi wireless network. If you are a parent, guardian, who wishes to control which wireless network is being used by those persons using your computer, you should ensure each computer user has a unique and separate account and login configured to only provide access to the content filtered SSID.
For users of your computer(s) that must only access the content filtered network, access to only the content filtered wireless network can be restricted via the operating system controls found in Windows, MacOS, and other operating systems. Enabling this control and restricting access to deny wireless connection utilities and controls will permit your computer to connect only to the filtered network. Detailed information regarding establishing user accounts to control access privileges to your computer is available directly from Microsoft, Mac, or the maker of the device you are using.
Is there a firewall?
The City of Miami Beach has installed a firewall to protect the infrastructure and network components that have been installed. This firewall does not protect your computer.
Will it interfere with the WiFi network I already have?
Wireless signals do not penetrate building walls easily, and therefore it is unlikely that the City of Miami Beach network will interfere with an existing home network. 802.11 devices communicate on a variety of channels. Most equipment selects the clearest channel automatically. If you are concerned about interference between your network and City of Miami Beach network, you change the channel of your home access point manually.
For instructions on changing your home wireless network router channel, contact the equipment provider.
What are the hours of service?
The network will be available 24 hours a day, 7 days a week. There may be occasional maintenance and updates to the network that may create temporary outages. These will be scheduled to minimize impact to users. Maintenance will be communicated via the City of Miami Beach WiFi web site.
What kinds of devices can interfere with the WiFi Network?
Because wireless networks share radio frequency with other devices, they are susceptible to interference from other devices. Wireless devices such as:
- Microwave ovens
- video and audio transmitters
- 2.4gHz cordless phones
- Video game systems
- Baby monitors
- Car alarms
- Some components of home security systems
How do I connect using an iPhone or iPod Touch?
To find the list of Wi-Fi networks,
- Tap Settings
- Tap Wi-Fi.
- Tap City_of_Miami_Beach_WiFi or MBKIDS to join the network.
Can I have more than one device connected to the service at one time?
- Multiple computers in a residence can be connected, provided each has a wireless networking card and is receiving adequate signal from the City’s WiFi network.
- The City’s WiFi network should not be regarded as a business-grade or commercially viable service for enterprises
Apartments, Condos, and multi-story buildings?
The network was designed to provide indoor coverage up to the second floor for a large part of the City. It is important to point out that while the network was designed to cover up to the second floor, in fact, the limit of how high the WiFi signal travels is basically governed by physics and where the WiFi equipment is mounted throughout the City. There may be places where the signal may be received higher than the second floor.
Will anyone have access to my computer after I register?
You are not granting or denying any specific access to your computer by using the City of Miami Beach Network.
As with any Internet connection, you should take appropriate precautions to protect your computer. You may want to consider installing commercially available utilities like a personal firewall, anti-virus, spyware detection, identity protection, and similar other commercially available solutions. You should also keep your operating system and networking software updated with the latest security patches and fixes.
The City of Miami Beach does not endorse any specific security utility or suite.
How will Wireless Miami Beach meet the needs of the community?
The goal of Wireless Miami Beach is to provide basic access to the internet for residents, visitors and businesses and to enhance communications by providing the access in almost all (95%) outdoor areas throughout the City, including our parks and most beach areas.
How does the network work?
The WiFi networking card in your computer or other WiFi enabled device connects to an outdoor WiFi device located near you. The device connects to other devices and a gateway to route your signal to the internet.
Why can't I connect from my location?
The network signals will be stronger outdoors than indoors. The signals transmitted by the WiFi network devices don't transmit through walls and other obstructions well. Limiting factors to coverage include your location indoors, how far away you are located from the nearest outdoor WiFi device, the construction of the building you are in, and interference from other electronic devices.
Similar to using your cellphone and moving closer to a window for a better signal, moving your wireless device or computer closer to a window or the outer wall of a building may improve your signal. Moving your wireless device or computer a few feet is the simplest and least cost way to improve your signal. A better signal will provide a faster, more reliable connection.
Are there areas that may not be covered?
Access may not be available in the following areas:
- Fisher Island
- Some beachfront areas
- Mount Sinai Hospital Area
- Third floor and higher in multi story buildings.
Do I need to be a resident of the City of Miami Beach to use the Network?
No. This is a free network for all residents, visitors and businesses in the City of Miami Beach.
Is the network secure?
The City of Miami Beach has applied generally recognized and recommended methods and practices to secure the infrastructure supporting the public Wi-Fi network. However, the communications between your Wi-Fi device and the City’s wireless network and the Internet are not encrypted WiFi systems set up for public access are typically not secured.
Encryption of the wireless connection from your computer to the site you are accessing for additional privacy is your responsibility. The most common way to do this is by using Virtual Private Networking (VPN) software or similar access methods. The same types of VPN methods you may already be using at Wi-Fi locations such as coffee shops, hotels, and airports should with the City’s Wi-Fi network.
Contact the organization or service you wish to access (e.g. your employer, financial institution, or other organization that requires secure access). The City of Miami Beach does not provide any particular VPN method, nor is any particular method restricted or blocked.
How can I improve my signal strength?
- How can I improve the signal I'm getting?
- Because the City’s Wi-Fi devices are mounted on street lights throughout Miami Beach, the wireless service has better coverage outdoors than indoors. Similar to using your cellphone and moving closer to a window for a better signal, moving your Wi-Fi device or computer closer to a window or the outer wall of a building may improve your signal. Moving your device or computer a few feet is the simplest and least cost way to improve your signal. A better signal will provide a faster, more reliable connection.
- Another important and usually free or low-cost step for improved Wi-Fi is to ensure your device’s wireless software and drivers are up to date. The best source of current software and updates for your laptop, computer, iPhone, Blackberry, or other smartphone is the manufacturer’s Internet website If you have no other Internet access, an alternative is to contact the manufacturer directly via phone, or in the case of smartphones and many computers, the store or service location for your device.
- It is possible to purchase devices to improve the signals to and from your wireless device or computer. These devices are usually known as Wi-Fi signal boosters or range extenders. Typically, they connect through a USB port on your laptop or desktop computer, allowing an external antenna and amplifier to be connected and placed closer to a window or outside wall. Examples of these devices are
NOTE: The City of Miami Beach has not tested these products, and does not endorse or recommend specific products. Successful operation using any of these products is not guaranteed.
How fast is the network?
The Miami Beach WiFi network is expected to deliver a minimum of 1 megabit per second (Mbps) connectivity, both upstream and downstream.
Can I use the City's WiFi Network for streaming video and music?
There are no limitations as to which applications you may run. If you use your application with the Internet today, you should be able to use it on the Network. However, streaming video and/or music is likely to work better on a DSL or cable modem wired Internet connection.
Is there telephone support?
Basic support for connecting to the network is available by calling the City of Miami Beach Wifi Network Call Center at 305-722-1917. You will have access to automated instructions for connecting to the network as well as access to an agent, if necessary, to assist you with connecting to the network.
Do you provide or support VPN client software?
The City of Miami Beach does not provide or support any particular VPN method, nor is any particular method restricted or blocked. The same VPN method you may already be using at Wi-Fi locations such as coffee shops, hotels, and airports should work similarly with the City’s Wi-Fi network.
How will the weather affect the network?
Severe thunderstorms and high winds can temporarily disrupt the network service.
What do I need to connect to the service?
All you need to access the City of Miami Beach WiFi is a WiFi-enabled device, such as a laptop computer, smart phone or other WiFi enabled device and a web browser such as Microsoft Internet Explorer.
What is the City of Miami Beach WiFi Network?
Wireless Miami Beach is an initiative to create a wireless environment citywide that is available for the free use of citizens, visitors and business.
How do I connect using MS Windows?
If you have a computer with a wireless networking card, you can see a list of available wireless networks, and then connect to one of those networks, no matter where you are. You need to make sure your wireless networking card is enabled. Review the documentation provided with your computer or contact it's manufacturer if you need help determining if your wireless networking card is operational or activated.
Connecting with a Windows Vista Computer
To find the wireless connection on a computer with a Windows Vista operating system:
- Open Connect to a Network by clicking the Start button , and then clicking Connect to.
- In the Show list, click Wireless.
You'll see a list of the wireless networks currently available.
- Click a network, and then click Connect.
Select City_of_Miami_Beach_WiFi. Optionally, you can select the MBKIDS network.
If you don't see the City_of_Miami_Beach_WiFi network, click Set up a connection or network. A list of options will appear that includes manually searching for and connecting to a network, as well as creating a new network connection.
Connecting with a Windows XP Computer
To find the wireless connection on a computer with a Windows XP operating system:
- Locate the ‘Network Connections’ folder in the ‘Control Panel’ under the Start menu.
- Right click on the ‘Wireless Network Connection’ option to view all the wireless network signals available.
- Find the wireless network named ‘City_of_Miami_Beach_WiFi.’ Note, you may see several available wireless networks. Optionally, you can select the MBKIDS network.
- Select the ‘City_of_Miami_Beach_WiFi’ option and click ‘Connect’ to establish your connection.
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