Foreclosures Category

How will the halt in the foreclosure market effect you?

Category: Ask Lani, Coral Gables Real Estate, Foreclosures, Lending, Pinecrest Real Estate, South Miami Real Estate and posted on October 11th, 2010

The latest news about the fraud and mismanagement that has occurred in the foreclosure market is both worrisome and disappointing for those of us in the industry. Just as we are beginning to feel a bit of an upswing in the market we’re hit with more bad news. Virtually everywhere I have gone in the past few days, people have been asking me about it. “Is your business at a standstill?” “How is all of this affecting your bottom line?”.

While the halt in the market will certainly be a setback for the broader South Florida real estate market (and the already damaged reputation of lenders), the fact of the matter is that in many of the areas where we work, foreclosures are few and far between.  A recent Miami Herald article stated that over two-thirds of the current inventory in South Florida are bank-owned properties.  In Pinecrest, Coral Gables and South Miami combined, however, foreclosures make up a mere 3.7% of the residential properties currently on the market. In these areas only 13.4% of the total sales year-to-date have been foreclosures. *

One of our mantras here at Lowell International Realty is that real estate is local in nature.  We read or hear these sweeping statements about the market in the news and they simply don’t always pertain to us – or to you!  Whether buying or selling, find someone who really knows and understands what is going on where you live – or want to live.  Make sure your Realtor updates you regularly about the trends in the neighborhood where you’re selling or looking to purchase a home.  Continue to pay attention to national and state-wide trends – of course it is always good and important to keep the big picture in mind. But know, however, that in Miami-Dade, we have some very unique neighborhoods and circumstances that often times cause us to buck the trends in real estate.

*Data taken from trendgraphix.com & is deemed reliable but not guaranteed

posted by Lani K Drody // 1 Comment »

Ask Lani: When is Paying Market Price Not Good Enough?

Category: Ask Lani, Foreclosures and posted on June 22nd, 2010

When is Paying Market Price Not Good Enough?

Lowell International Realty has wonderful relationships with a variety of banks serving the South Florida market.  Having developed thousands of homes throughout the region, many of these banks provided the financing for the communities our sister company, Lowell Homes built.  In today’s market, these banks turn to us for consulting advice and sales and marketing expertise.

What interests me the most is the “psychology” of each bank.  They are not all alike and they don’t act in the same manner.  While the national and regional banks seem to be more rational in their pricing strategies and more agile in their decision making, the South Florida community banks are more reluctant to recognize their losses by letting properties go at market rate.  Many of the South Florida community banks have an appraisal on their books (sometimes many months old) and they simply cannot accept a market rate offer because it would force them to write down the value of their asset, thereby devaluing the value of their bank’s assets.  In an economy where the competition for capital is fierce, the community banks’ must rely more heavily on their bank owned assets and performing debt as a measure of the bank’s worth.

When buying a bank owned property or one in the process of a short sale, it is important that your Realtor understands the “psychology” of the bank you are dealing with.   Similarly, if you are selling your home while negotiating with your bank, a Realtor who understands how to communicate with your bank can make all the difference in the world!

posted by Lani K Drody // Leave A Comment

New Foreclosure in South Gables Priced to Move

Category: Coral Gables Real Estate, Foreclosures, South Florida Real Estate and posted on June 21st, 2010

Coral Gables Foreclosure

This foreclosure popped up on my radar recently and I headed over to preview it for some clients today. It seems to be in good overall condition but suffers from a series of ill-planned additions, so it needs a creative thinker or someone willing to really reconfigure the home.

To read more about this foreclosure and about South of Miami Real Estate, go to somirealestate.com

posted by Carrie Foote // Leave A Comment