John Gibes's Cooper City FL Real Estate Blog

Home Prices are still falling according to Trulia

jtgibes — Thu, 23 Sep 2010 16:19:32 +0000

Home prices are still falling, but South Florida

is doing better than many metro areas.

Check out the article below and if you are

in default on your mortgage, check out the

humorous video link below:

Home prices currently on the market have continued to decline for the third consecutive month according to Trulia research. The drop in some areas is higher than others. Our area in South Florida which includes Cooper City, Davie, Hollywood and the surrounding areas has fared better than many. Hopefully, the downward trend will continue to slow further. However,it will still take a long time to bring back stability to the market. Statistics from August 24, of the 50 U.S. cities that Trulia tracks held steady or declined last month-a 50 percent increase compared with August, in which 16 cities posted positive or unchanged price reduction data. Cities with the highest percentage of price reductions in September:1. Minneapolis, 43 percent2. Milwaukee, 40 percent

3. Phoenix, 39 percent

4. Mesa, Ariz., 37 percent

5. Albuquerque, N.M., 35 percent

6. Memphis, Tenn., 35 percent

7. Boston, 35 percent

8. Tucson, Ariz., 34 percent

9. Baltimore, 34 percent

10. Dallas, 34 percent

Cities with the lowest percentage of price reductions in September:

1. Detroit, 16 percent

2. Miami, 18 percent

3. Oakland, Calif., 19 percent

4. El Paso, Texas, 19 percent

5. San Jose, Calif., 20 percent

6. New York, 20 percent

7. Los Angeles, 22 percent

8. San Antonio, 23 percent

9. Denver, 23 percent

10. Fort Worth, Texas, 23 percent

The last real estate bust after the peak in 1980 took 22 years for recovery until 2002. This bust with the peak in 2005 won’t see full recovery until 2027 if the 22 years holds true. The bottom line is, now might be the time to sell.

The Federal Government started a new program for short sales called HAFA ( Home Affordable Foreclosure Alternatives). This program is available for many borrowers who are “upside down” on their mortgage and cannot afford to continue to make the payments. The major benefits for the homeowner are:

1. The lender must take the proceeds of the short sale as payment-in-full, wiaving the right to collect the balance of the loan from the homeowner.

2. The homeowner may be eligible for $3000 Relocation Assistance.

3. The process should take less time.

Whether you can do a HAFA short sale or a short sale without HAFA assistance , it may be the only option other than foreclosure. Foreclosures have many long term disadvantages compared to a short sale.

If you are considering a short sale or loan modification and live in Cooper City or another town in South Broward, call me for a free consultation. I am a Certified Distressed Property Expert (CDPE) and have helped many in our community avoid foreclosure and move on with their lives.

Watch the video below to see why a short sale may be the best alternative.

http://www.youtube.com/watch?v=E2IjktYtwwo

Monterra at Cooper City New Homes

jtgibes — Fri, 16 Jul 2010 20:05:53 +0000

Real Estate is coming back in Cooper City! Even with foreclosures and short sales, Cooper City is seeing some REAL real estate success. Let us look at the three new developments:

First there is Estada at Monterra, a gated community of 149 homes with access off Pine Island Rd. The first construction of homes on this site just west of Pine Island Rd and South of Stirling Rd. was started with TOUSA homes.

After it went bankrupt, Lennar, a well respected builder took over. They are offering five models with prices starting between $399,990 for a 1 story 3 bedroom, 2 bath home to $549,990 for a 2 story 5 bedroom, 4.5 bath home.

The most popular is the Bonita model- 1 story, 4 bedrooms, 3 baths and a 3 car garage starting at $429,990.

Although models will not be available until September or October, they have sold 13 homes as of July 5 2010.

Next is Monterra, built by CC Devco, a Codina Carr Company. They have been in South Florida for a long time. They have the largest tract of land and are developing several communities east of Pine Island Rd. between Sheridan St. and Stirling Rd. This gated community has its’ main entrance off of Pine Island Rd. with future entrances off University Dr. and another off Sheridan St.

Two communities are currently offered: Bella Terra and La Costa. There are 11 models available in 3 different collections.

The Monterey Collection has 3 models starting from $280,900 for a 3 bedroom, 2.5 bath home to $314,900 for a 4 bedroom 2.5 bath home. These are all 2 story homes with 2 car garages.

The Santa Barbara Collection has 4 models starting from $335,900 for a 1 story 3 bedroom 2.5 bath 2 car garage home to $414,900 for a 2 story 4 bedroom 3 bath 3 car garage home.

Finally there is the Catalina Estate Collection with 4 models between $434,990 for a 1 story 4 bedroom 3 bath 2 car garage home to $514,900 for a 2 story 5 bedroom 5.5 bath 3 car garage home.

Some models are available to see and they have sold 107 homes as of July 5 2010.

The newest is Cascada at Monterra, a gatedcommunityof 148 town-homes built by Minto, another well established builder. They have 4 models of townhomes, all with a 2 car garage with prices from the $220′s for a 2-bedroom 2 bath with a mezzanine up to the $250′s for a 3 bedroom 3 bath unit. As of 7/5/2010 they have sold 20 homes. Models are open

I have previewed the models, floor plans and amenities and conclude that each of these communities have a lot to offer. Construction looks great and many features are set up for energy efficiency and lowering insurance costs.

If you are looking for a home in Cooper City, I would be happy to take you to Monterra as well as to resale homes.

How many types of sellers do we have in Cooper City, Fl?

jtgibes — Thu, 01 Jul 2010 16:34:46 +0000

We in Cooper City as well as in all of Broward County have four different types of home sellers Let me spell them out:

The unapproved short sale

The approved short sale

The retail listing

The REO ( Bank owned)

What are they and what are their consequences for the home buyer?

The unapproved short sale refers to a seller who owes more than the home is worth. They want to avoid foreclosure, but there has been little, if any communication with the bank to determine if the bank will accept less than what is owed. The process to get approval has been decreasing partly because of HAFA, but may still take weeks to months to get an answer and an offer is not guaranteed to be accepted.

If you want to deal with a short sale, you are most likely to have a positive outcome if you use a Realtor who is a CDPE ( Certified Distressed Property Expert) . I am and I can help.

There are certain restrictions for a short sale, Please call me to discuss.

The approved short sale means the bank for the current seller has already reviewed the documentation of the owner and the circumstances and has agreed on a sales price for the home. Usually this occurs after another buyer has given up. Usually an answer to an offer comes within three weeks.

Again, I have contacts with most lenders and can get an answer quick. Call me.

The retail listing is what was called “normal” in the past but now represents less than 50% of the sales in most areas. It is a typical seller who has one of the following reasons to sell: reduction in income, increase in income, marriage, divorce, death,relocation, larger family size, smaller family size. Although these may be present in short sales, these owners are motivated primarily by these reasons, not being behind on their mortgage.

There are an increasing number of investor purchased properties now being refurbished and put back on the market in this category.

Finally, the REO or bank owned homes. They have been taken back by the lenders in a foreclosure proceeding. The banks do not want to own homes so they sell them at a discount. Be aware that most foreclosures sell for at above listing price.

Hello Cooper City and Davie

jtgibes — Thu, 06 May 2010 16:34:28 +0000

Welcome to Inside Real Estate. This is our brand new Real Estate blog. Check back soon for market updates, new houses on the market, etc.

We hope to provide you with useful information about buying and selling real estate as well as useful information about the communities we serve, including Cooper City, Davie, Southwest Ranches, Pembroke Pines, Hollywood and the surrounding areas.

We will delve into buying and selling tips and understanding the process of buying and selling real estate. Discussions of foreclosures and short sales will be prevalent as these are a big part of our market now. In fact the number of foreclosures on the market has grown rapidly in the last two months and in some areas, short sales represent over half the homes available. We will discuss the HAFA (Home Affordable Foreclosure Alternatives) program for short sales and statistics for sales in the Cooper City area.

As lifestyle is important to any community, we will discuss restaurants and places to shop. As you should know, one of the biggest draws for people to move to Cooper City is our A+ school system. We hope to provide useful information about Cooper City schools.

We also will look into our new communities of Estada and Monterra and keep you up to date on their progress. We will also review the many communities in Cooper City with information about Homeowners associations and condominium associations.

Our goal is to help our neighbors with useful information that can help in making buying home buying and selling decisions and to show that our area around Cooper City is truly Someplace Special.

We want to hear from you. Please feel free to request any other topic you would like to learn more about.