JUST LISTED: Luxurious Townhome East of Las Olas in Hendricks Isle

HOT, HOT opportunity!

A unique luxury townhome in downtown Fort Lauderdale, with private dock, boat lift and Intracoastal access on Hendricks Isle. Walking distance to prime dining and entertainment of Las Olas Boulevard.

This 3 story townhome enjoys fantastic views of downtown Fort Lauderdale. Offers 3 balconies, and many upgrades such as: marble flooring, elevator, gourmet kitchen with Viking appliances, subzero fridge. Spacious master suite with sitting area, luxury bath and walk-in-closet. Impact windows and doors. Awesome roof top with summer kitchen, recently redone. Deeded private dock for up to 40 foot boat with brand new boat lift/jet ski lift. No fixed bridges; easy ocean access.

Fee simple. NO HOA.

For additional details, see the Listing on my Website.

 

Low Mortgage Rates: Time Is Running Out – Looming FED Rate Hikes

It’s time to reaffirm some advice. That’s because on Wednesday we heard from the ultimate authority on interest rates in the U.S.: the Federal Reserve.

Now, technically, the Fed does not set mortgage rates—but that’s probably what most people believe, given the amount of news and hype surrounding its decisions.

The way it really works: The Federal Reserve sets the short-term rate policy, which governs what banks charge one another for short-term loans. Short-term rates are different from long-term rates, but they typically move in similar ways in times of change.

Longer-term rates usually move before the Fed acts. Mortgage rates, in particular, usually track to long-term bond rates like the 10-year U.S. Treasury note. Since the surprise outcome of the presidential election, mortgage rates have risen close to 60 basis points—more than twice the quarter-point increase that the Fed did on Wednesday. (One basis point is 0.01%.)

Even before the election, evidence was stacking up that the economy was picking up momentum. Now the financial markets are betting that inflation will be higher under the Trump administration’s fiscal policies. But the data-driven Fed hasn’t seen the inflation evidence that would justify a greater increase in short-term rates yet.

Emphasis on “yet.”

If you want to understand how the Fed affects mortgage rates, pay more attention to what the central bank says about the future rather than the policy rate changes it has already enacted.

The Fed expects the economy to hit its target level of inflation next year. As a result, it also expects to raise short-term rates three times, by a total of 75 basis points. In reality, rate moves could be less—but they also could be more.

That means rates like we’ve seen for most of the past five years are indeed history.

Hate those annoying radio ads screaming about refinancing while rates are in the 3% range? Well, relax. They’re history, too.

Mortgage rates will move higher before the Fed acts again, so if the Fed carries out its three planned hikes in 2017, we could come close to 5% on 30-year conforming rates before the end of next year. This is more than I have been expecting even as recently as last month.  My, how quickly things have changed.

It’s time for a bit of harsh reality: The move toward 5% will not likely be smooth, gradual, or immediate. Instead, rates will likely jump in intervals, based on whatever new positive economic data emerge and also when we see actions from the new Trump administration on fiscal policy.

Since mortgage rates have already gone up more than the Fed’s increase, they will likely stay in this range for the next two months or so. That means we may see some day-to-day volatility but little consistent movement up from where rates ended on Wednesday (the average 30-year conforming rate was just under 4.2%).

But as the year progresses, rates are more likely to move. Mortgage rates are most likely to move in the month ahead of each key Fed policy meeting. The most important meetings are in March, June, September, and December—so home buyers, mark your calendars!

If you intend to buy this year and finance the purchase with a mortgage, acting sooner rather than later will cost you less.

On a typical median-price home with 20% down, the monthly principal and interest payment would be $978 at a rate of 4.2%. That same home at 4.5% would cost $35 more per month. If we reach 5%, that monthly payment goes up to $1,074, or almost $100 more per month than where it is now.

Source: Realtor.com

 

Florida Realtors Sees Positive Trends in Today’s Housing Market

WASHINGTON – Dec. 2, 2016 – What fall slowdown? In many markets across the country, the housing market is showing anything but the typical seasonal slowdown. In fact, a report released by the National Association of Realtors® (NAR) finds just the opposite.

Existing-home sales eclipsed June’s cyclical sales and, in October, zoomed to the highest annualized pace in nearly a decade, according to NAR. All major regions saw an increase in sales last month as well.

It’s a good time to be in the real estate business. And NAR says that Realtors have a lot to be thankful for this holiday season:

The Economy is Improving

In 2017, the economy is expected to continue growing, at least at a moderate pace, next year, and growth will lead to even lower unemployment, which can help boost consumer confidence. What’s more, a growth in jobs often translates into more households looking for homes.

Powerful Buying Forces Emerge

Two major demographic shifts at play in the current housing market could profoundly drive sales in the coming years: millennials and retiring baby boomers.

We are now in the midst of two massive demographic waves that will power above-average demand for homes for at least the next 10 years,” says Jonathan Smoke, realtor.com’s chief economist. The median age of a first-time buyer this year was 32, according to NAR’s 2016 Home Buyer and Seller Report. Next year, 4.4 million people in the U.S. will turn age 32.

Further, the nation’s second-largest generation, the boomers, is now moving into retirement. Americans age 65 to 74 are in a key age range where housing decisions are being made, which typically involve a home sale and a purchase. Over the next five years, the number of people in the U.S. over the age of 65 is expected to increase 18 percent as the population overall grows only 4 percent.

Foreclosures are Plummeting

The foreclosure inventory fell 31 percent in September and completed foreclosures dropped 7 percent year over year, according to data from CoreLogic. What’s more, the number of seriously delinquent mortgages (ones 90 days or more past due, including loans in foreclosure or REO) dropped by 25 percent in September year-to-year to the lowest level since August 2007.

Completed foreclosures have fallen by a total of more than 100,000 homes during the 12 months prior to September 2016, says Anand Nallathambi, president and CEO of CoreLogic. “The decline in foreclosures is one of the drivers in the drop in vacancies, which is positive for homeowners and communities. Heading into 2017 we see that prices, performance and production – the three most important drivers of the real estate market – are all improving.”

More New Homes are in the Pipeline

Housing starts rose 25.5 percent in October, reaching a seasonally adjusted annual rate of 1.3 million, the Commerce Department reported. It’s the highest pace since August 2007. Single-family housing starts reached a nine-year high in October, reaching a rate of 869,000.

These robust figures correlate with strong builder optimism in the housing market,” says Ed Brady, chairman of the National Association of Home Builders. ” A firming job market, a growing economy and rising household formations will keep the housing recovery on track into next year.”

Drones are Flying

Long-awaited guidelines were released in June that allow more real estate professionals to incorporate drones into their marketing, and they’re capturing aerial pictures and videos of properties to lure buyers.

The Federal Aviation Administration released its final rule on commercial drone use in June, though guidelines must be followed: Operators are required to obtain a Part 107 certificate, which replaced the previous Section 333 waiver. Operators also no longer are required to hold a pilot’s license. Still, operators must take a test before flying, and they must retake that test every 24 months in order to operate drones. Also, there are restrictions on the number of activities you can do with a drone (such as FAA prohibitions against flying a drone over a person or flying at night).

“Businesses are more and more finding opportunities to utilize drones as a way of cutting costs and better serving customers,” says Tom Salomone, NAR’s immediate past president. “That’s true in real estate and other industries as well. As application of this technology picks up, the regulatory landscape will likely continue to evolve.”

Source: Florida Realtors

 

New Listing Added – Luxurious Waterfront Condo with Ocean & Intracoastal Views

The best of Florida living with this amazing unit located in the most prestigious Hillsboro Mile area.

Follow the sun. Features two balconies offering spectacular intracoastal and ocean views to enjoy breathtaking sunrises and sunsets. Walk along the beach and enjoy the ocean with private entry from building or access the intracoastal waterways.

Deeded garage parking space, boat dockage occasionally available for lease or purchase, 36′ boat length.

Pet friendly. Up to two dogs allowed of maximum 20 lbs.

For more information visit my Luxurious Waterfront Condo with Ocean & Intracoastal Views website page

 

 

 

New Development Added – PARAMOUNT Miami Worldcenter

An exciPARAMOUNT Miami Worldcenterting new development going up in the Miami skyline. Dubbed a “city within a city”, the impressive new PARAMOUNT Miami Worldcenter tower is a truly exceptional property.

“A signature residential tower that rises above what will be the ultimate shopping, dining and entertainment destination in Miami. It is above and beyond, when it is a PARAMOUNT.

PARAMOUNT Miami Worldcenter

Designed to maximize your experience and views, this 700-foot tower reaches far into the Miami skyline so that the world can admire your address, and your views are without boundaries. PARAMOUNT Miami Worldcenter is truly exceptional with a private pool deck, park, tennis courts and even indoor regulation soccer field on the Upper Deck of the mall (now called your backyard).

PARAMOUNT Miami Worldcenter

But move to the rooftop of your residential tower and you will discover the Skyview Deck and Lounge. An even more exclusive residential lounge and plunge pool oasis that was designed like a super yacht and guarantees all residents get to live in the penthouse. As you get to know this great tower, you will hear things like “outdoor living rooms” or “perfected kitchens”. What you really need to know is that your life, style and desires are one when entrusted to this address that could only be called PARAMOUNT.”

For more information, visit the PARAMOUNT Miami Worldcenter page on my website.

Fort Lauderdale to Consider 456 Residential Units Downtown

The Las Olas Co. has proposed building 456 residential units in two buildings along Federal Highway in downtown Fort Lauderdale, but the site would likely be sold to another developer.

The city’s Development Review Committee will meet on Oct. 25 to consider the site plan for the projects at 116 and 200 S. Federal Highway. The applicant is Las Olas Co., a longtime local developer led by President Michael Weymouth that has owned the land for more than three decades. A spokesperson for the company said the real estate would be sold to another developer for the projects.

The application lists the builder of the project as Orlando-based apartment developer ZOM USA. An official at ZOM USA couldn’t immediately be reached for comment. It was designed by architect CallisonRTKL with Architectural Alliance Landscape.

The overall project would be called Las Olas Walk. It would be north of Las Olas Boulevard, home to many restaurants, retailers, office buildings and residential towers.

The larger building would have 329 residential units at the northeast corner of Federal Highway and Southeast 2nd Street, where Las Olas Co. owns about 2.09 acres. The furniture store built in 1950 would be demolished. The new 8-story building would total 385,076 square feet, including 319,342 square feet of residential. It would include a pool on the ground floor.

The 1.38-acre site at the southeast corner of Federal Highway and Southeast 2nd Street would have 127 residential units and a 656-space parking garage. The 8-story building would total 342,567 square feet, with 128,721 square feet of that dedicated to residential space. The units would range from efficiency sized to three bedrooms. There would be an amenity terrace on the top floor. Residential units line the perimeter of the garage to improve its appearance from the street level.

Source: South Florida Business Journal

Scaled Back Galleria Mall Re-design Project Still Large at $750 Million

Keystone-Florida Property Holding Corp. has further scaled back its redevelopment plans for the Galleria mall in Fort Lauderdale, but it would still be a large project valued at more than $750 million.

On Oct. 19, the city’s Planning and Zoning Board will consider the application for Live Galleria, a rezoning of the 35-acre site at 2414 E. Sunrise Blvd. The new buildings would be built on the surface parking lots around the existing mall.

The developer has proposed 1,250 residential units, 47,251 square feet of new retail space, 18,700 square feet of new restaurants, 12,362 square feet of community event facilities and eight acres of open community space. The developer would build parking garages to replace the surface lots, leading to 1,360 new spaces.

By comparison, the original Galleria redevelopment plan had 1,640 residential units, a hotel, significantly more retail space, and office space. The revamped proposal has no hotel or offices.

The tallest building in the new proposal would be 285 feet. It would have seven new buildings, with all of them containing some residential, including three towers, built in three phases.

The designers of the Live Galleria are Adache Group Architects, TBG Partners, and Perkins + Will. The developers are represented by attorney Stephen Tillbrook of GrayRobinson and Courtney Crush of Crush Law.

“We have listened carefully to the community’s input and have revised the original redevelopment plan for Live Galleria several times accordingly,” said Peter Flotz, managing member of FLL Development Enterprise, one of the developers. “In its current form, the proposed plan will deliver an innovative, walkable, environmentally-friendly and interactive community which will transform the existing Galleria mall and be an asset to Fort Lauderdale.”

Many traditional malls around the country have been exploring ways to maximize their real estate as retailers deal with competition from online retailers and more entertainment-oriented destinations.

Live Galleria could generate more retail traffic by building residential on the property. It also aims to invite the public in with more pedestrian space, such as a linear park looping around the property, outdoor fitness equipment, a yoga area, a dog park, two welcome plazas, and a rooftop garden.

Keystone would also fund $24.1 million in multi-modal improvements to deal with traffic, such as redesigned streets, improved signal timing, turn lane enhancements, better pedestrian paths, new bicycle parking stations, and new bus shelters.

Once the three-phase project is completed in 2015, it would generate 476 a.m.trips and 697 p.m. trips, according to the developer’s traffic study.

Source: South Florida Business Journal

Homeowners Regain Equity in 2nd Quarter 2016

CoreLogic released a new analysis showing 548,000 U.S. homeowners regained equity in Q2 2016 compared to the previous quarter, increasing the percentage of homes with positive equity to 92.9 percent of all mortgaged properties, or approximately 47.2 million homes.

Nationwide, home equity grew year-over-year by $646 billion, representing an increase of 9.9 percent in Q2 2016 compared with Q2 2015.

2016 Year-Over-Year change in negative equity, by state.

2016 Year-Over-Year change in negative equity, by state.

In Q2 2016, the total number of mortgaged residential properties with negative equity stood at 3.6 million, or 7.1 percent of all homes with a mortgage. This is a decrease of 13.2 percent quarter over quarter from 4.2 million homes, or 8.2 percent, in Q1 2016 and a decrease of 19 percent year over year from 4.5 million homes, or 8.9 percent, compared with Q2 2015.

Negative equity, often referred to as “underwater” or “upside down,” applies to borrowers who owe more on their mortgages than their homes are worth. Negative equity can occur because of a decline in home value, an increase in mortgage debt or a combination of both.

For homes in negative equity status, the national aggregate value of negative equity was $284 billion at the end of Q2 2016, decreasing approximately $20.4 billion, or 6.7 percent, from $305 billion in Q1 2016. On a year-over-year basis, the value of negative equity declined overall from $314 billion in Q2 2015, representing a decrease of 9.5 percent in 12 months.

Average amount of negative equity

Average amount of negative equity for 10 largest Core Business Statistical Area (CBSA)

Of the more than 50 million homes with a mortgage, approximately 8.6 million, or 17 percent, have less than 20 percent equity (referred to as under-equitied) and approximately 965,000, or 1.9 percent, have less than 5 percent equity (referred to as near-negative equity).

Borrowers who are under-equitied may have a difficult time refinancing their existing homes or obtaining new financing to sell and buy another home due to underwriting constraints. Borrowers with near-negative equity are considered at risk of shifting into negative equity if home prices fall.

“Home-value gains have played a large part in restoring home equity,” said Dr. Frank Nothaft, chief economist for CoreLogic. “The CoreLogic Home Price Index for the U.S. recorded 5.2 percent growth in the year through June, an important reason that the number of owners with negative equity fell by 850,000 in the second quarter from a year earlier.”

“We see home prices rising another 5 percent in the coming year based on the latest projected national CoreLogic Home Price Index,” said Anand Nallathambi, president and CEO of CoreLogic. “Assuming this growth is uniform across the U.S., that should release an additional 700,000 homeowners from the scourge of negative equity.”

Highlights as of Q2 2016:

  • Nevada had the highest percentage of mortgaged properties in negative equity at 15.3 percent, followed by Florida (14 percent), Maryland (11.8 percent), Illinois (11.7 percent) and Arizona (11.6 percent). These top five states combined accounted for 33.7 percent of negative equity in the U.S., but only 18.6 percent of outstanding mortgages.
  • Texas had the highest percentage of homes with positive equity at 98.3 percent, followed by Alaska (98 percent), Colorado (97.8 percent), Hawaii (97.7 percent) and Utah (97.6 percent).
  • Of the 10 largest metropolitan areas by population, Miami-Miami Beach-Kendall, FL had the highest percentage of mortgaged properties in negative equity at 18.4 percent, followed by Las Vegas-Henderson-Paradise, NV (17.6 percent), Chicago-Naperville-Arlington Heights, IL (13.4 percent), Washington-Arlington-Alexandria, DC-VA-MD-WV (9.9 percent) and New York-Jersey City-White Plains, NY-NJ (5.9 percent).
  • Of the same 10 largest metropolitan areas, San Francisco-Redwood City-South San Francisco, CA had the highest percentage of mortgaged properties in a positive equity position at 99.4 percent, followed by Denver-Aurora-Lakewood, CO (98.5 percent), Houston-The Woodlands-Sugar Land, TX (98.4 percent), Los Angeles-Long Beach-Glendale, CA (96.7 percent) and Boston, MA (95 percent).
  • Of the total $284 billion in negative equity, first liens without home equity loans accounted for $159 billion aggregate negative equity, while first liens with home equity loans accounted for $125 billion.
  • Among underwater borrowers, approximately 2.2 million hold first liens without home equity loans. The average mortgage balance for this group of borrowers is $252,000, and the average underwater amount is $73,000.
  • Approximately 1.4 million of all underwater borrowers hold both first and second liens. The average mortgage balance for this group of borrowers is $314,000, and the average underwater amount is $88,000.
  • The bulk of positive equity for mortgaged residential properties is concentrated at the high end of the housing market. For example, 96 percent of homes valued at $200,000 or more have equity compared with 89 percent of homes valued at less than $200,000.
  • Q1 2016 data was revised. Revisions with public records data are standard and to ensure accuracy, CoreLogic incorporates the newly released public data to provide updated results.

Source: CoreLogic

New Home Sales Numbers Are In: July SOARS to 8 Year High

A recent new home sales report for July showed that sales of newly built homes increased 12.4 percent since June, and rose 31.3 percent year-over-year. This surge marks the highest point in almost eight years.

“New homes are being purchased at a furious pace, and it could give the housing market the added push it’s been waiting for,” says Quicken Loans vice president Bill Banfield. “With more new homes purchased by move-up buyers, it provides an increase in housing choice for first time buyers looking for their starter house.”

Data released found that the new home sales seasonally adjusted annualized rate for July was 654,000, the highest pace of sales since October 2007. Actual new homes sold so far this year are up 13 percent over the first seven months of 2015. This July’s new home supply remains tight at 4.3 months of supply.

The median sales price of new houses sold in July 2016 was $294,600; the average sales price was $355,800. The seasonally adjusted estimate of new houses for sale at the end of July was 233,000. This represents a supply of 4.3 months at the current sales rate.

“It’s great to see evidence of much-needed growth and a shift toward more affordable prices in July’s report,” says realtor.com Chief Economist Jonathan Smoke. “It’s also good news that we are finally seeing builders shifting toward more affordable price points. And given the limited number of homes currently for sale, we can be confident that the decline in new home prices is a result of market shift and not discounting by builders.”

Source: RISMedia

August Scorches the Market Most in a Decade Says Realtor.com

A record-breaking summer for the residential real estate market continued in August, according to new monthly data on for-sale housing inventory and demand on Realtor.com®. Homes for sale on the site in August are moving two percent more quickly than last year as prices continue to reach new record highs.

“Summer 2017 was one of most competitive buying seasons that we have ever witnessed, fueled by historically low mortgage rates and inventory shortages that resulted in record-high prices, said Jonathan Smoke, chief economist for Realtor.com. “With the school year starting now in most of the country, we’re seeing some drop-off in demand, which may provide some relief for buyers weary from battling it out against other buyers all summer.”

The median age of for-sale listings on Realtor.com in August is expected to be 72 days, which indicates properties are selling two days faster than this time last year but four days slower than last month. In August most markets begin to slow down in response to the start of the school year, with inventory levels and market velocity moving away from peaks and sales beginning to decline.

The median home was listed for $250,000, eight percent higher than one year ago and virtually the same as last month. That extends this summer’s trend of record high prices and is a new peak for August.

For-sale housing inventory reached its apex last month and August now reflects the usual seasonal shift with the first monthly decline since January. Even with an estimated 475,000 new listings coming onto the market in August, the total inventory remains considerably lower than one year ago.

The median age of inventory in August is expected to be 72 days, down three percent from last year and up six percent from last month. The median listing price for August should reach a record high of $250,000, an eight percent increase year-over-year and flat compared to July.

The listing inventory in August should show a one percent decrease from July. Additionally, inventory should still show a decrease of eight percent year-over-year.

Realtor.com’s Hottest Markets received from 1.4 to 4.5 times the number of views per listing compared to the national average. In terms of supply, these markets saw inventory move from 21 to 39 days more quickly than the rest of the U.S. The hottest markets saw inventory movement slow down slightly as the median age increased by two days on average from July.

RDC_Hotness_Index_Aug

Key Takeaways from Realtor.com’s® August Hotness Index

California again dominated the list with 11 markets, but seven other states were represented (Texas, Colorado, Indiana, Ohio, Michigan, Washington and Tennessee).

  • Vallejo-Fairfield, Calif., continues its streak of 4 straight months atop the hottest markets.
  • The new entrants to the top 20 in August were Kennewick-Richland, Wash. and Waco, Texas.
  • The biggest gainer beyond the new entrants was Detroit, which moved up four spots and into the top ten.

Source: Realtor.com