I have had 30 years of experience as a Real Estate Professional, working in South Florida real estate. Having been married, divorced, and brought up 2 sons who are now in their 20’s and working with me in Real Estate. I thought I had experienced and seen it all in terms of buying and selling Real Estate. Boy was I wrong! This year I am learning a whole new vocabulary: deal – steal – shortsale – foreclosure. Not that I never heard of them before but they didn’t exist in the pocket of luxury properties I have been privy to handle.
Not anymore – as of yesterday the Multiple Listing Service shows 724 condo shortsales and 244 single family home shortsales in the 12 & 22 area alone. That area covers Aventura to Surfside only. A shortsale is when the bank agrees to work with a seller and takes less than the mortgage due amount-a lot less. I just sold a property in Porto Bellagio that my sellers owed $ 550,000 on the mortgage and the bank took $ 310,000.
A foreclosure, which in these days is an all too familiar term, occurs when the bank takes the property back from the homeowner and sells it to settle the debt. Recently having bought and built a multi-million dollar office condo and started my own company this past year I could be alarmed. I am not alarmed, however, because a lot of the short sales and foreclosures are not bargains as so many people refinanced at the height of the market.
A well priced listing or a home of an original homeowner might still be more competitive. Due to the value of the euro dollar, foreign investors are seeking great deals in sunny South Florida and take advantage of the market situation. Some of South Florida's best real estate are the luxury real estate in Aventura.
So when other Realtors complain of the “bust” in the market, I am finding it a “boom” of sorts. I have trouble keeping up with all the offers. It is just a matter of negotiating for the seller to get an acceptable price – so ignore the doom and gloom talk and call Denise Rubin at Denise Rubin Realty, LLC for positive results at 305.932.9326 and read my personal success story at www.deniserubin.com.
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