There are many tax advantages to living in Florida, such as the Homestead laws. This is one of the reasons that many of my people are relocating from the Northeast of the United States to the southern portion of the country.
According to Reuters News, some of the states with the largest population gains from the 2010 U.S. Census are also known as low-tax states; these states include Florida, Texas and Nevada.
Imagine if you were a family of four with a $150,000 income. According to TurboTax, the family could save $13,368 in state and local income taxes if they moved from New York to Florida. The family could save even more when property taxes and estate taxes are included.
Retirees benefit greatly, as many have money invested in tax-deferred retirement accounts; they would profit if withdrawing the money in a low-tax state.
Florida real estate becoming much more affordable when compared with several years prior when the state was experiencing a "bubble" in pricing. As such, now is a great time to look for a second home and/or a home to retire to in the "Sunshine State".
I am a Realtor who knows the various types of communities in South Florida. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Monday, January 31, 2011
Sunday, January 30, 2011
Homes For Sale: Case-Shiller Index: November 2010; US Real Estate Market Continues Weakness as Does Florida
According to the Case-Shiller Index, for the most-part, US housing prices are not appreciating. Home prices in the Florida markets reported on continue to slide. We think general economic conditions are largely to blame-- such as increased levels of unemployment and lack of income growth prospects.
Looking at the United States as a whole, the Case-Shiller Index report states: “Looking at the monthly statistics, 19 of 20 MSAs and both Composites were down in November over October. Fourteen MSAs and both composites have posted at least four consecutive months of decline with November’s report." Therefore, on a sequential basis, the market as a whole remains soft and in decline.
When focusing on the Florida market, two of the nine overall markets hitting their lowest levels since home prices peaked were in Florida: Miami and Tampa. The others were: Atlanta, Charlotte, Chicago, Detroit, Las Vegas,Portland (OR), and Seattle and Tampa. These markets hit their lowest levels since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009. Again, we see the state of Florida continuing to show a weak real estate market.
Looking at markets of interest:
November 2010 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.76 -1.0% -1.2% -0.8%
Miami 143.81 -0.2% -1.1% -3.5%
New York 169.75 -1.0% -1.6% -1.7%
Tampa 134.05 -0.8% -1.0% -4.0%
Composite-10 157.68 -0.8% -1.3% -0.4%
Composite-20 143.85 -1.0% -1.3% -1.6%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Looking at the United States as a whole, the Case-Shiller Index report states: “Looking at the monthly statistics, 19 of 20 MSAs and both Composites were down in November over October. Fourteen MSAs and both composites have posted at least four consecutive months of decline with November’s report." Therefore, on a sequential basis, the market as a whole remains soft and in decline.
When focusing on the Florida market, two of the nine overall markets hitting their lowest levels since home prices peaked were in Florida: Miami and Tampa. The others were: Atlanta, Charlotte, Chicago, Detroit, Las Vegas,Portland (OR), and Seattle and Tampa. These markets hit their lowest levels since home prices peaked in 2006 and 2007, meaning that average home prices in those markets have fallen even further than the lows set in the spring of 2009. Again, we see the state of Florida continuing to show a weak real estate market.
Looking at markets of interest:
November 2010 November/October October/September
Metropolitan Area Level Change (%) Change (%) 1-Year Change (%)
Boston 152.76 -1.0% -1.2% -0.8%
Miami 143.81 -0.2% -1.1% -3.5%
New York 169.75 -1.0% -1.6% -1.7%
Tampa 134.05 -0.8% -1.0% -4.0%
Composite-10 157.68 -0.8% -1.3% -0.4%
Composite-20 143.85 -1.0% -1.3% -1.6%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Monday, January 17, 2011
Homes for Sale: Short Sales Rose Sharply in South Florida During 2010; Recent Drop in Foreclosures
As a Realtor and Certified Distressed Property Expert (CDPE), I am interested in the trends in short sales and other forms of distressed property sales, such as foreclosures, in the South Florida market I serve. The government's guidelines seemed to simplify the process, and as a result, increased the number of short sales in South Florida during 2010.
Other factors are at play for this phenominon as well. They include buyers steering clear of foreclosures recently as a result of the foreclosure freeze that started in the fall of 2010. The idea being that if the purchaser started the process, they might not complete it because of the of possible wrong-doing in obtaining the foreclosed property by the lender.
Lenders are also warming up to short sales as they can expedite the time of property disposal as well as tending to get a higher price when compared with foreclosed homes.
With four-in-ten(about 40%) of South Florida homes owing more on the mortgage than the worth of the home, according to Zillow, short sales seem like they are here to stay for a while. In a short sale, the owner sells the home and the lender forgives the difference between the sales price and mortgage.
As a local Relator and Certified Distressed Property Expert (CDPE), I can help those who are "underwater" and considering a short sale. Please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Other factors are at play for this phenominon as well. They include buyers steering clear of foreclosures recently as a result of the foreclosure freeze that started in the fall of 2010. The idea being that if the purchaser started the process, they might not complete it because of the of possible wrong-doing in obtaining the foreclosed property by the lender.
Lenders are also warming up to short sales as they can expedite the time of property disposal as well as tending to get a higher price when compared with foreclosed homes.
With four-in-ten(about 40%) of South Florida homes owing more on the mortgage than the worth of the home, according to Zillow, short sales seem like they are here to stay for a while. In a short sale, the owner sells the home and the lender forgives the difference between the sales price and mortgage.
As a local Relator and Certified Distressed Property Expert (CDPE), I can help those who are "underwater" and considering a short sale. Please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Saturday, January 15, 2011
Homes for sale: US Home Prices Fall Again During November 2010
The US housing market continues to struggle to find a bottom. Home prices in the United States fell 5.1% in November 2010 when compared with a year earlier, according to real estate analytics firm CoreLogic.
The decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.
Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.
According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.
The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The decline in US home prices in November was steeper than the year-over-year decrease of 3.4% in October. Forty-four of the states experienced an annual decline in November.
Mark Zandi, an economist with Moody's Analytics said the US housing market is "double dipping." He predicts prices will continue to fall from the peak levels in 2006; he seems to indicate an expectation of the bottom hitting in late 2011 and price declines of 35% off the peak in 2006.
According to CoreLogic, the six states that experience a year-over-year increase in housing prices were: Indiana, Vermont, New York, Wyoming, North Dakota and Maine. However, in general, these states did not see as sharp of a rise in prices during the "boom" period.
The consensus of many leading economists that focus on the real estate market seem to think the bottom of the market will not hit until the end of 2011.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Homes For Sale: Interest in Florida's Real Estate Market Picks Up
The National Association of Realtors recently released its list of most searched real estate markets on its Website www.realtor.com.
The top 10 most searched for cities at Realtor.com for 2010 are:
1. Las Vegas
2. Los Angeles
3. Orlando
4. San Antonio
5. Miami
6. Phoenix
7. San Diego
8. Austin, Texas
9. Tampa
10. Chicago
With the majority of home buyers seeking properties online, we think this is a good indication of interest by market sub-segments. Florida represents three of the top ten most searched cities for 2010 on Realtor.com.
We think two main themes are driving the Web traffic to the state of Florida: 1) many distressed properties and 2) "Baby-Boomers" nearing retirement age. The pick up in searches for 2010 should translate into an increase in sales for 2011; the lead time from interest in a home to taking possession takes several months, at least.
If you are thinking of selling or buying a home in the South Florida market, please feel free to contact me. http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The top 10 most searched for cities at Realtor.com for 2010 are:
1. Las Vegas
2. Los Angeles
3. Orlando
4. San Antonio
5. Miami
6. Phoenix
7. San Diego
8. Austin, Texas
9. Tampa
10. Chicago
With the majority of home buyers seeking properties online, we think this is a good indication of interest by market sub-segments. Florida represents three of the top ten most searched cities for 2010 on Realtor.com.
We think two main themes are driving the Web traffic to the state of Florida: 1) many distressed properties and 2) "Baby-Boomers" nearing retirement age. The pick up in searches for 2010 should translate into an increase in sales for 2011; the lead time from interest in a home to taking possession takes several months, at least.
If you are thinking of selling or buying a home in the South Florida market, please feel free to contact me. http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, January 9, 2011
Case-Shiller Index For October 2010: US Real Estate Market Showing Signs of a "Double Dip"?
The Case-Shiller Index for October 2010 showed some ominous signs for the US real estate market.
US home prices have shown a deceleration in annual growth rates for 18 of the 20 City Composites when comparing October 2010 with September 2010.
The news for the Florida market is showing sustained weakness when compared with the overall United States market. The Miami and Tampa composite housing prices have hit their lowest levels since 2006, which seems to indicate these markets have been weaker than the US composite as a whole.
On a year-over-year basis, home sales are down about 25% and the months' supply of unsold homes is up more than 50%. The US economy continued to be in a malaise during October 2010 and the unemployment rate continued to hover close to 10%.
Some data of interest:
October 2010 October/September September/August 1-Year Change (%)
Boston -1.2% -1.3% -0.2%
Miami -1.1% -1.2% -3.4%
New York -1.6% -0.5% -1.7%
Tampa -0.9% -0.8% -3.6%
Composite-10 -1.2% -0.6% 0.2%
Composite-20 -1.3% -0.8% -0.8%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
US home prices have shown a deceleration in annual growth rates for 18 of the 20 City Composites when comparing October 2010 with September 2010.
The news for the Florida market is showing sustained weakness when compared with the overall United States market. The Miami and Tampa composite housing prices have hit their lowest levels since 2006, which seems to indicate these markets have been weaker than the US composite as a whole.
On a year-over-year basis, home sales are down about 25% and the months' supply of unsold homes is up more than 50%. The US economy continued to be in a malaise during October 2010 and the unemployment rate continued to hover close to 10%.
Some data of interest:
October 2010 October/September September/August 1-Year Change (%)
Boston -1.2% -1.3% -0.2%
Miami -1.1% -1.2% -3.4%
New York -1.6% -0.5% -1.7%
Tampa -0.9% -0.8% -3.6%
Composite-10 -1.2% -0.6% 0.2%
Composite-20 -1.3% -0.8% -0.8%
With the economy not showing signs of job growth, continued uncertainty and tight credit markets, we suspect a tough slog for the US housing market as a whole.
When focusing on the South Florida market, the trends seem to be worse when compared with the nation as a whole. This is exacerbated by the higher level of distressed properties in the market as well as an economy largely based on construction and discretionary income spending.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free to contact me.
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217 <--property search link to cut and paste into your Web browser
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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