Free home staging services!!

Grove Town Properties is now offering free home staging services with all listings to maximize the visual appeal of your home to prospective buyer's. We will work in conjunction with the Coconut Grove Gallery & Interiors showroom which is located across the street from our office at 2884 Bird Ave!! Restrictions may apply, please call for more info!!  

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Icon Brickell reduces prices

More then 30 sales contracts were inked over this past weekend at ICON Brickell. With the total of new contracts now above 50 since December, the 30% reduction in prices offered to new buyers seems to be working. The sales gallery and designer models are open Monday through Friday from 10 a.m. to 6 p.m. and Saturday and Sunday from 11a.m. to 5 p.m. For more information, call 786-554-8947!!

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Mortgage Fraud Crackdown

Termed "Operation Bad Deeds", the FBI, Secret Service & U.S. Postal Service joined forces to arrest 41 people in 4 states for mortgage fraud activities that defrauded banks to the tune of $64 million dollars. Those arrested included mortgage brokers, loan officers and to their alarm 6 lawyers. Authorities say all involved "abused their positions" and failed to protect our banking system. Most of the charges filed carry potential prison terms of 20 to 30 years each, and rightly so in my opinion!!

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Developers cutting back on incentives

The Wall Street Journal recently reported that the amount of developer "incentives" given to buyers nationally has been scaled back as demand is almost "back in sync" with supply. However, developers are still giving breaks such as "discounts on upgrades" or no "developer fee's" at closing.   

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Short Sales process speeding up?

I have said many times in the past to friends and colleague’s that an important factor in the recovery and stabilizing of the housing market lies in the banking industry "streamlining" the "short sale" process. To refresh your memories, a short sale is basically a situation in which a bank or lending institution allows a property owner to sell their property for less then what’s owed on the mortgage. Mary Ellen Podmolik of the Chicago Tribune recently reported that the Obama administration " is aware of the frustrations" and is working with Treasury Secretary Tim Geithner to address the situation. The plan of action to assist with speeding up the process will come in the form of "incentives" given to the banks for accepting short sales. Until this happens, short sales will continue to be a burden to many homeowners, realtors and banks.

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Commissioners agree to leave tax rate "flat" at budget hearings!!

After a heavy day of arguments at the first of two budget hearings at Miami City Hall, commissioners voted to leave the tax rate flat at $7.67 per every $1000.00 of property value. The decision to "spare" homeowners of increased property taxes now means the commission must find a way of cutting an additional $28 million dollars to meet the proposed $511.40 million budget as set forth by Mayor Manny Diaz.    

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Congress passes first time home buyer tax credit!!

Congress recently passed legislation allowing first time homebuyers to receive a tax credit of 10% of the purchase price up to $8000.00 for the purchase of a single family home, condo or town home. The credit is good for single buyers who make less then $75,000 and married couples who make less then $150,000 per year. This tax credit does not need to be repaid as long as the homebuyer remains in the property for at least three years.    

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Tip’s and tricks from “The Rental Expert”!!

Should a landlord make a claim against your deposit that you feel is unfair or not according to the terms of your lease, ask them to provide proof of where your deposit is in the first place. If the landlord did not deposit the money when you first moved in as according to the Florida Landlord Tenant Act (local bank), then they may have no recourse against your deposit to begin with. (Please call for further explanation!!)

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Wow...Jorge Perez's ICON is ICONIC!!!!

I had the opportunity to visit ICON Brickell for the first time today!! My good friend at CondoLeaseFinder, Hector Arencibia, was gracious enough to take us on a brief tour of the building (we did not have an appointment). Words that I am capable of typing would not give this building enough justice....trust me....it's a must see!! I now understand why they are calling this Mr. Perez's "legacy project".  I truly believe this is the best building in Brickell at this time....nothing else compares, even without private elevators. I truly hope Mr. Perez is able to restructure his business arraingments as mentioned below. ICON....truly making a bold statement as far as I'm concerned!!     

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Miami developer Jorge Perez waits for jury to come back.

The Miami Herald published a story in Sunday's paper featuring Miami's billionaire developer Jorge Perez.  Mr. Perez's "legacy" project now available, ICON, owes debts to it's lenders in excess of 1 billion dollars due this year. Mr. Perez had to arrange a meeting with a dozen plus bankers in downtown Miami recently to try to buy more time to pay off this debt and now waits in limbo for them to come back with their verdict. The ICON project is an incredible building. A "city within a city", ICON features three hi-rise towers, 1640 condominium residences, a hotel, 5 restaurants and a football sized pool.     

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The "Rental Expert" Joe Higgins, ABR/Broker - Tips & Tricks for Miami renters!!

Be wary of agents who ask for “all the money” up front when securing a Miami rental property. Your first deposit should be an amount up to the first months rent with the balance to be paid a day or two prior to you moving in (cleared funds for the balance!!). There is no need to obligate all your funds in the beginning unless you’re moving into the unit ASAP. Remember to get a receipt!!

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The "Rental Expert" Joe Higgins, ABR/Broker - Tips & Tricks for Miami renters!!

By law, at the end of your lease, the landlord has 30 days to do an inspection of the vacated premises. If they plan on making a claim against your deposit they must do so within that 30 day time frame. After 30 days they have no “recourse” against your deposit and must return it in full. If they do make a claim within the 30 day time frame, you will have 15 days to accept it or dispute it.

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The "Rental Expert" Joe Higgins, ABR/Broker - Tips & Tricks for Miami renters!!

Make sure your realtor or agent handling your Miami apartment rental provides you with a receipt for your deposit. Also have them explain the conditions upon which your deposit is or is not refundable!! If they can’t explain this clearly, walk away!!

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Help for Miami Real Estate Market, Homeowners

According to the Miami Herald, South Florida judges may be able to renegoitate homeowners' mortgages pending approval from Congress.  That would be the case if President Obama's $75 billion "cram-down" plan is passed. The implications of this could be huge as we face one of the worst housing markets in years especially in Miami real estate market. Fortunately, the bill's passage could come as early as this month and would provide much needed relief for millions. Not surprisingly, the mortgage lending industry is not on board.  That's because it would subject them to the mercy of judges.  But with the Miami real estate market and the housing market in general suffering, this legislation is desperately needed. These lenders are largely responsible for the crisis at hand in the real estate market.  As a result, they may have to be flexible. As stated by the Herald, "Obama's plan is part of a carrot and stick approach to dealing with a crisis in which 2.3 million households received foreclosure filings last year."  The statistics are staggering which is why this plan just might work.
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Home prices are reaching that point of affordability