Top 10 States with Million Dollar Homes

The following is a list of the states with the most homes worth a million dollars or more according to the US Census.

1. California -128,619 Million Dollar Homes
2. New York - 22,327 Million Dollar Homes
3. Florida - 18,094 Million Dollar Homes
4. Connecticut - 13,906 Million Dollar Homes
5. Illinois - 12,386 Million Dollar Homes
6. New Jersey - 11,869 Million Dollar Homes
7. Texas - 10,137 Million Dollar Homes
8. Massachusetts - 10,090 Million Dollar Homes
9. Washington - 7,384 Million Dollar Homes
10. Michigan - 5,989 Million Dollar Homes

The bottom two states with the least amount of homes worth a million dollars or more are South Dakota and North Dakota with 129 and 51 homes respectively.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Hurricane Wilma

It's been five days since Hurricane Wilma devastated much of South Florida. The first thing I want to say is that I hope all of you and your families were able to get through this Category Three storm without injury - that obviously is the most important thing. I know some of you have suffered a lot worse than some of us. I wish all of you the best and if you feel I can help you in any way, please do contact me and I'll do my best to help.

The following are many things that I learned or have become a lot more aware of because of this hurricane.

1. Prepare and take personal responsibility of ensuring that I have everything that I need in case the storm hits (because it will).
2. There are so many things that we take for granted - FPL, sight, transportation, our beautiful weather, food and drinks, family and friends that take care of us before themselves.
3. How proud I am to be a Floridian. Seeing the FPL workers, police, Bellsouth workers, volunteers, and so many many others work together so beautifully is very moving.
4. The satisfaction with life is based on two things - the patience a person has and his or her attitude to handle a situation.
5. That I have great neighbors. Thank you so much Barbara and Luis for being so kind.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

What to Do After the Hurricane

As it gets later in the day, it looks more and more likely that Hurricane Wilma will be visiting South Florida. If you haven't read my other post, please read the Hurricane Preparation Tips article for helpful hints. US Inspect, an inspection company I work with, was kind enough to supply me with the following information on what to do after the hurricane. Please read all these tips carefully and as always make sure to use your common sense. I wish you and your family all the best.

Hurricane Reentry Tips

• Be aware of combustive or explosive gases – open all windows when entering. If you smell gas, don’t smoke, light matches, operate electrical devices, use cell or other phone equipment, or any other source that may cause combustion.
• Avoid carbon monoxide poisoning – CO is odorless and colorless. Do not use any fuel burning equipment inside, including generators, camp stoves, gas or charcoal grills etc.
• Avoid problems with mold, bacteria and insects – Remove standing water and wet belongings as soon as possible, and/or dry within 48 hours. Dry out the structure completely as soon as possible.
• Properly dispose of contaminated goods.
• Be careful in the use of cleaners, chemicals, and pesticides.
• Provide fresh air to the home. Use fans if electrically safe.
• Do not use the electrical system if home has experienced water penetration. Turn the power system on only after careful inspection.
• Avoid personal “overheating”.
• Consider safety of remaining food, particularly refrigerated and frozen foods.
• Drinking water safety – follow public service and utility announcements.
• Avoid all power lines.
• Make temporary repairs to “wet proof” home.
• Observe safe use of chain saws and other tools.
• If damage has occurred, have professional inspection of property or affected areas.
• If damage has occurred, have professional inspection of property or affected areas.
• All damage should be documented and recorded with a camera before you touch anything.
• If you have taken in water and are removing wet furnishing to dry the home, photograph it after you remove the personal property and before you remove wallboard or carpet.

Visit these websites for other important sources of information:

www.epa.gov/katrina/sep14returnhomeadvisory.htm

www.redcross.org

www.fema.org

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Hurricane Preparation Tips

With Hurricane Wilma approaching us, I wanted to wish all of you and your family the best. An inspection company I do business with, US Inspect, was kind enough to email me the following tips that will hopefully help all of us.

If you are evacuating your home:

• Turn the pilot light off on your water heater and furnace, then turn off the gas line valve near the appliance and, finally, turn off your gas at the meter. This will reduce the probability that a tree falling on the roof will break an active gas line and create the chance for a spark to cause a fire. Turning off valves working from the appliance to the meter will make it easier to reignite on your return by reversing the process.
• Turn off your master water supply.
• DO NOT Turn off your master breaker. You need power for the alarm and refrigerator.
• Unplug all fixtures or small appliances that can be accessed.
• Bring into the garage, or otherwise secure all movable exterior items such as small plants in pots, lawn furniture and pool equipment.
• Fill all vehicle fuel tanks.
• If you have time trim all branches or heavy bushes that could damage windows.

Take with you:

• Food and snacks for Two days
• 2 gallons of water per individual
• Clothing for one week
• First aid kit
• Medications for 30 days
• Flashlights and spare batteries
• Cash
• Important documents (wills, insurance, licenses, medical and bank records as needed)
• Pet care items
• Tell a neighbor that is staying where you are going and how to contact you. Exchange numbers.

If you are staying (this is highly discouraged if you are in the immediate path of the storm):

• Increase food supplies to 3-7 days--preferably non-perishable food items.
• Fill up your propane tank for your grill or buy two sacks of charcoal.
• Insure that you have a functional fire extinguisher. ABC type will work on any fire. Remember, with down trees and no reliable phone service 911 may not be an option.
• Increase water supplies to one gallon per person per day.
• Adequate toiletries, diapers and special items to last at least one week
• One flashlight per individual and 1 spare set of batteries per light
• Increase cash on hand.
• Battery operated radio
• Toys books and games
• Tools
• Clean and fill the tub the night before land fall. This water will be used for pets and flushing toilets.
• Do all of your laundry before landfall. You may not have a chance for a week or so.
• Take digital pictures of your home and each room. This will support future insurance claims.
• Store your valuable papers in a waterproof container or bank vault
• Fill bags with ice from your ice machine
• Back up your computer data and store it in a safe place

Additional steps for family safety:

• Discuss hazards that could affect your family (storm surge, rising water, down power lines).
• Determine a safe escape route and two meeting points if you have to evacuate your house unexpectedly. Have a contact person out of the area that each family member can contact if you are separated.
• Locate the safest room in your home. Pre-stock with pillows and blankets if room allows.
• Plan for taking care of your pets.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Kendall Village Homes - Important Phone Numbers

The following is a list of important contacts that residents of Kendall Village Homes may find helpful.

-Miami Management
14275 sw 142 Ave
Miami, FL 33186
(305) 378-0130 phone
(305) 378-0259 fax
www.MiamiManagement.com

-United Water Conservation (update - no charge for water and sewer)
Customer Service Center
P.O. Box 1447
Alpharetta, GA 30009
(800) 442-6655 toll-free phone
(305) 825-9252 local phone
(305) 825-2656 fax
www.CustomerFirst.net (to pay online with account #)

-Florida Power and Light (FPL)
P.O. Box 025576
Miami, FL 33102
(305) 442-8770 customer service and residential inquiries
(800) 4OUTAGE [(800) 468-8243] power outage or hazardous condition
www.FPL.com

-Bellsouth
(877) 737-2478 residential phone repair line
(888) 321-2375 dsl tech support and customer service
(877) 263-2421 dsl home networking tech support and customer service
www.Bellsouth.com

-Adephia Cable
1202 Tech Blvd #205
Miami, FL 33187
(305) 255-3770 customer service
www.Adelphia.com

-Direct TV
(888) 238-7177 new direct tv service
(800) 494-4388 existing direct tv service
www.DirecTV.com

-GE Appliance Warranty Information
(800) 432-2737 customer service for warranty work
www.GeAppliances.com

-Dryer Vent Cleaning
11101 sw 47 Terrace
Miami, FL 33165
(305) 221-9844
www.DryerVentSafety.com

-To Purchase or Sell Your Kendall Village Home
Amit Bhuta
8240 Mills Drive
Miami, FL 33183
(305) 439-3031
www.DadeCountyMLS.com

-Handy Man for Repairs or Updating Your Home
Ryan Nuñez
(305) 979-9931
www.KitchenCabinetGuys.com

Below are some of the companies that did work when Kendall Village Homes was first built.

-BR Electrical Service
13690 sw 142 Avenue
Miami, FL 33186
(305) 238-9909

-Air and Heat Unlimited
6650 nw 37 Avenue
Miami, FL 33147
(305) 557-9321

-AKO Plumbing
4853 sw 75 Avenue
Miami, FL 33155
(305) 269-8033

-Sunshine Window Manufacturing
1745 W 33 Place
Hialeah, FL 33012
(305) 364-9952

-JR Cabinets
4111 nw 132 Street
Miami, FL 33054
(305) 685-8575

-Ceramic Tiles Gallery
790 w 20 Street
Hialeah, FL 33010
(305) 885-5712

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Mortgage Inquiries and Credit Scores

When should buyers shop for their mortgages? In the beginning! Most buyers make the mistake of shopping interest rates first. There is a reason that Realtors suggest more than one mortgage company to their buyers. It is because different lenders have different mortgage programs to offer.

The truth is that buyers should compare mortgage companies before or when they first look at homes. It is not always about the interest rate, which is one of the most common mistakes buyers make. It is about the lowest monthly payment for the lowest cost. Because buyers who shop early will already know which lenders have the best mortgage programs for them, when they find the home of their dreams, they can then easily shop interest rates and payments.

Buyers' number one reason for not shopping different lenders is that they think multiple inquiries on their credit reports will cause their credit scores to decrease. This is not true if shopping is done up front. The information below was taken from www.myfico.com (the web site for the company that came up with the formula to determine your credit score).

What to know about "rate shopping."
Looking for a mortgage or an auto loan may cause multiple lenders to request your credit report, even though you're only looking for one loan. To compensate for this, the (FICO or BEACON) score counts multiple auto or mortgage inquiries in any 14-day period as just one inquiry. In addition, the score ignores all mortgage and auto inquiries made in the 30 days prior to scoring. So if you find a loan within 30 days, the inquiries won't affect your score will you're rate shopping.

Equifax
P.O. Box 740241
Atlanta, GA 30374
(800) 685-1111
www.equifax.com

Experian
P.O. Box 2002
Allen, TX 75013
(888) 397-3742
www.experian.com

TransUnion
P.O. Box 1000
Chester, PA 19022
(800) 888-4213
www.transunion.com

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Real Estate Market Report (3rd Quarter 2005 Miami Dade County)

Every quarter I prepare a real estate market report for Miami Dade County. The report compares a three month period of this year compared to the same time period for last year. I hope it gives you a better understanding of the real estate market in Miami.

Please click on the image and maximize it when it opens so that the market report is easier to read.

Please click on the image and maximize it when it opens so that the market report is easier to read.

Please click on the image and maximize it when it opens so that the market report is easier to read.


Please click on the image and maximize it when it opens so that the market report is easier to read.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

How Can I Protect Myself From Identity Theft?

Today identity theft has become an epidemic in the United States and all around the world. In a study done by the Federal Trade Commission (FTC), everyone is at risk. If you are rich or poor, have good credit, bad credit, or no credit, upper class or lower class, single or married, you are who they are targeting for identity theft. Even more, if you think that you aren't a good target for identity thieves, you are the easiest target. It is estimated that well over ten million people have been affected in the United States alone.

So what can you do to protect yourself from this nightmare? The following are some things that you can do to greatly reduce the chance of becoming a victim of identity theft.

1. The next time you order checks have only your initials (instead of your first name) and last name put on them. If someone takes your checkbook, they will not know if you sign your checks with just your initials or your first name, but your bank will know how you sign your checks.
2. Do not sign the back of your credit cards. Instead, put "Photo ID Required".
3. When you are writing checks to pay on your credit card accounts, DO NOT put the complete account number on the "For" line. Instead, just put the last four numbers of your account. The credit card company knows the rest of the number, and anyone who might be handling your checks as it passes through all the check processing channels won't have access to it.
4. Put your work phone number on your checks instead of your home phone. If you have a PO Box, use that instead of your home address. If you don't have a PO Box, use your work address. Never have your Social Security number printed on your checks. You can add it if it is necessary. But if you have it printed, anyone can get it.
5. Place the contents of your wallet on a photocopy machine. Do both sides of each license, credit card, etc. You will know what you had in your wallet and all of the account numbers and phone numbers to call and cancel. Keep the photocopy in a safe place. Also, carry a photocopy of your passport when you travel.
6. Be aware of emails that try and get your personal information. These phishing schemes will have legitimate looking emails trying to get you to click on their link and enter your personal information. If you are not 100% sure that the email is authentic, call the creditor or institution and DO NOT CLICK on the email link.
7. When you are online and paying for an item that you wish to purchase, make sure that you are on a secure server. The address of the web site will start with https and not http. Also, the status bar on the bottom of the screen will show a closed padlock (if there is no status bar showing, you must select "view" on the top left of the page and select "status bar").
8. Always empty your mailbox by the end of the day and shred unwanted credit card offers. If you are going out of town, have the post office hold your mail until you get back.

If you do the following and are diligent and determined not to become a victim, you will have a much greater chance of avoiding identity theft.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Client Testimonials

Below are some client testimonials. Always remember that you have a friend in the Real Estate field. Please contact me if you ever need a question answered or require my services.

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Please click on the image and maximize it when it opens to read the comments.

Please click on the image and maximize it when it opens to read the comments.

Please click on the image and maximize it when it opens to read the comments.
Please click on the image and maximize it when it opens to read the comments.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

How Important are Pictures in the Marketing of My Home?

It may seem like common sense that having pictures when marketing a property is important. But, just how important are those pictures? VERY IMPORTANT!!! According to a recent survey, nearly seventy percent of prospective home buyers will not even look at a property's listing if it does not have any pictures. Also, there is a 299% greater chance that a property's listing with at least six photos will be viewed by a potential purchaser than those without.

The top ten most viewed photos are of the following (in order of preference):

1. Front Exterior
2. Living Room
3. Kitchen
4. Master Bedroom
5. Family Room
6. Backyard/Pool
7. Foyer
8. Dining Room
9. Breakfast Nook/Room
10. Kid's Bedroom

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

What's the Profile of a Multi-Million Dollar Home Buyer?

Living in South Florida there are a tremendous amount of homes that sell for over a million dollars. In fact in the first half of 2005, there were 123 homes that sold for over two million dollars. So who are these people buying all these beautiful homes? What is the profile of a buyer of a home that sells for over two million dollars?

1. 89% are married
2. Nearly 75% are under 55 years old
3. 14% were born abroad and 86% were born in the US
4. Only 6% inherited twenty percent or more of their wealth
5. 51% report over a million dollars income each year
6. 81% are top corporate executives, self-employed professionals, or business owners
7. 71% attend the theatre, ballet, or opera
8. 40% play tennis and 71% play golf

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

What is Tax-Deductible When Buying a House?

What is tax-deductible when buying a home? When you buy a home, you can generally deduct origination and discount points, interest you pay during the year, and property taxes. When refinancing, points are not deductible; instead you have to "depreciate" them over the life of the loan. Other closing costs (such as the cost of the appraisal, inspection, credit report, etc) are not tax-deductible, regardless of whether you are buying or refinancing. The down payment is not tax-deductible either. One detail that may surprise you - when you are buying a home, you can deduct the points even if the seller pays them.

These are general rules-of-thumb, and they might be different for you, depending on your situation (your income level, the purpose for buying the home, etc). Consult your CPA for specific guidance.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Should I Get an Interest-Only Mortgage?

Should I get an interest-only mortgage? I get asked this question many many times. The simple answer is that it depends on your situation. For those that may not know, an interest-only mortgage is an adjustable rate mortgage (or ARM) where the borrower pays only interest on the loan for a fixed term. Normally the term is five to seven years. The longer the term will usually cause the rate to increase. When the fixed term is over the person then has the option of paying off the full amount of the mortgage, refinancing the mortgage, or to start paying off the principal. If the borrower chooses the last option, the payments of the mortgage will increase dramatically.

According to bankrate.com (an excellent source for financial information), an interest-only loan might be good for someone whose income is mostly in the form of infrequent commissions or bonuses, someone who expects to earn a lot more in a few years, or someone who truly will invest the savings on the difference between an interest-only mortgage and an amortizing mortgage, and who is confident that the investments will make money. Financial advisers don't recommend interest-only mortgages to regular wage earners who take out moderate-size home loans and don't have a strategy for investing the savings.

Interest-only mortgages can be a great option now days for select types of individuals. If you ever decide to go this route, proceed with caution and be aware of your options at the end of the term.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

How to Improve Your Credit Even if it is Excellent

When you apply for almost any type of loan, one of the facts that lenders will use to make a decision is your credit score, also known as the FICO score. The lender obtains this three digit number (it ranges from 300 to 850) from one of the three major credit bureaus (Trans Union, Equifax, or Experian). Calculated by a formula developed by a company called Fair, Isaac & Company (hence the name FICO), this score represents to a lender your credit worthiness. It not only influences whether your loan is approved, but it also influences your interest rate, other loan terms, and in some cases the amount of your car insurance.

There are many things that people can do to improve their score, even if it is excellent. The first and easiest thing to do is to make sure you do not close your oldest credit card or credit line. Make sure to use it every few months and pay it off immediately if possible. Also, make sure that you are using thirty percent or less of your credit limit. If you are using a higher percentage, ask your lender to increase your limit so that your percentage of credit used goes down. Try and use as few credit cards as possible. Stay away from all the offers in the mail to open up new credit lines. The more new accounts you open, the lower your FICO score. If you close accounts, that can impact your credit too. Because you now have less available credit, the percentage of available credit to credit being used will decline, lowering your credit score.

The best formula to improving your credit score is to make payments on time, keep your balances low, and to check your credit report for errors periodically. There is a new government web site that allows you to check your credit for FREE from each of the three major credit bureaus. You can access it from my web site at www.abhuta.com. On the homepage please click on the link on the left hand side that says - Free Annual Credit Report.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
(305) 439-3031
www.DadeCountyMLS.com

Is Florida's Real Estate Bubble About to Burst?

Is Florida's real estate bubble about to burst? This is one of the questions I am asked most. Over the past year prices have gone up approximately 33% and 105% over the last five years. Because of this unbelievable appreciation, many people are scared the market is going to crash real hard.

In my opinion, I do not feel that way regarding single family homes. There are a few reasons why. After doing some research, I found out that between the middle of 2000 and 2004 there was a demand for nearly 560,000 new single family homes and only 540,000 could be built and delivered. If you also consider that approximately 15% percent of buyers are foreign and are getting great deals because of the devalued dollar, that more than one third of homes are second homes, and Florida still being a relative bargain for homes, the single family home market still looks strong.

As far as the condo market, I feel there will be a correction within the next few months. The main reason is the incredible amount of construction taking place. In Miami Dade County alone, there are estimates between sixty to a hundred thousand condos either in the application phase, planning or first phase, approved to be built, or under construction now. The number is staggering if you compare that to the 9,152 condos that were built between 1995 and 2005.

Please share your opinions with me.

Amit Bhuta
Real Estate Helper
Kendall VIllage Homes
(305) 439-3031
www.DadeCountyMLS.com