Coldwell Banker Guest Contributor

I'm pretty sure that most of you that read this blog don't know that I started this blog in April 2005. I am very grateful to the numerous amount of people that frequently read all of my posts. The other day Coldwell Banker asked me to be a guest contributor to their own blog that they have. It was a huge honor for me, considering that they have hundreds of agents to choose from, and they choose me and another one of my associates for their April 28th post. If you get a chance, please visit the site below and scroll down to the April 28th post. Thanks again so much for taking the time to read my thoughts on real estate and many other things.

Coldwell Banker Blog


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

Mortgage Rates Near All Time Low

Mortgage rates are incredibly low now days and have been heading towards all time lows. Please click on the link below to read an article about mortgage rates in today's market.

Mortgage Rates Near All Time Low

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

Updated Real Estate Stats

The number of new housing projects that builders broke ground on in February rose sharply, defying economists' forecasts for yet another drop in activity. The Commerce Department reported Tuesday that construction of new homes and apartments jumped 22.2 percent from January to a seasonally adjusted annual rate of 583,000 units. Economists were expecting construction to drop to a pace of around 450,000 units.

Construction activity fell to a pace of 477,000 units in January, according to revised figures. That was a little higher than first reported but still marked a record low.

Applications for building permits, considered a reliable sign of future activity, also rose in February by 3 percent to an annual rate of 547,000. Economists were expecting permits to fall to a pace of 500,000 units.

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

Want a Check for $8000?

Not too long ago Congress made it possible for a tremendous amount of home purchasers to receive a check for $8000. To see if you qualify, please click on the National Association of Realtor's website link below, and also please double check with your accountant.

Do I Qualify for a Check for $8000?


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

Quick Florida Foreclosure Statistics

In Florida, overall foreclosure activity was down 20 percent from the previous month, though the state still had the nation's fourth highest state foreclosure rate, with one in every 214 housing units receiving a foreclosure filing during the month, according to RealtyTrak. In total number of foreclosures, Florida's 40,770 properties ranked second nationwide behind California with 76,761. Two Florida cities posted foreclosure rates among the top 10 metro foreclosure rates: Cape Coral-Fort Myers at No. 3 with one in every 80 housing units receiving a foreclosure filing, and Port St. Lucie at No. 9 with one in every 123 housing units receiving a foreclosure filing.

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

Miami Herald's Reasons to Buy Now

In the Miami Herald today, there was an article that gave five great reasons people should buy real estate today instead of waiting. The reasons are below.

• Median home prices in South Florida are back to 2003 levels and some new, never-lived-in property is selling for less than it would cost to build a similar home.

Additionally, the median price for a single-family home -- now around $216,500 -- is starting to come within reach of households earning around the median income in Miami-Dade and Broward counties. That could unleash pent-up demand.


• Interest rates today are at record lows. This could save a buyer thousands more than buying at a cheaper price down the road when interest rates may be higher.


• There are eye-popping bargains out there due to foreclosures and short sales. The excess of homes and condos on the market also means prices are low.


• A new $7,500 tax credit is available for first-time home buyers until July 1. This can be used to offset the cost of a down payment.

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

Possible $15,000 Tax Credit to Home Buyers Coming

Congress is trying to do whatever is possible to make it more beneficial for people buying homes. There was a $15,000 tax credit amendment that was added to the the stimulus package yesterday by the Senate. Another proposal that hasn't been added yet is a subsidized fixed interest rate of 4% on a thirty year mortgage. MSN did a story today on this with more details. To go to the story, please click on the link below.

A $15,000 Gift for Homebuyers?


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

Updated Foreclosure Statistics (Dade and Broward County)

It seems like every day I get asked about foreclosures and short sales. Many times people are curious just what percentage of properties for sale fall into these two categories. So instead of giving you my educated guess, I did some research and found out the true numbers.

In today's (February 4, 2009) MLS or Multiple Listing Service, there are 14,618 single family homes for sale in Dade County and 14,036 single family homes for sale in Broward County.
In Dade, 5,868 homes or 40.1% are foreclosures for sale. In Broward, 4,974 homes or 35.4% are foreclosures for sale. As for short sales on the market in Dade County, there are 3,501 homes or 23.9% available for sale. In Broward County, the number is 3,439 homes or 24.5% available for sale.

Today there are 22,498 condos for sale in Dade County on the MLS. Out of those, 7,853 condos or 34.9% are foreclosures for sale, and 5,136 condos or 22.8% are short sales available for purchase. In Broward County, there are 19,460 condos for sale on the MLS. Out of those, 6,613 condos or 34.0% are foreclosures for sale, and 4,099 condos or 21.1% are short sales available for purchase.

Based on the numbers above, the extremely low interest rates (sometimes in the four to five percent range), and prices that are many times less than half of what they were two years ago, now is definitely a great time to invest in real estate!

If you would like to view foreclosures available for sale, you can visit www.DadeCountyMLS.com.

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

Dr Martin Luther King Jr Quotes

In honor of Martin Luther King Day, below are some of his famous quotes.

The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy.

Our lives begin to end the day we become silent about things that matter.

If we do not learn to live together as friends, we will die apart as fools.

Everybody can be great because anybody can serve. You don't have to have a college degree to serve. You don't have to make your subject and verbs agree to serve. You only need a heart full of grace, a soul generated by love.

Whatever affects one directly, affects all indirectly. I can never be what I ought to be until you are what you ought to be. This is the interrelated structure of reality.


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

Foreclosure Search

The number of homes sold in Dade County in December 2008 was 1168 compared to 783 homes sold in December 2007. That is a 49.2% increase. Many people are very surprised to hear that the numbers in sales have gone up. Most people think that the numbers have gone down because of all the bad news they hear from the media. There are many reasons for the increase in sales. The two biggest ones probably are the extremely low prices and interest rates. It is not uncommon to see homes selling for half of what they sold for two or three years ago. Because of that, investors are back in the market. Most of these homes being purchased are foreclosures, which are also called bank owned properties or REO's (real estate owned). As far as interest rates are concerned, there are many people that are locking in their fixed interest rates at five percent or less.

If you are interested in searching the many foreclosures available in today's market, you can visit www.DadeCountyMLS.com.

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

Happy New Year!!!!!!!!

May health, happiness, and good times greet you each day of the new year.

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

Updated S&P Case-Shiller Index (Home Price Index)

The S&P Case-Shiller Index was released today and home prices around the nation have gone down an average of 18% compared to last year. Although prices have gone down significantly, so have mortgage rates. It is not uncommon now to get a loan for five percent or less for a thirty year fixed rate loan. The low interest rates combined with the low home prices has been the main reason for sales to increase in many parts of the nation compared to a year ago. To increase the size of the index below, please click on the image below.



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

Seasons Greetings!

Seasons greetings to all of you! I wish all of you the very best. Have a safe and happy New Year, and good luck to all of you and your loved ones for the coming year.

Amit Bhuta

Real Estate Helper
Kendall Village Homes

(305) 439-3031
www.DadeCountyMLS.com

South Florida Home Prices (Miami Herald)

In today's edition of the Miami Herald, Matthew Haggman wrote a very informative article on South Florida Home prices. The article is below.

The median prices for South Florida single-family homes dropped in November to 2003 levels as residential real estate values continue to plummet, according to figures from the Florida Association of Realtors.

But sales again rose sharply as banks unloaded foreclosed homes and individual sellers slashed prices. The increased buying activity reduced the number of homes listed for sale, although the inventory of unsold homes still remains large by any measure.

Sales for existing single-family homes in Miami-Dade were up 39 percent in November compared to the same month a year ago. Broward single-family home sales were up 26 percent. Condominium sales for existing units in November were also up, though not as much. Condo sales were up 4 percent in Miami-Dade and 3 percent in Broward compared to November 2007.

Despite the increased sales activity, there were no signs prices are stabilizing.

Miami-Dade single-family home prices in November dropped by nearly half -- 48 percent --from a year ago. Broward single-family home prices were down 34 percent. For condos, prices were similarly down: Miami-Dade was off 35 percent and Broward, 34 percent.

That puts median prices for a single-family house at $224,700 in Miami-Dade and $229,100 in Broward. The median Miami-Dade condo price is now $172,600 and the median Broward condo fetched $109,400 in November.

Amit Bhuta
Real Estate Helper
Kendall Village Homes
www.DadeCountyMLS.com

Quick Real Estate Sales Stat

Existing single-family home sales were up 23 percent in Miami-Dade and 46 percent in Broward in October. Condo sales increased 30 percent in Broward and eked out a 1 percent gain in Miami-Dade. The median price for single-family homes in South Florida was $246,800 in Miami-Dade and $252,500 in Broward. For condos, the October median price was $197,400 in Miami-Dade and $115,200 in Broward. In Palm Beach County, October sales increased 37 percent from a year ago. The median price of single-family homes was $264,600. Palm Beach County condo sales rose 23 percent, and the median price was $135,800.


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