Archive for the 'Financial News' Category
May 10th, 2012
By Sheryl DiCarlo
View original local artists paintings from “Fairchild Artists in Bloom Exhibition 2012″ , going on Thursday through Saturday, at the Exhibition and Sale in the Garden House http://www.fairchildgarden.org/events/. Fairchild art instructors and students will transform the Garden House into a gallery showcasing more than 150 original oil and acrylic paintings, watercolors and botanical illustrations.
Mother’s Day Lunch, Sunday, May 13th from 10:30-2:30 or Afternoon Tea, Sunday at 3:00PM and tour the gardens afterwards.
April 17th, 2012
By Sheryl DiCarlo
- That’s the average credit score profile for successful applicants for a conventional home purchase mortgage in February, according to Kennth Harny in his Sunday Miami Herald article. He said it is above the median FICO score nationwide which is currently 711. Here are a few other benchmarks to successful qualification:
- Loan-to-value (LTV) ratio of 78 percent, meaning a 22 percent down payment in lieu of 20 percent
- Debt-to-income ratios of 21 percent for housing expenses, 34 percent for total household debt
and the profile for those whose loans were rejected….
- 732 FICO score
- LTV of 19 percent
- Debt-to-income ratios of 24 percent for housing expenses, and 41 percent for total household debt
“Even though the profiles of successful borrowers may look challenging to match, keep in mind these are averages. So don’t fret, you may still have a good shot,” Harney encouraged. Remember that today’ mortgage standards are stricter than ever and factor it into your plans for obtaining financing. Know the market, call Sheryl DiCarlo, 305.332.3256, before making your next real estate move.
April 15th, 2012
By Sheryl DiCarlo
At tax-time, reviewing tax rules as it applies to home owner ship is worth looking at again. “Under the Internal Revenue Code, mortgage interest is deductible from income but not to the extent that it is attributable to an outstanding mortgage principal balance of more the $1 million,” said Tom Kelly, in his Sunday Miami Herald article. “Similarly, interest payable on a home equity line of credit that is used to finance home improvements is deductible, but not to the extent that is it attributable to an outstanding loan balance of more than $100,000,” Kelly added. It is important to remember that the $1 million and $100,000 caps are applied per residence, not per taxpayer.
The Taxpayer Relief Act “replaced the “rollover” provision and $125,000 over-55 exclusion,” he continued. Today, a taxpayer can qualify for a tax exclusion of $250,000 ($500,000 for married couples) provided they have owned and used the property as a principal residence for two out of the five years prior to the date of sale. The limit on the number of times a taxpayer can claim this exclusion is once in any two-year period. As always, speak to your accountant for professional tax advise as it applies to your real estate transactions.
Know the market, call Sheryl DiCarlo, 305.332.3256 before your next real estate move.
March 27th, 2012
By Sheryl DiCarlo
This link will take you to a survey showing what features help sell your home today and lists the 6 “top Returns” on improvements made:
http://realtormag.realtor.org/home-and-design/cost-vs-value/article/2012/03/2011-12-cost-vs-value-big-bang-remodeling-projects
March 26th, 2012
By Sheryl DiCarlo
Fifteen Coral Gables price reductions posted this week with an average reduction of $47,750.00. These new prices make these listings worth looking at again as the Seller’s are adjusting their prices and expectations to the most current sales numbers. Here is a list ofa few properties, comparing their previous price to the current list price:
Address List Price Prev.Price
3016 Alhambra Cr $1,495,000 1,550,000
1041 Catalonia Av 1,375,000 1,425,000
8370 Ponce de Leon 1,695,000 1,950,000
1030 Valencia Av 1,099,000 1,150,000
680 Davis Rd 998,000 1,050,000
6100 Leonardo 997,000 1,049,000
510 Palermo 910,000 925,000
600 Minorca Av 589,000 629,000
Know the market, call Sheryl DiCarlo
305.332.3256
before making your next real estate move
March 18th, 2012
By Sheryl DiCarlo
For review, a short sale is a sale in which the purchase price offered by the buyer is less than the mortgage amount owed by the short-sale seller. Here’s a summation of Tom Kelly’s article on the subject, published in the Miami Herald on March 117th:
”When a lender agrees to a short sale, it can either retain the ability to collect from the short-sale seller the amount of mortgage debt owed by the seller that is not satisfied by the purchase price, or it can discharge all or a portion of the unsatisfied debt amount.
If the lender discharges debt, it reports this to the IRS on a 1099-C Cancellation of Debt Form. Under the Mortgage Forgiveness Debt Relief Act (MFDA) of 2007 individuals are allowed to exclude from tax up to $2 million of mortgage debt cancelled by lenders. Some short sale negotiations do not include language of the forgiveness- that the difference between what is owned and what is paid will actually be “forgiven”. In cases where, for whatever reason, that is not negotiated as part of the short sale, a recent court case ruled that even if the bank gives the borrower a 1099 they still can go back after the borrower for the remaining amount for up to three years. The distinction to keep in mind is that currently a 1099 does not necessarily indicate that the debt is forgiven, just that, for the time being, the bank is writing it off as a loss on their taxes. MFDA benefits end at the close of 2012. As always, seek the advice of a real estate attorney and accountant informed of short sale details and how they apply to your situation.
Know the market, call Sheryl DiCarlo 305.332.3256 before your next real estate move.
March 4th, 2012
By Sheryl DiCarlo
![M1441387_101_12[1]](http://thedicarlogroup.com/files/2012/03/M1441387_101_1211-300x234.jpg "M1441387_101_12[1]")
Almost one closing per day–27 closed single family home sales in Coral Gables during the 29 days of Leap Year February 2012, including 3 Waterfronts estates.
12 sales closed at $550,000 or below, and the average days on the market for these twelve sales was a scant 58 days.
- 9 Distressed properties- pre-foreclosures, foreclosed (aka REO), or short sales. The average sales price in February for these distressed Coral Gables homes is $430,444, or $192.94 per square foot, and lot size ranges from 5.000 SF to 17,100 SF.
Know the market, ignorance is expensive. Sell with Sheryl 305.332.3256. Call for a consultation when you are ready to make your next real estate move.
October 25th, 2011
By Sheryl DiCarlo
Keeping The DiCarlo Group clients apprised, here are year-to-date sales for Coral Gables Closed/Pending Sales:
371 total single family homes sold to date in 2011
- highest priced sold property to date in 2011 $9 mil
- lowest priced sold property to date in 2011 $181 K
- number of waterfront sold to date in 2011 38
181 total condos/townhouses sold to date in 2011
- highest priced sold condo/TH to date in 2011 $1.190 mil
- lowest priced sold condo/TH to date in 2011 $35 K
84 total Pending single family homes, year-to-date for Coral Gables
12 total condos/townhomes pending to date in 2011
Ask me how the market is! (305)332-3256
Sheryl
*from the Miami Dade Realtor Association MLX
April 21st, 2010
By Gregory DiCarlo
On April 14th, The DiCarlo Group was honored to receive the EWM Chairman’s Club award as one of the Top Producers in South Florida! Thank you to all of our wonderful clients that made this possible!
April 13th, 2010
By Gregory DiCarlo
Too early to call it! According to an article published in The New York Times, a committee of economists formed in 1978 are erring on the side of caution when it comes to declaring an end to this recession. This committee has designated start and end dates of economic contractions for every business cycle since 1854. The article is quoted as saying: “this time,the committee members say, the evidence is not so easy to decipher.” One committee member, Mr. Frankel an economist at the Harvard Kennedy School, posted a blog last week saying “The recession is over.” Robert E. Hall of Standford made the statement “The odds favor the view that a true expansion has begun and that the recession beginning in 2007 is over.” He also said, “one cannot totally rule out the unlikely possibility that the economy might resume contraction again soon.” This idea was supported by Martin S. Feldstein of Harvard. In January he warned of a double-dip recession and said “there is a significant risk the economy could run out of steam sometime in 2010.” To see the full article CLICK HERE – The New York Times
From the real estate perspective here in Miami-Dade County, there have been 2,259 closed sales this year which equates to $762,949,762 in sales. There are another 4,402 pending sales equal to $1,161,317,469. These are the numbers for one county in all of the United States. On a personal level, I am seeing prices drop to a level where consumers are finally comfortable to buy and more buyers that are “on the fence” are making their move. I think the real estate sector for the first quarter of the year has made an aggressive start, and so far the second quarter is looking just as forceful!
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