The DiCarlo Group » Real Estate News

Fairchild Artists & Mother’s Day Brunch or Tea

Sheryl DiCarlo — Thu, 10 May 2012 14:35:28 +0000

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.

What’s My Coral Gables Home Worth?

Sheryl DiCarlo — Wed, 09 May 2012 11:33:09 +0000

Evaluating Pending Sales over the past 30 days , and there have been 33 in as many days, indicates value depends on where you live, whether you are a distressed sale, on the Coral Gables water front or golf course, lot size and degree of renovations. Most noteworthy is the approximate $100.00 difference in price per sqft between distressed and fair market sales. Here are the general average price per sqft results :

Fair Market Sales: average list price: $888,500 or $304.77 per sqft

Water Front Sales: average list price: $1,508,000 or $484.58 per sqft (ocean access)

Distressed Sales (short sales & foreclosures): average list price: $502,483 or $212.12 per sqft

Know the market, call Sheryl DiCarlo, 305.332.3256, before your next real estate move.

Avoiding Deficiency Judgements

Sheryl DiCarlo — Mon, 30 Apr 2012 02:32:05 +0000

“A deficiency judgement is an unsecured money judgement against a borrower whose mortgage foreclosure sale did not produce sufficient funds to pay the underlying promissory note, or loan, in full,” said Dania Fernandez, Esq. in her recent Resource Living article. Here are ways you can avoid a deficiency judgement:

Stop the Foreclosure
Loan modification
Short Sale
Deed in Lieu of Foreclosure
File for Bankruptcy

“In short sales and Deed in Lieu, many times the lender will waive their right to a deficiency. Both involve specific documentation that should be reviewed by an attorney,” she continued. Bankruptcy should be considered only if all other options have failed. As with all legal matters, consult an attorney before making a decision.

Know the market, call Sheryl DiCarlo, 305.332.3256 before you next real estate move.

764: Average FICO Score

Sheryl DiCarlo — Tue, 17 Apr 2012 11:21:52 +0000

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.

600 Minorca Av: Price Reduced $50K

Sheryl DiCarlo — Thu, 22 Mar 2012 20:29:23 +0000

New Listing West of Pinecrest

Sheryl DiCarlo — Wed, 21 Mar 2012 18:46:57 +0000

Architect’s own home custom designed with sophisticated showcase architectural details, dramatic open spaces, custom mill work, and vaulted ceilings. Completely rebuilt in 2006 on a large lot! Spacious living/dining rooms and enormous family room seeped in natural light. Magnificent kitchen with granite, wood cabinetry, double ovens & dishwashers, gas cook-top, & under-cabinet lighting. Bedroom areas: upstairs-2/2, downstairs-4/3-1/2 inclusive of a spectacular private, master suite with its own sitting area, wood burning fireplace & pool view and separate 1/1 guest rm. Accented with beautiful travertine floors throughout the residence and the entertaining areas, wood floors in the bedrooms, and bricked paver patio. State of the art energy saving equipmentthroughout: tank less water heaters, propane appliances, impact doors and windows, metal roof, buried 1000 gallon propane tank, pre-wired for propane generator and an underground power line to FPL. A must see, West of Pinecrest near new Riviera Preparatory School. Know the market, call Sheryl DiCarlo 304.332.3256 before making your next real estate move.

Short Sales and Cancellation of Debt

Sheryl DiCarlo — Sun, 18 Mar 2012 14:31:29 +0000

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.

600 Minorca Ave

Sheryl DiCarlo — Wed, 29 Feb 2012 23:05:58 +0000

99% Renovated 2 story Old Spanish in Coral Gables for sale. Extraordinary floor plan with large open rooms seeped in natural light with over 2660 SF. Impact doors and windows, new hard wood floors, roof, electrical, and plumbing add quality to the infrastructure. New eat-in kitchen has custom white cabinetry, granite counters and stainless steel appliances. Huge living room with a wood-burning fireplace, large formal dining room, separate family room, and renovated downstairs bath. 3 bedrooms 1 bath upstairs. Just renovate this bath and you have a 100% renovated home. Bonus: Over-sized 2-car garage and workshop. $629,000. Call Sheryl DiCarlo 305.332.3256 to view!

Coral Gables Closed Sales and Pending Sales

Sheryl DiCarlo — Tue, 25 Oct 2011 19:17:39 +0000

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

Home Sales and Pending Home Sales

Sheryl DiCarlo — Tue, 11 Oct 2011 18:08:21 +0000

In an effort to give The DiCarlo Group clients the most recent and relevant information, we have researched informative articles with current facts and trends to help make your real estate decisions.

Did you know in the past year that we had the largest number of sales in the history of the business?
That international buyers purchased over $82 Billion of real estate in the U.S., and Florida captured 31% of those sales? Their preferred location to buy? Miami, Miami Beach, and Ft. Lauderdale, and 86% paid cash!

Please click here for a short report from chief economist, Lawrence Yun, National Association of Realtors, regarding the salability of the real estate marketplace.

Below are graphs and charts for Home Sales year to date.

Ask me how the market is! (305) 332-3256