Ashley Brinson Cusak

Archive for the 'In The News' Category

Real Estate Vultures in Coral Gables

We have a client that was interested in seeing a short sale that just came on the market in a prime location of the Golden Triangle. We called the realtor about it immediately to get him in, but the realtor said they couldn’t get in to show the house for 4 days and to call him back then. Of course we told our client, he drove by the house a few times, and 4 short days later, we called the realtor back.

By the time I got ahold of the realtor that day that he finally had a key to let us in, he already had 4 OFFERS from different buyers, most of which were all cash! Of course I was aghast and asked him how they were able to get in to see the house before we were if he didn’t have a key, and he told me ALL FOUR OFFERS WERE MADE SIGHT UNSEEN. The owner had already selected a “highest and best” and he would not be showing the property.

I am incredibly curious to know what this home sells for. Investors are out there like hawks!

Tags: Coral Gables, Golden Triangle, multiple offers, real estate, real estate vulture, short sale

Miami Real Estate Market: From a Spark to a Flame

The Miami Herald ran a very positive article last weekend about the real estate market and the boom we’re entering. Did you know that we sold almost 25,000 homes & condos last year in Miami-Dade County? That’s a 46% increase over 2010 and a 4% increase over 2005, the height of the boom. Compared to 2010, condo sales were up 54% last year and home sales were up 36%. In December alone, we had huge jumps over the year before, while nationally sales were down 2%. Distressed sales were the driving force behind much of our frenzy, with international buyers playing a large part. Interestingly, cash sales accounted for almost 60% of 2011’s sales! Our prices are still holding steady, but hopefully with this resurgence of interest in our market, they will start to rebound soon. Inventory is down. Demand is clearly up. This market is hot!

Tags: miami distressed sales, Miami real estate, real estate boom, the miami herald

Banking on a Closing

Last year we were much more successful in closing deals involving mortgages than we’ve been in the past– the banks have let up a little on their strict 2010 policies! Loans are being approved again, appraisals are coming in and banks are loosening up. However, it’s important for buyers to know what guidelines your bank follows ahead of time to make sure you meet their criteria, because all banks don’t work for all buyers. We recently had a VERY qualified buyer who didn’t “fit in the box” of a particular bank they chose because of the bank’s strict guidelines. Late in the process we discovered they were declined! Knowing their situation, a local bank got involved that had different guidelines perfectly suited for these buyers. The deal was put together in a matter of days and they now own the house! BUYERS: Do your homework and feel free to call me for financing advice!

Tags: appraisals, bank guidelines, buyers, financing, mortgages, qualifying for a mortgage

Short Changed on Short Sales

This week I attended an informative seminar led by the Miami Board of Realtors about short sales and tax implications. When sellers are considering short sales, it’s common to talk about the bank’s deficiency, but often less discussed is the potential tax implication. While a bank might forgive the deficiency, the seller might still be required to pay taxes on a certain portion of the amount being forgiven. For example, if you own a home with a mortgage AND line of credit and you short sell your house, you have to prove that all money used from the line of credit was used towards home improvements, like replacing your roof or installing a pool. However if money was spent on personal items like paying school tuition, that amount will be counted as income and taxed. The major lesson learned was when considering a short sale, speak to an accountant first to understand exactly what you’re getting into!

Tags: Miami real estate, real estate short sales, short sale tax implications, short sales

We Give Thanks

As we leave today to go home and get the turkey in the oven and then return next week to the hustle and bustle of the holiday season upon us, we take a moment to pause and
give thanks for what a wonderful year 2011 has been for me and my team.  We have been blessed in many ways.  We have helped families find homes they thought they never would find, we have helped others sell their homes in a difficult market.  We have stayed busy working with clients on a wide range of projects!  On a personal level, we have seen our families prosper and grow in good health. One of my family members said “I love thanksgiving because it is full of family, food and football!”  We hope whatever Thanksgiving means to you, you have a wonderful day and pause to give thanks and know we are thankful for you!