Ashley Brinson Cusak

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

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

Miami High-Rise Condo Sales on the Rise!

We always talk about the condo market separately from the housing market because they are so different, and given the surplus of inventory and lack of sales, it’s been hard to get excited about the condo market. However, I read an article in The Real Deal titled “Record Miami Condo Activity Fuels Florida’s Strengthening Home Sales Market” substantiating the fact that condo sales are way up. The article documents that Miami’s condo market has grown more than any other market in Florida! The chart below reflects that we’ve sold 28% more condos this year than we did last year. We are making great strides to bring the inventory back to a balanced level! Buyers realize there’s great opportunity in the condo market down here at these prices and some buyers are even buying in bulk. Apparently this absorption rate has made the developers of five new downtown buildings ready to get started!

Tags: Condo sales, Downtown Miami condos, Miami Condo sales, Miami real estate, The Real Deal

Miami Real Estate on the Rebound

I read an incredibly interesting article from MSN today that talks about what U.S. cities have seen the biggest increase in home values since the market dropped, and I think you all will be as shocked with the results as I was! Can you believe that out of 1,000 U.S. cities that were looked at, Weston, Florida has had the biggest increase in value over anyone else?

On the other end of the spectrum, they also acknowledge what city had the worst performance: Homestead, FL – only one county away from Weston!

Click here to read the full article as published on MSN.com.

Tags: Homestead real estate, Miami real estate, real estate rebound, Weston real estate

HGTV – Ready or Not!

I have been given the opportunity to apply to be a featured realtor on HGTV’s hit show Bang for your Buck. I thought you might be interested to see my submission video! It’s hard to hear so turn up your volume, and wish me luck! If I get selected, I’ll post the details of when it’s going to air. My fingers are crossed!

Tags: Bang for your Buck, HGTV, Miami real estate