U.S. home sales are hitting new highs by breaking through to a 10-year record. It appears buyers are not concerned with higher prices or the slight uptick in mortgage rates. This would seem to be a healthy sign that home buyers have confidence in the direction of the economy.
The National Association of Realtors released a report in January showing that sales of existing homes have bumped up over 3 percent to a seasonally adjusted annual rate of almost 5.7 million units. The country has not seen numbers this high since back in Februarys of 2007.
At the end of 2016 researchers had updated the numbers to over 5.5 million units from what was reported prior as 5.49 million units. National economists had previously forecasted sales to increase slightly at a 1.1 percent pace rising to 5.54 million. The National Association of Realtors also went and updated all of their numbers going back to 2014. These changes were only minor in nature and had no impact on housing market characterization.
The trends seem to be continued as sales at the beginning of 2016 were up 3.8 percent. Demand in the housing market appears to be related to the strength on the labor front, which is increasing job opportunities for the younger generation and growing their desire for home ownership.
On the other side of the data is the shortage of available properties for sale, which is naturally leading to an increase in listing prices. This point is an apparent roadblock to a robust housing marketplace. At the same time, the 30-year fixed mortgage rate has seemed to level out after rising quickly over the past months; it still is over 4 percent, however. In a clear contrast to this, annual wages have grown below 3 percent.
All of Florida’s Realtor contracts have space for the escrow agent’s information for a reason. This information allows the buyer to know where to send the deposit that is due upon entering into the contract.
Then, getting past the contract section there is a place that lists who the closing agent will be.
Now, the roles of the escrow agent and the closing agent can sometimes be fulfilled by the same person or company. Although, that does not always need to be and it is not wise to assume they are on in the same. Once you understand the differences between the two roles the less likely, you will encounter future issues.
For example, a buyer has his attorney hold the initial deposit, and the attorney’s information is placed in the appropriate escrow-agent position on the contract page. However, in this case, the seller has placed in the contract that they want and will choose the closing agent, and then they pick a well-known title company.
In the contract, it says the deposit is due three days after the effective date, and of course, the buyer goes ahead and sends the money to his attorney to meet the deadline. The seller in their mind contacts their title company to make sure the deposit is in place, but they are told the buyer’s money never was deposited. Obviously, the seller would be quite disappointed. They will then contact the buyer and inquire about the funds, and the now confused buyer tells the seller that per the contract they sent the funds to their attorney.
The seller is not happy. They rightly assumed the money would be placed with the title company they chose to act as the closing agent.
Did the buyer default? Can the seller start demanding that the buyer deposit the funds immediately with their selected title company? Well, both answers are NO.
The seller should have changed the information in the contract since the escrow, and closing agent is not one and the same.
One cannot repeat this warning enough. Carefully read the contract and avoid confusion later.
https://elitetitleagencyfl.com/wp-content/uploads/2013/04/photodune-5077930-two-businessman-shaking-hand-s2-2.jpg400800support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-03-01 17:33:392017-03-01 17:33:39They Are Not The Same Thing. Know The Difference
Looking around at all the cracks in the garage of San Francisco’s Millennium Tower one would be flabbergasted at the extent of the rifts and the array of stress gauges attached.
Back in May of 2016, these problems started to arise in the iconic, high-end condo. The news made it official; the Millennium Tower was starting to fall. The structure had begun to tilt and slowly sink, and blame began to fly. As the accusations were thrown, all involved wondered who would pay the bill.
If this news was not bad enough, Bloomberg has recently reported that the tower is most likely underinsured and if that is the case, the homeowners would be the ones ultimately responsible.
The building initially opened its doors back in 2008, and the tower is now 16 inches further below the ground and 15 inches tilted from the top, as reads the current lawsuits that the homeowners have filed.
The property was developed by the Millennium Partners but is now owned by the residents.
According to accounts, Millennium Partners’ liability policy does state coverage for construction defects, but the same sources feel that the coverage, as well as Millennium Partners assets, are far below what is needed to foot this bill.
Adding insult to injury is that the liability coverage might be void due to the nature of the flaws in the building.
If that was not enough, Millennium Partners has a lawsuit against the city’s Transbay Joint Powers Authority, which has been building a transit site across from to the tower. It might be the TJPA who is responsible for causing the foundation of the tower to be disturbed. If that is the case, the taxpayers of San Francisco will be on the hook for fixing this mess.
http://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.png00support_8dbahttp://elitetitleagencyfl.com/wp-content/uploads/2019/04/elite-title-400x248.pngsupport_8dba2017-02-17 12:50:572017-02-17 12:50:57Residents Of The Tilting Tower To Fit Big Bill
What was once the desire of the high-end luxury home might be becoming a thing of the past.
There are those eternal staples of true luxury homes that will never fade away. A breathtaking ocean view, lush greens of a PGA Tour golf course, and even the allure of Park Avenue. Then there are those fads that start as a “must have” to show off rich tastes that just fade into memory.
The home theater market has grown 50% since 2010 to almost $1.5 billion. Creating a personal IMAX experience showing first run movies is available for the top 1%, but that might not be enough.
Modern architects are saying that more and more clients are looking for fully immersive virtual reality experiences. Rooms turned into private holo suites where the person can stroll the beaches by day and Paris by night.
On the other end of the house is the shifting ideas of a master suite. It appears that Millennials are more into smaller places but increased privacy. It is not uncommon to see new developers include changing rooms outside the bathroom.
There is a new trend of “accessory apartments.” This is where parents buy a separate studio next to theirs to house this boomerang generation when they return home.
Lastly, the same trend seems to be leading to the possible disappearance of the gourmet, showplace kitchen. With more and more luxury take out services and the uptick of Amazon Prime. Homes will only need to keep the bare necessities.
Many architects are seeing these changes taking place more often than ever before. We will wait and see what the luxury home will look like in the next 5 to 10 years. It might be unrecognizable.
As skyrocketing prices soar above the condo high-rises that dominate the Miami skyline, investors money has receded to more oxygen-rich segments. Though condo sales are slacking, funds continue to pour into the Miami real estate market.
Commercial property seems to be the target rich area as 2016 came to a close and 2017 launches into view.
A recent interview with Alex Zylberglait, the senior vice president in charge of investments for Marcus & Milchap in Miami, exposed his experiences and opinions on this new trend.
Over the last two years, Miami has seen investor funds buying up commercial property grow from over $465 million to $1.75 billion. Although there was a bit of a drop off in 2016, those numbers are still impressive and still show substantial proof of a positive trend.
Luxury condos slowly started saturating the market in 2014 and investors were quick to pick up on this developing asset.
Although commercial sales were slightly lower in 2016 than in 2015, investors are still purchasing steadily. These investors are mainly from South America where they are looking to keep their funds clear from economic recessions and the turmoil in Venezuela.
Zylberglait sees a strong market in 2017 for commercial properties. He did temper his remarks by saying that by late in the year the market could see some slight price correction as economic and political conditions change in the United States.
Even if that is the case, Zylberglait went on with assurance, the equity and strength in the market are deeper than during the last correction. Adding in the maturity of the Miami marketplace, the city is poised to withstand a minor correction.
President-elect, Donald Trump has not officially been sworn into office, but Republicans in Congress are wasting no time in passing legislation that seems to foreshadow his political agenda.
Dodd-Frank was put into action by the Democrats in Congress, and with the full backing of President Obama, in 2010 for the sole purpose of trying to reign in financial institutions in hopes of avoiding any future economic downfall.
Trump has made it clear during his campaign that he feels that Dodd-Frank has put a strangle hold on economic growth and has vowed to have it reversed. His campaign promise seems to be on its way toward fulfillment.
At the current moment, there seems no way to get this billed passed as Congress is lame-duck and President Obama vowed to veto it. The future of the bill sits with the new Congress, led by a Republican majority and the soon to be Trump administration.
Trump and the Republicans in Congress see Dodd-Frank as a complicated and overly restrictive bill. The new bill would allow large banks with over $50 billion in assets to no longer be deemed as a threat toward a future financial crisis.
The ease would allow for these institutions to ease up on lending practices and make borrowing easier to those in small business and those living on Main St. This action would produce growth in the housing and business market.
Proponents of the legislation state that the reason the bill is being pushed is to give a payback to Trump supporting Wall Street financiers.
Whichever it is, one thing is clear, economic growth would be beneficial for commercial and retail America.
No Signs Of Stopping
UncategorizedU.S. home sales are hitting new highs by breaking through to a 10-year record. It appears buyers are not concerned with higher prices or the slight uptick in mortgage rates. This would seem to be a healthy sign that home buyers have confidence in the direction of the economy.
The National Association of Realtors released a report in January showing that sales of existing homes have bumped up over 3 percent to a seasonally adjusted annual rate of almost 5.7 million units. The country has not seen numbers this high since back in Februarys of 2007.
At the end of 2016 researchers had updated the numbers to over 5.5 million units from what was reported prior as 5.49 million units. National economists had previously forecasted sales to increase slightly at a 1.1 percent pace rising to 5.54 million. The National Association of Realtors also went and updated all of their numbers going back to 2014. These changes were only minor in nature and had no impact on housing market characterization.
The trends seem to be continued as sales at the beginning of 2016 were up 3.8 percent. Demand in the housing market appears to be related to the strength on the labor front, which is increasing job opportunities for the younger generation and growing their desire for home ownership.
On the other side of the data is the shortage of available properties for sale, which is naturally leading to an increase in listing prices. This point is an apparent roadblock to a robust housing marketplace. At the same time, the 30-year fixed mortgage rate has seemed to level out after rising quickly over the past months; it still is over 4 percent, however. In a clear contrast to this, annual wages have grown below 3 percent.
They Are Not The Same Thing. Know The Difference
UncategorizedAll of Florida’s Realtor contracts have space for the escrow agent’s information for a reason. This information allows the buyer to know where to send the deposit that is due upon entering into the contract.
Then, getting past the contract section there is a place that lists who the closing agent will be.
Now, the roles of the escrow agent and the closing agent can sometimes be fulfilled by the same person or company. Although, that does not always need to be and it is not wise to assume they are on in the same. Once you understand the differences between the two roles the less likely, you will encounter future issues.
For example, a buyer has his attorney hold the initial deposit, and the attorney’s information is placed in the appropriate escrow-agent position on the contract page. However, in this case, the seller has placed in the contract that they want and will choose the closing agent, and then they pick a well-known title company.
In the contract, it says the deposit is due three days after the effective date, and of course, the buyer goes ahead and sends the money to his attorney to meet the deadline. The seller in their mind contacts their title company to make sure the deposit is in place, but they are told the buyer’s money never was deposited. Obviously, the seller would be quite disappointed. They will then contact the buyer and inquire about the funds, and the now confused buyer tells the seller that per the contract they sent the funds to their attorney.
The seller is not happy. They rightly assumed the money would be placed with the title company they chose to act as the closing agent.
Did the buyer default? Can the seller start demanding that the buyer deposit the funds immediately with their selected title company? Well, both answers are NO.
The seller should have changed the information in the contract since the escrow, and closing agent is not one and the same.
One cannot repeat this warning enough. Carefully read the contract and avoid confusion later.
Residents Of The Tilting Tower To Fit Big Bill
UncategorizedLooking around at all the cracks in the garage of San Francisco’s Millennium Tower one would be flabbergasted at the extent of the rifts and the array of stress gauges attached.
Back in May of 2016, these problems started to arise in the iconic, high-end condo. The news made it official; the Millennium Tower was starting to fall. The structure had begun to tilt and slowly sink, and blame began to fly. As the accusations were thrown, all involved wondered who would pay the bill.
If this news was not bad enough, Bloomberg has recently reported that the tower is most likely underinsured and if that is the case, the homeowners would be the ones ultimately responsible.
The building initially opened its doors back in 2008, and the tower is now 16 inches further below the ground and 15 inches tilted from the top, as reads the current lawsuits that the homeowners have filed.
The property was developed by the Millennium Partners but is now owned by the residents.
According to accounts, Millennium Partners’ liability policy does state coverage for construction defects, but the same sources feel that the coverage, as well as Millennium Partners assets, are far below what is needed to foot this bill.
Adding insult to injury is that the liability coverage might be void due to the nature of the flaws in the building.
If that was not enough, Millennium Partners has a lawsuit against the city’s Transbay Joint Powers Authority, which has been building a transit site across from to the tower. It might be the TJPA who is responsible for causing the foundation of the tower to be disturbed. If that is the case, the taxpayers of San Francisco will be on the hook for fixing this mess.
Going, Going, Gone
UncategorizedWhat was once the desire of the high-end luxury home might be becoming a thing of the past.
There are those eternal staples of true luxury homes that will never fade away. A breathtaking ocean view, lush greens of a PGA Tour golf course, and even the allure of Park Avenue. Then there are those fads that start as a “must have” to show off rich tastes that just fade into memory.
The home theater market has grown 50% since 2010 to almost $1.5 billion. Creating a personal IMAX experience showing first run movies is available for the top 1%, but that might not be enough.
Modern architects are saying that more and more clients are looking for fully immersive virtual reality experiences. Rooms turned into private holo suites where the person can stroll the beaches by day and Paris by night.
On the other end of the house is the shifting ideas of a master suite. It appears that Millennials are more into smaller places but increased privacy. It is not uncommon to see new developers include changing rooms outside the bathroom.
There is a new trend of “accessory apartments.” This is where parents buy a separate studio next to theirs to house this boomerang generation when they return home.
Lastly, the same trend seems to be leading to the possible disappearance of the gourmet, showplace kitchen. With more and more luxury take out services and the uptick of Amazon Prime. Homes will only need to keep the bare necessities.
Many architects are seeing these changes taking place more often than ever before. We will wait and see what the luxury home will look like in the next 5 to 10 years. It might be unrecognizable.
From Condo To Commercial
UncategorizedAs skyrocketing prices soar above the condo high-rises that dominate the Miami skyline, investors money has receded to more oxygen-rich segments. Though condo sales are slacking, funds continue to pour into the Miami real estate market.
Commercial property seems to be the target rich area as 2016 came to a close and 2017 launches into view.
A recent interview with Alex Zylberglait, the senior vice president in charge of investments for Marcus & Milchap in Miami, exposed his experiences and opinions on this new trend.
Over the last two years, Miami has seen investor funds buying up commercial property grow from over $465 million to $1.75 billion. Although there was a bit of a drop off in 2016, those numbers are still impressive and still show substantial proof of a positive trend.
Luxury condos slowly started saturating the market in 2014 and investors were quick to pick up on this developing asset.
Although commercial sales were slightly lower in 2016 than in 2015, investors are still purchasing steadily. These investors are mainly from South America where they are looking to keep their funds clear from economic recessions and the turmoil in Venezuela.
Zylberglait sees a strong market in 2017 for commercial properties. He did temper his remarks by saying that by late in the year the market could see some slight price correction as economic and political conditions change in the United States.
Even if that is the case, Zylberglait went on with assurance, the equity and strength in the market are deeper than during the last correction. Adding in the maturity of the Miami marketplace, the city is poised to withstand a minor correction.
Major Crash Averted?
UncategorizedPresident-elect, Donald Trump has not officially been sworn into office, but Republicans in Congress are wasting no time in passing legislation that seems to foreshadow his political agenda.
Dodd-Frank was put into action by the Democrats in Congress, and with the full backing of President Obama, in 2010 for the sole purpose of trying to reign in financial institutions in hopes of avoiding any future economic downfall.
Trump has made it clear during his campaign that he feels that Dodd-Frank has put a strangle hold on economic growth and has vowed to have it reversed. His campaign promise seems to be on its way toward fulfillment.
At the current moment, there seems no way to get this billed passed as Congress is lame-duck and President Obama vowed to veto it. The future of the bill sits with the new Congress, led by a Republican majority and the soon to be Trump administration.
Trump and the Republicans in Congress see Dodd-Frank as a complicated and overly restrictive bill. The new bill would allow large banks with over $50 billion in assets to no longer be deemed as a threat toward a future financial crisis.
The ease would allow for these institutions to ease up on lending practices and make borrowing easier to those in small business and those living on Main St. This action would produce growth in the housing and business market.
Proponents of the legislation state that the reason the bill is being pushed is to give a payback to Trump supporting Wall Street financiers.
Whichever it is, one thing is clear, economic growth would be beneficial for commercial and retail America.