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USE A REALTOR(R). A PROFESSIONAL TO REPRESENT YOU.
As a buyer, it usually costs nothing to hire a real estate professional to help you find and purchase a home–your Realtor will likely get a portion of the commission the seller pays to his Realtor. When choosing an agent, get referrals from friends, relatives, and co-workers, and then interview as many agents as possible. Pick an agent that works in the neighborhoods you’re interested in. Listen to your agent, but make your own decision.
DON’T BUY A PROPERTY THAT WILL BE DIFFICULT TO RESELL.
Normally, most of a property’s value is not in the house, it’s in the land. You would do well to heed the old adage of buying the worst house on the best street, not the best house on the worst street. If you buy a house that is overdeveloped compared to neighboring houses, you may think you’re getting a great deal when you buy it, but you will probably have a hard time getting back what you paid for it when it’s time to sell.
THE UPSIDE OF FLORIDA REAL ESTATE: 15 MARKET POSITIVES
Let’s take a look at some of the opportunities and positive indicators for the future of Florida’s real estate market.
1. Great prices. Statewide, home prices have fallen about 20 percent in the past year. Florida Association of Realtors® statistics show the existing-home median sales price was $185,400 in the third quarter of 2008, compared with $233,200 in third quarter 2007. By the way, those numbers are still significantly higher than in the early years of the decade. In 2003, the third-quarter sales price was $163,700, which reflects an increase of about 13.3 percent over the five-year period. (The median is a typical market price where half the homes sold for more, half for less.)
2. The time is right. Home sales volumes are rising again — a signal that the market recovery may be underway. In third quarter 2008, statewide sales of existing single-family homes were up 5 percent compared to the same period last year, according to FAR statistics.
3. High inventory levels. Conditions are ideal for buyers to find their dream home. Inventory is plentiful in all price ranges. But as sales volumes increase, inventory levels are likely to shrink. That reality translates into this advice for buyers: Don’t wait too long.
4. Low mortgage rates. Mortgage rates are still at the lowest levels since the 1960s. Lower rates multiply a buyer’s financial power. Even half a percent can make a sizeable difference. For example, on a $200,000 home, half of 1 percent could save the homeowner about $815 a year. Buyers can get more home for the money, which is a perfect scenario for families looking to upsize.
5. Incentives to buy. Federal, state and local housing programs can help buyers make that big purchase. The American Recovery and Reinvestment Act has increased the First-Time Homebuyer Tax Credit from $7,500 to $8,000 for purchases on or after Jan. 1, 2009, and before Dec. 1, 2009. Talk to a local mortgage lender about state and federal incentive programs.
REQUEST BELOW If you want to receive the full 15 market positive indicators such as 6- A long-term-growth state; 7- A migration magnet; 8- A favored retirement destination; 9- A diverse economy; 10- . Investment outlook; 11- Homeownership has value; 12- Greater sense of well-being; 13- Beneficial for kids; 14- Community involvement; 15- An unsurpassed lifestyle.
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Congress is to vote on extending the EB-5 program, which grants foreign investors permanent residence for the right price. In the minds of local experts and developers who rely on it, an extension is all but guaranteed – securing the continued development of industries from restaurants to hotels.
Congress created the EB-5 Program in 1990 to stimulate the US economy through job creation and capital investment by foreign investors.
In 1992, Congress created the Immigrant Investor Program, also known as the Regional Center Program. This sets aside EB-5 visas for participants who invest in commercial enterprises associated with regional centers approved by US Citizenship and Immigration Services (USCIS) based on proposals for promoting economic growth.
Under this program, entrepreneurs – and their spouses and unmarried children under 21 – are eligible to apply for a green card, or permanent residence, if they make the necessary investment in a commercial enterprise in the US and plan to create or preserve jobs for qualified US workers.
President Obama extended the regional center program during his administration, at which point the program would expire unless Congress extends it.
However, experts in the field are highly optimistic and anticipate that there will be another short-term extension by Congress.
“It is anticipated that the EB-5 law as it currently exists will be extended through a continuing resolution, which we expect will be passed by Congress and which will preserve EB-5 as it currently exists through sometime in 2017.
“What is important about EB-5, first of all, is that it brings jobs to the community,” said Sam Toledo, Real Estate Advisor, and Investor and it brings economic activity to the country and to the city. Also, give the opportunity for those investors looking for to make a move in diversifying their investment portfolio into a more effective market and currency.”
The minimum investment in a commercial enterprise required by an EB-5 investor is $500,000 and there must be evidence that the enterprise will create at least 10 full-time positions. “The jobs have to be created by US companies and works with the firm’s EB-5 practice team. “Foreign investors always invest in domestic companies, creating jobs in the US, and there are a whole industry and network of foreign conferences where US companies will attend and explain their project to try to reach out to foreign investors… so these investors can learn about projects and invest.” But, it may not be the best solution for the investor due to a waiting period to receive the approval from USCIS.
“In the EB-5 program investors invest in an enterprise or company that is already developing a project that generates these jobs, and the investor has nothing to do but invest about $500,000 into the project.
A significant majority of EB-5 funds currently come from China which is interested in bigger projects. Many different industries successfully use EB-5 – a lot of mixed-use real estate developments and luxury residential developments such as Paramount World Trade Center. Other areas that can be valuable are in the franchise industry, fast-casual restaurant concepts, and some very high-end restaurants. For more information in which of the more than 100 visas you can qualify contact me Sam@24HoursRealty.com
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