Tuesday, May 31, 2011

NIGHTMARE-SELLING LEASED PROPERTY

A frequent nightmare for Realtors in selling leased property is gaining access to the property to show it. Often uncooperative tenants kill the deal by not allowing Realtors to show the home. Many of our neighbors in Coconut Grove own single family rental properties and have asked our advice when faced with this dilemma. Chapter 83.51, Florida Statutes (Landlord-Tenant) says that tenants shall not unreasonably withhold consent to the landlord to exhibiting the property to prospective buyers. If they are, the tenants must remedy their non-compliance within 7 days or the landlord may beginning moving toward an eviction. The Cherry Group, Coconut Grove's expert Realtors, recently had a listing where the tenant didn't allow access for a month because they were out of town. In that period, we were forced to decline about 19 showings to prospective buyers. If you're a Landlord, you have certain rights. Don't be held hostage by your tenants!

Thursday, May 26, 2011

COCONUT GROVE REAL ESTATE PRICES HOLDING UP

The Cherry Group, Coconut Grove's real estate experts, reviewed sales activity for May. Despite reports in the Miami Herald about price erosion, Coconut Grove real estate prices have held up over the last three months. Single family homes selling for between $700,000 and $1,200,000 sold for $286.00 per square foot. Nine homes went under contract, but the final sales prices won't be known until closing. Coconut Grove single family homes selling for over $1,200,000 number four and sold for an average of $287.00 per square foot. Four homes went pending. We're all so fortunate to live in Coconut Grove - one of the most desirable real estate addresses in the world. Please call Sylvia Cherry or Gary Hecht of The Cherry Group at 305.607.8360, if you'd like expert real estate pricing advice.

Wednesday, May 25, 2011

COCONUT GROVE'S THE CHERRY GROUP HAS SOME FINANCIAL ADVICE WHEN BUYING A HOME

If you are purchasing real estate, don't do anything to impose on your credit score before your lender issues a loan approval letter to you. Better yet, don't extend your credit until you own the home. Often the Bank or Mortgage Broker issues a Pre-Qualifying letter to you, indicating that based on very preliminary information you could get the loan. The letter means little to you and virtually nothing to the seller and seller's Realtor. The Cherry Group, as the Coconut Grove real estate experts, counsels its buyers thoroughy on good financial behavior during the often tenous contract period. Even if funds have been escrowed for the second deposit, lenders do repeated credit checking right up until the loan is approved and sometimes after. That means one shouldn't lease a car or buy furniture on credit, as an examples, where one's credit would be pulled and scores lowered. Also, most lenders require 6 months cash reserves to cover mortgage, taxes and insurance. Banks often check the day before closing to be assured the money is there.

Tuesday, May 24, 2011

THE CHERRY GROUP IN COCONUT GROVE LOOKING FOR INVESTMENT PROPERTY

The Cherry Group, Coconut Grove's real estate experts, represents an investor with $2 million in cash to invest in multi-family or other commercial properties. Please call Sylvia Cherry or Gary Hecht in Coconut Grove at 305.607.8360 if this of interest.

Thursday, May 19, 2011

THE CHERRY GROUP ON THE GROVE: THE CHERRY GROUP SHARES A RARE FIND IN OUR LOVELY COCONUT GROVE

THE CHERRY GROUP ON THE GROVE: THE CHERRY GROUP SHARES A RARE FIND IN OUR LOVELY COCONUT GROVE

THE CHERRY GROUP SHARES A RARE FIND IN OUR LOVELY COCONUT GROVE



Sylvia Cherry and I love what we do as expert Realtors for Coconut Grove. The "stuff" that makes Coconut Grove the "Grove" jumps out at us in the course of our business and it makes our hearts sing. We have a pending contract on the family home on Poinciana in Coconut Grove of iconic architect Lester Collins Pancoast. His GREAT grandfather Collins was an early developer on the Beach (Collins as in Collins Avenue) and his wife Helene was the grand-daughter of David Fairchild. Pancoast focussed on integrating the outside with the inside and gained fame as a landscape architect. The family home pictured is a Japanese influenced house with thickly planted, but never crowded gardens. This view is through the livingroom to the reflecting pool, patio and gardens. He passed away in 2003 and his widow Helene recently.

Tuesday, May 17, 2011

THE CHERRY GROUP WELCOMES BUYERS TOO

The Cherry Group is thought of expert listing realtors in Coconut Grove. But we enjoy working with buyers too and have a strong track record in that representation. Often buyers think they can "cut" a better deal by going directly to the listing agent representing the home because they suspect the listing broker has room to reduce his 6 percent commission which would be reflected in a lower selling price. This is usually not true. First, the Cherry Group doesn't allow its income to become a part of the negotiations. We have worked long and hard to have beome the Coconut Grove expert realtors and don't allow our salary to become a bargining chip. Most top producing realtors share our philosophy. You really don't want to work with a professional who thinks so little of his ability to "cut" his fees. Secondly, having your own Realtor means you'll get expert advice on the offering price and hopefully a skilled negotiator. Among their many professional designations, Sylvia Cherry and Gary Hecht are Certified Negotiations Specialists and Gary holds the Accredited Buyers Representative certificate. This simply means you have a powerhouse team in The Cherry Group, the Coconut Grove Real Estate Experts, to get you the best deal possible. If you're planning on buying, call us at 305.607.8360.

Sunday, May 15, 2011

FOR COCONUT GROVE HOMES AND OTHERS THE "BUBBLE" STILL LURKS

In the Cherry Group's never-ending quest to stay on top of the Coconut Grove real estate market in particular, the immediate future for home sales might not be as bright as some pundits profess. Although 2011 first quarter sales show a staggering increase by 38 percent in Miami, home values continue to drop, now down 55% since the height of the market in 2006. So, while more homes are being sold, they're being sold for less while still under pressure from foreclosure which represent about 60% of all homes sold. In an on-line newsletter, Capital Notes, published by Bentwood Capital Partners (residential and commercial lenders), it was reported their expectations among other expert opinions, are that prices will fall another 14 percent through the end of this year before bottoming out. The Cherry Group's expert advice is to sell now and buy now! For buyer's, don't play Russian roulette with forecasts and wait it out. Another 10% savings or so on a purchase price means little against a 30 year year fixed mortgage at these interest rates. And who knows where they'll be going with the onset of an inflationary spiral. Contact Sylvia Cherry or Gary Hecht at The Cherry Group, your Coconut Grove Experts for more information at 305.607.8360

Wednesday, May 11, 2011

THE CHERRY GROUP LISTS A TROPICAL PARADISE IN NORTH COCONUT GROVE





The Cherry Group, Coconut Grove Expert Realtors, listed a classic bungalow at 1875 Wakeena. Sitting on a 9,090 square foot lot with incredible koi ponds and water falls, there's even a separate studio for the artist in you on the property. It's a 3/2 with beamed ceilings, wooden floors, new roof, new kitchen and all updated plumbing and electrical. Photography is planned and you'll soon see it on its own website. As real estate experts, The Cherry Group treats every listing as though it were a multi-million dollar mansion, investing heavily in marketing and sales promotion materials. Every home in our inventory is very important to us. To list your home with the Cherry Group, please call Sylvia Cherry at 305.992.2211 or Gary Hecht at 305.607.8360.


ASKING PRICE FOR THIS GEM IS $489,000

Tuesday, May 10, 2011

THE CHERRY GROUP AS REAL ESTATE EXPERTS THINKS OUTSIDE THE BOX












Here in Coconut Grove yesterday, The Cherry Group had its listing go pending at 2000 S. Bayshore Drive, #32 - better know as L'Hermitage. Expert Realtors have to "think outside the box" to get homes sold, especially now. Instead of listing the home under the category of condos and villas where it would completely get lost, Sylvia Cherry came up with idea to list it as a single family home. Our listing is the developer's unit and is considered the only detached home at L'Hermitage with sweeping 180 degree open Bay views, connecting only to another villa's carport wall. By listing the home this way, it competed against other waterfront homes with docks and emerged as a smashing good buy. Other Realtors, especially those who live at L'Hermitage and also have listings there criticized the Cherry Group for not knowing what they were doing. One or more even called the owners and told them that Gary Hecht and Sylvia Cherry, The Coconut Grove Experts, didn't list their home correctly. We explained our strategy to our clients and they fully understood. They expect to close in June with an all-cash offer. All of The Cherry Group's listings have their own web sites. If you'd like to see more of this fabulous waterfront home, visit http://www.2000sbayshoredrive.com/. And if you're looking for Coconut Grove expert Realtors who think outside the box, please call Sylvia Cherry at 305.992.2211.

Sunday, May 8, 2011

THE CHERRY GROUP'S EXPERT INFORMATION ON BUYER'S CLOSING COSTS

The Cherry Group is always gratified when friends in Coconut Grove call or ask for information, even when Sylvia Cherry or I aren't involved in the transaction. We are the Coconut Grove experts because after 20 years in the business, The Cherry Group usually has the answers. I was having lunch at Greenstreets the other day and someone asked, 'Aren't you Gary Hecht'? I said sure and asked him to join me. He told me he bought a condo at Yacht Harbor in Coconut Grove directly from an unrepresented condo owner and had a many questions, one of which was, "As a buyer what are my closing costs"? For him and for all of you, here they are:


1. Prepaid condo or home owner's association maintenance fees.


2 One year's homeowner's insurance often held in escrow by the lender.


3. Windstorm and or flood insurance most often held in escrow by the lender.


4. Home Inspection costs depending on size of home from $350.00 to $1,000.00.


5. Owner's Title Insurance issued by the Title Company. The insurance is a fixed price set by


the State based on purchase price. A million dollar home is about $2,500.00.


6. Recording fees for the deed; about $8.00 per page.


Please don't hesitate to call me, Gary Hecht, at 305.607.8360 or opposite this column, click onto our web site at CHERRYMIAMIHOMES.COM. We always happy to help.

THE CHERRY GROUP IN THE GROVE WISHES MOMS A HAPPY MOTHERS DAY

Sometimes The Cherry Group sells houses in Coconut Grove, but most often we sell homes. A house becomes a home through the family who resides in it. And it doesn't take an expert to tell you the centerpiece of the home is mom. So to our dear Coconut Grove clients and to mothers everywhere, The Cherry Group wishes A HAPPY MOTHER'S DAY TO ALL.

Saturday, May 7, 2011

THE CHERRY GROUP'S EXPERT INFORMATION ON CLOSING COSTS FOR SELLERS

The Cherry Group is often asked as your Coconut Grove real estate experts what are the common closing costs customarily incurred by the seller. Here they are:
1. State Sales Tax called Doc stamps at 69 cents per $100.00 of the sales price.
2. Pro-rated taxes from January 1 to the date of closing.
3. Satisfaction of liens, special assessments and mortgages.
4. Real Estate commission, usually 6 percent of the sale.
5. Recording fees to clear title, sat. of mortgage, etc. at approximately $7.00 per page.
6. Title Company's fee for preparing your closing documents for about $350.00
Some Coconut Grove sellers offer special incentives to the Selling Realtor as well of an extra point or so. This helps keep the property top-of-mind with co-brokers who are key to getting your home sold.
HAVE A GREAT DAY IN COCONUT GROVE-THE BEST PLACE IN THE WORLD TO LIVE!

Friday, May 6, 2011

COCONUT GROVE REAL ESTATE TODAY

A slow real estate day day in Coconut Grove today. No closings, nothing pending and a couple price adjustments (that should have been done six months ago). The Cherry Group's expert advice is to list now. Don't wait. The choices in Coconut Grove are limited at all price points. We're not impressed with the homes or their prices. The Cherry Group in Coconut Grove are listing agents, supreme marketing specialist and quick closers. Please click on to CHERRYMIAMIHOMES.COM to learn more about us. We don't drive buyers around and don't waste our time with rentals because that would take away from selling your home. And, selling your home is paramount. Ask The Cherry Group for references from the last two weeks and you'll get the responses that support our claim that "WE MAKE PROMISES WE KEEP".

Thursday, May 5, 2011

ASK REALTORS FOR REFERENCES

Anyone can purport to be something he or she's not. The Cherry Group positions itself as Coconut Grove Experts and takes pride in our exceptional service. Nothing pleases us more than when an astute potential listing client asks for references. We provide Coconut Grove references where we had a transaction within the last two months. Here's the contents of a wonderful email we just received:

All we can say is WOW!!
Great Job you guys.
We're fortunate and glad to have you represent us.
Thank you for your efforts.
Maryann & Arthur

Have a Great Day in Coconut Grove!

Wednesday, May 4, 2011

COCONUT GROVE REAL ESTATE ACTION LAST TWO DAYS

In the last two days in Coconut Grove, one home went under contract and The Cherry Group closed a home. The Pending sale was 4001 Park Avenue, asking price $849,000. Sylvia Cherry and I closed 2045 Tigertail Avenue for $1,025,000. The asking price was $1,150,000. Currently in Coconut Grove, there are 63 homes on the market priced between $800,000 and $1.5 million. As leading Realtors here, Sylvia and I know each one intimately, having sold some in our 20 years. In my opinion, many are still over-priced and unremarkable. It's a wonderful time to list with us at market price and get your home sold within the average 90 days. Please call Gary Hecht in Coconut Grove at 305.607.8360

Monday, May 2, 2011

DAYS ON MARKET GO TO LISTING PRICE

For over 20 years, The Cherry Group has been Top Producers and THE Coconut Grove Experts. Sylvia and I are home owners on Emathla street and have felt the bite just as you; we lost about 35 percent of our home value too. But in Coconut Grove, we're coming out of this better than the Gables, Pinecrest and other communities in Dade that are down over 50 percent in values. The Cherry Group Newsletter has been mailed and one thing becomes perfectly clear in our data. Price your home based on our marketing analysis, and we'll sell it in about 90 to 120 days days. We're the leaders in Coconut Grove and want your business. Call us at 305.992.2211 today and learn the TRUE value of your home.

Sunday, May 1, 2011

WHAT'S UP WITH FSBOs IN COCONUT GROVE

Ever-more a rarity, I still see homeowners trying the FSBO (for sale by owner) route in Coconut Grove, as these few who dare to go it alone believe to become leading Coconut Grove experts is solely a function of putting up a "FOR SALE" sign. Sylvia Cherry and I spend thousands on each listing in Internet marketing costs and for sales promotional materials. About 85 percent of those who want to sell hire experts like The Cherry Group and some 17 percent try representing themselves, but usually last 30 days before they realize what a fruitless endeavor it really is. Almost always, we negotiate more for a property and the homeowner nets more (even after commissions) than the FSBO. I don't understand why one wouldn't attempt his own dentistry, appendectomy or court representation, yet believes he can perform a function requiring a license and years of experience.