Monday, August 29, 2011

The Cherry Group, Coconut Grove's Realtors Has Game Plan

Surprise! We weren't able to cash in on the lowest mortgage rates since WWII. We knew The Cherry Group's expertise is Coconut Grove real estate and not necessarily mortgage financing, but we were surprised with our naivety. I mean how appealing is a 4% mortgage for a 30 year note? Even with our fingers on the pulse of every aspect of our business, we lost touch that our own home had suffered, as every home in Miami-Dade County had, by losing value - essentially changing our LTV (loan to value ratio). Where we once had 20% equity in our home, we now had 10%, making our LTV 90/10. Lenders require a minimum of an 80/20 to process a new loan or a refi. So, after all the paperwork and headaches with our lender, we were told they couldn't refinance unless we brought a 'very handsome' check to the refi closing table, something we're not prepared to do. Interest rates are expected to spike considerably in about 4 years or so and a our goal is to refinance before then. What's the game Plan? Take every spare nickel and plop it in your principal to get that LTV to at least 80/20. Then, and just then, maybe there's a prayer to cash in on mortgage rates that we'll probably not see again in our lifetimes.

Monday, August 22, 2011

The Cherry Group, The Coconut Grove Real Estate Experts, Offers Simple Advice

We approaching another Cherry Group Coconut Grove closing and once again we have received notice from the title company doing the closing, our listing has 4 open permits to be closed. As your Coconut Grove Real Estate Experts, here's a word to the wise: Don't pay the final check to the contractor or licensed workman who did the job until he hands you the closed permit! An open permit is not a lien and the house can close if accepted by the buyer, but we've yet to see that. The biggest headache in the world can happen should an inspector visit to close out an old permit and he finds you're not in compliance. The buyer doesn't have to close until your permit is closed and what's worse, he could wrangle out of purchasing altogether.

Wednesday, August 17, 2011

The Cherry Group, The Coconut Grove Real Estate Experts, Says This is Busiest August Ever

Two weeks ago, The Cherry Group, The Coconut Grove Real Estate Experts, listed a Grove home that went under contract with its own buyer in 24 hours. All contingencies have been met and we're due to close one month to the day of listing the property. Over the weekend the Cherry Group received almost $4 million in offers on three of its listings, still being negotiated. We believe local money is coming into play as interest rates for a 30 is about 4.3 percent and the median rental price has jumped to $1.82 per Square Foot. It's never made more sense to buy! Call us, The Cherry Group, at 305.607.8360 to list and to sell your home fast.

Wednesday, August 10, 2011

CHERRY GROUP, THE COCONUT GROVE REAL ESTATE EXPERTS #1 FOR COLDWELL BANKER

Trandgraphix data shows The Cherry Group, The Coconut Grove Real Estate Experts, continuing its market dominance at the #1 Realtor the last 6 months for Coldwell Banker in Coconut Grove. Gary Hecht points out, although gratified with the Cherry Group's position, more than a ranking should serve as criteria for Realtor selection. Ask the Realtor in a listing interview the following questions:
1. How many listings expired in the last year and went to another Realtor who sold them?
2. How many homes in the last year have you listed, where the prices were reduced more than once before selling.
3. Do you show all your listings yourself or relegate the most important function next pricing to members of your staff?
4. Do you have 3 or more references whom you've served in the last three months?
5. Why do you think your marketing is the best?

Friday, August 5, 2011

WHAT'S GOIN ON IN MEXICO?

We reported a couple of weeks ago that The Cherry Group was named by CitiGroup to be it's exclusive referral Realtor for its high equity clients (members of CitGold) from South and Central America and Mexico. Spanish is Sylvia Cherry's first language. And Gary Hecht founded Young & Rubicam's famous Spanish Ad agency, The Bravo Group. Their understanding of Spanish markets and cultural differentials are second to none. We now have a half dozen all cash buyers looking for homes/investments from $1 to $10 million. As bags of pesos are turning into US dollars from high equity clients coming here to Miami-Dade, we find it ironic that droves of illegal Mexicans are going back home. The media has reported that not only are illegals returning home because of a soft US economy, action at our unprotected borders has slowed with those attempting to enter. It seems the economy and way of life in Mexico are better than Russia and India. More jobs for labor, less expensive housing and better schools are available in Mexico than in the US. Who would have thought a tanked economy here would become a partial solution to our illegal immigration problem.

Wednesday, August 3, 2011

Worst Bank in America - BANK OF AMERICA- Proposes Loan Forgiveness Deal

The Cherry Group, Coconut Grove's Real Estate Experts, just read on a real estate site GLOZAL.COM, that BOA is talking to both state and fed officials about cutting a deal to release them in a huge class-action if it reduces the amounts owed by troubled borrowers who got the run-around from them when shooting for loan modifications. BOA made our life hell for a year after repeatedly losing paperwork sent twice by FedEx and twice emailed. At the end of the day, they awarded a modification, only to withdraw it two weeks later, saying the underwriter didn't approve it. My own daughter, countless friends and clients have shared similar stories. The principal owed would have to be $1 million, or less in some geographic areas, and a reduction would apply to the bank's own mortgages and those it services for private investors. BOA is seeking in return indemnity from future claims. In The Cherry Group's Real Estate practice, I do everything possible to advise clients not to go near BOA.

Monday, August 1, 2011

CASE HISTORY: HOW THE CHERRY GROUP SELLS A HOME IN JUST 24 HOURS

About three months ago, a home owner called us for a listing appointment. The Coconut Grove Real Estate Experts, The Cherry Group, presented its comparative market analysis (CMA) and suggested an asking price. Our price opinion was well below the owner's perception of value and she said she'd try to sell it herself. This is a wonderful place at 2336 Swanson Avenue in one of the most sought-after neighborhoods in North Coconut Grove. Over 2,400 sq. ft. a 9,600 sq. ft. lot, the home has a new pool, new electrical, new hurricane glass windows and on and on. The owners priced it $589,500. Having received only one offer at $530,000 and tiring of dealing with the general public and Realtors, they called the Cherry Group back to get the job done. Most For-Sale-By-Owners only last about 30 days before learning what a big job a Realtor has and lists the home with a professional. We presented a new CMA , demonstrating the home's market value at $537,500.00. The owner said, I should have taken the $530,000 offer and we agreed as no Brokerage fees would have been involved. But without a Real Estate advisor, they just didn't know. The Cherry Group listed the home for $540,000. As the leading Realtors for Coconut Grove, we had accumulated a vast list of potential buyers and their needs. We returned to the office and began calling every buyer whose criteria would be satisfied by this property. The day following listing the property we had a line-up of showings. The very first made an offer on the spot and later in the day there was a fully executed agreement between Seller and Buyer. The moral of this story is two-tiered: Hire a Realtor. You'll ultimately make more money than trying to do a professional's job your self; secondly, price your home at today's marketed value to sell it fast. If you want the results The Cherry Group provides, please call the Coconut Grove Expert Realtors at 305.607.8360.