Zilbert’s Miami Real Estate Update - Sept 2007
US FEDERAL RESERVE CUTS INTEREST RATES FOR THE FIRST TIME IN 4 YEARS
CNN reports that “The Federal Reserve cut…(interest rates) by half of a percentage point Tuesday to 4.75%.” It seems that the central bank is concerned the mortgage meltdown plaguing Wall Street and Main Street could hurt the economy. This should have a positive effect on the real estate market, as mortgage rate drops will make housing more affordable. CLICK HERE TO SEE FULL STORY
ALAN GREENSPAN AND THE US HOUSING MARKET
The International Herald Tribune published an interesting article on US housing prices (STORY), on the heels of the Federal Reserve announcement. Alan Greenspan, the former Federal Reserve chief has been touring to promote his new book. The topic of the US housing market has come up a lot. Mr. Greenspan is predicting a US recession, about a 33% chance, in fact. Read the CNBC interview with Alan Greenspan (CLICK HERE)
FORECLOSURE ALERT
From time to time I will bring you news of properties in South Beach entering into foreclosure. With good timing, you may be able to snatch a property at below market value. This week, I have insider information about a condo unit at the prestigious MURANO GRANDE (WEBSITE). This unit is the 07 line (FLOORPLAN) on a HIGH floor, and it must sell soon, all-cash. Selling price is being established, but expect a selling price of around $1,199,000 (about $723/sf). This isn’t a deal-of-the-century, but it’s a great unit at a really good price. In fact, this price (per square foot) beats most of the recent sales at Murano Grande.
CALCULATE YOUR CLOSING COSTS ONLINE
My sister company, Colonial America Title Company, has created an online closing cost calculator. Enter your condo or house purchase details and get an estimate of closing costs, free. This tool also works for new condo (preconstruction) closings. Too try out the tool, visit Colonial America’s website: http://www.ca-title.com