S & J Journal

 Average U.S. mortgage rates started the year by dipping to new lows, with the benchmark 30-year rate marking its lowest level since May 2013. The ongoing decline in mortgage rates would appear to be a boon for prospective home buyers. But it hasn't yet significantly enticed more buyers into the market. At the same time, there are fewer distressed properties and bargains coming onto the market that attract real estate investors. This week the nationwide average rate on the 30-year loan fell to 3.73 percent from 3.87 percent last week, mortgage giant Freddie Mac reported. The average for a 15-year mortgage, a popular choice for people who are refinancing, slid to 3.05 percent from 3.15 percent last week. A year ago, the 30-year mortgage stood at 4.51 percent and the 15-year mortgage at 3.56 percent. Mortgage rates have remained low even though the Federal Reserve in October ended its monthly bond purchases, which were meant to hold down long-term rates. The housing market has st...

Miami is still experiencing an unprecedented real estate boom fueled by a robust pool of wealthy out-of-town buyers and projects built by experienced, well-financed developers, according to prominent real estate insiders. Yet, big drops in November condo sales and the weakening buying power of foreign investors could mean the boom is in for a slowdown in the coming year, some economists and real estate analysts say. Developer Richard LeFrak told The Real Deal last month that he doesn’t see Miami’s current cycle slowing down soon. “I’d be worried if interest rates go up and consumer confidence drops,” LeFrak said, speaking at a sales party for his 1 Hotels & Homes South Beach. “But the U.S. economy is doing well and the stock market is high.”  LeFrak cited the dramatic increase in the number of buyers from the northeastern U.S. over the past two years as evidence of a continually bullish Miami market. “These are the people paying the big prices in Miami Beach…They all like Mia...

Retirement surge. Those words are real estate consultant John Burns' "big idea" for 2015. More Americans were born in the 1950s — 41 million — than any other decade, he blogs. And they will be "dropping out of the workforce in droves" this year as they begin turning 65. His advice: take advantage of the sizable surge, no matter what your business. Lennar has, among designs seen as ideal for boomers, a NextGen "multigenerational" home with an extra suite. For homebuilders, the seismic shift is an opportunity to throw down the welcome mat to a demographic that has better credit and more cash than younger buyers, especially those still largely missing first-timers. "It's a pretty affluent group compared to prior generations of retirees," Burns told IBD. Formidable Demographic Those born in the 1950s are just part of the wave, though a big one, of the 78 million or so baby boomers born between 1946 and 1964. Americans 55 an...

Homeowners are showing a bigger appetite for smart home technology. Nearly half of consumers – 46% – say it's important their current home or the next home they purchase have smart home technology, according to a survey of nearly 2,500 consumers, conducted by ERA Real Estate and HGTV . Survey respondents had recently participated in an HGTV national focus group on smart home technology. Homeowners and buyers say they see the value in smart home technology for comfort, safety, and cost savings, and 51% surveyed say they would consider installing smart home technology in their home to make their home more marketable to future home buyers. The younger segment of the millennial generation is the most likely age group to spend money on smart home technology – 10 times more likely than the percentage of generation X members who say they'd consider adding smart home technology to their homes, the survey reported. "While still a growing trend, smart home enhancements have...

Through September of 2014, Miami had the No. 8 new construction market in the country. According to fresh numbers from Dodge Data & Analytics , Miami’s construction starts for the first nine months of 2014 totaled $6 billion, an strong 19 percent increase over the same period in 2013. Indeed, such numbers are consistent with what we constantly hear from real estate professionals. As Claudio Stivelman , the CEO of S2 Development, explained to us, “Unlike 2007, this development cycle is being carefully guarded by the development industry. Builders and lenders alike have learned to avoid speculation by vetting projects and making sure they are financially sound and secure prior to breaking ground … the demand and strength of the domestic and foreign economies continue to allow Miami to become one of the most sought after markets in the country.” Read more at Miami Agent magazine .

 Join Us for a Discussion of Education Feform in Florida's Public Schools What is Common Core?  How about the Sunshine State Standards?  Join the Good Government Initiative as we discuss the pros and cons of the latest attempt at education reform in Florida's public schools - the benefits, the politics, and what the future holds. Featuring: Miami-Dade County Public Schools Superintendent Alberto Carvalho, Miami-Dade County Public Schools teacher and Florida State Senator Dwight Bullard, Miami-Dade Public Schools Board Member Raquel Regalado, and University of Miami's School of Education and Human Development Senior Associate Dean Walter Secada. Moderated by President and CEO of the Good Government Initiative Katy Sorenson. 11:30 am registration, 12 noon lunch and 12:30 pm conversation Register Now! $35 Individual Ticket $50 GGI Contributor $20 ECOB (Engaged Citizen on a Budget) $10 Student (with valid I.D.) Monday November 24, 2014 from 11:30 AM to 1:30 ...

Florida had more cash sales in the third quarter of 2014 than any other U.S. state, and a closer look at metro areas finds five Florida cities in the top five – and eight in the top 10. The data includes both single-family homes and condos. According to RealtyTrac'sQ3 2014 U.S. Institutional Investor & Cash Sales Report, the state also has four of the top 10 cities for cash sales by institutional investors – buyers who purchase 10 or more homes per year. In the third quarter (July-September), over half of all Florida sales (53.5 percent) were all-cash. Only Maine came close with 50.0 percent, followed by Alabama with 42.2 percent. Still, the percentage of all-cash Florida sales has declined over time. In the second quarter it was 57.6 percent; a year earlier, it was 56.2 percent. Drilling down by metro area, Florida is also home to the U.S. leader: In Miami-Fort Lauderdale-Pompano Beach, two out of three sales are all-cash (59.1 percent), though in both the quarter and a ...