Housing recovery real say 71% of lenders

Housing recovery real say 71% of lenders

SAN JOSE, Calif. – April 10, 2013 – In its quarterly survey of U.S. bank risk professionals, FICO, a predictive analytics and decision management software company, found lenders more bullish on the housing recovery than at any point in three years.

Almost three in four risk pros (71 percent) said home prices are “rising at a sustainable pace” in the context of mortgage lending risk. In addition, 39 percent expect mortgage delinquencies to decrease over the next six months, while another 45 percent expect delinquencies to remain flat. Only 16 percent expect an increase.

FICO says the latest report has the most optimistic figures recorded in three years – since the survey was launched.

The survey, conducted for FICO by the Professional Risk Managers’ International Association (PRMIA), also found that a majority of bankers (59 percent) expect the supply of credit for residential mortgages to meet demand over the next six months, and a slightly larger majority (60 percent) expects the supply of credit for mortgage refinancing to meet demand.

“The latest survey results – combined with data that indicates the real estate market is improving in many regions – paint a positive picture for a sector of the economy that has been slow to join the recovery,” says Dr. Andrew Jennings, chief analytics officer at FICO. “Mortgage lenders have been understandably guarded over the past five years. The improvement in their sentiment should be welcome news, and I wouldn’t be surprised to see lenders cautiously expanding their mortgage and home equity lending businesses.”

© 2013 Florida Realtors®

international buyers purchased $82.5 billion in residential real estate in the U.S.

By CANDACE JACKSON

At the Marquis Residences, a luxury condo tower in downtown Miami, a model unit featured earthy wood accents and furnishings created by a high-end California designer. Yet sales for two-bedroom units were sluggish. "I thought [the interiors] were fabulous," says Lori Ordover, a New York-based consultant for the developers. "But they didn't speak to the buyer."

Bryan Derballa for The Wall Street Journal

More Sparkle:Overseas buyers often have a bigger appetite for statement pieces like the crackled bronze wall in this model at the Baccarat Residences in New York.

So last year, Paulo Bacchi, a well-known furniture-maker and designer from Brazil, was hired to create a new look. Now, the model has white leather sectional sofas, sandstone tile floors and other contemporary furnishings. Mr. Bacchi, CEO of design retailer Artefacto, also put the designs on his company's website, which Ms. Ordover says helped introduce more Brazilians to the building. Fifteen units sold within the first month after the switch. Today, only one of the 306-unit building's apartments remain—and about 30% of buyers are Brazilian.

With sales to overseas buyers surging, U.S. developers are increasingly designing for a global audience. New buildings and residences now have kitchens outfitted with wok burners to attract Asian buyers. Others have European-style bathtubs and bidets for Western tastes. South American-inspired residences include sprawling balconies that can accommodate large extended families for dining and playing games.

"I can look at an apartment or house and almost figure out the nationality of buyers who are there," says Mark Zilbert, president and CEO of Miami-based Zilbert International Realty. "Whether it's deliberate or not, [developers] are putting in a lot of features that appeal to that taste and color palette."

The designs are driven by a robust appetite from the international jet set looking for second homes in the U.S. In 2012, international buyers purchased $82.5 billion in residential real estate in the U.S.—up from $53.4 billion in 2010, according to the National Association of Realtors. On average, international buyers spend about twice as much as a typical American buyer, according to NAR, with an average purchase price of $400,000.

In Florida, 26% of all home sales went to buyers from outside the U.S. in 2012, making it the state with the largest number of foreign buyers, according to NAR. In Miami, about 60% of buyers came from overseas last year, according to the Miami Association of Realtors. In New York City, real-estate appraiser Jonathan Miller estimates that as much as one-third of condo and townhouse sales in Manhattan went to international buyers last year. In new buildings, as many as half of the buyers were foreign.

To sell the Baccarat Residences, a 50-story glass condominium tower under construction across from the Museum of Modern Art in midtown Manhattan, a model set up in the building's showroom includes striking materials like lacquered ziricote-wood walls and a crackled bronze sculptural wall embedded with tiny pieces of glass made by a British artist. Each residence will have a custom Baccarat fixture, and kitchens have sleek cabinetry, electromagnetic cooking surfaces and Miele appliances. Cabinets are several inches higher than in typical American kitchens, in keeping with a more European look and to allow room for exotic appliances like woks.

It's a look designed to appeal to a global palate: "Americans are much more conservative, much like with fashion," says Tony Ingrao, the designer who is creating the interiors. "There's almost a global taste emerging."

The building, designed by Skidmore Owings & Merrill, will have 61 condos priced from $3.5 million to $60 million when completed in 2014.

In Miami, marketers at Vizcayne, twin 49-story towers in downtown Miami on Biscayne Bay, created model units for a designer showcase outfitted by interior designers from five different countries—Venezuela, Brazil, Spain, Colombia and the U.S. "It's really about the nuance," says Philip J. Spiegelman, who handles marketing for the developer. "Colombians may like very modern-contemporary, while the Brazilians may like something more conservatively contemporary." Before the international models were created, 653 of the 849 apartments were unsold. Sales began in March 2011, and today, about 150 units remain, with prices ranging from $300,000 to $2.2 million. Most buyers are coming from Argentina, Venezuela and Brazil.

Natalie Brabner, a 38-year-old fitness trainer from São Paulo, recently paid $1.8 million for a three-bedroom unit in Echo Aventura on the water near Miami. When it opens—construction is expected to begin later this year—apartments will include extra-large balconies with outdoor kitchens. "Brazilians, they love to spend their afternoons hanging out and making a little barbecue," Ms. Brabner says. And the maid's quarters within the apartment were also appealing in case the couple decided to travel with a maid or nanny in the future. "It's a different lifestyle in Brazil, and you can afford that," she says.

At Faena House, a coming Miami complex by an Argentine developer with prices ranging from $2.3 million to $50 million, developers are calling the sprawling balconies "aleros," a Spanish word for patio.

Because security is less of a concern in Miami than it is back home, Brazilians often choose to purchase and keep their most expensive cars in the U.S., where they cost less and don't require extra safety features, like bulletproof windows. As a result, many of Miami's newest buildings include elaborate private garages within larger parking garages and expansive private terraces.

Lambert Ranch, a master-planned community in Irvine, Calif., was built with Asian buyers in mind. To observe feng shui principles, an elaborate "ming tong" ceremony was held before construction; it involved burying gold coins throughout the property to symbolize good fortune. Floor plans also observed feng shui: Stairwells, for example, don't directly face the front door, for ideal energy-flow. Homes, which typically cost between $900,000 and $1.5 million, also come with optional wok kitchens, a separate space for aromatic cooking. So far, about 65% of buyers have been of Asian descent, with many from China.

For condo buildings, developers say hotel-like services can help attract buyers from overseas. The Baccarat building will also include a large hotel component, with a concept by the creator of Starwood's W Hotel brand. One57, a 90-story tower in midtown Manhattan that is currently under construction, will sit on top of a Park Hyatt hotel.

When Emma Peng, a 20-year-old Shanghai native studying at New York University, purchased a one-bedroom apartment in Manhattan's 400 Fifth Ave., the building's amenities, including concierge service and an adjacent hotel where visiting friends can stay, were critical selling points. She was also looking for a south-facing unit. The southern exposure "is very important to the Chinese," she says, both for cultural and practical reasons because it maximizes natural daylight. Ms. Peng, who is a junior, purchased the apartment with the help of her parents.

Size matters, too. Some very wealthy Russian buyers in the New York market have started partnering with developers before construction to make sure units in prime locations can be combined to create large, estate-size apartments, says Edward Mermelstein, a lawyer who works primarily with buyers from Russia and Eastern Europe. "Foreign capital is sort of greasing the wheels and making these projects go much faster than they'd normally go forward."

Sezgin Yalcin, a senior manager at a financial-software company from Paris currently living in New York, sought out new construction when purchasing a pied-à-terre in midtown Manhattan. "When we moved to the U.S. the first time, we wanted to live in a glass building, like we'd seen on TV," says the father of two. He bought a one-bedroom at the Orion, a glass condo building near Times Square with a three-story "amenity suite" and an indoor pool, with the help of Prime NYC, a local brokerage. "You have an image of what America is, and that was our image."

Write to Candace Jackson at candace.jackson@wsj.com

A version of this article appeared April 19, 2013, on page M1 in the U.S. edition of The Wall Street Journal, with the headline: Romancing the Overseas Buyer.

Matt Damon puts Miami Beach home up for sale - Miami Beach

Matt Damon put his Miami Beach mansion at 6020 N. Bay Road on the market for $20 million.

The 7-bedroom, 10-bath home sits on a double lot covering 43,000 with 170 feet on Biscayne Bay.

The Oscar winning actor’s home comes with a home theater, of course. It also has a private terrace on the master suite, a “spa-quality’’ master bath, a roof terrace and a two-bedroom guest house, according to the Jills team of Jill Eber and Jill Hertzberg at Coldwell Banker, who snared the coveted listing.

“If you want to live in a home that has the most breathtaking views in one of Miami Beach’s most coveted locations, then you must see this property,” Eber said in a statement.

New Pre-Construction Oceana Bal Harbour Condos

Oceana Bal Harbour
Address:
10201 Collins Ave, Bal Harbour, FL 33154
Neighborhood:
Bal Harbour
Location:
BeachFront
Year Built:
2016
Bedrooms:
2-4 & Penthouses
Number of Units:
260
Price Range:
$TBA to $TBA

 

Oceana Bal Harbour Pictures

   

 

Oceana Bal Harbour Building Description

Preconstruction Oceana Bal Harbour is a new oceanfront luxury condominium development located on a large 5.54 acre oceanfront. Ground breaking will begin shortly summer 2013

Echo Brickell Pre Construction Condos at Brickell Avenure

Echo Brickell
Address:
1451 Brickell Ave, Miami, FL, 33131
Echo Brickell Pictures
Neighborhood:
Brickell
Location:
City & Bay
Year Built:
2013
Bedrooms:
1 to 3
Number of Units:
250
   

Echo Brickell Building Description

Coming soon Echo Brickell Pre Construction Condo Developed and Designed by Carlos Ott.

PMG envisions Echo Brickell will have high ceilings starting at 10, 12 and 14 feet. Condo sizes will range from 750 sq ft to 4,575 sqft

Price ranges: $448,250 to 5 million *

1 bedroom $30,000 for reservation*
2 bedroom $40,000 for reservation*
3 + $50,000 for reservation*

Payment Plan:

20 % of the purchase price at contract signing
10 % is due at groundbreaking
10 % at pool level is reached, and 10 percent when the building is topped off.
50 % balance is due at closing.

*All prices subject to changes without any notice DEVELOPER IS PMG

 

 

Housing recovery is real say 71% of lenders

Housing recovery real say 71% of lenders

SAN JOSE, Calif. – April 10, 2013 – In its quarterly survey of U.S. bank risk professionals, FICO, a predictive analytics and decision management software company, found lenders more bullish on the housing recovery than at any point in three years.

Almost three in four risk pros (71 percent) said home prices are “rising at a sustainable pace” in the context of mortgage lending risk. In addition, 39 percent expect mortgage delinquencies to decrease over the next six months, while another 45 percent expect delinquencies to remain flat. Only 16 percent expect an increase.

FICO says the latest report has the most optimistic figures recorded in three years – since the survey was launched.

The survey, conducted for FICO by the Professional Risk Managers’ International Association (PRMIA), also found that a majority of bankers (59 percent) expect the supply of credit for residential mortgages to meet demand over the next six months, and a slightly larger majority (60 percent) expects the supply of credit for mortgage refinancing to meet demand.

“The latest survey results – combined with data that indicates the real estate market is improving in many regions – paint a positive picture for a sector of the economy that has been slow to join the recovery,” says Dr. Andrew Jennings, chief analytics officer at FICO. “Mortgage lenders have been understandably guarded over the past five years. The improvement in their sentiment should be welcome news, and I wouldn’t be surprised to see lenders cautiously expanding their mortgage and home equity lending businesses.”

© 2013 Florida Realtors®

Miami Luxury residential sales rose in first quarter

Sales of luxury residences in Miami-Dade jumped 16.3 percent in the first quarter of 2013 compared with a year earlier, according to StreetEasy.com.

Prices on luxury sales – defined as the top 10 percent of transactions or those above $855,000 – inched up 0.6 percent from a year earlier and were up 3.6 percent from the fourth quarter of 2012, the real-estate website said.

South Beach and Fisher Island accounted for 64.1 percent of all luxury closings in the first quarter, according to the New York-based firm, which launched coverage of the Miami market last year.

Miami-Dade distressed sales declined 18.8 percent in the first quarter from a year earlier and fell 15 percent from the prior quarter, StreetEasy said.

The median price on Miami-Dade’s distressed properties, which include foreclosures, short sales and lender-owned residences, rose 17.3 percent from a year earlier, but was down 6 percent from the prior quarter.

Centro Pre Construction Condo in Downtown Miami - Sales and Rentals

Centro Condo, Downtown Miami
  Centro Condo
 
Address: 151 SE 1st St, Miami, FL 33131
Neighborhood: Downtown Miami
Location: City
Year Built: 2013
Bedrooms: 1 - 2
Number of Units: 352
Price Range: $152,900 to $439,900

 

PRE CONSTRUCTION PRICE RANGE:

  • 1 bed 1 bath (500-691 sqft) Rage: $152,900 - $293,900*
  • 2 beds 1 bath (822 sqft) Rage: $281,900 - $352,900*
  • 2 beds 2baths (920 - 1131 sqft) Rage: $281,900 - $439,900*
  • Prices are subject to availability and change without notice

Payment plan will be:

  • 10% deposit - at reservation now
  • 10% deposit - at contract (estimate July, 2013)
  • 20% deposit - at groundbreaking (estimate August/September, 2013)
  • 10% deposit - at the 18th floor
  • 50% deposit - at closing date (estimate March 2015)

Maintenance will be $0.60 per sqft

LOCATION:

Close to Biscayne Boulevard, Bayfront Park, and the waters of Biscayne Bay, and adjacent to the Miami Riverfront, Centro is located in the absolute epicenter of downtown Miami. Here, the worlds of law, government, retail, jewelry, fashion, education, international cuisine, nightlife, come together in Miami's original urban environment.

DESIGN:

As one of the first all-new exclusively all-loft concepts to come to downtown Miami, Centro is the latest innovation to city living from Newgard Development Group. Known for its forward-thinking approach to development, Newgard continues to rethink what is possible by delivering new, unexpected projects that add multidimensional appeal to the areas in which they are built. Centro will be a contemporary tower is yet another landmark example of this philosophy.

With its clean lines and modern materials, Centro is a natural addition to Miami’s contemporary skyline. Yet, at the same time, its footprint and urban street front position are made more accessible by the award-winning architecture of Sieger Suarez Architectural Partnership. Light, open, airy loft-style residences are highlighted by 10-foot ceilings and a host of high-end finishes befitting an all-new building in Miami’s thriving city center. Hip features and resident amenities a private pool, state-of-the- art gym, club room, private bike and bike storage, a potential dedicated Car2Go hub, ground-floor retail, and an anchor restaurant both redefine and epitomize the new, connected downtown experience.

RESIDENCES:

Centro is a collection of approximately 350 loft-style residences arranged across 37 floors in the heart of downtown Miami. Though designed in true loft style, with wide-open floor plans and minimal interior walls, residences range from 500 square feet, to 1100 square feet. All residences will offer commanding views of downtown skyline and/or Biscayne Bay, with unrivaled proximity to connections for transportation, entertainment, shopping, culture and more.

BUILDING AMENITIES:
  • World recognized interior designer Fuse Project
  • Exceptional downtown location just blocks from Biscayne Bay
  • Bold, contemporary architecture by The Sieger Suarez Architectural Partnership
  • High-visibility street frontage in the heart of downtown Miami
  • Connected urban living – retail, restaurants, sports, dining, entertainment, and numerous transportation options all within walking distance
  • Cutting-edge eco-friendly technology
  • Two-Story Penthouse Recreation Area
  • Exclusive residents-only club room for gatherings and events
  • State-of-the-art private gym facilities with spa area, cardio and weight-training equipment
  • Bicycle lending program for residents
  • Car2go hub station
  • Ground-floor anchor restaurant and retail space
  • Triple-height lobby entrance
  • 24-Hour reception desk
  • Access Secured key-fob entry access
  • Full service valet parking
  • High-speed controlled elevators
  • Exclusive outdoor pet area with access controlled entry and exit
  • Rooftop pool level

RESIDENCE/UNIT FEATURES:

  • Spacious loft-style layouts with minimal walls/room divisions
  • Decorator ready units (finished bathrooms & kitchens)
  • Oversized closets
  • Custom kitchen and bathroom fixtures
  • Imported stone countertops and backsplashes
  • Stainless-steel, energy-smart appliances
  • Italian kitchen and bathroom cabinetry
  • Dramatic 10 ft. exposed and elevated ceiling in units
  • Energy-efficient, sound-reducing floor-to-ceiling windows
  • Separate showers and soaking tubs in select units
  • Modern light fixtures
  • High-efficiency air conditioning units
  • Finished concrete flooring

The Centro Condo is located at 151 SE 1st St, Miami, FL 33131 and it is offering 0 condos for sale with prices starting from $0 to $0. This buidling was built in 2013 and has apartments with 1 - 2 bedrooms. List of condos for sale

Bay House Pre-Construction Condo, Miami Edgewater Few Blocks from IconBay

Bay House, Midtown Miami (Arts District)
  Bay House Pre Construction
 
Address: 600 NE 27 Street, Miami, FL, 33137
Neighborhood: Midtown Miami (Arts District)
Location: city and bayfront
Year Built: 2014
Bedrooms: 2 and 3
Number of Units: 164
Price Range: $517,900 to $785,900

Bay House Building Description

Bay House pre-construction Edgewater is a breathtaking project will consist of 38 floors and 164 exclusive residences, featuring glass balcony terraces with panoramic Bay views. Located in Edgewater East, this residential development will also feature versatile, expansive floor plans, including a 2/3 + Den, 3/2.5 + Den and 3/3. This is hot location a few blocks from Icon Bay

Building Features

  • Expansive Pool Deck
  • Business Center
  • State of the art fully equipped fitness center
  • Media Room
  • 24-hour valet parking
  • Children Play Room
  • 24-hour attended security services
  • Pool Club Room
  • High-speed Internet access
  • High-speed elevators

Deposit Schedule

  • 10% at Reservation / 10% at Contract / 20% at Groundbreaking / 10% at Top-Off / Balance at closing

Unit Description

2 Bed + DEN + 3 Bath
$517,900-$721,900 $324/ft.-$430/ft.
Residences with Bay views and Private elevators

3 Bed + 3 Bath
$ 541,900-$778,900 $330/ft.-$450/ft.
Residences with Bay views and Semi - Private elevators

3 Bed + DEN/ 2 .5 Bath
$564,900-$785,900 $337/ft.-$391/ft.
Corner residences with Bay views and Semi-Private elevators


The Bay House is located at 600 NE 27 Street, Miami, FL, 33137 and it is offering 0 condos for sale with prices starting from $0 to $0. This buidling was built in 2013 and has apartments with 2 and 3 bedrooms. List of condos for sale

Bay House Available apartments for sale

Survey shows that 90 million US residents with ages between 18 and 34 , 52% indicated a desire to buy a home

By Nicole Goodkind 

The housing market has leaped head first into recovery mode. March's housing numbers show that the S&P Case-Shiller Index is rising more quickly on an annual basis than it has since 2006, existing-home sales have experienced 12 months of year-over-year price increases and new home sales are 29% higher than they were a year ago.

A new survey by PulteGroup shows that the housing market will continue its upward trend. The study interviewed renters between the ages of 18 and 34 (otherwise known as generation Y or millennials) and found that 65% of respondent's intentions to buy homes had increased over the past year. 52% of millennials indicated a desire to own and build equity.

There are around 90 million millennials living in the United States, making them the largest demographic group in the county's history - an onslaught of this group into the housing industry could create a boom larger than anything the U.S. has ever seen before.

But according to the survey most of these millennials will not be living in their new home alone. 76% of millennials will be moving in with their better half and 22% will be moving in with a relative or roommate.

Still, things might not be as peachy as they seem says Jonathan Miller, President and CEO of Miller Samuel. "I think we're seeing a sign of that but it's still very early in the process," he says. "The idea of people living with their parents because they can't afford to go out on their own has been a problem since the credit crunch began five or six years ago."

Miller also notes that more millennials are buying because they're faced with record high rents. "When faced with these rents," Miller tells The Daily Ticker, "they're more likely to make the rent vs buy decision and some of them are ending up on the purchase side."

Miller claims that credit needs to continue to ease in order to get more Generation Y'ers into homes. "I think credit is going to ease over the next couple of years, but it certainly isn't at the moment," he says.

Still, there is a silver lining. Most millennials are first time owners meaning they don't have to grapple with selling a home or coming up from a home that's underwater, says Miller, in that way the housing market is much more accessible to them.