Ramesh Nyberg's Real Estate Blog

Ok, we ARE going to be keeping a running count here, as long as this market trend continues: Sales of single family homes in Miami-Dade County increased for the seventh consecutive month. Along with that, the inventory (unsold properties on market) , which has been increasing typically by 200-300 homes a month, increased by only EIGHT homes from June to July. That's against 57 new (pending) sales. Those are numbers we are not used to seeing, and they are encouraging. That type of slowdown in what used to be a ballooning inventory is just what the doctor ordered. I will be watching the data very closely and reporting it here in this blog.

August could bring a slowdown in sales that might throw this trend off somewhat. The start of the school year typically slows things downs as families turn their attention to new schedules, shopping for school supplies, etc. Last August and September were very slow.

In Palmetto Bay, sales dropped slightly, but so did the inventory, from 313 unsold in June to 308 in July. Average days on the market plunged, from 116 in June to 95 last month. It hovered from 122-150 all Spring.

Pinecrest mimicked June with 11 new sales in July, and the inventory ticked up by 13 listings, to 290.

I've been working with alot more investors with foreclosures, and this website now has updated foreclosure listings (http://www.ramsrealestate.com/BuyingForeclosures/REOs)

Check them out.. I'll be adding approximately 60 more in the next week or two. We are seeing foreclosure properties in Homestead and Cutler Bay as low as $70 per square foot! Stay tuned to that link above for some I've hand picked to feature here.

I'm also working with more commercial transactions, and enjoying that alot.

Happy back to school week--stay dry, and drive safe!

It's funny, how we run about in this business, and worry about whether a house has granite countertops, or marble floors, or roman tubs. We fret over the size of a master bedroom, or if the laundry has to be done inside or outside, with no a/c.

And those things are all legitimate to us, because we are used to certain standards of living. And if we can afford to buy homes with pools, 2-car garages, and big lots, why not?

Contrast this with the place I was born, where literally MILLIONS of children are on the street, begging, stealing, eating out of garbage cans, or working at age 8 just to survive from one day to the next. I just came back from a family wedding in Toronto, where we had a wonderful reunion with cousins, aunts and uncles, and friends we hadn't seen in years. I was reminded that my cousin, Indrani, runs my aunt's orphanage in Chennai, India. We got a chance to talk about it, and I feel very strongly that our conversation was a strong signal that I need to be more involved in this project. The building, it seems, is cracking and in need of restructuring. That is going to take a sizeable amount of money.

So, part of my new business agenda is to donate 5% of my commissions on all my future transactions to the Children's Home of Hope.

If you would like to learn more, click on the link that says, "Help the Children of India, or go this website, http://www.chohindia.org, or you can call me and I'd love to tell you all about it.

STORMS - It's a nasty Labor Day weekend here, as we are currently pinched between two storms, Gustav, who is beelining for the Gulf Coast, and the other, Hanna, which is kind of doing some wierd, serpentine macarena in between Puerto Rico and the Bahamas and being as much of a nuisance as it can. Either way, it looks like blustery winds and lots of rain all week long.
That doesn't mean I won't be working!

Yes, it's August, and, right on time, our first hurricane threat arrives. But Fay doesn't seem to be much of a player. As I type, she's just passing Key West and heading to landfall somewhere between Ft. Myers and Sarasota. Today, here in Southeast Florida, we've been getting a ton of rain, and a few unimpressive gusts. Let's keep it that way, fine with me.

Change of subject:
For those of you who know me, you're aware that I spent 27 years in law enforcement here in South Florida. So, I want to tell you about a GREAT organization, the Police Officers Assistance Trust. POAT helps out police officers and their families, when unexpected challenges--like long-term illnesses, injuries that might exhaust an employees sick leave, or diseases involving an officers' kids or other family members---occur, leaving the officer and their family in dire straits. POAT is one of the best charities I know of, and that's why I donate 5% of my commission to POAT when I handle a transaction involving any active or retired police officer.

Go to POAT's website to learn more about the many activities they are involved in, and how you can help.

Another change of subject: remember my last blog entry? There was some discussion about sales data, and things picking up. Here's some interesting reading, from the National Association of Realtors, about nationwide home sale statistics : http://www.realtor.org/press_room/news_releases/2008/2q_metro_home

Ok, no more changes of subject.. we'll stay on real estate until the finish line. This website, if you haven't noticed, has some new additions, such as new listings, a new live chat feature, and a new page on commercial real estate. The foreclosure pages continue to be updated.

Happy school season (it's delayed two days here in South Florida, thanks to Tropical Storm Fay) .. and stay well!