Jessy Ulloa -South Florida Real Estate

01/22/2024

38,000 Single family homes.

THIS is why Americans can not give up on homeownership!
Be ready to strike when the time is right. Prices are high right now, and interest rates do not favor individuals who need mortgages during times of such high inflation- but, stay alert. Prepare. Be ready when the time comes. (and it will).
All markets are different but they ALL have cycles.
Know your numbers and be ready to grab yours when the time is right for you and the numbers add up.
DO NOT BUY OUT OF FEAR. Buy when the numbers make sense.

From the article:
Private equity giant Blackstone announced Friday it was buying Tricon Residential, a Toronto-based landlord that owns 38,000 homes across the U.S. for $3.5 billion. It’s comparable to Blackstone’s prior deal from 2021 for Home Partners of America, which owned more than 26,000 properties, for $6 billion. The deal announced Friday launches Blackstone into one of the top institutional homebuyer spots in the country, just behind Progress Residential and Invitation Homes, according to data from Parcl Labs, a real estate data and analytics company.

The vast majority of Tricon’s rental homes are in Atlanta, Jason Lewis, co-founder of Parcl Labs told ResiClub co-founder and former Fortune real estate editor Lance Lambert in a podcast on X (formerly known as Twitter) on Friday. Tricon owns 7 million units in Atlanta and other major markets include Charlotte, North Carolina; Tampa, Florida; Dallas, Phoenix, and Houston.

Tricon owns 7 million units in Atlanta and other major markets include Charlotte, North Carolina; Tampa, Florida; Dallas, Phoenix, and Houston.

01/20/2024

From the article:
Flood history is a secret in Florida
In Miami-Dade alone, there are about 280 official repetitive loss properties. Broward has about 119, and Manatee County has about 100. Despite its small population, Monroe County, which includes the Florida Keys, has at least 173 homes.

The two counties with the highest count were Santa Rosa, with more than 460, and Pinellas, with just over 600.

But their locations are a secret, including, sometimes, to the people who own them.

That’s because FEMA decided that sharing the addresses of these properties with the public would be a violation of federal privacy laws. Only the federal government, and local planning officials, get to see the exact location of these flood-troubled properties.

That’s helpful to sellers looking to offload a flood-prone house, but less so for home buyers hoping to avoid purchasing a home that moonlights as a swimming pool.

Moral of the story:
Never buy a property without proper due diligence.
You never know when laws may change and you may encounter a massive head win when it comes to unloading that asset due to "things you didn't know" that you now MUST disclose to your next buyer.

This is why having representation that doesn't give away your rights to inspections, appraisals etc., and asks for Sellers Disclosures on your behalf is absolutely crucial.
The era of the blind buyer who waives all contingencies, is gone, gone, gone! Many people were taken advantage of by inexperienced, greedy agents looking to make a quick buck and ill-advising clients to waive contingencies that protected them. Many of those agents have now left real estate and moved on to the next shiny thing.

Patience and willingness to do your due diligence, is key in markets like these. Know your numbers. Know your rights. Know what you should have on hand before signing closing docs. The time for buyers is arriving. Be ready with knowledge so you can strike with confidence when the time is right for you.

Thousands of homes across Florida have water damage, but state and federal rules prohibit buyer and renters from knowing the history.

01/18/2024

From the article:
Meanwhile, Blackstone has limited investor redemption requests for more than a year. It has returned $14.3 billion of investor cash since November 30, 2022, according to a shareholder letter earlier this month.
The good news is that a backlog in redemption requests has been easing recently.

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

01/17/2024

Please note that loan limits vary per county and state.
Shown here are Miami-Dade's 2024 Conforming Limits for "Conventional Loans" for this year.

The interest rate, type of loan a borrower qualifies for, down-payment requirements etc, are determined by multiple financial factors including credit score, income, debt-to-income ratios and more.

For more information, please consult directly with a mortgage expert.

12/21/2023

May your home be filled with joy, health, peace, happiness, blessings and prosperity this holiday season and always.

From my home to yours,
Happy Holidays.

11/10/2023

As I mentioned to a few of you over the phone when the program re-lauched in the summer, we expected Hometown Heroes 2.0 to run out of funds around thanksgiving time.
The latest?: An additional $35 Million was just approved to continue to fund the program until summer 2024 or funds run out.

Please note that in a market such as this one, if you need down payment assistance, it is of critical importance to look at the overall financial picture for not only your household but also the market as a whole.
Just because down payment assistance is available it does not mean you should take it, or this is the right time to buy.
Not all financial pictures are the same.

Please use caution when using creative financing. The program is a strong option but lenders and real estate agents are NOT your financial advisors. -Only you know truly what your overall borrowing capacity should be. Going over that line, at uncertain financial times doesn't pan out well usually in history.
Caution and Patience, folks.

🏡Occupation restrictions removed. All occupations can apply.
🏡Minimum credit score: 640 or higher.
🏡Florida Residents only.
🏡Must be currently employed Full Time by a Florida based company or a company with a brick and mortar location in the state.
🏡Must be able to qualify for a mortgage. (Debt to Income ratio must be acceptable to a lender).

This program provides down payment and closing cost assistance to first-time, income-qualified homebuyers so they can purchase a primary residence in the community in which they work and serve.

Borrowers can receive up to 5% of the first mortgage loan amount (maximum of $35,000) in down payment and closing cost assistance.

Note: The Florida Hometown Heroes loan is not forgivable.
Down payment and closing cost assistance is available in the form of a 0%, non-amortizing, 30-year deferred second mortgage.
This second mortgage becomes due and payable, in full, upon sale of the property, refinancing of the first mortgage, transfer of deed or if the homeowner no longer occupies the property as his/her primary residence.

11/10/2023

All city offices will be closed on Friday, November 10 in observance of Veterans Day.

Please join us on Saturday, November 11 at 11:11 a.m. on Ocean Drive for our 15th Annual Veterans Day Parade! 🇺🇸

11/06/2023

Breathe.
You have time.

10/23/2023

The right to buy comes at different times for all of us.

For many buyers in the entry level market, the time has come to wait and be patient as debt to income ratios continue to rise, making it more difficult to qualify and comfortably afford today's average mortgage payment.

For others, particularly in the luxury space in Miami, this is the time to choose a property as the options continue to become more and more attractive and with much more to offer than ever before.

If you are considering purchasing in South Florida, but still have unanswered questions, contact me for a free overview of the market.
In volatile times, knowledge is not only powerful and a key to making informed decisions, it can also save you money, time and headaches from unpleasant surprises.

08/18/2023

From the article:
The developer has sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.

While the step is seen as procedural, it indicates that the company is nearing the end of its restructuring process after more than one and a half years of negotiations with creditors.

Evergrande said in a filing on Friday that it will ask the U.S. court for recognition of schemes of arrangement under the offshore debt restructuring for Hong Kong and the British Virgin Islands as its dollar notes are governed by New York law.

"The application is a normal procedure for the offshore debt restructuring and does not involve (a) bankruptcy petition," it said in the filing, adding it is pushing forward with its offshore debt restructuring.

The company proposed scheduling a Chapter 15 recognition hearing for Sept. 20.

Evergrande's offshore debt restructuring involves a total of $31.7 billion, which include bonds, collateral and repurchase obligations. It will meet with creditors later this month on its restructuring proposal.

A string of Chinese property developers have defaulted on their offshore debt obligations since Evergrande ran into trouble, leaving unfinished homes and unpaid suppliers, shattering consumer confidence in the world's second-largest economy. Property investment, sales and new construction starts have been contracting for over a year.

DOMINO EFFECT?
The property crisis has also fanned worries about contagion risks to the financial system, which could have a destabilising impact on an economy already weakened by tepid domestic and foreign demand, faltering factory activity and rising unemployment.

A major Chinese asset manager has missed repayment obligations on some investment products and warned of a liquidity crisis, while Country Garden (2007.HK), the country's No.1 private developer, has become the latest to flag a stifling cash crunch.

Embattled developer China Evergrande Group has filed for U.S. bankruptcy protection as part of one of the world's biggest debt restructurings, as anxiety grows over China's worsening property crisis and its impact on the weakening economy.

08/15/2023

For my first time buyers out there:
Please note the items below are general guidelines for a healthy, less restrictive financial outcome when it comes to purchasing your first home. They aren't set in stone and vary person to person.

In today's economic climate, it is easy to lose patience and get trapped in bad or even predatory mortgage products or "push" the monthly payment threshold too far because it may feel like the only way to get a property, however, this is how many have gotten in trouble in the past.
In markets like today's, it pays to be patient.
The more you have the basics covered, the lower your monthly payment will be and lower the change for financial disaster down the line if an unforeseen happens.
Patience is the winning strategy in this market. Breathe and don't get ahead of yourself or let anyone push you.
Get rid of as much consumer debt as you can, lower your consumer debt (Debt to income ratio), increase your credit score as high as you can to secure the lowest interest rate possible, save enough for emergencies post closing and you are covering some of the most basic rules of planning ahead and getting into an appropriate mortgage for your purchase capacity with a solid foundation.
These are just basic guidelines. Not a rule of thumb by any means. Yes, you CAN buy a home with a lower credit score even in the 5's for some loan products, no or little down payment (with down pmt assistance) etc. but the basics still matter.
In a market like this, don't push yourself to buy a home you can't afford. Buy ONLY when you are truly ready and the monthly payment is within your means, if not, wait just a little longer. It can save you a lot of headaches and financial stress down the line.

Hope this helps.
Contact me for more information if you need further help.

08/14/2023

😲

Throwback to this housing ad from 1955 😲