AllMiamiRealEstate

New York Times on Housing: Federal Retreat from backing Jumbo Loans

2011-05-11T14:12:00.000-07:00

New York Times
Federal Retreat on Bigger Loans Rattles Housing
By DAVID STREITFELD

MONTEREY, Calif. — By summer’s end, buyers and sellers in some of the country’s most upscale housing markets are slated to lose one their biggest benefactors: the deep pockets of the federal government. In this seaside community of pricey homes, the dread of yet another housing shock is already spreading.

“We’re looking at more price drops, more foreclosures,” said Rick Del Pozzo, a loan broker. “This snowball that’s been rolling downhill is going to pick up some speed.”

For the last three years, federal agencies have backed new mortgages as large as $729,750 in desirable neighborhoods in high-cost states like California, New York, New Jersey, Connecticut and Massachusetts. Without the government covering the risk of default, many lenders would have refused to make the loans. With the economy in free fall, Congress broadened its traditionally generous support of housing to a substantial degree.

But now Democrats and Republicans agree that the taxpayer should no longer be responsible for homes valued well above the national average, and are about to turn a top slice of the housing market into a testing ground for whether the private mortgage market can once again go it alone. The result, analysts say, will be higher-cost loans and fewer potential buyers for more expensive homes.

Michael S. Barr, a former assistant Treasury secretary, said the federal government’s retrenchment would be painful for many communities. “There’s always going to be a line, and for the person just over it it’s always going to be an arbitrary line,” said Mr. Barr, who teaches at the University of Michigan Law School. “But there is no entitlement to living in a home that costs $750,000.”

As the housing market braces for more trouble, homeowners everywhere have been reduced to hoping things will someday stop getting worse. In some areas, foreclosures are the only thing selling. New home construction is nearly nonexistent. And CoreLogic, a data company, said Tuesday that house prices fell 7.5 percent over the last year.

The federal government last year backed nine out of 10 new mortgages nationwide, and losses from soured loans are still mounting. Fannie Mae, which buys mortgages from lenders and packages them for investors, said last week it needed an additional $6.2 billion in aid, bringing the cost of its rescue to nearly $100 billion.

Getting the government out of the mortgage business, however, is proving much more difficult than doling out new benefits. As regulators prepare to drop the level at which they will guarantee loans — here in Monterey County, the level will drop by a third to $483,000 — buyers and sellers are wondering why they should be punished simply for living in an expensive region.

Sellers worry that the pool of potential buyers will shrink. “I’m glad to see they’re trying to rein in Fannie Mae, but I think I’m being disproportionately penalized,” said Rayn Random, who is trying to sell her house in the hills for $849,000 so she can move to Florida.

Buyers might face less competition in the fall but are likely to see more demands from lenders, including higher credit scores and larger down payments. Steve McNally, a hotel manager from Vancouver, said he had only about 20 percent to put down on a new home in Monterey County.

If a bigger deposit were required, Mr. McNally said, “I’d wait and rent.”

Even those who bought ahead of the changes, scheduled to take effect Sept. 30, worry about the effect on values. Greg Peterson recently purchased a house in Monterey for $700,000. “That doesn’t get you a palace,” said Mr. Peterson, a flight attendant.

He qualified for government insurance, which meant he needed only a small down payment. If that option is not available in the future, he said, “home prices all around me will plummet.”

The National Association of Realtors, 8,000 of whom have gathered in Washington this week for their midyear legislative meeting, is making an extension of the loan guarantees a top lobbying priority.

“Reducing the limits will put more downward pressure on prices,” said the N.A.R. president, Ron Phipps. “I just don’t think it makes a lot of sense.” But he said that in contrast to last year, when a one-year extension of the higher limits sailed through Congress, “there’s more resistance.”

Federal regulators acknowledge that mortgages will get more expensive in upscale neighborhoods but say the effect of the smaller guarantees on the overall housing market will be muted.

A Federal Housing Administration spokeswoman declined to comment but pointed to the Obama administration’s position paper on reforming the housing market. “Larger loans for more expensive homes will once again be funded only through the private market,” it declares.

Brokers and agents here in Monterey said terms were much tougher for nonguaranteed loans since lenders were so wary. Borrowers are required to come up with down payments of 30 percent or more while showing greater assets, higher credit ratings and lower debt-to-income ratios.

In the Federal Reserve’s quarterly survey of lenders, released last week, only two of the 53 banks said their credit standards for prime residential mortgages had eased. Another two said they had tightened. The other 49 said their standards were the same — tough.

The Mortgage Bankers Association has opposed letting the limits drop, although a spokesman said its members were studying the issue.

“I don’t want to sugarcoat this,” said Mr. Barr, the former Treasury official. “The housing finance system of the future will be one in which borrowers pay more.”

The loan limits were $417,000 everywhere in the country before the economy swooned in 2008. The new limits will be determined by various formulas, including the median price in the county, but will not fall back to their precrisis levels. In many affected counties, the loan limit will fall about 15 percent, to $625,500.

Monterey County, however, will see a much greater drop. The county is really two housing markets: the farming city of Salinas and the more affluent Monterey and Carmel.

Real estate records show that 462 loans were made in Monterey County between the current limit and the new ceiling since the beginning of 2009, according to the research firm DataQuick. That was only about 1 percent of the loans made in the county. But it was a much higher percentage for Monterey and Carmel — about a quarter of their sales.

Heidi Daunt, with Treehouse Mortgage, said loans too large for a government guarantee currently carried interest rates of at least 6 percent, more than a point higher than government-backed loans.

“That can definitely blow a lot of people out of the water,” Ms. Daunt said.

Zeder Team Is Tops In Sales

2010-12-09T14:32:00.000-08:00

From Miami Today, December 9, 2010

For a year's worth of sales, Judy Zeder has earned the spot as Miami-Dade's top dollar volume Realtor, completing $76 million in sales this year. In the luxury residential category alone, Ms. Zeder, an agent at Esslinger-Wooten-Maxwell, has been involved in the sale of 32 residential properties priced at $1 million or more from October 2009 to this October, according to data from the Southeast Florida Regional Multiple Listing Service. "Miami continues to be a destination for domestic and international buyers" she said. "This year alone, we have worked with individuals from New York City; Chicago; Washington, DC; Brazil; Mexico; China; Germany; Venezuela, and more." The Zeder Team, led by Ms. Zeder, focuses on luxury homes and condos throughout the county.

REO/Foreclosure Homes for Sale with the Zeder Team

2010-09-07T14:42:00.000-07:00

The Zeder Team at EWM has a growing foreclosure/REO division. With many of these properties selling soon after going on the market, both our closed sales and pipeline of homes waiting to go on the market has grown rapidly!

In Miami-Dade county, of all current residential sales, 22% are short sales and 35% are foreclosures!

Contact the Zeder Team at EWM for an extensive list of REO properties we have for sale!

The Zeder Team in the News!

2010-09-01T13:30:00.001-07:00

In a Miami Herald August 25th article, "South Florida Condo Sales Up On Sagging Prices", Judy Zeder was quoted," ... buyers are out there, but the rules of the market now require more patience. She recently sold two homes on the same block in High Pines area of Miami-Dade County, for more than a year after the initial listing. The properties were rented during some of the interim, Zeder said. 'The best advice that we give all of our clients is to be paitent in this market, she said. "You need to be very patient in both selling and buying. Pricing is everything.'"

The article was written by Herald writer Toluse Olorunnipa

ZEDER TEAM SELLS MORE CONDOS IN THE EXCLUSIVE GABLES CLUB

2010-08-22T10:34:00.000-07:00

The Zeder Team at EWM is pleased to announce that between January 1 and August 15, 2010, Judy Zeder, founder of The Zeder Team at EWM, has sold more units than any other realtor at the prestigious Coral Gables condominium, The Gables Club. With just 9 sales in the two building condo complex during that time, the Zeder Team was responsible for sales in 5 of those units (more than half), representing 7 clients.

“The Gables Club is Coral Gables’ finest condominium complex. Many of our clients are seeking the luxury amenities and services that the Gables Club offers, including 24-hour concierge, security, tennis courts, fitness center, and a restaurant on-site. Matching the right property to the right client is magical. It’s what I love doing”, says Judy Zeder.

About the Zeder Team
The Zeder Team at EWM is one of South Florida’s most successful luxury real estate practices. With five realtors, including a full-time licensed broker, on staff, and in-house marketing services, the team provides the best possible sales, marketing and investment services to its clients. Each team member delivers a specific skill set that enhances overall client service and performance. Judy Zeder, founder and principal is one of the most successful realtors in the country, is consistently one of the top ten residential realtors in Florida, and is in the top one-half of one percent of realtors nationally.

Zeder Team Open House Gazpacho Shots

2010-08-06T07:30:00.001-07:00

At our recent Broker's Open at 3590 Crystal View Ct., we served gazpacho shots. We had so many requests for the recipe, we thought it would be easier to share on our website!

Zeder Team Open House Gazpacho Shots
1 quart V-8 juice
1 quart tomato juice
1 each red, yellow and green bell peppers, diced fine
1 red onion diced fine
1 cucumber diced fine
1 cup chopped fresh cilantro
2 tablespoons sherry vinegar
2 tablespoons Tabasco
2 tablespooons olive oil
kosher salt and fresh ground pepper to taste
1 ripe avocado, cut into small cubes

Combine all ingredients except avocado. Chill for at least 4 hours. Serve with fresh avocado as garnish.

London Calling

2010-06-27T12:37:00.000-07:00

The Zeder Team at EWM's home for sale at 4725 SW 80th St. in Miami, FL, was featured in London's Telegraph Newspaper under: Homes with A Tennis Court for sale to tie into the 2010 Wimbledon Tennis Championship.

MIAMI, FLORIDA Five-bedroom “tennis estate”, £2.4m

LOOKS If you’re looking for sunnier climes to practise your serve, this glamorous tennis lover’s home would hit the mark. Owned by Butch Buchholz, a Boys’ Singles Champion at Wimbledon in 1958, and a member of the International Tennis Hall of Fame. It has manicured grounds with mature oaks and a large patio.
CHARM As well as a state-of-the-art tennis court, the property has a swimming pool and putting green.
VITAL STATISTICS There’s a one-bedroom, walled, gated guesthouse on the grounds.
The Zeder Team at EWM, 020 7467 5330

Click here to see the online version of the article.

http://www.telegraph.co.uk/property/propertypicturegalleries/7843478

Tax Credit extension!

2010-06-17T04:40:00.000-07:00

June 16 (Reuters) - The U.S. Senate voted on Wednesday to give homebuyers another three months to settle on their contracts and take advantage of a popular tax credit that sparked a rush of activity in the housing market.

The Senate, with a vote of 60-37, accepted an amendment by Democratic Leader Harry Reid that extends the closing deadline to Sept. 30 for buyers who met the April 30 deadline to have a signed contract.

The current deadline requires buyers to close by June 30 to get the $8,000 tax credit for first-time homebuyers. Existing homeowners buying a new primary residence are eligible for a $6,500 credit.

Reid offered the measure as an amendment to a bill that would extend some popular business tax breaks and extend unemployment insurance benefits for jobless workers.
The proposal would not have a significant impact on future home sales as the extension would be only for home buyers who already had a contract in hand by April 30.

The popularity of the tax credit has caused some anxiety because settlement offices are inundated with buyers trying to close on transactions by the end of this month to get the tax break. (Reporting by Donna Smith; Editing by John O'Callaghan)

Zeder Team in Wall St. Journal.com (WSJ.com)

2010-05-28T12:48:00.001-07:00

the Zeder Team was featured today in the online article WSJ.com Luxury Sales Bounce Bank.

The article reviews values in a few markets, including Miami. The article also points out that the Miami market's average home sales have flattened rather than declined in the past six months. The publication featured a home that The Zeder Team has under contract at 13200 Old Cutler Rd. in Pinecrest, FL. The following is an excerpt:

"The six bedroom home in Pinecrest, FL was originally listed for 2.95 million in 2009. A series of pricecuts made the most recent asking price $2.15 million, a nearly 30% discount. The home is now in contract for close to, but under the asking price. Judy Zeder with EWM Realtors is on both sides of the deal."

Snapper Creek Home For Sale becomes Senator's Mansion in TV show Burn Notice

2010-05-25T12:32:00.000-07:00

An elegant, traditional home, in the exclusive gated community of Snapper Creek Lakes, recently became the backdrop for a run-in with a crooked senator (played by Burt Reynolds), the Russian mob, and the covert operatives of the Burn Notice cast.

The home at 10950 Snapper Creek Rd, is currently for sale and listed by The Zeder Team at EWM. It was selected to be a senator’s home for its imposing lines and gracious street presence. The two-day shoot, which wrapped last Friday, culminated in an explosive gunfight Hollywood-style.

During filming and unaware he was addressing the homeowner Michael Green, Burt Reynolds asked, “How do you like my house?” Seeing that Reynolds didn’t know he was talking the owner, Green replied, “I like it so much that I’d like for you to help me with the mortgage! Or perhaps you’d like to buy it?”

About 10950 Snapper Creek Rd. Coral Gables, FL 33156

Situated in the beautiful gated community of Snapper Creek, this lovely, traditional residence features 8 bedrooms, 7 bath and 2 half-bath with extraordinary features. A lovely combination of wood/tile flooring, extensive moldings and gracious living and dining room add to the beauty of this home. Newly renovated kitchen has become a cook's delight overlooking the lovely gardens that surround this home. Additional features, media room, library, 2 family rooms, gym and music area. Gazebo, private harbor with dock. Direct bay access. One bridge to bay. Mechanical boat/jet ski lift. Offered at $3,200,000.

About the Zeder Team

The Zeder Team at EWM is one of South Florida’s most successful luxury real estate practices. With five realtors, including a full-time licensed broker on staff, and in-house marketing services, the team provides the best possible sales, marketing and investment services to its clients. Each team member delivers a specific skill set that enhances overall client service and performance. Judy Zeder, founder and principal is one of the most successful realtors in the country, is consistently one of the top ten residential realtors in Florida, and is in the top one-half of one percent of realtors nationally. For more information visit http://www.allmiamirealestate.com

For further information, contact Meg Daly, The Zeder Team at EWM. 305-439-1199, meg@allmiamirealestate.com

5-Star Waterfront in Coral Gables, FL

2010-05-18T12:33:00.000-07:00

385 SOLANO PRADO
CORAL GABLES, FL 33156

With classically elegant interiors and Miami’s Biscayne Bay beckoning from your backyard, enjoy 9,628 SF of luxury living in this custom-built Tropical Bermuda residence designed by award-winning architect, Randall Stofft. Relax at home with 6 gracious bedrooms and 7.5 baths situated on a prime 28,000 sq. ft lot with wide water views, or head to the ocean from your 50 ft. dock with no bridges to the bay.

The first floor features a light, soaring foyer, formal dining room with wine cellar, view-filled living room and custom eat-in Neff kitchen and Butler’s pantry with Sub-Zero refrigerator/freezer with drawers, Viking gas stove, Thermador oven, two Miele dishwashers, Miele built-in coffee system, butcher block and marble countertops, water view Club Room with full bar, entertainment center and office, playroom, convertible to 7th bedroom, laundry room with maid’s quarters and a 4-car garage.

Take the elevator to the 2nd floor balconied living areas featuring an office/den master bedroom, gorgeous marble bathroom and 4 additional bedrooms with adjoining baths. Premier interior finishes include custom built-ins and cabinetry, limestone and Brazilian cherry floors, marble and onyx countertops, two gas fireplaces, household sound system and more.

Enjoy 5-star outdoor entertaining with a poolside summer kitchen with BBQ, fireplace, courtyard with fountain, magnificent infinity pool and Jacuzzi, 50 ft. dock, 15,000 lb boatlift and perfectly manicured and landscaped grounds. Located in the gated community of Old Cutler Bay, the home is also fully gated and features a state-of-the-art home security system.

LISTING PRICE $10,500,000

March 2010 Homes Sales Uptick!

2010-05-12T09:30:00.000-07:00

Just in! There just might be some good news in the housing market effective March, 2010. Maybe we are seeing the opposite of the old saying, “What goes up, must come down.” So now, what has gone down, just might be finding its way up.

Last March, sales of new homes broke out of a four-month winter slump with sales soaring 26.9% over February, the government recently said, (evidence that federal tax incentives for buyers that just expired were strong incentives for homebuyers.)

The good news came after a report showed that sales of previously-owned homes rose 6.8% in March. Although new-home sales make up a much smaller share of home-buying activity, economists are also watching that data carefully as an indicator of whether the beleaguered construction industry will begin to add jobs in substantial numbers.

New-home sales in March jumped the most in markets hit by February’s winter storms. They rose 43.5% in the South, 35.7% in the Northeast, 5.7% in the West and 4.3% in the Midwest.

But don’t get too excited just yet. “The one thing to keep in mind is that these are still really horrible numbers,” said Patrick Newport, U.S. economist for the consultancy IHS Global Insight. “The only reason they look good is because February’s were the worst numbers ever.”

Oh well, we’d rather look on the bright side … up is up isn’t it?

Meg Daly joins the Zeder Team at EWM

2010-05-06T13:29:00.000-07:00

The Zeder Team at EWM is pleased to announce Meg Daly, General Manager and Marketing Director, has joined the team’s growing real estate practice. An advertising and marketing professional for more than 25 years, Ms. Daly will help Zeder Team clients successfully market and sell their homes.

Meg previously owned First Media Direct (FMD), a direct marketing and advertising company. In addition to working with broadcast television stations, the company provided full-service advertising services to a wide range of businesses including real estate, banking, and technology. She began her career in retail advertising with additional stints in advertising and public relations firms prior to starting her own company in 1991.

“The Zeder Team has worked with Meg from our inception. Her agency designed the Zeder Team brand over a decade ago. Since joining the team, she has already created and built a full-service, in-house, advertising agency to uniquely brand and market each of the homes we are selling’, says Judy Zeder, Zeder Team founder and principal.

About the Zeder Team
The Zeder Team at EWM is one of South Florida’s most successful luxury real estate practices. With five realtors, including a full-time licensed broker, on staff, and in-house marketing services, the team provides the best possible sales, marketing and investment services to its clients. Each team member delivers a specific skill set that enhances overall client service and performance. Judy Zeder, founder and principal is one of the most successful realtors in the country, is consistently one of the top ten residential realtors in Florida, and is in the top one-half of one percent of realtors nationally. For more information visit http://www.allmiamirealestate.com

Judy Zeder Awarded 2009 EWM Chairman's Club Recognition

2010-05-06T13:19:00.000-07:00

The Zeder Team at EWM is pleased to announce that Judy Zeder, founder and principal of the Zeder Team, has received the EWM Chairman’s Club, Diamond Level award for top sales results in 2009. The award puts her in the top ½ of 1% nationally and is in the top-two performers company-wide.

Ron Shuffield, president of EWM Realtors said, "We are very proud of each of our 2009EWM Chairman's Club members. It takes a lot of hard work to achieve sales at this level and Judy has consistently been among the top on this list. Her extensive marketing and involvement in our community for many years have allowed her to achieve the success that she and her customers have enjoyed. She's truly a 24/7 Realtor."

About the Zeder Team
The Zeder Team at EWM is one of South Florida’s most successful luxury real estate practices. With five realtors, including a full-time licensed broker, on staff, and in-house marketing services, the team provides the best possible sales, marketing and investment services to its clients. Each team member delivers a specific skill set that enhances overall client service and performance. Judy Zeder, founder and principal is one of the most successful realtors in the country, is consistently one of the top ten residential realtors in Florida, and is in the top one-half of one percent of realtors nationally. For more information visit http://www.allmiamirealestate.com

Howard Wolofsky joins the Zeder Team at EWM

2010-05-06T13:13:00.000-07:00

The Zeder Team at EWM is pleased to announce Howard Wolofsky, Realtor has joined the team’s growing real estate practice. With 25 years of success in residential real estate development, general contracting, consulting and sales, Howard brings his real estate knowledge and experience to assist clients in buying and selling real estate properties. Prior to joining the Zeder Team, Howard directed the development of numerous residential real estate projects totaling $500 million in luxury sales throughout the State of Florida. Most recently, he developed L’Ambiance Beach and L’Hermitage, producing nearly 600 beachfront condominium units in Ft. Lauderdale, FL. Previously, he headed Reflections Development Communities, a S. Florida residential development company that boasted a diverse collection of single-family and multi-family residential communities. Committed to community service, Howard was President of Temple Beth Am in Miami and also co-chaired the temple’s redevelopment project.

“Now, more than ever, real estate buyers and sellers benefit from working with a team with years of experience in the marketplace. Howard’s knowledge of all aspects of real estate will help both our domestic and international clients make wise, informed decisions when buying and selling residential and commercial real estate,” says Judy Zeder, Zeder Team founder and principal.

About the Zeder Team
The Zeder Team at EWM is one of South Florida’s most successful luxury real estate practices. With five realtors, a licensed broker on staff, and in-house marketing services, the team provides the best possible sales, marketing and investment services to its clients. Each team member delivers a specific skill set that enhances overall client service and performance. Judy Zeder, founder and principal is one of the most successful realtors in the country, is consistently one of the top ten residential realtors in Florida, and is in the top one-half of one percent of realtors nationally. For more information visit http://www.allmiamirealestate.com

Miami Is Biggest Real Estate Loser

2010-04-17T06:51:00.000-07:00

In a recent Forbes.com article “Ten U.S. Cities in Free Fall”, by Francesa Levy, Miami won the trophy for biggest loser! It seems that our median home price has fallen more than any other top-40 city in the country … a whopping 38% decline since the pricing peak in the second quarter in 2007.

The article cites more statistical woes, “The city’s 11% unemployment rate is above the national average and has grown more than most of the 40 cities surveyed.”

The “stats” follow:
Net population change, 2006-2009: 1.47%
Per Capita Gross Domestic Product: $42,645.52
Change in New Building Permits, February 2007-February 2010: -77.46%
Change in Unemployment, Jan. 2007-Jan. 2010: 202.70%
Change in New Jobs added, Feb. 20b. 2007-Feb. 2010: -9.68%
Change in Median Home Price from Market Peak: -38%

OUCH!

Click on the link below to read the full article.
http://www.forbes.com/2010/04/09/cities-top-ten-lifestyle-real-estate-unemployment-home-prices.html?partner=email

About the Zeder Team
The Zeder Team/EWM is one of South Florida’s most successful luxury real estate practices. With four realtors, a licensed broker on staff, and in-house marketing services, the team provides the best possible sales, marketing, and investment services to its clients. Each team member delivers a specific skill set that enhances overall client service and performance. Judy Zeder, founder and principal is one of the most successful realtors in the country, is consistently one of the top ten residential realtors in Florida, and is in the top one-half of one percent of realtors nationally. For more information visit http://www.allmiamirealestate.com