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Archive for December, 2011

Miracle Mile – Downtown Coral Gables Living at its Best

December 15th, 2011 Written By Carol Pawley

 

Miracle Mile in Downtown Coral Gables has long been known as an ideal place to dine, entertain, shop and work. Rows of shops, restaurants, cinemas, art galleries and businesses beneath tree canopies create the perfect outdoor playground for families and working professionals alike. Miracle Mile also plays host to several festivals and outdoor events throughout the year.

Want to stay close to all the action? It’s now easier than ever to call Miracle Mile home. Below are a few of the condo/apartment residences within walking distance to all the action. These residences offer the best Miracle Mile living experience with options to buy or rent.

 

Grand Marquis
3232 Coral Way
10 Aragon
Ten Aragon

 

Corinthian Plaza Apartments
22 Salamanca

 
Fountains Limited
235 Sidonia

Gables Grand Plaza
353 Aragon
 
Douglas Grand
50 Menores Ave

The Residences at Merrick Park
4251 Salzado

If you would like more information on available condos in the Miracle Mile area, please contact me at (305) 992 6188 or email me at carolapawley@gmail.com

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A Pocket Listing

December 13th, 2011 Written By Carol Pawley

What is a Pocket Listing?

A pocket listing is a property that is available for purchase, but for any number of reasons the people that own the property are not quite ready to put it actively on the market. If you bring them a buyer, at the right price, they will sell.

View my pocket listings at 700 Coral Way and 600 Coral Way.

A pocket listing is a real estate industry term used in United States which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an “Exclusive Right to Sell” or “Exclusive Agency” agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS), or where advertising is limited for an agreed-upon period of time. In Canada, this is referred to as an “Exclusive Listing”.

When a broker is hired to sell a property, a listing agreement is executed in writing. In an “Exclusive Right to Sell Agreement”, the broker normally agrees to cooperate with other brokers and to share a portion of the total real estate commission paid by the seller. However, in this situation, it is stated that the property shall not be placed in an MLS, and thus there is no agreement to work cooperatively with other brokers.

An alternative form of Agreement might be “Exclusive Agency” where only the broker is given the right to sell the property, and no offer of compensation is ever made to another broker. In that case, the property will never be entered into an MLS.

The reasons for a pocket listing may vary from the need for privacy or secrecy to discrimination, and some sellers may have their own reasons for not advertising a listing in conventional ways, including wanting to sell only to certain types of people.

Many full-time agents have knowledge of pocket listings in their own office or in other offices of their own company. While many MLS systems may try to limit this type of listing by requiring execution of a written notice relative to the benefits of MLS publicity, they may encourage members to refrain from taking pocket listings. There are some companies which list property as pocket listings for a short time before entering it into their MLS. With the written agreement of the seller, this would allow the company to try to obtain both the listing side and the “selling” side of the commission, an industry term known as “both sides of the transaction”.

A real estate company which is not a member of any MLS may have pocket listings, but may still be willing to cooperate with other real estate professionals in the sale of their listings.

A broker or agent having a Pocket Listing can sometimes imply that the property will be sold directly to a buyer by the seller’s agent.

Comparison with open listings

Pocket listings are not “Open Listings”. An open listing is an Agreement between a seller and a broker whereby the property is available for sale by any real estate professional who can advertise, show, or negotiate the sale, and whoever brings an acceptable offer would receive compensation.

Real estate companies will typically require that a written agreement for an open listing be signed by the seller to ensure the payment of a commission. “For Sale By Owners” (FSBOs) often also offer open listings by signing an agreement to pay a broker who brings them an acceptable offer, but these will usually not be pocket listings.

Advantages

Pocket listings may give buyers an extra advantage when searching for real estate which is not advertised anywhere else. These special properties, while under listing contracts, may be unique because they are sold privately and may never be intended to be listed on the Multiple Listing Service (MLS). Many property owners want to sell their real estate, but do not want the aggravation associated with showing the property. This is especially true in a slower market where sellers of real estate want buyers, not just curious people.

On the other hand, sellers genuinely want to sell their property and will show it to serious buyers. To ensure this, the seller typically has a real estate broker who qualifies a potential buyer on their availability to purchase. A very important benefit to the seller is that the transaction typically only has one real estate agent, thus potentially lowering the overall commission costs.

By directly connecting themselves with sellers’ agents, home buyers eliminate the need for a buyers agent (although they will lack buyer representation). If the buyer’s objective is to look at all the available homes for sale in a given area, they would need to look at MLS and all private listings for sale. Only then, would they have completely exhausted their search.

Ultimately, the seller must decide if exclusion from the MLS is in his/her best interests and does not limit exposure on the market.

Resource: Wikipedia

I have been very successful at putting people together, whether their homes are listed or not. Growing up in Miami has its advantages and one of them is I have been in a lot of homes and I know a lot of people. I have pocket listings all over Miami. I have 2 on Coral Way overlooking the golf course. I also have several others, including one in Hammock Oaks, one in the North Grove, and one in The Roads. View my pocket listing at 700 Coral Way and 600 Coral Way.

If I know what your needs are, I can usually help. Drop me a line at (305) 992 6188 or email me at carolapawley@gmail.com

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Coral Gables Historic Home is set for auction

December 8th, 2011 Written By Carol Pawley

Upon his death, a Coral Gables man left his historic home to the federal government. 

A recently deceased homeowner in Coral Gables left his historic home to the federal government, which will be auctioning off the house on Saturday.

The home belonged to James H. Davidson Jr., who lived in the home since he was a teenager and who died childless last year.

Built in 1929, the home was officially designated a historic landmark in November by the Historic Preservation Board of Coral Gables.

The Davidson family owned the property since 1938 until Davidson’s death in December 2010. He was 87.

The Miami-Dade property appraiser’s office values the two-story, Spanish-style home at 1248 Coral Way at just over $700,000. But because it is an auction, interested buyers are expected to flock to the property to try and snatch the house at a lower than market value price.

The average list price for similar homes for sale in that area is $1.2 million, according to the real estate website Trulia.

Property records show that the U.S. government officially acquired the property in May for $100, although those familiar with the transaction say Davidson left the property to Uncle Sam in his will.

George Richards—owner of the company that will be auctioning off the house, National Auction Company—said that about 400 people have already visited the house. The house will be open for visitors everyday until the auction on Saturday.

The home was constructed by Ambrose Becker, a man instrumental in the development of Coral Gables in the 1920s and 1930s.

Gables pioneer George Merrick himself credited Becker for reviving interest in the city after the real estate bust of the late 1920’s.

“George Merrick has said that if he (Merrick) were responsible for the foundation of ‘Coral Gables,’ Ambrose Becker deserved equal praise in its rebirth,” according to the Historic Resource Department’s report on the property.

Daniel Redfearn, a prominent lawyer in the area at the time, was the home’s first owner.

In 1938, J.H. and Frances Davidson purchased the home and their son occupied his death last year.

The property occupies four plots of land that amount to a little less than an acre. The actual house sits on about half of the land and is 3,900-square-feet with six bedrooms and five bathrooms.

The U.S. Attorney’s Office, which is represented the United States government in probate court, would not comment.

It is unclear why Davidson, who never married, decided to name the U.S. government as the beneficiary to his property in his will. He served in the military and briefly worked for Miami-Dade government, according to his nephew, David Harum.

Harum, said the news came as a surprise to the family, including a number of nieces and nephews in the area.

“We in the family found it highly unusual,” Harum said.

 

The auction will take place at 11 a.m. on

Saturday, Dec. 10 at the property,

1248 Coral Way.

 

Source: http://www.miamiherald.com/2011/12/06/2534432/historic-gables-home-on-the-auction.html#ixzz1fxeIe9wu

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