About: Ilona Bray

Ilona Bray is a former attorney and the author of several Nolo immigration books. Her working background includes both solo immigration practice and working or volunteering as an immigration attorney with nonprofit organizations in Seattle and California.

Recent Posts by Ilona Bray

Miami Real Estate Industry Willfully Blind to Sea Level Rise

fla hurricaneIt takes a writer from a British newspaper to point up the absurdity of human behavior in Miami, where despite obviously rising sea levels, “The local population is steadily increasing; land prices continue to surge; and building is progressing at a generous pace.” (See “Miami, the great world city, is drowning while the powers that be look away,” by Robin McKie, Friday 11 July 2014.)

Many Miami residents are apparently  living in a state of denial. And not just climate change denial, by the look of it. To deny climate change is, after all, primarily to deny that humans are the cause of changes in the environment.

No, in the case, we seem to be witnessing literal denial of what’s in front of people’s eyes: walls of seawater, increasingly regular flooding, shopkeepers who “keep plastic bags and rubber bands handy to wrap around their feet when they have to get to their cars through rising waters,” and homeowners who “have found that ground-floor spaces in garages are no longer safe to keep their cars.”

Yes, they’re building sea walls and other measures to hold back the waters, but scientists believe these measures will offer only short-term relief. And it’s not just a problem of occasional high waves. As McKie describes, Miami is “is built on a dome of porous limestone which is soaking up the rising seawater, slowly filling up the city’s foundations and then bubbling up through drains and pipes. Sewage is being forced upwards and fresh water polluted.”  Meanwhile, the cost of the stopgap measures is in the billions.

Just for fun, I took a look at some ads for Miami real estate, wondering whether the homes on higher ground would at least mention that fact — as would seem doubly important, given that the local architectural style seems to be one story, even if it’s a one-story sprawling mansion.

Nope, the real estate agents who write these ads have chosen to not breathe a word about threats from the elements. You might think the beach in Miami didn’t even exist. Most ads talk about local shopping, schools, and golf courses. Oh, but there was one that advertised, “All windows and doors hurricane proof. ”  So, at least one home seller in Miami is getting real! And getting out of town, I’ll bet.

Rent vs. Buy Analysis Now a 50-50 Proposition, Nationwide

IMG_3259Rent or buy, rent or buy? Good reasons always exist to do either. Renting offers flexibility, protection from getting in over your head financially and being foreclosed on, yet limited freedom within one’s space; buying offers a chance to build equity, get a dog, and paint the walls burgundy red.

As for the straight financials, however, there’s a ratio that can help you figure out what’s most advantageous. It’s called the “price-to-rent ratio,” calculated by taking the median sale price to buy a home in your area and dividing that by the average amount you’d pay per year to rent a similar abode. 

A ratio under 15 means that for what you’re paying in rent, you might just as well buy a home; a ratio over 20 means homes may be overpriced, and staying put as a renter might not be a bad idea.

Across the U.S., the current ratio is, at 14.8; perilously close to an even 15, as reported on in the article “Better to Buy or Rent,” by Patricia Mertz Esswein in the June, 2014 edition of Kiplingers (figures from real estate research firm Marcus & Millichap). 

The U.S. is, to state the obvious, a pretty big country. So what you really want to look into is the price-to-rent ratio in your own area. Trulia offers a nationwide map of the figures for major cities. And here’s Nolo’s Rent vs. Buy calculator, and additional discussion on whether to “Rent or Buy a House?“.

Why Non-Parent Homebuyers Should Care About School Quality

Who’s thinking about school in the middle of summer, right? Well, I went to a neighborhood party yesterday, which was heavily attended by parents of toddlers, and the primary topic of conversation was where they were going to send the little ones when they grew up.

Our local schools, for the most part, are lousy. In fact, I probably wouldn’t live here if they weren’t. Low school quality is the very factor that allowed us, along with various other childless buyers, to afford a place here. So part of me was inclined to yawn and turn away at this topic of conversation.

Yet I was also watching the laws of supply and demand in action. If school quality doesn’t improve around here, or the parents don’t feel able to shell out for private school, many of these friendly neighbors whom I’m just getting to know will be moving in a few years.

If and when they do move, local “for-sale” inventory will rise – and other buyers will have to go through the “will we have kids, can we deal with the local schools, and if not, is it worth buying now only to have to move in a few years?” analysis.

For many, the answer will be no. For me, that will mean less neighborhood stability, and less home appreciation for my own abode.

If you’re a homebuyer currently scouting out the market, it really is worth having a look at how your local schools are rated, whether or not you have, or plan to have children. Fortunately, there are lots of great research sources for that, such as City-Data and GreatSchools.org.

Are You Ready for the World to Know Your House Is “Coming Soon?”

beesThe real estate world is buzzing with the news that the website Zillow is introducing a “coming soon” feature for houses advertised for sale. The traditional MLS doesn’t have such a feature (not yet, anyway). It will be open only to real estate agents who pay to advertise with Zillow. (Sorry, FSBOs, that leaves you out.)

So, up to 30 days before a house is actually available for sale, some sellers will be able to tell the world to start salivating over it.

My first thought is that this is like telling your party guests to wait on the front porch for an hour or two before you open the door. No longer do you have privacy when making those last cleanups (or even repairs), ripping out your weeds and feeble attempts at landscaping and replacing them with blooming flowers, or even putting up a fresh coat of paint.

No, the world will be watching. And if you’re in a hot market, believe me, they’ll be watching. Expect to see a procession of cars going by your house, cameras held out the window. (And those are the visitors who are sufficiently polite to stay off the property itself.)

Of course, my grumbling isn’t going to make this feature go away. If anything, it’s likely to become the norm. So, home sellers, get ready to be ready before you’re actually, you know, ready.

 

Luxury Homes Will Soon Be Less of a Bargain

House cornerOne of the fun things for buyers during the depressed real estate market was seeing almost unbelievably low prices on luxury homes.  (Who wanted to buy a castle with everyone in fear of a job loss or investment tumble next week?) Even if we couldn’t actually afford a mansion in the hills, we could peruse the listings without feeling like such a fantasy was completely and utterly crazy.

Unfortunately, buying a luxury home is swiftly returning to the realm of never-never land for the average buyer. According to the April, 2014 edition of Money magazine (“The sunny outlook for housing in upscale neighborhoods“), sales volume for expensive houses is on the upswing, the time it takes to sell is on the downswing in many parts of the U.S., and these factors will soon add up to price increases for high-end homes.

Sigh. You might console yourself by remembering that, even if you could afford the purchase price on a luxury home, other costs such as insurance, repairs, and of course home security might completely break your bank. See Nolo’s article, “How Much Does Owning a Home Really Cost?” for more on that.

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