Homeownership 45% cheaper than renting

Homeownership 45% cheaper than renting

SAN FRANCISCO – Sept. 18, 2012 – Trulia released its Summer 2012 Rent vs. Buy Report, and buying was a better deal in all top 100 American cities considered.

To conduct the study, Trulia says it started by looking at the homes for sale and rent on its own site between June 1 and Aug. 31, 2012. For comparisons, it assumed a 3.5 percent mortgage, itemized income tax deductions at the 25 percent federal tax bracket, and a seven-year time horizon before the home is sold. It factored in “all cost components,” including transaction costs, taxes and opportunity costs.

Overall, Trulia says, homeownership wins hands down right now. While the buy-versus-rent savings varied greatly among the cities, buying was the best choice in all 100 markets.

Trulia says it’s about more than percentage differences, however. Detroit ranked at the top, where buying can save 70 percent, and it overshadows San Francisco where a buyer only saves 28 percent. However, homes are more expensive in San Francisco, so the actual dollar savings of $899 near the Golden Gate Bridge could overshadow any percentage savings in Detroit.

One Florida metro area made the top five list for home buying affordability. According to Trulia, the monthly cost of homeownership in Lakeland-Winter Haven is $495, while the cost of renting is $1,276 – a 61 percent ($781) savings for those who choose to buy rather than rent.

“Homeownership is cheaper than renting in all of the 100 largest metros by a wide margin,” says Jed Kolko, Trulia’s chief economist. “Rents continue to rise faster than prices, and mortgage rates are near record lows.”

However, Kolko says many people can’t take advantage of homeownership’s historical affordability because “it takes years to save enough for a downpayment, and it takes a high credit score to even qualify for a mortgage, let alone to get the best rate.”

© 2012 Florida Realtors®

 

Related Topics: Buyer services

Porsche Design Tower

Porsche Design Tower: Ultra Luxury Condo Miami- Sunny Isles Beach

As today technology makes a joke of geography: I deliver virtually your home to you: Porsche Design Tower

Porsche Design Tower: Ultra Luxury Condo Sunny Isles Beach, as the latest twist on designer parking garages: a Jetsonesque elevator that whisks residents to their condos while they are still in the driver’s seat. The 57-story, $650 million Porsche Design Tower condo planned for Sunny Isle Beach by developer Gil Dezer in a collaboration with Germany-based Porsche Design Group will be erected on 2.2 acres of land at 18555 Collins Avenue. Finding a parking space near their front door will no longer be a concern for anyone lucky enough to live in the new multimillion luxury building.
Porsche Design Tower it’s the world’s first condominium complex with elevators that take residents directly to their units while they are sitting in their cars. Pull over into the designated space. Turn off the engine. And enjoy the oceanfront view as you escalate in a glass elevator that takes you, while you are sitting in your car, to the front door of your apartment. You don’t have to leave your car until you are in front of your apartment.

After the resident pulls over and switches off the engine, a robotic arm that works like an automatic plank will scoop up the car and put it into the elevator. Once at the desired floor, the same robotic arm will park the car, leaving the resident in front of their front door. The glass elevators will give residents and their guests unparalleled views of the city or of the ocean during their high-speed ride, expected to last 45 to 90 seconds. And for those who simply “love” their cars, they will be able to enjoy a really nice view of them from their living room.

Smaller units in Porsche Design Tower will be allocated two parking spaces and larger ones will have four, with 284 robotic parking spaces in total. There will be three elevators.

The car elevators are the latest twist on Miami Beach’s burgeoning passion for designer parking garages. Dezer said his hopes are that many other buildings in the United States and the rest of the world will be constructed following the Porsche Design Tower model. Porsche Design Tower however, will be the first and last one in South Florida, he said.

Units will range from 3,800 to 9,500 square feet and could cost up to $15 million.

Stats

Prices: $3.200,000 to $15,000,000
Delivery: second quarter of 2016 (estimated)
Sizes: 3,800 to 9,500 sq feet
Bedrooms: 3 to 5
Waterfront: Ocean
Pets: Yes
Rent: Yes
Total Units: 132
Number of Stories: 57
Maintenance:

Reservations

• Pre launch to serious prospective buyers upon deposit of 100,000 dollars in escrow before a private meeting with the developer.
• Official launch in the summer of 2012
• This 57 story tower will break ground at or around the second or third quarter of 2013
• The building wont be fully ready until around the second quarter of 2016
• 3,4,5 bedrooms residences plus maid quarters
• The first building in the World made by Porsche Design and Dezer Developments the same developer of the Trump buildings in Miami.
• Robotic parking system that allows owners to store multiple cars next to their residences
• Tallest ocean-front tower in Florida
• Exclusive building only has 132 residences.
• Price Range: from 3.2 million to over 15 million
• Payments: 100k with reservation agreement + remainder of 10% down at contract signing, + 10% at ground breaking, + 10% when construction starts on your floor and 70% balance at closing.

The $560 million tower will rise in Sunny Isles Beach as part of a collaboration between Germany-based Porsche Design Group developer and a local developer. It’s the world’s first condominium complex with elevators that take residents directly to their units while they are sitting in their cars.

In a nutshell: Pull over into the designated space. Turn off the engine. And, enjoy the oceanfront view as you escalate in a glass elevator that takes you while you are still comfortable seated in your car, to the front door of your apartment. You don’t have to leave your car until you are in front of your apartment. After the resident pulls over and switches off the engine, a robotic arm that works much like an automatic plank will scoop up the car and put it into the elevator. Once at the desired floor, the same robotic arm will park the car, leaving the resident nearly in front of his front door. The glass elevators will give residents and their guests unparalleled views of the city or of the ocean during their high-speed ride, expected to last 45 to 90 seconds.

The cylindrical building will be erected on 2.2 acres of land at 18555 Collins Avenue. The 57-story luxury tower will have 132 units. Smaller units will be allocated two parking spaces and larger ones will have four, with 284 robotic parking spaces in total. There will be three elevators. Residents will be able to see their cars from their living rooms. Owners with fast cars and antiques will have a view of them.
Units will range from 3,800 to 9,500 square feet and could cost up to $15 million.

Davie- Weston, Florida Estates

Please use this interactive map to view estate homes for sale in Davie- Weston, Florida
 

 

Jade Ocean Sunny Isles Beach- A Magnificent Glass Palace


Jade Ocean, Sunny Isles Beach


Overview
Maps
Photos
Features
Description

Video

Neighborhood

$860,000
Condominium
Main Features
1 Bedroom
Location
Jade Ocean 17121 Collins Avenue
Sunny Isles Beach, FL 33160
USA
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Kate Smith

Kate Smith

Brosda & Bentley Realtors- International Fine Realty
(786) 412-8510
kate@hollywood-beach-real-estate.com
http://www.hollywood-beach-real-estate.com

      

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