Real Estate Blog, Real Estate News, Miami Beach Real Estate Blog

Tuesday, October 14, 2008
Tags:   Miami Beach realtor, Miami Beach Condo, Miami Beach Real Estate, South Beach Realtor, Miami Beach Florida Condo, South Beach Condo, South Beach Vacation, Miami Beach Oceanfront Homes

Sunshine in Florida does not just refer to the wonderful weather. We are the sunshine state with respect to the transparency of condominium management. Here is some information that is helpful to the potential owner or new owner of a condominium.

Florida Statue, Chapter 718 has very specific protections for owners of Condominiums. For example, condominium associations must have all records available for review within a reasonable time when properly requested.  Budgets must be sent to all owners. meetings of directors are open and must be posted in advance. Changes in rules must be announced 14 days in advance of the meeting at which they will be considered. Directors must be elected yearly unless owners agree to staggered two year terms.

Too many owners do not pay attention to the day-to-day working of their associations and then find themselves in the middle of a crisis.  Current condo owners are potential condo sellers and hopefully our clients. We want you to realize the maximum price and this starts long before you put your unit on the market. Pay attention to your condo management and participate in the process. A fiscally sound condo is a better value.

 


 


Tuesday, October 14, 2008
Tags:   Miami Beach waterfront homes, Miami Beach realtor, Miami Beach Condo

In spite of the bad economic climate, there are some people out there who are fortunate enough to be in better financial shape than others, making it easier to buy Miami Beach real estate during this time when the market is weak and prices remain low.

Generally speaking, the idea of paying for a mortgage is a wiser and more agreeable expense than paying for rent which isn’t going anywhere, the current mortgage fallout situation notwithstanding.  The problem is that many people who have never purchased a Miami Beach condo for example, forget that the mortgage is only a part of the equation.

Let’s not forget that besides the mortgage, buying a home requires a down payment, purchasing home insurance, the various costs for closing and moving expenses plus the possibility of the home losing value which is likely in the existing market climate.  As a homeowner, anything that breaks and needs to be fixed is also no longer the responsibility of the landlord.

Getting into a real estate transaction that isn’t financially worthwhile and accommodating is simply a matter of consulting your Miami Beach realtor to make sure that the property values of those Miami Beach waterfront homes you may be looking at are within the range of what you can and cannot afford.  Most of these realtors will provide a property value report for you, minimizing the research to necessary to do it yourself.

The mortgage is where potential buyers need to be very careful.  There are various types of mortgages to choose from and one need only look at the country’s economic situation right now to see what a bad mortgage can do to an honest homeowner.  The mortgage may end up being the largest of your ongoing expenses so choose carefully and wisely and make sure to read all of the fine print.


Monday, September 15, 2008
Tags:   South Beach Real Estate, Miami Beach Oceanfront Homes, Miami Beach Real Estate, Miami Beach Florida Condo

With the constant barrage of bad real estate market news, many have been tirelessly awaiting the day when Miami Beach real estate will return to its former status as a lucrative and highly successful market.  As much as we all wish we could grab a crystal ball and precisely pinpoint the day the market woes will end, for the time being we’ll just have to take some kind of comfort and reassurance in the small gains that have been appearing as of late.

Most people recognize these gains as home sales and price stabilization which are certainly welcome but don’t give any kind of indication as to when the South Beach real estate market will finally “bottom out” and turn things around towards a full scale market recovery.  While it’s not necessarily the guarantee that the market will be recovering, recent figures and reports show that investors are purchasing distressed properties from banks eager to get rid of them.  Investment companies in particular have always maintained large reserves of funds on hand but it’s only recently that they’ve taken the next step towards using those funds (over $20 billion) in purchasing some of these distressed properties carrying unusually low price tags.

Many investors have already purchased multiple distressed properties which certainly go a considerably long way in decreasing the large amount of properties banks are grappling with.  It’s just as important to note that even with such welcome news it will likely take some time before the price(s) and value for a Miami Beach Florida condo will receive a welcome boost.  This is not the kind of news existing homeowners want to hear but considering that the Miami Beach real estate market is in full buyer mode, perhaps this stagnant period will be short lived now that distressed properties are being bought.
 


Saturday, June 28, 2008
Tags:   South Beach Real Estate, Miami Beach Oceanfront Homes, Miami Beach Real Estate, Miami Beach Florida Condo

Welcome to our new blog.

Today our topic is the risks associated with the purchase of some Condos. Every where we turn someone is touting the benefits of short sales and preforeclosure sales. There is no doubt that the wise investor can get some great bargians, but this market is not for the uninformed investor. In a condominum the bills must be paid and if there is a shortfall because a number of units are delinquent, the remianing owners will be assessed. In other words if you buy into a building that is fiscally unsound you will be paying more than your share. Additionally if a condominum goes into foreclosure and the process is quite drawn out, the full amount of delinquent receiveables may not be recouped. This bad debt will be absorbed by other owners.

When buying a condo it is important to research the fiscal health of the association.

At the very least be able to answer the following questions.

What is the amount of the receivables?

How does this compare with previous years?

How many units are for sale?

How many units are in some phase of foreclosure proceedings?

How much debt is the building carrying?

How many units are delinquent? 30 days? 60 days? over?

 

 


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