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.

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