South Florida Real Estate News

Buying Is a Good Investment, If You Choose Right

Pessimists are implying that the housing market will never get any better and housing will always be a lousy investment. Are they right? Of course not, say experts at the Motley Fool finance Web site. In fact, the Fools predict that pretty soon housing will be a great investment because prices will have fallen to the point where homes are cheap.

Then as now, the Fools say the key to buying a home that is a good deal will be:

• Location

• Don’t overpay

• Buy what you can afford

If the price goes up, great, the Fools say. If not, buyers will be OK because they have picked a great place to live.

August 24, 2010 - From Realtor.org- Source: The Motley Fool (08/23/2010)

South Florida Real Estate

Three Reasons to Buy a Home Now

Stocks are up 50 percent from the March 2009 bottom. Some commodities have risen dramatically. The only asset class left in the cellar is real estate, says Michael Murphy, editor of the New World Investor stock newsletter.

As a result, Murphy is advising investors to buy now for these three reasons:

• Desperate sellers: Both home owners and lenders are eager to unload a flood of foreclosed and underwater properties. Buyers with the patience to push through these complex deals can save a bundle.

• Little competition. Because most people don’t have what it takes to negotiate their way through short sales and REOs, patient investors are winners.

• Low rates. Mortgage rates are at their lowest level in 40 years. If you believe inflation is inevitable, lock in now.

From Realtor.org - Source: MarketWatch – Aug. 19, 2010

Miami Real Estate News

Owning a condominium vacation villa in the Miami Beach area will place you near the famous South Beach area and it world-famous restaurants, bars, discos, Lincoln Road, and Ocean Drive. Luxury condominiums can be found for sale at Millionaire Row, Indian Creek. Great condo buildings can be found at North Bay Village, a 10 minutes drive from the Beach. If you would like to be a little closer to Bal Harbour and its famous Bal Harbour Shoppes, you can find many new, as well as well maintained condo buildings in Bal Harbour at now much affordable prices. Bal Harbour Condos on the beach include some newer buildings such as the One Bal Harbour condos, or the venerable Balmoral Condos, all marble and space, with some great Bal Harbour apartments with wonderful water views. The New Harbour House condos, which are a condo conversion, are the result of gutting a rental building and converting it to a condominium community. Driving South of Bal Harbour, Surfside is a coveted location, with good walking traffic, restaurants and stores, as well as its Surfside condominium buildings right on the beach, such as the Waverly Condos, the Champlain Towers Condos, three attractive buildings, right on the sand. A new condo building, the Azure Condominiums, is an good alternative. Other Surfside Condos to mention: The Wave Condos, the Manatee Condos, the Spiaggia condominium building, which has been completely gutted and redone. Surfside offers a small town setting which also includes some older Surfside single family homes. South of Surfside, Nobe condominiums can be a good alternative. Nobe or North Beach is an area alongside the ocean, with a stretch of restaurants and entertainment places, blending with the North Beach condo buildings. Luxury Miami Beach condos are an exciting blend of modern and old rehabilitated buildings. The Blue Diamond condos and the Green Diamond condos, the Fountainebleau condos, the Canyon Ranch condominiums, and many other Miami Beach condo buildings are some of the newer Miami Beach condo developments. Great opportunities are waiting for you since the turn of the market has brought to the market many Miami Beach real estate opportunities, Miami Beach foreclosures and Miami Beach short sales. If you go further South, you will be able to choose between the older, but now affordable condos in South Beach, or if you can afford it, the high-class condo buildings such as the Continuum condos, the Apogee condos, the Murano at Portofino condominiums, the Icon South Beach condos, the Setai condos, the Il Villaggio condos. Traditional buildings at the cozy location called Belle Isle are an affordable yet wonderful option in South Beach real estate. Close to Lincoln Road and South Beach lively environment, you will be right at the center of the action, living in an affordable Belle Isle condo. We can present you with different alternative of foreclosure deals, short sales opportunities but, in general, motivated sellers constitute some of the best South Beach real estate buying opportunities.
Florida Condominiums for Sale as an Investment . Florida is one of the premier retirement areas in the world. With its temperate climate, variety of Atlantic and Gulf shore beaches, and plethora of pleasure activities, no wonder it’s such a desirable place to own a piece of South Florida Real Estate.. Planning your retirement? It’s never too early! Do you see retirement a long ways down the road but want the security of owning a vacation villa in an upscale environment like in the Sunny Isles Florida area near Aventura? Owning your own lodging will give you the security of knowing there is always a place for family vacations awaiting you. Amidst your busy life, think of how hassle-free your next vacation will be. No more booking those reservations months in advance or trying to find just the right lodging at the last minute or around peak holiday season. Hallandale Beach Condos can also be a great refuge, with all these entertainment venues, such as the Gulfstream race track and Casino, the new Village at Gulfstream, the shops at Diplomat Mall, restaurants for all tastes and budgets, the beach and the stunning views on the intracoastal waterway, the proximity to Aventura Mall and Downtown Hollywood.

Renting Your Luxury Condominium in South Florida

Owning your own piece of Bal Harbour, Florida real estate will give you the option of using it for you and your family when you choose or renting it to some of the millions of tourists streaming to Florida. You can choose either to be in charge of the advertising and renting details or hire a real estate management company to take care of the details for you. Weighing the pros and cons is important. You will take home more profit being in charge of the vacation villa rental yourself but you will also have to deal with the worries that go along with rental properties. Putting yourself in charge, however, will give you the ability to negotiate deals with your customers and will also allow you to offer specials of your choosing at the best price. It’s important to keep in mind whether it’s allowable to rent your property when purchasing your condominium. Be sure you ask that question when searching for condominium ownership in Hollywood Florida. As they say, owning real estate is one of your best investments and location, location, location is the key to escalating value. With the constant influx of new residents and tourists to the South Florida area, your question about location has already been answered.

Luxury Condominiums in Aventura

So, you’d rather not take the plunge to own a Florida condominium just yet. That’s alright. Some people could choose to rent first which will give you great insight into location and market. Looking for condominiums to rent in all these attractive areas will produce many results. You will have many options from which to choose, all of which can place you near Disneyworld and other major and lesser-known tourist activities. Along with the various opportunities to rent, Aventura Condos and Sunny Isles Beach Condos can offer wonderful opportunities. Other similar locations are abundant in South Florida, such as Hollywood Beach Condos, Miami Beach Condos, Hallandale Real Estate and South Beach real estate, and all spots in between within easy driving distance to great beaches, shopping areas, and outdoor activities. Check www.condo-southflorida.com, for other good opportunities in Sunny Isles Beach, Hallandale, as well as the possibility of purchasing Aventura real estate. This could be a great choice since Aventura with its famous Aventura Mall, its restaurants, movie theatres, will always be a favorite.

North Bay Village Real Estate News

Mortgage rates still falling

Interest rates on long-term mortgages fell again this week, and remain at the lowest levels since Freddie Mac started keeping track.

A 30-year, fixed-rate mortgage fell to an average 4.36 percent in the week ended Aug. 26 from 4.42 percent last week. A year ago, 30-year mortgages averaged 5.14 percent. The average rate on the increasingly popular 15-year, fixed-rate mortgage fell to 3.86 percent from 3.9 percent last week.

A one-year, adjustable-rate mortgage averaged 3.52 percent this week, down from 3.53 percent.

Reports this week showed significant declines in sales of both new and existing homes in July, but Freddie Mac (OTC BB: FMCC) suggests the homebuyer tax credit, which ended in June, has altered normal buying patterns by pulling future home purchases into the first half of the year.

“For instance, average home sales over the first seven months of 2010 were nearly 8 percent higher than over the same period a year ago,” Freddie Mac chief economist Frank Nothaft said.

Earlier this week, Florida Realtors reported existing home sales fell in all three South Florida metropolitan areas, with Fort Lauderdale taking the biggest hit – down 21 percent, to 720 homes sold from 907 in July 2009.

South Florida Business Journal - August 26, 2010

Miami Beach Real Estate News

U.S. Census Bureau – U.S. Department of Housing and Urban Development

Joint Release - August 25, 2010

NEW RESIDENTIAL SALES IN JULY 2010

Sales of new single-family houses in July 2010 were at a seasonally adjusted annual rate of 276,000, according to

estimates released jointly today by the U.S. Census Bureau and the Department of Housing and Urban Development.

This is 12.4 percent (±10.8%) below the revised June rate of 315,000 and is 32.4 percent (±8.7%) below the July 2009 estimate of 408,000. The median sales price of new houses sold in July 2010 was $204,000; the average sales price was $235,300. The seasonally adjusted estimate of new houses for sale at the end of July was 210,000. This represents a supply of 9.1 months at the current sales rate.

South Beach Real Estate News

Americans Still Want to Own a Home

More than 72 percent of American adults say that home ownership is a part of their personal American dream, down from 77 percent six months ago, according to a survey for Trulia.com. About 23 percent said their attitude toward homeownership has grown more positive in the last six months, while 19 percent say they feel more negatively.

Among those adults who are renting a home, 27 percent say they never intend to buy. Of the renters who do plan to purchase eventually, 68 percent said it would be more than two years before they do. The factors that would encourage them to buy now are:

• Able to save a down payment, 47 percent

• Land a new job, 28 percent

• Interest rates stay low or fall lower, 27 percent

• Some other factor that persuades them that buying makes financial sense, 24 percent

• Get a raise, 23 percent

• Local real estate market stabilizes, 9 percent

From Realtor.org - Source: Trulia.com - August 19, 2010

Sunny Isles

In Fort Lauderdale

Hallandale Beach Real Estate Information

Foreclosure vs. short sale: pros and cons

With today’s reduced property values and increased unemployment, it’s tempting for some homeowners to just throw their hands up in defeat, allow the bank to take their home in foreclosure and rid themselves of the monthly mortgage burden. Even suffering through the paperwork and stress of a short sale may seem too much for an overwhelmed borrower to handle. But Florida homeowners should be aware of unique rules in the state that make the benefits of a short sale typically outweigh the ease of walking away in a foreclosure. “I want to be very clear on this, short sales are a better solution than a foreclosure, even when all the options in a situation where you lose your house are not great,” said Mark Greene, owner and president of Short Sale Operations LLC in North Palm Beach.

The biggest difference between Florida and many other states when it comes to losing a home is the deficiency judgment. While some states ban lenders from collecting the remainder owed on a loan after a foreclosure or short sale is completed, Florida law allows banks to go after borrowers for up to 20 years. That can lead to a garnishment of wages long after the home is gone. In a short sale, where the bank agrees to take a lesser amount for the home than what is owed on a loan, lenders sometimes are willing to write off the deficiency on the front end. Greene said in 90 percent of the cases he handles, the bank has waived its right to seek a deficiency.

That was the case with Jupiter resident Kathryn Lorello, who in 2008 found herself in a home she couldn’t afford. Following a divorce, and with three children, Lorello bought a $408,000 home that she lived in comfortably for a year. But then she lost her job as a manager of a real estate company. She remembers the day the bank served the notice of foreclosure.

“I cried my eyes out,” Lorello said. “That’s when I panicked because I really didn’t want it to happen.” Lorello got advice from Greene on doing a short sale. Her bank, Wells Fargo, waived its right to seek a deficiency even though it ended up taking $200,000 less than what was owed on the loan. Also, if a bank refuses to waive the deficiency in a short sale, it still would have to go back to court to seek a judgment.

In a foreclosure, at the end of the proceeding, a deficiency judgment is automatically awarded by the courts and the bank is free to seek a claim. “In the past, people just wanted to move from the property and get on with their lives and didn’t understand what the lenders’ rights were in terms of pursuing a deficiency claim,” said Paul Baltrun, director of loss mitigation at the LaBovick & La-Bovick law firm. “I think people are more aware now about what can happen after the fact and that their nightmare can continue.” Another consideration is the effect of a foreclosure or short sale on credit.

According to the Fair Isaac Corp., which developed the widely used measurement of credit risk called a FICO score, the negative effect of a foreclosure is only marginally worse than a short sale. But in Florida, a deficiency judgment from a foreclosure is likely to have a much larger impact that will prohibit your ability to buy another home for many years.

Daniel Poulos, a mortgage broker with Elite Lending in North Palm Beach who has studied the effect of foreclosures and short sales on credit, said unless a borrower pays off the deficiency, it may be 20 years before someone is eligible for another mortgage. “That’s the kind of information that’s not getting out in Florida,” Poulos said. There are a few situations where some experts believe it is better for someone to go to foreclosure rather than do a short sale. To do a short sale, a borrower must give all of his or her financial information to the bank before it will decide whether to allow the short sale. The idea is that if a person can afford to pay the mortgage, the short sale may be denied.

“Now the lender knows everything about your finances and they can better decide whether they will go after you or not,” said Jon Maddux, CEO of YouWalkAway.com, a company that advises people on strategic defaults. If a lender doesn’t know your finances, Maddux argues, it reduces the chances it will go after you following a foreclosure. “You might fly under the radar,” he said. “With the millions of people going through this, they are probably going to go after the low-hanging fruit.”

From FloridaRealtors.org – July 28, 2010

Hallandale Beach Condos, and Sunny Isles Condos

In Hallandale

South Florida Foreclosures & Short Sale Information

Protest Rising Over Resale Charges

In some newly constructed housing developments home builders are including a clause in the contract demanding a 1 percent transfer fee to be paid to them every time the property is sold over the next 99 years. The fee isn’t for improvements or maintenance. It is just a payment to the builder.

"It's of no benefit to consumers," says Kathleen Day of the Center for Responsible Lending. "It's another innovative way to price gouge. Every extra dollar they suck out of people's wallets takes away from other spending. It's not good for the economy." Freehold Capital Partners, which has developed the program, says it has enlisted thousands of developers nationwide. It argues that this is good for the economy because it will provide builders with more capital.

Meanwhile U.S. Rep Brad Sherman, a California Democrat, is pushing for approval of legislation to make these fees illegal. Also, in the past month, the Federal Housing Finance Agency has proposed rules preventing Fannie Mae and Freddie Mac from buying mortgages that include home resale fees.

August 24, 2010 - From Realtor.org

Hollywood Beach Condos

What is exactly my function as a Florida real estate agent?

Although I specialize in Hallandale Florida real estate, I can assist my clients with any and all of their needs in the South Florida area. Prices kept their descending tendency during 2008 and beginning of 2009, in Miami real estate, as well as Miami Beach Real Estate. In Brickell Short Sales and Brickell Foreclosures, there are many great opportunitiesWhy not make the most of the present buyers' market? I can search on your behalf all of the South Beach real estate for sale, as well as Surfside real estate, to find the best deals in South Beach foreclosures and short sale propertie. With prices being reduced so quickly, not only Miami Beach real estate sold as short sale or foreclosure is attractive; Very often, we are finding motivated sellers of South Florida real estate who understand the buyer's market and are ready to negotiate incredible opportunities to purchase real estate in Miami.

I am constantly educating our customers on the fact that they should not assume that real estate in Sunny Isles is best purchased as Sunny Isles short sales or a Sunny Isles Foreclosures. South Florida Short sales and Foreclosures situations could have many pitfalls. I have seen buyers locate Hollywood-Florida properties and Hollywood Beach real estate situations where a seller wants to cash in the small equity still available in his property, and is just not in a distressing or foreclosure condition. Many South Florida oceanfront properties are being gradually absorbed by out-of-town buyers taking advantage of this once-in-a-lifetime-opportunity to own an oceanfront luxury condo in South Florida. Even new homes in Pembroke Pines, or homes in Weston, or Coral Springs homes can be acquired in the same manner. The best real estate in Aventura will not usually be a foreclosure property, but motivated sellers with Homes for sale in Aventura . In Sunny Isles Beach, we have noticed the same pattern. And so many great Sunny Isles luxury condos, on the beach, or across the street from the beach are being sold at prices often half of what they were a couple of years ago.

FORECLOSURES AND SHORT SALES IN SOUTH FLORIDA. Many of our international and domestic clients are asking about Hallandale real estate and Hallandale short sales opportunities; as well as real estate in Aventura and Aventura foreclosures. While it is true that a buyer's market has created a substantial amount of inventory in the form of both short sale properties (properties in which the home value is less than the outstanding mortgage loan.) and foreclosures, this does not necessarily mean they are a good buy. However, they constitute a good field for a search of South Florida foreclosures and South Florida short sales.

Of course, the condition of the property is an important factor. Imagine a seller who is almost sure to end up losing his condo. It often happens that the property is neglected during these long months of uncertainty. No money will be invested by its owner and repairs will be reduced to a minimum. It's not as often as you imagine, but homes could sometimes be deliberately damaged or stripped of accessories and appliances. These are issues that affect the marketability of the property; and while they have to be factored in when presenting an offer for a South Florida Short sale, they can also be a great negotiating asset. Banks do not want to invest a penny in a distressed property. Therefore, many prospective buyers will refuse to even consider a property where they would have to invest time and money to fix and repair. That will automatically limit buyers presenting offers. And a smart real estate investor knows that for every dollar spent repairing a home, he might get a reduction of two or three dollars in the purchase price. In all cases, if you are shopping for a South Florida short sale you better be prepared to be patient. If you are in a hurry or have limited resources, most short sales are not going to work for you.

They typically require far more effort on the part of all parties involved and can be very cumbersome and frustrating. In the Sunny Isles Beach area there are many Sunny Isles Beach Condos going through this process right now. They range from Luxury waterfront condos in Sunny Isles, luxury homes in Golden Beach, Waterfront homes in Golden Isles, to Miami Beach or South Beach Condos. The economic downturn has affected homeowners in all parts of South Florida and at all price levels. I try to recommend that our clients look to purchase homes that are not South Florida short sells but great values directly from motivated sellers. These are usually the best prospects for finding great Hallandale Real Estate, and good values in all South Florida real estate. If you think you might be a candidate for purchasing a short sale property or a foreclosure please let me know. I have a good experience in both selling and buying these types of properties in Aventura and Hallandale, as well as Fort Lauderdale and Hollywood Beach.

More Florida Realtors News

Survey: A Quarter of Renters Want to Remain So

More than 25 percent of today's renters do not intend to ever become home owners, based on the results of a survey conducted on behalf of San Francisco-based Trulia.

Of those who do plan to buy, the real estate information search engine found, two-thirds expect to wait more than two years to do so — a trend that could choke recovery of the nation's housing market. "Renters converting into buyers are crucial to turning around the housing slump," says Trulia CEO Pete Flint. Asked by Trulia to identify factors that could persuade them to purchase a home in the next year, poll respondents cited the ability to save for a down payment, finding a new job, and the availability of favorable borrowing costs. The research was carried out by Harris Interactive, which queried 2,055 U.S. adults, including 1,345 home owners.

August 25, 2010 - From Realtor.org

South Beach Real Estate Information

Downtown Miami property values dive by millions

In greater downtown Miami, truth-in-millage notices detailing taxable values and proposed taxes — mailed Tuesday to a million-plus residential and business owners in Miami-Dade — show slimmer cuts in value for commercial buildings and larger reductions for condominiums.

Countywide, values fell $30 billion this year, said Miami-Dade Property Appraiser Pedro Garcia. That's a $9 billion reduction for commercial properties and a $21 billion trim for residential.

"It looks like, in general, assessments for condos have gone down," said Gary Appel, of Property Tax Adjusters. "Commercial properties are trickier because of the application of the income approach. Each building could be assessed differently to condominiums, where they use the sales approach."

The 55-story Wachovia Financial Center downtown was assessed $20.7 million less, with taxable value falling from $290.7 million in 2009 to $270 million this year, according to Miami-Dade's property records site.

The taxable value of Brickell Avenue's 600 block, where Brickell Financial Centre is rising, dropped almost $3 million from $15.7 million to $12.8 million.

One Broadway, a 371-unit rental apartment tower at 1451 S Miami Ave., experienced a small change in value, inching down from $82 million to $78 million.

At the 500 Brickell condominium, the taxable values of several condo units were reduced by about 30% from 2009 to 2010, such as a one-bedroom unit assessed this year at $161,000 compared to $230,000 in 2009.

Over at Icon Brickell's Tower 1, some one- and two-bedroom units saw a 15% reduction. For example, a two-bedroom condo valued at $515,100 in 2009 fell to $437,800 this year.

From Miami Today – August 26, 2010

           We specialize in the following areas in South Florida Real Estate

            Click on one the following locations for more information