Miami Condo News

Federal government officials announced Friday they are giving the city of Miami Gardens more than $6 million to help residents facing foreclosure.

“I’m falling behind… I’m falling into an abyss,” school teacher Maria Montalvo said of her situation, as her bank has already moved to foreclose on her North Miami home.

The property she paid $425,000 for three years ago is now worth $280,000.

Montalvo said that on a schoolteacher’s salary, she couldn’t keep up with the $2,500 monthly payments; she said she hopes Washington will save the day — but she’s not holding her breath.

“I sure would like some help,” Montalvo said. “I’ve been paying taxes for many, many years — I think it’s time for the government to help the average basic homeowner

Her realtor, Melanie Hyer, said regardless of what happens in Congress, she said there are measures Montalvo and the thousands across south Florida in trouble with their payments can do.

Hyer’s first tip for foreclosed owners was to buy time and take all steps to head off foreclosure, not giving up no matter how bleak it may look. She said owners should go to the courthouse speak with the judge and ask for an emergency motion to postpone the foreclosure sale; the judge will normally give a month or two extensions to the owner.

Hyer said foreclosed owners should immediately call their lenders, who are much more likely in an earlier stage to change the loan.

“They should say that they’re in trouble and they need help,” she said. Hyer said lenders want to make deals with homeowners to aid them in modifying their loans or help them sell their properties.

“If you’ve decide you must move, Hyer said, banks are more apt to take a loss and accept a short sale agreement at this time than before.”

“There will definitely be some hope for the average homeowner who has been in trouble up till now,” she said.

Because of lower prices, the latest numbers indicate that houses and condos across South Florida are selling much more than last year–a positive sign there are some buyers on the market.

Jerry Libbin, a Miami Beach City Commissioner, today kicked off a campaign to protect Florida’s condominium unit owners from unfair assessments levied on them when banks foreclose on other units in their buildings.

The residential real estate meltdown has forced thousands of condo unit holders to pay higher assessment fees so they can maintain their buildings. That’s because banks holding mortgages on distressed condo units aren’t paying their fair share of assessments.

“Banks are taking unfair advantage of condo owners who have done absolutely nothing wrong,” Commissioner Libbin said. “It’s disgraceful to shift this huge financial burden onto them. Florida residents should not be forced to subsidize predatory banks.”

Under current Florida law, banks and other mortgage holders only have to pay 1 percent of the normal condo assessments once they foreclose on a distressed property. Many banks don’t even pay this paltry sum in a timely manner. Condo associations often must sue lenders to recover their assessments and late fees.

The result is that condo unit owners in good standing are burdened with sky-high assessments to make up the shortfalls, which in turn leads to an increase in distressed units.

“We must stop this vicious cycle,” said Commissioner Libbin, noting that Miami Beach is in the epicenter of the problem. “Our economy is teetering on disaster because of greedy lenders.”

Commissioner Libbin has formed a coalition of condo unit owners and condo management companies to lobby the Florida Legislature for reforms. He will host a town hall meeting on the subject in the coming weeks.

There are 23,631 condos in Florida, with a total of 1.4 million units, according to the Florida Department of Business and Professional Regulation (FDBPR). In Miami-Dade County, there are 4,045 buildings with a total of 242,352 units, according to FDBPR.

“We expect to receive broad, bi-partisan support for these important consumer protection measures,” said Libbin.

The crown jewel of one of Miami Beach’s most luxurious condominium high-rises is now for sale. Top-producing Esslinger-Wooten-Maxwell (EWM) Realtors(R) Esther Percal and Kevin Tomlinson announced today their $22 million listing for Apogee Penthouse A.

They describe the South Beach residence as one of the most prestigious South Florida penthouses ever, in a building that epitomizes luxury. “It’s an amazing three-level corner home with unbelievable ocean, bay, and city views,” said Percal. “Apogee is considered one of the most sought-after addresses in one of the most fashionable and desirable neighborhoods in the world.”

The Apogee penthouse has 6,853 interior square feet with six bedrooms and 7.5 bathrooms. The South Beach luxury condo has more than 11,000 square feet of terrace space with a 360-degree rooftop palazzo, private pool, and summer kitchen. There are three levels of decorator-ready space, including a main living area with 22-foot ceilings enclosed by double-height floor-to-ceiling windows. Apogee PH-A also has an elevator, 2.5-car private air-conditioned garage, staff quarters, and other luxury amenities.

The building and the penthouse offer “smart lifestyle” technology, which is being marketed as the most advanced in South Florida. Opened in 2008, Apogee is said to be more luxurious than any other project in the developer’s (The Related Group) history. According to the company, this is their most expensive per-unit condo.

“I’ve had a chance to see the city’s best condos and penthouses in the years I’ve been selling Miami Beach real estate. The Apogee penthouse has no peers,” said Tomlinson. “This is truly one of the finest condominiums in the world. It’s very exclusive and private. The name means ‘pinnacle,’ and to me that means the highest point of modern luxury living.”

Buying residential and commercial real property these days is always a tough and complex decision to make, in light of the current mortgage slump and tightening of the housing credit markets.

With these in mind, potential property buyers need to consider many factors. Many potential condo buyers in the city of Miami Beach come from basically all over the country, or even from other countries, which may make the process quite complicated.

A lot of individuals buy their first real estate in a town where they already live, or maybe where they grew up, and as such, may already have more detailed information regarding the area they would like the most, as well as knowing how much to pay for real estate in certain districts. For first-time buyers from out of town, looking for the best residential options here makes for an exciting and challenging task.

What Makes Miami Beach A Preferred Destination

The city of Miami Beach is considered one of the most premier vacation and leisure destinations in the US and worldwide, as well as being one of one of the most glamorous urban living locations in the world.

The city has districts that have a complete array of famous restaurants, hotels, resorts and elegant condominiums and homes located on and off of the water. Owning a condo unit here has become very popular in the past few years, and this is largely due to the fact that the city has been voted several times as one of the top 10 vacation destinations in the world, and many buyers are coming here to sample the selection of upscale and affordable units, and they come from almost all over the world.

In recent years, the number of new residential developments has astonishingly increased. Many view buying condos as a better alternative to single family homes in a city where wide open spaces for development are dwindling. These units are also conveniently located to the business district, shopping centers, and dining as well as entertainment facilities.

Buying Condos For Second Homes & Investment Purposes

Most real estate buyers who come here often purchase condo units as either vacation homes or places to retire in, however many buyers sometimes may not have all the insight that comes with living in a city for several years before purchasing real estate. In order to find the most appropriate options for you, try spending a few weeks at a local hotel or apartment, as this may give you a clear insight on how the local property markets work, what are the median prices for such units, and what parts of the city are best suited for you.

Buying A Condo On The Internet: Benefits

The ever-increasing reach of the Internet has made buying a condo unit a much comfortable experience, especially for those living outside Florida. By thoroughly researching several real estate Web sites, you would be able to get a more unbiased description of the city’s different residential districts, info on the old and current property developments, as well as the trends within the city’s real estate scene.

If you are decided to sell your home in Miami real estate, you have to consider that there are things that you need to look up to and settle in order to gain great deal. This article will give you few tips that can make your home attractive and appealing to get potential buyers.

In order to attract buyers, you have to have tidy and clean homes. Indeed, clean and tidy homes are welcoming.

Once your home is listed for sale and open for visits and inspections, you have to make sure that your home is clean enough to attract buyers. You have to bear in mind that first impression matter, so make sure that buyers will see your home at its best.

Assure that furniture is placed properly in order to make the place a comfortable one. It is good to place some fresh flowers so to add extra vibrancy. Family photo may be great, but it is best to limit them. Remove clutter in every room of your home. Make the kitchen and bathroom spotless clean. Make sure to replace used towels into clean ones. Free your home for any unpleasing odors. Clean the curtains and carpets.

You do not have to spend too much in improving your home to be prepared for sale. But you have to fix and repairs things that need to be fixed. You have to check out your home such as door handles, windows, faucets, light switches, and so on.

You do not have to over capitalize on maintaining your home but it is good to plant flowers to make it attractive. Mow the lawn and water the plants. Clean your yard, remove the clutter. Clean the gutters.

When making schedule for inspections, make it during day time when each room is bright and there is sunlight that shines in your home. Open the curtains in order to the sunlight to come in. in case, your home will be inspected in a dull day, make sure to turn on all the lights.

When your home will be visited and inspected during winter time, you have to make sure that the heating is on and your home is warm and inviting. If your home will be visited at summer time, you have to make sure your air-conditioning is on.

When your home is open for visiting, you have to limit the number of people in your home since too many viewers can make your home look smaller and viewers are being hindered to see all your home has to offer.

If you have pets, make sure to put them in their proper places during any inspection. Not all people love pets, so you have to be careful.

These are few of the tips that can help you out in order to sell your home in Miami real estate quickly.

In the newly commissioned survey, “Seeking an Extraordinary Lifestyle,” 85% of respondents agreed with the statement, “I think real estate continues to be one of the better investments a person can make.” The study further revealed:

• 72% of respondents believe their primary home value has remained constant or increased in value over the last 12 months (46% remained constant; 26% increased).

• Nearly two-thirds of respondents report that current conditions have “no effect” on their likelihood to sell their primary home (63%).

• In the coming year, 79% believe the value of their primary home will continue to remain constant or increase (55% remain constant; 24% will increase).

• In the next year, more than half (54%) of the million-dollar homeowners plan to buy, sell, build or invest in a new home.

• 69% of million-dollar homeowners agree that now is a good time to add to one’s real estate holdings.

• 71% agree, “Over time, nothing beats real estate for building one’s personal wealth.”

The respondents feel that the media plays a role in the perception of the current real estate market conditions:
Half (50%) of respondents think the media exaggerates conditions to make the market seem worse than it is.

“This study confirms that even in a downturn economy, our readers are what we call ‘recession- proof’,” said Giulio Capua, vice president and publisher of Architectural Digest. “They continue to spend money on real estate and other luxury goods and services.”

According to Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC, the study proves that real estate continues to be seen as a valuable investment opportunity, especially among consumers in the luxury market.

“This study validates the assertion that real estate is one of the best long-term investments a person can make, regardless of current market conditions. Affluent consumers know that real estate plays a key role in their long-term strategy to increase personal wealth,” said Good. “And among those consumers seeking to add to their real estate portfolio, the top criteria for choosing a property are location, price, amenities and home features.”

“The Aspen market is seeing steady home sales that compare to our market in 2004/2005. These were record setting sales years and at the time everyone considered the market to be hot. There are still a number of buyers looking for real estate and although asking prices have declined, prices paid have been comparable to the last year.” said Mike Russo, president of Aspen Sotheby’s International Realty. “The strength of the Sotheby’s International Realty network and its global recognition has helped us reach clients all over the world. In addition, the brand’s marketing support combined with our local statistical data has enabled us to showcase to our clients why real estate truly is a sound and valuable investment in their financial portfolios.”

Research Methodology
Beta Research Corporation conducted a geo-specific mail survey to 3,500 Architectural Digest subscribers with a household income of $100,000+ and a home valued at $1,000,000+ on behalf of Condé Nast Publications in the following designated market areas: New York, Los Angeles, Chicago, San Francisco/Oakland/San Jose, Boston, Atlanta, Miami/Ft. Lauderdale, San Diego, Denver and Detroit. The survey was conducted between February 19 and March 14, 2008. There were 510 respondents.

About Sotheby’s International Realty Affiliates LLC
The Sotheby’s International Realty network currently has more than 9,500 sales associates located in more than 485 offices in the United States and 32 other countries and territories.

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.

Florida Real Estate

This week’s cover story profile of Mount Sinai Medical Center by John Dorschner is a reminder of how important real estate is to all of South Florida. The venerable institution has been hampered by a land purchase it made at the dawn of this decade.

While relief from that injury may come soon for Mount Sinai, the overall South Florida real estate market, especially residential, has no quick remedies.

This morning the Florida Association of Realtors will release July home sales and price data. The experts will either declare the industry’s recession is almost over — or we’ll get the sinking feeling that the muck and mire of soft numbers will continue.

One such expert already has the answer, and it provides no solace.

In his online forum, Mark Zandi, the chief economist at Moody’s Economy.com, prescribes no breath-holding for the light at the end of the tunnel. Commenting in the forum, Hugh from Pembroke Pines asks Zandi about the burdensome effects of taxes and insurance on home affordability and the answer cuts to the core of what’s ailing the market.

“It is the key reason why the Florida housing market will be one of the last to recover from the current downturn,” Zandi writes.

Is the solution to add more price controls to insurance companies? De-electing gridlocked legislators? Harpooning greedy speculators or criminal mortgage brokers? No, Zandi says. Look to the skies.

“It is not only the very high insurance and tax bills, but it is also the uncertainty with regard to how high they will be in the future. We are certainly reminded of this now as storms traverse the Atlantic and move up the peninsula.”

Yep, our fate is in Mother Nature’s hands. Fewer Fays, less worrisome Wilmas and the real estate market will prosper. So, God help us.