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.”