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.

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.

The catch in investing your money well in Miami real estate is easy you just need to be wise on picking where to have your investments set in. I think that with some little configuration and some added value on your handpicked location you can be good. But digging deep you need more than just that. Miami real estate is a broad topic to begin with and if you talk about options you will find yourself confused because of the number of potential investment you can do in the place. There are really large scales of investment that you can pick on with Miami real estate. But let me tell you that the best asset that Miami real estate can always boasts is its location. For most investors, location is gold and with that being said, it can be hard to find a good location that can still be available.

With a lot of investors investing in Miami, you may find yourself stuck on looking for that one location that you can consider as an asset. But I think with all that being a relatively important issue, I think that it can be wise to accept that you can have difficulties on locating your perfect location for investment. I think that right now the people who knew the market very well can always testify that it can be a rough scene sometimes especially if you have some rivals for a certain location, it can be hard to get what you want but of course it is a part of the market’s scene. Miami real estate is still on of the most celebrated real estate location in Florida and arguably in the nation. There are even past numbers to prove it.

Right now we can accept that every state in America is having the same economic crisis and it is something that people have looked into. Miami real estate investing is a good thing to start your investment with because you can always blossom in its market. Furthermore thinking that there are options in the same area can also be a good idea, especially if that idea can be feasible to an extent. The basic law in real estate investment is options can always give you some results. There are a lot of things that you can eventually call investment and with a lot of knowledge and know how, you can be on the right track.

I think that it is safe to say that Miami real estate can be one of the best things to have your money see progress. Investing in Miami real estate seems to be a good idea, it can be a big move for you but of course I am not pushing you to do it. I just want to say you can have it as an option, it can make you investment worth it and if you do well, it can be the best move you will make. Let us be vigilant on having research on its market so that we can also be aware on where it stands. Miami real estate is not something to laugh at. It is a market that can be a good option for you.

Miami, FL Condos

The mortgage company or bank representatives had their own agenda, which was to sell you a mortgage. The builder’s job was to build and sell his houses. If you had a real estate agent, his or her job was to make a commission from the sale. Unfortunately, that left you both to do your own due diligence, and it wasn’t easy.

A couple of years ago, we were in the halcyon days of real estate, where there was a feeding frenzy and price didn’t seem to matter.

In many respects, the monkeys were running the zoo. People judged the value of the home on what the monthly payments were going to be, and didn’t think about higher taxes, interest rates and insurance costs in their excitement to buy.

Contrary to popular myth, and now harsh reality, home values do not always increase. Throughout history, there have been many periods in which home values declined or stayed steady.

The period between the early ’80s to the late ’90s was brutal, when real estate drooped, then stayed pretty stagnant until it once more began to increase in value. Then home prices took off and went through the roof. Now the markets are in a tailspin once again.

As an investment, it can be difficult to ”play.” As your homestead, it can be a bit easier.

Take a look at the whole picture and decide whether you can make this house your home for the foreseeable future.

If you put enough down and didn’t get a super funky mortgage, you might be OK. Work on your budget. Can you afford the payments and expenses somehow? Did you plan to live there for a long time? Perhaps keeping that roof over your head makes the most sense.

Prices will increase again, but it could take a long, long time. If you absolutely cannot make it work, then difficult and probably painful decisions will need to be made.

Start with negotiating with your lender, if possible. The very last and most difficult process would be bankruptcy. I do hope you won’t need to travel down that dark path. It isn’t fun.