Posts Tagged ‘condo’

Miami Beach Condo: Gaining Popularity During Troubled Times

May 13, 2008

Miami Beach has always been a favorite vacation spot for many of the locals and foreign individuals. The tropical climate is perfect for those who wish to enjoy the white, sandy beach the Miami is known for. The sights and sounds around the area, as well as the commercial and entertainment areas also add to its popularity.

This is one of the reasons why Miami Beach condo is a big hit, and is till is despite the current status of its real estate market. Ever since 2006, the market declined as the number of foreclosed units increased. This is practically due to the devaluation of the U.S. currency, as well as the soaring interest rates during the mortgage bust that hit the nation.

The Popularity Of Condominiums

As expected from being a city of tourists, the condos in Miami Beach can only be described as luxurious. Each suite has its own balcony that overlooks the beauty of Miami Beach, Florida.

The interior of the condos are fully furnished, ranging from beds to kitchen utensils and from entertainment systems to laundry – everything is provided for the convenience and comfort of its occupant. Also, the building itself is never without its additional services for their tenants. Swimming pools, 24-hour service desk, security, fitness and entertainment lounges, restaurant, and so on, are readily available for use.

The South Beach district of the city holds high-rise condos, which is quite famous for expatriates and corporate individuals. The area around these high-rise, expensive condos offers recreational areas and commercial facilities, such as boutiques, fine-dining restaurants, entertainment complex, and, of course, the amazing Art Deco district.

The Mortgage Bust

It is true that there has been a major decline in condo acquisition in Miami Beach, unlike the time during market boom in 2005. Foreign investors are now taking the lead in condo acquisition, as the locals are backing out due to the rising prices and the high interest rates of many financial loans in the city.

Ever since the mortgage bust, many financial lenders are become stricter in their mortgage policies, and coupled with high interest rates, made it almost impossible for the locals to get their hands on a decent loan for condo acquisition. The devaluation of the U.S. currency is not helping the matter out either.

But despite these hindrances in the real estate market, condo acquisition is still on the rise due to foreign customers. The Europeans are enjoying the inflation of their currency value, thus finding these Miami Beach condos quite cheap for the taking. And since they have their own financial aid in their specific countries, they are not affected by the soaring interest rates that gripped Miami Beach.

It is true that the condominium market in Miami Beach is not as good as what the area experience in 2005, but the rising popularity and the increasing, yet low, real estate market is a sign of recovery in the next few months.

http://jv17.blogr.com/

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The Reasons To Go For Condo Living In Sarasota

May 7, 2008

For those who are seeking a vacation home or a retirement home for that matter, or perhaps, for those who are just too busy to keep and maintain a home, condo living is just the perfect match for your lifestyle. Sarasota condo living may not be an option for everyone but for some, it might just work.

Condo living offers a lot of benefits but of course, it all depends on the preference of the person who will be living in it. If you are considering living in one of the beautiful condos available in Sarasota, here are a few good reasons that will prop up your decision of making a Sarasota condo your own safe haven.

Location

Buying a land that is located in front of the ocean or the river costs a lot. Waterfront properties cam cost millions of dollars while condos that are situated in the same location would only cost you a small fraction of the entire cost of the land and the building. For a smaller amount, you will be getting a home at a location that you desire.

Maintenance

A lot of condo buildings in Sarasota require very minimal amount of maintenance which means that you can allot more of your time to other things than just with keeping everything in your home in order. Normally, the condo development company is the one in charge in most of the maintenance such as the landscaping, painting of the building and more. However, the level of maintenance for each condo building depends on what is included so when choosing a condo, be sure that you choose one that has a wider array of maintenance services.

Security

Condo buildings are provided with security thus making it more comfortable for you to just leave the condo for a weekend trip. Knowing that your place is well secured and protected adds a great comfort to you as well as the assurance that your home will not be endangered while you are gone. A lot of luxury condos also employ other means of security measures for the added security and privacy of its residents.

For example, codes that are used to access the parking lot as well as a keyed access to all the entrances of the building and added codes for the elevators and amenities. Indeed, living in a condo provides more security for you than living in a single family house or home community.

Amenities

Building and maintaining you own amenities in at home can cost so much as compared to just availing of the ones already available in condo buildings. Amenities such as fitness centers, pools, and other club facilities are provided by condo buildings and they are great for gatherings as well as parties of your own. Some condos even provide more than just the ordinary like ball game courts and many others.

http://miamirealestatehome.net

All Eyes on the Miami Real Estate Condo Market

May 6, 2008

The ever rising situation out there are getting a bigger and bigger attention from the media, as we all know the market of real estate in Miami has dipped significant number that we all have to be aware on it as well. There are reports about the sharp drop that have lured bargain hunters from around the world, but experts warn prices could drop even further. Miami has a new vice: bottom-fishing for condo bargains. Yes, I think that there is really some potential on this. As I’ve learned there are a lot of things to consider and one of them is this growing trend.

<p>Reports around the market have instructed us to see that home buyers from around the U.S. and abroad are descending on Florida to buy condominiums that have suffered sharp price drops amid the housing glut, sub-prime-mortgage crisis and credit crunch. Some are searching for investment properties, confident that home prices eventually will rebound. Others are hunting for vacation or retirement homes. Yet pitfalls abound, and experts warn that prices could dip even further. It is obvious and I think the majority of the belief in the nation is there will be continuous drop in prices as we move further.</p>
<p>For example, in hard-hit Miami-Dade County, condos originally costing as much as $1.4 million at the peak of the market now sell in some cases for $840,000, a 40% drop. Farther north, a coming auction at Solaire at the Plaza, a new condo tower in downtown Orlando, has set a minimum selling price of $170,000 on 24 one-bedroom units once priced as high as $296,000. The prices are getting cooler and that is luring some more potential home buyers and investors to the area. It is very much known and it&rsquo;s growing every time.</p>
<p>Throughout the year, especially in the first quarter of this year, such price drops have people like Bruce and Suzanne Bowen of San Juan, Puerto Rico, and stalking deals. The Bowens have visited Miami three times since November to scout for properties, and recently bought a two-bedroom, 1,200-square-foot unit on a high floor with water views in Miami’s fashionable Brickell district. The Bowens made their move after prices in the building fell to $290 a square foot from nearly $400 in September. Now, the couple is looking for a second condo. It is such a normal thing considering the high possibility of this trend to be in the market for quite a few more months.

Looking Back at Miami Condo Market’s Boom

May 6, 2008

A few years back, probably two years ago, the Miami real estate market was hot not just hot I mean it is steaming red hot and the hype was contagious. It is really on its own roll and beginning to give the entire state of Florida the sizzle. People have been lured for its combination of hype and trend and investors here and there busy on which property to invest next, it was on of those nice times. But now, it all changes, like everything in this world, the market have slowed down and the changes are really significant, so significant it started to hurt the entire real estate market in the state.

On a report I have watches on T.V., when ABC News shot a story about it in the fall of 2005, it called it “Boomtown Miami.” Old buildings were falling to make way for new condo towers that were selling out in just a few days. It was a good thing for Miami, it is definitely a great thing, the Boomtown, as it called is really making a move on the market and it is striking like a knockout punch. Kari Fernandez, a condo sales agent, said that “It was very exciting. It was an adrenaline rush,” and added “We’re talking almost 1,000 units sold in a week.”

Investors, speculators, flippers, everyone seemed to be making staggering profits at least on paper in a matter of weeks. It is definitely one for the books. People in the market are enjoying it, it was like a Christmas morning when you wake and see all these gifts under the tree. Across the country, the real estate market has gone flat, but nowhere like in Miami. Not that Miami is suddenly at a standstill: In the skies, flocks of building cranes compete with birds as Florida condos race to completion. Look around, and you can see a skyline transformed, with more than 100 new condo buildings now under construction, representing about 25,000 condo units due to be completed and delivered in the next 18 months or so. It was fast and it was really in the hot spot. It was dubbed as a favorite condo hot spot in the nation at that time.

That was about 2 years ago, right now we are in a different state, the other side of the table so to speak, we have moved and the movement was fast as well, although we think there is potential, potential investors thinks other wise and developers are avoiding new projects, focusing instead on completing construction and sales for all those buildings already under way. It’s a far cry from the adrenaline-fueled Florida mortgage loan boom of just two years ago. It was great to reminisce and think about how good Miami condo market was, but I think we still have chance, after all the lesson I’ve learned from 2 years ago is nothing last forever, and that includes, boom or bust.

Jron Magcale
http://regatta2.com

Focusing on Miami Condo Market’s State

May 5, 2008

We all know the growing trend that surrounds the Miami condo market and sometimes it picks us to the brain as we have to be aware on its rise and fall. The Miami condominium market has been good to real-estate investors. It has been reported that in 2004, the median sales price of an existing condominium surpassed that of a single-family home for the first time, according to the National Association of Realtors. Seriously it is just about time that we give it a look and get some necessary attention the Miami’s condo market.

This trend has held steady so far through 2005: The median sale price of a condo was $213,600 in September, compared with a median price of $212,200 for a single-family home, NAR reports. It is known that throughout the nation every condo in Miami has been something that people are looking at more than residential. Why not? Well for starters, it is the hottest thing out there in the market. The market for condos remains strong — condo-sales activity in September was 10.2% higher than the same month last year. But some question whether it will last.

Chip Brown, senior vice president and co-director of production of CWCapital, a national multifamily and commercial real-estate lender based in Needham, Mass. Speaking of his firm says, “There’s a lot of supply, and the demand has been significantly supported by speculative buyers rather than occupants,” says he says, “We’ve gone from being selective to extraordinarily selective in thinking about financing condo projects.” Right now, lenders are investing on it relentlessly and have been on its tail for quite sometime. Reality states that the majority of people are likely to invest on sexy picks such as the condo market than the residential.

For now I think that the market is condos hottest mark has been years back, but right now it is in the shaky stages, but have no fear because it will have progress sooner than you ever think it will be. It is more of a guessing game but the signs are positive in a way. It’ll not take long but what Miami condo real estate market has right now is definitely something we need to keep an eye into and consider as well. Let’s be honest we are all expecting a turn out and hoping for a better forecast maybe we’ll soon have that on a better state.

Jron Magcale
http://cervera.com

Florida Real Estate: Surviving The Mortgage Bust

May 3, 2008

The mortgage bust that hit the U.S. resulted in a major decline in the real estate market.

Florida and Miami were among those who were hit the hardest in the market decline of residential and commercial properties. Though compared to the state of the real estate market in 2006 and 2007, many analysts predicted that recovery is possible this year.

Mass Foreclosure Hit Florida

Due to the devaluation of the currency, as well as the high interest rates of many financial lenders, there has been a mass foreclosure going on in Florida. As the number of investors failed to pay their obligations, banks and other financial institutions were practically foreclosing properties left and right. These foreclosed residential units added to the rising number of unsold homes, which further depressed the current real estate market.

Failed Condo Projects Converted To Rental

Overbuilding of condominium units during the early market boom contributed to the decline of real estate market in Florida. At the moment, there’s a large supply of vacant condo units which was never acquired by any of the locals, and is converted into rentals to make ends meet.

But before that, the lack of market and acquisition of these condo units affected the rental income growth of Florida, which in turn made a negative impact on the overall percentage of the real estate economy.

Despite these problems, however, late months of 2007 ended in a positive result in the market. Since the conversion of these condos into rental residential units, the market seems to have stabilized and is projected to improve in the coming months.

Apartment Rental Booms

The downfall of condo acquisition sparked the current market boom for apartment units. According to the figures of REIS, there’s an approximate of more than 230,000 residential units available in the market since 2007, with an average monthly rent of $1,062 per unit.

Also, the increasing demands of new workforce in the state produced a higher demand of residential units in South Florida. Construction projects for apartments can be seen all around the area to address it. Analysts are now reporting that development for such real estate will continue to be seen in the next 24 months.

Foreign Acquisitions On Residential Properties

There has been an increasing number on acquisition of real estates, especially condos, from foreign investors. According to statistics, it seems that Canadians and Europeans are taking advantage of the currency devaluation by purchasing condo units in the city at a cheaper price. Since they are not affected with the mortgage crisis that is prevalent in the nation, the investments they put it are likely to be affordable on their end, in contrast to local investors.

Vanessa Arellano Doctor
http://miamirealestateinc.com

Fort Lauderdale Condo Overtaken by Hotel Developments

April 29, 2008

Yes, the boom that we all now from the Fort Lauderdale Condo market is over, it has its good days but now it’s behind all of us. As much as we want to keep the boom in tact, we all know that nothing last forever. It is official by default, the downtown condo market’s known boom has been overtaken by a new trend the hotels. Yes, you heard it right the hotels now are making its way to the scene as developers and investors are focusing their time in making hotels now more than ever. They are very much aware of the condo’s status in the market so they redirect their attention to a different bidding. It is known that the market’s overflow of condos all over Florida has caused the housing market to take a slump.

Yes, the boom that we all now from the Fort Lauderdale Condo market is over, it has its good days but now it’s behind all of us. As much as we want to keep the boom in tact, we all know that nothing last forever. It is official by default, the downtown condo market’s known boom has been overtaken by a new trend the hotels. Yes, you heard it right the hotels now are making its way to the scene as developers and investors are focusing their time in making hotels now more than ever. They are very much aware of the condo’s status in the market so they redirect their attention to a different bidding. It is known that the market’s overflow of condos all over Florida has caused the housing market to take a slump.

More to a fault now, the common knowledge of people is that they tend to focus their attention to what is in demand, what is in the trend or what makes the market shine. It’s like yesterday it was the condo market, the next day it’s the hotel market. It is rather amusing to watch the rise and fall of the market, the huddles and the struggles and all that. Right now, developers are there seeking building approvals for about 4 major high-rise hotels and office towers, on top of that investors are seeking more deals to go down in the hot property right now which is the hotel. It may probably the next big thing in Fort Lauderdale real estate market biggies.

More than 1 million square feet of new office space would also be built. All told, there are plans for almost 1,000 hotel beds in Fort Lauderdale’s relatively compact downtown, city building plans show. Meanwhile, high-end hotel developers were busy re-making the beach. A vertical renaissance swept through the downtown in recent years, filling it with new residential condos and lofts. It is known that right now the departure of the condo developers in downtown Fort Lauderdale and specifically the hotel builders have step their feet in the market. Two of the proposed projects originally were proposed as condos. The city’s rules for developing downtown put a limit on residential growth, and that cap has nearly been reached.

All signs are pointing to a potential hotel boom, with likely millions to spend, the condo market is having a down time, I think the condo market is indeed in a downward slide, in which the people have been rating it as a low-end in the market right now, most probably because of the condo overbuilt it have skim to people’s mind that changes are vaguely needed so that is where the hotel building came to idea. I think it’ll still be too early to tell. Up until we have settle and the numbers are printed by then we can confidently say that we are in a good market.

Jron Magcale
http://hometerra.com/home.php

Panama Real Estate Shows Potential and Bright Future

April 29, 2008

Panama has always been a great spot to invest, it’s because the growing trend nowadays is that investing overseas, it’s probably this year is becoming a rough year because of the nationwide housing crisis people rather investors tries to opt for searching the horizon and in this case its going to other countries in which is having a good year in their own respective market or some place that are a hot spot or just beginning to be a hot spot. Panama Real Estate has been a revelation so far. In recent reports the growing popularity of the area has been an underdog to other Latin American countries that are bagging tourists. Now that the tables have turn for the market in which Real Estate on countries such as Panama and any of the country in the Caribbean strip is making its way to the mainstream.

Panama has always been a great spot to invest, it’s because the growing trend nowadays is that investing overseas, it’s probably this year is becoming a rough year because of the nationwide housing crisis people rather investors tries to opt for searching the horizon and in this case its going to other countries in which is having a good year in their own respective market or some place that are a hot spot or just beginning to be a hot spot. Panama Real Estate has been a revelation so far. In recent reports the growing popularity of the area has been an underdog to other Latin American countries that are bagging tourists. Now that the tables have turn for the market in which Real Estate on countries such as Panama and any of the country in the Caribbean strip is making its way to the mainstream.

It is rather a surprising instance that the market is overviewed as a good place to invest mainly because the market has provided some potential progress, in March numbers the listings have grown scientifically and investors have shown very high interest. The condo market there has been in a good progress. There are reports that potential investors are keen on taking properties on the beach side, suggesting that they will make Panama sort of a little Miami in a way. I like what people are suggesting to do with Panama’s shorelines because they are doing a great job attracting investors. It is really exciting getting the market’s attention at hand. More and more people are taking notice and that is something to look forward into.

In time, Panama will most likely get significant improvement because of the development the officials are making. Suggesting that the resources that the country has is qualified for potential real estate property, the gain of the country’s real estate business numbers are good. It’s something to look forward to and have an eye on. Let it be known that the investment on the market is getting nice attention for potential homebuyers and investors, U.S. developers are also getting their eyes locked on the country and scouting for a nice location to build their projects with. Whether it is commercial, residential or condo real estate market, Panama’s future is bright and it’s obvious.

Not only that the market is really valued it is also processed in a very good situation. I, myself would like to get my hands wet on the market. It just shows so much promise. That is why you see big time companies and investors showing interest in the land. It attracts investors, naturally, it’s like a given. The thought is that the market given the chance to improve has a lot to offer, be it Real Estate, commercial or any type of business. Panama shows bright lights and the connection it makes to their own market is significant.

Jron Magcale
http://panamarealestatetrends.com

Buying A Condo Unit In Florida? Consider These Factors First

April 28, 2008

The word condominium refers to a building or residential complex, wherein the units of property, such as apartments, are owned by individuals, and the common areas of the property, like the hallways, grounds, other public amenities and the building itself, are jointly owned and maintained by the unit owners.

Florida is known as the Sunshine State, and is a preffered vacation destination by US and international tourists. The state has a lot of great cities, towns and urban enclaves,which offer home buyers a wide array of choices. According to real estate marketing veterans, there are many aspects to consider when choosing the right condominium unit here, as different properties are right for different personal preferences or budgets, and the factors to be discussed in this article generally applies to almost any area in the US as well.

Selecting The Right Area Goes In Tandem With The Way You Intend To Use The Condo

It’s important that one needs to look at the nature of a locale, or area, a sin this state, there are both residential and seasonal condominium areas. A lot of the locations here could be be one or the other. Choosing the appropriate location also goes hand in hand with the manner in which you intend to use the condo you buy, as well as if you are buying one as a second home or for permanent residency purposes.

Figure Out How You Will Use The Property

In properly figuring out just why you need a property, and how you intend to use it now and in the future, must be done prior to seriously deciding on a purchase. You need to find out the basic classification of use, whether the unit or building is for residential or second home use, for long-tern rentals, or a residential or second home that could be rented out during peak periods.

Understand the Local Real Estate Market

Getting a much deeper and better understanding of local real estate markets may be a bit tricky process, since you often need to have all the info required about a specific area or location. These tend to be -markets within a market- and have relative security levels, and you need to know that you will be a participant in the local housing market once you own and the same should you need to sell it someday.

Know A Condo’s Use Before Buying One

As each condo development in this state, and other area, has an acceptable use according to the way it was developed, and the intention of the owners who have bought into it. There are also documents that are filed with the local city or town that outline these terms, which would be generally be reviewed or read by you prior to the purchase.

Look At Your Present And Future Needs

By analyzing your your present needs, like do you need to use rental income to pay the mortgage for right now until you sell your house and permanently relocate?. Helps to properly dictate what type of purchase you will be making. You may want a house or condom, and you may not need to rent it at all and wish to choose a totally residential area where rentals are not conducted. In addition, you may wish to get a condo unit that you can use for a vacation, to one that allows aggressive rentals that you feel will increase rapidly in terms of equity, and then resell it later and buy a more residential property in the same area someday.

As a reminder, you’ll be given a chance to analyze the items from the condo before you purchase it, and you also will have access to important items like building rules and regulations, along with other policies like allowing or banning pets or prohibiting commercial vehicles. Before you purchase one, you will also be able to review budgets for operation of the common property and its financial statements as well.

This is crucial, because you agree to pay your portion of expenses for the common property according to your level, or percentage of ownership. Lastly, you need to remember that you should treat each property as a separate business being operated that you are buying into, as you will also be paying a maintenance fee according to the operating budget, condition and funding for future items in the structure, so you need to be comfortable with those aspects.

Vanessa Arellano Doctor
http://regatta2.com

Don’t Point Fingers on Miami Real Estate

April 28, 2008

Miami Real Estate has been in the top of the heap for the last few years but now, those days are over, not only that the market has been suffering a drought that experts are saying that could last for more than 3 years, it is in a state where people have been really cautious when it comes to buying their homes. In the past there are factors to consider regarding the consideration of getting on the market’s state. Like any other real estate market, Miami has been struggling in the common denominator of the bust this year, housing. With the unexpected growth on building condo units in several states nationwide it has been a trend that we need to contain.

Miami Real Estate has been in the top of the heap for the last few years but now, those days are over, not only that the market has been suffering a drought that experts are saying that could last for more than 3 years, it is in a state where people have been really cautious when it comes to buying their homes. In the past there are factors to consider regarding the consideration of getting on the market’s state. Like any other real estate market, Miami has been struggling in the common denominator of the bust this year, housing. With the unexpected growth on building condo units in several states nationwide it has been a trend that we need to contain.

I would suggest that Miami’s real estate has been thoroughly struggling to make a difference and it is obvious that it kind of hard to move forward. Selling a home in the
South Beach area have been rather a difficult task because the buyers are hesitant on taking the risk of what the market has been printing in numbers. Well for me, with the numbers aside and all, Miami is still the best place for people to have a home. Desirable in many degrees the city has been boasting its main attractions and the city’s great resources. I like to take on some time studying the real estate front of Miami because for me in dire consideration, it has the most potential. I know that you have heard the hype and the other stuff that been thrown to the city.

Creating a good market for the city is hard, especially in housing because the nation’s housing crisis is growing and growing real hard that the majority of its market is getting in the way, thus people are getting shy on investing because the threat that the market suggest is pretty harsh in most cases. The growing knowledge that Miami is the worst place to invest in real estate is somewhat misleading. The numbers might be bad, but that doesn’t suggest that the place is awful. You all are aware how nice Miami is as a place and as a tourist destination, so there is no reason people should decline investing here.

More to a fact that criticizing the state is getting more and more being a hobby for critics is a very disturbing fact, I like to point out that the market’s value is probably sliding down at a fast rate but the more the critics point finger on it is the more Miami real estate takes a beating. I don’t think that it will be of help with regards to criticism in the market. Like everything else in the growing population of market trends. Miami needs to redeem itself to be another contender in its market. In time, the market will probably be on its feet once again and I am not saying that it’ll going to be soon but it will soon.

Jron Magcale
http://miamirealestatetrends.com/