Posts Tagged ‘miami’

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.


Relocating To Miami Made Easy

May 7, 2008

Due to the diverse culture, the sunny skies as well as the breathtaking views of beaches that surround Miami, a lot of people are flocking the city to find a beautiful Miami home to call their own.

However, moving to Miami is not that easy. It requires a lot of work to really achieve the kind of living that you want to have in this city and since investing in real property is a great decision to make, you might as well be investing in one that will best suit your needs and standards for a home.

When moving to a Miami home, you have to take into account a few things in order for you to get the most out of living in the city. Giving enough attention to these things before making a really big decision such as that of buying a Miami home will definitely help you get your new life in Miami to a smooth start.

Choose A Neighborhood

As a homebuyer, you must go through the different areas or places within the city and choose the neighborhood that will give the most comfortable feel for you. Whether you are planning to just rent an apartment or purchase the most luxurious house in the vicinity, the search for your own home is best started by choosing a neighborhood. If you want to have a better view of these different neighborhoods, you can just visit the city’s neighborhood guide. From there, you will be able to get a good amount of information to help you choose a good place for the home of your dreams.


You should also consider the availability of the services of certain utility companies in your area of choice like the electric power company, the water service company and telephone companies. You might also want to know the convenience of availing these services such as available online systems for the opening of service accounts to spare you the time and effort of having to go to their offices for certain transactions.

Employment Opportunities

Unless your purpose of finding a home in Miami is because you got a job offered there, finding a job would probably be one of your primary concerns. See to it that choosing the place you want to live in comes along with a gainful employment. This may be a difficult undertaking but with the help of available employment resources, you will be able to get a job without so much difficulty.


Finally, you should find a place that will provide as much as possible every means of transportation so you would not have a hard time getting to places you have to go. You should be well acquainted with the transportation in the city especially if you have no car of your own.

These are just a few things that need to be given attention so that you will not be having so much difficulty in moving to a wonderful city such as Miami.

Vanessa Arellano Doctor

Hire the Right Moving Company in Moving to Miami Beach Real Estate

May 7, 2008

Moving can be quite stressful knowing that you have lot of things to do. Moving is time consuming since it involves packing up things and stuff, renting a truck, loading the truck, driving to the new place, and unloading everything and so on.

With of all these stuff, knowing that moving requires lots of work, there are many people who choose to hire moving company to do all of the right stuff. Yes, hiring moving company can reduce stress since they can help you out with your quest but if you hire the wrong moving company you will just add up the stress. You must know how to choose the right moving company in order to protect yourself and your things.

When you are looking for a moving company, there are things that you need to consider, this article will mention those things, read on.

Definitely, you know that if you hire someone to do the work for you, you can expect a job well done with a price. Now, you need to think of how much works do you want the moving company to do for you? There are some people who prefer to do the packing by themselves and hire moving company for loading and unloading of things. But, there are some that hire moving company for packing everything up, load, transporting, and unloading it to the proper room in your new home in Miami Beach real estate.

Before getting the service of a moving company, you have to allocate budget for it. You can contact few moving company and ask for the rate of their services and of course, you need to see to it that you will gain quality work. You can do the packing by yourself and just hire a moving company in loading, transporting and unloading your stuff. You can contact few moving companies and compare their prices, it would be best to gain information about their services as well.

Ask important questions before hiring a moving company, you need to ask if how much they will pay for damaged things if in case such incident happens. It is a fact that you invest money for your belongings, so you want to take good care of it. So, if there were incident that happens during the move that can damage your things, it is not that easy for you to replace it. It is best to know if the company will pay for it. Check out their policies and insurance before working with that company.
You need to go with a reliable moving company in order to protect yourself and your belongings. Do your homework and research, research and research. Find the right company that can assists you properly. You can search the name of the company online in order to know if the company is reputable.

In doing all of these things, it can help reduce stress in moving to your new home in Miami Beach real estate. Of course, you would want to be in your new home safely, not only yourself by your belongings as well.

Eliza Maledevic Ayson

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

Timing in with Miami Real Estate Market’s Boom and Bust

May 6, 2008

The year is 2005 and it was all the way living, it was some good years for the overall real estate market and it was a fun time for investors, developers and the buyers as well. Looking back when this was Boomtown in 2005, when ABC News did that first story, it met a young real estate lawyer and speculator named Richard DeNapoli. He’d bought four condos worth $1 million with a $200,000 down payment. DeNapoli was banking on a $400,000 profit for his four condos. And according to him it was on of his business highlights.

But today, those condos are nearing completion, and his expectations are more modest. DeNapoli has flipped his four units to other Florida home mortgage loan applicants, but for less than he’d hoped. Because he bought in early enough he’ll make a $275,000 profit and that is a big maybe. The worst-case scenario, he said, would be to break even or have to buy and then rent the units he speculated on. That is what this high-low movement of the real estate market is going. “It’s a stalemate right now,” DeNapoli said, “between buyers who have a lot of supply to look at and sellers who don’t want to budge on their asking prices.” Obviously he can’t believe the movement either.

Ok looking back in 2005 again, “The equation is that you have speculators buying units, and they’re trying to flip their contract to other speculators who in turn are trying to flip their contract to other speculators,” Jack Winston, an analyst with Goodkin consulting, saw a boom based on shaky foundations.” He also said at the time. “Somewhere along the line, you are going to run out of speculators.” Now, Winston is saying: I told you so. And I think that is fact considering the market’s state right now. It is unavoidable thus reality strikes in.

He continue saying that “Basically, we predicted at that time it was pretty close to a Ponzi scheme.” And adds, “And the last person is the one who gets hurt. And that’s basically what happened here.” Winston and others estimate that 70 percent of the Miami condo market was driven by those speculators in search of quick profits. “Probably some time around
September or November of 2005, it was as if someone turned off the spigot,” he says. “Since that time, new sales at condominium projects have come to a halt, practically a stand still.” It is more to a fault that the market is in a stand still mode and has been there for some reasons as well. The lesson on this is learned for sure. Analyzing the past few years of the market and its state now, it is hard to compare but the difference is obviously seen.

Jron Magcale

Tips in Preparing and Selling Your Home in Miami Beach Real Estate

May 6, 2008

Finally, you made an important decision to sell your home in Miami Beach real estate, have you talked to your family, friends, real estate agent and financial advisor about it? There are different reasons why you need to sell your home; it can be because you need to relocate to other place for a new job and so on.

Whatever the reasons are, there are lots of things that you need to consider and keep in mind when you are preparing your home for sale. Read on in order to gain some tips on preparing your home for sale.

Determining and setting up an asking price is the most important aspect of selling a home. Buyers will not consider your home if you set a high price for your home. You will lose money, if you make too low price. So, it is best to set a reasonable price. If you are having trouble in creating an asking price, you can ask for the help of real estate agent. The real estate agent will give you a free market analysis, by looking for homes that are similar with your homes.

Yes, you can work will a real estate agent in selling your home in order to gain someone to assists you. But, you have to get an agent that has the right experiences and expertise. Make sure that the agent knows the market very well.

When preparing your home for sale, do not make major remodeling that you cost you big. Since doing expensive remodeling, it rarely means that it can increase the selling price of your home, so the expenses you made are just enough to cover all the expenditure.

It is the outside of your home which potential buyers will first see, so you need to see to it that you will have an appealing yard. Tim the lawn, water the plants and remove weeds. Remove all the clutter in your yard. If you have pets, make sure to free your yard with your pet’s stools. As look at the outside of your home, is the paint peeling, are there some cracks? If there are, then you need to make the necessary repairs. You can make your home clean and inviting if you put fresh coat of paint, just make sure to use neutral colors. Putting potted plants and planting flowers can add up in curbing the appeal. Wash the windows and make sure they are free from dirt and dust. In cleaning the windows, it will sparkle at the sunlight.

Make sure to clean, clean and clean. Make sure to organize everything; do not forget the closets and cabinet, since buyers take time to open them, so you need to organize them. Remove your personal belongings such as photographs. You are preparing your home to make a sale, so you need to make it a comfortable place for potential buyers.

Clean the kitchen. Make it sparkling clean, never ever leave the sink with full of dirty dishes, that can bring a bad impression. You must clean everything up to make a good impression. In creating a good impression, you can easily sell your home in Miami Beach real estate.

Eliza Maledevic Ayson

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

Seeking Light for Miami Real Estate’s Future

May 3, 2008

It has been a tough year for the Miami real estate market so far and the clouds are getting darker, it hasn’t been good to out overall market as of late and been on the down slope most of the year. But still hope is in everyone’s eye as there positive signs for the Miami real estate market as well as the rest of South Florida real estate market. One reason is the increased sales volumes, yes folks you heard it right there are reports that the increase sales volume have progressed real good. Existing home sales volume has been steadily improving since the last couple months of 2007, and that trend should continue with historically low interest rates and lower home prices.

It is reported that right now, around 50% or so off the peak sale volume, which mirrors the last downward real estate cycle that was way back 1986-1991, when we were at 55% off the peak sales volume at its lowest point. So developers reacted more quickly to this current market. This bodes well. The only exception to this may be certain pockets of the condo market, which Dr. Fishkind didn’t get into in much detail. Housing starts have slowed down at a faster during this downward cycle than in the one in 1986-1991. Also Miami-Dade County employment numbers still strong, Locals need a place to live as well and have a big impact on the real estate market, even in second-home-heavy Miami. And the employment growth was still strong in 2007 with 11,500 new jobs created, as compared with 13,200 in 2006. And population grew at a strong 15,000 in 2007.

There are few reports that high energy prices hurting second-homers that would otherwise buy in Florida; we all know that the high energy prices tend to impact a larger percentage of the states east of the Mississippi River. And when their economies are not doing as well, people from those states don’t buy as many second homes here in Miami. This is something to continue to watch as the energy problems play out this year. A side note about the South Florida and Miami rental market, will Miami rent prices decline? Well I believe the answer there is yes but as developers and capable 2004-2006 individual investors refuse to sell at a loss, and as wholesale investors gobble up large numbers of units from banks and developers, they will all rent out their units and wait for the top of the next cycle in a few years.

So, with that being said I believe that the movement of the market will be in good flow. There are other factors to consider but right now, those are the main things that make me decide that the Miami estate market will be in good faith. Let us erase the mentality of believing the hype and eventually getting swallowed by it. At least let’s forge some insights on whether it’ll be healthy for the market to go on in this state. The future looks nice.

Jron Magcale

Feeling Potential for South Beach and Miami Real Estate Market

May 3, 2008

How does the real estate market of Miami look like now and for its future? It is hard to guess but there are concerns that it will be a case of boom or bust, depending on what can happen in the future. There are predictions that in time, due to the high costs of insurance and taxes there will be a mass exodus of people from Florida, in which means that potential can boom the housing market upon anything else, in the contrary the people would likely shy away because of the negative results of it s market but nevertheless it will go places. But the trends show that while that may be happening on some scale, Florida is not at risk of negative population growth by any means. To start with, Florida’s population still grew at a net rate of about 180,000 in 2007, which according to experts is common for a recessionary cycle.

Although, Florida is the main and key retirement destination, there is still some competition throughout the nation. Yes, there is more competition for retirement destinations from other states like North Carolina, South Carolina, Tennessee, Georgia, Colorado and other states all over the U.S. but the number of U.S. retirees is growing at a rapid rate, and that means a much bigger pie for everyone. Even if that declines as inter-state competition increases, there is more than enough growth in the total number of retirees to continue positive growth in Florida.

Right now Florida’s share of the U.S. retiree market is around 10%, which is a relatively big number if you sum it all up. According to experts, 22.59% of people over age 65 move each year. The population over age of 65 is set to grow by three to six million every 5 years or so. So that means that we are looking at a 10-15% increase every 5 years in the retiree population that is likely to move.

Let’s face it Latin America loves Miami, Let’s not forget that Miami, which is a bit different than the rest of South Florida seems to benefit from all the extra money from Latin Americans desiring second homes during their good times and from Latin Americans seeking permanent escape from their country’s problems during their bad times. Miami seems to win whatever the cycle is in Latin America. They have been reported numbers of them luring in Miami, basically because Miami for them is as close as home that could be, that is nice and for the business side, boom is where it’s at.

Let’s go now to Miami’s resources, we all know that tourism and conventions are 2 of Florida’s big industries, and Miami was one of the few cities in Florida that had strong positive growth in both categories. Many people tend to eventually buy where they vacation, and with so many visitors each year there are bound to be takers, both short-term and long-term trends are pointing to a healthy Florida real estate market for years to come. In the end, with all the sun, fun and international recognition, who could have any doubts? I think that what Miami need now is just time to set it all up and boom, they’ll be good in the market once again. You just watch.

Jron Magcale