If there's one term in real estate that can spark colorful debate, it's "luxury". Is it the price of a home? Or is it all the extra bells and whistles that come inside or simply the fact that it looks nice to the naked eye? The term instantly conjures distinct meanings for everyone but one thing's for sure: the subjectivity of the "luxury home" concept unveils opportunities for the savvy buyer to acquire luxury property at minimal expense.

In most cases, if a property costs a minimum of a million dollars then it's automatically deemed a luxury property. Ask the average homebuyer or impartial realtor if they believe this sentiment to be true and it's likely they'll tell you that luxury encompasses much, much more than just a seven figure price tag.

A million dollar or more property gives you boastful credibility and yes, the fact that you've just invested in a four bedroom four bathroom property in a "luxurious" neighborhood does perhaps grant you some sort of exclusivity but it really only scratches the surface of how flexible and multifaceted the term luxury is.

Luxury could also be the immediate area where you live. For example, the Gables by the Sea community in the "luxurious" city of Coral Gables has several beautifully elegant homes. The homes themselves ooze extravagance but perhaps what makes them truly luxurious is the serenity and sense of security that only a waterfront gated community offers. Aesthetic and ambiance play crucial roles in making a high-priced luxury listing seem like a plush sanctuary.

Although ambiance and aesthetic are important, one could also argue that ultimately, luxury is being able to say you own a cozy home situated in a safe neighborhood with the best friends, family and neighbors in the world. Considering how important homes are in the roles they play in our everyday lives, luxury should or could be defined not just on a home's numeric value, but also on the joy, security and cherished memories it brings you and your loved ones.

In the midst of an election year politicians in both parties are jockeying to gain confidence from voters in a time of economic downturn. Now that high gas prices, rampant home foreclosures and credit bubbles are bursting left and right, citizen's confidence in the government's ability to handle the economy is at an all time low. But the inaction that has characterized government's response to economic woes the past several years has ended as more and more activity has been seen from the legislative and executive branches.

Around three hundred billion dollars has been dedicated to the struggling housing market in an attempt to reverse the negative impact declining home values have had on the real estate market. Senators and representatives had a rare weekend vote on the matter and overwhelmingly decided that something needed to be done. The money is supposed to go to distressed homeowners and to assist ailing loan companies Fannie Mae and Freddie Mac.

Senate Banking Committee Chairman Chris Dodd commented on congress's decision, "Today, congress did more than send a bill to the president - we sent a message to American families that help is on the way." The president has stated that he will pass the bill so people should be expecting help soon.

Of course like every bill passed in the senate, there are those who adamantly oppose these measures, calling it a "bailout" for Freddie Mac and Fannie Mae, whose poor lending practices are partially to blame for the housing crisis. They believe this regulation of the home loan market will only temporarily help and maybe even perpetuate the downward turn.

Proponents of the bill believe that even if Fannie Mae and Freddie Mac are to blame for the housing crisis they are too influential in the housing market to be discarded. If the two companies were to recover it could boost the real estate market enough to return things to normal and stop the downward spiral in home values.

The rollercoaster-like trends of the real estate market have reduced the demand for buying normally lucrative investment property like Miami Beach oceanfront condos and have given way to a rise in renting. If you’ve recently made a residential property investment only to find no one wants to buy it, renting it out for now is a great way of making sure it makes you some form of income. Renting does come with additional responsibilities and as a landlord, there are a few items you’ve got to know about and keep an eye on.

Rent money equals income. The renter is essentially paying you a fee for your “product” so be aware that come tax time, that money you’ve earned from renting may need to be reported. Also, rental homes are not covered by normal homeowner’s insurance which may require paying for additional coverage to protect the property and the people living in it.

Make lawsuits an afterthought. Being sued by a disgruntled tenant is not unusual. Having a lawyer on hand or knowledgeable property manager can save you a world of headaches and also prove useful in ensuring that the rent being charged is justified.

Know your tenant. Like the old adage “don’t judge a book by its cover”, make sure you do extensive research on the prospective individual(s) you’ll be renting to. The last thing you want is to find out that they can’t make payments on time…or refuse to pay at all.

Maintain the property as if you were living there. There is more of a sense of accomplishment when one buys a home instead of simply renting it but even so, it is a home. Treat it like one and chances are the tenants will enjoy it twice as much and also keep it in good shape. This also works to your benefit by attracting less unsavory tenants.

At its core home buying works as a contemporary form of bartering, a tradition that’s worked for ages where both parties conduct a friendly haggling competition of sorts.  On one end, the buyer is using his or her skills to obtain the lowest price.  At the other end, a seller is looking to achieve the exact opposite; a feat most agree is trickier these days due to the lessened demand for real estate and South Florida homes.

While the experience is something of a friendly competition, at the end of the day both the buyer and seller have the same unified goal of agreeing on a price.  With that in mind, it’s wise to tackle the home buying experience as a problem that needs to be approached with a couple of predetermined strategies.

If they own Miami Beach oceanfront condos, sellers usually expect to receive a handsome offer to justify the property which does make sense but, when real estate market conditions are taken into account, it’s tricky to put it mildly.  It may be wise to start off by simply informing the seller of your interest in the condo while stopping short of actually making an offer, something a real estate agent can do for you if you so choose.  Once the seller realizes their asking price is grabbing little attention, they can contact you when the price of the condo goes down.

When there are no other buyers involved trying to compete, the room for negotiation is significantly increased.  Strongly consider making an initial offer that will allow both you and the seller to play with numbers as much as possible, all sellers are looking for a deal just as much as you are.  If there is someone who is making a better offer on price, finding out other ways of appeasing a seller (e.g.: paying for any needed repairs) can work in your favor.  Your real estate agent is a valuable resource in finding out what can be done in such a case.

The upcoming summer season brings tons of opportunities to leave the balcony of your condo in South Beach and explore the year round and upcoming attractions the city is currently or will soon offer.  Best of all, with the school year coming to a close in two months, there’s plenty of opportunities to participate in some of these events with your children.  Let’s take a look at some of the art events going on in Miami and South Beach.

South Beach condos and the general art deco style prevalent throughout the city and in hotels like the Tides is largely the responsibility of 1930s architect Lawrence Murray Dixon.  A collection of his work is currently available for viewing at the Miami Beach’s Bass Museum until the eleventh of this month.

Among the large assortment of people who live in South Beach, the Cuban culture remains one of the most instantly visible.  Those interested in learning more about its history and its art can vie the works of celebrated artist Wilfredo Lam at the Miami Art Museum located in the downtown Miami area.

Need to find some art you can use to conduct in depth discussions with your friends and family over a round of drinks on a cool South Beach evening?  Check out the “What are you laughing at?” exhibit at the Art Center on Lincoln Road which injects comedy into otherwise serious subject matter such as religion

Also at the Miami Art Museum, explore Cuban-Dominican artist Quisqueya Henriquez’s huge collection of work spanning over fifteen years showcasing intriguing works of art across multiple mediums such as photo, drawings, sculpture, and video.  It’s the first public exhibition of his work available and is yet another important of South Beach, its Hispanic residents, and the highly diverse community that the make the city such a dynamic and wonderful place to live.

Buying a home is one of those things that will forever remain an important long term investment and rite of passage for as long as modern civilization continues to exist.  From young professionals leaving college to children who are choosing to leave the homes they grew up in, putting a down payment on a new home to call your own is an important step.

With all the daily real estate news reports of value and price drops and people giving conflicting opinions ranging from the importance of buying now to the importance of staying put, it’s easy to get confused about what you should do, especially if you’re a first time home buyer.  The question is simple then: is it a good time to buy?

Unfortunately, the question cannot be answered with a simple yes or no due to the several factors involved.  For starters, you must understand that for the most part, if you buy now you will be losing money since values are still dropping.  Therefore, there is a large chance that whatever you end up paying now, a similar property in the same neighborhood could be had for even less in a few months.  If your credit isn’t as good as it could be, you’ll also have more difficulty securing agreeable financing and in some cases, you’ll be turned down right on the spot.

On the plus side, if you have plenty of money saved up and can make a sizable down payment interest rates are unusually low so your payments will not be as high as if you were buying a three or four bedroom home or waterfront condo during better real estate market conditions.  A good credit score will also allow you to negotiate a much better (and affordable) arrangement when combined with the lower interest rates.

Your biggest risk remains potentially losing money in the long run.  If you can overlook that issue and are financially secure, now may be as good a time as any to buy a home or condo.

 Condominiums make up a large portion of real estate and in Miami, there are plenty of them to go around across all of the popular neighborhoods.  The downtown Miami area in particular, is home to some of the most luxurious condos and also the tallest, namely the Four Seasons Hotel.  However, its prominent status as the tallest building in the state may soon be replaced by a proposed edifice that will truly define the words “Miami skyscraper”.

The Empire World Towers, a project being spearheaded by two local developers consisting of two buildings connected by three “sky bridges” will rise an astounding 93 stories, standing just over 1,000 feet tall.  The structures will function as a residential property and are being designed by renowned architect Kobi Karp.

The question on many people’s minds when such news comes up is, why?  Real estate is tricky at the moment and now is not the most opportune of times to be developing or proposing such lofty projects when existing ones are have trouble selling, even if they are worth admiring.

It will take considerable time and effort to actually build and complete the Empire World Towers, somewhere around two years or so.  Since the real estate market is projected to be in much better shape by then, the towers would actually make sense and should become quite ideal for anyone who might be considering buying investment properties come 2010.

As of this writing the project is still being evaluated by the Miami City Commission.  Consider what such a project can do not only for real estate but also for encouraging Miami tourism since many people will likely visit the city to see just how tall it really is.  Surely any real estate agent could also find tremendous sales opportunities in 2010 by selling Empire World Towers real estate.  Is this project a good idea and if so, how can it contribute to the city or encouraging residential property investment?

The majority of people who follow real estate market trends will say buying a home now is the worst thing one can possibly do...so why is the Florida Association of Realtors (FAR) saying the complete opposite?  According to them, investing or buying a Miami property is now the most opportune of times to actually be doing so due to the uncommonly low prices and its existing buyer’s market status.  These investors and buyers that take the time to carefully explore what’s available can actually find some awfully enticing deals.

The FAR’s reasoning isn’t anywhere near as far fetched as you might think.  The existing lower price tags Miami Beach waterfront homes and downtown Miami condos currently carry are not only more affordable, these properties also come with significantly reduced mortgage rates and therefore prompt lower monthly payments not likely to happen if and when the market returns to a better state.

Ask any impartial realtor or investor and they’ll also tell you renting doesn’t provide the same fruitful long term prospects of owning a home nor does it build equity of any sort.  It’s also worth nothing that South Florida, particularly the South Beach area still provides an overall excellent quality of life experience.

Homes, in spite of all the various types of investments available today, are still one of your best bets in ensuring your financial future and becoming something to fall back as equity continues to build.  As a homeowner, you also receive several tax incentives and most of all, being able to renovate a home to match your lifestyle is absolutely priceless.

Analysts within the National Association of Realtors forecast a resurgence in the market that could start as soon as this summer but should definitely begin to show signs during winter and the beginning of 2009 as buyer confidence is restored and sales start to increase at a regular rate.  These prospects, when combined with the government’s own plans and efforts to encourage spending again, may be the catalyst that will drive home and condo sales closer to the status they had just a few years ago.

Strengthening Downtown Miami Real Estate

 A recent newspaper article discussing the future of downtown Miami shows new and exciting developments for this classic area.  County commissioners recently voted to give the city a major facelift and pay off some construction debts that’ll potentially give way to the long rumored Florida Marlins stadium.

Is this a sign of fruitful new opportunities to come for this area that, despite having a wealth of posh luxury condos on Brickell Avenue and beyond, has remained largely stagnant in its development and expansion with the exception of the fairly recent Performing Arts Center?

Although it can often act as an architecture enthusiast’s cloud nine, there’s definitely some room for aesthetic improvement in downtown Miami, particularly when it comes to nature.  Among the developments is a purported museum park which should go a long way in complementing other areas and attractions like Bayside that use natural resources to increase its visual appeal.  This push to create more of these serene settings can also attract new buyers who may like the downtown area but demand some kind of comforting natural aesthetic in order to truly complete their living experience and call the place where they live home.

As two time world champions, many have lobbied for a Marlins stadium.  Assuming all goes as planned, this proposal could finally come into fruition even if it does come at the expense of the classic Orange Bowl.  A new stadium could also do wonders in attracting tourists which, as any Miami real estate enthusiast would know, means lots of buying opportunities since the stadium will be located in South Florida.

Finally, the affordable housing project should also spur buyers with limited budgets to explore a single family home or a bachelor pad in an area that otherwise caters mostly to the people who can afford one of the exorbitant price tags the area is largely known for.  The future looks bright for downtown Miami and the hopeful projects for next year should assist in increasing its real estate appeal.

Miami Beach: not just for the rich folks anymore.  The waters of overpriced housing are subsiding, unearthing new discoveries amongst the glut of existing properties already searching aimlessly for new real estate pioneers looking for the next treasure trove opportunity. 

Renters in Miami Beach may not realize it, but the money they’re using to lease that condo in 6000 Indian Creek or Bentley Bay is becoming an expenditure with no foreseeable rewards instead of an investment capable of reaping long term rewards. 

Prices continue to ebb and flow, presenting new opportunities for those willing to look and making those irresistible oceanfront condos that once seemed completely out of your financial reach a reality.  As values tumble and new pre-construction units are announced, the chances of actually being able to own a property are immeasurably increased.  Thus, sitting back and resting on your laurels during such an apt time can mean several impending years of superfluous lament.

Consider this: even if you do end up paying off your labor of love within the next ten years, imagine how much it will be worth once that time rolls around.  You owe it to yourself and chances are, if you’re living in Miami Beach, you probably have a healthy sum of spare change lying around that can be doubled by playing the condo market. 

If the monetary prospects don’t fully sway you, why not bask in the bragging rights?  Your friends and family will likely be amazed at your posh three bedroom condo with designer fixtures and a sprawling waterfront terrace that surely cost you an arm and a leg.  Of course the beauty of the whole thing is in knowing that was nowhere near the case.  By simply playing the market and being astute in where you invest your money, you can reap the benefits of Miami Beach real estate without taking any dramatic hits to your pocketbook.