condos in miami beach: Pending home sales skyrocket - 05/03/10 04:26 AM
It's a wonder what low prices and federal tax credits can do for home sales.Roughly 22,000 single-family homes are under contract and waiting to close in Palm Beach, Broward and Miami-Dade counties, according to CondoVultures.com.That's the highest total in at least 18 months and a 138 percent increase compared to November 2008, when the Bal Harbour-based consulting firm started tracking weekly sales contracts.The increased activity means that some buyers are paying more than original asking prices, said Peter Zalewski, a principal at CondoVultures.com.Still, skeptics wonder about sales once the $8,000 and $6,500 tax credits disappear. The deadline to sign sales contracts … (0 comments)

condos in miami beach: Florida's Existing Home, Condo Sales Rise in February 2010 - 03/23/10 03:41 AM
For more information go to www.BuyMiami.net March 23 /PRNewswire-USNewswire/ -- Florida's existing home sales rose in February, which means that sales activity has increased in the year-to-year comparison for the past year and a half (18 months), according to the latest housing data released by Florida Realtors®.Existing home sales increased 21 percent last month with a total of 11,890 homes sold statewide compared to 9,867 homes sold in February 2009, according to Florida Realtors. Statewide existing home sales last month increased 13.6 percent over statewide sales activity in January.Florida Realtors also reported a 59 percent increase in statewide sales of existing … (1 comments)

condos in miami beach: Buying in bulk: Investment groups seeking condo profits in South Florida - 03/22/10 05:25 AM
For more information go to www.BuyMiami.net Nearly 400 South Florida new condo units purchased in bulk by investment groups have been turned around and resold for more than $164 million, representing an average return of $83 per square foot, according to a new report by CondoVultures.com. Of the 42 bulk transactions for 3,300 units to occur since July 2008, at least 16 of the bulk buyers have successfully retraded more than 21 percent of their newly acquired condos - some 1,800 units - at an average price of $388 per square foot, according to the report based on the Condo Vultures® … (0 comments)

condos in miami beach: Home buying checklist: What you need to know - 03/18/10 06:18 AM
For more information go to www.BuyMiami.netWouldn't it be great to have a home buying checklist? Something you could stick in your pocket that would remind you to ask all the right questions and make a smart home buying move?As we count down the final few weeks to take advantage of the $8,000 first-time home buyer tax credit and $6,500 long-term homeowner tax credit, it's helpful to have a checklist all home buyers can turn to.1. Understand the difference between what you want in a house and what you need. Just because you want a house with five bedrooms, five bathrooms and … (0 comments)

condos in miami beach: Ask a real estate pro: What happens when the appraisal comes in too low? - 03/17/10 06:51 AM
For more information go to www.BuyMiami.net Q: I am in the process of buying a new home on Miami Beach. But the bank is telling me that the appraisal came in $200,000 less than the purchase price. The bank will lend only off its appraised value and not what I am paying. The house is clearly superior to the comparables the bank used, so I don't understand why the value came in so low. What should I do? -- StantonA: Stanton, this is something we come across more than people would imagine. Right now, especially in the high end market, values … (0 comments)

condos in miami beach: Real-estate recovery signaled with homebuilders as Fed unwinds - 03/15/10 05:19 AM
For more information go to www.BuyMiami.net The U.S. housing market is poised to withstand the removal of government and Federal Reserve stimulus programs and rebound later in the year, contributing to annual economic growth for the first time since 2006. Increases in jobs, credit and affordable homes will help offset the end of the Fed's purchases of mortgage-backed securities this month and the expiration of a federal homebuyer tax credit in April. Sales will rise about 6 percent this year, and housing will account for 0.25 percentage point of the 3.6 percent growth, according to forecasts by Dean Maki, chief U.S. … (0 comments)

condos in miami beach: New life in downtown Miami as condos fill up - 03/12/10 02:36 AM
For more information go to www.BuyMiami.netOut of the ashes of the downtown Miami condo collapse, a bright spot is emerging: a community of full-time residents slowly starting to turn the area into a 24/7 city.A new study by the Miami Downtown Development Authority, in partnership with Goodkin Consulting/Focus Real Estate Advisors, has found that 74 percent of the 22,079 urban condominium units built since 2003 are occupied. They stretch from the Brickell district south of downtown Miami north to State Road 112.This reflects a 20 percent increase over the 62 percent occupancy rate reported in a similar study completed in May … (0 comments)

condos in miami beach: Florida Home Sellers Slash Prices by More Than 10% - 03/10/10 01:35 AM
For more information go to www.BuyMiami.net In an effort to attract buyers, home sellers in major cities throughout Florida are reducing prices by more than 10 percent, according to a monthly survey of home listings conducted by ZipRealty, an online real estate brokerage based in Emeryville, California. In February 2010, sellers in Fort Lauderdale, Miami, and Palm Beach reduced list prices by an average of 14.89 percent, or $36,000. Prices of homes for sale in Orlando were slashed by 13.16 percent, or $25,000, and Jacksonville home sellers cut prices by 10.76 percent, or $19,000. "Contrary to the national trend, sellers in … (0 comments)

condos in miami beach: Florida gets $418 million for distressed homeowners - 03/08/10 02:24 AM
For more information go to www.BuyMiami.netFlorida was awarded $418 million of federal stimulus spending on Friday to help homeowners who are unemployed or who owe more on their mortgages than their homes are worth. Treasury officials disclosed the funding for Florida and four other states hit hardest by unemployment and the housing foreclosure crisis.Homeowners in South Florida are eagerly awaiting details of this program, which was announced by President Obama last month.The awards come from a $1.5-billion Innovation Fund for the Hardest Hit Housing Markets. Florida will get $418 million, California $700 million, Michigan $155 million, Arizona $125 million and Nevada … (2 comments)

condos in miami beach: South Florida pending home sales on the rise - 03/05/10 02:58 AM
For more information go to www.BuyMiami.net Pending home sales in South Florida increased in February amid a glut of cheap homes and condos. National sales slipped due to weather woes.Pending home sales in Miami-Dade and Broward counties were up in February, as low prices and a tax credit for first-time home buyers appeared to drive sales.In Miami-Dade, the number of people who agreed to purchase a home in February was up 9 percent versus January at 9,164 homes and condos. Compared to year-ago levels, the number of pending home sales was up 61 percent, the Realtor Association of Greater Miami and … (0 comments)

condos in miami beach: Florida's population pops back up - 03/04/10 01:41 AM
For more information go to www.BuyMiami.netLast year Florida's population declined by 57,000 residents, the first such drop in residency in the state since the troops went back up north after World War II. Pundits predicted that Florida's powerful growth engine had, like many of its citizens, gone into retirement. Time Magazine dubbed Florida, "the sunset state."But, after living through a season of sub-zero temperatures, approximately 40% of that number, about 23,000 people, realized that there is a very good reason that Florida is nicknamed, "the sunshine state," and they filed back in.Florida's previous annual average population growth averaged about 300,000 people … (1 comments)

condos in miami beach: Miami-Dade ruling shows banks may be fined for delays in condo foreclosure sales - 03/03/10 02:56 AM
For more information go to www.BuyMiami.net Can Florida banks be held financially accountable for purposely delaying condo bank foreclosure sales? A new South Florida circuit court ruling says yes.Amid a growing clamor for Florida banks to bear more of the financial burden caused by widespread condo foreclosures, the Miami-Dade Circuit Court case settled last week shows an example of associations turning more often to courts for relief from revenue losses tied to the state's condo crisis. And it could pave the way for other South Florida condo associations faced with stalled foreclosures caused by lenders.The King Cole Condominium Association in Miami … (0 comments)

condos in miami beach: Fannie Mae Asks U.S. Treasury for $15 Billion More in Aid - 03/01/10 01:27 AM
For more information go to www.BuyMiami.netFannie Mae, the mortgage finance giant, reported a 2009 annual loss of $74.4 billion as the U.S. commercial and residential mortgage market continues to lag the rest of the economy in emerging from crisis.The Washington, D.C.-based company was put under federal conservatorship with its sister company Freddie Mac in 2008 after the firm suffered deep losses due to crisis in the real estate market.Last Friday, Fannie Mae asked the U.S. Treasury for $15.3 billion in additional funding. Fannie Mae disclosed total non-performing loans, or loans that are in default, of $216.5 billion as of Dec. 31, … (0 comments)

condos in miami beach: Lennar and Starwood Land Ventures Completes Strategic Deal on Prime Homesites Across Florida - 02/26/10 01:55 AM
For more information go to www.BuyMiami.net Major deal for key parcels shows new growth opportunities in current marketMIAMI, Feb. 25 /PRNewswire-FirstCall/ -- Lennar Corporation (NYSE: LEN and LEN.B) - In a deal between one of the nation's largest homebuilders and one of the nation's premier real estate investment firms, Lennar Corporation announced today that it has closed a deal with Starwood Land Ventures LLC to acquire or option more than 2,700 homesites in 38 communities across Florida. These land holdings constitute one of the most desirable real estate portfolios to come to market in years. The homesites are part of the … (0 comments)

condos in miami beach: Tips for first-time homebuyers - 02/25/10 05:19 AM
For more information go to www.BuyMiami.net Time is running out for potential homebuyers to take advantage of the First-Time Homebuyer Tax Credit.So we solicited tips from five experts in the field to help potential homebuyers navigate what can be a complicated market. Real estate agentRole: The Internet can be a great tool for a potential homebuyer, but Willinette Cohen, a Realtor with Prudential J.R. Carucci Real Estate Inc., said it is helpful to work with a real estate agent.Tip 1: Cohen recommended that potential homebuyers work with lenders to become pre-qualified. "It makes your offer a stronger offer," she said. Tip … (0 comments)

condos in miami beach: Veteran Consultant Cautions Banks' Dumping Foreclosed Condos Are Ruining Downtown Miami Real Estate Market - 02/24/10 03:05 AM
For more information go to www.BuyMiami.netMIAMI, FL) -- Jack Studnicky, an internationally known real estate consultant, lecturer, trainer and workout specialist for 50 years, warns the current dumping of financially distressed residential condominiums in the Greater Miami axis, could damage the development and financing in the luxury condo market for years to come.In a specially prepared White Paper, he states:"There are some great deals on condominiums in downtown Miami right now. Some banks holding foreclosed condos in luxury high rise buildings along Biscayne Bay from the Rickenbacker Causeway north are offering door buster prices."These 'below cost' of construction prices are great … (0 comments)

condos in miami beach: Obama sets aside more money for underwater home owners - 02/22/10 01:55 AM
For more information go to www.BuyMiami.netSouth Florida homeowners who lost their jobs or owe more than their property is worth could be in line for a big new dose of federal housing aid.President Barack Obama on Friday unleashed $1.5 billion to help homeowners in Florida and other states hit hardest by unemployment and a flood of foreclosures."It's going to allow lenders to help homeowners who are underwater," Obama said, referring to those whose houses are worth less than their mortgages. "And it will help folks who've taken out a second mortgage modify their loans."The announcement raised hopes that the aid could … (1 comments)

condos in miami beach: Should you buy a home that's been vacant? - 02/19/10 02:47 AM
For more information go to www.BuyMiami.netA for-sale house that's been vacant may look like a bargain, but buyers should be cautious because expensive problems often lurk inside homes that have been unoccupied for some time.A home can become vacant due to a marriage, job relocation, death or other life event. But vacancies today are more often due to a bank foreclosure or short sale in which the lender accepts less than the mortgage balance. It's these bank-owned properties, sometimes called "real estate-owned," or REOs, that tend to be "problem homes," says David Tamny, owner of Professional Property Inspection in Columbus, Ohio, … (0 comments)

condos in miami beach: Simon Could Corner South Florida Mall Market - 02/18/10 02:12 AM
For more information go to www.BuyMiami.net MIAMI-Simon Property Group's $10-billion bid for General Growth Properties could be a game-changer for South Florida more than other major retail markets statewide. Simon owns 41 malls, outlets and shopping centers throughout Florida, while General Growth has just 15.Merging the portfolios of the two companies would give Simon an unparalleled position in South Florida's retail sector, experts say. "Simon would be the most dominant player in the region," says Thomas Godart, managing director of Fort Lauderdale real estate firm Godart Florida Real Estate Investments.The acquisition would also give Simon the upper hand in a South … (0 comments)

condos in miami beach: Good real estate news: Home equity is rising again - 02/17/10 04:02 AM
For more information go to www.BuyMiami.net With all the bad news about underwater homeowners and strategic walkaways, you might think that American homeowners' equity holdings are in the tank. But the least-publicized recent statistic on real estate is that, despite these scary reports, home equity is again on the rise. Is that some piece of rosy propaganda put out by housing lobbyists to stimulate more home buying? Not unless you consider Federal Reserve economists to be shills for the real estate industry. The Fed conducts massive research into mortgage balances and home-value changes in hundreds of local markets around the country … (2 comments)