Thursday, December 11, 2008
Opportunity still Available in South Florida!
Philadelphia investor has paid $8 million for 19 units in the 562-unit Flamingo South Beach condominium tower; paying about $313 per square foot for the condos. The transaction has not yet appeared in Miami-Dade County public records. The buyer was interested in acquiring properties with income potential and has already rented out 15 of the units at around $2.25 per square foot in the complex that overlooks Biscayne Bay. Many of the renters are young professionals who work in South Beach, downtown Miami or near Jackson Memorial Hospital, “The deal made a lot of sense for them. The beautiful brand-new buildings downtown are renting aggressively, but we have been able to rent at a higher rate and still get the renters,” a spokesman said.
Friday, December 5, 2008
Mortgage Rates Take a Big Dip This Week!
For the week ended Dec. 3, Freddie Mac reported the lowest interest on 30-year fixed home loans since late January. The rate came in at an average of 5.53 percent, down from 5.97 percent the previous week and 5.96 percent a year ago; while 15-year fixed mortgages settled at 5.33 percent compared to 5.74 percent last week and 5.65 percent in the year-earlier period. Borrowing costs for short-term loans also were lower, with one-year adjustable-rate mortgages dipping to 5.02 percent from 5.18 percent a week ago and 5.46 percent a year ago. Five-year hybrid ARMs, meanwhile, fell to 5.77 percent from 5.86 percent last week and 5.75 percent during the same period of last year. ...............Source: Realty Times (12/05/08)
Tuesday, October 7, 2008
UPSET WITH THE ECONOMIC CLIMATE? DIVERSIFY!!
Ok. We have all heard the old adage when it comes to safe investing, "diversify". Historically Real Estate has been an excellent investment. NOW that South Florida is a buyer's market and the stock market is not exactly sky rocketing.... its time to take advantage of these low prices and buy South Florida real estate.
Saturday, June 7, 2008
Why buy in Florida?
Look on the bright side
January 31, 2008 by Nancy Batchelor
Sure, everywhere you look these days, someone is reminding us of the problems with the real estate market. Not enough qualified buyers, too much housing inventory, home prices are overvalued and the list goes on. While many of these things are happening and while Miami-Dade County is ranking among the most overvalued markets in the country, there is a reason why those selling a condominium in Miami-Dade County should not pay too much attention to the hype. I have just read an article in RisMedia entitled, “10 Reasons the South Florida Condominium Market is Hot” which helps to put things in better perspective.This article helps to understand what it is about south Florida that makes it an irresistible place to buy a condominium.
• 1) The weather. Half of the country is freezing cold right now while south Florida residents can languish on beautiful sand beaches.
• 2) Water, water everywhere. Many condos in Miami-Dade County offer spectacular views of the water, be they of the Atlantic ocean or of the yachts and mansions on the Intracoastal waterway
• 3) Stimulates family and friends into visiting you more often. You will become a very popular family member or friend to visit around vacation time.
• 4) Great value. Oceanfront and waterfront properties are highly sought after and rarely decrease in value.
• 5) Beaches all year ‘round. While half of the country is under snow and suffering harsh colds, south Florida residents are enjoying the beach.
• 6) Great for entertaining. Miami-Dade condominiums offer a stunning backdrop for entertaining family, friends or colleagues.
• 7) Low stress. Living by the beach gives you the opportunity to take afternoon walks after a hard day at work or just relax and watch the sunset.
•  Catch up on your reading. There is something to be said about sitting down at the water’s edge and reading a good book.
• 9) It always feels like vacation in south Florida. With palm trees, beaches, ocean and sun all around it feels like vacation time all the time.
• 10) Dining, entertainment and shopping. Not far from any of the wonderful beaches in Miami-Dade County, you will find excellent restaurants serving fare from the world over, art galleries, art boutiques and other cultural venues.
• 11) University of Miami Hospital offering world class medical care in South Florida
• 12) Miami International Airport
• 13) South Florida’s Exchange Rate
If you own, or are thinking of buying a Miami-Dade County condominium, I recommend that you read this article.
January 31, 2008 by Nancy Batchelor
Sure, everywhere you look these days, someone is reminding us of the problems with the real estate market. Not enough qualified buyers, too much housing inventory, home prices are overvalued and the list goes on. While many of these things are happening and while Miami-Dade County is ranking among the most overvalued markets in the country, there is a reason why those selling a condominium in Miami-Dade County should not pay too much attention to the hype. I have just read an article in RisMedia entitled, “10 Reasons the South Florida Condominium Market is Hot” which helps to put things in better perspective.This article helps to understand what it is about south Florida that makes it an irresistible place to buy a condominium.
• 1) The weather. Half of the country is freezing cold right now while south Florida residents can languish on beautiful sand beaches.
• 2) Water, water everywhere. Many condos in Miami-Dade County offer spectacular views of the water, be they of the Atlantic ocean or of the yachts and mansions on the Intracoastal waterway
• 3) Stimulates family and friends into visiting you more often. You will become a very popular family member or friend to visit around vacation time.
• 4) Great value. Oceanfront and waterfront properties are highly sought after and rarely decrease in value.
• 5) Beaches all year ‘round. While half of the country is under snow and suffering harsh colds, south Florida residents are enjoying the beach.
• 6) Great for entertaining. Miami-Dade condominiums offer a stunning backdrop for entertaining family, friends or colleagues.
• 7) Low stress. Living by the beach gives you the opportunity to take afternoon walks after a hard day at work or just relax and watch the sunset.
•  Catch up on your reading. There is something to be said about sitting down at the water’s edge and reading a good book.
• 9) It always feels like vacation in south Florida. With palm trees, beaches, ocean and sun all around it feels like vacation time all the time.
• 10) Dining, entertainment and shopping. Not far from any of the wonderful beaches in Miami-Dade County, you will find excellent restaurants serving fare from the world over, art galleries, art boutiques and other cultural venues.
• 11) University of Miami Hospital offering world class medical care in South Florida
• 12) Miami International Airport
• 13) South Florida’s Exchange Rate
If you own, or are thinking of buying a Miami-Dade County condominium, I recommend that you read this article.
Miami Florida
Miami Florida Real Estate by Arthur Velunza:
Miami Florida, nicknamed "The Magic City", is one of the youngest and hippest cities in the US. Although young, Miami Fl has become one the biggest tourist destinations in the country. With its cultural diversity, incredible attractions, recreation, and year round events excitement, Miami makes South Florida an incredible life changing experience and memory. Miami Beach Fl is a fast growing, fashionable and exciting international hot-spot. Film and music stars, art-deco museums, and shopping districts referred to as the "5th Avenue of the South" showcase the decadence and new-world architecture that lures thousands of visitors a year. Miami Beach Fl nightlife concludes an unforgettable vacation day with a diverse array of ethnic food and American cuisine, topped off with jazz cafes and hopping dance clubs.
Buyers from South America to India are choosing Florida
OML: Out-of-state and international buyers are descending on the area in search of deep discounts as prices continue to crater. They want to get in now and wait out the housing slump because they think the region remains a powerful long-term draw writes Paul Owers of South Florida's Sun-Sentinal
Flush with cash, buyers from Italy, Germany, England, Spain and other countries are scooping up condos here for at least 30 percent less than the cost of properties in their homelands.
Susan Gomez of Colombia visited South Florida last week and had a real estate agent show her condos in Fort Lauderdale and Miami. The owner of a language translation business said she hopes to buy in a month or so. "The gossip in South America is that properties in the U.S. are selling for low prices and the market is good here," said Gomez, 50. "They're saying that people who want to buy should buy now." Amit Bagaria, a real estate executive from Bangalore, India, spent two days this month scouting for deals on behalf of wealthy Asian families. He's eyeing new buildings in Fort Lauderdale and Miami with condos priced from $400,000 to $1.5 million. "We hear that if you're interested in four or five units, builders are willing to negotiate," Bagaria said. "Good deals are not difficult to find in the market right now." The rock-bottom prices also are luring buyers from within the United States, particularly the Northeast.
Flush with cash, buyers from Italy, Germany, England, Spain and other countries are scooping up condos here for at least 30 percent less than the cost of properties in their homelands.
Susan Gomez of Colombia visited South Florida last week and had a real estate agent show her condos in Fort Lauderdale and Miami. The owner of a language translation business said she hopes to buy in a month or so. "The gossip in South America is that properties in the U.S. are selling for low prices and the market is good here," said Gomez, 50. "They're saying that people who want to buy should buy now." Amit Bagaria, a real estate executive from Bangalore, India, spent two days this month scouting for deals on behalf of wealthy Asian families. He's eyeing new buildings in Fort Lauderdale and Miami with condos priced from $400,000 to $1.5 million. "We hear that if you're interested in four or five units, builders are willing to negotiate," Bagaria said. "Good deals are not difficult to find in the market right now." The rock-bottom prices also are luring buyers from within the United States, particularly the Northeast.
Market Outlook for remainder of 08'
Olga M Lameran: In the latest National Association of Realtors® (NAR) housing outlook, Chief Economist Lawrence Yun predicts that home sales and prices throughout most of the nation will improve in the second half of the year, especially if access to mortgages backed by the Federal Housing Administration, Fannie Mae or Freddie Mac increases. “There are many reasons for people to get into the housing market today, and very few reasons not to,” Yun says. “With the plentiful supply of homes for sale at affordable prices, interest rates approaching 40-year lows, and the strong track record of housing as a good long-term investment, conditions are ripe for buyers.”
Tuesday, May 20, 2008
Money Magazines Tips on Buying
There's no guarantee that prices have hit bottom yet - but that
doesn't mean that you can't get a great deal now.
By Amanda Gengler, Money Magazine
(Money Magazine) -- There's no telling how long the housing crisis will drag on. Here's what you need to know before you start shopping in a rocky market.
Rule 1: You can't time the bottom
Rule 2: One reason to buy now - mortgage rates
Homes are plentiful and will remain so, but financing will be getting more expensive.
Rule 3: Another reason to buy - rates on big mortgages
Mortgages in amounts greater than $417,000 - the limit for buying by federally sponsored mortgage agencies - usually run a fifth of a percentage point above conventional products. But investors are shunning jumbos, which now average 7.2% and are unlikely to drop much this year, according to HSH Associates. Certain jumbo borrowers could get relief, however. A new law allows Freddie Mac and Fannie Mae to buy loans as large as $729,750 in 71 high-priced areas. So far "jumbo conforming" loans average 6.6%. The program has gotten off to a slow start; you'll need to shop around. And unless Congress acts, this bargain will disappear at year-end.
Rule 4: Don't buy cheap; buy good schools
Rule 5: Make sure your agent has your interest at heart
doesn't mean that you can't get a great deal now.
By Amanda Gengler, Money Magazine
(Money Magazine) -- There's no telling how long the housing crisis will drag on. Here's what you need to know before you start shopping in a rocky market.
Rule 1: You can't time the bottom
Rule 2: One reason to buy now - mortgage rates
Homes are plentiful and will remain so, but financing will be getting more expensive.
Rule 3: Another reason to buy - rates on big mortgages
Mortgages in amounts greater than $417,000 - the limit for buying by federally sponsored mortgage agencies - usually run a fifth of a percentage point above conventional products. But investors are shunning jumbos, which now average 7.2% and are unlikely to drop much this year, according to HSH Associates. Certain jumbo borrowers could get relief, however. A new law allows Freddie Mac and Fannie Mae to buy loans as large as $729,750 in 71 high-priced areas. So far "jumbo conforming" loans average 6.6%. The program has gotten off to a slow start; you'll need to shop around. And unless Congress acts, this bargain will disappear at year-end.
Rule 4: Don't buy cheap; buy good schools
Rule 5: Make sure your agent has your interest at heart
Thursday, March 27, 2008
HOUSING MARKET UPDATE
Only weeks after Florida voters passed Amendment 1 in late January, Florida Realtors have noted signs of increased interest from potential homebuyers heartened by the measure's property tax relief benefits, especially the portability provision. Says 2008 FAR President Chuck Bonfiglio, "That's encouraging news, and the ink on this new law has barely had time to dry."
Monday, March 3, 2008
Sundays at Polo
Last Sunday had a mixture of rain and sunny moments, but did little to damper the spirits of all in attendance at the Grand Marquee Tent at the Palm Beach International Polo Club. While enjoying a beautiful buffet, passed appetizers and never ending cocktails the guests were happy to watch the match and learn about the sponsors. We had great conversations regarding our exclusive listing Trump Tower Palm Beach. We still have a few more Sundays to enjoy thanks to Ronnie Write and Platemate. Contact us to see if we can get you complimentary VIP admittance. -----Trump Tower Palm Beach is a pre-construction, 23-story, 150-unit super luxury condominium with a white-sand private beach, infinity-edge swimming pool, world-class spa and private marina. The property is located 1.5 miles from the Palm Beach Inlet with no bridges, and is adjacent to the Rybovich Marina mega-yacht facility. Prices are suprisingly affordable.
PALM BEACH — Housing slowdown? What housing slowdown?
Palm Beach Post Article 2-28-2008: The median price of a single-family home sold in Palm Beach in 2007 rose to $3.5 million, up 13 percent from 2006's median $3.1 million price tag, according to The Evans Report, a closely watched study by Palm Beach real estate attorney Leslie Evans. The median price of a condo in Palm Beach, meantime, rose 8 percent to $825,000 in 2007. The biggest home sale in 2007 was the $31.9 million that Miami Dolphins co-owner Stephen Ross paid for 702 N. County Road. There's no sign that Palm Beach's housing market is slowing.
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