Thursday, December 11, 2008
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
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)