Florida Real Estate News

Declining Dollar Brings Foreign Investors

Falling prices for real estate and the declining value of the dollar are luring investors from all over the world to purchase properties for as little as half what they might have paid four years ago. "This could be a once-in-a-generation opportunity for real estate investment," says Arthur Wong, whose Calgary, Alberta-based U.S. Real Estate Fund has invested $5 million in properties in the U.S. Southwest and plans to buy millions more.

Buyers from countries like Brazil, Canada, France, and the Netherlands, whose currencies are particularly strong against the dollar, are spending millions on luxury condos in New York City, Las Vegas, and Miami. Foreign buyers also find the warm climates of California, Texas, and Arizona attractive. Peter Zalewski, a principal with Miami-based Condo Vultures, says he has sold foreign condo buyers seven bulk deals in downtown Miami alone, with investors coming from Argentina, Canada, Colombia, Italy, Norway, and Venezuela.

From Realtor.org - November 24, 2009

South Florida Real Estate News

Some Cities Unaffected by Recession

Some U.S. cities with stable housing and diversified employment have been virtually untouched by the Great Recession. Analysts say cities that are most likely to leave the recession in the same or better condition than they started it are those where home prices didn’t fluctuate wildly, which spared them the devastating effects of foreclosure, lost jobs, and lost productivity. If there is a lesson to be learned, experts say, it is that families looking for long-term economic stability should settle in locales with diverse employment and minimal shifts in housing values. To identify these cities, Forbes magazine ranked the 100 largest Metropolitan Statistical Areas by employment rates, the conventional mortgage home price index, and the average days on the market for properties currently for sale. The top cities on Forbes list were:

Omaha/Council Bluffs, Neb.

San Antonio, Texas

Austin-Round Rock, Texas

Pittsburgh

Harrisburg/Carlisle, Pa.

Dallas/Fort Worth

Rochester, N.Y.

Houston

Raleigh/Cary, N.C.

Baton Rouge, La.

From Realtor.org - November 24, 2009

Aventura Real Estate News

Scott Brenner loses $23M foreclosure judgment

Veteran real estate developer and broker Scott Brenner lost a $23.6 million foreclosure judgment over a planned residential development site in Oakland Park. The president of Brenner Real Estate has been a developer and broker in Central and South Florida since 1987. He also acts as a court-appointed receiver for properties in foreclosure or owned by banks. Eastside Village Lofts, with Brenner as the managing member, bought the 12.6-acre site, at 4100 N. Dixie Highway, for $33.3 million in 2005. He planned to build lofts and townhomes there, but construction never began. On Nov. 5, Centurion Capital Fund, as a representative of a mortgage loan trust, won the $23.6 million foreclosure judgment against Brenner and Eastside Village Lofts based on $15 million in outstanding principal, plus interest and other fees, according to Broward County Circuit Court records. The site is scheduled for public sale on Jan. 13 at 11 a.m. A spokeswoman for Brenner did not immediately return a call seeking comment. This is not the first foreclosure action against Brenner. In December, Colonial Bank filed a lawsuit against Brenner and his Enclave on the Park over a $5.1 million mortgage on the property near the Broward Mall in Plantation. Last month, the city of Plantation agreed to pay Brenner $2.7 million for the 3.6-acre vacant lot.

South Florida Business Journal - November 20, 2009

South Florida Real Estate News

Florida’s existing home, condo sales up in October 2009

Existing-home sales record another big gain, says NAR

Florida’s existing home sales rose in October, marking 14 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®. October’s statewide sales also increased over sales activity in September in both the existing home and existing condominium markets. Existing home sales rose 45 percent last month with a total of 15,160 homes sold statewide compared to 10,444 homes sold in October 2008, according to Florida Realtors. Statewide existing home sales last month increased 5.1 percent over statewide sales activity in September. Florida Realtors also reported an 82 percent increase in statewide sales of existing condos in October compared to the previous year’s sales figure; statewide existing condo sales last month rose 6.1 percent over the total units sold in September. All of Florida’s metropolitan statistical areas (MSAs) reported increased existing home sales and higher condo sales in October. A majority of the state’s MSAs have reported increased sales for 16 consecutive months. Florida’s median sales price for existing homes last month was $140,300; a year ago, it was $169,700 for a 17 percent decrease. Housing industry analysts with the National Association of Realtors® (NAR) note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is the midpoint; half the homes sold for more, half for less. The national median sales price for existing single-family homes in September 2009 was $174,900, down 8.1 percent from a year earlier, according to NAR. In California, the statewide median resales price was $296,090 in September; in Massachusetts, it was $290,000; in Maryland, it was $261,718; and in New York, it was $213,900. According to NAR’s latest industry outlook, the housing market is continuing its positive momentum. “We’re getting early indications of price stabilization, but we need a steady supply of qualified buyers to meaningfully bring inventories down and return us to a period of normal, steady price growth,” said NAR Chief Economist Lawrence Yun. “That, in turn, would help fully remove consumer fears, which would then revive the broader economy.” In Florida’s year-to-year comparison for condos, 5,398 units sold statewide last month compared to 2,958 units in October 2008 for an 82 percent increase. The statewide existing condo median sales price last month was $105,200; in October 2008 it was $147,900 for a 29 percent decrease. The national median existing condo price was $175,100 in September 2009, according to NAR. Interest rates for a 30-year fixed-rate mortgage averaged 4.95 percent last month, a significant drop from the average rate of 6.20 percent in October 2008, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written. Among the state’s smaller markets, the Gainesville MSA reported a total of 172 homes sold in October compared to 130 homes a year earlier for a 32 percent increase. The market’s existing home median sales price last month was $156,700; a year ago it was $173,300 for a 10 percent decrease. A total of 22 condos sold in the MSA in October, up 22 percent over the 18 units sold in October 2008. The existing condo median price last month was $116,700; a year earlier, it was $133,300 for a 12 percent decrease.

From FloridaRealtors.org - Nov. 23, 2009

Miami Beach Real Estate News

HOME INSURANCE NEWS

Citizens gets OK to raise rates

Homeowners living in high risk areas and getting their insurance from state-run Citizens Property Insurance will see their rates increase 5.2 percent beginning in January, state regulators ruled Friday. Ten days after getting public input on the request, the Office of Insurance Regulation approved rate hike increases for Citizens high risk accounts, a pool of more than 300,000 policies for homeowners, condominium owners and commercial property owners. The rate filings begin what company officials and lawmakers envision as a “glide path” toward higher rates for Citizens, the state’s property insurer of last resort. Those rates have been capped the last couple years because of increases after two heavy hurricane seasons that lawmakers thought were too difficult for home owners. Now, policymakers are trying to get rates back to where the actuaries say they should be. Along with homeowners’ rates, Insurance Commissioner Kevin McCarty approved premium increases for commercial residential policies of 9.4 percent, commercial non-residential, 9.3 percent and mobile homes, 11 percent. While lawmakers this year approved increases for Citizens, they limited annual adjustments at 10 percent increases for most policyholders. Citizens is Florida's largest property insurer with more than 1 million policyholders. The 10 percent cap, however, does not include a provision to accelerate cash build up in the hurricane insurance pools. That’s why the mobile home rate increase will exceed 10 percent on average. Friday’s approved rates were lower than what had previously been requested by Citizens. Posted several weeks ago, the original proposed rate hikes would have increased homeowners’ insurance rates by 7.5 percent. Other increases included 9.6 percent for commercial residential, 9.9 percent for commercial non-residential property, and 11.8 percent for mobile home owners in the state-run pool. McCarty also said the agency would look into claims by Monroe County residents that their rates are too high. During public testimony, a cadre of Monroe County homeowners said the Florida Keys represent a unique landscape and operate under a stricter building code. The combination renders inappropriate the model used by the state to set insurance rates for policyholders of Citizens Property Insurance Corp. Citizens, the only insurer that provides wind insurance for the 100-mile strip from Key Largo to Key West, is charging too much for coverage residents don’t need, they say.

FloridaRealtors.org - Nov. 23, 2009

Miami Real Estate News

Luxury homes shrink in new market

U.S. luxury home builders say they are building smaller homes, as the recession has pared down the American dream by at least a walk in closet or two. In an industry where colossal was deemed proper – and sold – for four decades, builders at John Wieland Homes & Neighborhoods of Smyrna, Ga., have seen the average price for homes they build fall from $650,000 to $497,000. The company said next year their average new home price will drop to $430,000, The Wall Street Journal reported Friday. Architects are cutting corners literally and figuratively. They are eliminating fireplaces where none are needed, shrinking home sizes and downgrading to cheaper building materials to shoehorn homes into post-recession budgets. Winchester Homes in Bethesda, Md., has downsized its floor plans. Vintage Communities in Southern California is economizing, replacing a $1.5 million 3,600 square-foot design with a 2,900 square foot home priced at $1 million plus. The Census Bureau, meanwhile, reports new home sales plunged from 1.3 million in 2005 to 485,000 in 2008. But Wieland Senior Vice President F. David Durham said the trend represents a “fundamental change” that will outlast the economic downturn. “We’re not waiting for things to return to the way they were,” he said.

From FloridaRealtor.org - Nov. 13, 2009

Sunny Isles

In Fort Lauderdale

Fort Lauderdale Real Estate Information

Housing plan reaches 1 in 5 borrowers

The Obama administration’s mortgage relief program has reached one in five eligible homeowners, a government report says, but most of those borrowers are on temporary trial plans that have yet to be made final. As of the end of October, more than 650,000 borrowers, or 20 percent of those eligible, had signed up for trials lasting up to five months, the Treasury Department said Tuesday. The modifications reduce monthly payments to more affordable levels. To make the change permanent, though, borrowers must complete a big stack of paperwork and show they can make their payments on time. At the beginning of September, only about 1,700 permanent modifications had been made. The Treasury Department expects to release updated data later this month. “We’re seeing some early indications that the servicers haven’t done enough to get all the documents in,” said Michael Barr, an assistant Treasury secretary. Consumer advocates say banks aren’t doing enough to follow through. “It’s going to be the make-or-break issue,” said Alan White, a law professor at Valparaiso University and a consumer attorney. The government, he said, will have to “crack the whip or consider firing some of these servicers.” Mortgage companies that are performing poorly, he said, should have their right to collect payments on loans revoked and transferred to companies that are doing the job better. One legal challenge to the program was rejected this week, when a federal judge dismissed a class action lawsuit filed by a group of Minnesota homeowners who sought to block foreclosures in that state. The lawsuit claimed the program failed to give people proper notice when they were rejected or the right to appeal. U.S. District Judge Ann Montgomery dismissed the case Monday, saying the federal government has never made loan modifications an entitlement. Mark Ireland, an attorney for the homeowners, said Tuesday that they’re disappointed and will decide later whether to appeal, but also noted that the government has since made changes to the program that satisfy some of the borrowers concerns. Launched with great fanfare in March, the plan got off to a weak start, but now nearly 920,000 loan modification offers have been sent to more than 3.2 million eligible homeowners. That works out to 29 percent, up from 15 percent at the end of July. In California, about 130,000 homeowners have been enrolled in the “Making Home Affordable” loan modification plan, which President Barack Obama unveiled in February. That works out to about 19 percent of the state’s homeowners who were either two payments behind or in foreclosure at the end of last month, according to Treasury Department data. Two other hard-hit states, Arizona and Nevada had similar rates of assistance as California, at 22 percent and 18 percent respectively. Florida, however, was much lower, at 12 percent, possibly because of high numbers of investor-owned properties that don’t qualify for the program. Government officials say they are pressing mortgage companies hard to improve their performance. Still, many housing advocates have been disappointed with the $50 billion plan’s progress and say that getting a loan modification remains a battle. And economists doubt the Obama administration will reach its broad goal of helping 3 million to 4 million borrowers within three years. Traditionally mortgage servicers were low-cost operations, with workers in collections departments trying to wring payments from tardy borrowers. Those workers, and thousands of new ones, are now engaged in a far different job – figuring out whether thousands of borrowers qualify for help. Banks, for their part, have been slow to adapt to an unfamiliar climate of sinking home prices and rising unemployment. “Even as foreclosures and delinquencies were soaring, everybody underestimated how ugly the housing picture was,” said Thomas Lawler, an independent housing economist in Virginia.

FloridaRealtor.org – Nov. 12, 2009

Hallandale Beach Condos, and Sunny Isles Condos

Florida Condominiums for Sale

Searching for Florida condominiums for sale? Are you looking for that relaxing, soothing beachside resort or is your preference luxury condominiums near the theme parks and attractions of the central Florida area? Or do you prefer family friendly Florida condominiums for sale that have features that appeal to your kids? Whatever your preference, you will find the accommodations you are looking for. Florida draws new residents and tourists from all over the globe. Florida condominiums for sale are available at beachside or near the beach in cities as Cocoa Beach, Melbourne Beach, Satellite Beach and Indian Harbor. These locations are only 50 minutes from the Orlando, Florida and Kissimmee, Florida attractions area. Have you narrowed your search down to luxury condominiums in the Central Florida area which places you near the hottest attractions such as Walt Disney World, Sea World and Universal, about 2 miles from downtown Orlando luxury condominiums either 2 or 3 bedrooms with a variety of square footage and floor plans. Cane Island is a sprawling planned community that includes very nice Florida condominiums for sale. Architecture is pre 1940’s Orlando, Florida, homes with front porches and narrow streets with sidewalks. Find your dream vacation home in one of the beautiful garden communities, with lots of open spaces with planned amenities which offer family and singles living at its finest. You can find even fully furnished units at a great price.

Florida Condominiums for Sale in the Miami area.

Owning a condominium vacation villa in the Miami Beach area will place you near the famous South Beach area and it world-famous restaurants, bars, discos, Lincoln Road, and Ocean Drive. Luxury condominiums can be found for sale at Millionaire Row, Indian Creek. Great condo buildings can be found at North Bay Village, a 10 minutes drive from the Beach. If you would like to be a little closer to Bal Harbour and its famous Bal Harbour Shoppes, you can find many new, as well as well maintained condo buildings in Bal Harbour at now much affordable prices. Bal Harbour buildings on the beach include some newer building such as the One Bal Harbour condos, or the venerable Balmoral, all marble and space, with some great Bal Harbour apartments with wonderful water views. The New Harbour House condos, which are a condo conversion, are the result of gutting a rental building and converting it to a condominium community. Driving South of Bal Harbour, Surfside is a coveted location, with good walking traffic, restaurants and stores, as well as its Surfside condominium buildings right on the beach, such as the Waverly Condos, the Champlain Towers Condos, three attractive buildings, right on the sand. A new condo building, the Azure Condominiums, can be an alternative. The Wave Condos, the Manatee Condos, the Spiaggia condominium building, which has been completely gutted and redone. Surfside offers a small town setting which also includes some older Surfside single family homes. South of Surfside, Nobe condominiums can be a good alternative. Nobe or North Beach is an area alongside the ocean, with a stretch of restaurants and entertainment places, blending with the Nobe condominium buildings. Luxury Miami Beach condos are an exciting blend of modern and old rehabilitated buildings. The Blue Diamond condos and the Green Diamond condos, the Fountainebleau condos, the Canyon Ranch condominiums, and many other Miami Beach condominium buildings are some of the newer Miami Beach condo developments. Great opportunities are waiting for you since the turn of the market has brought to the market many Miami Beach real estate opportunities, Miami Beach foreclosures and Miami Beach short sales. If you go further South, you will be able to choose between the older, but now affordable condos in South Beach, or if you can afford it, the high-class condo buildings such as the Continuum condominiums, the Apogee condos, the Murano at Portofino condominiums, the Icon South Beach condos, the Setai condos, the Il Villaggio condos. Traditional buildings at the cozy location called Belle Isle are an affordable yet wonderful option. Close to Lincoln Road and South Beach lively environment, you will be right at the center of the action, living in an affordable Belle Isle condo. We can present you with different alternative of foreclosure deals, short sales opportunities but, in general, motivated sellers constitute some of the best South Beach real estate buying opportunities.

Florida Condominiums for Sale as an Investment

Florida is one of the premier retirement areas in the world. With its temperate climate, variety of Atlantic and Gulf shore beaches, and plethora of pleasure activities, no wonder it’s such a desirable piece of real estate to own. Planning your retirement? It’s never too early! Do you see retirement a long ways down the road but want the security of owning a vacation villa in an upscale environment like in the Sunny Isles Florida area near Aventura? Owning your own lodging will give you the security of knowing there is always a place for family vacations awaiting you. Amidst your busy life, think of how hassle-free your next vacation will be. No more booking those reservations months in advance or trying to find just the right lodging at the last minute or around peak holiday season. Hallandale Beach Condos can also be a great refuge, with all these entertainment venues, such as the Gulfstream race track and Casino, the new Village at Gulfstream, the shops at Diplomat Mall, restaurants for all tastes and budgets,the beach and the stunning views on the intracoastal waterway, the proximity to Aventura Mall and Downtown Hollywood.

Renting Your Luxury Condominium in South Florida

Owning your own piece of Bal Harbour, Florida real estate will give you the option of using it for you and your family when you choose or renting it to some of the millions of tourists streaming to Florida. You can choose either to be in charge of the advertising and renting details or hire a real estate management company to take care of the details for you. Weighing the pros and cons is important. You will take home more profit being in charge of the vacation villa rental yourself but you will also have to deal with the worries that go along with rental properties. Putting yourself in charge, however, will give you the ability to negotiate deals with your customers and will also allow you to offer specials of your choosing at the best price. It’s important to keep in mind whether it’s allowable to rent your property when purchasing your condominium. Be sure you ask that question when searching for condominium ownership in Hollywood Florida. As they say, owning real estate is one of your best investments and location, location, location is the key to escalating value. With the constant influx of new residents and tourists to the South Florida area, your question about location has already been answered.

Luxury Condominiums in Aventura or Orlando.

So, you’d rather not take the plunge to own a Florida condominium just yet. That’s alright. Some people could choose to rent first which will give you great insight into location and market. Looking for condominiums to rent in all these attractive areas will produce many results. You will have many options from which to choose, all of which can place you near Disneyworld and other major and lesser-known tourist activities. Along with the various opportunities to rent, consider Short term approved rentals communities, such as the Bella Piazza condos in the Orlando area. Other similar locations are abundant in Central Florida with locations in Kissimmee, near Disney, Orlando, and all spots in between within easy driving distance of theme parks, water parks and Orlando activities. Check www.condo-southflorida.com, for other good opportunities in Sunny Isles Beach, Hallandale, as well as the possibility of purchasing Aventura real estate. This could be a great choice since Aventura with its famous Aventura Mall, its restaurants, movie theatres, will always be a favorite.

Other Luxury Condominiums Purchase - Orlando Area

Just 5 miles southwest of Disney in Polk County, lies the quiet, small town of Davenport, Florida. Davenport is close to Disney, less than 30 minutes away and within easy driving distance of the abundance of Orlando sites. Kennedy Space Center is a little more than an hours’drive and Tampa and Cocoa Beach are accessible within an hour. Tampa is home to Busch Gardens, and Cocoa Beach boasts beautiful beaches and is home to Ron Jon’s surf shop, one of the most famous surf shops in the world. Davenport will give you that needed respite from the hustle and bustle of Kissimmee and city traffic after a long and fun-filled day at Disney. Davenport is only 9 miles from a Super Wal-Mart and boasts a new Publix supermarket close by. Luxury places to stay in Davenport include the Bella Piazza community, boasting 3 and 4-bedroom units fully furnished, and approved for short-term rentals. All wonderfully appointed, the accommodation here offers units with fully equipped kitchens with living and dining areas. Another luxury resort in Kissimee is the Cane Island complex. The Cane Island community offers three to four-bedroom condominiums, at a very reasonable price point. Great amenities, pool, make the Cane Island a valid option. Whatever your choice, buying or renting Florida condominiums, you will never regret the once-in-a lifetime opportunity now that prices are at a very low level.

In Hallandale

Hollywood Beach Condos

have always been very popular with our Canadian snowbirds. There are several condominium buildings in Hollywood, Florida, either on the beach side of Ocean Drive, or across the street, facing the Intracoastal Waterway. Can we mention on this side the Allington Towers condos, the Hallmark condos. On the beach side, right on the sand, let's mention The Wave condos as one of the well designed condo conversions on Hollywood Beach, as well as the Tides Condos, and the Residences of Hollywood. The Quadomain condo towers are also affordable buildings. The luxury developments of Diplomat Residences Condos, and Ocean Palms Condos and the soon-ready Trump Hollywood appeal to buyers seeking the best options close to the Hollywood Broadwalk. Right on the Broadwalk, very few buildings draw our attention, as La Playa Condos.

Real estate agents see return of foreign buyers

Canadian investor Arthur Wong is buying condos in Las Vegas and Phoenix like a shopper at Costco: In bulk, with slashed prices. Wong, president of Optimus U.S. Real Estate Fund, has bought 60 condos at heavy discounts from developers in financial trouble. Wong paid about $62,500 each for 18 Las Vegas condos that once were priced at about $250,000 apiece. “This could be a once-in-a-generation opportunity for real estate investment,” said Wong, whose Calgary, Alberta-based fund has already invested $5 million cash and will spend millions more in the U.S. Southwest over the next several months. While foreign real estate investment in the first six months of 2009 was lower than last year’s level, real estate agents from New York to Las Vegas say purchases have increased rapidly in recent months. Foreign investors have long been attracted to U.S. residential real estate, drawn by the market’s stability compared with other countries. But the dollar’s descent in the past six months has made makes homes even cheaper for foreigners, and prices are showing signs of stability. International investors bought 154,000 homes and condos in the 12-month period ending in May, down nearly 10 percent from 170,000 for the same period a year earlier, the National Association of Realtors reports. But since June, the dollar has tumbled by 9 to 11 percent against currencies like the Japanese yen, the European euro and the Canadian dollar. The Brazilian real has gained 17 percent against the dollar in the past six months. Buyers from Brazil, Canada, France and the Netherlands, for example, have paid mostly cash for second homes ranging from $6 million to $15.5 million in condo buildings like 40 East 66th Street, a stone’s throw from Central Park and steps from shopping, restaurants and nightlife. “(Foreign investors) love to have everything available to them once they walk out their front door,” said Barbara Russo, an agent with The Corcoran Group Real Estate in Manhattan. Manhattan real estate agent Cynthia Crowley recently spoke with three different Israeli investors who have complained about rising real estate prices at home. “They want to buy,” said Crowley, an agent with Olshan Realty in New York. “This is not tire kicking.” Foreign investors love floor-level prices and the limp dollar but also are confident in a long-term recovery of the U.S. economy and the housing market’s resurgence. Some want vacation homes, while others are looking for rental income. Buyers from Canada, India, the Middle East, Mexico, and Venezuela like Houston’s neighborhoods and its economy, which benefits from strong oil and health care industries. “They also like to gravitate to where they have friends or family,” said Bill Gottfried, managing director of Gottfried International Estates. Foreign investors often pay cash, or offer downpayments of 40 percent or more, because financing is difficult to get. Nearly half paid cash in the 12-month period ending in May, the Realtors group reports. Florida leads the country in the amount of international buyers, accounting for nearly a quarter of foreign purchases. The Sunshine State was followed by three gateway states with warm climates - California, Texas, and Arizona. Miami home prices are down by half from the peak period of late 2006 due to foreclosure sales and a glut of unsold units. With the dollar hitting a 15-month low this week against the euro, the bargains are enticing. Investors are buying single-family homes or condos for two-thirds the cost three years ago. Peter Zalewski, a Miami-based real estate agent, said at least seven bulk deals involving foreign condo buyers have taken place in downtown Miami alone, with investors coming from Argentina, Canada, Colombia, Italy, Norway, and Venezuela. Similar deals also have taken place in heavily-populated Broward County and ritzy Palm Beach County. Claudia Bacelar, an Esslinger Wooten Maxwell real estate agent, has seen more South Florida inquiries from Brazilian, Canadian and British buyers of second homes, many of whom gravitate to condos with great views in the $800,000 range. And they pay cash. Argentina native Marco Bordoni bought a $860,000 house on a deepwater canal in the Golden Isles neighborhood last month. An importer-exporter of perfumes, he plans to spend half his time in South Florida on business. Bordoni is spending $450,000 to remodel the house, which was valued at $1.2 million four years ago, said his agent, Scott Patterson. “Prices fell enough that I could buy a property I would not be able to buy two years ago,” said Bordoni, 30.

FloridaRealtors.org - Nov. 23, 2009

At condo-southflorida.com it's all about buyers of South Florida real estate.

Although I specialize in Hallandale Florida real estate, I can assist my clients with any and all of their needs in the South Florida area. Prices kept their descending tendency during 2008 and beginning of 2009, in Miami real estate, as well as Miami Beach Real Estate. In Brickell Short Sales and Brickell Foreclosures, there are many great opportunitiesWhy not make the most of the present buyers' market? I can search on your behalf all of the South Beach real estate for sale, as well as Surfside real estate, to find the best deals in South Beach foreclosures and short sale propertie. With prices being reduced so quickly, not only Miami Beach real estate sold as short sale or foreclosure is attractive; Very often, we are finding motivated sellers of South Florida real estate who understand the buyer's market and are ready to negotiate incredible opportunities to purchase real estate in Miami.

I am constantly educating our customers on the fact that they should not assume that real estate in Sunny Isles is best purchased as Sunny Isles short sale or a Sunny Isles Foreclosure. Short sales and foreclosures situations could have many pitfalls. I have seen buyers locate Hollywood-Florida properties and Hollywood Beach real estate situations where a seller wants to cash in the small equity still available in his property, and is just not in a distressing or foreclosure condition. Many South Florida oceanfront properties are being gradually absorbed by out-of-town buyers taking advantage of this once-in-a-lifetime-opportunity to own an oceanfront luxury condo in South Florida. Even new homes in Pembroke Pines, or homes in Weston, or Coral Springs homes can be acquired in the same manner. The best real estate in Aventura will not usually be a foreclosure property, but motivated sellers with Homes for sale in Aventura . In Sunny Isles Beach, we have noticed the same pattern. And so many great Sunny Isles luxury condos, on the beach, or across the street from the beach are being sold at prices often half of what they were a couple of years ago.

FORECLOSURES AND SHORT SALES IN SOUTH FLORIDA. Many of our international and domestic clients are asking about Hallandale real estate and Hallandale short sales opportunities; as well as real estate in Aventura and Aventura foreclosures. While it is true that a buyer's market has created a substantial amount of inventory in the form of both short sale properties (properties in which the home value is less than the outstanding mortgage loan.) and foreclosures, this does not necessarily mean they are a good buy. However, they constitute a good field for a search of South Florida foreclosures and South Florida short sales.

Of course, the condition of the property is an important factor. Imagine a seller who is almost sure to end up losing his condo. It often happens that the property is neglected during these long months of uncertainty. No money will be invested by its owner and repairs will be reduced to a minimum. It's not as often as you imagine, but homes could sometimes be deliberately damaged or stripped of accessories and appliances. These are issues that affect the marketability of the property; and while they have to be factored in when presenting an offer for a South Florida Short sale, they can also be a great negotiating asset. Banks do not want to invest a penny in a distressed property. Therefore, many prospective buyers will refuse to even consider a property where they would have to invest time and money to fix and repair. That will automatically limit buyers presenting offers. And a smart real estate investor knows that for every dollar spent repairing a home, he might get a reduction of two or three dollars in the purchase price. In all cases, if you are shopping for a South Florida short sale you better be prepared to be patient. If you are in a hurry or have limited resources, most short sales are not going to work for you.

They typically require far more effort on the part of all parties involved and can be very cumbersome and frustrating. In the Sunny Isles Beach area there are many Sunny Isles Beach Condos going through this process right now. They range from Luxury waterfront condos in Sunny Isles, luxury homes in Golden Beach, Waterfront homes in Golden Isles, to Miami Beach or South Beach Condos. The economic downturn has affected homeowners in all parts of South Florida and at all price levels. I try to recommend that our clients look to purchase homes that are not South Florida short sells but great values directly from motivated sellers. These are usually the best prospects for finding great Hallandale Real Estate, and good values in all South Florida real estate. If you think you might be a candidate for purchasing a short sale property or a foreclosure please let me know. I have a good experience in both selling and buying these types of properties in Aventura and Hallandale, as well as Fort Lauderdale and Hollywood Beach.

More Real Estate News

U.S. Century Bank seeks foreclosure on Coral Gables apartments

U.S. Century Bank wants to foreclosure on an apartment building in Coral Gables that was proposed as an office building redevelopment. The Doral-based bank filed a foreclosure action Nov. 12 against Valencia Investors and managing members Rolando A. Iglesias and Jorge L. Guerra, according to Miami-Dade County Circuit Court records. It concerns a mortgage issued for $4.6 million in 2005. During a loan modification in 2007, the bank set the maturity date for Dec. 27, 2008. Valencia Investors bought the 0.6-acre site, at 2524 LeJeune Road, for $6.1 million in 2005. It currently has an eight-unit, 7,546-square-foot apartment building. The developer filed an application with Coral Gables to build 2600 LeJeune Office Building – a 10-story, 95,513-square-foot office. However, the city rejected its application. Miami attorney Aliette D. Rodz, who represents U.S. Century Bank in the lawsuit, did not immediately return a call seeking comment. This is the third foreclosure lawsuit pending in Miami-Dade against Iglesias, Guerra and one of their development entities. In January, Miami-based Ocean Bank filed a foreclosure action against Palm & Towers II, III, IV and V Investors, Guerra and Iglesias over 83.9 acres near Florida City. That lawsuit concerned a $16.8 million mortgage. Miami-Dade County rejected Palm & Tower’s application to build a residential project there.In June, Miami-based Premier American Bank filed a $4.2 million foreclosure lawsuit against Palm & Tower Investors, Iglesias and Guerra over a 30-acre site near Florida City. The county rejected the residential development application for that property, as well.

South Florida Business Journal - November 20, 2009

South Beach Real Estate Information

Ranchos Del Sol faces foreclosure

Ranchos Del Sol – an estate home project near the edge of the Everglades in southwest Miami-Dade County – faces foreclosure. Coral Gables-based Mercantil Commercebank filed a $9 million lawsuit Monday against Miami-based Ranchos Del Sol LLC and managing members Ignacio Abascal and Julio C. Perez, according to Miami-Dade County Circuit Court records. It targets 29 home sites – each 4 or 5 acres – at the southwest corner of Southwest 344th Street (Palm Drive) and Southwest 217th Avenue, west of Florida City. Most of the sites are vacant, but some homes have been completed. The property is outside of Miami-Dade’s urban development boundary, which means the sites are not eligible for dense development and do not have easy access to municipal services. Ranchos Del Sol last modified its mortgage with Mercantil Commercebank at $14.1 million in 2007. The developer sold 18 homes there. According to the developer’s Web site homes in Ranchos Del Sol were listed in the mid-$800,000s.Coral Gables attorney William Tuttle II, who represents Mercantil Commercebank in the lawsuit, did not immediately return a call seeking comment. This is the latest of a handful of problematic residential development loans that Mercantil Commercebank made in southern Miami-Dade. It has an $11.2 million foreclosure action against Eureka Palms Partnership in West Perrine, a $10.1 million foreclosure action against Avocado Groves Partnership in Homestead, a $10.1 million foreclosure action against Royal Home Villas in Homestead and a $4.3 million foreclosure action against the developer of Villas at Sorrento in Goulds. As of Sept. 30, the bank reported $449.8 million in loans that were late or impaired, representing 14.1 percent of its total loans.

South Florida Business Journal - November 13, 2009

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