Tag Archives: Florida

Doomsday or Boomsday for Florida Commercial Real Estate

It’s going, going and it’s gone. Like a homerun ball on a Major League Baseball Florida’s Commercial Real Estate has taken a hit and it goes off the field. In the hottest areas like Miami, Orlando, Sarasota and Fort Lauderdale they are experience what experts call a decline to its market. Some people are asking why? Well, there are many explanations to it and some of it is in a spider web like process. Before the commercial real estate of Florida has been the hottest market because mainly commercial real estate is based on commercial areas and properties, condos and high-riser which helped its economy in its early years but now has become some sort of liability.

It’s going, going and it’s gone. Like a homerun ball on a Major League Baseball Florida’s Commercial Real Estate has taken a hit and it goes off the field. In the hottest areas like Miami, Orlando, Sarasota and Fort Lauderdale they are experience what experts call a decline to its market. Some people are asking why? Well, there are many explanations to it and some of it is in a spider web like process. Before the commercial real estate of Florida has been the hottest market because mainly commercial real estate is based on commercial areas and properties, condos and high-riser which helped its economy in its early years but now has become some sort of liability.

The list goes on and on and there isn’t a valid explanation on why Florida, the Sunshine state is experiencing the bottom end of the market’s forecast. There are negative comments that are thrown on its way and the only thing that the Florida market can do is sit back relax and watch as their market goes from boom to bust. One expert even said that the value of Florida real estate market is nearing its doomsday. Can’t blame him he has proof in numbers. Well the problem mainly on hot counties is their decision making, while the state is suffering from a nationwide bust, investors are still putting up condos on Florida’s hot spots, like Miami and Orlando therefore the condo-building is on a boom while the residential is on a bust, which leaves most experts scratching their heads in disbelief.

Maybe investors know something that experts don’t, that is why they are keen on building high-risers and just adding 20,000 more units to the 20,000+ that are still unoccupied. Maybe they Nostradamus like and predict a housing boom next year or late this year, which is highly unlikely based on the numbers that I am reading in the papers. One source said that “It is really mind-boggling and often puzzling why investors opt on building condos despite the obvious hazards of housing bust. It’s either they are building foundation on the future or they are all just ignoring the real estate market forecast.” Another expert added “It’s just plain dumb.” With comments like that It is really startling to even ask why?

Year in and year out, investors rely heavily on market forecast and it never fails that they base their moves on that, but this time it seems like they are missing on the forecast, as I have been seeing more and more commercial real estate from condos to commercial properties that are being built and at a higher faster rate which makes some of the residents lift their eyebrows on it. “Can’t blame them, they have money.” A resident of Miami said about the investors who are pulling up strings on building properties on the area, “Seems to me that they have money and don’t know how to spend it” the resident adds, I am really confuse on what to believe now, “a condo building boom on a residential bust”, isn’t that something? Well Commercial Real Estate here in the state can not be stopped so let’s wait and see what will be the outcome in the end of the year. Doomsday or Boomsday for it, either way you choose.

Jron Magcale
http://miamirealestateinc.org

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Siesta Key Real Estate Options To Consider

The city of Sarasota is considered to be one of the most vibrant mid-sized cities in the state of Florida.

According to a survey by Money Magazine, the city ranks among the nation’s 15 most desirable areas to live,as the county enjoys a prime location on the West Coast of Florida, which is about 60 miles south of Tampa and is a mere hours away from Orlando’s Disney World.

The city’s 36 miles of coast line are home to the world’s finest, pristine whitest-sand beaches. The city is also home to a number of barrier islands, called Keys, which offer both wonderful real estate options, as well as excellent areas for swimming, water sports, and other leisure activities.

Property Options In Siesta Key Are Wonderful

One of the city’s famous keys is Siesta Key. This area offers one of the best vacation and second home property options here. Many housing and investment observers see living in Siesta Key as a truly good deal, as the area offers upscale waterfront homes, condo units, and upscale apartment developments.

For businessmen, retirees and families seeking wonderful vacation homes, the place offers a wonderful array of investment choices, wherein your family can live in a comfortable beach atmosphere and have the privilege of using many watersports and leisure facilities.

The Key is famous for its offering of upscale, elegant condominium developments, and the most favored units here are the ones that are located near the beach. Prospective owners would surely enjoy living in close proximity the area’s fine white sand beaches, and most developments offer a wide array of amenities, and the units are offered in varying prices.

Tips Before investing In Sarasota Properties

For investors, the abundance of real estate options in this city would surely make your heads turn, and sometimes will make your thoughts spin in deciding which ones to choose.

Before investing in a wtaerfront home, apartment or condo unit, it would be better to first ask for advice from local property brokers, local housing agency officials, or agents of Multiple Listing Services (MLS) sites. The city has many property brokers who could assist you in finding suitable investment options, and can also assist you in evaluating each offer, as well as help you in crafting the best possible financing options for you real estate investment.

Siesta Key is a lovely 8-mile long barrier island located off the coast of the city. The place is connected to mainland Sarasota by two bridges, which makes it very convenient for residents to go to town and run some errands, or do some shopping in the city’s fashionable shopping districts.

The beaches in this Key are actually rated as one of the most attractive and beautiful beaches in the world. And the area also offers tourists and residents alike with wonderful facilities for just about every type of sporting or leisure activity such as bating, swimming, sailing, fishing, jet skiiing, dolphin tours, and sunset cruises. The Key is also home to many condo developments, and they outnumber the single family homes and dominate the beach area.

Vanessa Arellano Doctor

South Florida Condos Buckle Under Hundreds Of Foreclosures

It has been two months since Arnold Kovelman moved into his rented condo at Club at Brickell Bay in Miami, when he heard the knock on the door at 8 a.m.

”I was kind of like sleep walking and this woman is there with a badge. She’s saying she’s the sheriff and she’s there to serve my landlord a FORECLOSURE,” said Kovelman, 27, a senior account executive for a New York-based Web development company.

Kovelman’s rental was one of 80 in the luxury condominium at 1200 Brickell Bay Dr. that dropped into FORECLOSURE in 2007. The Club at Brickell Bay ranked first among condominiums in Miami-Dade and Broward counties with the most units in FORECLOSURE. Borrowers owe lenders more than $42 million.

As the region’s housing market sputters into the new year, a collection of largely unoccupied new towers are straining under hundreds of millions of dollars in defaulted mortgages. In the 20 buildings in Miami-Dade and Broward counties with the largest numbers of units in FORECLOSURE, loans in default totaled more than $271.8 million, according to an analysis by Condo Vultures, a Bal Harbour real estate consulting firm and brokerage.

The epicenter is Miami’s financial district along Brickell Avenue, where three of the top five buildings are located. Condo Vultures’ principal Peter Zalewski jokingly refers to that area as Miami’s “FORECLOSURE district.”

Vanessa Arellano Doctor
http://luxurylivingrealty.net

Florida Gov Rallies For Tax Amendment

With surveys indicating that the passage of a property tax amendment is no sure bet, Florida Gov. Charlie Crist spent Wednesday barnstorming across the state and trading accusations with opponents about the true impact of the measure that goes before voters on Jan. 29.

Crist hit major media markets in Central and South Florida, telling voters that the property tax amendment would be good for Florida’s economy. However, the fate of the amendment may come down to who voters believe more: Crist or the labor unions and local officials who contend the amendment would be devastating to schools, police and fire services.

A recent internal poll done by Yes on 1, the political committee backing the amendment, showed it passing with a razor-thin 60.3 percent, just above the 60 percent threshold required to pass constitutional amendments.

”I think the governor is being disingenuous. I don’t think he’s telling the people the real ramifications of his tax amendment,” charged Fred Frost, president of the South Florida AFL-CIO, which on Thursday morning plans to hand out leaflets to workers at Jackson Memorial Hospital and BellSouth offices in Miami.

But Crist fired his own salvos right back at critics of the amendment, decrying what he called ”ludicrous” scare tactics. ”I wish they would start telling the truth to people,” said Crist as he stood in front of the three-bedroom home of Giselt Matos in the Miami neighborhood of Westchester.

Vanessa Arellano Doctor
http://realestatepress.org