Tag Archives: Miami

Miami Condo Market: Surviving Despite Market Decline

Considered as one of the top tourist attractions in the known world, Miami is flocked to the brim with tourists every year. From the sandy beaches to exotic nightlife, Miami is indeed a perfect place to relax and enjoy a time-off from the busy routine of work.

Many real estate firms converted a vast number of residential areas, like apartments, to high-rise condos to accommodate visitors flocking into the city. They believe that this is a lucrative business, and will never run out – but they were wrong.

Miami Real Estate Market On Steep Decline

Since 2006, Miami, as well as the rest of the states, experienced a decline in the real estate market. The number of foreclosures increases every year, which adds to the number of unsold real estate units.

There are many factors that contribute to the decline of real estate market in Florida. The interest rates of many financial lenders increased over the years, making it almost impossible for local residents to get a loan to finance residential real estate acquisitions. Also, the devaluation of the U.S. currency made real estate market an almost impossible lucrative venture.

Too Many Condos

One of the blunders which contributed to the Miami real estate decline is the number of condo units. The construction of many high-rise condos can be seen all over the city, and when finished, adds to the increasing number of unsold homes.

This kind of investment is taking a hard toll on many real estate companies as they try different methods to attract clients to acquire these units; being hard-pressed as to lower their prices to increase the chance of making the deal sweeter to the locals and foreigners alike, is starting to take its tolls on their finances.

Miami Condo Price Decreases

Since the U.S. Dollar value declined, many foreigners are now eyeing the prices of Miami condos with interests. Canadians and Europeans are now flocking into the city to buy these condos units at lower the cost.
The locals are starting to notice the decrease of prices in many real estate properties around the city. Though the affordability is still slim considering the high interest rates of different mortgage types, the glimmer of hope in condo acquisition is on the rise for these individuals.

Also, the increase in demand of additional workforce for the city contributes to the rising need of residential units. Currently, the median prices for condo in Miami are, more or less, $200,000. Condominiums are now being considered as cheaper compared to single-family residential properties; thus, the popularity for Miami condo increases every year.

The real challenge, however, to survive the real estate market despite the economic crisis is how each of these agencies will create an affordable market for real estate properties to the rising demand of the public.

Vanessa Arellano Doctor

Real Estate PR

Tips On Choosing A Miami Condo

With its pristine beaches and warm climate, a lot of people of want to visit the city of miami. But there are people who are not contented with just visiting — they want to stay and live in the city.

A house with a beachfront would be the most excellent choice when choosing a place to stay. Unfortunately these places are either owned already or are being sold for a large amount of money. If you have the money and you think it is worth buying, then go ahead. But for those who want to stay and live in miami, you could also go for an alternative — Miami condos.

For the last few years, the number of miami condos is constantly on the rise. This just shows that the city indeed is thriving and how people flock to the place. If you are looking for a condo, you actually do not have to worry since there are a lot of options to choose from. The only thing you need to worry now is how to choose a miami condo.

Physical Attraction

It is just like having a crush on a person — it all starts with physical attraction. It is the same thing when choosing a miami condo. Look at the building, do you like it? Observe the environment around the building, is it safe? Does the condo have a view that pleases your eyes? What about the name of the condo, do you like it?

After looking at the external aspects of the building, it is time to look inside the building. Do you like the feel of the lobby? This is quite important since you will be passing through this place each and everyday. When you go to your unit, is it big enough for you? What about the bathroom? When you look out the window do you like what you see?

These are some of the physical aspects of a condo building that you may or may not check out. It all depends to you.

Services

Aside from the physical aspect, you should also need to check the services they provide their tenants. This could be cleaning services, laundry services, maintenance services, repair services, etc. If you like the services that they provide, then it is a plus point for them.

Rules And Regulations

If you are physically attracted to the place and you like their services, it does not mean you should take it right away. You also need to look the rules and policies of the building. There might be some rules that you may not agree on like having pets around. Check everything first before making your move.

The Price Is Right

The last factor that could either seal the deal or break the deal would be the price. You like the physical aspect, you like the services, you can abide by their rules and regulation, but can you afford the place? Will this place fit your budget? If doesn’t, you need to look for another place again. But if you can afford it, welcome to miami.

Vanessa Arellano Doctor
http://epicmiami.com

Buying In Miami: Some Advice

Individual home units are slowly dwindling, owing to the fragile condition of the economy. These homes often are priced in thousands or hundreds of thousands of precious dollars. The present trend is to find a place that, though not detached, will provide the much-coveted privacy, yet will offer accessibility to the amenities of urban living.

Such is the perception of living in a condominium (or condo as it is popularly referred to). The condo consists of several homes that stand on one land. The condos offer affordability. True, it is not a separate and detached property with its restrictions; and yet these restrictions maintain and enhance the value of one’s properties with its elaborate security set-up to protect its residents.

In today’s endless hustle and bustle, one wonders where in this world you can build a place called HOME, for peace and quiet to savor the fruits of your labor and yet keep abreast with the hectic pace of progress; a place where an extra hour of relaxation invigorates the mentally and physically battered mind and body; a place where diverse businesses flourish and entrepreneurship never falters such that even retirees have endless opportunities of being productive instead of wasting away their life waiting for pensions. There is indeed such a place, thank God!

Miami Beach

Miami Beach was incorporated on March 26, 1915 and is a distinct municipality of Miami Dade County in Florida. It has a population of less than 100,000. Being an island it boasts of white sands and vistas of the palm trees, sun, and majestic waters are truly picturesque. Business opportunities abound. Its being sound can be gleaned from the vibrant nightlife it offers. Indeed, Miami Beach is an island that mingles with urban life.

Some Advice

Here are some advice to whoever wants to buy a luxury condo in Miami Beach:

FIRST: KNOW WHAT YOU WANT. There are specifications for every unit that will satisfy what you require.

SECOND: Inquire the present selling rates so that you can adequately prepare your finances. What you want may not be within the reach of your pockets.

THIRD: Buying condos can be compared to air fares. There are “Peak Seasons” and “Off-Peak Seasons” in the condo market. Be aware of these times, so you know when to initiate negotiations. real estate agents know this. Inquire from reputable firms that deal with real estate.

FOURTH: Be patient when negotiating. Rushing towards what you believe are rock-bottom prices may in fact be an over price. Being patient increases your negotiating power such that you may bring down the price lower than what you have originally prepared.

FIFTH: Be dressed smartly and appropriately for the negotiations. Sellers can gauge your bargaining power from the way you are dressed. But don’t overdo it, or they’ll end up assuming you can afford more than you actually can and slap you a high rate.

FINALLY: Keep in mind that as demand for luxury condo units increases, prices will also go up leading to its APPRECIATION and attaining what is called a HOME.

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

The State Of Miami Beach’s Inland Apartments

The view around Miami-Dade County today is not the same as just a couple of years ago, as the rapid pace of development has totally reconfigured how the area looks and feels.

There isn’t much left of the old areas, as more luxury apartments rise within walking distance of the ocean, as well as into the interior parts. The city of Miami Beach has also seen its fair share of numerous man-made and natural changes over the years, including a booming regional economy, increased tourism, and a thriving real estate market.

More Investors Are Pouring Their Money In Apartments

Until a few years ago, individual European and Latin-American investors put their money into Miami rentals, however most institutional buyers did not. According to a longtime property analyst, “most institutions stopped at the Broward County line,, because they thought Miami-Dade was a foreign country”.

This mindset however, began to change when AIMCO purchased the 533-unit Morton Towers on Miami Beach, and is now called the Grand Flamingo, for $58 million in 1997. Another investor, Charles E. Smith, bought the 1,339-unit Mirador, another South Beach apartment building, in September 1999 and, more recently, the Harbour House in the beachfront area of Bal Harbour.

Miami-Dade Is Seeing A Luxury Apartment Building Boom

Although the luxury rental apartment sector is booming in Miami-Dade, however it is much harder for average folks these days, to find a place to live. According to local brokers, as of May 2001, there was only a 2% vacancy rate for all kinds of apartments, as compared to May 2000, when the vacancy rate was 2.4%.

The area’s tight middle-income housing market can be attributed to the fact that some affordable mid-level housing units are being taken out of the market by condominium converters.

How Apartment Housing Is Faring In Central Miami Beach

Collins Park is one of Miami Beach’s districts, and is considered to be the most “up and coming” neighborhood here, according to local news sources. Newspapers here cite the completion of the new Sanctuary Spa Resort, an updated public library, and several open projects as evidence for its claim.

The district is currently undergoing gentrification, as many of the old middle-income apartments, which were largely built in the 1980s, are now being purchased by major real estate developers, and are being be converted into condominiums. This trend is commonplace in many of the city’s neighborhoods, as districts that were once inhabited by lower-income families and individuals, are being purchased by larger developers and are being converted into middle-income, and upscale housing developments.

What’s Being Done To Fix The Area’s Apartment Shortage

Commercial real estate analysts agree that there is an apartment shortage in Miami-Dade, and they estimate that the county will need an estimated 3,000 to 4, 000 units per year However, there is little chance those units will be built, based on the last four years.

From 1997 through 2000, an average of 1,449 units were built per year in Miami-Dade. The average market-rate cost for a one-bedroom unit in Miami-Dade rents for $790 per month, and these are expected to rise on average by about 3% in 2001, the housing analysts further note.

Vanessa Arellano Doctor
http://miamirealestateinc.org