Tag Archives: Real Estate Market

Fort Lauderdale Real Estate: Apartment Rental Helps Market Survive

Considered as a prime location for many tourists, the city of Fort Lauderdale in Broward County is truly a home away from home.

Fort Lauderdale was a thriving residential market back in the 90’s, but starting to face some problems early this year. The mortgage crisis, as well as the currency devaluation of the U.S. Dollar contributed to the recent decline of the real estate market.

Major government redevelopment projects contributed to the rise of tourism in the area, from beach fronts to river walks, the city still amass a number of tourists enough to provide enough revenue to the city. But this is not enough to bring back the lost profit during the mortgage bust that is occurring nationwide.

Alive And Kicking

The U.S. mortgage crisis greatly affected the state of Fort Lauderdale real estates. The number of foreclosures helped increase the number of unsold residential units in the area, and the median prices of these homes soar every month. Also, the rising interest rates of different mortgage types are hindering the locals from acquiring these real estates for their use.

In order to counter this problem, many developers are converting condo and apartment units into rental to address the demands of people for affordable residential real estate. Analyst observes that if the median price of these residential units doesn’t continue to rise in the next couple of months, the number of unsold homes will decrease as home acquisition increases.

Despite the wobbly status of the market, many real estate firms are now developing additional residential units like apartments, family homes, condos and more. This might be a gamble in a sense, but many analysts’ report that the long term goal of these projects might be beneficial in the long run.

Finding The Right Home In Fort Lauderdale

Whether visiting the city for leisure or planning to settle down permanently, Fort Lauderdale offers an abundance of residential units that will surely let you enjoy your stay. If you plan in advance, you can search online sites that feature various apartments, condos and family homes in the city.

You can directly contact real estate agents in Fort Lauderdale if you wish to inquire about the current situation of the real estate market, while looking for the best deals in home acquisitions.

And since many of these realtors are affiliated with financing institutions in the city, you can go ahead and inquire on the loans available the will suit your budget, as well as the interest rates that goes along with it. You might need to settle your credit report, first hands, and check your credit scores whether they meet the requirement for a loan, or not.

Even if the real estate market in Fort Lauderdale is in a decline due to the housing slump that hit the nation, the locals are giving it a good fight to keep the real estate market alive and kicking.

Vanessa Arellano Doctor
HomeTerra Fort Lauderdale

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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

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

Condo Market Updates – Sarasota Real Estate

The city of Sarasota is located on a lovely stretch on Southwest Florida’s Sun coast, and is describe by many as being a paradise unto its own, with fine white sand beaches, a classy and diverse arts scene, wonderful shopping amenities, upscale resorts, country clubs, fine dining establishments and community events.

Along with the area’s stunning natural beauty and year-round good weather, these are among the finest reasons why the city ranks among the nation’s 15 most livable communities, based on a study by Money Magazine. The area’s residents know all to well charms and beauty of this southern city that best combines a relaxing atmosphere with all the comforts of big-city living. The city has a wonderful array of waterfront estates, golf courses, condominiums and villages that are carefully designed to compliment the city’s historic areas and neighborhoods.

How The City’s MLS Figures Performed in February 2008

According to a report by the Venice Area Board of Realtors in Sarasota County, around 110 pending home sales in February 2008 were registered, as compared to 85 in January 2008. This increase represents a rise of 29 percent.

In addition, the Sarasota Association of Realtors MLS figures have reported 654 sales pending for single-family homes and condos in February 2008, which represents an increase of 27 percent over the 516 sales reported pending in the first month of the year. Sarasota also registered 418 closed sales in February 2008, which was up by percent from the 327 closed sales in the first month of 2008.

How The Condo Markets Fared in 2007

For assessing the city’s condo markets in 2007, the city had more condo units sold over the first 11 months of 2007 than in 2006, and this represents an increase of 3%. The area’s m Median sale price for condo’s also went up by 6.3. %. These numbers are in stark contrast to the other condo markets in Florida, where condo sales and prices have slumped considerably in 2007 as well.

In general, the consensus among condo buyers, real estate brokers and analysts is that the condo market in Sarasota has better outperformed other state and regional markets. For example, a two-bedroom unit at The Plaza at Five Points, has started selling for around $650,000, and is now being resold for as much as $760,000, representing a 17% appreciation, while the certificates of occupancy have yet to be issued.

According to property market analysts, the Sarasota housing market, is expecting to add 1,883 units over the next three years, which are nearly 2,000 fewer than were built in the preceding three-year period. However, despite the gloomy present outlook, the future prospects for the area’s housing and condo markets as well are upbeat.

Among the reasons for the rosy forecast are the following reasons: More foreign buyers are interested in the area’s real estate market; Home prices have been slashed by 30%-40% since the market highs of 2005; Mortgage rates are low; Home lenders are loosening up credit a little bit; A property-tax relief amendment is on the way; The impending change in administration in Washington should increase consumer confidence; The presence of pent-up buyer demand; and home construction is very low, which means there are fewer new homes added to the market.

Vanessa Arellano Doctor
http://siestakeyrealestate.com

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