Decoplage South Beach Foreclosure

PRICE : $349,900 **BANK OWNED**

Description | What a location right on the ocean in the heart of South Beach!! Stroll out of your large 2 bedroom condo and in minutes you’re on the world famous Lincoln Road Mall. A classic South Beach building that was recently renovated with minimal rental restrictions. This unit is perfect for an investor looking for tha fantastic South Beach location – Call or email us today to view this property -305.673.5300 or info@miamiangelproperties.com.

Address | 100 Lincoln Rd #814, Miami Beach  -   map it

Property Type | Condominium
Year Built | 1965
Living Area | 1,190 SF or 110 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | Y

Download a full description (PDF):

100_lincoln_rd__8142 (Right click the link and choose “Save link as”)

SoBe Art Deco Foreclosure

PRICE : $149,900 **PENDING SALE**

Description |  Are you a first time homebuyer and looking for a renovated one bedroom art deco unit for an affordable price? If so, this is a condo that is perfect for you. This property features original Dade pine wood floors, a “faux” fireplace, fully renovated kitchen and bathroom, and all for only $228 per square foot. Add to that a fabulous central location in South Beach and a low monthly maintenance fee of only $250 – Call or email us today to view this art deco unit -305.673.5300 or info@miamiangelproperties.com.

Address | 1309 Euclid Ave #8   map it

Property Type | Condominium
Year Built | 1937
Living Area | 700 SF or 65 m2
Bedrooms | 1
Bathrooms | 1
Waterfront | N

Download a full description (PDF):

1309_euclid_ave__8 (Right click the link and choose “Save link as”)

Collins Avenue Short Sale

PRICE : $186,922 **SHORT SALE**

Description | The Arlen Beach Condo is situated on Millionaire’s Row in Miami Beach. This large one bedroom unit has been fully renovated and features an open balcony with direct ocean views. Call or email us today to view this oceanfront unit -305.673.5300 or info@miamiangelproperties.com.

Address | 5701 Collins Ave #1219   map it

Property Type | Condominium
Year Built | 1969
Living Area | 825 SF or 77 m2
Bedrooms | 1
Bathrooms | 2
Waterfront | Y

Download a full description (PDF):

5701_collins__1219 (Right click the link and choose “Save link as”)

The Capri South Beach

South Beach’s newest luxury waterfront condo has officially opened its doors to new residents. Sitting on more than two acres of prime waterfront property in South Beach, The Capri South Beach comprises of three modern structures housing 72 condominium residences with several private boat docks.

In the late afternoon and evening when the sun is setting over the Venetian Isles, Palm, Star and Hibiscus Islands, Biscayne Bay and downtown Miami, the views are just spectacular. To say that these views in the heart of the American Riviera are not worth the $1,000 plus per square foot would not be fair, unless, of course you prefer to own a waterfront home on the Venetian Islands.

The developer, Maefield Development, teamed up with Kobi Karp Architecture and Rene Gonzalez Interiors to complete this exclusive South Beach project. The three buildings, Marina Piccola, Marina Grande and the Ana Capri, are reasonably set back from each other and allow for wide open views from most of the residences. The residences, ranging in size from 783 to 1,942 square feet of living space [72.7 m2 to 180.5 m2], feature floor-to-ceiling windows, expansive balconies, built in European closet systems and glass doors throughout. No expense was spared on the European kitchens with Poggenpohl cabinets, Miele appliances and Sub-Zero refrigerator.

According to Miami Dade public records as of December 17, 2008, two units [#1101 with two bed two bath and 1,128 SF; # 1102 with three bed three bath and 1,942 SF] have closed with each buyer paying $1,130 and $1,076 per square foot respectively.  With the scarcity of serious buyers and attractive financing in the million dollar and over range these days, it is going to be interesting to follow the closings on this project.

For more information on luxury waterfront homes and condos in Miami Beach, the American Riviera, please feel free to email us at info@miamiangelproperties.com or call 305.673.5300.

Need a Rehab Loan? The FHA 203(k)..

Have you recently walked into a showing with your buyer only to discover that the home had significant damage and needed major repairs? This is not uncommon scenario here in South Florida real estate. The FHA 203k Rehab loan is an under-utilized government insured loan that may be the answer for you.

The FHA established the 203k Rehab loan program in the mid 1990’s to help homeowners rehab their existing home OR help interested home buyers purchase a fixer-upper and rehab the property without having to take out a second mortgage, which are no longer an option for 99% of all borrowers. HUD’s 203k program enables you to purchase the property plus make the necessary repairs and improvements in one mortgage.

Once you have situated your fixer-upper, the basic steps in this loan process are as follows:

• In the contract state that you are seeking a 203k loan and that the loan approval is contingent on additional repairs required by the FHA or the lender.
• Select an approved FHA 203k lender who will arrange for a detailed proposal of the work to be completed, including a cost estimate for the project.
• An appraisal will be performed based on the value of the property following renovation.
• If the loan is approved, the loan will close for an amount that will cover the purchase of the property, olus the rehab costs and allowable closing costs. The loan amount will also include a contingency reserve up to 20% of the total remodelling costs not included in the proposal.
• At closing, the seller of the property is paid off and the remaining funds are put in an escrow account to pay for the repairs during the rehab period.
• Mortgage payments and remodeling begin after the loan closes. However, you may also be entitled to have up to six months of PITI (principal, interest, taxes and insurance) put into the cost of the rehab if you are not going to occupy the property during the renovation.
• Through a series of draw requests during the remodelling project, escrowed funds are released to the contractor to complete the work. To ensure completion of the project, 10% of each draw is withheld and is paid after the lender verifies that their will be no liens on the property.
• If all the escrowed funds are not used to complete the project, the remaining funds can be applied to the outstanding principal of the loan.

The downpayment requirement for owner occupied homes is approximately 3.5% of the purchase and repairs costs of the property. The FHA 203k Rehab loan is an excellent tool to help those looking to get deals closed on short sale or foreclosed properties that were vandalized or stripped by previous owners.

For more information or assistance in buying a fixer-upper in Miami, please do not hesistate to email us at info@miamiangelproperties.com or call us at 305.673.5300.

Location, Location, Location

There is way too much media bombardment about the challenges and difficulties of owning real estate in the current housing market. I must take responsibility as well and admit that at times I am guilty of this. However, we should also celebrate the successes and see what we can learn from them.

On November 17, 2008, Jose and Deyrdre Reyes sold their home in Coconut Grove for $2.58 million, or $434 psf. They originally purchased this custom built home two years prior in October 2006, for a price of $2.0 million. While the property was on the market for 271 days before finally selling, and it sold for almost $1.0 million less than asking, the fact that it sold in the current housing market for a sizeable return is a resounding success. So what happened?

The property is located in one of the most sought after areas of Coconut Grove and Miami. This two story home features 6  bedrooms, 5.5 bathrooms, formal living and dining rooms, 5,900 square feet of living area, gourmet kitchen, and a built in BBQ adjacent to the swimming pool. The “south” Grove is a unique neighborhood with so much history, culture, green space, excellent private schools, and an almost Bohemian lifestyle all with easy access to downtown, South Beach, Coral Gables and Miami International Airport. 

Let this be a good reminder to all of us that in real estate there is no substitute for a great location!

For additional information on homes in Coconut Grove or other Miami neighborhoods, please do not hesitate to contact us or call 305.673.5300.

Miami Real Estate – November 2008

Summary - November 2008

For the month of November 2008 vs. October 2008, there was not too much change in the total number of sales versus the prior month. However, we did note that prices deteriorated further particularly in the downtown/Brickell market where the average sale price dropped from $292,850 to $260,753. Additionally, there was a small decrease in the number of condominiums sold in the Miami Beach market and downtown/Brickell market. It is also interesting to note that the two single family homes that sold with prices over $1.0 million in Miami Beach had a very short time on the market. I think that this is the direct result of both properties being priced to market and that the buyers recognized this and jumped on both deals. Overall, inventories of properties for sale has remained steady, except that we experienced a jump in new listings in Miami Beach on condos under $500,000.

November’s Featured Sale

This month’s featured sale was the purchase of a large 2 bedroom, 2 bathroom condo located in the King Cole Condominium on Normandy Isle in Miami Beach. The buyer paid $200,000 for 1,540 square feet [152 square metres] of living space, that equates to a price of $122 per square foot! This corner unit featured a direct bay view, large closets, floor to ceiling windows, and a fully renovated kitchen and bathrooms. Although the monthly maintenance fee is $991, at such a low purchase price, this condo was an absolute steal. This was a bank-owned property which was on the market for only 45 days with the original asking price was $214,500.

For additional information on Miami real estate, foreclosures, short sales or bank owned properties, please contact us at info@miamiangelproperties.com or call 305.673.5300.

The data used to generate this chart is gathered from the Multiple Listing Service (“MLS”). The data in the MLS is deemed reliable but not guaranteed. This data is for November 2008 for single family homes, unless otherwise indicated as condominiums. Homes that are pending sales have had offers made on them, and those offers have been accepted by the seller, however the sale has not yet closed. The prices are the actual sales prices of all single family or condos that closed during the month of November 2008.

Miami Real Estate – October 2008

Summary - October 2008

For the month of October vs. September 2008, we did note that there was a dramatic increase in the number of condominiums sold in the price range of less than $500,000. Additionally, that the number of single family homes that sold in Coral Gables increased by 400%, or from 5 to 25, due to the sale of several distressed properties. This was also the case in Miami Beach where the majority of the units sold were either a short sale or a bank owned property.

October’s Featured Sale

This month’s featured sale was the sale of the top floor of the North Tower of the Canyon Ranch, located at 6801 Collins Ave in Miami Beach. According to the Daily Business Review and Miami Dade Public Records, Betty Saks, a Smith Barney financial consultant, and her husband, Bart Kavanaugh, paid $5,449,700 for units 2701, 2703 and 2704, with a total of 5,100 square foot or 474 square metres, which is the entire twenty seventh floor of the development’s North Tower. The couple obtained a $3.0 million mortgage from CitiMortgage as purchase financing, structured as a three year adjustable rate mortgage with a starting interest rate of 5.125%. And you thought we were in a credit crunch!!

For additional information on Miami real estate, foreclosures, short sales or bank owned properties, please contact us at info@miamiangelproperties.com or call 305.673.5300.

The data used to generate this chart is gathered from the Multiple Listing Service (“MLS”). The data in the MLS is deemed reliable but not guaranteed. This data is for October 2008 for single family homes, unless otherwise indicated as condominiums. Homes that are pending sales have had offers made on them, and those offers have been accepted by the seller, however the sale has not yet closed. The prices are the actual sales prices of all single family or condos that closed during the month of October 2008.

One Of The Most Inspirational Sites!!

We are pleased to announce that Miami Angel Properties’s web site was recently named one of the 30 most inspirational business websites by Elite By Design. 

According to Angie Bowen,

Some businesses believe the look of the site is as important as everything else, and they have achieved usability with an equal focus on aesthetics.

Live Cheap On Millionaire’s Row

PRICE : $184,900 **BANK OWNED**

Description | An old school LARGE one bedroom, two bathroom unit located on Millionaire’s Row, this unit in the Carriage House has fantastic views of the ocean and city of Miami Beach. Enjoy yoga on the beach in the morning and end your day with a caipirinhia on your balcony watching the sunset over the city. This oceanfront deal is priced at just over $200 per SF, now is the time to take full advantage, call or email us today to view this property and your opportunity -305.673.5300 or info@miamiangelproperties.com.

Address | 5401 Collins Ave #613    map it

Property Type | Condominium
Year Built | 1967
Living Area | 980 SF or 91 m2
Bedrooms | 1
Bathrooms | 2
Waterfront | Y

Check out the video tour:

Miami Beach Oceanfront Foreclosure from Ross Milroy on Vimeo.

Download a full description (PDF):

5401_collins_ave__613  (Right click the link and choose “Save link as”)

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