Magda Pantaleon, Broker Associate

Magda, a Cuban American who is fluent in English and Spanish, was born in Denver, Colorado. At the age of 11, she moved to Miami and fell in love with the “fun in the sun” lifestyle. She volunteers for children and youth organizations and has many hobbies including golf, guitar, martial arts and gardening. Magda has been an active Real Estate salesperson since 1997, and she obtained her Real Estate Broker’s License in 2003. An entrepreneur with over 20 years of experience in sales, marketing, real estate, and mortgage lending, Magda is sure to bridge the gap between all facets of a transaction, provide every client with impeccable service, and assure the flow of a seamless experience.

Contact Magda Pantaleon

Office Phone: 305.673.5300
Mobile: 305.613.7653
Email: mapmiami@gmail.com
Fax: 305.576.8306

To Homestead Or Not To Homestead?

Many Floridians are unaware of a state rule passed in 1995, which requires assessed property values to grow by 3 percent or by the Consumer Price Index, whichever is less, as long as the property’s market value does not dip below the assessed value. Therefore, even homeowners whose market value dipped this past year may see lower savings or even a slight increase in their taxes.

I think that this law needs to be immediately eliminated or amended. Why? This law works against many that are homesteaded versus those homeowners that are not. According to Kurt Wenner, director of tax research for Florida TaxWatch, “this could be the first year where people under Save Our Homes taxes go up, and people with non-homestead properties go down.”

Last year, voters overwhelmingly approved Amendment 1, which effectively doubled the homestead exemption for primary homeowners to $50,000 and made the Save Our Homes tax protection more portable. This amendment also placed a 10 percent cap on non-homesteaded properties.

So Florida snowbirds, second or investment property owners, who have been left out in the cold for so long on property taxes, may find that their property tax bills falling this year, together with real estate market values.

If you would like to consult with us on your tax situation or value of your property, please contact Ross at info@miamiangelproperties.com or call 305.673.5300.

Property Taxes Front Lines

A few weeks ago, I published a blog on Florida’s property tax issues titled Florida’s Property Tax Conundrum. In addition to the ever rising cost of property insurance in our state, the real estate tax debate is now on the front lines. Currently faced with severe budget cuts, the Florida Legislature, Department of Revenue, local cities and counties, are in no rush to change the way they assess real estate property taxes.

However, there is some light at the end of the tunnel. The Florida Department of Revenue (“DOR”) recently issued an advisory opinion that foreclosures in general should not be used for assessment purposes, but that Property Appraisers may “calibrate” property assessments to “adjust” for foreclosures. The term “calibrate”, which does not exist in the DOR  rules and Florida assessment statutes, means that Property Appraisers may potentially qualify foreclosure sales that were sold on the open market, or more specifically, those that were listed on the MLS. Additionally, based on the October opinion issued by the DOR, short sales are now believed to reflect the market and may also be used for 2009 assessment purposes.

Property assessments in Florida are always done a year in arrears, therefore, this is good news for 2009 assessments.

Lori Parrish, Broward County’s Property Appraiser, is being very open about her interpretation of the DOR’s latest opinions and has publicly issued her 2008 assessments guidance on short sales and foreclosures. Let’s just hope that our new Miami Property Appraiser, Pedro Garcia, will answer to the voters who put him in the position. In a recent interview with the Daily Business Review, Garcia stated that his “primary goal” is to “establish the right value for all properties in Miami-Dade County.” Additionally, he stated that the “department will take a look at comparable sales, foreclosures and short sales in a community to establish the right value of properties in each market area.”

Let’s make sure that we hold him to this.

If you would like a FREE consultation on the value of your property or to discuss your real estate tax situation, please feel free to send us a request at info@miamiangelproperties.com or call Ross at (305) 673-5300.

Central South Beach Rental

RENT: $1,600 / month 

Description | This 2 bed 2 bath condo is located in the heart of South Beach and just a few minutes walk from the beach, Espanola Way, Flamingo Park, Lincoln Road or the South Beach shopping district. A corner unit with fantastic exposure and natural light, one assigned parking space, this rental is perfect if you are looking for an affordable rental in the perfect location.  

For additional information on this rental property or other condo rentals in Miami Beach, please email us at info@miamiangelproperties.com or call 305.673.5300.

Address | 950 Euclid Ave #312  -  map it

Property Type | Condominium
Year Built | 1975
Living Area | 871 SF or 81 m2
Bedrooms | 2
Bathrooms | 2
Waterfront | N

Download a full description (PDF):

950 Euclid Ave 312 (Right click the link and choose “Save link as”)

The Miami Lifestyle

This weekend I spent several hours biking on Collins Avenue and A1A with a few of my local cyclist friends. While we are dealing with major oversupply in the real estate market and continued news of major layoffs, we are truly blessed to live in this diverse and beautiful city. Let’s face it, for many living in Miami is a ”lifestyle” choice. While the rest of the country is enduring freezing temperatures or major snow storms, here we are living it up on the beach and swimming in the warm clear azure waters of the Atlantic Ocean.

Miami is growing up. Our downtown area may appear to be a concrete jungle, but if you look closely, it has the makings of one of the most striking urban centers in the world. When is the last time you looked at downtown from across the Biscayne Bay at night? This past weekend the annual Miami Marathon kicked off from the American Airlines Arena. The 26.2 mile race covers one of the most unique courses of all major marathons. In the early morning hours runners pass through and experience the Port of Miami, South Beach, Ocean Drive, Miami Beach Golf Club, the Venetian Isles, Brickell Avenue, Coconut Grove and Key Biscayne. We are constantly spoiled and exposed to major cultural, art, drama and professional sporting events in our city, lest not we forget our incredible architecture, organic farmers markets and a constant flow of international visitors.

This city never ceases to surprise me. Browsing  through the December edition of Ocean Drive Magazine, I read about several new culinary superstars and recent restaurant openings. In the new Fontainebleau Miami Beach, we have Gotham Steak, Scarpetta, Hakkasan and La Cote. In the new W Hotel Miami Beach, which is scheduled to open this Spring, Mr. Chow and Serafina will make their debut. In Miami Beach, we continue to welcome new restaurants such as Gaia Ristorante on Ocean Drive, the famous Parisian restaurant Au Pied De Cochon,  Sean Brasel’s Meat Market on Lincoln Road, Red Steakhouse, Fogo de Chao, and Philippe Chow’s “Philippe” in the Gansevoort South.

We may not have a large employer base, Silicon Valley, nor the most reliable workforce, but we do have something that keeps people wanting to move and live here. It’s a love hate thing. I am confident, however, that for most of us it is a lot more love than hate. This is a special city and we are fortunate to enjoy it in all of her glory.

Private Sanctuary on Penn

PRICE : $118,900 **PENDING SALE**

Description | Your roommate days can be long behind you, finally!  This adorable unit is new, fresh, and ready for your new start.  With super low maintenance and walking distance to Flamingo Park, Lincoln Road, and the beach, you should not let this opportunity pass you by…

Call or email us today to view this property or other South Beach art deco units -305.673.5300 or info@miamiangelproperties.com.

Address | 1358 Pennsylvania Avenue #101   map it

Property Type | Condominium
Year Built | 1925
Living Area | 487 SF or 45 m2
Bedrooms | 1
Bathrooms | 1
Waterfront | N

Download a full description (PDF):

1358_pennsylvania__101 (Right click the link and choose “Save link as”)

Downtown Miami Penthouse

PRICE : $869,900 **PENDING SALE**

Description | This Bank Owned penthouse is located in the up and coming downtown district of Miami and offers luxurious amenities including fine dining restaurants, just steps from the elevator.  With views from every window, this four bedroom, flawless unit, is offered direct from the bank for a steal with multimillion dollar views!!

Call or email us today to view this property -305.673.5300 or info@miamiangelproperties.com.

Address | 325 Biscayne Blvd #4226    map it

Property Type | Condominium
Year Built | 2006
Living Area | 3,200 SF or 297 m2
Bedrooms | 4
Bathrooms | 4.5
Waterfront | Y

Download a full description (PDF):

352-s-biscayne-unit-4226 (Right click the link and choose “Save link as”)

Miami Property Auctions

This week I participated in a public auction held by the Miami Dade County Clerk of the Court and wanted to share my thoughts with you. It was an interesting experience and at the conclusion of the day’s events, I left both encouraged and dumbfounded.

The scene started off a bit somber, oh hum, another auction, but rapidly changed to a room full of starving lions circling their sick prey. Imagine a room full of cash buyers, mostly classic old school Miamians, mixed with suits, shorts, gold, polyester, Blackberries and laptops.  There were moments when the amount of testosterone, bidding against each other in $100 increments, was simply overwhelming.

The County had three officials holding the auction, one is the actual auctioneer, and the other two working as liaison between the Court and the Plaintiff (generally the representatives of the bank or condo association). Each property is announced by case number, and if the Plaintiff’s representative is present, then the auction proceeds. The auctioneer then reads the details of the case, including the name of the defendant, subject property legal description and address. Then comes the key moment. The Plaintiff’s representative announces their reserve by stating “We will take up to $X”. The mood in the room changes, some chuckle, someone shouted “NEXT”.

Following a short pause, the auctioneer asks for any bidders to submit their registration forms. Each bidder then delivers their completed form and their valid ID to the auctioneer. The auctioneer then requests all the bidders to step forward to the middle of the room and the bidding starts. The opening bid please Plaintiff? ”$100 is our opening bid,” says the Plaintiff, and so the bidding leaves the starting block. Now remember that the Plaintiff has pre-announced their reserve to be met. Some super smart bidders actually try to bid up to around $5,000 against the Plaintiff, even if the Plaintiff’s reserve is $100,000. Crazy!

Of the two hundred properties to be auctioned, approximately one-third did not take place due to their being no representative present for the Plaintiff, and perhaps another ten percent were cancelled by the Court prior to the commencement of the auction. That left us with approximately sixty percent to be auctioned, or one hundred and twenty properties. Out of this remaining amount, the approximate ten active bidders only actually bid on about twenty of the properties and were successful on about ten of them. In general, the majority of the bidders lost their appetite at $100,000.

I must note that there were a number of properties on which nobody bid that had a low reserve set by the Plaintiff, and in terms of my analysis, the reserve was considerably less than market value of the property. For example, a 3 bedroom, 2 bathroom, 1,800 square foot, single family home in Miami Shores had a reserve of $90,000. According to the property appraiser, this house has an assessed value of $291,000, and my estimated market value was $160,000. Unfortunately for me, my cash allowance for day was spent or I would have jumped on it.

My thinking is that with a few exceptions, that the banks continue to set high reserves, and instead of focusing on lending, they are now active property owners and managers. The fact that one has to pay the full amount in cash or by cashier’s check to the Miami Dade Clerk of the Court by 3 ’o clock on the day of the auction, is keeping the majority of investors out of this auction process. In November 2008, there were over 1,300 properties scheduled to be auctioned, in December this number increased to 1,500, and, this month there are over 2,200 properties scheduled for auction.

Just how much longer can the banks stay in the property business and hold on to these massive portfolios of non-performing assets? With or without TARP money, the days of such high reserves is soon to burst!

“Buy and Bail” Practices

Today I read a story from a realtor in Tampa who is encouraging people not to sell in this market, and instead, to rent out their old home when they buy a new one. While I think that this may work for certain buyers, one has to be aware of the “buy” and “bail” practices and of the difficulties these buyers may face if they require financing to purchase the new home.

The practice of “buy” and “bail” is when the homeowner purchases a new home that is more affordable with the intention of no longer making the mortgage payments on the original home. In September 2008, the FHA issued new guidelines addressing those situations when owner-occupied homes are being converted to rentals. Under the new guidelines, lenders may not consider the rental income being derived from the owner-occupied property in the underwriting process, except under specific and limited circumstances.

It is important to consult with a knowledgeable mortgage professional prior to planning such a move. While “buying and bailing” may seem attractive to some, it can have major consequences for the homeowner, community and real estate professional.

If you are looking to purchase a property in the Miami area and would like to consult with us, please send us an email at info@miamiangelproperties.com or call 305.673.5300.

Sins of South Beach

I read ex-mayor Alex Daoud’s autobiography “The Sins of South Beach” over the holidays. While the book reveals much about the corrupt nature of politics in Miami Beach during the 1970’s and 80’s, it really provides some valuable insight in regard to how our city developed and changed during this critical period of our history. It also provides some very interesting information and history of several well-known Miami Beach families, bankers and real estate developers. Alex Daoud may have been on the take, but there is no doubt that he was very instrumental in taking Miami Beach out of the dark ages to the quintessential American Riviera that it is today.

For more information on this revealing book, please check out his web site www.sinsofsouthbeach.com.

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