INSIDE SOBE REAL ESTATE JOURNAL
Get the latest scoop on the area including inside tips and advice from our professionals.
The Capri South Beach
December 24, 2008
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 ...
Need a Rehab Loan? The FHA 203(k)..
December 22, 2008
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 ...
Location, Location, Location
December 18, 2008
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 ...
Miami Real Estate Monthly - Nov 2008
December 17, 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 ...
Miami Real Estate Monthly - Oct 2008
December 15, 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 ...
One Of The Most Inspirational Sites!!
December 15, 2008
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.
Canyon Ranch Miami Beach
December 15, 2008
A few weeks ago the much awaited "soft" opening of Canyon Ranch., located at 6801 Collins Avenue in mid-Miami Beach, took place. The complex has three towers, with a total of 580 condo and hotel units on a six acres oceanfront site. According to WSG Development, they are closing units very quickly with 45 units closed last month and another 45 units closed this month. Additionally, only 70 units out of the total project are still available.
The ocean and city views from the property are spectacular and the wellness facilities provided by the Canyon Ranch lifestyle are world ...
First Time Homebuyer Financing
December 5, 2008
The Housing and Economic Recovery Act of 2008 affects many aspects of the real estate industry, including FHA loans. Here are several points you should know about how the housing bill alters FHA loans:
New Maximum Loan Limits - The maximum loan amount will be the lower of 115 percent of the median home price in the area or 150 percent of the conforming loan limit, which amounts to $625,500. In Miami Dade County, the maximum loan amount for a single family dwelling has been increased to $423,750.
Downpayment - FHA borrowers are required to make a minimum of 3.5% downpayment.
Seller Financing Downpayment Assistance - Sellers may still contribute 6% towards closing costs, ...
Is Now The Time To Buy?
December 3, 2008
I am constantly asked the infamous "timing" or "bottom" question by colleagues, clients, investors, friends, and practically everyone that I meet on the street. It is a fair question given the barrage of negative media attention surrounding the housing markets in Miami, L.A. and Las Vegas.
So for all of you that are still out there pondering this question, my answer is a short, simple and resounding YES! Does this mean that every foreclosure is a deal, not always.
It is fair to say that buying a foreclosure is not for everyone, nor is it always a simple, seamless or transparent process. The individuals ...
The New Miami Icon
November 24, 2008
This month the much talked about high-rise residential development known as the Icon Brickell, located at 495 Brickell Avenue in downtown Miami, will start closing on units and open it's doors to new residents. A couple of weekends ago, I visited the site to get a feel of this enormous condo project at the mouth of the Miami River.
The first thing that jumps out at me are the several gigantic heads, something reminiscent of the Maoi of Easter Island, staring at me as I enter the premises. Multiple shapes, colors, sizes, textures and even a few with lights in their eye sockets. The ...
Miami Beach Rock Star Cribs
November 21, 2008
The Setai, South Beach
Recently, these four rock star properties traded in Miami Beach. Two homes, two condos. New and old, ocean and bay. Just as I always say to clients, it is all about the location.
> The Residences at the Bath Club -5959 Collins Ave #1103, Miami Beach - a 3 bedroom, 3,640 square feet oceanfront unit - acquired from the developer in 2005 for $2.28 million - sold for $2.29 million or $629 per square foot.
> The Setai - 101 20th St #1705, Miami Beach - one bedroom, 821 square feet, oceanfront condo - acquired in 2004 for ...
Florida’s Property Tax Conundrum
November 20, 2008
Working with buyers of Miami residential real estate can be a lot of fun and full of adventure. We have so many unique neighborhoods, eclectic architectural styles, and such a diverse culture, including homes from tropical bohemian bungalows in Coconut Grove to high-tech modern waterfront homes on the Venetian Isles. Eventually, however, you have to cross that shaky old "real estate tax" bridge. PROPERTY TAXES ARE WAY TOO HIGH, and are a major factor in the property buying decision process.
YES, prices have come down considerably, and in some cases way below the threshold that any of us in this ...
Realtor Denial Syndrome
November 12, 2008
Yesterday, I read two different blogs in regard to disclosing of number of days that a property has been on the market. One author is convinced that less transparency in real estate is what is necessary to "protect sellers," while the second author stated that according to Altos Research, Miami has the highest average days [172] on the market out of all the top metropolitan areas in the country.
To the author of "Posting Days On Market Unfair To Sellers," I say give up your license and find a new profession. We NEED more transparency in real estate and trying to withhold important information ...
Miami Is Flying High
November 11, 2008
So you think that the local economy is depressed and you do not see any improvement on the horizon? It all depends on what information you are tracking and which segment of the Miami economy you are considering.
Let's consider the latest data provided by the U.S. Department of Commerce and Office of Travel and Tourism Industries on international visitation to Miami:
We ranked SECOND in the nation, behind New York City, in total number of visitors.
Year-to-date through August 2008, with over 2 MILLION international visitors, we are up by 10% over the same period in 2007.
The top ten tourist generating countries to ...
Miami Short Sales - Know the Law
November 7, 2008
Opportunity is Knocking
A few weeks ago I wrote a brief introduction to short sales titled Short Sales 101. As a buyer in today's Miami real estate market, it is essential that one become an expert to navigate the challenging, and at times, perilous seas of short sales.
This is an example of a typical scenario that I worked on recently, and one in which there was plenty of questionable, unethical and illegal activities. Here is a short version of what transpired:
After an exhaustive search for a "steal" in Coral Gables, my client, the buyer, decided that he loved a single family home that was listed ...
Miami Real Estate Market Summary - September 2008
October 30, 2008
Summary - September 2008
For the month of September vs. August 2008, we did not see any significant changes in the Miami real estate market, other than to report that the number of either foreclosure or short sales by lenders continues to increase, particulary in the Brickell/Downtown Condos and Greater Miami market. For example, 32 of the 59 closed sales in Downtown/Brickell Condos, or 54%, were either foreclosure or short sales. Additionally, I think that it is pretty clear that the properties that are selling are in the less than $500,000 range, and this is further evident by a sizeable decrease in the number ...
“Where Did You Go?”
October 29, 2008
Franz Reuther, or better known as Frank Farian, the famous German singer-songwriter and music producer of several pop groups, including No Mercy, Boney M and Milli Vanilli, needs no introduction. His has won more than 800 gold and platinum records. Unfortunately, with all of his fame and success, he has never completed his waterfront property in Miami Beach.
According to several online sources, while in Miami on vacation Farian was walking down Ocean Drive and happened to hear Marty Cintron singing at a local beach cafe. In 1995, he connected Cintron with brothers Ariel and Gabriel Hernandez to form the Miami based ...
Florida Foreclosure Laws
October 22, 2008
If you are planning on purchasing distressed property in the state of Florida, then you should be knowledgeable of the foreclosure laws. Please find the quick facts:
Timeline: Typically 180 days
Right of Redemption: Yes
Deficiency Judgments Allowed: Yes
Primary Security Instruments: Mortgage
Judicial Foreclosure Available: Yes
Non-Judicial Foreclosure Available: No
All mortgages are foreclosed in equity. The foreclosure claim shall, if tried, be tried in the court without a jury. In a mortgage foreclosure action, the court severs, for separate trial, all counterclaims against the foreclosing lender.
The court order of foreclosure is required to specify how the foreclosure must take place, and the foreclosure must take ...
Captain Burke’s Miami Beach Castle
October 20, 2008
Passing by this totally unique property while out boating this weekend, I was thinking about how many secret or strange hideaways we have in Miami Beach. This particular Miami Beach abode has all the makings of a castle, with iron gates, gargoyles, turrets, towers, parapets, a draw bridge, sculptures of knights and dragons, and a 65,000 gallon salt water moat filled with sand sharks. It is located at 4462 North Bay Road and I encourage you to Google the address to see it from a satellite view.
This castle was the creation of the Captain Michael Burke, the founder of Windjammer ...
Short Sales 101
October 16, 2008
Whether a seasoned real estate investor, first-time home buyer, distressed seller, or real estate agent, being educated and knowledgeable in short sales is very important in today's market. To back this up, consider the fact that according to the Southeast Florida MLS, there are currently a total of 11,212, or 26.7%, of the entire inventory of condos or homes available for sale in Miami Dade County, that are listed as short sales.
A "short sale" refers to the sale of real property for a price that is less than the owner's outstanding debt secured by the property. In a ...
The Economy in 2000 vs. 2008
October 10, 2008
An article from the Chicago Tribune:
Sand in my Shoes
October 8, 2008
Amidst all of the negativity in the media, erupting presidential election, stressed global stock markets, historical government bailouts, and an ever-growing division in our country, we enjoyed an amazingly beautiful Sunday on the beach. With a light northeasterly wind, mild surf, water temperatures around 76 degrees, crisp blue sky, and warm fall sunlight, we left the beach without a worry in the world. This is what the Miami Beach lifestyle is for me, and we get to enjoy this all year round!
So other than sharing my experience of the beach this past weekend with you, how does this translate to ...
No Credit - Run For The Hills!
September 30, 2008
Today I spent some time reconnecting with a few friends in the retail mortgage business. My idea was to determine the reality of the current lending climate and just what the latest mortgage lending guidelines require. And more importantly, is anyone funding loans out there?
A number of comments really jumped out at me, including:
Until this week, Fannie Mae was still accepting "stated" or "liar" loans, however, Freddie Mac is still allowing them.
The Federal Housing Administration is filling much of the gap, and in some cases, providing financing up to 97% loan-to-value ("LTV"). For example, even if you have a really low credit score ...
Bricks and Mortar
September 25, 2008
There is so much talk, spin, fear and anticipation coming out of the "Big Bailout."
Investors are buying call options on financials and banks. KB Homes, one of the nation's largest homebuilders that just reported a 2nd quarter earnings of -$3.30 per share, saw its stock price up by 4.13% today following a recommendation by Jim Cramer. I have also read that Wall Street is looking to provide a new way around the short-sell ban, which according to CNBC.com, involves the use of derivatives. Oh yes, you know those creative "financial instruments" that Wall Street is so desperate to get rid of. Today, I ...
Miami Beach Monthly - August 2008
September 23, 2008
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 August 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 August. Please note that the areas that ...
