Miami Beach Real Estate News

Real Estate News

Every day is a different experience in Miami Beach.  Its ever-changing landscape and the diversity of the Miami Beach real estate market present exciting new ventures, opportunities and events that make it one of the most dynamic cities in all of sunny South Florida.

Our Miami Beach real estate blog is always being updated with the latest real estate news about Miami Beach and its neighboring areas, including local events and exciting new happenings.  As part our ongoing efforts to provide you with the most comprehensive information on Miami Beach and its collection of varied property, we will highlight and acquaint you with a new, acclaimed Miami Beach condo each month.

We encourage you to comment on our latest Miami Beach real estate and South Beach real estate news postings and contribute to the discussion.  The eclectic lifestyle and community always presents new perspectives and we’d love for you to share our postings with friends and family through your preferred social networking websites.  Thank you for reading our Miami Beach blog!

Friday, April 22, 2011

Hurricane season is rapidly approaching and if you live in Miami Beach condos, it's very important that you understand what protection you have from hurricanes if one were to hit.  Surprisingly, the state doesn't necessarily require as much coverage as you think you might need or think you actually have.  Condo communities should definitely consider their insurance options.

Considering that the majority of Miami Beach condos are right by the water, it's wise to go beyond whatever the minimum requirements are.  Generally, associations should base their insurance amount on appraisals and a replacement-cost basis.  On the other hand, upping the deductible as a means of saving money on the premium may also be a viable option.  Associations must remember that the deductible should be a figure that residents can actually finance in case of a major loss.

Most Miami Beach condos associations have to have casualty/damage insurance as required by the state but that's mostly where requirements end.  If you are part of an association, strongly consider your insurance options; South Florida is well known for being at risk of hurricanes and as the saying goes, “it's always better to be safe than sorry”.

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Thursday, April 21, 2011

Are you the type of person who enjoys sports?  Polo?  Do you live in Miami Beach condos or in one of the homes?  You might want to pay attention as the so-called “sport of kings” will be arriving this week.

If you haven't already noticed, the AMG Miami Beach Polo World Cup presented by Nespresso kicks off today.  The event begins with a woman’s competition and continues for four days with fashion shows, cocktail parties and of course plenty of polo playing.  America's Most Wanted host John Walsh will also be hanging around, serving as the ambassador for the sport.  If you happen to live in one of the South Beach condos between 20th and 22nd Street, you can get a great view of the events and enjoy all of the people watching.

Even if you don't happen to live in any Miami Beach condos, tickets for the AMG Miami Beach Polo World Cup, you can purchase one of the VIP tickets for $150 which includes seating in the grandstands, drinks and food.  Over 11,000 people are expected so if you plan to go, make sure you make your arrangements early.

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Wednesday, April 20, 2011
Let's briefly put aside Miami Beach condos and move the focus a little over Biscayne Bay to the west.  You may have heard about Brickell Station not too long ago.  The ambitious project was originally conceived back in 2006 as a soaring 600 foot tower atop of a ten story parking garage but ultimately never came to fruition, at least not in its original incarnation.  Six years later, The Related Group, a prominent South Florida developer has decided to reduce the scope of the project significantly.
 
The building that was once going to be called Brickell Station and might've given Miami Beach condos a run for their money is now being proposed as My Brickell.  The previous height of 600 feet has now been reduced to 350 feet and the parking garage...is no more.  While the reduced height was meant to comply with zoning codes, the fact that My Brickell will contain more than 200 condos without a parking garage isn't being met without some degree of discontent among locals of the downtown Miami area.
 
The idea is for My Brickell to use the leftover parking spaces of My Brickell's neighbor, the 500 Brickell condo.  However, owners of 500 Brickell feel that there simply aren't enough spaces to accommodate 200+ more vehicles.  The Related Group has yet to receive the ok on moving forward with the My Brickell project.  Does the lack of a parking garage sound like it should hinder development of a new residential building?
 

UPDATE 11/1: We have a few new details on what's in store for My Brickell condo and what the building will look like.  The building will be 25 stories tall and will have 192 units available as studios, as well as one and two bedrooms.  Square footage will range between 600 to 1,195 square feet. 

In terms of amenities, it will have most of the amenities usually found in high end Brickell condos including a swimming pool, fitness facility, a social room and of course the services of concierge and around the clock security.  There's a good chance that further details on amenities will be revealed once the project comes closer to completion.

We've also come across a few developer renderings of what My Brickell's interior and exterior are expected to look like. What do you think?

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Friday, April 15, 2011

Depending on how much you've been following Miami Beach real estate activity and whether you're looking to sell your home or condo, you may or may not be aware of how essential it is to take local market conditions into account.  This process can be easier said than done if you're a novice but thankfully there are steps you can take to make things less complicated.

The internet can be your best friend in determining local market conditions if you're looking to sell something like Miami Beach condos for example.  Major websites like Zillow can give you accurate numbers if you type in an address and can also provide information on local sales which are a huge deciding factor in how much you can ask for that South Beach condo you're looking to move on from whatever reason.

When it comes to selling any Miami Beach real estate, a local real estate agent can be your best friend as you might have already guessed.  An agent can provide you with a complimentary comprehensive market analysis which details what you can probably get for property and will give you those figures of comparable sales.

Before moving forward on selling any Miami Beach condos, always do a market analysis as these can change on an almost daily basis.

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Thursday, April 14, 2011

If history is to be believed, the first day of July 2010 was the day when markets like Miami Beach condos began to creep slightly towards recovery, thus signaling that the bottom of the market had apparently been reached.  This day was also notable for the passing of the Florida Distressed Condominium Relief Act, a law which went a long way in restoring a degree of trust.

Back in the earlier days of the market, small investors and hundreds of permanent buyers would purchase one or two Miami Beach condos and a recovery was in sight.  These small investors have since morphed into “buy and hold” individuals with deep pockets who plan on holding onto these units for three or five before selling them off.

The major benefit of the Florida Distressed Condominium Relief Act is that it gives associations some financial stability and real estate agents a major advantage since they can now sell units like Miami Beach condos with increased confidence.  For example, associations can now collect fees from tenants if owners fail to make payments which in turn will encourage community upgrades and therefore increase property values.

There's a lot more to the Florida Distressed Condominium Relief Act and Miami Beach condos are only used as an example since this is after all a statewide law.  Nearly a year later, how effective do you think this new law has been in turning things around?

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Wednesday, April 13, 2011

An increasingly popular way to buy Miami Beach real estate at dramatically discounted prices is at foreclosure auctions, well known for being a lucrative albeit highly competitive method of snapping up properties.  While you may be aware of the common risks involved in foreclosure auctions—online ones particularly—there is one major pratfall that novices are ignoring.  Since this can result in the loss of potentially thousands of dollars, you should be aware of it.

One of the first things you should strongly consider when purchasing something like Miami Beach condos is obtaining a title search.  A title search will determine whether the property you're bidding on has any second mortgages or junior liens that you may become responsible for if you're the successful winning bidder.  A title search costs about $100 and can keep those aforementioned thousands of dollars in your pocket as well as save you a world of legal headaches.

Always remember that it's ultimately your responsibility whether Miami Beach homes or any property have any legalities attached to them.  If you fail to do your homework properly, you could risk losing lots of money.  Consider foreclosure training sessions before dipping your toes into online foreclosure auctions; you'll likely be glad you did in the long run.

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