For most people, the decision to choose Miami Beach condos versus a traditional home has a lot to do with the extra perks that come along with a condo, in other words the amenities.  Along with amenities however, there also comes the requirement of having to pay fees to the condo association.

Yesterday we discussed a major initiative by the state aimed at giving condo associations additional power and some degree of financial relief.  One of the stipulations says that associations can ban residents from using the very things they probably chose a specific condo for:  the amenities.  Non essential items like a pool can become off limits if condo owners become delinquent on their maintenance or even the mortgages they may be paying to live in properties like Miami Beach condos.  This new authority given to associations is already in effect.

While people who fall under this delinquent category may not like these new rules, it should be noted that owners cannot be banned from their own units or essential features such as a driveway.  However, the next time you’re planning on soaking in the pool on a hot summer day, make sure you’ve paid all your bills or you may not be allowed in.

Two weeks ago, Florida Governor Charlie Crist signed a new law geared towards giving condos and homeowner’s association s a major overhaul and provide a bit of economic relief, Miami Beach condos included.  While some don’t believe the bill will be as effective as lawmakers would like, the effort is being welcomed.

Some of the highlights of this new bill are geared towards lenders as well as buyers.  In the case of the former for example, lenders would be required to pay up to twelve months worth of back fees (or one percent of the mortgage value) when they assume the title of properties such as Miami Beach condos via foreclosure or deed in lieu of foreclosure.  Possibly most aggressive is the new law stipulating that condo owners may be banned from nonessential common areas such as the pool if they’re 90 days or more behind in maintenance fees.

Perhaps the biggest complaint regarding the new bill is the fact that it does more to assist Miami Beach condos associations instead of actually providing some kind of solution for residents who are stuck in underwater mortgages.  What are your thoughts on the new law?

Particularly in the South Beach area, Miami Beach condos have received lots of attention from intrepid investors.  As more decide to seize upon whatever deals may be available, the competition becomes increasingly crowded and one of the latest competitors is none other than the Miami Beach Community Development Corporation.

There are quite a few Miami Beach condos that at one point were set to become the next best thing during the glory days of the housing market but ultimately failed.  Because of this, prices have dropped by several thousands and the Miami Beach Community Development Corporation has already snapped up a 35 unit building called Neptune Beach for $162,000 per unit, a huge discount from its original selling price of more than $200,000.

While investors have their own purposes for purchasing Miami Beach condos, the purchased condos of Neptune Beach will become affordable rentals geared towards provided housing for local Miami Beach employees.  Neptune Beach is one of several additional condos the Miami Beach Community Development Corporation has or will purchase.  As more people take the next step towards snapping up hugely discounted Miami Beach real estate, it may be a good idea to perhaps consider your options.

Miami Beach isn’t generally considered an ideal spot for people seeking to spend their golden years, the city is better known for its young and contemporary vibe.  For the most part, the elderly are probably better off choosing Palm Beach up north then trying to find beachfront affordable Miami Beach real estate.  This may soon be changing thanks to a new effort being spearheaded by the Housing Authority of the City of Miami Beach.

It’s taken about thirty years but the city is about to get started on laying down the foundations for a brand new piece of Miami Beach real estate, an affordable housing project for elderly disabled persons to be more specific.  In fact, the groundbreaking already took place yesterday.  The building will be located at 321-327 Michigan Avenue and will consist of thirty one bedroom units that are all ADA accessible.

It should be noted that this isn’t necessarily the first type of affordable housing project to emerge in the Miami Beach real estate market but it is the first one being backed by the Housing Authority of the City of Miami Beach in over three decades.  What do you think of this new project?

Just a few years ago, the rapid rise of new Miami Beach condos led to a profusion of much acclaimed buildings that ended up struggling to find new occupants after things kind of soured in the real estate market, a trend that also affected condos in Miami’s Brickell area.  While things have yet to return to complete normalcy, there’s already a brand new condominium in the works.

Originally proposed over two years ago, the SkyPalace will be a 35 story luxury residential building built near the popular Mary Brickell Village area.  Some of the features expected inside the building include a lobby with Roman columns, a chandelier adorned in Swarovski crystals and a sprawling pool deck to be found on the eleventh floor.  The building will differentiate itself with a Mediterranean style design and may end up giving Miami Beach condos a run for their money.

SkyPalace isn’t expected to be complete until the end of next year and for the time being it’s still pending financing.  Of the 390 units expected within the building, contracts are already in place for 190 of them, largely by foreign investors.  Will it have a similarly tough time as buildings like the neighboring Everglades on the Bay?  We’ll have to wait some time but if pace of contracts continue SkyPalace might end up being sold out before it officially opens.

While it may not belong to the collection of Miami Beach condos, Everglades on the Bay is an easily recognizable condominium over in the downtown Miami area due to its 49 story height and large size.  However, in spite of its size and the consistent coverage it receives, Everglades on the Bay is having a little bit of trouble behind the scenes.

Everglades on the Bay will soon be exchanging ownership from its developer to the building’s lender, a collective of banks spearheaded by Bank of America.  Everglades on the Bay has a total of 849 units, 137 of which have been purchased while the rest are either rented or unoccupied.  The building consists of two large towers with views of Biscayne Bay, the Miami Beach condos and the many island neighborhoods.

This isn’t the first building whose unsold units have reverted to the original lender’s ownership, Everglades on the Bay is one of six condominiums that are now under lender control and that doesn’t include any potential Miami Beach condos.  The good news is that should you be interested in purchasing a unit at Everglades on the Bay, there is now slightly less risk knowing that it is no longer in limbo due to the developer’s financial woes.