Real estate may be on something of an upswing but if recent reports are to be believed, Miami Beach condos may be having a bit of a tougher time in 2010, at least during the first quarter.  Per recent reports, developers only managed to sell a total of seventeen new units during this period, that's actually 31 units less than 2009.

The number of units sold is low but on a positive note, the average price per square foot did see a healthy increase of more than $800 compared to last year.  Miami Beach condos usually sold for about $1,364 during the first quarter

While Miami Beach condos may be having a tougher time moving overall inventory, over in nearby downtown Miami things are looking a lot better.  Between January and March, over 700 units were sold for a price per square foot of $326.  That sharp difference in price may be a major factor as to why Miami Beach is having a rockier time seeing a huge sales boost.

What are your thoughts?  It's true that the barrier island Miami Beach condos call home may have something to do with the slow sales but might there be more at stake?  More importantly, what are the odds of sales improving during the following quarters?

Usually, the common practice of purchasing, renovating and eventually selling Miami Beach real estate that’s gone into foreclosure is reserved for market savvy buyers looking to make a profit, a process better known as house flipping.  That’s why it comes across as a little odd that local governments are now doing their own house flipping via a program called the Neighborhood Stabilization Program (NSP).

Last week Miami-Dade County began promoting its collection of properties found largely in the southwestern region, stressing the heavy discounts attached and the financial resources available in order to assist a first time buyer with a purchase.  Using federal funds given in 2008 as part of a grant by the U.S. Department of Housing and Urban Development, homes are being purchased mostly as a means of staving off the damaging aftereffects of foreclosures.  Apparently, Miami Beach homes have yet to qualify.

If the idea sounds appealing and you aren’t interested in owning Miami Beach homes, keep in mind that certain requirements must be met in order to buy a home under the NSP.  The deep discounts and new renovation may be worth getting “off the fence”.
 

When it comes to debt, collectors can be quite unpleasant if not downright bullish when trying to get the money owed to them.  If you’re already struggling with trying to pay the mortgages for your Miami Beach condos on top of other bills, having someone try and pressure you into coughing up money you obviously don’t have will not help a situation.  It seems like banks have finally caught on to this.

Major lending institutions are now trying to adopt a friendlier approach towards resolving debt collection and dealing with delinquent homeowners.  Lately this has involved monetary incentives such as cash or gift cards as well as useful employment services or even those designed to prevent suicide.  The effort is meant at least partially as a means of improving the image of major banks in hopes that once the market rebounds, buyers will choose the bank again the next time they’re looking for a loan to purchase property like Miami Beach condos.

In many situations banks are going as far as to work out a brand new monthly trial payment solution with a homeowner.  Will this new approach ultimately improve the bad reputation lenders have received?

When it comes to the housing market in 2010, the news regarding its activity continues to be largely positive and the latest round of statistics are once again proving that there just might be significant evidence proving that a recover y for markets like Miami Beach real estate is indeed underway.  Home sales once again showed more than just encouraging signs last month, they surged.

The sales of both condos and traditional homes in South Florida saw an upswing during March, boosted not only by prices and the soon to end tax credit but also from deep pocketed who are finally getting off the fence and choosing to invest in real estate instead of dealing with the risks of a highly unpredictable stock market.  Compared to March of 2009, Sales of single family homes and property like Miami Beach condos rose 17 and a whopping 58 percent, respectively.  Those hopeful numbers are only representative of Miami Dade County.

Will this trend continue now that the home buying tax credit will be ending in less than ten days?  Some major real estate franchises are planning to encourage Miami Beach real estate sellers to contribute $8,000 towards the closing costs to maintain the buying momentum.  For the time being, it’s good to know that nearly six months into 2010 the activity remains encouraging, for the most part.

Are you running out of new places to visit near your Miami Beach condos when the weekend comes around?  Has Starbucks become too congested and “passé” for your tastes?  There’s a brand new coffee shop for you to check out run by a very familiar Swiss company.

The brand new Nespresso Boutique Bar has just opened right on Lincoln Road, a large 3,500+ square foot hangout that just so happens to be the first of its kind in the state and only the third to emerge in the entire country.  One of the boutique’s most distinguishing features is its refusal to serve any of its coffee in a paper cup; all coffee is served in ceramic cups in order to preserve the best taste.  As a result, if you were planning on picking up a cup as you head out from your Miami Beach condos on the way to work, you may want to schedule some time to enjoy the coffee or in-house.

Although a Nespresso espresso will cost more than what you’re accustomed, the bar prides itself on its high quality coffee beans and machines which, if you’re so inclined, can also be purchased for you to use in your own Miami Beach condos at varying prices.  The Nespresso Boutique Bar may not give Starbucks a run for its money but it’s definitely worth checking out when you have some spare time and are looking for something to do.

Assuming you’ve been following the activity of the Miami Beach condos market at all, you may be familiar with the back story of the Caribbean condo.  At one point, the building sold quickly but soon saw several buyers walk away from their deposits, resulting in a subsequent buyout after its original lender was dissolved.  This purchase turned out to be a success.  Units that were once selling at more than $1,000 per square foot are now selling at deep discounts of $600 to $750 per square foot with only fifteen units left.  What does this mean?

Markets like Miami Beach real estate continue to face major hurdles and are still in tough shape but it is not necessarily on its last legs either.  Compared to neighboring downtown Miami, things are looking up thanks to the location of many condos as well as the smaller inventory and active nightlife.  Based on recent activity, it could be said with almost complete certainty that sales are slowly but surely improving as the much anticipated bottom draws nearer, assuming it hasn’t already arrived.

What are your thoughts on the current state of Miami Beach condos and downtown Miami condos?  Are things indeed on a rocky upswing or is there more bad news to come?