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!

Tuesday, April 20, 2010

Did you file your taxes yet?  You probably already did since the deadline has already come and gone.  You also probably made sure to give your tax return a thorough inspection in order to prevent one of those unwanted audits, always a good thing to do.  On the other hand if you didn’t and you recently purchased property such as Miami Beach condos and applied for the tax credit, an audit is a very real possibility.

Almost a fifth of all the tax audits during the past six months were for people who claimed the soon to expire home buying tax credit.  The problem with an audit (besides having to show proof of receipts and such) is that it could potentially push back your refund by up to five months which could present a problem if you were planning on using that money towards paying the bills for your Miami Beach condos or something similarly important.

As long as you’ve done everything the right way and have proof to back up what’s been stated in you rax return, there’s little need to worry and even fewer chances of an audit, whether or not you claimed the tax credit.  Speaking of which, there’s barely ten days left to sign a Miami Beach real estate sales contract in order to be eligible for the tax credit.

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Monday, April 19, 2010

The welcome signs of encouraging news regarding housing continue to trickle in amidst foreclosure news that’s not so welcome.  In yet another sign that may prove vital for the construction of new Miami Beach real estate throughout the rest of this year, construction posted a surprising gain last month.

Thanks largely to multifamily homes, housing construction saw its most significant gain in over a year, a positive change of pace even if multifamily homes only account for barely twenty percent of the housing market.  When it comes to single family homes in markets like Miami Beach real estate, new construction actually fell by slightly less than one percent.  However, permits for single family beach homes and such actually increased which does bode well.

Despite the good news, foreclosures are still a major concern in markets like Miami Beach real estate and market analysts don’t believe these small gains will continue because of the troubles facing commercial real estate.  Still, good news is certainly better than reading yet another upsetting figure highlighting the market woes.

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Friday, April 16, 2010

In most cases a real estate transaction is pretty straightforward if you’ve got the services of a qualified real estate agent well versed in a market like Miami Beach real estate.  It’s when the transaction becomes more involved and complicated that you may want to consider the services of an attorney.  Just like a traditional real estate agent, it’s important to do some research before hiring one.

Besides the number of years the person has been practicing, ask the attorney if they’ve ever handled a case that mirrors yours and how would they go about resolving it.  Obviously every case is unique but you still want someone who is in a better position to see problems before they happen, thus preventing a Miami Beach real estate transaction from becoming a huge fiasco.

Money can always be a divisive issue, make it a point to know exactly how and what you will be charged for so there’s no unwanted surprises later on.  A Miami Beach real estate attorney who charges by the hour will usually ask $150 to $200, that’s the standard.  Also, some attorneys won’t come in to the picture until later on in the case and will have someone else do the preliminary work; make sure you know who will be involved in your case.

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Wednesday, April 14, 2010

Living in property like Miami Beach condos means having to accept a certain degree of compromise.  Besides being limited to what you can and cannot do per a condo board’s rules, you also have to accept that you’re sharing amenities and a floor with fellow condo residents.  This can potentially lead to problems if a building wasn’t properly constructed and the issue of smoking arises, as an example.

Generally modern condo buildings are designed with soundproofing and materials to ensure that neighbors cannot disturb each other.  But what happens if you choose Miami Beach condos where a neighbor’s smoke is somehow drifting into your unit and you’re a nonsmoker?  In most cases smokers are only banned from common areas so you may have little choice but to get practical and that could mean installing air filters and keeping a supply of effective air fresheners on hand.

If the smoking thing is becoming a major issue, consult with your condominium association and review its rules for smoking and what rights are bestowed on unit owners.  If everything’s legit then you may have to explore other methods of rectifying the situation.  Just remember that Miami Beach condos are inhabited by numerous people and sometimes it’s better to find a solution that won’t cause unwanted tension with your neighbors.

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Tuesday, April 13, 2010

Choosing to live in Miami Beach condos versus a traditional home means having to abide by the rules of a condo board, each of which has things residents can and cannot do.  Although there is a certain amount of freedom in terms of how a board chooses to operate and enact its rules, there are a few instances where even a condo board cannot take too many liberties.

Generally speaking, boards for any and all Miami Beach condos do not have the authority to make major changes to standard condo elements unless owners of a unit have been notified and have approved.  This means that for example, a board cannot simply close down an amenity such as a fitness center, pool or Jacuzzi if they already exist and have been in regular use.  On the other hand, a board can dictate how an amenity may be used and what the rules are, provided they’re within reason of course.

It’s also common that you may come across Miami Beach condos where the condo board will request that you provide an extra key in case the need arises to enter your unit in an emergency.  Although there is no state law stating that emergency access must be granted, the requirement is usually upheld.  However, if you’re concerned about someone entering in a non emergency, you can install additional security such as a chain lock to give you some peace of mind.

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Monday, April 12, 2010

We all know that the run-up in prices for Miami Beach real estate played a large part in causing the real estate market to tumble, and we’re still in the midst of a lengthy and delicate recovery effort.  If some appraisers are to be believed, there may be another problem looming if something isn’t done to address it soon.

The problem comes with the federal government’s efforts to expedite short sales and the increasing reliance of banks to use the opinions given by brokers, also known as a BPO.  These opinions usually result in valuations for property like Miami Beach real estate that’s cheaper and unregulated but can lead to something called “flopping”, an increasingly prevalent form of mortgage fraud.  In order to save money, a lender can choose to pay a Realtor $40 for a BPO which is much less than the $350 or more than $450 it would cost to have a property professionally appraised.

On one end, some Realtors who deal with BPOs feel that appraisers are simply complaining about losing money, after all Realtors have a better grasp of what the market trends are.  Now that participating banks can accept purchase offers that meet preapproved list prices determined by a BPO, does this raise questions about the long term future of Miami Beach real estate if the BPO trend catches on?

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