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 09, 2010

In a perfect world, buying any kind of Miami Beach real estate would be as simple and straightforward as jotting down a list of groceries and heading to your nearest store to get them.  Alas, buying a home requires a significant amount of preplanning before you decide to star doing any window shopping and that usually begins with determining how much house you can actually afford.

Clearly a major factor is your income as that will also play a role in determining your eligibility for a mortgage, just like your credit score.  Speaking of which, a score of 620 and 660 will allow you to purchase Miami Beach real estate using the popular FHA loan but you’ll need an even higher score if you’re expecting to qualify for a standard mortgage loan.  It’s also good to have plenty of cash on hand to make a significant down payment.

In terms of Miami Beach condos, the majority of them have a homeowner’s associations and the monthly fee you're assessed will be deducted from the total amount you have available to be used towards mortgage payments.  Hence, the no brainer tip here is to have as little debt as possible.
Always remember that regardless of what a Miami Beach real estate lender might suggest you can afford, you don’t have to buy a home for or accept that amount.  Think long term and determine whether those monthly payments can be comfortably accommodated into your other monthly expenditures alongside bills and such.

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Thursday, April 08, 2010

The first time home buyers tax credit will be coming to an end in less than a month, assuming it’s not extended again.  The question many people may be wondering as its final day approaches is whether or not it’s actually spurring more Floridians to invest in properly like Miami Beach real estate.  If the IRS’ recently released numbers are anything to go by, it may be doing much better than originally thought.

Per the IRS, over 120,000 Floridians have managed to claim almost $1 billion via the tax credit, that’s quite a staggering number.  As a refresher, first time buyers receive an $8,000 credit while existing homeowners who may be seeking new Miami Beach condos to use as their primary residence can still qualify but receive $6,500 instead.   Interestingly, Florida is in third place when it comes to the total amount of credits at $936 million, right behind Texas and California.

Keep in mind that if you plan on purchasing Miami Beach real estate sometime this month and wish to qualify, you must file a 5405 form as well as provide documented proof of a property purchase.  Only time will tell whether home sales will sustain once the tax credit ends but at least we know that for the time being it’s doing its job quite effectively.

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Wednesday, April 07, 2010

The largely steady stream of good news that’s been pouring in throughout 2010 continues to bring positive signs of encouraging real estate market activity.  The month of March proved to be yet another indicator that markets like that of Miami Beach real estate are displaying small gains in recovery, at least when it comes to pending home sales anyway.

Pending home sales showed a significant boost in Miami-Dade County last month, a boost of six percent compared to February.  In other words, an additional six percent of people agreed to buy property like Miami Beach condos.  The small increase is definitely welcome yet it’s paltry when compared to 2009.  Compared to last year, pending home sales have skyrocketed by more than seventy percent.

The market situation is still very much delicate but if we combine the positive gains in home sales during February, there’s at least some concrete evidence that things are shaping up to improve significantly by the time 2010 comes to an end.  Foreign buyers may make up the bulk of people who have contributed to these pending home sales by purchasing relatively inexpensive Miami Beach real estate but there are still plenty of attractive deals out there if you have the time and are looking for a new home or investment property.

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Tuesday, April 06, 2010

A short distance to the north of the Miami Beach condos is Sunny Isles Beach, the home of several high end residential and resort buildings like the Trump Palace to the stunning Acqualina condo resort.  It's in the latter where some exciting events have been taking place since last month, one of which should interest those of us who enjoy indulging in the art of wine tasting.

For exactly a month now, the Acqualina has been the host of the Wine Dinners with Chef Marc Debas, a dining experience taking place every Saturday evening which features a three course meal and a carefully handpicked assortment of fine wines from various places.  If you currently live in Miami Beach condos you may already be familiar with and may have attended one of the Wine Tasting Series events of the past, in which case you should definitely share with your friends.

Last month's Wine Tasting Series event featured selections from California while this month things become a little more exotic as the theme shifts to South Africa.  The event costs $35 per person and should definitely be an interesting experience whether you're in the mood to do something different near your Miami Beach condos or if you happen to be in the area and want to check out the Acqualina while enjoying a sip of foreign wine.

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Monday, April 05, 2010
The Miami Herald reported an estimated 13.4 million people visited Miami in 2011, a record, and a 6.7 increase over 2010. Also, in the news, Miami Dade county experienced the 4 th largest increase in population and is the seventh largest county in the country. Many make the move to Miami for its weather, amazing shopping and dining, and all around beauty and it is clear they begin by visiting! Brazilians were the leading visitors representing 634,000. It is no surprise that Brazilians were also buying during their visits, along with Canadians.
 
One reason Brazilians have bought in South Florida is the recent amazing prices on properties available. South Florida sellers appreciate these clients since they buy often are cash buyers. According to National Association of Realtors, 85% of Brazilian acquisitions are cash deals. Further, when the US economy was in decline, the Brazilian economy experienced a sharp upturn. According to NAR 8% of buyers in Florida were Brazilian. Canadians also have been purchasing condos in South Florida and combined with Brazilians are attributed with helping increase condo prices by up to 50% from 2009, according to Condo Vultures.  Canadians comprised 3% of all Florida buyers. The Canadians purchased lower priced investment properties, whereas the Brazilians purchased luxury properties. Whether luxury or investment, South Florida Real Estate is on the rise, with pending sales up by as much as 50% and it will be interesting to see who else will be buying in 2012, and Miami Condos and Homes has your inside track!
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Monday, April 05, 2010

Today's the day for Miami Beach real estate, the day when those oh so popular short sales start to become a little easier.  Up until today, a short sale always came with the caveat of an uncertain timeframe, largely because of the uncertainty of when a lender would respond which could've taken months.  That's just one of the problems that are now a thing of the past, in case you're unaware of these long in the works new developments.

Thanks to the U.S. Treasury, if you were to purchase Miami Beach real estate then a lender must respond to your offer no later than ten days.  As a means of encouraging sellers and banks to be more proactive with short sales, there will be financial perks offered to improve the odds of a short sale.  Sellers will be especially pleased to know that any pending debt will not become their responsibility.

If these new rules serve their intended purpose,  there's a very strong possibility that markets such as that of Miami Beach real estate will experience a rebound somewhat sooner than anticipated as short sales will likely increase as a result.  Do these new short sale rules have the power to change things for the better?

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