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, March 9, 2010

A common and increasingly popular method of purchasing Miami Beach real estate is foreclosure auctions.  Major “deals” can be had in such a scenario but most people will tell you that auctions are extremely cutthroat and risky for everyone except those people who are well experienced.  If you insist on checking out foreclosure auctions, you must know what you’re doing or you risk losing thousands of dollars otherwise.

The first bit of advice is the easiest: do your homework.  Some of the most important things to look out for when browsing Miami Beach real estate auctions include the mortgage position, zoning regulations, the condition of the property (if possible), any lawsuits or liens, possible issues with the title and the local area conditions, to name a few.  In other words, you have to do even more thorough research than you would than if you were buying a new home.

It’s quite common for a property to go into postponement, meaning a rescheduled date for when a property goes on sale.  One of the most frequent causes of a postponement is a short sale but it could also be the debtor has filed for bankruptcy or has chosen to have their mortgage loan modified.  Always make sure you have the right tools and the knowledge so you can explore Miami Beach real estate auctions confidently.

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Monday, March 8, 2010

One of the several problems affecting properties like Miami Beach condos is more than not being able to pay the mortgage.  Many condominium associations must also deal with a lack of funds in order to maintain the building, a problem that is oftentimes due to residents who fail to pay their association dues.  What’s the solution when associations are ultimately powerless?

Enter reverse foreclosures.  Unlike a traditional foreclosure where banks take ownership of a property, a reverse foreclosure would allow an association to file its own foreclosure notice and claim ownership should a resident fail to pay his or her dues.  Since the property would have a bank lien, the association obviously cannot sell it…but it can relinquish ownership in court.  In such a scenario, the Miami Beach condos essentially become property of the bank which then becomes responsible for taking care of those pesky dues.

The tactic may seem a bit harsh for banks who are already managing foreclosed Miami Beach condos but it’s designed to prevent associations from having to charge extra fees to residents who are in good standing.  Does this seem like a good idea?

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Friday, March 5, 2010

Assuming you’ve followed the Miami Beach real estate market and its activity to some small degree, you’re perhaps well aware of the vast condominium inventory available, many of which are brand new units that have yet to be lived in.  What you may not be aware of is the price tag attached to these units.

Per a recent market report, it’s been revealed that over two thirds of the thousands of condominiums (Miami Beach condos included) in South Florida actually carry a resale asking price of no more than $250,000 or less.  That’s quite an impressive number compared to single family homes, only forty percent of which are priced at the same amount.

These numbers may not apply to some of the more expensive Miami Beach condos in South Beach for instance but it does provide a glimpse of just how much prices have gone down and the excess amount of inventory available.  Back in 2005, the median price for Miami condos was more along the lines of $350,000.  Why not check out a condo that’s not $100,000 cheaper than it was a few years ago?

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Wednesday, March 3, 2010

The events just don’t seem to stop in South Florida.  If you’re just settling down in your Miami Beach condos after attending Art Basel and the more recent Food and Wine Festival, you may not want to get too comfortable as there’s yet another event just around the corner getting ready to kick off.

The 27th Annual Miami International Film Festival starts this Friday, one more reason to spend less time in your Miami Beach condos and see what’s playing.  Already known for its dizzying array of various genres, this year’s event features more than 110 feature and short length films from over 40 countries.  You’re likely to see some familiar faces among the many films like actor Andy Garcia, Academy Award nominee Catherine Keener and French director Michel Gondry.

Some of the film highlights include the Argentinean film The Secret in Their Eyes, currently up for a potential Oscar win this Sunday as well documentaries covering subjects like the Beatles and celebrity High Hefner.  It’s definitely worth heading out from your Miami Beach condos and checking out some of the films that are sure to make waves.

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Tuesday, March 2, 2010

South Florida has made considerable inroads when it comes to recycling and being environmentally conscious.  In fact, Miami-Dade County passed an ordinance last year requiring that all buildings such as Miami Beach condos offer recycling services of some kind.  The problem is that many buildings are still ignoring the ordinance one year later and officials have done little to nothing to enforce it.

People are by no means keeping their mouths shut with the carelessness of some landlords.  Many residents of prominent Miami Beach condos like the Flamingo South Beach for example have complained to the Environmental Coalition of Miami Beach but there has yet to be any kind of proper recycling program or provision.

Until someone decides to get serious about enforcement, the Environmental Coalition of Miami Beach is providing a workaround for residents of Miami Beach condos by setting up recycling drop-off facilities near residential buildings.  Should the county be doing a better job of making sure that Miami Beach becomes more environmentally friendly?

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Monday, March 1, 2010

Besides the economic ups and downs of the real estate market, several Miami Beach condos also made headlines due to the defective and dangerous Chinese drywall that was installed within them.  Although it’s no longer in the news as frequently as before, it continues to be a major concern among residents and associations that are struggling financially.

In an effort to try and address the drywall problem affecting Miami Beach condos and many other homes, a Florida senator has proposed a bill to create rules for home inspections associated to drywall and require companies that get rid of defective drywall to supply homeowners with a remediation plan.

The above is one of two proposed bills aimed at addressing the Miami Beach condos drywall situation.  Another bill would require the Florida Building Commission to collaborate with the Department of Health to produce standards that put a stop to the use of drywall that surpasses limits set up for emissions or sulfur and strontium compound content.  Whatever is ultimately decided, the problem needs to be addressed quickly as many homeowners have had to live with the dangerous conditions for several months now.

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