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Home Buying in Downtown Miami : Real Estate Advice

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  • Home Buying6
  • Home Selling2
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Activity 6
Wed Jun 17, 2009
Jake Johnson answered:
Hi Maria,

My name is Jake Johnson and I work with one of the largest nationwide bankers in the country. We can do purchase loans down to 531 credit scores with proof of rent checks and a decent history the last 12 months. Email me at jjohnson@lendamerica.com if you have any questions. ... more
0 votes 18 answers Share Flag
Thu Jun 4, 2009
Nayla Benitez answered:
Hi Robh,

We spoke during the week. I have the information you requested but did not get your e-mail. Please send me an e-mail with your info so I can reply. Thanks

Nayla Benitez
EWM Realtors
... more
0 votes 5 answers Share Flag
Thu Jun 4, 2009
Bob Galivan answered:
The condo association has that info, and they are typically not willing to provide that info outside of the condo questionnaire requested by the lender (for which they charge). Some of the key questions are:
-How many unit owners are behind on their maintenance fees?
-How many units have been foreclosed or are in foreclosure?
-Do you have reserves sufficient to meet the planned deferred maintenance?
-How many vacant units are there in the building?
-How many units are owner-occupied?

There's more info, but looking at the financials and obtaiing that info will be a good way to start.
... more
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Sat May 30, 2009
Nadine Mauro answered:
Nimesh,

The view would probably be better on the 40th floor. However, if the power goes out, thats a lot of stairs to climb to get to your home. You wuold want to know if there is a backup generator for the bulding.

Nadine Mauro
Regency Realty Services
561-414-0864
www.FloridaHouseSeller.ListingBook.com
NadineMauroRE@yahoo.com
... more
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Fri May 29, 2009
Antonios answered:
I own a unit in 50 Biscayne that I am interested in selling. 2bed/2bath with den 47th floor. I planned on moving to Miami permanently but work situation did not work out. The Building has no financial difficulties and only 1-2 foreclosures out of 550+ units.

contact me if you'd like to discuss in more detail.
... more
0 votes 6 answers Share Flag
Sun Jul 20, 2008
Dimitry answered:
Dear Jeff,
You should hold off on buying commercial properties for a few more months. I cannot predict for sure, but I think that sellers will come down to realities of a "stabilized" market sooner than later.
Having said that, you can already find great deals to buy in Miami-Dade county if you are buying an apartment building. Retail will go down soon, Office went down a little, and Industrial is resilient with the first signs of weakness as of May-June, 2008.

Overall foreclosure rate for commercial properties is around 2.5% percent nationwide. It is not expected to go up that much unless U.S. economy tanks completely.

This low figure of foreclosures among commercial properties represents the type of loans that were secured (conduit, fixed amortized over 25-30, or other type of low risk loans). Unless it was a hard lender that gave a loan for a commerical contruction, no major foreclosures are going to be coming in commercial market anytime soon.

Overall returns on commercial properties will rise with interest rates going up. Right now, you can easily get 7% return day one on Apartmen buildings in Dade county 1 million dollars and up in price.

Email me if you want more information:
dasanov@marcusmillichap.com
... more
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