Hello, Zaneta. You sure know how to excite the real estate community :-)
I'm not sure how familiar you are with Miami Beach. The islands cover about 7 miles long and about 1 mile wide and 3 zip codes: 33139 (mostly South Beach), 33140 (mostly Mid-Beach) and 33141 (you guessed it...North Beach).
Whether you are renting or buying, each area will demand a very different rental and sales price. Since you posted your question mentioning Foreclosure in Oceanfront, I'm assuming you are buying.
Understanding what you want is critical. Ocean front property with direct ocean view is available at a premium over others.
There are 831 2/2 units for sale in all of Miami Beach. 74 are available for under $200,000, 339 are available between $200,000 and $499,999 and 418 are available for $500,000 and up.
Of the 831 total units available, 105 are in Waterfront buildings with Direct Ocean View. None are available for under $200,000, while 29 are available between $200,000 and 449,999 and 76 are being offered for $500,000+
As you can see, the choices are few and bargains can be found at any price range. The more critical questions are: Do you intend to live in the unit? How much work should the unit need? What condition and amenities should the building offer? Do you intend to rent the unit or enjoy it yourself or your friends, family and business associates? If you intend to rent it, what rate of return are you expecting? Among others...
Also, it is critical to understand how you will complete this purchase (cash or financed) and what advantages and disadvantages each offers. Even cash these days does not guarantee a purchase - only a place at the table - sometimes.
In short, there are many considerations including how to buy as a foreign national or if you intend to relocate, what will be necessary.
Buying a distressed property is also a major point and the agent you hire to work with should be a Certified Distressed Property Expert (find one at http://www.CDPE.com
). Buying REO (foreclosed) or Short Sale (pre-foreclosed) property each requires a different set of rules.
In Miami-Dade, 64.8% of all properties sold (closed) in December, 2010 were distressed while only 35% or so were non-distressed sales (http://wp.me/p9Ggo-dJ
). Choosing the right agent in this market is critical.
In addition, I can provide information, guidance and access to every single property listed by all agents since we all cooperate and share the commissions (these are typically paid by the seller).
This also means that, once you choose to, work with me, you will not need to speak to anyone else since I have access to the same database they have.
I invite you to click the link below and perform your own searches or even at the following website: http://tinyurl.com/SearchMiamiBeach,
then contact me for a complementary, no-obligation consultation.
All the best.