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Market Conditions in Miami : Real Estate Advice

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Activity 87
Mon Dec 15, 2008
Tina C. Wong answered:
Dear Regina,

Please contact HUD for help and it is for free.
http://www.hud.gov/
http://www.hud.gov/news/release.cfm?content=pr08-178.cfm

Wish you all the best
0 votes 0 Answers Share Flag
Fri Jan 9, 2009
Carla Rocha answered:
H Regina,

If you are having problems with the monthly payments and are back in New York whay don't you consider selling it? Are you upside down on it? As to the rate for refinancing you would need to consult with a lender. Tipically rates are lower if it is your primary residence, whcih is not your case. Not only you are renting it (investment), but you live out of state. You do own a property right now, so you are no longer a first time buyer. Also to take advantage of a reserve mortgage, I believe your property needs to be paid for - free and clear.

Please let me know if you would like to find out what your property is worth right now and what your net proceeds will be with the sale. That may help you deciding which route to take.

Good luck to you,

Carla Rocha
954-895-7341
... more
0 votes 2 answers Share Flag
Wed Nov 19, 2008
Ismael Gonzalez answered:
The area in which I witnessed the highest appreciation were areas such as Brickell, Downtown Miami and the beaches. Naturally the time frame you are referring to is form the begining of the real estate boom right through the end of the boom. Therefore, you must be carful when gauging those increases. Keep in mind that those area appreciated very quickly (almost without warning) and dropped nearly as quickly. Most of the drop in pricing was caused by simply economics, that is to say supply and demand. Naturally as foreclosures and peoples failure to close on preconstruction properties increased the supply or inventory increased and without the end user or investor pool to fill the demand prices needed to reduce. I will tell you that if you are in the market to purchase a property there are certainly deals to take advantage of. The main obstacle will not be to find a fantastic deal or your dream home the main obstacle will be to seucre financing as in my experience underwriting guidlines are becoming a bit stricter with the banks. Please do not hesitate to contact me shoul you have any additional questions or should you feel I may be of additional assistance. ... more
0 votes 1 answer Share Flag
Tue Oct 14, 2008
Mott Marvin Kornicki answered:
As of this moment, according to our MLS records- there are 1,448 apartments, condominiums and single family homes available for rent in The Brickell Avenue and Downtown Miami area. The low asking price is $800.00/Mo and the high is $20,000.00 /Mo.

284 total units are Pending and 516 units have been Rented in the last 60 days.

This data was obtained from the South East Florida Regional MLS. The information is subject to errors and omissions. The data is only as accurate as the participaing members input.
... more
0 votes 2 answers Share Flag
Tue Jun 3, 2014
Jolie Lindholm answered:
Steve,

Good morning!

Please contact me directly to discuss this further: jolie@redreefrealty.com.

The rental market is very hot right now as people are opting for a lease rather than a purchase in the current economy. We are a family business and are very familiar with Downtown Miami: www.redreefrealty.com.

I look forward to helping you!

Thanks,

Jolie Lindholm
Red Reef Realty Inc.
www.redreefrealty.com
http://jolielindholm1.point2agent.com
AIM: Redipad2
SKYPE: Jolie.Lindholm
... more
0 votes 24 answers Share Flag
Fri Aug 9, 2013
Alex Bolanos answered:
Reading that article now in 2013 really illustrates that magnitude of the mortgage problem.
0 votes 1 answer Share Flag
Tue Sep 9, 2008
Phil Moody answered:
Stephanie,

R E Pros have access to the MLS. Look up the answers there!

Phillip.Moody@PrudentialNetworkRealty.com
0 votes 3 answers Share Flag
Thu Jul 31, 2008
RN answered:
Tue May 19, 2015
Nice Profile answered:
Fichey are you trying to sell a lot in that area or do you want to know for your clients. I'll be glad to help you since I work in that zip code. If you want more information, please email me at abarroso@bellsouth.net ... more
0 votes 3 answers Share Flag
Wed May 14, 2008
RN answered:
You need to talk to a lender, and find out what the terms are of a construction loan, and all the details therein. Only then can you have those questions answered.
That would be the first step.
Good luck!!
... more
0 votes 2 answers Share Flag
Tue Aug 13, 2013
Zachary Epps answered:
Enzo,
If you're thinking about Northeast Coconut Grove, a Realtor in that area can give you specific info about the market situation that might help you make a decision for that locale.

In some markets, having a condo you own and visit 4 weeks per year could be a good way to invest and at the same time, have a place to stay when you visit.
If the rental market is strong, especially 'executive' rental market or vacationing renters are available then you may have a good fit.
I recently sold a condo in downtown Boulder, Colorado to a buyer that visits Boulder for 3 to 4 weeks at a time but spends most of her time out of the U.S. It's a perfect fit for her and the market has been strong for many years here (both resale and rental) so she should see reasonably good appreciation on her investment as well as have the fall-back position of renting if she feels she needs the added cash flow on the property.
If you have a similar situation where you're considering buying, it could be good for you also.
... more
0 votes 6 answers Share Flag
Wed Mar 19, 2008
M answered:
Peggy,
Prices have dropped and it is are opinion that there is still room to go. If you are looking at the Miami area, we recommend you wait a little longer. Give us a call and lets talk about opportunities in the FL area.
Marian Schaffer
The Schaffer Realy Group
marian@marianschaffer.com
www.marianschafferrealty.com
877-886-8388
... more
0 votes 2 answers Share Flag
Fri Sep 19, 2008
Ines Hegedus-Garcia answered:
Abhi - 33175 is not an area we work in but can tell you that the demand for land will depend on the zoning, location and land availability. Residential neighborhoods in Miami have a shortage of land, therefore making these more marketable. Can you give more information about the zoning? (Industrial, Commercial, Residential, multi-family)? ... more
0 votes 8 answers Share Flag
Fri Mar 7, 2008
RN answered:
Hi Patty,
I happen to be very familiar with that area, having two sales and three listings in Cutler Bay recently. Answer to question #1, are properties selling in 33189? Yes, they are, but at their own "energy point". That is changing day by day. Cutler Bay has a much larger inventory of unsold properties than most areas, and that is keeping it in a depreciating cycle (like everywhere else, just tougher because the active-to-sold ratio is higher).
Second question: What are buyers looking for? EXCELLENT question. In that area, buyers KNOW they can make a deal, because of the large inventory, and because of the rising number of short sales and foreclosures which are also bringing prices down.
Are you in Santa Barbara, or some other development? Are you listed? If you are trying to sell on your own in Cutler Bay, you are fighting a very tough battle. You need exposure to the MLS, and you need some aggressive marketing and pricing know-how to get it done. Call me and I'll be happy to set up a no-obligation, complimentary consultation with you. 786-205-1133
Ramesh
... more
0 votes 1 answer Share Flag
Thu Feb 7, 2008
Rob Arias answered:
Well, if your looking to buy, now is the time to buy, 33186 Miami, Kendal it's pretty good area to buy as an investment. There is a huge demand of property all year long, not only that, there is a project (disney Park ) coming soon (152st) next to the zoo. This project will bring the area up in value pretty soon. So if you're looking more info and have more questions just send me an e -mail and I'll be more than happy to answer.
Hope this help you
Rob Arias
... more
0 votes 2 answers Share Flag
Sun Jan 27, 2008
Kevin Tomlinson answered:
I'm good huh! That building was in the midst of a conversion when Hurricane Wilma hit. The price range of the units at Grandview Palace are extremely quiet. There is more activity in the higher end. I think that condo conversions in general tend to be less desirable in the re-sale market. Since many of the windows blew out, the building's reputation was damaged. ... more
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Fri Jul 9, 2010
Ines Hegedus-Garcia answered:
H - if I only had a dime for every time a customer asked me that! : )

Costs are all over the place now and I was able to give better numbers a few years ago. It's not only about price of materials but also about labor, finding the perfect contractor and what finishes you will ultimately use.

5 years ago you could find a contractor to build an addition at $80 per square foot. Today you would be lucky if you find someone to do it for $150.

- There are several approaches - having a contractor build the shell and you subcontract the finishes.
- Specify finishes from the beginning (which is very difficult) so you don't run into unexpected problems, and have a GC give you a complete estimate from the get go.

The range of construction runs anywhere between $180 to $300 per foot - and considering that you are buying in the $400 + /foot in the Gables, building may definitely be the key.
... more
0 votes 4 answers Share Flag
Sat Sep 10, 2016
John Albertsen answered:
I work for a builder and specific in custom home building in Southwest Florida. A good planning figure is 140 to 160 a square foot. It could be lower down depending on the design and what features you want to put into the home. If you want thermo foil cabinets and solid surface counter tops the prices is cheaper than wood cabinets with marble counter tops.

If you would contact me I can get you and the builder together to work out the design and features you want in the home and he can give you a good estimate on your cost. This will be at no obligation to you and you will know what it will cost to build that dream house you want.

john.albertsen@coldwellbankerflorida.com
... more
0 votes 7 answers Share Flag
Sat Jun 28, 2008
Claudia and Justin Willard RealtyTeam answered:
Any time you manage more than 80 units you are required to have a CAM license. Check with Gold Coast Real Estate School. The CAM Class is only two days, I think 14 hours of instruction and a test and you will be on your way. You will most likely find the class very informative. There is much to learn about the structure of Condo Associations, Home Owners Associations, Time Shares, and Trailer Parks. All this info will add to your experience as a Realtor as well. I am often surprised how ignorant many agents are to the issues, laws and procedures that face associations. Once you understand you will have empathy and be better equipped to deal with any association related issue that arises during the course of a real estate transaction.

Hope this helps. The Willard Realty Team.
... more
0 votes 2 answers Share Flag
Tue Jul 19, 2011
ian cockburn answered:
You need to find a Realtor to run a series of reports detailing recent solds, number of properties presently on the market, and time the solds took to sell.

These need to be comps closest to your home.

This way you can better understand which way the trend is, and how you would have to price your home to sell it fastest.
... more
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