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May 2008
• May. 27, 2008 - Miami Apartment Real Estate
Why the Smart Money Rents in Miami
May 24, 2008 11:45 a.m.
MIAMI — Maybe the smart way to play the real-estate crash is to come down here and rent.
You can live in an amazing, brand-new condo, high above Biscayne Bay, for about $2,000 a month. And there are plenty of desperate owners who need the income. The cash doesn’t come close to covering all their costs.
For this money, you can get a two-bedroom home on the 20th floor with a wraparound balcony and stunning views of the bay. And I mean the kind of views that make your jaw drop. This is millionaire stuff.
You’ll have at least one private pool in the building, along with saunas and fitness centers and all sorts of other conveniences. Of course, you have a 24-hour concierge and valet parking. Many have private cinemas, bars, restaurants, spas and the like. They’re like cruise liners on dry land.
And there are lots of ex “condo flippers” who are happy to rent you their new place for a song.
They’re all waiting for the market to recover. None wants to sell in a depressed market.
But that has created a new, predictable situation. “Rents are falling,” says Miami broker Leslie Cooper. “You and your brother and everyone else is trying to rent your new condo out. So no wonder. But the rents won’t even cover your costs.”
I looked a number of fabulous condos in new developments on Brickell Avenue in downtown Miami. Their prices had been slashed drastically from peak levels. Some are now in forced sales.
You can get a two-bedroom condo in some places for $400,000 or less. And that’s considered a great deal. But let’s do the math.
Once you own the condo, you’ll have to pay the monthly fees. In these new developments, those are steep. In some two bedrooms I saw they’re about $1,100, or $13,200 a year.
Providing all these amenities costs money, after all. And property taxes here work out at about 2.25% of the home’s value. On a $400,000 condo that’s going to be another $9,000 or so.
All in, the owner of this condo is probably going to have to fork out about $22,200 a year in running costs.
Likely rental income: $2,000 a month, or $24,000 a year. So your net profit is all of $1,800. And that doesn’t include any extra costs for further maintenance or special assessments. If you manage to squeeze the rent up to $2,200, you only net a couple of thousand a year more. All this is before counting the other big issue — the actual cost of the money needed to buy the place. If you have to borrow 80% of the purchase price at 6%, that’s going to cost you another $19,000 and change. Even if you have the $400,000 in cash to buy the condo, renting it out doesn’t make economic sense. By spending that money on a condo, you’re passing up maybe $20,000 a year — at a conservative estimate — of investment income instead. Buying is a bet that condo prices will rebound dramatically.
In other words, the cost of renting these fabulous places is, right now, well below the true economic cost of building and maintaining them. That’s true elsewhere, too. Real-estate brokers in Fort Lauderdale described clients who were hemorrhaging cash each month because their rents weren’t covering the costs. One broker had been in a similar situation personally. He had owned a condo one block from the beach. His expenses ran to $3,300 a month, but he could only rent it out for $1,750. He finally gave up the fight and sold out. He lost money, but at least he stopped the bleeding.
R.O.I. By BRETT ARENDS
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• May. 21, 2008 - Miami Real Estate
Investor Report: Miami-Dade County
by Kenneth R. Harney
Every real estate investor knows the old saying: "Buy when there's blood in the streets."
Well that's what's going on right now in the Miami-Dade county condominium market, according to Jack McCabe, one of South Florida's most active consultants to hedge funds, "vulture funds" and other investors looking to pick up properties at 35 to 50 percent discounts off previous asking prices. It's no secret that Miami-Dade has the country's most crushing glut of unsold, unoccupied condo projects, with 25,000 sitting for sale -- a five year supply at current purchase rates -- plus another 19,000 units at some stage of approval or construction.
But McCabe, who is CEO of McCabe Research in Deerfield Beach, warns that getting great deals is not as easy as you might imagine. Many condominium projects are tied up in litigation, which can complicate the ability of unit owners or developers to close deals. Plus financing is getting very tough. Most banks have lists of local projects where they won't lend under any circumstances, and private mortgage insurers have bailed out of Miami-Dade like it's a toxic wasteland. So "cash is king," says McCabe. High leverage is out, because you can't find high-leverage loans. If you want to pick up units at half the previous price, he says, be prepared to belly up to the bar with 40 or 50 percent equity.
Better yet: Buy in bulk. Join forces with other investors to pool funds to pick up packages of distressed units from developers and banks who want to unload REO holdings quickly. "Due diligence" in all this is crucial. You've got to know the project, the developer, the unit owners and condo association situations in depth -- and the competition on the market -- to avoid costly mistakes. For example, McCabe has seen bargain-hunting investors pay $400,000 apiece for units and think they got a steal. Then a few weeks later they discover that the developer sold a big package of comparable units in the project for $250,000 apiece, putting the $400,000 buyers deep in a hole they never saw.
Buying real estate is not the only opportunity in hard-hit Miami, by the way. Some smart investors are focusing solely on what they call "distressed debt" -- they buy the underlying mortgages of condo units at deep discounts from banks. Then they try to work with unit owners to recast the loans into more affordable terms that keep the payments flowing, keep the owners in their units, and turn "nonperforming" mortgages into outstanding long-term investments.
It's all about seeing the opportunities, says McCabe. And playing the condo game with your eyes wide open.
Published: May 2, 2008
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• May. 19, 2008 - University Inn Condo
The University Inn condominium is located at 1280 S Alhambra Circle in the "City Beautiful" - Coral Gables. University Inn Condo in the Gables offers 1 and 2 bedroom units perfect for University of Miami students and residents living in the area. In the heart of Coral Gables, just steps away from the University, fine restaurants and boutiques South Florida has to offer.
More than 15,400 undergraduate and graduate students from around the world call UM home during the academic semesters. The University was chartered in 1925 by a group of citizens who felt an institution of higher learning was needed for the development of their young and growing community.
About University Inn Condo
Year Built: 1990
Number of Floors: 4
Number of units: 146
Sq. Ft. range: 620 or 840 or 910
Beds: 1-2Baths: 1-2
University Inn Condominium Amenities:- Gated- Assigned Parking- Pool- Jacuzzi- Clubhouse- Close to U.M. - 5 Mins- Centrally located
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• May. 19, 2008 - Miami Foreclosures
Daily Real Estate News | May 19, 2008
Advice for Anyone Facing Foreclosure
Jacob Benaroya, president and managing partner of Biltmore Capital Group, which purchases distressed loans from a wide array of lending companies, offers these seven tips for home owners facing foreclosure.
Don’t hide. Open the mail; answer the phone. Respond.
Be proactive. Contact the bank or lending institution and discuss your financial situation.
Know your mortgage rights. Review loan documents so you know what your lender may do if you can't make payments.
Avoid foreclosure prevention companies. Don’t pay money for foreclosure advice..
Contact a HUD-approved housing counselor. The U.S. Department of Housing and Urban Development (HUD) funds free or very low cost housing counseling nationwide. They’ll help you understand the law and your options, organize your finances and represent you in negotiations with your lender if assistance is required.
Prioritize spending. After health care, keeping your home should be your first priority. Review your finances and see what spending can be cut in order to make your mortgage payment. Look for optional expenses - cable TV, memberships, entertainment - that can be eliminated. Delay payments on credit cards and other "unsecured" debt until you have paid your mortgage.
Use other assets. Do you have assets such as a second car, jewelry, a whole life insurance policy-that can be sold to help reinstate the loan? Can anyone in the household bring in additional income?
Source: Biltmore Capital Group (05/16/2008)
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• May. 11, 2008 - Brickell Key Condos
• May. 11, 2008 - Brickell Avenue Condos
Brickell Avenue Condos Home Page
Brickell Avenue is the financial gateway to South America and the Brickell Avenue condominiums that have been added in recent years to the Miami skyline are located in the heart of this financial district. Formally known as "millionaires row", businessmen and entrepreneurs worldwide choose condos along Brickell Avenue and Brickell Key as their South Florida headquarters. Minutes from downtown, a condo on Brickell has exquisite, panoramic views of Miami Beach, Coconut Grove, Key Biscayne, and the downtown skyline. With so many condos for sale and more becoming available everyday, the professional at Avant Realty International can assist you in finding a condominium in this exclusive district that is perfect for your needs. There is plenty of entertainment and dining in the areas surrounding the condominiums on Brickell. Bayside Marketplace with shopping, concerts, food and fun is literally down the street. Connected to Bayside is the American Airlines Arena, which is the home of the Miami Heat, concerts, and special events.
Ten minutes east of your Brickell Condo, you can have dinner at the famous Joes Stone Crabs on South Beach, and ten minutes south is Coconut Grove with all the fun and culture that it has to offer. Miami International Airport is not far and the Sunny Beaches of Key Biscayne and its annual ATP tennis tournament are just over the bridge. Many condos on Brickell Avenue are also for rent. Condo owners who keep their Brickell Avenue residence as a second or third home are constantly placing their units on the rental market and the rental department at Avant Realty International has the knowledge of which units are available and when. Whether you are looking for a long-term or short-term lease, our expert staff has developed personal relationships with many of the Brickell Avenue condo owners and managers and will work to find the rental unit that fits your business or social needs.
If you are currently a Brickell Avenue condo owner and wish to sell or lease your condominium, please allow one of our condo specialists assist you. Condos on Brickell Avenue are perfect for business people and their families. Safety is a priority and people can feel secure as they walk, jog, and enjoy the outdoors that the Brickell area offers. There is easy access to The Metro-Mover and Metro-Rail and when the family is ready for a vacation, The Port of Miami, a mere ten-minutes away, is where the cruise ships depart. With all of the convenience and luxury that Brickell Avenue condominiums have to offer, it is no wonder that so many international business people choose this exclusive locale as their South Florida residence.
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• May. 9, 2008 - 55 Merrick Condo
Developer: Dayco
Description: Residential, Retail, Office
Type: Mix-Use Building
Floors: 8
Units: 167 residences
Number of Bedrooms: 1, 2 & 3
Unit Sq. Ft. Range: 848- 1,854
Price Range: $ 300,000's - $ 800,000's
Amenities: Temperate Controlled Pool, Fitness Center, Valet, Concierge, 2-story Clubhouse, security
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• May. 7, 2008 - Housing Crisis is Over
The Housing Crisis is Over
Wall Street Journal Wall Street Journal,
By Cyril Moulle-Berteaux May 6, 2008
The dire headlines coming fast and furious in the financial and popular press suggest that the housing crisis is intensifying. Yet it is very likely that April 2008 will mark the bottom of the U.S. housing market. Yes, the housing market is bottoming right now.How can this be? For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.Most people forget that the current housing bust is nearly three years old. Home sales peaked in July 2005. New home sales are down a staggering 63% from peak levels of 1.4 million. Housing starts have fallen more than 50%, and, adjusted for population growth, are back to the trough levels of 1982.Furthermore, residential construction is close to 15-year lows at 3.8% of GDP; by the fourth quarter of this year, it will probably hit the lowest level ever. So what's going to stop the housing decline? Very simply, the same thing that caused the bust: affordability.The boom made housing unaffordable for many American families, especially first-time home buyers. During the 1990s and early 2000s, it took 19% of average monthly income to service a conforming mortgage on the average home purchased. By 2005 and 2006, it was absorbing 25% of monthly income. For first time buyers, it went from 29% of income to 37%. That just proved to be too much.Prices got so high that people who intended to actually live in the houses they purchased (as opposed to speculators) stopped buying. This caused the bubble to burst.Since then, house prices have fallen 10%-15%, while incomes have kept growing (albeit more slowly recently) and mortgage rates have come down 70 basis points from their highs. As a result, it now takes 19% of monthly income for the average home buyer, and 31% of monthly income for the first-time home buyer, to purchase a house. In other words, homes on average are back to being as affordable as during the best of times in the 1990s. Numerous households that had been priced out of the market can now afford to get in.The next question is: Even if home sales pick up, how can home prices stop falling with so many houses vacant and unsold? The flip but true answer: because they always do.In the past five major housing market corrections (and there were some big ones, such as in the early 1980s when home sales also fell by 50%-60% and prices fell 12%-15% in real terms), every time home sales bottomed, the pace of house-price declines halved within one or two months.The explanation is that by the time home sales stop declining, inventories of unsold homes have usually already started falling in absolute terms and begin to peak out in "months of supply" terms. That's the case right now: New home inventories peaked at 598,000 homes in July 2006, and stand at 482,000 homes as of the end of March. This inventory is equivalent to 11 months of supply, a 25-year high -- but it is similar to 1974, 1982 and 1991 levels, which saw a subsequent slowing in home-price declines within the next six months.Inventories are declining because construction activity has been falling for such a long time that home completions are now just about undershooting new home sales. In a few months, completions of new homes for sale could be undershooting new home sales by 50,000-100,000 annually.Inventories will drop even faster to 400,000 -- or seven months of supply -- by the end of 2008. This shift in inventories will have a significant impact on prices, although house prices won't stop falling entirely until inventories reach five months of supply sometime in 2009. A five-month supply has historically signaled tightness in the housing market.Many pundits claim that house prices need to fall another 30% to bring them back in line with where they've been historically. This is usually based on an analysis of house prices adjusted for inflation: Real house prices are 30% above their 40-year, inflation-adjusted average, so they must fall 30%. This simplistic analysis is appealing on the surface, but is flawed for a variety of reasons.Most importantly, it neglects the fact that a great majority of Americans buy their houses with mortgages. And if one buys a house with a mortgage, the most important factor in deciding what to pay for the house is how much of one's income is required to be able to make the mortgage payments on the house. Today the rate on a 30-year, fixed-rate mortgage is 5.7%. Back in 1981, the rate hit 18.5%. Comparing today's house prices to the 1970s or 1980s, when mortgage rates were stratospheric, is misguided and misleading.This is all good news for the broader economy. The housing bust has been subtracting a full percentage point from GDP for almost two years now, which is very large for a sector that represents less than 5% of economic activity.When the rate of house-price declines halves, there will be a wholesale shift in markets' perceptions. All of a sudden, the expected value of the collateral (i.e. houses) for much of the lending that went on for the past decade will change. Right now, when valuing the collateral, market participants including banks are extrapolating the current pace of house price declines for another two to three years; this has a significant impact on the amount of delinquencies, foreclosures and credit losses that lenders are expected to face.More home sales and smaller price declines means fewer homeowners will be underwater on their mortgages. They will thus have less incentive to walk away and opt for foreclosure.A milder house-price decline scenario could lead to increases in the market value of a lot of the securitized mortgages that have been responsible for $300 billion of write-downs in the past year. Even if write-backs do not occur, stabilizing collateral values will have a huge impact on the markets' perception of risk related to housing, the financial system, and the economy.We are of course experiencing a serious housing bust, with serious economic consequences that are still unfolding. The odds are that the reverberations will lead to sub-trend growth for a couple of years. Nonetheless, housing led us into this credit crisis and this recession. It is likely to lead us out. And that process is underway, right now.Mr. Moulle-Berteaux is managing partner of Traxis Partners LP, a hedge fund firm based in New York.
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• May. 6, 2008 - South Florida Real Estate
Miami: Buyers Abroad Flock to Condos
South Florida real estate developers and brokers are in the middle of a condo-buying frenzy. Throw in the state's high property appreciation rates, growing interest from foreign investors, and burgeoning population, and you end up with a real estate hotbed.
In Miami, where home values increased 20 percent last year, according to Florida Association of REALTORS® figures, condos are coming out of the ground at an unprecedented rate. Roughly 70,000 condo units are currently planned, under construction, or already for sale in the city.
Developers have jumped into the market feet first with new condo developments like Mary Brickell Village, the Avenue, the Plaza, and Neo Lofts. Other new projects include Continuum North Tower and Apogee, both in Miami's South Pointe beachfront region. Prices on such units run the gamut from $200,000 for basic, two-bedroom/two-bath units, up to multimillions for penthouses.
"There's very strong demand coming from the baby boomer generation, which is really driving our market right now," says Ralph DeMartino, president of Miami’s Ocean International Realty, which has two offices and 15 sales associates. "Even the higher-priced condos are selling well, while the mid-priced ones (at $500,000 to $1.5 million) are becoming harder and harder to come by."
DeMartino, a board member of the REALTOR® Association of Greater Miami and the Beaches, says buyers come to Miami from up and down the Eastern Seaboard and from Latin American and European countries. "With the strength of the euro, the buyers come on strong," DeMartino says. "Their friends see that they’re buying a place in Miami's beach area, and they want a piece of it, too."
Existing-home sales also are holding their own in the Miami market, where FAR reported a 2 percent increase in the total number of homes sold in June compared to the same period last year. The area's median sales price rose 27 percent to $363,100 in June, up from $285,900 last June. Where real estate practitioners are facing challenges is in their struggle to find listing inventory.
"There's not enough supply, and there is a big demand," says Jay Chernoff, chairman of the REALTOR® Association of Greater Miami and the Beaches and a district sales manager with Keyes Co., REALTORS®, in Aventura. "Homes sell quickly and usually receive multiple offers."
The area's economy also is showing strength. With a population of 362,470 (according to the Census 2000), Miami-Dade County is the most populous county in the state, with top employers including Publix Super Markets Inc. (with 25,500 employees), Tenet Healthcare Corp. (11,330), Wal-Mart Stores (10,390), HCA East Florida Division (10,000), and University of Miami (9,410).
The region's unemployment rate has dropped since 2004, according to the U.S. Bureau of Labor Statistics, which reported a May rate of 4.1 percent, compared to 4.8 percent during the same month last year. Statewide unemployment in May was 4.0 percent.
Chernoff expects the market frenzy to continue throughout the rest of the year and likely into 2006. However, he believes that talk of the difficulty of finding affordable properties may eventually have an effect on the market.
"All of the buyers are a little worried about putting out $1 million-plus for these properties right now," says Chernoff. "They're not holding back at this point, but they are a bit more apprehensive about moving forward."
—By Bridget McCrea for REALTOR Magazine Online
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• May. 6, 2008 - Miami Condos for Rent
Condo Owners Face Rental Dilemma
Condo owners who can’t sell their units often consider leasing the space to tenants until the market improves. Yet, increasingly, such owners are discovering that their condo association has rules preventing them from doing so.
Rental policies vary by condo association, but generally associations limit the percentage of units that can be occupied by tenants. Some communities require owners to submit the lease they plan to use to the condo board for approval.
The rental restrictions are meant to guard against the condo being viewed as a risky investment by lenders who believe that buildings with a high concentration of rentals are harder to market to homebuyers. Fannie Mae will not guarantee a loan for a condo in which renters make up more than 49 percent of the occupants.
The rules generally stem from a feeling that renters don’t take good care of a unit and can reduce the value of the unit.
Source: The Washington Post, Renae Merle (05/03/2008)
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• May. 5, 2008 - Brickell Condos and Real Estate
Brickell condos distress grows
By Marilyn Bowden
The Brickell Avenue condo (enter brickell avenue condo page) market continues to struggle, and experts say it's not likely to turn a corner before all the buildings under construction are completed. Brickell Avenue condo units account for 86 of the 223 distressed properties east of I-95 in Miami-Dade County listed in the Vultures Database maintained by CondoVultures.com. That's the largest number of any one market in the county. CondoVultures defines as "distressed" any property in the foreclosure process, permitted by the lender to be sold for a price that is short of the amount owed by the borrower or owner, or owned by a lender after failing to sell at a court-ordered foreclosure auction. After being on the market an average of 344 days, according to this database, the distressed Brickell condos have dropped a mean 34% in price. That's comparable to mean figures in other areas. Biscayne Boulevard's distressed properties show a mean drop of 35%, and Coral Way a 33% mean drop. "These numbers are mind-boggling," said Peter Zalewski, CondoVultures' founder. "I think one of the reasons Brickell is suffering from so many distressed property sales is that it's a place where speculators thought prices would only go up." Because Brickell is an established market as opposed to pioneering markets like Biscayne Boulevard, he said, speculators who wanted to hedge their bets thought their chances of renting out a Brickell unit would be much greater — but that has turned out not necessarily to be the case. CPA Monte Kane, managing director of Kane & Co., said the amounts of the mortgages foreclosed on that he has seen in the market are high. "When they exceed fair market value, it should be no surprise that this trend is going to continue," he said, "and with prices dropping, it will only get worse. "The biggest issue is what it means for the financial health of the associations that have to operate these buildings." In addition to people opting out of closing on units that have dropped in value, Mr. Kane said, banks are enforcing tougher rules on lending and private mortgage insurers are using tougher guidelines. "In some parts of the country they are blacklisting buildings that they will not offer mortgages on, though I haven't seen that in Miami yet. "I think we will see bankruptcies and receiverships. That will not be a pleasant thing. It takes years to go through that process. Developer, owners and lenders all have different desires, so receivers need to really follow the book." Mr. Zalewski projected that realistically, the Brickell condo market won't turn around until all units under construction are completed, which won't happen for six to nine months. "Then investor groups need to come on and buy large blocks of units," he said. "They will begin with rentals, with the idea that since they will be able to supply a superior product at a subsidized rate, so they will be able to steal away tenants from South Beach, Kendall and Aventura. "That will be their marketing strategy as they buy available bulk product, so we will see tremendous rental opportunities advertised." Mr. Zalewski estimated it will be three to five years "before Brickell begins to hum again, as opposed to four to seven years downtown and seven to 15 in the Biscayne corridor." Although new buildings don't appear to have very high occupancy as they open up, Mr. Kane said he doubts they will face the same high foreclosure rates as their predecessors. "What we are seeing now," he said, "are the effects of the early stages of the boom. It's those who bought at inflated prices who are foregoing their deposits."
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• May. 1, 2008 - Miami Condos - Brickell - Miami Beach
Miami Condo Market Competitive Spirit Hold On
Thursday, May 01 2008 @ 02:36 AM Central Daylight Time
It is important to consider that one of the popular demands in Miami is the condo market. So I assume that most of the investors and developers in the area are aware of the possibility that the market is indeed in higher contention although the common perception is that Miami is on a downward slide, let me state some facts that can be significant to the people who are investing in the market in such desire. I think that by pointing out how Miami condo market is fairing out will make people realize what it is going through and where does they stand in part of the market’s life in Miami.People from all over the world are attracted to the vibrant Miami area and its supreme climate for relocation. The Miami condo market is very diverse and offers a large number of different solutions for those interested in purchasing or renting a condo. The recent decrease of the dollar value on the international market has made Miami condos an even more interesting option for many Europeans looking for a home away from home, a place in which to retire or just a good investment. Miami condos are also popular among vacationers as well as investors. This is naturally true for Miami real estate as well.Location is the mantra of the real estate business and this is naturally true for Miami real estate as well. Just by choosing a condo a few blocks away from the beach you can save huge amounts of money. A Miami ocean view is astonishing, but certainly not for free when we’re talking real estate. The beach front condos are the most popular ones and consequently the most expensive ones to obtain. The Brickell region is commonly referred to as the Wall Street of the South and the condominium towers share the space with over 60 commercial banks. The Brickell community is inhabited by people who want to avoid long hours of commuting. This area is typically marketed as a stricter and upscale alternative to South Beach a neighborhood ideal for those who prefer a downtown environment instead of a sandy beach. The condos in Brickell are however still very reasonably priced compared to the condos located at Miami Beach. In Brickell it is possible to be close to work as well as to downtown entertainment, but still live in a relaxed area suitable for recreation. The fact that popular South Beach restaurants are beginning to setup finials in Brickell is only one of the signs that predicts how Brickell will turn into an even more sought for area in the future. A Miami Beach condo of the same type as the $200,000 Brickell condo would cost you at least $500,000. Downtown Miami has seen a lot of new development recently. Further expansion down Miami Beach is naturally another extremely lucrative business for Miami real estate developers since the Miami real estate market shows no signs of cooling down, particularly not when we’re talking ocean front properties.
By: Jron Magcale |
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