Miami, Florida
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Aug. 7, 2008
Daily Real Estate News | August 7, 2008
Good Deals Lure Foreign Home Buyers
International real estate purchases in the U.S. continue to be a significant share of business for many real estate professionals, according to the 2008 National Association of Realtors® Profile of International Home Buying Activity.
This new research indicates that international buying activity in the U.S. is widespread. NAR estimates that between 150,000 and 190,000 homes were sold to foreign nationals from May 2007 to May 2008. Recent foreign buyers purchased properties in every state and the District of Columbia. The most popular states where international buyers purchased homes are Florida, California and Texas. Arizona, New York, Washington and Nevada were also popular.
The typical international buyer purchased a single-family vacation home costing $297,400. Four in 10 paid for their U.S. property with cash, compared with 7 percent for all domestic buyers. The typical international owner stayed at his or her U.S. property for 2.6 months during the year, according to the NAR findings.
Foreign exchange rates have helped make U.S. homes more affordable for international buyers. The euro, for example, has strengthened 24 percent versus the U.S. dollar over the past two years. Home prices are also now more affordable in places such as Florida and Arizona, contributing to those states’ popularity among foreign buyers.
“Many international buyers recognize that real estate is an excellent investment and are drawn today by abundant inventory, low interest rates and a softer dollar. These conditions allow them to own their own a piece of the American dream,” Gaylord said.
International buyers are distinct from domestic buyers. International buyers tend to purchase more expensive properties, which cost an average of 36 percent more than the typical domestic buyer’s home purchase. In fact, more than 14 percent of properties sold to international buyers sold in excess of $750,000. Foreign buyers also show a greater preference for condos and townhouses compared to domestic buyers.
People from North America, Europe and Asia accounted for more than 85 percent of recent foreign home buying transactions. The top six countries of origin for foreign home buyers, in rank order, were Canada, the United Kingdom, Mexico, China, India and Germany. This year, Canada replaced Mexico as the country with the largest share of foreign buyers in the U.S. The percentage of Canadian buyers doubled from last year, from 11 percent to 23.5 percent.
“This survey confirms a pattern that we have observed for some years in Florida and other markets that are attracting buyers from overseas,” said Tony Macaluso, 2008 chair of NAR’s international business group. “This latest research enhances our understanding of this audience and provides insight for the increasing number of REALTORS® with international clients.”
Of the REALTORS® surveyed, 26 percent served international clients in the past year and about half of those clients ended up purchasing a home. The primary reasons some clients did not eventually buy a house were home price concerns, immigration laws, and property taxes. “If visa regulations that favor longer stays for overseas buyers such as retirees from abroad were in place, these sales levels would be even higher,” Macaluso said.
REALTORS® who have sold homes to international clients reported that their transactions with these clients accounted for about 16 percent of their entire business. For about 8 percent of Realtors® who work with foreign buyers, more than half of their transactions were international sales.
The 2008 NAR Profile of International Home Buying Activity is based on responses from approximately 4,000 REALTORS® who serve foreign buyers. It describes international home buying activity in the U.S. over the 12-month period from May 2007 to May 2008 and updates information from the 2007 survey.
Source: NAR
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Jul. 15, 2008
Florida Realtors resume sales pitch to Britons
By SHELLEY EMLING
Palm Beach Post-Cox News Service
Monday, July 14, 2008
LONDON — With Florida's property market in the doldrums, the state is casting about for buyers anywhere it can - and there's no better place than Britain.
Four representatives of the Florida Association of Realtors are in London this week with a message for property seekers: Come to Florida if you want to find a real steal.
"We're here to tell people that prices in Florida have never been lower and that there's a huge inventory to choose from," said John Sebree, the association's Tallahassee-based vice president of public policy.
"The British are extremely important to the Florida real estate market," he said.
Britons boast great buying power because the pound is so strong against the dollar.
This is the Realtors' second trade mission to London in the last four months.
In April a group of 14 Florida Realtors visited Britain. John Mike, chairman of the Realtors Association of the Palm Beaches, led the group.
Mike is here again this week, meeting with representatives of British media outlets to pitch stories on Florida real estate.
The Florida Realtors met Monday with editors at A Place in the Sun, a British magazine featuring overseas properties. The Realtors planned to meet Wednesday with Overseas Property Professional, a trade magazine and Web site.
The American market has piqued the interest of foreign buyers.
And Palm Beach, not surprisingly, has been a focal point. Donald Trump is reportedly selling the former Abe Gosman mansion at 515 N. County Road to Russian fertilizer billionaire Dmitry Rybolovlev for $100 million.
A 2007 survey by the National Association of Realtors found that nearly one-third of its members had worked with an international client in the past year.
One-third of such buyers were from Europe, with 12 percent of the total from Britain. Florida accounted for 26 percent of all international purchasers, leading the nation.
"There are still concerns (from Britons) about property taxes being too high in Florida, but they are actually pretty low compared to places like New Jersey and Connecticut," Sebree said.
"Insurance is higher than we want it to be, but it's stabilized from where it was a year or so ago."
Realtors also are focused on working with the U.S. government to loosen visa restrictions that prohibit foreigners from living in their properties for longer than six months of the year, he said.
Still, foreign buyers are free to rent out their Florida properties when they're not being used.
Sebree said: "We think buying in Florida is pretty much a no-brainer."
South Florida Real Estate Areas
Jun. 19, 2008
What Happened to South Florida Real Estate?
By Nova Rose, published Jun 16, 2008
It is a well-known fact that real estate has taken a serious plunge in this country. Here in South Florida, this is what happened. Back in 2005, construction developers were on their A-game as they built house after house purchasing land wherever it could be found and churning out nice homes for middle-class America. In this life of abundance, many people saw a great opportunity. They began to buy homes to "flip." Essentially, they would purchase homes at the going "cheap" rate and sell them back in no time for a high profit.
This went well for a while until the developers saw an even greater opportunity. They would purchase a home in their own developments thus setting their own prices. Still, that was not so bad as people kept trying to flip house and land. Real estate agents were purchasing a lot of properties for themselves then selling them back to their clients. Things were good and the market flourished, so the mortgage lenders saw their opportunity to sell mortgages with some crazy terms. In this frenzy, people were not really paying attention to adjustable rate mortgages and other outlandish mortgage terms because they had no intention of keeping these homes.
It was a time of plenty and those who never thought they could own a home, were owning two or more. It was the days of 0% financing and low rentals. Rental communities were being converted to condos and being sold for extremely low prices. But all good things must come to an end. The housing slump did not happen overnight, the warning signs were there. First, property taxes started hitting the roof and buyers were getting more skeptical. It was also becoming obvious that houses and lots were staying on the market for longer periods. Homes were being listed on the local Multiple Listing Service (MLS) and sitting there for months without movement. Prices started to decrease as desperation began setting in. Sellers were getting nervous and buyers could not get loans. Panic set in.
Now, we had another problem, empty houses. The rental communities turned condos were now in jeopardy as the buyers were trying to get them rented but then so were the homeowners and at the same prices. There were failed projects on many development properties as you could see the grass growing up on the once carefully laid out lots with the dream of homes that were never to be realized. So, desperation led to people doing whatever was necessary to save their finances. They were willing to rent to just about anyone.
Today, we are still living in that state of desperation, but it has taken a different twist, resignation. Homes are being foreclosed everyday and homeowners are giving up the fight. It is a terrible and sad situation. One that we hope will never be repeated. Some say it stemmed from greed, others think it was opportunity gone wrong. Whatever is the case, one thing is for certain, we hope it will never happen again!
Jun. 4, 2008
Mortgage applications slip as rates rise
According to the Mortgage Bankers Association's weekly application survey, volume fell 15.3% during the week ended May 30.
June 4, 2008: 9:46 AM EDTWASHINGTON (AP) -- Mortgage application volume fell 15.3 percent during the week ended May 30, according to the trade group Mortgage Bankers Association's weekly application survey.
The MBA's application index fell to 502.3 during the week, from 593.3 the previous week. The results were adjusted to account for the Memorial Day holiday.
Refinance volume declined 25.7 percent, pushing total volume lower. Refinance applications accounted for 40.6% of total applications, down from 46.1% a week earlier.
Purchase volume declined 5.4%.
The index peaked at 1,856.7 during the week ended May 30, 2003, at the height of the housing boom. An index value of 100 is equal to the application volume on March 16, 1990, the first week the MBA tracked application volume. A reading of 502.3 means mortgage application activity is 5.023 times higher than it was when the MBA began tracking the data.
The survey provides a snapshot of mortgage lending activity among mortgage bankers, commercial banks and thrifts. It covers about 50% of all residential retail mortgage originations each week.
Application volume declined as interest rates climbed. The average interest rate for traditional, 30-year fixed-rate mortgages increased to 6.17% from 5.96% a week earlier.
Rates for 15-year fixed-rate mortgages - a popular option for refinancing a home - averaged 5.7% during the week ending May 30, compared with 5.49% the previous week.
May. 27, 2008
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
May. 21, 2008
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
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)
May. 6, 2008
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 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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Jan. 29, 2008
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Dec. 11, 2007
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NEW WAVE CONDO MIAMI
725 NE 22nd. St., Miami, FL. 33131
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3 Bed 2 Bath Condo - M1189170
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Offered at $ 548,500
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Year Built
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2006
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Sq Footage
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1,400
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Bedrooms
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3
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Bathrooms
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2
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Floors
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1
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Parking
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1 Assigned Covered
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Lot Size
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Unspecified
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HOA/Maint
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$ 934/mth
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DESCRIPTION
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Brand New unit at NEW WAVE CONDO. Never lived in but completely finished with wood floors, window treatments, lighting and custom closets!!! Just bring toothbrush. BEST PRICED 2 bedroom unit with 1,400 Sq.Ft. Corner unit with 3 balconies. Don't miss this opportunity. Easy to show!! Call today.
Other units and sizes available. Call me.
Hablo Español
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PROPERTY FEATURES
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· Central A/C
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· Central heat
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· Walk-in closets
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· Finished and ready to move-in
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· Living room
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· Dining room
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· Dishwasher
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· Refrigerator
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· Stove/Oven
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· Microwave
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· Top of the line Kitchen
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· Stainless steel appliances
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· Washer/Dryer
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· 3 Balconies with water and city
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· SEE FLOOR PLAN
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COMMUNITY FEATURES
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· 1-Assigned garage parking
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· Covered parking
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· Gym
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· 10' Ceilings
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· Concierge
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· 24 Hr. Security
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· Swimming pool
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· Gated
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· Secured entry
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· Elevators
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