South Beach Condo Agent

Downtown Miami condo prices per sqft

Thomas Druck — Wed, 22 Feb 2012 14:24:25 +0000

Downtown Miami Condo prices per sqft

Since price is of course the most important factor when buying or selling real estate I just ran some market stats for the past 12 months (Feb 2011-Feb 2012) for condo sales in 3 different areas:

Downtown Miami (greater downtown area)

South Beach (other than South of Fifth)

South of Fifth (Miami Beach)

The charts below show you the average sold price per sqft in what I call the “greater downtown” area of Miami. I have researched the average sales price per sqft for 8 of the most popular buildings in the area as well as the min / max sold price per sqft. Since the charts show you the minimum / maximum and average price per sqft that was actually paid in the past 12 months, this is a solid guideline of how much you should be paying / receiving when buying or selling a condo in any of these buildings. Of course there are many factors that will impact the price / value of any unit within the buildings, such as location in the building, views, finishes, etc.

As you can see Quantum and 1800 Club are at the bottom of the price range in the mid to high $200′s, with Vizcayne, Marina Blue and 900 Biscayne hovering right around $300 per sqft on average. Ten Museum Park and Marquis are averaging $397 / $438 p. sqft and – not much of a surprise here – EPIC is the highest priced at $531 p. sqft on average. In my opinion the best “bang for the buck” in the area is Vizcayne or if you don’t mind going a bit further north 1800 Club and Quantum. As for high end options, Paramount Bay (not listed in this article) is definitely worth a look.

As you can see the price ranges per sqft in each of the buildings are quite large, resulting from the vast differences between units in each buildings. “Prime” views & finishes do command a premium while not so desirable lines in the buildings might sell at a discount. While there are very few distressed condos in these buildings, the few that have been there also tend to be on the lower end of the price and desirability spectrum.

Interested in buying or selling a condo in any of the buildings ?

Talk to Tom (305) 482-1688 or fill out below contact form and I will get back to you asap !

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South Beach condo prices per sqft

Thomas Druck — Mon, 20 Feb 2012 14:23:30 +0000

South Beach Condo prices per sqft

Since price is of course the most important factor when buying or selling real estate I just ran some market stats for the past 12 months (Feb 2011-Feb 2012) for condo sales in 3 different areas:

South Beach (other than South of Fifth)

South of Fifth

Downtown Miami (“greater downtown area”)

The charts below show you the average sold price per sqft for a sampling of different South Beach condo buildingswell as the min / max sold price per sqft. Since the charts show you the minimum / maximum and average price per sqft that was actually paid in the past 12 months, this is a solid guideline of how much you should be paying / receiving when buying or selling a condo in any of these buildings. Of course there are many factors that will impact the price / value of any unit within the buildings, such as location in the building, views, finishes, etc.

As you can see both Mirador Towers have been selling in the low $200′s p. sqft, Floridian and Waverly are hovering right around the mid $300 p. sqft mark and the Decoplage, due it’s location at the end of Lincoln Road and right on the Ocean, commanding slightly more than $400 per sqft.

There are many more buildings in South Beach, however these are some of the most popular and should give you a good indication of the general high rise condo market in South Beach.

Interested in buying or selling a condo in any of these buildings ?

Talk to Tom (305) 482-1688 or fill out below contact form and I will get back to you asap !

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Strictly Sail Miami

Thomas Druck — Sun, 19 Feb 2012 19:28:45 +0000

Strictly Sail Miami boat show on Sunday, February 18

South of Fifth condo prices per sqft

Thomas Druck — Sat, 18 Feb 2012 18:08:07 +0000

South of Fifth Condo prices per sqft

Since price is of course the most important factor when buying or selling real estate I just ran some market stats for the past 12 months (Feb 2011-Feb 2012) for condo sales in 3 different areas:

South of Fifth (Miami Beach)

South Beach (other than South of Fifth)

“Greater Downtown Area” – will be posted in the next few days

The charts below show you the average sold price per sqft in the South of Fifth area of South Beach for 6 of the most popular buildings in the area as well as the min / max sold price per sqft. Since the charts show you the minimum / maximum and average price per sqft that was actually paid in the past 12 months, this is a solid guideline of how much you should be paying / receiving when buying or selling a condo in any of these buildings. Of course there are many factors that will impact the price / value of any unit within the buildings, such as location in the building, views, finishes, etc.

As you can see Murano Grande, Icon and Portofino Towers are hovering right around $600 p. sqft as an average sales price, with both Continuum Towers commanding more than $1100 per sqft and Apogee – not surprisingly – eclipsing all other South of Fifth buildings at almost $1800 per sqft.

It’ll be interesting to see how Ocean House will fall into the mix, even though it is a boutique buildings, that can’t really be compared to any of the above buildings.

Interested in buying or selling a condo in any of the buildings ?

Talk to Tom (305) 482-1688 or fill out below contact form and I will get back to you asap !

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Is condo financing back ?

Thomas Druck — Thu, 09 Feb 2012 16:45:40 +0000

The short answer: yes and no.

You’re probably aware that financing Miami Beach condos has been difficult to impossible in the past 3 years. Personally I have only done one transaction that involved financing in more than 3 years. Again, we are speaking of condos only, single family homes are a different story. The problem is that most lenders go by Fannie Mae guidelines, which have been very strict and therefore most Miami Beach condos did not qualify for financing, regardless of how qualified the borrower might be. In other words, perfect credit, a well paying steady job and a sizable down payment are great to have, but don’t help much when the lender tells you that the building you are planning on buying in does not meet their standards.

Recently things have changed a bit. I have seen an increase in inquiries from buyers that would require financing which has prompted me to finally look into the option of obtaining a mortgage on condos in miami and miami beach

The process is still a bit tricky and does require a sizable downpayment of generally at least 30%, however for the most part it seems like financing is more attainable then it was in the past years.

Fannie Mae has a list of approved condo buildings, which means that if a building is on the list, chances of getting a mortgage on this building – of course assuming you personally meet the qualifying criteria – are very good. There are some lenders that have guidelines stricter than Fannie Mae’s, but I recently spoke with my contact at Wells Fargo who advised me that any condo on the approved list (assuming the approval hasn’t expired yet) will definitely qualify for financing with them.

You can see the Fannie Mae list of approved condos by clicking this link.

If you are interesting in obtaining condo financing, please contact us by either clicking on the contact buttons on the main menu or on the left side of your screen and we’ll be happy to help you get the process started.

Paramount Bay views

Thomas Druck — Sat, 21 Jan 2012 19:06:24 +0000

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Florida real estate tips, traps for foreign buyers

Thomas Druck — Thu, 12 Jan 2012 03:48:42 +0000

Florida real estate tips, traps for foreign buyers

BY RANDALL L. SIDLOSCA

SPECIAL TO THE MIAMI HERALD

The real estate market Florida is offering foreign buyers presents a doubly good opportunity rarely seen in the region: Prices are flat or declining and foreign currencies are rising relative to the U.S. dollar.

Current conditions are especially attractive to investors who have seen prices rise sharply in their native countries to levels that now well exceed comparable properties in Florida.

Buying a bargain is not that simple. Real estate agents must guide foreign buyers through a complex maze of visas, real estate regulations and currency rules.

Prospective buyers need to be educated to avoid mistakes that will cause them to be turned away at U.S. Customs or the bank. And foreign buyers need to know that the U.S. government takes a different view of a real estate transaction when a foreign individual or corporation is involved.

• Structuring the deal

Even before viewing residential or commercial properties, a real estate agent should help the buyer structure the purchase. Tax experts advise that because of estate tax and other issues, a foreign buyer should hold the property in the name of a corporate entity.

Depending on the value of the property, the title holder could be an offshore company. It could also be a Florida LLC that’s owned by an offshore company. In any case, the companies should be set up well before settling on a home or a building so as not to impede the closing due to corporate paperwork.

The biggest possible mistake: Buying in an individual’s name. That could result in U.S. estate tax problems. Buying in a personal name could also create tax or political issues in the client’s native country. Last, the purchaser should use a corporation when buying an investment property to avoid personal liability.

• Financing the deal

After the mortgage crisis, lending institutions are no longer accommodating to foreign buyers. At best, they will get 50 to 60 percent financing from U.S. lenders.

More challenging is moving the money into the United States. Federal agencies will want to know where the money came from. When corporations transfer funds to a bank, whether a branch of a foreign institution or a U.S. bank, money-laundering regulations can come into play, especially if the sum is substantial or there are frequent transactions.

Most foreign clients keep funds offshore and transfer them bank to bank. It’s not that simple. They must comply with currency rules in their home country and may encounter withholding requirements. The more complicated the transfer process, the more time buyers should allot to get funds ready.

For commercial transactions, real estate agents must time the cash and the transaction. Buyers should understand that deadlines for escrow funds and closing cannot be moved.

For home purchases, timing is even more crucial. About 80 percent of deals are all-cash transactions. If the property is a second or third home, the client may seek financing, but the rate will be higher than an American client would pay. Tip: Foreign buyers or investors should establish an investment relationship with a private bank. The firm will be happy to lend based on the balance in that account.

• Visiting or managing the property

In working with a foreign client, real estate agents also need to be a bit of an immigration expert. After 9/11, the United States clamped down hard on visas.

Depending on how long the person wants to stay in the United States, a B-1 tourist visa of one to two weeks may suffice. The person can come and go through the state’s many international airports. But if the individual stays in the United States too many days, he or she could be taxed as an American. To avoid that trap the visitor can become a full-time student and get an F-1 visa.

Investors and property managers can also arrange long-term stays. The best visas require a direct investment in an American company in the United States or establishment of a local subsidiary of a foreign company.

The investment could cost buyers more than a downtown condo, but it will enable them to stay in the United States legally for a period of years — instead of a period of weeks. Business visa options include the E-1 Treaty Trader and E-2 Treaty Investor visas, L-1(A) Visa, TN Visa, H-1B1 Visa and the most popular, EB-5. The U.S. State Department provides basic visa definitions at http://www.travel.state.gov/visa/visa_1750.html that may help buyers understand their basic options.

Paperwork and complex rules shouldn’t scare away a potential buyer. When the right property is found at the right price, buyers can bring in legal and tax consultants so that the transaction goes smoothly, the property is managed properly and a visa is obtained with a minimum of trouble.

Randall L. Sidlosca is a partner in the Miami office of Arnstein & Lehr. He practices immigration law, including matters related to visas and U.S. investment.

Sell your Miami property NOW to get top price !

Thomas Druck — Thu, 22 Sep 2011 15:41:39 +0000

If you haven’t seen below article in today’s Miami Herald, I highly recommend reading it.

I have been discussing this issue with my fellow realtors for weeks now and we all believe that there will be more foreclosures hitting our markets and prices will come down again. This however – as any statistic – is a very general statement and of course doesn’t apply to every area or condo building. If you are however in the market for a condo in a building that has had lots of defaults in the past (Flamingo South Beach comes to mind), waiting for the next wave of foreclosures might pay off for you.

If on the other hand, you have been planning to sell your Miami Beach condo or home now might be time to do it. Currently all “cheap” inventory has cleared out, paving the way for seller’s to get top dollar for their properties once again. Keep in mind that once more foreclosures hit your building / neighborhood, prices will likely decrease again.

While I don’t have a crystal ball and definitely can’t say this with absolute certainty (as can nobody else), I firmly believe that NOW IS THE TIME TO SELL YOUR MIAMI BEACH CONDO.

Low inventory, high demand, low interest rates and the beginning of tourist season make this a perfect storm. Don’t miss the boat and be left out in the rain once again ! If you believe that my evaluation of the current market situation makes sense, feel free to contact me. I might just know the right person to sell your Miami Beach condo.

Home prices are on the rebound in South Florida, an unlikely side-effect of the banking industry’s yearlong foreclosure slowdown and documentation problems.

MIAMI - SEPTEMBER 16: A Bank Owned sign is seen in front of a foreclosed home on September 16, 2010 in Miami, Florida.

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MIAMI – SEPTEMBER 16: A Bank Owned sign is seen in front of a foreclosed home on September 16, 2010 in Miami, Florida.

Joe Raedle / Getty Images

BY TOLUSE OLORUNNIPA

TOLORUNNIPA@MIAMIHERALD.COM

In the year since mortgage lenders discovered employees were systematically cutting corners in the foreclosure court system, banks have slowed their home repossession machines from top-speed to a near-halt. In the meantime, prices for South Florida homes have begun to rise for the first time since the crash, providing a glimpse of what the market might look like in a post-foreclosure world.

Amid soaring sales in August, median prices for existing South Florida homes rose nearly across the board:

• Condos in Miami-Dade County jumped 13 percent to $118,800.

• Condos in Broward County were up 6 percent to $79,500.

• Broward single-family homes rose 5 percent to $191,800.

• Miami-Dade single-family homes were down 1 percent to $180,900.

Even as Wednesday’s housing report by the Miami Association of Realtors showed widespread appreciation, some analysts warned that the rising prices are only a short-term reprieve from what will be an extended period of housing hardship once foreclosures get back going again.

“These foreclosures aren’t going to go away — they’re going to be settled one way or the other,” said Jack McCabe, CEO of McCabe Research and Consulting in Deerfield Beach. “The robo-signing has significantly slowed the foreclosure process, but we’re already seeing a change around the state and the nation. Foreclosures were up nationwide about 33 percent last month.”

With the foreclosure engine no longer spurting out thousands of new cheap properties onto the market each month, inventory has been dropping rapidly. In the last year, the number of homes on the resale market decreased from 25,679 to 15,405 in Miami-Dade, and dropped from 21,143 to 13,476 in Broward.

That sharp decline in supply — which is helping push prices upward — can be attributed, in part, to a surge in sales driven by international buyers.

Condo sales in Miami-Dade jumped 60 percent in August to 1,311, while single-family home sales rose 49 percent to 951. In Broward, condo sales rose 21 percent to 1,398 and single-family sales were up 19 percent to 1,185.

“Already a magnet for international and for second and vacation home buyers, Miami is now attracting domestic and foreign buyers who recognize that the market has bottomed, and prices are on the upswing,” said Ralph E. De Martino, residential president of the Miami Association of Realtors.

But the surge in sales is only half the inventory story. Housing supply would not be declining as quickly if foreclosure proceedings were humming along at a more appropriate pace. Last August, before the robo-signing revelations, banks repossessed about 4,000 homes in South Florida and began readying them to be sold to new buyers. The number of monthly repossessions has since dropped to about 1,500, even though the mortgage delinquency rate has held mostly steady over the last year.

That begs the question: What will happen when banks begin to deal more directly with what has become an unprecedented backlog of delinquent mortgages?

“Sooner or later the problem has to be addressed,” said Jose Fente, a Hialeah real estate broker who sold a region-leading 373 foreclosure properties last year. “There are a ton of defaults out there that are not being dealt with.”

Fente, owner of Tropical Realty, said banks have been giving him far fewer homes to liquidate this year, despite his track record of quickly finding buyers for the properties.

Resorts World Miami

Thomas Druck — Fri, 16 Sep 2011 17:11:04 +0000

Let’s hope this happens. Would be amazing for the economic growth of the area….

Paramount Bay – almost ready to launch

Thomas Druck — Sat, 10 Sep 2011 18:22:19 +0000

Finally the time has arrived. Paramount Bay is getting ready to launch sales in the next few weeks (approximately mid October). In case you haven’t heard it, this is the last of the waterfront buildings in the Biscayne corridor to be brought to market. All of the units feature bay views with prices ranging in the high $300′s / low $400′s per sqft and high $600′s / low $700′s per sqft for the Penthouses featuring expansive, private rooftop terraces. Units range in size from 1,214-3,000 sqft.

I took a tour of the building last week and was impressed with what I saw. At the current price point, I have no doubt that this building will be an immediate success.

Supposedly the developer is only going to offer the first tier pricing for the first 60 days, after which they will gradually increase prices until the building is fully sold out, so if you are at all interested in the building, try to get in early and save some money.

For a chance to tour the building before the general public gets access or to be the first to find out about the official launch date please sign up for my Paramount Bay VIP access list.

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