Tag: Investment Real Estate

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Commercial Real Estate

Commercial Real Estate – Why the Big Secret?

CommercialIt is amazing to me that so many commercial real estate agents like to keep their listings a secret.  Instead of posting their listings on the MLS, or having their own commercial MLS if they want to keep it separate from residential real estate, they post their listings on their own sites.  If they do post them on a site, they post them under the “private” or  “premium” listing, which requires a monthly membership in order to view.

In this age of information, when everything is on the internet and the majority of people searching for anything start their search there, wouldn’t you want your commercial listing to get the most eyes possible?  The more eyes, the more likely you will get an offer.

I applaud the commercial realtors who use the most media possible to market their listings.  I post my listings everywhere, blog about them, put up signs, put them on Facebook and do everything else possible to get the most people to look at my listings.

Categories
Buying Foreclosures

Miami Real Estate Foreclosures: They Are Still Coming On The Market

Even though several large banks froze their foreclosure process in September, there are still plenty of foreclosures coming on the market in Miami.

There are currently 827 single family homes that are listed as REO on the MLS.  423 of them were listed since October 1.

There are 1116 condos listed as REO.  640 of those have been added since  October 1.

Categories
Buying Foreclosures

Miami Real Estate – Will the Miami Heat Lead to an Increase in Sales?

Okay, so the Miami Heat have won two in a row after their disappointing loss in Boston.  With so much fanfare around the  team, condos in the immediate area have decided to latch on to the Heat as a way to increase sales in buildings that are currently mostly occupied by renters.  Other than the Heat, these buildings have a lot to offer location wise.  Although there is still infrastructure in the immediate area missing (shopping and restaurants) outside of Bayside Marketplace, there is a lot the area has to offer.  It is a quick drive to South Beach, located across from the future Museum Park and a stroll under I-395 to the Arsht Center for Perfoming Arts.  So are you enough of a Heat fan to be compelled to buy in one of these new buildings?

Categories
Commercial Real Estate Renting in Miami

Miami-Dade County Office Rent Asking Rates

MarketTrends-AP-FL-MiamiDadeOfficeforLease

Categories
Commercial Real Estate

Retail Prices Continue to Decline

Pricing Trends for Retail
Pricing Trends for Retail

Not a surprising trend considering the unemployment rate and related decrease in consumer spending.

Categories
Buying Selling

New Provisions of FAR/BAR "As Is" Residential Contract For Sale and Purchase

The new “AS IS” contract has changed to clarify areas that were vague in the previous contract.  These clarifications include, but are not limited to:

  • An itemized list detailing the personal property that Buyer and Seller agree is to be included in the sale.  Note:  if there is a specific light fixture you want, to include/exclude from the sale, you should specifically note it in this section.  A chandelier can easily be changed and is not considered a fixture.
  • Clarifies that “All deposits paid or agreed to be paid” are the deposit and it is this entire amount that is in jeopardy should the purchase not go through and the deposit be in dispute.
  • Clarifies that an executed copy of the contract needs to be delivered to all parties in order for it be accepted.
  • States that if  “Property related conditions of the Loan Commitment have not been met (except when such conditions are waived by other provisions of this Contract) that Buyer can get the Deposit back.  So basically, getting a commitment with conditions is only worth the paper it is written on.
  • Specifies the costs to be paid by Buyer and Seller.
  • Has a special “Miami-Dade/Broward Regional Provision” for providing title evidence and insurance.
  • Uses Calendar days instead of Business days in computing time periods.

Overall, these changes help both the Buyer and Seller by setting the expectations for each party.  Let me know if you would like a copy of the new “AS-IS” contract.  For clarification of the contract and legal opinions, please contact your attorney.

Categories
Buying Selling

New Provisions of FAR/BAR “As Is” Residential Contract For Sale and Purchase

The new “AS IS” contract has changed to clarify areas that were vague in the previous contract.  These clarifications include, but are not limited to:

  • An itemized list detailing the personal property that Buyer and Seller agree is to be included in the sale.  Note:  if there is a specific light fixture you want, to include/exclude from the sale, you should specifically note it in this section.  A chandelier can easily be changed and is not considered a fixture.
  • Clarifies that “All deposits paid or agreed to be paid” are the deposit and it is this entire amount that is in jeopardy should the purchase not go through and the deposit be in dispute.
  • Clarifies that an executed copy of the contract needs to be delivered to all parties in order for it be accepted.
  • States that if  “Property related conditions of the Loan Commitment have not been met (except when such conditions are waived by other provisions of this Contract) that Buyer can get the Deposit back.  So basically, getting a commitment with conditions is only worth the paper it is written on.
  • Specifies the costs to be paid by Buyer and Seller.
  • Has a special “Miami-Dade/Broward Regional Provision” for providing title evidence and insurance.
  • Uses Calendar days instead of Business days in computing time periods.

Overall, these changes help both the Buyer and Seller by setting the expectations for each party.  Let me know if you would like a copy of the new “AS-IS” contract.  For clarification of the contract and legal opinions, please contact your attorney.

Categories
Buying Foreclosures Selling

Are Real Estate Sales Really Up in Miami?

If you read the papers, listens to the news, or talk to friends, neighbors and acquaintences about the real estate market, you could be very confused as to what is “real” about it.

  • Foreclosures and short sales are still high.
  • Unemployment is still high and actually rose more vs. high and dropping.
  • Inventory is still high.

Yet, week after week, our EWM office in Coral Gables is selling more than we are listing.  This week alone, we had over $28,000,000 (yes, that is million and it was closer to $29) in sales and leases, the majority in sales.  We had 29 sales vs 8 sale listings.   What is even more amazing about the sales in our office this week:

  • 11 of them (38%) were over $500,000 vs 9 that were under$300,000, which is where most of the market has been this year;
  • 7 of them were over $1,000,000 so the high end market is starting to move.

What is especially important in these numbers is that the higher end sales are not relying on the first time home buyers tax credit, since they don’t qualify, and they are buying anyway.  This leads me to believe that the real estate market is starting to stabilize, especially in certain areas.

Categories
Buying Investment Real Estate

Is Miami Real Estate Undervalued?

According to an article in today’s South Florida Business Journal, a report by IHS Global Insight suggests that in grossly overvalued markets, prices dropped an average of 37% from 2005 until the fourth quarter of 2009.  In Miami, prices have fallen 35.8% in that time frame.  The report suggests that for the country as a whole, the real estate market is now slightly undervalued.

Categories
Buying Investment Real Estate Selling

Home Buyers Tax Credit Ends April 30

If you are planning on using the Home Buyers Tax Credit to purchase your home, time is running out.