Biyernes, Pebrero 28, 2014

Real estate prices in Miami. What will happen?

The property prices in Miami fell , then during the last year have risen. Now what will happen, will fall or rise ?

In recent months have reported an increase of between 15 and 20 % in the rates

Miami properties when compared with the same period last year. According to the report of Douglas Elliman properties located on the coast have increased 20.9 % in the second quarter of this year and when you factor in all villas Miami prices gained an average of 17.7 % over the same quarter the previous year.

Prices remain upwards due to reduced inventory of properties . The reason that the inventory is decreased due to lower sales of properties in bank gets , that because of the scandal known as robo- signing scandal that virtually froze sales of properties at auction . This happened in late 2010 when banks were apparently not complying with regulations when finished off a property at all sales in banking gets interrupted and have reviewed and amended procedures. In the past, the sale of properties in bank gets represented a high proportion of total sales ( 60 % last year vs. 40% this year ) and that part of the reduced inventory , who are selling now are owners who purchased their properties before the housing bubble, those who recently bought property in bank auction and those who can afford to sell at loss .

I predict now that most of the experts is that the banks will begin to reduce its inventory of properties (those who have mortgages on their books but have not executed to take the real estate ) and that could push prices back towards low. I can not say with certainty that prices will not go down but I anticipate that , with all other variables being equal , the prices in the real estate market in South Florida do not come down substantially when the banks put on the market their properties.

My observations come from being constantly on the street :

When you visit condo managers you realize that apartment owners with delinquent accounts with condominium associations have declined substantially . Usually owners who do not pay their bank loan not pay the maintenance fee of the building. Even some associations have been able to reduce their maintenance fees that have improved the collection .

Although there have been fewer bank shots , banks have improved their process of " short sales " ( selling short - the bank or the lender allows the property is sold for a lesser amount than is owed ​​on the mortgage assuming a loss on the loan ) which has helped to remove some of the inventory that the bank needs to resume .

Once these properties enter the market at auction sale will be quickly absorbed because there is enough pent-up demand from buyers.

My biggest concern is given to the possible impact that may have on prices in the next two years due to sales that are currently doing projects in pre - construction. I recognize that most of these projects are demanding between 30 and 70 % deposit from buyers before the building is completed. However, between 2014 and 2015 there will be a lot of condos / apartments available on the market again.

Miyerkules, Pebrero 26, 2014

Florida Real Estate: the market becomes a little less favorable to Canadians

The holiday is perhaps not yet complete, but Canadians wishing to purchase a property in Florida to take refuge in the winter should begin to monitor signs .
Two distinct trends over the past year had the effect of diminishing the purchasing power of Canadians in this American state for the first time since the recession : the decline of the one part , ten percent of the loon on the U.S. dollar and rising , on the other hand, about ten per cent on the price of homes in the United States.

Bargains are always possible in Florida , since the real estate market has not yet fully recovered from the stock market crash of 2008. There remains potential buyers should expect a much more competitive than in recent years market.

And data from the 2013 National Association of Realtors in the United States demonstrated . Home sales rose 9.1 percent, the best performance since 2006, while the median price of properties increased 11.5 percent, the largest increase since 2005.

At the same time , acquisitions of houses by foreigners fell last year . Figures for international transactions are not yet available but already in March 2013, the total sales stood at U.S. $ 68.2 billion, down from U.S. $ 82.5 billion recorded in 2012.

Canadians make up a quarter of foreigners buying properties in the United States . And Florida is a destination of choice, with 39 percent of transactions being performed therein . Arizona ranks second with 24 percent , followed by California, Hawaii and Texas.

An economist also said that trends this year would have consequences , albeit limited .

Statistics analyzed by TD Bank for The Canadian Press suggests that the decline in the Canadian dollar ten cents is not a mean annual decrease of 250,000 Canadian tourists in Florida. But the rapid growth of Canadian tourism in the state was so high that even a reduction will result in growth, however, will be more modest than in previous years developed.

In 2010, the number of Canadians in Florida rose 12 percent , followed by six percent (2011 ), six percent (2012 ) and three percent in 2013. TD Bank expects this year an increase of approximately two percent.

"I think that growth is slowing , but I do not think that spending and the presence of Canadians in the real estate market will decline to levels observed there five or ten years before the recession," said Vice President and Deputy Chief Economist, TD Bank , Derek Burleton.

Martes, Pebrero 25, 2014

Five Property Investment Opportunity in Miami

Miami is again among the top ten cities in the world preferred by the rich to invest. The city of Florida ranked eighth of The Wealth Report ranking after London , New York , Singapore, Hong Kong , Geneva , Shanghai and Dubai.

According to the latest report by Knight Frank , real estate market prime Miami regains the interest of the great fortunes after overcoming a deep crisis. Here are five exclusive property for sale in the best locations of the city. Designed by international architect John Pawson, Knight Frank sells these 26 uniquely designed homes . We found properties from 85 to 427 m2 , and 1 to 4 bedrooms in this exclusive building located at 2901 Collins Avenue in South Beach. Every detail of the housing is about creating continuity between the interior life and terrace space .

The level of finish is second to none with Bulthaup kitchens and each residence has a touch of personal design . Find apartments plus two exclusive penthouses with pool. Designed by Fosters & Partners study , this building is designed to integrate indoor and outdoor space through spectacular fully transparent sliding doors that allow a width of up to 12 m , enabling visual integration with the sea. Knight Frank sells these properties from 1 to 5 bedrooms, from 120-439 m2, there are three spectacular story penthouses and private pool. The building boasts spa services , gym and a private beach club and pool.

From 1080700-7320000 € apartments and penthouses 2-4 bedrooms available in this building marketed by Knight Frank , from 160 to 690 m2 . The residences offer luxury finishes and spacious balconies with panoramic sea views. The owners enjoy the exclusive services of The Ritz -Carlton and a private beach access . The building has two swimming pools , a restaurant next to it , fitness center , screening room , a movie theater, social room with catering kitchen and billiards , as well as a meeting .

Property 350 m2 in the prestigious St. Regis resort in 9701 Collins Avenue Bal Harbour. It has 3 bedrooms and bathrooms and terraces with sea views. The owners will enjoy all the amenities of five star luxury resort , a hotel safe, clean and exclusive pools , spa and gym. The interior has marble floors and is offered furnished by the prestigious Studio sells G. Engel & Völkers .

Housing of 573 m2, with five bedrooms, five bathrooms and stunning sea views. This custom home features a large living room flooded with sunlight through a sliding glass and imported stone fireplace . All luxury amenities , bar and outdoor Jacuzzi on one of the terraces . A Fisher Island is accessed by boat or helicopter. With the Atlantic Ocean to the east and South Miami Beach to the north, the island offers every comfort: private beach , golf course , spa and even a planetarium. It is sold furnished by the real estate Knight Frank .