Fort Lauderdale Condo Overtaken by Hotel Developments

Yes, the boom that we all now from the Fort Lauderdale Condo market is over, it has its good days but now it’s behind all of us. As much as we want to keep the boom in tact, we all know that nothing last forever. It is official by default, the downtown condo market’s known boom has been overtaken by a new trend the hotels. Yes, you heard it right the hotels now are making its way to the scene as developers and investors are focusing their time in making hotels now more than ever. They are very much aware of the condo’s status in the market so they redirect their attention to a different bidding. It is known that the market’s overflow of condos all over Florida has caused the housing market to take a slump.

More to a fault now, the common knowledge of people is that they tend to focus their attention to what is in demand, what is in the trend or what makes the market shine. It’s like yesterday it was the condo market, the next day it’s the hotel market. It is rather amusing to watch the rise and fall of the market, the huddles and the struggles and all that. Right now, developers are there seeking building approvals for about 4 major high-rise hotels and office towers, on top of that investors are seeking more deals to go down in the hot property right now which is the hotel. It may probably the next big thing in Fort Lauderdale real estate market biggies.

More than 1 million square feet of new office space would also be built. All told, there are plans for almost 1,000 hotel beds in Fort Lauderdale’s relatively compact downtown, city building plans show. Meanwhile, high-end hotel developers were busy re-making the beach. A vertical renaissance swept through the downtown in recent years, filling it with new residential condos and lofts. It is known that right now the departure of the condo developers in downtown Fort Lauderdale and specifically the hotel builders have step their feet in the market. Two of the proposed projects originally were proposed as condos. The city’s rules for developing downtown put a limit on residential growth, and that cap has nearly been reached.

All signs are pointing to a potential hotel boom, with likely millions to spend, the condo market is having a down time, I think the condo market is indeed in a downward slide, in which the people have been rating it as a low-end in the market right now, most probably because of the condo overbuilt it have skim to people’s mind that changes are vaguely needed so that is where the hotel building came to idea. I think it’ll still be too early to tell. Up until we have settle and the numbers are printed by then we can confidently say that we are in a good market.

Jron Magcale
http://hometerra.com/home.php

Locking Eyes on the Miami Real Estate Foreclosure Market

Let’s face it Miami is having a rough year in its market, at the end of the day everyone is having a bad year anyway, so investors shy away from it, big deal. Home buyers in the Florida area are getting more and more curious on what the market can offer to them. It is almost a hard fact that people tend to invest in the most unlikely places, let say the Foreclosure market. It is one of the most well-known market people attend to. Based on numbers alone, more that 40% of homebuyers in Miami travel lengths just to get a chance to see what is in the foreclosure markets have in store. Sure you can get a good deal in the market, because it is cheaper and it is easy to get good deals there, on the flip side though you don’t know what you are getting, you might get a good deal but you have more renovation to do it seems like you purchase another home.

For some reason personally I think that foreclosures in general are always not the best buys for one reason I think, and it is that the majority of the foreclosures that are available were originally purchased at the peak or near the peak of the market, thus giving the banks to lent too much money on these properties since the bank owed so much money on a typical foreclosed property the endpoint is they don’t have the means and the ability to sell it at today’s rate or market price. Which in time gives it a bad image to the masses, other than that issue that is raised, It think that more buyers especially those with tight budget relies heavily on the foreclosures. To make sure you are in the right path, you should consider checking and giving time on studying what you want to invest on.

The Miami Beach foreclosure market has been getting nice numbers, simply because the average home buyer wants to invest less. It is known that the numbers that we have in the recent years are rather off-peak but it’s nothing to be alarmed of because it is still in the imaginary “green line” in which means we are still in the safe zone. Once it gets the “red zone” it is the time to be alarmed, right now it’s all good. The foreclosure market is rather been saving the market for a few times now, because the new home sales are taking a bump and bruises, the condo market is getting the doubts and the commercial market is not posting good numbers either. I like to take this moment to reflect on how much the Miami real estate market is getting on other means of marketing.

Right now, the real story here is the amount of inventory on the market, people never stopped buying here and the foreclosure real estate market in Miami still continues to hit the right prices in terms of selling. It is still an important fact that you have to consider that the market is in a state of cramming and they are trying to chase the numbers ion which we all fell behind of. Remember that Miami is still in the infamous list and as long as the wind still blows in a direction which we all don’t agree, we have to ride it. The foreclosure market in Miami will save us for now but not in a high rate.

Jron Magcale
http://miamirealestatetrends.com/

Miami Condo Market not Looking Pretty

Right now, it is not looking pretty; the market is doing a downward spiral, it Miami Condo Market is in its doom stages, at least for this year. The market is a bust for about a few months now. I am not impressed by the way the state is handling its market as they still allow investors and developers to build condos that in time will just be unsold. The numbers aren’t lying, not by a long shot over 20,000 units still untouched and about 20,000 more still building, you do the math. Because of that the overall real estate of the city is in decline as well, the common thought is that the condo’s decline is pulling the market away affecting the housing and residential markets as well.

In the series of the growing trend of the bust in the market, it is rather a usual and normal sight the numbers are on the negative, thus the investors and developers are still optimistic of some kind, I don’t know where they are getting their confidence but wherever they get it, it’s their business. It’s almost funny that the market is doing really terrible this year when the solution is just around the corner. Officials are playing blind as they allow investors and developers to somehow build more and more condos in the Miami area. Now it is a matter of time till changes are made, it’ll be rather a big boost to make changes, not that I am down siding the market but the signs are pointing on one direction. Miami is always known to be a real estate hot spot, now it is still a hot spot but in a different way.

The beaches and city lights of Miami is still desirable, Miami is and will always be a vacation destination whether you like it or not, but its condo market is really down sliding, realtors are doing their best to sell properties but still it is in a very slow phase. I don’t know what went on advertising, strategizing and everything still no change. I can’t believe that a great city such as Miami can suffer declines in its market, maybe it is just the nature of the business but sometimes it depends on the investors and developers.

The more and more the market is getting exposure the better it’ll get advertised not that I am saying it can be bad or good, it’ll be up to you to make judgment on it. It’s hard to push through the market as it has been in cold spell right now. Now Can we judge it with the recent numbers, but let’s give it a benefit of a doubt, the nation is having a decline and its because of the economy-wise, but excuses are easy to make but let it be known nothing is constant it might change in one click then go back to the decline we’ll never know.

Jron Magcale
http://regatta2.com

Commercial Real Estate in Miami and Nationwide Taking a Toll

According to the National Association of Realtors, the Commercial Leading Indicator for Brokerage Activity, a forward-looking index for the commercial real estate market rose slightly to the highest level on record but the rate of growth has decelerated over the past year in the first quarter. NAR’s track of the index dates back to 1990, and The Commercial Leading Indicator for Brokerage Activity increased 0.2 percent to an index of 120.3 in the first quarter from a reading of 120.1 in the fourth quarter, and is 0.8 percent higher than the first quarter of 2006 when it stood at 119.3. With slightly higher completions of overall office, warehouse, retail and lodging structures, the small net rise in NAR’s index means net absorption of space in the industrial and office sectors should be fairly steady over the next six to nine months.

Compared with $323 billion of new construction recorded in the first quarter of this year, net absorption in the office and industrial sectors in the third quarter of 2007 is expected to be 10 million to 20 million square feet, with about $335 billion to $345 billion in new completed commercial construction activity. The index incorporates 13 variables that reflect future commercial real estate activity, weighted appropriately to produce a single indicator of future market performance, and is designed to provide early signals of turning points between expansions and slowdowns in commercial real estate. Commercial real estate practitioners can anticipate leasing and sales activity in the third quarter of this year to be approximately 0.8 percent higher than the third quarter of 2006. The commercial leading indicator is a tool to assess market behavior in the major commercial real estate sectors.

The 13 series in the index includes:
• industrial production
• the REIT (real estate investment trust) price index
• NCREIF (National Council of Real Estate Investment Fiduciaries) total return
• personal income minus transfer payments
• jobs in financial activities
• jobs in professional business service
• jobs in temporary help
• jobs in retail trade
• jobs in wholesale trade
• initial claims for unemployment insurance
• manufacturers’ durable goods shipment
• wholesale merchant sales
• Retail sales and food service.

Although individual indicators sometimes move in opposite directions, together they offer a better indication of future market activity. NAR reviewed a wide variety of indicators, examined the relationships of indicators that demonstrated a historical impact on Miami commercial real estate and nationwide, and modeled a forward-looking index based on historic trends. Quarterly data for 13 selected series were reviewed back through the first quarter of 1990. An index of 100 is defined as the level of commercial real estate market activity during the first quarter of 1990, the first period to be analyzed. The modeling demonstrated a change in commercial brokerage activity that could be seen two quarters later as measured by net absorption in the industrial and office sectors, and the value of building construction put-in-place on completion of office, warehouse, retail and lodging structures.

Jron Magcale
http://commercial-realestate-florida.xon.us/

Miami Condo Market’s Future looking Pretty Drowned

It has no been a good year for Miami Condo Market, yes all signs point to nowhere, indeed a lot of reports has been made and the majority is that the market of condos have gone from boom to bust. Reality is that the big factor of the market is the overbuilding of the condos that plagued Miami, they are very well aware of the residential and housing bust and despite of that investors and developers still insist of a major building frenzy, you can see condo buildings everywhere and the fact that there are still unsold and listed units, and a lot of them are (20,000 plus are currently listed), developers and investors are still pushing on building more. They have tried different strategies like using nice names, using promos and ads, they have tried everything yet, and the outcome is still the same.

It has no been a good year for Miami Condo Market, yes all signs point to nowhere, indeed a lot of reports has been made and the majority is that the market of condos have gone from boom to bust. Reality is that the big factor of the market is the overbuilding of the condos that plagued Miami, they are very well aware of the residential and housing bust and despite of that investors and developers still insist of a major building frenzy, you can see condo buildings everywhere and the fact that there are still unsold and listed units, and a lot of them are (20,000 plus are currently listed), developers and investors are still pushing on building more. They have tried different strategies like using nice names, using promos and ads, they have tried everything yet, and the outcome is still the same.

Are we looking for a doomed future for Miami condo market? Seems to be, signs are pointing to it and a lot of stuff have been in consideration. Numbers aren’t looking good either, investors have been keen on making a move on different areas but personally I think they will get the same outcome. Just how much of these does they have to endure before they redirect their attention to other markets which in my opinion will help the market? It is rather unusual for them to push and push although obviously and they probably know it, that the market isn’t looking very well.

Forecast readings have gone from average to low, it is that bad. Last year they saw some boom to the market but this year it is highly unlikely but no impossible. More and more people have been redirecting their attention to their markets; condos aren’t making smart difference this year. Although we are extremely aware of the possible outcome of this situation if this push through I don’t think investors and developers thinks otherwise. Living up to the expectations is now being based on what expectation you have. They can be on negative state or they can be on positive. Right now the future is pretty much on dark clouds, it’ll rain, oh yeah it will if the market continues to plummet.

Is there a way to make the forecast in a sunshine phase like its state? Well there is, I don’t think anything is impossible here. Changes can be very well made, I mean it’s a long year and things can happen predicting its future is still all a big guess, based on the numbers the future is gas, based on optimism the future has legs. So everything is pretty much up in the air.

Jron Magcale
http://regatta2.com

$3 Billion Miami Megaplan Faces New Hurdles

The hurdles of Miami’s $3 Billion Megaplan, which has already been the subject of many complaints by industry leaders and politicians, keeps growing with the addition of two new developments.

The city’s police union, which is unhappy with how staffing would be handled at the proposed new Florida Marlins baseball stadium, is trying to join auto magnate Norman Braman ‘s suit against the city and the county over a development blueprint that would also build a port tunnel and musuem park downtown.

And the city’s commisiioner’s also appear primed to revote the entire megaplan alater this month because of the hasty way it was initially approved in December.

Doing so could help beat back one aspect of Braman’s legal challenge, which contended that the commissioners improperly rushed to their historic vote.

Under the city code, any legislation approved by the city must first be distributed to commissioners five days prior to a vote, but that didn’t happen with the megaplan.

The tentative revote date will be on April 24. “We want to be, let’s say prudent”, said Miami City Manager Pete Hernandez . “The intent was proper throughout”.

Vanessa Arellano Doctor
http://miamirealestateinc.org

Commercial Real Estate Trends In Miami-Dade County

The South Florida region knows too well that the real estate slump has truly hit the housing industry real hard, with vacancies rising and leasing rates falling down.

While the residential markets are bearing the brunt, surprisingly, commercial properties here continue to fetch record prices and have remained buoyant because of much lower vacancy rates.

A Quick Overview Of Commercial Property Markets In South Florida

A closer view of the areas markets reveals just how poorly commercial real estate is faring, at least in terms of occupancy. In Miami, for example, residential units in the central business district increased 55% since 2000, while the office increase was 9.5%, according to local real estate industry observers. And even if developers contemplated a new office building, the construction companies were likely tied up with residential jobs until recently, notes some analysts. Overall, South Florida’s economy has been steadily improving, and those forces have combined to boost the office market there.

Why The Commercial Market Wasn’t Hit As Hard As The Residential Sectors

According to housing market analysts, unlike the residential market, where investors are most often private individuals, commercial real estate investors are more diverse and not nearly as tied to mortgage rates. Commercial property market also investors include institutional buyers such as pension funds that pay cash instead of borrowing money. Many analysts have noted that there’s still strong demand for commercial real estate, particularly among foreign investors, and many don’t see any slowing of investor interest, particularly in retail and hotels.

As home-ownership trends are tied directly to income and interest rates, observers have noted that home buying was made unusually affordable in the past few years because of low interest rates and the popularity of mortgage-financing options such as interest-only loans. This trend has led to high demand, a lot of speculation and lots of new building.

However, when interest rates began to soar, it became much harder for individuals to afford or even to qualify for housing loans. This end result has produced a glut of homes and condos in many areas. While interest rates also affect commercial mortgages as well, cheap debt has been one major factor why there has been so many bidders on the commercial buildings sold over the past few years, which have pushed prices to record levels and yields to record lows as well.

The Office Markets May Be Slow, But The Retail Sector Is Booming

Some commercial market analysts note that they are seeing some softness in the office sales market, particularly in Broward County, where they aren’t well tenanted, but are seeing high demand in the retail sector, where grocery store-anchored centers are selling quickly as soon as developers finish them. Rental rates in the west Miami-Dade industrial markets] are down currently, however, the value of commercial properties has gone up, even in weak markets like today, as more investors prefer real estate more than equity markets, and have paid premium prices to be in this real estate market.

The real estate market continues to remain a cyclical industry notes industry analysts, and it is early in the office sector’s recovery. Those investors who paid really high prices for commercial buildings, especially those who funded these using floating-rate debt or interest-only loans in the early years, are hopeful on their optimistic growth projections to deliver.

To be exact, the office recovery is uneven in most markets, as longtime struggling office markets like the one in Dallas, Texas are improving despite high vacancy rates from previous overbuilding. Other areas like Cleveland and Detroit are also slightly improving, despite limited job growth.

Vanessa Arellano Doctor
http://commercial-realestate-florida.xon.us

Miami Beach Real Estate: Foreign Buyers Continue To Gobble Up Condos

The city of Miami Beach is a famous international vacation destination, drawing tourists from all over the globe, and from other states as well.

The city is renowned for its wonderful Art Deco district, exciting and diverse dining and entertainment establishments, wide array of outdoor activities, and wonderful real estate options. In a recent study made by the National Association of Realtors in 2007, the state of Florida was considered the top destination for foreign buyers, who have accounted for around 26 percent of all transactions, and was ahead of California which was at 16 percent, Texas at 10 and Arizona at 6 percent.

A Lot Of Overseas Buyers Are Gobbling Up Condos Here

According to housing market analysts, more than 7 percent of all homes in the state were sold to foreigners, and an estimated 65 percent of real estate agents have noted that they had brokered at least one deal involving overseas buyers. More foreign buyers are stepping in to buy condos at a discount in this area, where prices have considerably dropped by 20 to 30 percent.

Among the motivating factors for more foreigners buying into condos here, is that the depreciation of the dollar has made overseas currencies much stronger. Canadian buyers, also were seen to have a particular interest in purchasing homes within the US, because the Canadian Dollar has been 25 percent stronger against the greenback in the last two years, which makes these types of buyers more than willing to pay for these condos with cash.

More Foreign Buyers Are Prepared To Buys Condos In Cash

It was noted by the National Association of Realtor’s study that a large segment of foreign buyers come prepared to pay for condos in this lovely South Florida city with cash. Foreign buyers here have noted great deals in the sale of beachfront condo buildings, and other properties with stunning waterfront views.

However, a large number of condo buyers also come from areas within the United States; with many coming from New Jersey, New York, California, Illinois and Texas. But housing market analysts note that local buyers continue to remain a minority in the overall percentage of condo sales. Its great t know that the condo market in this lovely city is not a local market, since it’s a global one, and although the prices may not sound cheap for local buyers, these wonderful home developments sure look like a bargain to overseas buyers.

Overall, the city has seen a 19 percent reduction in its total condo supply levels since last January. Foreign and out-of-state buyers are also much more likely to buy a condo unit in Miami Beach than they are anywhere in the Miami-Dade region, and the market will continue to see a widening gap between the Miami and Miami Beach condo supply numbers in the coming months ahead.

Many note that the combination of the weak dollar and the unique appeal of the city as a thriving, diverse, cosmopolitan, multilingual metropolis are helping to prop up a slumbering and overbuilt condo market that had been expected to suffer greatly because of the housing crunch, but until today, has only seen a small drop in prices as compared to other housing markets in the state.

Vanessa Arellano Doctor
http://miamirealestatetrends.com

How The Real Estate Slowdown Is Affecting The Miami-Dade Condo Market

Imagine this: You’re smack in bed asleep, in your newly rented Miami condo, only to be awakened by someone knocking at your door first hour in the morning. You suddenly find out that on the other side of that door is a sheriff, who is there to serve your landlord one of many Florida foreclosure notices.

As sad as it may seem, this unfortunately is all too common a scene to many tenants of South Florida condominiums. While many say that the housing slump is not going to be that protracted and bloody, just how is it felt in many condo households in the Miami-Dade area?

Housing Market Prospects For 2008

As we go into the early months of 2008, the housing market in this vibrant and diverse area of the state, is seeing a large number of condominium developments with hundreds of millions of dollars in defaulted mortgages, and are struggling to keep their heads afloat.

According to housing market analysts, in the 20 condo developments in Miami-Dade and Broward counties with the largest numbers of units in foreclosure, the number loans in default accounted to more than $271.8 million. Along Miami’s Brickell Avenue, in the financial district, one will find out that three of the top five buildings that are going through foreclosure, as the place has been jokingly referred to as the ‘Florida foreclosure district’.

The percentage of units in foreclosure widely varies, among the 20 buildings ranked at the top. For some large condo developments, a large number of units in foreclosure however still represents a lesser portion of the overall building in some of Miami’s larger condo buildings.

From an investment standpoint, there were positive expectations of how spectacular Brickell was going to be, however the widespread mortgage fraud involving inflated appraisals and speculators had led to the nauseating rise in defaults and property foreclosures in the state as a whole. One local Miami property broker even joked that “These buildings are notorious because the fraud was so prevalent”.

Many Are Hopeful That Conditions Will Quickly Improve

For buyers who are that are looking for a bargain in Miami-Dade County will be happy to know at least that these opportunities only get better as the construction of some 10,000 units is finished, contributing to the glut.

However, in the meantime, the residents of condos in the Miami metropolitan area that have high foreclosure rates are living with the burden of vacant units, and some even face special assessments and increases in the in maintenance fees from community associations that have widening budget shortfalls. Some condo homeowner associations are still struggling to cover expenses because a large segment of their residents are behind on fees and other payments.

As a result, homeowners and other members could see unkempt gardens and grounds, and other disruptions in basic services, such as a cut-off in cable and internet service. Some of these building’s tenants however say they aren’t worried, and they are in this for the long haul. A lot of condo owners and renters still have high hopes that they will prosper in the end, and eventually profit from their investments.

Vanessa Arellano Doctor
http://regatta2.com

Buying Your Ideal Home at Miami Real Estate

If you’re a newlywed couple and you are planning to buy and seek for your dream home, you can choose Miami real estate. When you are just renting and you’re tired of paying a rental fee monthly to your landholder, you can plan to purchase your own home at Miami real estate.

But of course, this not simple and easy quest, you need to consider lot of factors to make your quest to be a successful one. First thing to do is settle your finances that you need in buying a home. Work with a mortgage broker to discover the right mortgage in buying a home in Miami real estate. Mortgage broker have a plenty of contacts with different lenders but they are not working in particular lender alone. That is why working with a mortgage broker is an advantage.

You’ll need to find the right mortgage broker that will help you and guide you out in your quest. The true and right mortgage broker can give you a lot of options and these options come with computations and details as well. The good mortgage broker is prepared to guide you in choosing and they are willing to explain to you all the options.

The right mortgage broker will not let you focus on an exact option only but let you weigh lots of options and find the finest that suits you. And he/she will understand your situations. You should be careful in finding the right mortgage broker. You can ask suggestion from your friends, family and relatives. Because it has a possibility that they have worked with mortgage broker before and they can help you out in getting the right one.

You’ll not be the one who will work with the lender, the mortgage broker will do that for you. The mortgage broker will stand for you and answers all the lender’s questions. The first best thing you should do before going to the market is apply for a mortgage by dealing with mortgage broker.

You can now go to Miami real estate and find the best and your ideal home, as soon as you have approved for a mortgage. Hiring a real estate agent is an option. Working with a real estate agent is recommended if it is your first time to buy a home in this market. The real estate agent will help you and guide you in your buying process.

Again and again, make sure that you will be hiring and having the best real estate agent that will work for your good interest and not of the seller. Since this is what you are paying for the real estate agent – his expertise, so you must have the one with proper expertise and lots of experiences. In Miami Real Estate, the real estate agent will find few homes that match and pass your criteria. To do the work for you, hire a home inspector, it would be wiser to conduct home inspection. In doing so, you can assure that you will be having a home with good condition.

Eliza Maledevic Ayson
http://www.miami-realestate.net