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Sep Niakan

Floridian Condo South Beach Condo Deals and Foreclosure

04-14-09
Sep Niakan

FLORIDIAN Condo in South Beach is one of the many buildings in Miami Beach that is experiencing large price reductions in its units, which offers buyers a great opportunity to buy a waterfront condo in South Beach at a large discount. Below are some FLORIDIAN condos at discounted prices.

Floridian

Floridian Condo in South Beach Unit 304 1/1 $ 160,000 SHORT SALE

Floridian Condo in South Beach Unit 601 2/2 $ 210,000 SHORT SALE

Floridian Condo in South Beach Unit 1112 2/2 $ 290,000 SHORT SALE

Floridian Condo in South Beach Unit 1610 1/1 $ 294,000 SHORT SALE

Floridian Condo in South Beach Unit 1008 3/2 $ 329,950 FORECLOSURE

Recent Sales in Floridian Condo South Beach:

Unit# #Beds #FB Square Feet Sale Price Sale Date

2001 2 2 1147 510,000 01/09/2009

2803 2 2 1078 530,000 02/27/2009

912 2 2 1147 403,000 01/26/2009

2710 2 2 1078 375,000 10/22/2008

1002 2 2 1298 325,000 02/13/2009

1410 2 2 1078 304,900 11/10/2008

Learn more about Floridian Condo in South Beach.

One Miami Condo Downtown Miami Condo Deals and Short Sales

04-03-09
Sep Niakan

One Miami Condo in Downtown Miami is one of the many buildings in Miami that is experiencing large price reductions in its units, which offers buyers a great opportunity to buy a waterfront condo in Downtown Miami at a large discount. Below are some One Miami condos at discounted prices.

One Miami

One Miami Condo in Downtown Miami Unit 2606 1/1 $ 159,900 SHORT SALE

One Miami Condo in Downtown Miami Unit LPH-06 1/1 $ 159,900 SHORT SALE

One Miami Condo in Downtown Miami Unit 2914 2/2 $ 249,900 SHORT SALE

One Miami Condo in Downtown Miami Unit 1115 2/2 $ 250,000 SHORT SALE

Recent Sales in One Miami Condo Downtown Miami:

Unit# Beds Baths Square Feet Sale Price Sale Date

2623 3 2 1792 535,000 03/19/2009

3109 3 2 1792 510,000 03/20/2009

2222 2 2 1169 325,000 01/16/2009

1619 2 2 1227 330,000 02/23/2009

2200 2 2 1105 272,000 01/23/2009

Learn more about One Miami Condo in Downtown Miami.

CITE on the Bay Condo in Miami Arts District Deals and Short Sales

03-25-09
Sep Niakan

CITE Condo in Miami Arts District is one of the many buildings in Miami that is experiencing large price reductions in its units, which offers buyers a great opportunity to buy a waterfront condo in Downtown Miami at a large discount. Below are some CITE condos at discounted prices.

CITE

CITE Condo in Miami Arts District Unit 2604 1/1 $ 124,900 SHORT SALE

CITE Condo in Miami Arts District Unit 2211 2/2 $ 151,900 BANK-OWNED FORECLOSURE

CITE Condo in Miami Arts District Unit 2509 2/2 $ 154,900 BANK-OWNED FORECLOSURE

Recent sales in CITE Condo Miami Arts District

Unit # Beds Baths Sale Price Square Feet Sale Date

# 2321 1 1 126,900 717 12/22/2008

# 2403 1 1 140,000 722 12/23/2008

# 2514 1 1 147,000 794 10/30/2008

# 3305 2 1 147,000 795 10/24/2008

# 412 1 1 152,500 739 10/31/2008

# 3604 1 1 155,500 797 10/27/2008

# 3307 2 1 159,900 797 12/19/2008

# 2201 1 1 200,000 0 03/10/2009

# 805 2 2 220,000 1047 02/10/2009

# 1209 2 2 252,500 1068 09/30/2008

# 3502 3 2 230,000 1398 12/10/2008

Learn more about CITE Condo in Miami Arts District.

Problems with Financing and Loans in Miami Condos

03-13-09
Sep Niakan

How to get financing in such a difficult loan environment for Miami condos

These days banks have become very stringent on financing options for Miami condos. Due to new Fannie Mae and Freddie Mac guidelines, coupled with the shaky banks, most Miami condo buildings now fail to meet the requirements required for a bank to offer a loan for the purchase of any unit in that building. So even if you have solid credit, solid employment and want to put 20% down, the bank will say no. Believe it!

So how do you get around this? First, before we get into the details, let's review why most people are wanting to purchase a home to begin with to see why it is worth going through this mess to purchase a property:

  • take advantage of the $8000 tax credit that expires this year (end of 2009)
  • receive tax deductions on his income tax,
  • build equity on principal through monthly payments,
  • build equity through long-term appreciation,
  • have the stability and comfort of owning his own place

To make this happen, I would expect we need to:

  • determine what your credit score is now to see what options will be available to you. Did you know that FHA loans do not require good credit, have lower rates and lower down payment requirements than most conventional loans?
  • determine the maximum you have from your own personal funds for down payment and closing costs, and how much can be gifted to you through family/friends if any
  • will anyone else be able to be co-mortgagor? If you have someone you trust that has good income and low debt, that may help increase your purchasing power

Some things you need to know about the current Miami market:

  • Due to very stringent new loan policies most larger condo buildings in Miami do not qualify for any loans unless the down payment is 35%+. It does not matter if the individual can qualify, the bank will not give loans in specific buildings.
  • This leaves the option of purchasing in a smaller condo building, an older one that has more stability (there are a few good ones in South Brickell for example), a townhouse or a single family home. None of these are out of anyone's reach, as the Miami area has become extremely affordable. It is just a matter of adding up all the info we have above to come up with what purchasing power we have. Then, we need to look at your preferences and come up with scenarios.

I look forward to hearing from you.

Florida Homestead Exemption Deadline March 3

02-24-09
Sep Niakan
HB Roswell Realty logo
FLORIDA HOMESTEAD TAX EXEMPTION FILING DEADLINE IS MARCH 3
If you have not received a letter confirming your exemption or just bought a place in 2008, confirm with the County that they have you on file.
 

I wanted to make sure you and your friends/family do not miss an opportunity to save tax money in this difficult year, so the below is a reminder and overview of the Florida Homestead Exemption. Note that the deadline for filing is March 3.
 
If you do not own a primary residence in Florida or this does not apply to you, I am sure your friends and/or family who already own or are considering owning would appreciate if you forward this to them as a reminder/review. It could save them lots of $$.
 
What are the benefits of the Homestead Exemption?
The highlights for most Florida residents are:
-Save our Homes benefits caps yearly property tax increases at 3%
-$50,000 reduction in the assessed taxable value of your property -Portability benefits
Click here for a full review of the current exemptions.

Who qualifies for Homestead Exemption?
-U.S. Citizen or Permanent Resident Alien
-Living in the property starting January 1, 2009
-Resident of Florida
 
How and When to Apply
-Between January 2 and March 3 HURRY!
Click here to download exemption form and for filing instructions
 
Already applied for homestead exemption in previous years?
Make sure that you received your "2009 Automatic Residential Renewal Receipt". If you didn't, make sure that you are still listed as exempt and that the county has your correct tax mailing address, which is not always the same as your property address.   How does the county assess the value of my property? The county uses data about market sales on or before January 1 of the tax year, but this year is going to be "tricky" due to the large number of distressed sales. Click here for a PDF about how the county uses short sales and foreclosures in their assessment of value.
 
Feel free to send me an e-mail via ActiveRain or give me a call at 305-725-0566 if you have any questions about this.

P.S. I hope you found this information useful! If you did, please pass it on to your friends and family. I am sure they would want to know too.