Miami Brickell Real Estate
Condos For Sale in Westchester Florida
The media portrays Miami Brickell Real Estate investing as something that is very easy to do. We have all seen those books and televisions shows on how to invest in real estate in Westchester to become a millionaire. However, there are a couple of common mistakes that you need to watch out for. The following are a few of them.
1. Thoroughly understand your loan.
Before you select your loan be sure to check to see if there are points or hidden fees so that you don’t end up with any surprises. Check the rate since it can change from when you had your initial discussions with your bank and the day that the loan was locked. Also be sure that you understand what the differences are between an adjustable rate loan and a fixed rate one. These days, interest rates are at the lowest level they have been in many years, however by the end of 2017 we are anticipating a sudden increase.
2. Be Object About A REIT
A REIT (real estate investment fund) is quite attractive since it offers very generous dividends. However, you need to be aware of what the face value is in addition to the dividends, since they can decrease in value just like any other type of investment can. Whenever you purchase a REIT make sure you know exactly what you are purchasing.
Condo Real Estate Agent in Westchester
3. Brick And Mortar Investing
It can be easier to invest in the stock market than it is to invest in real estate in Westchester. You can purchase a stock online with just a few clicks. Real estate investing is totally different, You need to know all of the ins and outs of the real estate market and understand that what you are investing in is not liquid. You can’t sell your house with just a couple of clicks the way you can sell stock. It isn’t as dynamic, each purchase is different and there are different steps that need to be followed.
4. Flipping Condos In Westchester Florida
There are tons of shows on television about flipping houses. They make it looks so fast and easy to purchase and resell houses. But is that how it really is in real life? Before you start to do it you really need to have a good understanding of how the real estate market works and have good purchasing power as well. For example, if you are going to purchase a house at an auction, you will have to pay for it in cash.
5. Additional Costs
When planning on your property’s future, you should over estimate your expenses. Thank about all of the costs that relate to commissions, insurance, repairs and rental management. You don’t want to get into a position where you can’t pay the mortgage after one month without having a tenant.
Condo Real Estate Agent in WestchesterUpcoming Miami Condo Market Trends
On Wednesday, November 30 at the annual Miami Condo & Community Development Symposium, the Urban Land Institute Southeast Florida & Caribbean will be talking a great deal about significant issues that are facing those involved in the residential real estate industry.
From all across the United States and Florida, real estate developers and investors will be available to share best practices, network, talk about new and innovative ways of getting ahead in the industry, and discovering just how the local trailblazers and global influencers are starting to shape our communities.
As part of the high profile speaker lineup, you will find Jorge Perez, the founder, CEO and chairman of Related Group; Eliot Spitzer from Spitzer Enterprises; and Moishe Mana, the president of The Mana Group. This event will be going on at 788 Brickell Plaza in east Miami from 8am to noon.
The proud presenting sponsor of the symposium is Bilzin Sumberg. The group leader of The Firm's Real Estate Practice Group is Suzanne Amaducci-Adams, and she will be moderating a panel that features Ugo Colombo, the founder of CMC Group; Reid Boren, the manager partner at Two Roads Development; Michael Stern, the SEO at JDS Development Group; Sylvia Coltrane, the CEO at Transact Developers LLC; and Neil Fairman, the President & Founder at The Plaza Group.
The topics that the industry and business influencers will be touching on during the symposium will include:
- Access to global capital
- What is coming for the residential real estate market
- How the real estate taxes will be impacted with the new US President
- The rise of Chines and Russian buyers and investors
- How the different communities are bringing luxury housing inventory and workforce for building communities that are more sustainable
The Urban Land Institute was established in 1936 and is a nonprofit group for education and research with roughly 40,000 members that span the globe, with 875 in the area of Southeast Florida and the Caribbean alone. The mission is to work on providing leadership for the responsible use of land while creating communities that are thriving across the world. ULI in Southeast Florida & Caribbean brings forth this very mission by working to serve both public and private sectors in Southeast Florida and the Caribbean on education and expertise on pragmatic land use.
Condos For Sale in Westchester FloridaSouth Florida's Condo Market
South Florida recently made an announcement that between May of 2011 and today, more than 200 condo towers are scheduled to be built in Miami-Dade, Palm Beach and Broward counties east of I-95. The plans for these new condo buildings will span across the tri-county area. South Florida's real estate market is quite active with the plans for these 200 new condo towers. These communities are hopeful that a housing boom will hit the area. Let's take a look at what statisticians are saying.
Cranspotters.come gathered and analyzed a large amount of data and have determined that these new condo towers are expected to produce 28,350 condominium units. Approximately 28 percent of these units are under construction or have recently been completed. The remaining condo towers are in the presale or planning phase. This leads to the question of whether the stabilization of the market will lead to the final construction of the remaining towers or will the condo market crash?
To answer this, one must look at the factors that affect the market. First, obtaining financing for a condo tower is difficult. This means that developer must mainly depend on deposits from buyers and the developers own money. The Cranspotter website believes that developers are basing their decisions on building condo towers on the inventory on the condo resale market. There were only 24,500 condo units available in South Florida as of March 24, according to the MLXchange. This equates to less than a six month supply of condo inventory. Healthy real estate markets have enough resale units for six months. When inventory levels dip below this amount, a seller's market occurs, explains Peter Zalewski of Condo Vultures LLC. Five years ago there were more than 60,000 condos available for resale in the Miami-Dade, Palm Beach and Broward tricounty area. Obviously, the market has shifted and developers are ready to take advantage of this change. For developers and buyers hoping to get in on the action, the timing seems almost perfect for completing the remaining percentage of condo towers in the planning and presale phase.