Downtown Miami

Loan Modifications and Short Sales

2011-08-06T20:46:00.000-04:00

I come across many Miami homeowners that are trying to get their mortgage loans modified. I hear over and over again what a nightmare it is to get this accomplished. I recently tried to help a dear friend of mine and it opened my eyes on how difficult and time consuming this process is. Don't get me wrong, many succeed, but it's a tedious endeavour. We started a year ago submitted the required paperwork, every time I made contact they asked for more documentation, none that were originally on their list of required documents. We went over and over with this situation. All the documents are sent via fax, I use http://www.myfax.com/ and I have confirmation of all the paperwork that was sent and successfully received by the lender, but of course, many of these transmissions are lost in their system! Every time I spoke to a customer service rep or even an account manager (person handling your file), they all contradict themselves. For instance, some say that the sale date is on hold, others explain that the sale date is never on hold until the modification is approved. I participated in a meeting with account managers from Bank of America, several months ago, and I remember them saying that during the short sale process the property continues going through the foreclosure proceedings and it's not put on hold. But, then again, you get different answers from everyone that you come in contact with.

Another thing that you must keep in mind is that once your mortgage is in default they expect the full amount, plus the late fees, all in one lump sum. For instance, if you are behind on your mortgage payment for six months, they require the full six months plus the fees all at once, in order to bring your loan current. No payment plans will be considered, so every homeowner must think twice before defaulting, because there is no turning back!

I saw this video a few months ago referencing Modifications and Short Sales, it's quite interesting:

This makes a lot of sense, doesn't it?

Anyhow, I really feel for these homeowners who are struggling to get these modifications approved. I can't wait until this mess is all cleared up, maybe once it's over, everyone will know the correct way of working these accounts.

Downtown Miami is looking a lot like Hollywood California!

2011-07-09T20:17:00.002-04:00

Downtown Miami is looking a lot like Hollywood California with the filming of Rock of Ages with Tom Cruise, Alec Baldwin, and Mary J. Blige. The stretch of North Miami Avenue between 13th and 14th street has been busy with activity as crews recreate a replica of a 1980s famous Sunset Boulevard. The current renovations are nothing short of movie magic. Crews have gutted, constructed, and painted formerly rundown buildings in order to mirror the real thing. You will see a transformation including locations such as the Bourbon Room, Frederick's of Hollywood, The Comedy Store, amongst others. It's thrilling to see this happening in our Downtown Miami neighborhood.

This is great for the City of Miami, especially for Downtown Miami which has been runned down for too long. It was time for our area to shine. This will bring a new wave of films our way and make our city stand out. I love living in Downtown Miami, it's such an exciting area. I hope to get a glimpse of the magic of movie making. I will keep you all posted on my adventure.

Production crews will remain on 14th street until August. Keep your eyes out for the celebs.

Strategic Default and Foreclosures

2011-06-27T21:16:00.000-04:00

I came across this article pertaining to strategic default, (the decision by a borrower to stop making payments on a debt despite having the financial ability to make the payments)these borrowers decide to walk away and let the property go into foreclosure:

Fewer borrowers strategically defaulting
NEW YORK – June 27, 2011 – The percentage of borrowers who walk away from their mortgage despite still being able to pay is shrinking. Yet strategic defaults still account for nearly one-fifth of serious mortgage delinquencies, HousingWire reports.

About 17 percent of all mortgage defaults that are 60 days or more past due in the second quarter of 2010 were strategic defaults. In the second quarter of 2008, that percentage peaked at 20 percent — which is more than double the number of strategic defaults in 2006, according to a study from Experian, a credit reporting agency, and Oliver Wyman, a consulting firm.

Strategic defaults tend to be more common with borrowers who have jumbo mortgages and have higher annual incomes, according to Experian.

In the second quarter of 2010, 30 percent of strategic defaulters earned more than $150,000 a year, and only 9 percent earned less than $40,000, Experian reports. Furthermore, 33 percent of delinquent mortgages were on homes more than $1 million. For comparison, only 6 percent of homes priced at $50,000 were attributed to strategic defaults, Experian notes.

Experian notes borrowers with more expensive homes and higher incomes may be more financially savvy and be able to take the impact to their credit score more so than other types of borrowers.

As home values began to dip in 2007, more borrowers became underwater on their homes, causing some to stop paying their mortgage and walk away from their home.

Strategic defaults in general “aren’t likely to decline much unless residential housing prices increase and remain at higher levels,” according to the report. “Homeowners have to see for themselves that their neighbors’ houses are selling for higher prices.”

Source: “Overall Strategic Default on the Decline,” HousingWire, (June 23, 2011)

Insurance for Rental Properties

2010-10-12T11:54:00.001-04:00

In Downtown Miami, as well as in many areas in Florida, many buyers are purchasing for investments and renting the properties. In the other hand, many current homeowners are loosing their homes, forcing them to rent and many tenants are being asked to move due to foreclosures. This article will give you an insight on the differences in rental insurance. In Miami condos, the interior is not insured by the condo association which pays your homeowners policy, only the exterior is covered. If something happens inside, you have to replace it and it's money out of pocket, unless you are insured. To be a landlord, you have to educate yourself, it's not as easy as purchasing and renting, there is a lot involved.

Please read on, and being a landlord myself, if you have any questions just ask.

Understanding Landlord Insurance
Turning your home into a rental or buying an investment property? Expect to pay up to 20% more for the right insurance policy to protect your property. Read

Visit houselogic.com for more articles like this.

Miami Dade Property Taxes

2010-09-28T13:39:00.000-04:00

It's amazing how many homeowners seem to be paying higher property taxes than they should. Where I live at Loft2 in Downtown Miami, I see property taxes as high as $4000. I understand that if the property is not owner occupied the taxes would be higher but not this high, especially when the values have decreased significantly! It's sad that so many homeowners in the Miami Dade County area, do not actually fight these tax rates or are not aware that they are so high. Homeowners, whether investors, or primary residents, need to be aware of the market values, especially during the changing market that we are all experiencing. Many homeowners are experiencing financial difficulties and just lowering their properties taxes will make a difference.

I read an article in the USA TODAY where it states:

From Florida beachfronts to Nevada deserts, fed-up homeowners are challenging property tax bills that have stayed high despite the housing crisis. Retiree Carol Schneider, 63, of Ferguson, Mo., never saw herself as a tax rebel: "In the past, I just paid my taxes whether I agreed with them or not," she says. "But the last tax bill increased so much ... I decided to fight it." She prevailed, persuading St. Louis County to cut her tax bill in half.

Homeowners need to start educating themselves and start looking at the numbers. If you believe that your property taxes are high do as Carol Schneider did, fight for your rights! My friend, also fought her taxes in Miami Dade County, it took her a long time to get a hearing, she felt frustrated with the county clerks that she encountered but she moved forward and her case was heard. I myself, fought my property taxes in Broward County two years in a row and yes, they were lowered and this was on an investment property.

My suggestions: Read your tax bill, ask a local realtor to check the sales and give you the market value for that year, get your gear together and fight! We need to let the property appraisers office know that we do know what is going on, that we are educated.

Downtown Miami Rentals

2010-09-22T22:22:00.000-04:00

Downtown Miami real estate rentals are up, as in every other city in Florida. Potential tenants need to know that not too many homeowners in the Miami rental market are willing to negotiate prices. The prices that are listed are mostly firm so as a suggestion from an experienced Downtown Miami Realtor if you can't afford the listing price do not even bother viewing it. Of course, you can always negotiate the price but make sure that you can afford the listing price not to be disappointed.

The average price in the area is $1200 for a loft unit at Loft2 in Downtown Miami, this is a studio with an average of 650 square feet, in other buildings such as 50 Biscayne the average price is $1400 for the same square footage. The Ivy, also located in Downtown Miami average price for 750 square feet is $1450. When looking for a two bedroom unit the prices rise to $1600+ average. Many potential tenants think that because of such high real estate inventory in the Downtown Miami area that the prices are lower but in reality, they are not. Many homeowners and tenants are being forced out of their homes due to foreclosures and many need to rent, this brings the demand for rentals to a new level.

Be honest about what you can afford, this way you will not be disappointed.

Christmas Tree Lighting 2009 Downtwon Miami

2009-12-01T23:54:00.001-05:00

What wonderful weather for the traditional Christmas Tree Lighting in Downtown Miami at Bayfront Park. The festivities included Christmas Carols and the spectacular tree lighting!

Come and visit Downtown Miami, take a walk at Bayside Market Place, eat, shop and take a wonderful walk to Bayfront Park to see our wonderful Christmas tree. Enjoy the wonderful winter weather that Miami has to offer. Also, take a look around at the wonderful highrises including Downtown Miami businesses as well as Downtown Miami condos such as 50 Biscayne, The Everglades, Marina Blue, 900 Biscayne Bay, and Ten Museum.

Here is a preview:

I love Downtown Miami living, what is there not to love.

Let me know if you are also interested in the Downtowm Miami Living experience, call me 305-951-3588.

"zmiami like a native!"

Florida Condos Financing Guidelines

2009-11-20T12:46:00.000-05:00

There are a lot of condos in Florida, especially in Miami that are unable to get financing. With new guidelines that were implemented earlier this year through Fannie Mae, it requires that the association has no more than 15% of the condo units in default past 30 days. Many of these condos are in default and no one will finance them! How can anyone get lending? I currently have a short sale listing in a community that most units are in foreclosure or short sales. I had an offer and the buyer was unable to get funding due to the high default rate of the complex. When I contacted the association, they verified the numbers which were 30-35% in default past 30 days. Everytime an agent contacts me for showing instructions I always emphasize the default rate, many are not aware of the guidelines so I explain them.

This past week there was an article in the Miami Herald in regards to condo guidelines. Everyone that I have come in contact with reference this article but the new easier guidelines mentioned are only for FHA financing, allowing more condos to be FHA approved. It has nothing to do with association defaults which is a major issue. The only way to purchase units in areas with high default rates is by cash. It's crucial that the real estate agent is aware of the association situation when assisting a buyer or seller. Before placing an offer make sure you get the current information, if not it's just a waste of time....

Downtown Miami Condos

2009-11-09T14:52:00.000-05:00

This weekend I put on my comfortable shoes and went to show my customer several lovely condo units in the Downtown Miami area. Many Downtown Miami Condos are currently available at magnificent prices. It's the time to buy as everyone says!

So, I will take you through our tour, as I did with my customer. We started the tour at Marina Blue located at 888 Biscayne Blvd, Miami. This building consists of 541 units with amazing bay views! Floor to ceiling walls of glass, which I love, open kitchens, and great living space. Prices start at low $300's, depending on what your needs are. The amenities are wonderful, they call it the "Sky Beach" with two pools, an outdoor lounge, a volleyball court, a golf putting green, a sandy beach and boardwalk, a fully equipped gym, and an entertaining area. There are also condo rentals. My customer liked the building, specially the amenities, but wanted to see some more.

Our next stop was at Biscayne 900 Bay, located at 900 Biscayne Blvd, Miami. This building consists of 450 units, with the main lobby being on the second floor. These units also have amazing bay views! We viewed several units, some with private elevators and entrances which is a huge plus others were townhomes with a loft area and separate bedroom upstairs and floor to ceiling glass walls they also offer flats. The kitchens include sub-zero appliances built-in refrigerators, freezers etc. The amenities include two pools, a large jacuzzi, a fire pit, a spa which offers massage suites and full menu of nourishing treatments and services, residents lounge and a theater/private screening room with space for 50 people. There is also a fully equipped fitness center. Prices start at low $400's and the condo rental that we viewed rents for $2,200. My customer was wowed by the amenities and the high quality of the units.

Then we walked over to Ten Museum, located at 1040 Biscayne Blvd, Miami, which is one of my favorites! This building consists of only 200 units, each unit has floor to ceiling walls of glass throughout. As soon as you walk in all you see are the amazing views! The bathrooms are like no other and the kitchen also consists of sub-zero appliances built-in refrigerators, freezers etc. The Penthouse has a private rooftop pool! The amenities include five pools, spa, and gym. Prices range from $300's depending on what your needs are. My customer also liked this building, only 200 units really caught his attention.

He has a lot of thinking to do...

All three of these Downtown Miami Condos are a must see for everyone in the real estate market. With prices at their lowest, it's definitely the time to buy!

Contact me for further information on this wonderful area, Downtown Miami is the place to be!
Call Zoila at 305-951-3588 or by email zpc@zmiamirealestate.com

Downtown Miami/Brickell Restaurants

2009-08-12T16:48:00.001-04:00

Many new restaurants are appearing in the Downtown Miami area, but until I try them for myself I will not comment on them. Instead, I will tell you, little about our favorites.

When we first moved into Downtown Miami in October 2007, we were hungry (in every sense of the word) to explore our new area. As you all know from my previous post, we are advocates of the public transportation, Miami Dade Transit, so we would hop on the metromover and go over the bridge into the Brickell area. There are several restaurants in that part of town, including P.F. Chang's, Rosa Mexicano, Tobacco Road (which is the oldest bar in Miami) and many others. We tried most of them that first year, and the ones that we continue to go back to and why, follows:

I always wanted to set foot in Perricones, for years as I drove by Brickell the place seemed packed, especially during happy hours and finally I was there! What a great experience, from that first day it seemed that we had been there all along. It's such a great ambiance, the bartenders and waitresses are very friendly, they get to know you by name. We usually sit outside by the bar and chat with all the staff and locals. Our favorite menu item is the mussels, which come in a red sauce in which you dip your bread into and it's delicious!! Oh wow, I could just taste it, then for dessert you have to have their New York Cannoli, to die for! We even go to their marketplace and buy them to bring home.

The next place I want to tell you about is Rosinella, they have two locations, one in South Miami Beach at Lincoln Road and the one at Brickell, which is were we are regulars. We walked by this restaurant several times and there were always people dining outside, as well as many inside, they were always busy. We made our debut on Valentines Day, no reservations, first come first serve. Since then, we have been hooked. They have a great menu but our favorites are: for starters, the fried calamari, the best ever! Then we usually, I should say "always" get the Pizza Gorgonzola, oh boy, don't take it from me, you have to try it for yourself. Everyone that we have brought to this quaint little place raves about these items and no matter how far they have to drive, they always come back.

Another favorite of ours is Tobacco Road, we just like to unwind have a burger & listen to the music. As previously mentioned, this is the oldest bar in Miami.

Well there you go, when you are in our part of town give these places a try. I guarantee you that you will be back for more.

Until next review....
"Zmiami like a native"

Foreclosure Properties In Miami

2009-08-01T20:26:00.000-04:00

Florida has one of the highest foreclosure rates in the country, 1 in every 165 households, and ranked at number 4 by realty trac's June 2009 Foreclosure Market Report. If you all are wondering who ranks number 1 it's still Nevada followed by California at number 2! Miami has also encountered many foreclosures. According to Miami-Dade County Mortgage Foreclosure Filing Statistics from January thru June 2009 there were 34,679 filings. This is very fustrating for all of us as Miami homeowners, this has brought our market values down signicantly!

Late last year, in 2008, when a BPO (brokers price opinion) was requested by a lender they preferred for the comparables that were used to be good sales, not distressed properties (the term used for foreclosures or short sales). But, all of a sudden as more properties in Miami fell into delinquency and short sales as well as foreclosures became popular they were the only comparables available to base our market values on. No longer does it matter if it's a good sale or a distressed sale, values are based on what is selling, which the majority is foreclosure properties. It's very important to know what the values in your area are, or the values in the area that you would like purchase at. The bpo's and appraisals are being conducted using the last three months sales to determine the current market value, if there are none in the area within the last three months then they will extend it to the last six months sales, which is the norm in a normal market. It is imperative that every homeowner as well as every prospective homeowner is aware of their market value this is also important for property taxes which are based on this information. The number of foreclosure properties in Miami is high and will continue to grow.

If you would like FREE information on the values in your area, please send me an email zpc@zmiamirealestate.com.

http://www.zmiamirealestate.com

Downtown Miami Living

2009-06-17T22:03:00.000-04:00

I moved to Downtown Miami in October 2007 and since the very first day, I felt I was home! My husband and I love city living, we enjoy walking to restaurants, shops, and running errands without leaving the area. It's wonderful to park your car and not have to move it for days, instead we use the public transportation http://www.miamidade.gov/transit/. The metromover, which is steps away from our door, is fantastic. At first, it was a bit confusing but once we got it all figured out we laughed on how long it took us to figure the routes. There are only three routes, the Inner Loop which takes you around in a circle in the Downtown Miami area, the Brickell Loop which takes you into Brickell and the Omni Loop which takes you into the Omni area. You can also transfer to the metrorail which will transport you to different areas within Miami. Many who work in Downtown Miami or in Jackson Memorial Hospital take the metrorail.

I take the metrorail and metromover at all hours. I have noticed a lot more people using the metro system but there are still others that do not give it a chance. I have friends that rather drive a couple of blocks than take the mover and walk, "I just don't understand". But back to Downtown Miami Living, it's a totally different life, I stand outside my balcony and I am surrounded by highrises, I have a slight view of the bay, I am walking distance to Bayfront Park http://www.bayfrontparkmiami.com/, Bayside http://www.baysidemarketplace.com/html/, and many other wonderful locations. I love to take walks to Bayfront Park late in the evening while the sun goes down, just sit there and relax. Living in an area that you really enjoy does make you happier and makes you feel better about your entire life.

If you want to make the move contact me...

http://www.zmiamirealestate.com

zpc@zmiamirealestate.com