Florida Property Values
For more information go to http://www.buymiami.netThe values of homes, businesses and other properties across Florida declined $153 billion during the last year, and the murky economic picture isn't expected to improve until sometime in 2009, state officials said.Total property values dropped an unprecedented 6 percent, double the figure economists had projected last year. The decline would have been worse if not for $55.6 billion spent on new construction.Next year, state property values are expected to drop another 4.92 percent. However, economists expect the situation to slowly improve after the slump. New construction that helps offset some of last year's decline is projected to decrease by almost 35 percent, or about $36.4 billion, for the 2009 tax rolls.
For more information go to http://www.buymiami.net source: www.sun-sentinal .com
Reasons why to own a condo
For more information go to http://www.buymiami.netMost people in Miami nowadays prefer to buy condos than a house. A testament to this is the countless condos that are sprouting like mushrooms all over Miami. It seems like almost everyday there's a new Miami condo being built.
Most people in Miami nowadays prefer to buy condos than a house. A testament to this is the countless condos that are sprouting like mushrooms all over Miami. It seems like almost everyday there's a new Miami condo being built.
So why do people in Miami prefer condos over houses? Well, this is mainly because of the numerous advantages of getting a Miami condo. For one, a condo is not as hard to maintain as a house. Most Miami condos include free maintenance as part of a package.
This means that if you own a condo you don't have to worry about repairs, minor or otherwise. If your faucet is leaking or if a tile suddenly came loose from your floor, all you have to do is call your building's administrator and they will immediately fix the problem.
Most condos also have their own cleaning and maintenance personnel. This means you wouldn't have to clean the place yourself or hire a cleaning lady if you have a Miami condo. It also means that you'll always be sure that you have a clean, orderly and comfortable living space. You can then use the time your have saved for the things that you actually love to do like going to the beach or shopping.
Most Miami condos also feature amenities such as a swimming pool and a fitness center or gym. This means that you don't have to leave the premises of your building if you want to workout or simply do a few laps. Other Miami condos even house a spa, boutiques and restaurants.
Peace of mind is another thing that you can get if you own a Miami condo. Most condominiums in the Miami area are secured 24 hours a day, 7 days a weeks which makes them very ideal for people who are constantly traveling and are away from their residence most of the time. Because of the tight security of a condo, you can be assured that your belongings are safe. This same level of peace of mind is hard to achieve if you own a house.
The best thing about owning a Miami condo though is probably the feeling that you're always on vacation every time you are in your home. With the beach nearby and the beautiful Florida sunset, living in a Miami condo is probably the next best thing to living in an exotic tropical paradise. No wonder, many people have acquired a Miami condo already and more and more individuals are interested in getting a Miami condo everyday.
With the many benefits that come with owning a Miami condo, there really is no reason why you should not invest in one. If you are ready to shop for a Miami condo, be aware that there are many condominiums in the area. You should choose one that will suite your lifestyle and budget well. One of the best places to look for a
Miami condo is the Internet. All you have to do is search for one in any of the popular search engines such as Google and Yahoo.
For more information go to http://www.buymiami.netsource:
http://ezinearticles.com/
Mortgages
For more information check the website
http://www.buymiami.net/If you’re a would-be homeowner, brace yourself for some bad news.
The Federal Reserve on Monday released a survey showing that “significant numbers” of lenders have tightened their standards for mortgage applicants.
The Fed’s survey, which polled loan officers at 56 domestic banks and 23 foreign banking institutions, found that for a “prime” loan, 55 percent of domestic lenders, compared with 40 percent in October, have increased their scrutiny of potential borrowers. And if you are looking for a non-traditional loan like a subprime or an interest-only, 85 percent of the banks that issued these loans are making it harder to get one, up from 60 percent in October.
Looking for a home equity line of credit? That’s going to be tougher to get as well.
Banks are even tightening lending standards for loans other than credit cards.
And as banks make it harder to borrow, loan officers report that demand for loans has decreased consumers may realize it’s harder to get a loan and they may be worried about purchasing a big-ticket item like a home when the economy may be in or headed toward a recession.
The loan officers said lenders want to help homeowners struggling with their mortgages, but doing so could be difficult. Some homeowners may be hard to contact and others might not be interested in even staying as their homes drop in value. Also, a shortage of bank employees knowledgeable in completing this type of work could also prevent the bank from finalizing any work-outs with struggling homeowners.
A majority of lenders expect current mortgages, lines of credit, even credit card and other loans to “deteriorate” in 2008, meaning the lenders expect people to struggle to make their regular payments.
Lenders also reported that 80 percent of domestic banks have tightened standards for commercial real estate loans, the highest proportion on record since the question was first posed 18 years ago.
For more information check the website
http://www.buymiami.net/Source:
http://abcnews.go.com/Labels: condominiums, houses, miami beach, south beach
Real Estate 101 - What Is A Short Sale?
A short sale in real estate refers to a concept whereby a lender (mortgagee) agrees to discount the amount of money owed on the loan made to a borrower (mortgagor), due to hardship on the part of the borrower. It basically allows the homeowner (mortgagor) who owes money to the lender (mortgagee), to sell the home or condo for less than the amount owed to the lender.The benefit to the mortgagee is that the lender gets to cut losses, which would be much greater if the lender is forced to foreclose on the property. The advantage to the homeowner (mortgagor) is that he/she gets to sell the property for less than he/she owes, avoids foreclosure, and the balance of the debt is forgiven. The advantage to the buyer is that he/she gets to buy the property on the cheap, so to speak. It seems like a win, win, win situation for everyone.Ah, but we have often heard that all that glitters is not gold, so what is the problem? The problem is that the entire ordeal can be very frustrating, and often enough, an effort in futility. Why? The easiest part is making the deal between the buyer and the seller. The seller is eager to sell, thereby avoiding foreclosure, and the buyer is eager to buy the the home or condo at a great price.They may come to an agreement as to price and terms, and execute a legally binding contract, but then the problems begin, because the deal must be presented to the lender, and the lender must agree to the price before a sale is made. The mortgagee's required agreement to the sale is listed on the contract as a contingency. Without the fulfillment of the contingency, there is no sale.Long delays by the lender in responding to the contract for sale can be very frustrating for buyers and sellers. Buyers often walk away in frustration or even anger. Then there is the question of price. Banks and other lenders like to make money, but they can’t stomach losing it, so they often wont just agree to the price on the contract. Again a frustrated buyer may walk away, and the process has to begin anew. That is the long and short of a short sale.
source: http://www.streetdirectory.com/
Welcome to THE CRISCITOS GROUP web site
Welcome to
THE CRISCITOS GROUP Blog. For most people, the purchase of a home represents the single largest financial investment they are likely to make. The home buying experience can range anywhere from pleasant and enjoyable to frustrating and disappointing. Deciding to sell or buy a home is a huge step. Everything you need to know about buying or selling Real Estate can be found right here on our website. We are dedicated to you, our client, and we are proud of our commitment to each and every individual with whom we do business, and are grateful for the trust of them all. The Real Estate world is ever evolving. We meet those challenges, staying abreast of the latest technology, and incorporating those advances into our business and our website. If you are looking for a Realtor who knows how to get results, look no further. THE CRISCITOS GROUP are recognized leaders in Miami Real Estate, offering an array of services, to ultimately exceed your expectations.
