Foreigners flock to buy Miami condos again

Miami Condos - Miami Beach Real estate

Almost 800 Canadians will be at the Florida Homebuyers Seminar hosted by FHFC (Florida Home Finders of Canada) in Toronto tonight. The seminar will show Canadian’s the many issues involved with the purchase of South Florida and Miami beach real estate and why there has never been a better time for then to do so.

Canadians aren’t the only foreign buyers racing to Florida to buy up Miami condos and other Miami Beach properties. Brazilian buyers and French buyers encourage by rock-bottom are buying up Miami condos as well. Luxury Miami condos and Miami Beach real estate properties are again popular among Latin America buyers who purchase them as investments but also as a second home for when their children go to school here. Other international, especially in countries where the currency is strong against the dollar, are flocking to South Florida too.

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Miami Condos, Miami real estate

Miami Condos, new rules could keep out buyers and hurt builders

New lending rules for buyers of Miami condos are already pushing some developers to change or cancel plans for new projects fearing too many buyers will be shut out.

The Federal Housing Administration, on Monday, started limiting the number of buyers in condo buildings that can get loans insured by the agency. Restrictions were also put on buildings with poor finances, too many delinquent owners and high number of rentals.

These new rules are designed to protect the financial health of the FHA. Approximately 18% of loans insured by the FHA are either late or in foreclosure and the agency's financial level has dropped below the federal minimum.

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Miami Homes for Sale, South Beach Real Estate

Foreign investors dominate in South Florida real estate purchases

Developer Joe Milton just put up millions of his company's cash to set up a mortgage company to fund loans and help his clients to close on units at the St. Tropez condominium in Sunny Isles Beach.

One of the reasons as well as a key factor in the recent rise in Miami and Miami Beach real estate is because foreign buyers are frequently locked out of the market if they aren’t cash buyers.

Milton is the president and chief executive of J. Milton & Associates in Coral Gables and says 60% of their buyers are foreign and up till now there are no loans being made to foreign nationals.

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Miami condos for sale, Miami Beach real estate

ICON Brickell Reducing it’s Miami Condos for Sale by 30%

In the hopes that it will serve as a powerful incentive to get hundreds of stubborn buyers to close, the Related Group is reducing prices on units in ICON Brickell, a three-tower luxury condominium project in Miami's Brickell district, by a beefy 30%.

President of Related Cervera Realty Services, Alicia Cervera, said the Related Group had reached an agreement with its lenders, which include HSBC, Bank of America and Wells Fargo, to offer the discounts on its Miami condos for sale for buyers with existing contracts.

Also, on a first-come, first-serve basis, a group of construction lenders has agreed to finance short-term loans on the Miami condos for sale for a limited number of buyers. Cervera said, the loans have fixed interest rates and mature in five years.

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Miami Real Estate Market – Good News for Buyers

It really doesn’t matter where you live, what's pummeling housing prices in your area is the same thing that's hurting everybody around the country: the credit crisis.
Banks' troubles have made it harder for many home buyers to get mortgages, and those who do qualify have to pay more. A borrower with good credit and a 20% down payment recently have been hit with an interest rate of 6.7%, on average, according to HSH Associates.

Looking at the Miami Metro Area, we find that the average home price in 2009 will be around 214,551, with a decrease in price of -18.8%.

Full article...Miami Real Estate Market

Florida Homes, Miami Real Estate

Foreign Buyers Swarm to Purchase Florida Real Estate

Agents, especially Florida real estate agents are seeing progressively more foreigners interested in buying Florida homes in the USA. Many Florida real estate agencies are hiring agents that are fluent in other languages, marketing to foreign buyers and in some cases, offering to pay the airfare and hotel bills of foreign shoppers who buy a home.

As home prices plummet and the dollar’s weak value produces eye-popping deals for international buyers, foreign investors who are swooping in to buy property in the USA.

The National Association of Realtors estimates, because of the sinking value of the U.S. dollar relative to other currencies, a home bought by a foreigner comes with a discount averaging 30%. According to an NAR survey, about 30% of foreign buyers came from Europe between April 2006 and April 2007 to buy Florida homes.

Full article click here...Florida Homes, Miami Real Estate