March 8th, 2010 -- Posted in Condominium |
Condos offer you an alternative lifestyle for many individuals especially those who prefer to be independent and have their own place to call home that is affordable and at the same time more convenient that buying a conventional home. This type of living quarters appeals mostly to single young professionals as well as small families. Condo living offers a different type of lifestyle and living conditions for people. It is cheaper than having your own property and build your own home from the ground up. Condo units also offer a host of amenities like guarded parking space, 24 hour security, swimming pool, clubhouse etc. that you won’t enjoy unless you own a condo unit of your own.
There are many types of condominiums available out there. Each type can satisfy the different needs of different individuals. There is what is known as a condominium apartment and there are those also known as condominium townhouses which might have slight differences with each other save for their structure type and ownership regulations. There is also another type known as freehold townhouses that you might want to check out. Whatever type you might prefer, you must bear in mind that condo living will be a lot more different than the traditional home environment that you might be accustomed to.
Condo living is so much different from owning or renting a single dwelling home or apartment. This is because of the dual nature that comes with every condo unit ownership. Condominium owners hold ownership over their respective units but each one sharing responsibility over the operating costs and maintenance of the shared elements in the property such as lobbies, passageways, elevators etc. that are essential parts of a condominium complex. By choosing to live in a condominium, you are choosing to live within a community of other condo unit owners who become your instant neighbors. Each condominium complex is a community in itself and each owner accepts and follows the standard rules and regulations unique to condo living.
If you think that condo living might be difficult, wait until you see the advantages that come with choosing to live in your own condo unit. First of all, a condo unit is less expensive than owning a single detached dwelling which may take you years to save for before owning it. If you want to have your own place to live in immediately, then owning a condo unit might be the best option for you to take. With living in your own condo unit, you might also be able to enjoy the amenities and shared facilities like the pool, clubhouse, and weight room that are usually part of most condominium complexes. In a condominium complex, you also become part of a unique community where you are an integral part in the whole decision making process.
But then again, there are also some things that you should also know about condo living. Depending on each condo complex, there might be some restrictions being followed such as on owning pets, or having outdoor barbecues. Each condo unit owners are also requested to follow some rules of conduct on common areas such as passageways and lobbies. In a sense, a condo unit owner might not be as free in his own “home” because he also has to respect the rights of his “neighbors” living just a wall apart. That is the challenge that condo living carries with it. It will depend on the person if he will be able to come to grips with it.
March 8th, 2010 -- Posted in Condominium |
The Miami Beach real estate market is unlike many in the country. The super luxury condominium market is rolling on the coastline of South Florida and a buyer must be savvy, or have a savvy Miami Beach real estate agent to guide them through the market. Why? Because you need to make sure you are getting your money’s worth, and that means understanding the home values in the area and their trends. Because Miami luxury condominiums come out with all of the high end appliances, features and amenities, the only way to really make money is if these units hold their appraised value and if the Miami Beach real estate market holds and continues to grow. This is a concern whether you are buying a Miami luxury condo as a homeowner or as an investor.
The appraised value is what the bank assesses is the value of your home or investment property. A third party appraiser will come out and conduct the unit appraisal for the bank. They will compare it to similar units in the same and other luxury Condominium buildings and they determine the value of the amenities in the unit – most appraisers will conduct an onsite visit. This figure determines the amount of money a bank is willing to offer for a mortgage but more importantly, it can affect the market value of your unit and the sale price if you ever want to put your luxury condo on the market.
Market value is what a buyer actually pays or is willing to pay for a home or condo. It may be well above or well below the appraised value. Smart buyers have a strong understanding of the relationship between the appraised and market values of a home and a smart seller will do well to learn about it as well. If you have offered your home for well above the appraised value, a mortgage lender may be unwilling to loan the inflated amount to a buyer, whereas if you can offer your home for sale close to the appraised value it is more likely to sell with no issues.
The considerations of appraised vs. market value will change depending on whether you are purchasing your Miami condo as an investment property or as a home. If you plan to live in the unit for a significant period of time, the most important thing is to find the right neighborhood, the right kind of Miami condo to suit your lifestyle and the right features and amenities to meet your needs. If you are buying the Miami condo as aninvestment property, these criteria will not be as important to you and they are not as important as a quick increase in value to assure yourinvestment is a success. More important is the price at which you are buying, the appraised value and the amount of time it will take for the unit to accrue value in order to sell it for profit.
One of the best ways to get into the Miami Luxury condominium market, whether you want the condo as a home or as an investment, is to buy a pre-construction Miami condo unit. The developers offer better prices and incentives so that they can sell all of the units ahead of time and offset their costs while they are creating the units. For aninvestor , if the contract doesn’t prohibit sale before or after the condo is complete, this can be a great time to get into a real estate venture. There are great benefits for someone who wants a Miami condo as a home as well. This is also an opportunity to customize your Miami luxury condominium to your exact specifications. You can usually play a part in choosing finishing materials, fixtures and color schemes which means that when the unit is complete you’ll be able to move into your perfect turn-key luxury home.
Studying market trends to understand if a specific real estate market is going to stay strong will probably take more time for an average home buyer than it’s worth. You should find a qualified localMiami Beach real estate agent to guide you to the best buys on the market and to make sure you are investing your money in a property that’s appraised and market value will increase exponentially over time. This is true in the case of homeowners and investors alike.
If you are planning on buying any Miami Beach real estate, make sure that you take the time to research the like properties in the area or make sure that your Miami realtor is knowledgeable on the topic. If you get the right advice and buy into the right Condominium, you will be sure to invest in a solid piece of real estate and see a return whether you make the Miami condo your home or not.
March 3rd, 2010 -- Posted in Real Estate |
Back in about 1963 the market in Las Vegas was overbuilt with new homes. The builders were going crazy trying to figure out how to sell these new houses. Terms were being used like: the market is flat, the economy is in the toilet and the housing market bubble has burst. A lot like some of the stories you read from some of the investors in certain areas of the country.
As hard as the builders tried there seemed no way to sell any houses. This looked like the perfect opportunity for a creative real estate investor. I went to the largest builder in the city and asked him what his largest housing development was. He replied, “there was a sub-division with about 85 tract homes sitting vacant that he owned”. I said, “if I can sell all your houses in one day would you give me a free house?” You know how you get one of “those looks” like you don’t have all your marbles? His look did not bother me. He must have figured, what the heck, what do I have to loose? He agreed and we drew up the paperwork to cement the deal.
I picked a Saturday for the great give away spectacular. I ran ads in the newspaper, offering a Free Bar-B-Q with hot dogs, hamburgers, soda pop and all the great gourmet items. The headline of the ad read $5000.00 to $10,000 off the price of every house for the lucky ones only. How lucky are you? I had pre-arranged with the owner concerning the prices of the houses, so we were fine there. I instructed the tract salesman not to sell any homes until 1 p.m. It was a great turn out; hundreds of people enjoying themselves with a FREE meal.
At exactly 1 p.m. , the helicopter flew in. Inside the helicopter were thousands of Ping Pong Balls with $5K and one ball with $10K (complying with the advertising laws) imprinted on them. The balls were released over the crowd. My plan was excellent, except I for forgot about the big whooshing blade of the copter. Ping Pong Balls went hither, dither and everywhere. Fortunately the customers were pushing and shoving chasing them down to find the lucky ping-pong ball. The sub-division was sold out that Saturday with back up offers on every single home.
Creative advertising works to sell your property. The next time someone tells you the real estate market has gone bust, rent a helicopter and take him or her for a ride.