How many bedroom are you seeking prices can vary depending on the building bedroom, views etc. I can email you some listings so you can see the variuos prices in Brickell. I work this area so I can send you listing from various prices so you can see what a nice 2 bedroom goes for.
Keller Williams Realty Partners SW
Advice: Don't do it.
Someone has to pay the bills, and if 27% are delinquent, then the burden's going to fall on you and others who will pay.
Beyond that, if 27% aren't paying their condo fees, that probably means about 27% aren't paying their mortgages, either. Which means the building is going to be full of foreclosures. That'll make financing difficult. That'll make it nearly impossible to sell so long as there are some foreclosures left . . . which might be years.
If you absolutely know you're going to be living there for 5+ years and you can buy for 20% under fair market value (using current comps, including foreclosures), and unless you can afford a 40% increase in your condo fees, then you might consider it, recognizing you're buying into a ton of headaches. Otherwise, look for something else.... more
My source is my work. I am in the MLS several times a day, so the numbers, stats, and prices speak for themselves.
If you want to see the graphs on home prices and sales, go to my website (link below). There's a blog there too.... more
Old debt counts. Not sure what you mean by that. There are tricks you can play to boost your credit. For example: Let a credit card ride with minimum for a couple of months then pay it off. They like to see that you manage credit. Worked for me~!... more
SImply put, a short sale is one where the owner of the property owes more than the mortgage balance. For example, if you own $300,000 on a property, but the home is worth only $200,000, the note-holder would have to agree to allow you to sell the property "short" of the loan balance. In addition, the seller needs to be in some circumstance where they are in financial difficulty which would make it hard for them to pay off the loan. There is a great deal of fraud surrounding short sales, so you should only deal with someone who is familiar with the process. My website (link below) has information on the short sale process that you might find interesting... more
If you are working with a realtor, we are able to give you the basic rundown on most buildings in our area of expertise, but the actual building financials are given to the buyer when an offer is accepted and this is a part of the 3 day recission period that is given for any condominium purchas in Florida.
Also if you are looking for financing, your mortgage broker will have to determine if the building is FHA qualified under the guidelines they mus follow, and his involves getting the buildings financial information.
I wish I could tell you it is just on a web-site somwhere, but it is not. But it is not that difficult either, especially when you start narrowing down the buildings you are interested in.
If you need assistance in your search, feel free to contact me directly.
All the best,
South Florida Brokers
786-374-4778 (direct)... more
Probably, it is only a rental, what are your concerns?
Hawk Beach Realty
2 Jungle Hut Rd,
Palm Coast, Fl, 32137
Nimesh, can you tell me how many floors total in the building there are? I would keep in mind that many people do not like to be on an extremely high floor and it might make a resale more difficult. But if you really like the unit on the 40th floor more, then try to get it for less than 50kl What building is your unit in? Are you aware that many condo buildings have huge financial difficulties and that it is critical to buy into the right building.... more
Jeff, depends on the type of investment. I know this is a week answer but there are many factors you need to study in order to make an educated decision.
There are plenty of great deals in Miami - you need to study duration, location, type of property, returns and obviously risk.
You have people upside down right now that bought in pre-construction and are dumping properties. There are also people that need to move because of a relocation on personal issues. One person's misfortune may turn out to be another's gain.... more