Miami in Distress

As of 11/21/10, 42% of properties in Miami- Dade county are currently listed as a short sale or REO. 51% of condominium short sales occur in the $0-$100,000 price range. 82 % of condominium short sales occur are listed below $200,000. 40% of single family home short sales are listed between $100,000-$200,000. Below is a summary of the number of properties listed in distress in Miami- Dade county by price range.

Dwyane Wade signs a one year lease at 900 Biscayne

Dwyane Wade signed a lease on the 59th floor of 900 Biscayne. This is a penthouse unit. The developer is going to put custom build outs into the condo. 

Questions to ask the HOA before buying a condo

One of the biggest problems with buying a condo in Miami is the strength of the homeowner's association. In today's market I often get clients who qualify for a mortgage based on their own credentials, but the building they choose does not meet lending requirements. One of the easiest ways to avoid this is to ask your agent to show you condos that are Fannie Mae, Freddie Mac, or FHA approved. This will minimize problems in obtaining a mortgage. Fannie Mae's lending guidelines for condos can be found here: Fannie Mae selling guidelines.

Before buying a condo I always take my clients to the management office and ask the following questions:

* Knowing these questions will help you make the right decision. Every condo is a little different and has unique characteristics, but this is a good start.  

1.     Are there any known defects with the building?

2.      Are there any planned assessments?

3.      Can you please verify the HOA monthly fee for unit _______

4.      What services and amenities are included in the HOA fee?

5.      Is there any pending litigation on this building?

6.      What percentage of the building is delinquent in their monthly HOA dues?

7.      What is the name and contact information of the association company?

8.      Please describe the association approval process.

9.      Can the HOA restrict the types of improvements I make to my unit?

10.  What percentage of the building is owner occupied?

11.  Are there any rental restrictions that the HOA has implemented?

12.  May I see the following Documents:

a.       Rules and regulations

b.      Financial statements

c.       Insurance certificate

Neal Chinai 

Email: chinai.neal@gmail.com

Welcome Readers

Welcome everyone and thank you for looking at my blog. My name is Neal Chinai and I'm a real estate expert in Miami, Florida. This blog will have a lot of useful information about Miami real estate and will give an insight of the life of a real estate agent! Please feel free to share your experiences with real estate. We can learn from everyone.

Neal Chinai

Mobile: (305) 648-NEAL

Email: chinai.neal@gmail.com