Private Island Will Be Developed As Privé

A private island in Aventura will be named Privé where luxury twin towers will be developed, according to The Real Deal. The eight-acre vacant land currently connects by bridge to Island Estates. Each tower will be sixteen stories high, and both will combine 160 condo units. Presales will be scheduled for September, and prices will range from $1.7M to $6M. Contact Sydney Server for details at 305-562-7363.

Echo Aventura Gets $106M Loan

The Daily Business Review has reported that New York-based NorthStar Real Estate Income Trust was the lender of a $106M loan to Echo Aventura, which is estimated to be 50% of the overall construction costs. Reports also confirm that it’s 60% sold out. Loans for condo constructions since the real estate bust have been scarce, and this becomes the second largest next to Mansions of Acqualina’s for $160M in 2013.

Craig Robbins also secured $301M recently for commercial construction in the Design District.

New Aventura Real Estate Sales Record

Another significant landmark in Aventura real estate is the sale of a Williams Island Penthouse for $4.65M. According to The Real Deal, this becomes the largest condo sale in Aventura within the last two years. The condo’s price however, was reduced by 33% after being listed on the market for close to two years. The owner is the late Steven Posner, a renowned real estate mogul in South Florida.

Find more real estate news in Aventura and Miami by subscribing below.

Contact Miami Realtor Sydney Server for more information.

Sources: Daily Business Review, The Real Deal
Photo Credit: The Real Deal
Daneil Fletcher for SydneyServerRealEstate.com
Brokerage by Florida Capital Realty

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The Miami Herald has reported that Miami house hunters are going head to head against cash buyers who have the upper hand with sellers. This is even stronger in the REO market, where homes and condos sell for lower rates.

One of the risks of processing and bidding on REOs or bank owned properties at auctions is that appraisals and inspections are out of the picture. According to the news report however, subtracting these must-dos out of the buying equation adds to the possibilities of securing distressed properties through financing.

Furthermore, Miami Herald states there are other options besides going to the auction block. This includes through Fannie Mae’s HomePath program, which prequalifies buyers for distressed homes. The added bonuses are low down payments and no prerequisites for mortgage insurance.

In addition, Fannie Mae runs a HomePath mortgage renovation program to help with fixer uppers. Armed with this knowledge, prospective homeowners do have a share in the distressed properties market. Some lenders finance as much as 97%, which means only 3% down payments are needed.

Sydney Server Real Estate has recently added a real estate owned section for buyers seeking foreclosed homes in Miami. Check out the inventory, and get in touch at 305-562-7363 if interested. Our knowledgeable real estate team will walk you through the process for purchasing starter or investment properties in Miami’s region.

Contact Miami Realtor Sydney Server for more information.

Sources: Miami Herald, HomePath.com
Photo Credit: Miami Property Beach Blog
Daneil Fletcher for SydneyServerRealEstate.com
Brokerage By: Florida Capital Realty

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Would you like to buy a starter home in Miami? REO properties may be ideal for you, because they include homes and condos at lower prices. Here’s what you need to know:

REO is short for Real Estate Owned, and is essentially a property that has been foreclosed, and additionally owned by a bank. These properties are first sent to the auction block and if no successful bids are made, they’re sold independently.

It’s not unusual for foreclosed homes to skip sales at an auction. This is due to minimum bids being the total balance owed by former homeowners. Buyers on the market should also know that these homes are not limited to investors alone, even though many will wait out auctions to see if prices are lowered.

In addition, one of the risks when buying foreclosed homes is that former homeowners may repossess when errors are made in foreclosure filings. This risk however, can be dissolved by securing title insurance. The newly approved foreclosure reform bill should furthermore loosen bottlenecks that are often found when purchasing such homes. Since banks aren’t in the trade of selling homes, investors or starter homebuyers get an opportunity to secure Miami homes or condos at discount prices.

Get in touch with Sydney Server Real Estate by subscribing here, or call 305-562-7363 to grab hot deals in REO. See also new Miami preconstruction properties, which offer the finest in luxury living.

Contact Miami Realtor Sydney Server for more information.

Sources: The Real Deal
Photo Credit: NatProm
Daneil Fletcher for SydneyServerRealEstate.com
Brokerage By: Florida Capital Realty

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If you’re thinking about purchasing a Miami home either in the luxury sector or at median prices, be sure to place the following cost considerations in your budget:

• Mortgage Interest Rates
• Property Taxes
• Insurance
• Maintenance

Similar to renting properties, the manager will determine if the lessee’s rent does not exceed 30% of their income. Bank Rate proposes this same formula for Miami homeowners when combining mortgage, insurance and taxes.

Miami Homeownership Median Costs

The average mortgage interest rate in Miami is 3.42%, while the monthly mortgage is around $700. Property taxes are roughly $200 per month, and the cost of monthly insurance $121 – according to Bank Rate. That’s a total estimated cost of $1000+ per month.

Should You Wait On Homeownership?

Ask yourself if this monthly estimate is higher or lower than rental prices. In addition, consider if your income is steady enough to keep up with payments – and avoid foreclosure. The median price for single-family homes in Miami for the first quarter of 2013 is $225,000.

Are There Lower-Priced Options?

Absolutely. The variety of single family home prices range from hundreds of thousands to million plus properties. REO or real estate owned properties are also listed at bargain prices, which can also be negotiated.

If you’re ready to be a homeowner, are looking for a vacation property, or a second home, get in touch today.

Contact Miami Realtor Sydney Server for more information.

Sources: Bank Rate, Miami Herald
Photo Credit: AOL Real Estate
Daneil Fletcher for SydneyServerRealEstate.com
Brokerage By: Florida Capital Realty

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