Florida Real Estate Lawyers BlogArticles Posted in Residential Real Estate
The housing market is back—and then some!
By: Jordan + Lawyers | ESQ.title
Despite the crippling and ongoing coronavirus pandemic, millions out of work, a recession, a national reckoning over systemic racism, and a highly contentious presidential election just around the corner, the residential real estate market is staging an astonishing rebound.
Median home prices shot up 6.2% year over year in the week ending June 27. Homes are selling faster than they did in 2019, when no one had heard of COVID-19. And bidding wars are back as first-time and trade-up buyers who have lost out on other homes slug it out.
It’s a far cry from the Great Recession of more than a decade ago, when home prices plummeted, mortgages were plunged under water, and foreclosures seemed to appear on just about every block. But of course, the overbuilt housing market and subprime mortgages helped cause that crisis. Back then there were a glut of homes for sale and not many eager buyers. This time it’s reversed.
To be sure, there are plenty of danger signs ahead in this economy, including continuing historic levels of unemployment and rising coronavirus infection rates in many parts of the country. But, for now, real estate is bouncing back much quicker than other bellwether industries.
So what’s driving this surprisingly hot market? There’s a slew of culprits. Continue Reading ›
Home Mortgage Loan Modifications under the CARES Act
If you are experiencing difficulty making on-time mortgage payments due to the national coronavirus emergency, forbearance may be an option for you. Forbearance can help consumers get back on their feet during short-term financial difficulty, but there are a few things you need to know and some important decisions you’ll need to make. Forbearance is when your mortgage servicer, that’s the company that sends your mortgage statement and manages your loan, or lender allows you to pause or reduce your payments for a limited period of time.
Forbearance does not erase what you owe.
You’ll have to repay any missed or reduced payments in the future. So, if you’re able to keep up with your payments, keep making them. The types of forbearance available vary by loan type. If your mortgage is backed by the federal government—this includes FHA, VA, USDA, Fannie Mae and Freddie Mac loans—provisions of the recently enacted CARES Act allow you to temporarily suspend payments if you are experiencing financial difficulty due to the impact of the coronavirus on your finances. Loan servicers may also have forbearance or deferment options for non-government backed or private loans, but the exact options available to you may differ.
Here’s how this works for federally-backed mortgages under the CARES Act.
If you are experiencing financial hardship due to the coronavirus pandemic, you have a right to request forbearance for up to one hundred eighty days.
You also have the right to request an extension for up to an additional one hundred eighty days. But, you must contact your loan servicer to request this forbearance. There won’t be any additional fees, penalties or interest added to your account. But, your regular interest will still accrue. Other than telling your servicer that you have a pandemic-related financial hardship, you won’t need to submit additional documentation to qualify for this forbearance.
It’s important to find out what options are available to you.
Why are Mortgage Rates Up, While the Fed Rate was Reduced to ~0%?
The current COVID-19 Coronavirus crisis is having a critical impact on the Mortgage Industry, which could potentially make the 2008 financial crisis pale in comparison.
This short read will break down for you, in an easy to read format, exactly what the Mortgage Industry is up against and how servicers are being impacted by the current environment. It will also cover how the Fed, who is trying to help, is only making things worse due to unintended consequences.
Perhaps most importantly, we will cover steps that the Fed should take to help minimize the damage done by this crisis.
HURRICANE IRMA PREPARATION CHECKLIST AND VALUABLE TIPS!
If you are reading this, NOW is the PERFECT time to get ahead and make sure you are most prepared to deal with the before and after effects of the Storm. Locate your Auto, Boat, and Homeowners Insurance policies and make sure they are in effect and in good standing. If you have any questions about your policies, reach out to your insurance agent immediately.
Remember to take pictures or video with your smart phone before the Storm. Take pictures or even video tape the outside to show every corner of your home, the inside of your ceiling to show there were no leaks. Take pictures and video around your windows from the inside to show there were no water stains before the storm. Take pictures or video of all your furniture, TV’s and all electronics so you can show that you did own them prior to the storm. It is most common for insurance companies to claim that damages were there prior and will likely not approve your claims unless you have some evidence (THE MORE EVIDENCE THE BETTER!).
If you have any questions, do not hesitate to contact us anytime at 305-501-2836. We are here to help and assist you in any way we can.
Below is a comprehensive list of “things to do” we received and would like to share with everyone to help in your preparation:
1. Charge any device that provides light. Laptops, tablets, cameras, video cameras, and old phones. Old cell phones can still used for dialing 911. Charge external battery back ups. Continue Reading ›
Market Report – 2017 Q1 South Florida Pre-Construction Condo Market Update
Ladies & Gentlemen, we have already arrived at the second week of May, which can only mean two things:
1. The Miami Marlins are almost out of the playoff hunt (already); and
Market Report – Residential Condo Market in Miami, South Florida – March 2017
The Miami Downtown Development Authority’s Annual Residential Market Study Update for the Greater Downtown Miami area, prepared by Integra Realty Resources (IRR), came out in early February, and is full of interesting/useful information. In this post we will discuss a few of the attention-grabbing tidbits from the Miami Downtown Development Authority (MDDA) report, and begin to address how some of these developments are going to affect you as buyers/sellers here in the Miami area.
According to the Senior Managing Director for IRR, Anthony M. Graziano, and Market Research Analyst, Dan Bowen, a big picture view on the state of the market should recognize that while inventory is up, there is no distress in the market. New pre-construction deliveries closed out successfully in 2016, demonstrating buyer confidence.
Resale pricing retreated modestly (6% – 7%), reflecting both a correction after five consecutive years of growth, as well as a stronger US Dollar, resulting in nominal price increases for most foreign buyers, according to the MDDA report.
With regard to condo delivery, the report notes that the greater downtown Miami area saw the largest volume of delivery (2,202 units delivered in 2016) since 2008, although it was also noted that this figure is mostly in line with the expected 11-year and 15-year cycle of absorption.
Real Estate Consulting Model – Commission Rebate Program
By: Alejandro E. Jordan, Esq.
As you know, in today’s real estate market, everything that is listed on the multiple listing services is available to be seen on hundreds of duplicated websites at no cost to you. Independent surveys state that over 95% of buyers search the Internet to find a home. Virtually no one surveyed said their agent found them a home that they had not seen on the Internet or by driving around. If you are one of the over 95% of the buyers out there doing their own homework, we figure why not pay you for your efforts so that you save money on your transaction closing costs.
Serving the Next Generation of First-Time Home Buyers
Today, Millennials (even Gen X and Gen Y) prefer to research information online or through their friends. Our clients are savvy home buyers. They’re involved in their search and know what they want. They don’t need an agent to look on the Internet for new listings. There are plenty of online tools they can use for that. They don’t need an agent to drive them all over town every weekend. And, they certainly don’t want to pay a full commission just to close the deal. Buyers want someone who is on their side and who is hired to represent their interests.
How does the Real Estate Consulting Model Work?
Due Diligence on Commercial Real Estate in Miami – Safety, Risk Management and Environmental Considerations
By: Alejandro E. Jordan, Esq.
Due Diligence on Commercial Real Estate Transaction in Miami, South Florida
Safety, risk management, and environmental due diligence before a commercial real estate transaction is becoming more complex. Here are some guidelines for performing due diligence on a commercial real estate transaction involving an existing structure.
Safety Assessment:
- Is the building ADA compliant? If not, is there a current remediation plan in place?
- Safety inspection of elevators?
- Fire system adequate and inspected? Documented fire safety protocols?
- Have there been any lawsuits or complaints filed, even if dismissed, regarding safety or access issues?
1st Quarter 2014 Industrial Market Report for Miami-Dade County CRE
By: Alejandro E. Jordan, Esq.
Total Industrial inventory in the Miami-Dade County market area amounted to 229,374,658 square feet in 8,790 buildings as of the end of the second quarter 2014. The Flex sector consisted of 16,908,307 square feet in 600 projects. The Warehouse sector consisted of 212,466,351 square feet in 8,190 buildings. Within the Industrial market there were 782 owner-occupied buildings accounting for 30,523,593 square feet of Industrial space.
Sales Activity
Miami-Dade County industrial sales figures for industrial building sales of over 15,000 square feet fell during the first quarter 2014 in terms of dollar volume compared to the fourth quarter of 2013.