Florida Real Estate Lawyers BlogLadies & 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
Articles Posted in Residential Real Estate
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.
How Much Are Closing Costs In Florida?
By: Alejandro E. Jordan, Esq.
We have gathered the most frequently asked questions (FAQs) from buyers and sellers of real estate in Miami-Dade, Broward and Palm Beach Counties as they relate to residential real estate closing costs. Below is a list of our answers to the most common questions:
Q: What are the typical closing costs for Buyers?
A: Buyer’s closing costs are negotiated and set forth in the Purchase and Sale Agreement (the “Contract”) entered into by the parties. The typical closing costs to be paid by the buyers are as follows:
Cash Deals:
- Recording fees for deed;
- Buyer’s inspections;
- Buyer’s attorneys’ fees.
Condo & HOA Disputes
By: Daniel T. Pascale, Esq.
Offices located in Delray Beach and Coral Gables, FL
Condominiums offer a long list of benefits to those who opt to reside in them. Condominium unit owners have the advantage of owning property without the hassle of property maintenance, repairs, and security concerns. Condos are very popular in the city for practical purposes and many times can be cheaper than a single-family home. It is no wonder why there is a high-rise residential structure being constructed or about to open soon in almost any prime location in the Palm Beach, Miami, and Broward areas.
Standard Florida Real Estate Contract (Part 2 of 2)
By: Dan Pascale, Esq.
Offices located in Delray Beach and Coral Gables, FL
Here is Part 2 of the new FAR-BAR Contract blog post:
Buyer Closing Costs
Paragraph 9(b) offers a list of closing costs to be paid by the buyer. The owner’s title policy premium has been added as a bullet point because buyers have been paying this cost when 9(c)(iii) has been checked.
Under the contract options of paragraphs 9(c)(i) and (ii), the owner’s policy and charges will now also include a municipal lien search.
If paragraph 9(c)(iii) (the Miami-Dade or Broward County provision is selected) a municipal lien search has already been included.
Flood Zone and Elevation Certification
Paragraph 10(d) now includes a blank space where the parties can insert the amount of time a buyer has in which to terminate the contract for flood zone related reasons. If the blank line is not filled in, the time frame defaults to 20 days from the contract’s effective date
In addition, a disclosure has been added to Paragraph 10(d). In some cases, a buyer will have to pay actuarial rates for flood coverage that could be notably higher than the seller was paying. The disclosure explains this possibility and the type of buyers that could be affected by the change.
Finally, the disclosure now informs the buyer that a new elevation certificate may be necessary.
Standard Florida Real Estate Contract (Part 1 of 2)
By: Dan Pascale, Esq.
Offices located in Delray Beach and Coral Gables, FL
The Florida BAR and Florida Association of Realtors recently adopted a new standard real estate contract. Because the new “FAR-BAR” contract will control the majority of residential real estate transactions in Florida, it is important to understand what amendments were made. The following is not an exhaustive list of differences between the old and new FAR-BAR contract, but summarizes some of the major changes:
Personal Property
The Check Boxes in Paragraph 1(d) were removed. To simplify the contract three items were added to the list of items transferred by the seller at the time of sale: (1) refrigerators, (2) smoke detectors; and (3) storm shutters. If the buyer and seller want to include additional items of personal property to be transferred to the buyer those items can be inserted at the bottom of Paragraph 1(d).
Is a New Owner Responsible for Condo or HOA Liens After Buying a Foreclosure in Miami or Broward County?
By: Daniel T. Pascale, Esq.
Offices located in Delray Beach and Coral Gables, FL
Given that there are literally tens of thousands of homeowners and condominium associations in South Florida, it is no wonder that purchasers of foreclosure properties in Miami-Dade and Broward County frequently have questions about whether they are liable for past due homeowners or condominium assessments after purchasing property at a foreclosure sale. Once the initial excitement of the new purchase wears off, foreclosure purchasers frequently find themselves the target of associations seeking to collect past due assessments owed by the previous homeowner.
When confronted with this scenario, new property owners often recoil at the notion that they are responsible for the past due assessments: “What do you mean I owe the association $10,000 in back assessments, I just bought the property at a foreclosure sale free and clear last week? Those fees are the responsibility of the prior owner, not me!” Although this reaction is understandable, it is only partially correct.