Residential Real Estate

Why are Mortgage Rates Up, While the Fed Rate was Reduced to ~0%?

Published on: March 28, 2020 | by ESQ.title

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!

Published on: September 6, 2017 | by ESQ.title

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

Published on: May 18, 2017 | by ESQ.title

By: Alejandro E. Jordan, Esq.

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

Published on: March 13, 2017 | by ESQ.title

By: Alejandro E. Jordan, Esq.

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

Published on: March 4, 2017 | by ESQ.title

By: Alejandro E. Jordan, Esq.

“Our Real Estate Consulting Model will Revolutionize the entire Real Estate Industry,” says Alejandro E. Jordan, JD.

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

Published on: September 27, 2016 | by ESQ.title

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

Published on: August 4, 2014 | by ESQ.title

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?

Published on: February 2, 2014 | by ESQ.title

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

Published on: November 19, 2013 | by ESQ.title

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)

Published on: September 26, 2013 | by ESQ.title

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.