Condominiums Great Deals on Condos in Miami South Florida

Post on: 12 Июнь, 2015 No Comment

Great Deals on Condos in Miami & South Florida

If your version of the American dream doesn’t include mowing the lawn or adding chlorine to your pool, consider buying a condominium.

Condos are great options for busy professionals, first-time home buyers, vacation home buyers and empty nesters. Theyre typically smaller and less expensive than a single family home but include attractive amenities such as pools and fitness centers. Luxury living without the hassles and chores of home ownership can be very appealing.

South Florida Condo History

One of the most popular places to buy a condo these days is in South Florida, and particularly the Miami area. To understand why, youll need to know a bit of recent history.

During the height of the real estate boom in 2003-2006, investors were scooping up condos faster than newly-released iPhones. Their plan was to purchase the condo, often in pre-construction, then quickly flip it and make a sizable profit, thanks to soaring real estate values.

Every city had its share of investors trying to make a quick buck, but Miami had not only U.S. buyers but many international investors as well. Developers scrambled to create a supply that would meet the growing demand for condos.

By 2006, the bottom began to fall out of the real estate market, banks were failing and financing became non-existent. Investors disappeared and many even defaulted on condos for which theyd already handed over their deposits. Condo inventory flooded the market and prices dropped.

Today, Miami Condos Are Ripe for Picking

So, where do things stand today? At their new reduced values, condos are much more affordable, ripe for savvy buyers. Even waterfront property, that most highly-desired type of real estate, is reasonably priced. New construction is limited, and the excess inventory in the Miami area has leveled out.

Financing, previously non-existent, is now more readily available. Banks have begun releasing some of their tightly-held reserves, and many developers assist their buyers in obtaining favorable terms through preferred lenders.

Additionally, developers know that in order to move their inventory of Miami-area condos, theyve got to make their property appealing. That means offering all the bells and whistles. At todays condo developments, youre likely to find resort-style pools, full-service spas, state-of-the-art fitness centers, restaurants and even concierge services. You get all the perks of staying at a resort right in your very own home.

Make an Educated Decision When Buying a Condo

Even in a buyers market, its important to carefully research a property before plunking down your deposit. Follow these tips when condo shopping:

Do your homework. You can get some preliminary information about a condo development online. But youll also want to visit available properties and tour their common areas. Examine the building exterior and grounds and make sure theyre well maintained. Check out the amenities like the pool and exercise facility, if one exists. Also ask about parking, storage and security. Theres no substitute for an in-person evaluation.

Seek out properties that still have developer inventory. In todays market, developers are willing to talk deals. Their holding costs are high, so theyre motivated to keep their condos selling. Youll likely have more negotiating power when buying from a motivated developer with multiple units to sell than from a single private owner hoping to cash out of his Miami condo.

Consider putting down more than the minimum. If youre willing and able to make a larger down payment, youll have more options. Cash talks in a down economy.

Be prepared to buy now. Developers are motivated to sell now. But theres no saying how long that situation will last. Who knows if in 6 to 12 months the economy will have rebounded and much of the surplus inventory in the Miami condo market will have disappeared? If you want to own a condo, theres no time like the present.

Look at the data. Dont rely on your gut feeling about a property, not when real information is available. Use a qualified realtor to get answers to your questions about the area and condo developments. He or she can also provide you with data sheets, so you can compare different properties and assess them based on your preferences and budget.

Consider downtown. Sure itd be great to have a condo on the beach. But if youre willing to move inland just a bit, downtown Miami could be the perfect locale. Its a business hub with restaurants, shopping, entertainment venues and a robust nightlife. Best of all, downtown Miami condos can be purchased at a third of the price for a South Beach condo. You can still enjoy views of the water from your high-rise, and youre just a short drive (10-20 minutes) from the beach.

Know what you can afford. Investigate financing options and, if possible, get pre-qualified. Then, only look at condos that fall within your budget. No sense in tempting yourself to overspend. When you find a property you like, be sure to ask about monthly maintenance fees, not just how much, but what they cover too.

Be prepared to haggle. Sure you can pay the asking price, but thats the easy way out, and you may be handing over more cash than you need to. Its a buyers market, so dont hesitate to negotiate. If thats not something you like to do, pass the task to you realtor, who can help you get the best deal.

Impulse decisions arent necessarily good decisions. When choosing a condo, its easy to get emotionally attached. You start to picture your furniture in the space and imagine yourself enjoying the amenities. But you also want a condo that will be a good financial investment, one that will likely appreciate over time. So dont rush into a purchase. First, get the facts, and then weigh ALL the information.

Use a realtor who can advise you. A real estate professional who lives and works in the area will help you evaluate the property and comparison shop to ensure you get the very best deal on your Miami condo.

Interested in learning what properties are currently available? Our Miami condo specialists have all the latest information on Miami condos, some of which can be found here . Or simply contact Condo Hotel Center in our Pembroke Pines, Florida office today to learn more, info@CondoHotelCenter.com or 954-450-1929.