Win Florida Condo

Sales of existing condominiums in Florida rose 11 percent in November, with a total of 5,411 condos sold statewide compared to 4,860 units sold in November 2009, according to the latest housing data released by Florida Realtors®.

Thirteen of Florida’s metropolitan statistical areas (MSAs) reported higher existing condo sales in November, according to Florida Realtors. The statewide existing condo median sales price last month was $88,200; in November 2009 it was $104,500 for a 16 percent decrease. However, November’s statewide existing condo median price was 7 percent higher than the statewide existing condo median of $82,400 in October. The national median existing condo price was $166,000 in October, according to the National Association of Realtors® (NAR).

Meanwhile, in the year-to-year comparison for existing home sales, a total of 11,900 single-family existing homes sold statewide last month compared to 13,961 homes sold in November 2009 for a decrease of 15 percent. Florida’s median existing-home sales price in November was $132,700; a year earlier, it was $139,300 for a decrease of 5 percent. The median is the midpoint; half the homes sold for more, half for less.

The national median sales price for existing single-family homes in October was $171,100, down 0.5 percent from a year earlier, NAR reported. In California, the statewide median resales price was $304,220 in October; in Massachusetts, it was $294,000; in Maryland, it was $245,355; and in New York, it was $215,850.

The latest industry outlook from NAR continues to predict a gradual improvement in home sales in upcoming months. However, the report also noted that a temporary halt to foreclosures in Florida and several other states delayed closings and impacted sales activity.

“The housing market is experiencing an uneven recovery,” said NAR Chief Economist Lawrence Yun. “Still, sales activity is clearly off the bottom and is attempting to settle into normal sustainable levels. Based on current and improving job market conditions, and from attractive affordability conditions, sales should steadily improve to healthier levels of above 5 million by spring of next year.”

In November, the interest rate for a 30-year fixed-rate mortgage averaged 4.30 percent, down from the 4.88 percent average during the same month a year earlier, according to Freddie Mac. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Update on the new condo building at 14th and Florida: I received an email from R2L:Architects with some updated designs, pictured here. The ANC1B’s November minutes have more on the building as well: it will be at the southeast corner where the used car lot is now. Mostly it’s market rate with 30 units, but 8% will be affordable (2.4 units?).

The timeline is iffy since they’re still in the approval and design process. It’s planned to be 75 feet high with 2,500 square feet of retail or commercial space plus underground parking for 10 cars plus bikes. 

The ANC report says “The ground floor commercial space will also include projecting glass bays to help activate the street”  and “They propose retail use for the ground floor space.  They are studying how to make the retail most useful for the community.”

Without a doubt, Florida is state that people enjoy to come to every year. People come to Florida for a number of reasons. Many come to Florida for retirement, quite a few use Florida as a vacation destination, while many others choose each year to make Florida their permanent residence. For a number of reasons many people are looking for condos for sale in Florida. Lots of people enjoy living in condos for the maintenance-free lifestyle. However, buying condos for sale in Florida isn’t as easy as it used to be.

The main issue seems to be in getting a loan to buy condos for sale in Florida. This is due to many factors. First, in order to get a loan for any investment property, you are most likely going to need a conventional loan. Conventional loans, however, require a minimum of 20% down. However, even you are not buying an investment property, most condos are not FHA approved, which means a conventional loan will also be required. The times of buying a condo with virtually no money down are a thing of the past. To make matters worse, due to the recent housing mess banks may not loan any money for a condo if they feel there are too many foreclosures currently within that condo complex.

If, on the other hand, none of these situations apply to you then you may be pleased at how many condos for sale in Florida there are to choose from. As a matter of fact, you would want to look through all of these options to make sure that you are making the right decisions along the way. This is something that may be hard if you are coming from outside of the area and are somewhat unfamiliar with the location.

Since buying condos for sale in Florida can be a little tricky it is a good idea to use a real estate agent that has experience in this area. A skilled Realtor can assist you with many aspects of buying your condo including information on nearby schools, dining, shopping, tennis, golf, beaches etc. The best part about using a Realtor to buy condos for sale in Florida is that they are much more familiar with the value of these condos so they should be able to help you negotiate the best price.

Despite rising condo sales in Florida, prices are still falling – now down 16 percent from a year ago. Meanwhile single home sales in the state fell 15 percent. Elsewhere in the US, some relief came from recent foreclosure moratoriums, but problems still plague Las Vegas, while bargain hunters gave hard-hit Phoenix a boost in residential sales. See the following article from Property Wire for more on this.

Sales of existing condominiums in Florida rose 11% in November, but existing home sales for the single-family market dipped 15%, according to the latest report from Florida Realtors .

Some 13 of Florida’s metro areas reported higher existing condo sales in November but prices are still falling. The statewide existing condo median sales price was $88,200, down 16% from $104,500 a year ago.

A total of 11,900 single family existing homes were sold compared to 13,961 homes sold in November 2009. Florida’s median existing home sales price in November was $132,700, down 5% from $139,300 a year ago.

The National Association of Realtors says in its latest bulletin that there should be a gradual improvement in property sales in 2011 but a temporary halt to foreclosures  in Florida and other states has delayed closings and impacted sales activity. Florida Realtors’ sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

It is hoped that overseas buyers will be looking at real estate in Florida as being a good bargain in the first few months of 2011 and this could boost sales in the state. Florida is popular with British and European buyers who have been returning to the market, attracted by low prices.

Florida has been particularly badly hit by the sales slump in property prices and is consistently mentioned in real estate reports because of it high number of foreclosures. Other hard hit states, such as Arizona, are seeing an uptake. For example, property sales in the Phoenix area increased 2% in November from the previous month, a time when sales are usually on the decline, according to real estate data provider MDA DataQuick.

There were 7,127 new and existing homes and condos sold during the month. Since 1994, home sales fell an average 7.3% from October to November in Phoenix. But this year’s gain shows some buyers are taking advantage of more affordable homes and historically low mortgage  rates.

However, Phoenix home sales remain down 16.6% from a year ago, taking median home prices down with it for the fifth consecutive month. Buyers paid a median $127,500 for all new and resold homes in November, down 10.7% from a year ago and down 1% from October. More than 36% of all homes sold for less than $100,000, up from 27% the year before.

Home sales in the Las Vegas region continued to fall in November as investors and first time homebuyers dominated the market. A total of 3,693 new and resale houses and condos sold in the Las Vegas metropolitan area in November, down 6.8% from October and down 22.9% from a year ago, the figures also show.

New home sales suffered the biggest drop in November, down 15.6% from October and 42.2% compared to November 2009. This is the slowest November DataQuick has recorded for new home sales since they started recording and distributing data in 1994.

Existing single family home sales fell 7.3% from October and 20.9% from one year ago. Condos resales were down 14.4% from October and 14.1% from the same period in 2009.

RealtyTrac recently reported that November foreclosure filings fell 21% nationwide because of lender reviews of foreclosure affidavits that sparked foreclosure suspensions in several states. Nevada posted the nation’s highest foreclosure rate for the 47th straight month despite a 20% decrease in November, according to the data firm.

Community Leaders Can Reduce Condo & HOA  Budgets by Taking Advantage of Rebate and Incentive Programs. 

We have included various money-saving tips for associations on this blog over the past two years.  The case studies show how some associations trimmed up to $100,000 annually as a result of changed practices - especially through use of Florida Friendly Landscaping and irrigation changes.  This month’s Florida Community Association Journal contains several examples of money-saving initiatives on the part of community associations.   Madeira Beach Yacht Club saved close to $20,000 per year on waste removal as a result of its recycling program.  The La Playa Condominium on Longboat Key installed solar panels to heat the pool.  It will “make back” the initial cost of installation in the first two years.  The owners in the Tower Residences in Coconut Grove save approximately 18% per month on electric bills by replacing lighting.  All of these communities are saving money and yours can too if the Board takes the right steps.  Many utility companies offer evaluations, rebates and incentives.  Here are a few:

Florida Power and Light (FPL) offers the following opportunities:

•Free Business Energy Evaluations provide comprehensive analysis of facility energy use and recommendations for cost-effective energy efficiency improvements.

•Building Envelope rebates include window treatments ($0.50-$1.00 per sf), ceiling insulation ($0.10-$0.15 per sf) and reflective roof measures ($0.45 per sq. ft.). Projects must be approved in advance in order to qualify for incentives.

•FPL’s Interior Building programs provide incentives for efficient lighting (e.g., rebates of 65 cents to $4 for each linear fluorescent lamp), a variety of HVAC and chiller equipment, thermal energy storage, refrigeration and water heating equipment. Installations must be approved in advance.

Progress Energy offers financial incentives and services for a wide variety of energy efficiency measures and equipment upgrades in existing buildings and new construction including HVAC, motors, lighting, cool roofs, green roofs, roof, thermal energy storage, and window films. The utility also provides cost-shared services for existing buildings including ceiling insulation upgrades, duct check and repair, rooftop air conditioner recommissioning and PTAC/PTHP coil steam-cleaning when walk-through audits suggest these measures.

Through its Energy for Life program, Florida Public Utilities offers free energy audits and project design assistance as well as financial incentives for indoor lighting efficiency retrofits ($100 per kW reduced).

Tampa Electric Company (TECO) offers financial incentives for a range of energy-efficient equipment from lighting and air conditioning (including chillers) to heat pump water heaters and motors, as well as for envelope improvements such as duct repair, insulation and window film. TECO also offers free basic energy audits and very low-cost comprehensive energy audits (for facilities of greater than 100,000 sf or with peak demand over 500 kW) to evaluate facility energy use and opportunities for energy efficiency improvements.

There are so many options for associations to trim expenses by reducing energy use and conserving water its impossible to list them all.  I encourage you to discuss your particular situation with counsel – you may be surprised by what you hear.

purchased a Disney land in Orlando before?” Or how would “I wish I had a piece of the Las Vegas Strip?” Imagine where you want to be today, if we had the future of these exciting cities have anticipated.

Now not to buy. It’s not too late for any real estate investment opportunities. The trick is simply to find Orlando or Las Vegas to invest and buy another.

DUBAI, THE CENTER shining starEAST

And where is now the best chance? It ‘an unfamiliar city, which is rapidly becoming one of the bright stars in the Middle East – Dubai.

Dubai is one of the seven United Arab Emirates, and is the fastest growing city in the world established. In fact, it has the makings of a success of epic proportions. Here are some of the achievements and ongoing projects that will help the city be put on the map:

· Burj Al-Arab – The only seven-starHotels in the World

· Burj Dubai – the tallest tower in the world

· Mall of Arabia – the largest shopping center in the world

· Palm Jebel Ali – Two largest manmade islands, with actions
and entertainment near the coast of Dubai

· Dubai Land – A collection of six ultra-modern theme parks including 45 mega projects and 200 entertainment projects in development designed to create a tourist site about three times greater than allWalt Disney World Resort in Orlando.

· Jebel Ali Port – the largest artificial harbor in the world

· Sky-walk – the world’s longest pedestrian bridge

· Events world-class sport – Dubai World Cup (the world’s richest race horse), Dubai Desert Classic (Golf) and Dubai Rugby Sevens

· Dubai International Financial Centre (DIFC) – Proposed financial hub for the entire Middle East

· Dubai’s Airport – Expansion underway in order to be able to manage45 million passengers a year by the 2018th

Tax incentives · Consultant – 100% tax-free environment

WHAT is in you?

You can participate in Dubai. To invest in one of his to-be-built, five star condo hotel is now. Opportunities for pre-construction condominium units to purchase hotel in Dubai. And the Americans, Europeans and Asians are all skipping the event.

They are essentially buying a suite of a luxury hotel(Studio, one, two or three bedrooms), and not as an owner built the hotel units will share in all revenue.

How much revenue? Now some developers in Dubai are in fact with a guaranteed minimum return of 8% or 60% of revenues generated unit, whichever is greater, for the first three years. After the third year, you are also entitled to 60% of revenues, but there is no guarantee.

Will be 60% of the income of meaning? Of course, no one can predictthe future. But consider these facts. Dubai has the highest employment rate hotels around the world! In 2005 it was increased by 86% and was constant. It also has the highest revenue per available hotel room in the world, beating the world-class city like New York and Paris.

Condo Hotel OLD

As the owner of a condominium hotel is located, you can make your condo hotel as long as you want. Use it as a get-away-from-it-all home for the holidays, if desired. If youdo not want in your portfolio, you can sell, probably at a very precious, and keep 100% profit.

And ‘this is a good time to buy in Dubai? After all, this country is not an established tourist destination such as Las Vegas or Florida. But in reality, this is the reason to buy now.

The real estate sector in Dubai is only a few years. First steps on the ground floor of a new real estate market has its advantages. Remember, these arePremium property in a new country with unimaginable possibilities. The prices of these five-star condo hotel are very reasonable, so much space for the recognition possible.

Compare, for example, the Trump International in Ft Lauderdale, Florida, where he studied condo hotel unit of 612 square meters would cost you now have $ 800,000 or Cosmopolitan, Las Vegas, where 600 square meters at a studio run $ 750,000.

comparable studies in condo hotels in Dubaistarting under $ 150,000. In fact, at these prices, you can purchase a unit on hand three bedrooms in Dubai with enough to buy her new Mercedes and her to start and a corresponding pair of camels on the left!

Because Dubai is so popular?

Dubai is located on the southeast coast of the Persian Gulf, strategically at the crossroads between Europe, Africa, Middle East and Asia. This makes it a goal to more than 1.5 billion consumers.

With its central location, Dubai is rapidlythe most important in the region. Over the past ten years the number of visitors to Dubai has increased 1080000-5400000, which means an annual growth of 16%. This growth rate is more than triple the rate of growth in global tourism over the same period. In fact, over the past five years has seen 54% growth in the number of tourists to Dubai.

Forecasting 200,000 visitors a day is to win in Dubai and designed to accommodate 15 million visitors a year2010. All this bodes well for owners of condo hotel units.

Be a part of growth spurt in Dubai

What caused the sudden growth of Dubai? In May 2002, Sheikh Mohammed bin Rashid al-Maktoum, in an attempt to reduce economic dependence on oil to Dubai, has issued a decree for the first time allow foreigners to buy and sell property.

The race was on. Investors all over the world leaped with both feet, recognizing the potential of Dubai with its stableEconomy, secure political scene, zero property and income taxes, and quality of life.

The result? Today, Dubai is the number one emerging market. An estimated $ 80000000000 building projects, including the five star condo hotel in this are now underway in Dubai.

So if you still will not connect to itself to some of those Florida orange groves and cattle pastures, who eventually bought a Disney or invested in this business in the desertThis was in Las Vegas, here’s another way to make his mark in the sand – Dubai!