by Jamey on February 8, 2010
I have designed this post to assist you with the purchase of your new property. I assure you that it is my goal to provide you with the most professional and informative service available. I am always just a phone call away!
Steps to Purchasing a Property in Miami & Miami Beach
1. Analyze Your Needs in a Consultation
Some things to consider:
- Is this for primary residence or do you plan to rent it out? Not all properties/buildings in Miami allow renting, short term rentals.
- Will their be pets in the home? Some neighborhoods/buildings have pet restrictions.
- Do you need a parking spot? Do you have a second car, where will you park that car?
- Do you want to buy in an older building or newer building. Older buildings may have up coming certifications that can create expensive assessments. Newer buildings may have pending assessments but based on other reasons.
- Can you carry an extra assessment on top of regular HOA dues and other fees if it were passed?
2. Obtain Financial Pre-Qualification and Pre-Approval
Some things to consider:
- If you are planning to purchase by cash, the process will be much different in terms of applications and mortgage contingencies.
- If you are planning to purchase with financing and you want to purchase a condo, you need to speak with your lender about which buildings will qualify to buy with financing (because most in this area do not) & how much money do you need to put down?
3. Select Properties
4. View Properties
5. Write an offer to Purchase > Earnest money deposit
6. Negotiate and counter offer.
7. Accept the Contract > Inspections > (if condo read condo docs/building financial documents, etc.) > Remove contingencies
***** If you are purchasing a condo you will also need to go through the condo application process. This may or may not include an in person board interview with the current condo board of the building.
8. Complete the Mortgage Application* > Credit Report > Appraisal > Verifications
9. Rejection? > Secure Underwriting > Conditions
10. Obtain Loan Approval*
11. Schedule Termite & Survey
12. Contact Title Company > Title Exam & Insurance
13. Close on the Property
14. Take possession of your new home
**every purchase and the deal can be negotiated and prepared differently but these are the typical steps to anticipate
by Jamey on February 6, 2010
So as you may have noticed, I have been tidying up and changing the site a little over the past few days. This change has actually been in thought for a little while now and there is more to come. Our business is growing and with that we are getting a lot more regular feedback on the site. I switched servers on Thursday and Friday and at the same time changed search solutions.
In fact I completely removed the previous search solution and have added a more simpler search for now. One that I feel is what many of my clients have told me they are looking for in terms of the ability to save searches, log in and get automatic updates.
Many people would probably question my decision to do this because the previous one was pretty cool. It was very cool. However, my clients have asked for something different and for this reason I have changed it.
Digging deeper, I have to be honest. Most of the people who are regulars on the blog are usually “future clients” and after they read through my site for awhile, they come to trust me and contact me directly. From there, I do all of the searching for them. It’s my job.
I will be evaluating it over the next few months and take it from there.
Thanks!
by Jamey on February 2, 2010
Since the condo market is currently consumed by cash driven buyers and now is one of the best times to buy in Miami Beach, many of my buyers are now considering purchasing a home in Miami Beach.
Where are the homes in Miami Beach?
If you are not from Miami Beach and are only traveling around by taxi or on the “tourist” destination you may be surprised to find that we have some really great neighborhoods tucked away off the “tourist” beaten path but still very “accessible” for the Miami Beach lifestyle.
Currently listed in Miami Beach are 388 Single Family Homes for Sale.
Some of the best ways to search for homes in Miami Beach is by zip code.
In the 33139 zip code of Miami Beach there are currently 103 homes for sale. The least expensive property is listed at $449,000 while the most expensive is at $24 million. We can talk “listing prices” all day but the cold hard facts are what sold over the last six months or so. Over the last six months in 33139 there was only one sale at $500,000 or less, another sold at $890,000 and the rest sold for $1.8 million plus.
In the 33140 zip code of Miami Beach there are currently 180 homes for sale. The least expensive property is listed at $375,000 while the most expensive is at $29.9 million. Over the last six months in 33140 there were 51 sales in this zip code. Properties sold from $9.5 million to $280,000.
In the 33141 zip code of Miami Beach there are currently 99 homes for sale. The least expensive property is listed at $159,900 while the most expensive is at $13.5 million. Over the last six months in 33141 there were 29 sales in this zip code. Properties sold from $9.5 million to $141,750.
What are the huge variances in sold prices?
- Waterfront versus non-waterfront property
- General location (some areas are more exclusive than others)
- Renovations/Upgrades
- Some of the upgrades can be as large as impact windows, generators and more.
- other factors too.
