Thought you may be interested in this article from this week's Miami Herald Business Monday describing how real estate transactions in Aventura are up 27% for the first six months of 2011 over the same time period last year. Inventory overall is shrinking as buyers are coming from all over the world to purchase condos either for investment and/or a second home. Many first time buyers and people moving to the area also are taking advantage of the currently low interest rates.
The article addresses distressed sales [foreclosures and short sales], which according to the MLS show that 38% of condo/townhome sales the first half of 2011 as compared to 36% of distressed sales Jan - June 2010. Many of the distressed sales need rennovations or upgrades to be equal to a resale recently rennovated.
If you read the article, it states that Aventura prices today are 46% below where they were at their peak in 2006. What it neglects to mention [and what annoys me whenever I see these numbers reported] is that prices in 2006 were double ABOVE what they were five years before then [2002]. Right now only 16% of 923 condos/townhomes for sale are distressed sales and those that have gone under contract recently have received multiple offers. The market is definitely shifting in Aventura.
Thought you might find this information of interest. If I may continue to be your real estate resource for yourself and referrals, it would be a privilege. Regards.
Here is the link to the article.
http://www.miamiherald.com/2011/07/24/2327818/aventura-faces-shortage-of-condo.html
Showing posts with label condo. Show all posts
Showing posts with label condo. Show all posts
Thursday, July 28, 2011
Tuesday, June 30, 2009
Condo owners in Florida, including Aventura condos, Miami Beach condos, Sunny Isles Beach Hallandale condos
Owners of a condo or a townhouse with condo associations, take note re: HO-6 “WALLS IN” INSURANCE
This just in from Michele J. Baena, Senior Home Mortgage Consultant,
Florida Home Finance Group, LLC, An Affiliate Of Wells Fargo Home Mortgage….
As of July 1, borrowers must obtain Homeowners - 6 (HO-6) “walls-in” insurance for all condominium projects with attached units. Most borrowers will not be familiar with walls-in insurance requirements or will think their monthly association dues cover the needed insurance.
Typically, Condominium Associations do not insure the interior of the condo unit. It is the responsibility of the condo owner to properly insure interior improvements, such as: kitchen cabinetry, bathroom or lighting fixtures, upgraded flooring, extensive sound systems and appliances.
Insurance Requirements:
Walls-in coverage is required for all improvements and betterments within the condo unit. In most instances, coverage is provided by a separate, borrower-maintained and borrower-provided HO-6 policy (or comparable policy).
The amount of coverage is determined by the borrower’s hazard insurance provider.
The policy must indicate that claims (settlements) for damage to the unit will be paid on a replacement-cost basis.
The maximum deductible allowed is 5%.
NOTE: If a Condominium Association’s master insurance policy provides walls-in unit coverage, the borrower does not need to obtain insurance (see next section). The master policy must include replacement coverage of improvements and betterments the borrower makes on the unit.
If a borrower disputes the need for their individual borrower-provided HO-6 policy because they believe their Condo Association’s master insurance policy covers their individual unit, they can follow up with their Condo Association, Property Manager, REALTOR or builder to verify coverage is included in their master policy. If the borrower is informed coverage is provided, they will need to obtain:
Declaration (of Condominium, CC&Rs, or Master Deed)
By-Laws
Articles of Incorporation
Recorded Condo Plan/Plat/Survey Map
All applicable recorded/executed items
It will then have to be submitted for verification. michele.baena@floridahomefinancegroup.com, www.homeloans.com/michele-baena APPLY ON LINE
This just in from Michele J. Baena, Senior Home Mortgage Consultant,
Florida Home Finance Group, LLC, An Affiliate Of Wells Fargo Home Mortgage….
As of July 1, borrowers must obtain Homeowners - 6 (HO-6) “walls-in” insurance for all condominium projects with attached units. Most borrowers will not be familiar with walls-in insurance requirements or will think their monthly association dues cover the needed insurance.
Typically, Condominium Associations do not insure the interior of the condo unit. It is the responsibility of the condo owner to properly insure interior improvements, such as: kitchen cabinetry, bathroom or lighting fixtures, upgraded flooring, extensive sound systems and appliances.
Insurance Requirements:
Walls-in coverage is required for all improvements and betterments within the condo unit. In most instances, coverage is provided by a separate, borrower-maintained and borrower-provided HO-6 policy (or comparable policy).
The amount of coverage is determined by the borrower’s hazard insurance provider.
The policy must indicate that claims (settlements) for damage to the unit will be paid on a replacement-cost basis.
The maximum deductible allowed is 5%.
NOTE: If a Condominium Association’s master insurance policy provides walls-in unit coverage, the borrower does not need to obtain insurance (see next section). The master policy must include replacement coverage of improvements and betterments the borrower makes on the unit.
If a borrower disputes the need for their individual borrower-provided HO-6 policy because they believe their Condo Association’s master insurance policy covers their individual unit, they can follow up with their Condo Association, Property Manager, REALTOR or builder to verify coverage is included in their master policy. If the borrower is informed coverage is provided, they will need to obtain:
Declaration (of Condominium, CC&Rs, or Master Deed)
By-Laws
Articles of Incorporation
Recorded Condo Plan/Plat/Survey Map
All applicable recorded/executed items
It will then have to be submitted for verification. michele.baena@floridahomefinancegroup.com, www.homeloans.com/michele-baena APPLY ON LINE
Friday, May 22, 2009
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