Condo Conversions are Hot!

Condo conversions or condominium conversions is the process of entitling an apartment or income property owned under one title and converting it  from sole ownership of the entire property into individually sold units as condominiums.  In the past two years many condo conversion developers have moved to backward conversions, stopping sales of condominiums and starting to rent these new homes as apartments again.

2009 Real Estate Year of Opportunities

This is the year of opportunities.  Buy low… sell high.  There are great buys in Miami, Florida and through out the US.  Builders and investors are selling their inventory at 50% off prices.  First time home buyers get a $8,000 tax credit from uncle sam if they buy and close this year.  I think we have hit bottom and landed and 2010 we will see prices starting to go up again.

South Florida Foreclosures are Hot!!!!!

Thousands of beach front, waterfront and garden style condominiums are currently in foreclosure in south Florida (Miami, Ft. Myers, Ft. Lauderdale, Naples, and West Palm Beach.  We represent builders that have left over inventory New Construction and Condo Conversions available for sale as bulk.  Prices start at $50,000 a unit.  If you are looking for Vulture Style real estate opportunities consider South Florida.

For more information on available inventory contact:

Alejandro Fernandez, MBA – CEO / Broker

1-888-815-1155

Florida Forclosures and the Holiday Season

With the holiday season quickly approaching, families are beginning to worry about more than just the gifts they will be buying for their loved ones. Many homeowners have now carried the burden of wondering if they will have a home for the holidays or if they will lose it to foreclosure. According to the Miami Herald, housing advocates are questioning whether lenders are living up to their promises of stopping foreclosures for the holidays or not. Despite the talks of a temporary moratorium to stop foreclosure, there are almost 950 set to foreclose in Miami for the month of December. Homeowners are becoming desperate for the moratoriums to become enacted while banks continue to talk with the state.

There is potential good news for homeowners and banks as the state of Florida recently recieved foreclosure assistance funds through the Housing and Economic Recovery Act (The Real Deal). A total of $11.5 million in funds have been provided and Gov. Charlie Christ looks forward to use that money for foreclosure prevention counseling and legal assistance. Hopefully, this federal assistance will help hold up the banks/lenders from foreclosing on homes, at least in the month of December, and keep families at home enjoying the holidays. Only time will tell what the final verdict will be on the foreclosure issue in Florida.