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.

Trends Toward Environmental Awareness Continue in Real Estate Industry

According to the “The Real Deal,” Cushman & Wakefield, a privately owned commercial real estate firm, has become the first real estate services firm in the U.S. to sign an agreement with the Environmental Protection Agency. The deal  outlines practices  that are designed to increase energy efficiency, promote water conservation, and lower waste and carbon footprints. The Cushman & Wakefield firm, which has been around since 1917, sets a precedent for other major firms to follow if they hope to truly claim “environmental friendliness” in their practices. It’s just another step towards the real estate industry’s movement towards “green building” and “environmental responsibility.”

The incoming presidential administration has made it clear that it will put forth green initiatives that will potentially help the environment and boost the economy. Within those initiatives there’s the issue of energy and renewable sources. Knowing that there is a possibility for real estate incentives to build homes that are “energy efficient,” developers are beginning to look at wind, solar, biofuel, and other energy sources to use as part of their home building process. This not only will be lucrative to the developers, but to the buyers as well, as there are more long-term savings in renewable energy than in fossil fuels.

In the mean time, the trend continues to be down a “green path” and the real estate industry is clearly beginning to adapt to this modern-day societal shift on environmental and energy-related issues. 2009 is a new year and only time will tell if the trend is effective and long-lasting. It would not be surprising to see more real estate firms and developers agreeing to deals like the Cushman & Wakefield agreement throughout this year. Many efforts will be taken to try and rejuvinate the ailing housing market and restore the real estate industry to solid standing.

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.