A
condo needs not always to be spacious to cost more than a million when it is
purchased. One of the priciest tiny condos is on the market in Miami. It has
less than 800 sqft and the price tag for this little gem is $2.5 Million. That comes to
a sqft price of $3,125.
Maybe
you ask yourself why would anyone pay such a high price for a tiny little condo
like that? And you are right there are not so many buyers in the market for such a
home. Only 1 % of all nationwide real estate transactions are in this
category.
However,
there are some benefits that come with these units. Often the condo community
offers concierge services, housekeeping, cleaning and more. And the best of all – these units
are located in condo complexes often in the middle of the vital city centers with shopping,
healthy food and fitness options. The walkability and public transportation are
often a further great plus.
You
want to know where you can find such tiny little condos? Please contact us at andrea@florida-informations.com.
The newest and hottest trend in the Southeast Florida real
estate market are the condominium towers in Miami and Miami Beach. The
condominium complexes offer nearly everything you can dream of and you can pay
for.
During the housing crisis Miami was heavily burnt by buyers
who could not afford to close on their contracted condo and many complexes were
abandoned at that time. These times are long gone and the today’s developers
have learnt from their mistakes.
When entering in a contract for the new
construction condominium the buyer has to make a deposit of at least 50 % of
the purchase price or there is no contract. And these new rules are successful
and work very well because many condo complexes are sold out very quickly even
when the purchase price is beyond the million price range and the maintenance
fee are in the high-end range.
The trend for these new constructed condominium complexes is
to partner with design brands like Porsche, Giorgio Armani and Fendi. These brand
names promise luxury and extravagance and the designed buildings have
nothing ordinary. Everything is special and satisfies the highest expectations. The condo buyer has only to choose the best matching condominium complex for his/her individual
preferences.
All complexes come with a concierge services like dog
walking, making reservations for restaurants or theater tickets and certainly
with security. The complexes also offer over the top private fitness facilities and pools. Some condo communities even have an ice-skating ring or a soccer
field on the rooftop.
But the hottest feature in some complexes is the private elevator for the owner's car. This elevator lifts the car
to the private garage next to the condo unit. The second variance for the car
parking is the smart phone directed robotic parking. The owner calls the car and meets the car at the front door. Valet parking or self-parking
on the premises is today so outdated.
For more details about these condo complexes please contact
us at andrea@florida-informations.com
For
every new business owner it is very hard to stay financially liquid because you
often do not have the money to make upfront investments for a project and your
customer is not willing to give you the money for his/her order before you deliver.
What
should you as the small business owner do now? Let go and look for a customer
who is willing to pay you upfront or contact one of the cash in advance
financing companies?
To
get your foot in the door and your business growing you may have only the
option to go to these short term financing companies. The normal loan process will
take too much time and at the end you often get the news from the lender
that you are not qualified for a normal loan because your business is too
young, has not yet filed tax returns, has not stable cash flow or your loan
amount is too small.
The
cash in advance financing companies are in such situation probably your only
option. These companies are taking even small amounts like $1,000 and up
without big paperwork requirements. They offer you such loans in exchange
for invoices to your customer.
The time period for the repay of these small
loans is generally 12 weeks and the fees are not cheap but acceptable. When you
repay your loan quickly, the remaining charged fees are often reduced or forgiven.
Want
to know more about this financing option? You can reach us at info@florida-informations.com
There are not only tax deductions for the new
home owners but also for the existing home owners as well as foreign nationals.
Which kind of tax deductions you will get depends on your personal situation and on your
resident status.
As an US citizens you can deduct from your annual
income the mortgage interests and the mortgage insurance costs as well as the
local real estate property. These tax reliefs are not to underestimate and you
will get a tax return quickly from the government when you have timely filed your
taxes before April 15 deadline. These tax refunds are certainly welcomed by
everybody and sweetens the monthly tax payments that come with the pay check.
The before mentioned tax reliefs do not apply
for foreign nationals when they do not earn income that is taxable in the US.
However, for the foreign nationals there is a tax deduction available when they
sell their home to buy a bigger one or liquidate their assets.
The seller, in this case the foreign
national has to pay FIRPTA – tax on the capital gain that he/she makes in the
sale process. But this owed FIRPTA tax amount can be reduced by the improvement costs that
were done in the property and the legal costs that are related to the real
estate transaction.
When you want to get your FIRPTA taxes back completely or
partial you as the foreign national seller have to file income taxes too in the
following year after the sale of your home.
This information is only a quick and partial
overview and you as the taxpayer should discuss your individual tax situation
with a tax professional.
For questions about how to get your tax paperwork
started please contact us at andrea@florida-informations.com
Market studies show that the investment trend in the real
estate has shifted from investment properties to vacation and second homes.
This trend is not only popular in the super rich population but also in the ordinary middle class. The market share
of these transactions is 21 % of all transactions and exceed the market share of the investment
home purchases that have only 19 % portion of the real estate transactions.
The vacation home purchaser often buy their property in an
average distance of 200 miles from their primary residence. The most preferred
location for this type of retreat homes are with over 40 % beach areas while
the country side homes are only 19 % and the homes in the mountains are only 17 % of the transactions.
Based on the
strong economy the buyers are using mortgage for their vacation home purchase but the mortgages for these home are below 70 % of the loan ratio.
Normally the housing marketing is more active in spring
and that is not different this year. The market is a seller market with only
4.6 months of inventory on the market and this low inventory has the consequence that the
home prices are surging.
The rising home prices are good news for the sellers but
not for the investors who are looking for cheap homes that they can flip or rent.
Therefore the investor numbers are declining and the normal home buyers have a
greater chance to get their new home.
The rising price are also not an important thing for the buyers because
it makes it harder to buy a new home even when the mortgage rates are still as low
as 3.7 % for a 30 year mortgage. They have to qualify for their home loan.
The most positive news for home buyers is the return of
the Freddie Mac mortgage with only 3 % downpayment. This specific mortgage was
not available for nearly 5 years.
You want to get more market details? You can reach us at andrea@florida-informations.com
You
are a frequent home buyer or a first time home, who is looking to purchase a
home in the near future? Then you should keep in mind that there changes in the
financing process in the coming summer. These change can impact you and your financing preparations.
After
the financing crisis and hard to understand financing process with its costs
and expenses along the way, the CFPB – that is the Consumer Financial
Protection Bureau – is in the process developing a toolkit for home buyers in this matter.
This toolkit will help you as the home buyer to understand the necessary steps in the process and the
connected costs and expenses that come with the mortgage and the closing.
This
toolkit will not only help the home buyers to understand the process better but also
to find the best matching type of mortgage. It will also make it easier to
understand the differences, requirements and benefits of the different mortgage types.
It is also intended that
the mortgage industry use this toolkit with its customers. This toolkit will
soon be available in English, Spanish and also for consumers with disabilities.
For
more details to this topic please contact us at andrea@florida-informations.com
