Tips on Florida Real Estate Condos

Florida real estate condos are one of the best investment ventures for Canadians buying US real estate due to the simple fact that the sunshine state has a huge retiree population. When the real estate market went south, a lot of people lost their homes because they were unable to comply with the monthly mortgage payments.

The result? Literally thousands of properties available for the picking at very good prices. Fort Lauderdale real estate, for instance, has hundreds of condominium units for sale. As this area was home to a bustling real estate market during the peak of the housing bubble, there are many prime models that used to sell for top-dollar but are now more affordable to the average investor.

Do an Ocular Tour of the Property

If you are contemplating buying a condominium unit in sunny Florida, don’t just rely on the pictures that you see online and take them at face value. You must understand that many of these condo units have been under the foreclosure chopping block.

For that reason alone, you need to do an ocular inspection as there is still a backlog of cases that have yet to see their day in court. Many units have fallen into disarray and may require some fixing up in order to be livable. While many banks sell these properties on an “as is” basis, you can still negotiate and make a good offer based on how much money you need to put into the property for refurbishment purposes if necessary.

Considerations to Keep in Mind

When choosing a Florida condominium unit, it may be wise to select one that actually fits your budget and lifestyle. You might ask yourself if you plan to stay here nine months out of one year? This will play a role on how much maintenance you need to put into the unit because Florida condo unit associations have certain guidelines on upkeep that should be complied with. Not to mention fees that you have to cough up for maintenance, security, and use of amenities. Factor all of these into the equation before you make your final decision.

As a general rule, condominium units that are closer to the metropolitan areas and the coastlines cost much more than say those that are located farther inland. This is because of the fact that you are paying for the scenic panoramic views of the coast and the availability of amenities and job opportunities in major cities.

Going Inland

The common misnomer is that if you choose a Florida condo unit located farther inland, you won’t have access to spectacular views. This is not true at all. While it is true there is a premium to be paid for oceanfront views, you could still enjoy other natural bodies of water like rivers and lakes that are located more in the central portion of the state.

Quality of Amenities

This is an important consideration that you need to take into account when considering Florida real estate condos, because this will affect how much you would be paying each month in association dues. Ask yourself if you need a condo that has access to a golf course if you yourself don’t golf, will never be interested in golf, and won’t ever play golf at all. If you don’t want to pay for an amenity that you’re not going to enjoy, choose a condo that does not have this as one of their offerings.

A word of warning: condo associations in the US have garnered a reputation of suing their members for non-payment of association fees and won. It is in your best interest not to clash with them because you will likely be in for a long battle that you will most likely lose. Therefore, before making any purchase, ask around and get feedback so that you’ll know what to expect once you move in.

For more information on Florida real estate condos, consult the experts at: www.stevemartel.com

A Canadian Guide to US Foreclosures

US Foreclosures hit record numbers this April based on a report filed by the city of Vallejo California. The data suggested that the rate in that area was the sixth highest in the entire United States, which led the city to file for bankruptcy. What this essentially means is that the mistakes of the housing bubble could not be corrected with just a few years. This is due to the fact that there are a host of factors that are necessary in order to get the economy back on track and the real estate market is just along for the ride.

 Plummeting Housing Values 

Areas that were hardest hit by the housing bubble bust like Florida, California and Las Vegas real estate, saw their revenues go down the drain as collection from taxes also went down. For Canadians buying US real estate, what is important to note is that foreclosed properties brought down the value of million dollar properties in prime locations all over these hard hit states. This presents a unique investment opportunity not only for investment but also because the present economic situation in the US has led to a stable Canadian currency hedging really well against the US dollar.

Why Contemplate Purchasing Foreclosed Property? 

There are currently millions of properties in the United States that are undergoing some stage of the foreclosure process. What’s amazing is that most of these are still in pristine condition. There is a lot of potential for making a profit once the US economy gets back on its feet; it’s simply just a matter of time. The real estate market is cyclical; therefore, it is not a question of if, but when economic forces jump start demand in the US housing market.

Tips On Buying Foreclosed Properties 

Make Sure to Get Pre-Qualified for a loan – Before heading down south of the border to America, it would be wise to get your finances in order to know if you have what it takes to buy property in the US. If you are very much liquid and can buy the property by paying cash, then you can skip this step. Otherwise, you need to take steps in order to secure financing for the type of foreclosed property you intend to purchase.

Find a qualified lender – You also need to look for a lending company that specializes in loans on foreclosed properties. This ensures that you stay in the loop about the entire foreclosure process in the United States.

Experienced Realtor – Look for an experienced real estate agent that can guide you to the best listings of foreclosed properties available in your chosen state. Having an experienced real estate agent that has your best interest in mind will help you navigate the sometimes tricky world of US foreclosures.

Get Educated – Do you know that you can purchase a foreclosed US property by attending a foreclosure auction? Or the fact that you can directly contact the seller or have a real estate company bid on your behalf? Knowing the available options available gives you more bargaining mojo and can assist you in getting a much more reasonable price for a property.

If you want to know how you can get the low down on US foreclosures consult a foreclosure specialist at: www.stevemartel.com

Tips and Advice for Florida Real estate for Canadians

For Florida real estate for Canadians, time is of the essence in order to get the best of the available deals out there. Economic indicators indicate that on a national level, home prices are near bottoming out levels and we can now expect to see a surge of new real estate investments, especially in the hardest hit states. Here are some of the things that Canadians investing in US real estate in Florida should avoid.

The Lowball Offer

During the housing bust, this was the usual practice, but in today’s market where we see that there is light at the end of the tunnel, lowball offers should now be the thing to avoid.

According to one prominent Florida real estate agent, buyers and sellers have different opinions about what lowball offer means. For sellers, they think that they have received a lowball offer on proposals to buy which are lower than ninety percent of their asking price. However, some buyers believe that eighty to eighty five percent of their price is acceptable.

Taking Too Long to Decide

While it is true that in real estate patience is a must, taking too much time to decide on an offer can be detrimental to your potential profits. For instance, in Broward County there are about 5,400 homes available which is half of the amount available from last year. In Palm Beach, there are over 7,800 properties that are on the market.

It is a fact that home inventories will likely go higher as more foreclosed properties will hit the market down the road. That is why it is imperative that if you get a fair offer now, don’t squander it by thinking that down the road is another better offer waiting. If you see a property that is reasonably priced, by all means get it because chances are you might end up buying a property that you don’t really want because you passed up on a good offer.

Too Many Contingencies in the Contract

Don’t alienate potential buyers by putting too many stipulations on an otherwise standard real estate contract. The only real requirement you should have is that the buyer must be qualified for a mortgage. There were reports that some insist on unusually long periods of inspection while others want the sale only on the condition that a member of the family must be able to peruse the property. It is simply counterproductive and ridiculous.

Not Being Able to Establish Rapport with a Seller

For Florida real estate for Canadians, it should be noted that money is not the only issue when sellers are choosing who to sell their property. One example is a seller that faced two offers for a $500,000 property located on beautiful Fort Lauderdale real estate. The buyer that offered to pay cash and gave the seller the option to bring with him some appliances from the property was the one chosen.

It won’t be surprising that you would have to face people that may compete with your bids on a property. It is wise to establish the human factor and make a good impression on the seller by engaging in a good conversation.

More information is available for Florida real estate for Canadians on this link: www.stevemartel.com