News Brief

  • Express lanes to be added from the I395 to the I595.
  • County seeks public private partnership for the development of a streetcar system.
  • Science Center of the Americas in Museum Park Miami plans to go green.
  • Despite insurance and property tax increases, Florida properties are reportedly still viewed as good investments for overseas buyers.
  • Miami-based Arquitectonica designs Hong Kong Landmark East Tower.

Arquitectonica is an international architectural firm with offices in Hong Kong and Shanghai since 1993. This physical presence, a genuine interest in the region’s culture, and an extensive staff who speaks the languages make Arquitectonica the firm of choice throughout Asia. Arquitectonica has more than 50 projects in its rapidly-expanding Asia Pacific portfolio.

  • Herald reports on an easement in the Rental market as new owners flock to lease out their units.
  • Manny Diaz and Marc Sarnoff reportedly at odds with each other
  • Globe St. addresses FECI $3.5 billion transaction
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10 Comments

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10 responses to “News Brief

  1. mikeymia

    Do you really think that the opinon of a company that works for devlopers looking to attract foreign buyers is worth anything?

    • I can’t help but laugh. I shouldn’t it’s sad but I do. I laugh. I alwyas am trying to picture the agent that takes a photo like this, imagine them looking at it, and then go ahead and load it into the MLS. I just don’t get it. What story does this tell? We see window treatments, messy sofa, and the corner of a room. Terrible but funny stuff.

  2. There is a definite conflict of interest Mikey, but all views are fair to share: especially since it is not as easy to gauge the activities and perceptions of foreign investors versus domestic

  3. mikeymia

    I guess, it just doesn’t seem like news that a company that sells real estate thinks its a good idea for people to invest in it. I’m not sure that the foreign buyer exists in the numbers that the Real Estate industry believes. I mean a 500,000 condo will cost you almost 20,000 a year to carry it before you factor in any financing.(taxes, condo fees) With your money tied up so if there is a swing in the currency value you are stuck

  4. You’re right, the big problem facing buyers is not so much covering the mortgage but paying for unanticipated regular assessment increases, necessary special assessments to cover common area insurance and developer budget deficits. Property taxes, and windstorm and flood insurance premiums, are another burden. The property taxes one can predict. The insurance, one cannot. The assessments are even worse. A developer might guarantee a budget for 1 year, but then once the new budget is drafted, owners are hit, on average, with 50% increases in operational expenses. As far as foreign investors being stuck, they are building equity and have likely acquired their property with the currency value at an appreciating point, so if there is a currency value reversal and the Dollar goes up on the Euro or the Pound, for example, yes, covering the monthly maintenance is more burdensome, but the circumstances for a sale are more favorable. If the opposite ensues, then they are stuck.

  5. mikeymia

    The special assemsents are just another reason why buying a condo you don’t live doesn’t seem to make much sense to me, but I think that the poerty taxes and insurance are just as important.
    For example, If you accept my very rough calc on the taxes and condo fees for a 500,000 condo costing 20,000 a year, that is 4%of the investment. A recurring cost that most likey won’t go down. So if the condo doesn’t appreciate at 4% a year you lose money. Why buy an investement that needs to appreciate at 4% a year just to break even. And again this is before you factor in finnacing ( quite a few people have 8% sub prime mortgages) All on the bet that the last few years are the new norm and not an abberration as far as housing prices go

  6. Sub-prime lending is typical for low income buyers or buyers with poor credit–not likely buyers of a $500k condo. Many foreign investors are from Latin America and are interested, not just in safeguarding their financial interests but maneuvering for a probable exit from their country (Ecuador, Venezuela, Colombia, for example). Miami is an ideal repository for their investment and entry point. Europeans, aside from loving the lifestyle of Miami, as the tourism numbers indicate, value the development track Miami is on and recognize that it is a longterm investment. Many are buying in condo hotels that cover their operational costs and a slice of their mortgage. Florida, according to housedata.info, has been appreciating yearly at 6.71%. this is not to say that prices will not drop in the short term. Buyers are well positioned, and sellers are currently at a disadvantage, but the historical data, and market track point at longterm gain probably in excess of 4% a year.

  7. brad5720

    Have you seen this today? Very interesting…Related is basing much of their claim on lost profits as a result of the market slowdown as tied to the incurred delays from the project’s protesters. I am curious how this will be interpreted in the courts (if it ever gets that far).

    http://www.sun-sentinel.com/news/local/broward/sfl-chyde12may15,0,6544666.story

  8. I’ve seen it. The Related stance is simple: time is money. You made us waste time and spend on legal fees, the market shifted, and we lost the initiative and money.
    If litigation goes all the way, who knows how the Judge will rule, but let’s be serious, Related has sharks on their side.

  9. OK its helpfull, but its wrong Maybe for home using its enguoht, but u shold try to play more with coffee in a head (i dont know, if its right word, i mean thing, u put coffee into).. When u re pressing coffee, it must be straight, really straight..Then the rest of coffee after using is not like mud, but its pretty hard. And try to put more coffee too, before u press that, it mus be straight-full.. Then the coffee tastes really better, check it out! Regards and sorry 4 my english:-)

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