Avoid These 5 Mistakes When Investing In Miami Brickell Real Estate
Condos For Sale in Spring Garden Florida
The media portrays Miami Brickell Real Estate investing as something that is very easy to do. We have all seen those books and televisions shows on how to invest in real estate in Spring Garden to become a millionaire. However, there are a couple of common mistakes that you need to watch out for. The following are a few of them.
1. Thoroughly understand your loan.
Before you select your loan be sure to check to see if there are points or hidden fees so that you don’t end up with any surprises. Check the rate since it can change from when you had your initial discussions with your bank and the day that the loan was locked. Also be sure that you understand what the differences are between an adjustable rate loan and a fixed rate one. These days, interest rates are at the lowest level they have been in many years, however by the end of 2017 we are anticipating a sudden increase.
2. Be Object About A REIT
A REIT (real estate investment fund) is quite attractive since it offers very generous dividends. However, you need to be aware of what the face value is in addition to the dividends, since they can decrease in value just like any other type of investment can. Whenever you purchase a REIT make sure you know exactly what you are purchasing.
Condo Real Estate Agent in Spring Garden
3. Brick And Mortar Investing
It can be easier to invest in the stock market than it is to invest in real estate in Spring Garden. You can purchase a stock online with just a few clicks. Brickell Real estate investing is totally different, You need to know all of the ins and outs of the real estate market and understand that what you are investing in is not liquid. You can’t sell your house with just a couple of clicks the way you can sell stock. It isn’t as dynamic, each purchase is different and there are different steps that need to be followed.
4. Flipping Condos In Spring Garden Florida
There are tons of shows on television about flipping houses. They make it looks so fast and easy to purchase and resell houses. But is that how it really is in real life? Before you start to do it you really need to have a good understanding of how the real estate market works and have good purchasing power as well. For example, if you are going to purchase a house at an auction, you will have to pay for it in cash.
5. Additional Costs
When planning on your property’s future, you should over estimate your expenses. Thank about all of the costs that relate to commissions, insurance, repairs and rental management. You don’t want to get into a position where you can’t pay the mortgage after one month without having a tenant.
Condo Real Estate Agent in Spring GardenThe NINE and Mary Brickell Village Condos
Miami is a bustling city with condos located on almost every street corner. Because of the sheer number of condos in the city, it can be difficult to differentiate the different condo buildings. The NINE at Mary Brickell Village is different from other condo buildings in Miami. Mary Brickell Village is a vibrant area filled with cafes, restaurants and shops. NINE is the only residential building in the area. The NINE is adjacent to Brickell City Center, a 9 acre are that consists of high-end shops, fine dining establishments and a happening nightlife. The residents of NINE at Mary Brickell have direct access to LA Fitness and Publix Supermarket. Both of which are located on the ground floor of the building. Residents will never need to fight for a parking place or carry their groceries up flights of stairs. Instead, they can get on the NINE elevator. Because the NINE at Mary Brickel is located within walking distance of the Metrorail and Metromover Brickell station, residents do not even need to own an automobile.
Condo for Sale at the NINE at Mary Brickell
Unit 192 at the NINE at Mary Brickel is currently on the market. This amazing unit is listed at $638,900. The condo is one of the best in the building and is the largest 2 bedroom 2 bath units, featuring 1,480 square feet with a bonus office nook. The condo's European style kitchen includes white lacquer cabinets, porcelain tile floors and quartz countertops. The condo also has an expansive balcony where you can enjoy amazing views of the city and the sun setting.
Amenities at NINE at Mary Brickell
Residents of NINE at Mary Brickel get to immerse themselves in the excitement of the city and then come home to escape the busy lifestyle of Miami. Residents and their guests are welcomed by a porte-cochere entrance and a two-story marble-clad lobby. The condo features 5-star amenities, including onsite concierge service, a resort-style pool with spacious Zen gardens that are perfect for entertaining and sunbathing, valet service, a Residents lounge area, a club room, fitness center, lounge terraces and access to the Beach Club on Key Biscayne. NINE at Mary Brickel is pet-friendly and features an enclosed dog run.
Condos For Sale in Spring Garden FloridaSouth Florida's Condo Market
South Florida recently made an announcement that between May of 2011 and today, more than 200 condo towers are scheduled to be built in Miami-Dade, Palm Beach and Broward counties east of I-95. The plans for these new condo buildings will span across the tri-county area. South Florida's real estate market is quite active with the plans for these 200 new condo towers. These communities are hopeful that a housing boom will hit the area. Let's take a look at what statisticians are saying.
Cranspotters.come gathered and analyzed a large amount of data and have determined that these new condo towers are expected to produce 28,350 condominium units. Approximately 28 percent of these units are under construction or have recently been completed. The remaining condo towers are in the presale or planning phase. This leads to the question of whether the stabilization of the market will lead to the final construction of the remaining towers or will the condo market crash?
To answer this, one must look at the factors that affect the market. First, obtaining financing for a condo tower is difficult. This means that developer must mainly depend on deposits from buyers and the developers own money. The Cranspotter website believes that developers are basing their decisions on building condo towers on the inventory on the condo resale market. There were only 24,500 condo units available in South Florida as of March 24, according to the MLXchange. This equates to less than a six month supply of condo inventory. Healthy real estate markets have enough resale units for six months. When inventory levels dip below this amount, a seller's market occurs, explains Peter Zalewski of Condo Vultures LLC. Five years ago there were more than 60,000 condos available for resale in the Miami-Dade, Palm Beach and Broward tricounty area. Obviously, the market has shifted and developers are ready to take advantage of this change. For developers and buyers hoping to get in on the action, the timing seems almost perfect for completing the remaining percentage of condo towers in the planning and presale phase.