Miami Real Estate Attorney Blog

Florida currently has the nation's highest inventory of homes in foreclosure. To be more exact 14.4 percent of mortgages in Florida are currently in foreclosure.

In addition, the Mortgage Bankers Association states that nearly one in four mortgages in Florida is either past due or already in foreclosure. There are currently 3.2 million mortgage loans in Florida and about 739,000, or 23.1 percent, are in foreclosure. Another 8.7 percent of properties are at least 30 days behind on payments. Nationally, the delinquency rate is 8.44 percent.

The subprime mortgage market has been blamed for the real estate crash we are currently experiencing. Accordingly, its no surprise that more than 50 percent of the state's subprime loans are in default.

Although we've been able to find pockets of good news in this real estate market, we are still deep in this real estate recession. With Florida being the 4th largest state in the country coupled with the real estate boom we experienced in the mid-2000s, its no surprise that Florida ranks first in the number of homes in foreclosure.

Nevertheless, every cloud has a silver lining. The depressed market has led to low property prices. In turn, this is a great time to purchase property. As we've discussed, many, including foreigners, are taking advantage of Miami's real estate market.

At Alvarez & Barbara, LLP, we represent buyers, sellers, lenders, borrowers, and developers with real estate matters. This experience allows us to understand legal issues from various angles to effectively advocate our clients' interests. No matter what you or your business's real estate needs are - think of Alvarez & Barbara, LLP, and contact us for a free consultation.

Continue reading "Florida Leads the Nation in the Number of Homes in Foreclosure" »

Location, location, location - that saying couldn't be more true in South Florida's real estate market. Some South Florida neighborhoods have seen 20 percent appreciation while other neighborhoods have seen 30 percent drops.

Unfortunately, the neighborhoods that are seeing depreciation outnumber the zip codes which are on the upswing. As a result, overall numbers are still on a downward trend. The zip codes in the negative territory are mostly low-income and inner-city locales.

According to a recent report in the Miami Herald, its tough to say whether Miami has hit the bottom of the real estate market. A major factor contributing to price depreciation is a concentration of foreclosures. Obviously, the greater the concentration of foreclosures, the greater the depreciation.

The biggest winners in this market are areas with large numbers of new luxury and waterfront condos, solid bedroom communities in well-established suburbs and the City of Miami Beach. The biggest losers are located in the southernmost parts of Dade County and inner-city neighborhoods like Brownsville, Opa-locka and Little River.

It seems like this news is just like South Florida's real estate market. It has its ups and downs and its positives paired with negatives. We are fortunate to even see a sliver of good news in this market. In fact, South Florida's real estate is being lauded by national media outlets as being the example of a community that may be nearing the bottom of the real estate market recession. This may be the time to take advantage of low prices, low rates, and purchase real estate.

At Alvarez & Barbara LLP, we have extensive experience handling all types of real estate issues. We can handle all aspects of your real estate transaction. A major part of our practice includes real estate litigation as well. So, whatever real estate legal issues you're facing think of Alvarez & Barbara, LLP. Contact us today for a free consultation.

Continue reading "Location, location, location - Miami's Real Estate Attorneys Are Seeing a Drastic Correlation and Correction in South Florida's Real Estate Market Depending on the Location" »

There were 2,628 sales of existing, single-family homes in Miami Dade County during the second quarter. That is a 30% increase from the same period last year.

The condo market in Miami Dade County saw an even bigger jump. In the second quarter. There were 4,140 sales compared with 2,550 during the same time last year. That is an increase of 62% year over year.

Of course, a major reason for the steady increase in sales has been a steady decrease in prices. In Miami-Dade County, for instance, single-family home prices slipped 9% to $178,800 and condo prices fell 6% to $119,800.

The outlook for the rest of the year is uncertain after the United States debt downgrade that could impact mortgage rates and investor confidence. Foreclosures are also on the rise again, although they remain far below year ago levels.

Moreover, international buyers have recently been rather aggressive purchasing distressed properties here in South Florida. However, if international purchasers shy away from these discounted opportunities because of the recent economic volatility in the United States market, it could make the real estate recovery here in south Florida last that much longer.

Nonetheless, today's real estate market presents wonderful opportunities to purchase real estate. The combination of low prices and historically low interest rates makes it in a once in a lifetime buyer's market.

If you are interested in either buying, or selling, your property, please contact us today. We are prepared to assist you with your transaction and your real estate needs.

While the rest of the Southeastern real estate market is suffering, it appears that Florida is only producing good news.

According to a recent report from the Federal Reserve in Atlanta, sales of homes in Florida are outperforming the rest of the South.

Apart from this good news from the Atlanta Fed, South Florida home prices rose in May.

Although the monthly report card used tempered language, it stated that the Atlanta district reported some growth in home sales over the prior year because Florida is driving the gains in the region. Outside of Florida, sales declined.

While sales are expected to stay weak elsewhere, Florida brokers are taking a positive outlook. The Federal Reserve Atlanta District is composed of Alabama, Georgia, Florida and parts of Tennessee, Louisiana, and Mississippi.

On a more local basis, we experienced nine straight months of falling prices in South Florida. However, this past May the spring buying season boosted values.

Nevertheless, prices are still down 5.3 percent compared May 2010. Currently, home prices are back on the level they were at in the summer of 2003.

We should all be happy to hear about this positive real estate news. However, the experts say we truly won't see a recovery in the housing market until employment levels stabilize. Nevertheless, now is a good time to take advantage of current conditions and purchase real estate.

At Alvarez & Barbara LLP, we have extensive experience handling all types of real estate issues. We can handle all aspects of your real estate transaction. A major part of our practice includes real estate litigation as well. So, whatever real estate legal issues you're facing think of Alvarez & Barbara, LLP.

Continue reading "Experts are Bullish on South Florida's Real Estate Revival" »