South Florida On The Market

Miami is boarding an exciting railway journey that could transform down-town’s west side into a thriving urban hub with commerce to complement the residential and office zone nearer Biscayne Bay. The trick will be for the engineers to wear bifocals that focus on big-picture benefits while simultaneously spotting flaws in the tracks that could derail the express. As a reader of Miami Today, you know that these changes center on a railway station district whose zoning and control are being hashed out by the City of Miami and Miami-Dade County, with the aim of handing the throttle to the county but brakes to the city. The next stop is the county commission April 8. The nearly 10-acre district is owned by Florida East Coast Industries, whose All Aboard Florida is to link Miami and Orlando in a private venture that should let rail travel compete in speed, comfort, safety and revenues with aviation. The railroad’s depot zone near county hall is also geared to attract almost every use...

P ort of Miami intends to tear down and relocate or remodel several of its warehouses. “Nearly every warehouse is destined to be knocked down and relocated in the next five years,” said Kevin Lynskey, assistant port director. One warehouse was used by a stevedoring group, two are used by customs, one was an old refrigerated warehouse, and another is the Marine Spill Response Corp.’s facility. The marine spill facility is required at the port to respond to and cleanup a marine spill. “There isn’t a priority list, but almost every one of them we’re going to let [go of] in the next few years,” Mr. Lynskey said. The reasons behind the relocation of each, he said, vary – the stevedoring building is in disrepair, the refrigerated warehouse is no longer used for its original purpose because there are refrigerated shipping containers, the customs buildings are outdated and the marine spill building has six times more space than it needs – but what it comes down to is that as the port...

Housing costs in Miami run much higher than the rest of the nation, making it more critical than ever to ensure that when you purchase or refinance a home you obtain a mortgage at the best possible terms. A difference of a fraction of a point in your interest rate can mean thousands of dollars when extended over the term of a thirty year mortgage. Current Mortgage Rates in Miami Mortgage rates vary significantly from day to day, so you’ll want to make sure you understand the current market before shopping around for a mortgage loan. One of the best places to check is BankRate.com’s mortgage comparison site which explains loan terms from lenders in your area.    Run the Numbers Before accepting any loan, be sure to request a copy of a Good Faith Estimate. These standard reports list all of the costs associated with a mortgage and allow you to compare apples to apples. You can also use online mortgage calculators to assist you in performing your own calculations. Fi...

Fixed mortgage rates continued an upward climb this week, with the 30-year fixed-rate mortgage starting the year more than a full percentage point higher than last year at this time, Freddie Mac reports in its weekly mortgage survey.  "Mortgage rates edged up to begin the year on signs of a stronger economic recovery,” says Frank Nothaft, Freddie Mac’s chief economist.  Freddie Mac reports the following national averages for mortgage rates for the week ending Jan. 2:  30-year fixed-rate mortgages: averaged 4.53 percent, with an average 0.8 point, up from last week’s 4.48 percent average. Last year at this time, 30-year rates averaged 3.34 percent.  15-year fixed-rate mortgages: averaged 3.55 percent, with an average 0.7 point, rising from last week’s 3.52 percent average. A year ago, 15-year rates averaged 2.64 percent.  5-year hybrid adjustable rate mortgages: averaged 3.05 percent, with an average 0.4 point, rising from last week’s 3 percent average. ...

As 2013 draws to a close, it’s fairly clear that the real estate market has gained strength: home sales are up, prices have firmed, foreclosures are down and mortgage rates remain close to record lows. Figures from the National Association of Realtors® (NAR) show that September home values on average were 11.7 percent higher than a year earlier, the 10th consecutive month of double-digit, year-over-year, increases. NAR also reports that in the third quarter home prices increased in 144 out of 163 metropolitan statistical areas. Fifty-four areas had double-digit increases, and only 19 had price declines. “What we have seen during the past year are signs of a broad national recovery,” says Ray Brousseau, executive vice president with Carrington Mortgage Services. “Pent-up demand and a growing population are two factors that have contributed to generally increased home prices.” Interest rates Interest rates also make ownership more attractive. According to Standard & Poors, the 30-yea...

According to RealtyTrac's recently released Year-End 2012 U.S. Foreclosure Market Report, a total of 2,304,941 foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 1,836,634 U.S. properties in 2012, down 3 percent from 2011 and down 36 percent from the peak of 2.9 million properties with foreclosure filings in 2010. The report also shows that 1.39 percent of U.S. housing units (one in every 72) had at least one foreclosure filing during the year, down from 1.45 percent of housing units in 2011 and down from 2.23 percent of housing units in 2010. "2012 was the year of the judicial foreclosure, with foreclosure activity increasing from 2011 in 20 of the 26 states that primarily use the judicial process, and a judicial state -- Florida -- posting the nation's highest state foreclosure rate for the first time since the housing crisis began," said Daren Blomquist, vice president at RealtyTrac. "Meanwhile foreclosure ac...

Many South Florida home and business owners do not know they are over paying for their property taxes. Every property owner has a four week window to challange the amount they are paying. The deadline for Miami Dade and Broward is September 18. 1. Property is in poor condition 2. The assessed value is increasing drastically year over year 3. The area has a high foreclosure rate 4. Income property has a high vacancy 5. Property has no homestead or lost the homestead 6. The property is an over improvement for the area