Sunny Isles and Bal Harbour Condos for Sale Real Estate Market Report

Why people from all over the world come to Miami?

Because of the beach, the sun, the fun, great weather all year round.  Because it is easy to get here.

I guess that they come for these and other innumerable reasons. So, can we compare the real estate market in towns like Bal Harbour and Sunny Isles to other towns in the country or even in the State of Florida?

When I read the Real Estate Reports issued nationally I cannot understand how, these “specialists” come up with those numbers. Here in  Sunny Isles or Bal Harbour the market behaves differently.

Distressed Condos in Bal Harbour and Sunny Isles Beach - All Price Ranges

The chart above represents all distressed properties in Sunny Isles and Bal Harbour. There are 315  condos for sale either under short sale or  foreclosure  in these towns.  There are about 30 of them selling per month, and about 52  being pended on a monthly basis.

We came from 74 pended in April to 50 in June. Why? Because our season ends in June, and these figures make sense.

I have been marketing properties and servicing my clients in Sunny Isles and Bal Harbour for over 9 years now. Most of my clients come   from out of town and they contact me on a daily basis concerned about the “double dip” recession, the falling of prices and the increase in foreclosures. And I am there to dissipate their doubts by providing them the real information and actual statistics.

So, as I tell many of my clients. Do not miss out on properties you like and want to buy because you take any information you read seriously. You’d better contact your local expert and find out from real sources what is going on in your real estate market.

Aventura – Sunny Isles Real Estate : New Loan Rules

Are you looking to get a loan?

New federal rules give consumers more time to review the key points of a home loan.

Are you applying for a loan to purchase a primary or secondary home? Are you planning to refinance?

If you answered “Yes”. You’d better take a few minutes to read the new set of federal consumer-protection rules that will take effect July 30, 2009

What is new? As per the new Federal Reserve guidelines lenders have to provide you initial disclosures of your mortgage costs within three business days of your loan application.

Can your lender collect fees in advance? Lenders are prohibited from collecting any fees — except a reasonable charge for checking your credit — until you’ve been given the loan-cost disclosures. This means no more out-of-pocket upfront application charges until you’ve received the truth-in-lending disclosures and an annual percentage rate (APR)calculation of those loan costs.

Can you have a fast closing? No. There is a  a seven-day waiting period after applicants are handed their early disclosures or the disclosures are mailed prior to closing. You’ll now have up to a week to think about the transaction, and decide whether it’s right for you. Final truth-in-lending disclosures are due three business days before closing.

Are you entitled to a ocpy of the real estate appraisal? Yes.  The new Fed rules require lenders to deliver a copy of the real estate appraisal to you three business days before the scheduled closing on the loan.

Your receipt of the appraisal in advance will determine the timing for the closing unless you waive three-day rule  if you don’t think receiving the appraisal is necessary.

Any changes in relation to the APR? If the APR on the early truth-in-lending disclosure increases by more than one-eighth of a percentage point (0.125), the lender will now be required provide you a corrected version and allow you an additional seven business days to consider the transaction before settlement.

How is this translated into the actual closing? The actual closing dates will be more closely tied to lenders’ and settlement agents’ accurate estimates and their ability to deliver disclosures and appraisals by the required dates. For example, if appraisers are backlogged and can’t produce valuation reports quickly enough, settlements will have to be postponed.

How will this help you? If you are a buyer, you will have  more control and less chances of being slammed  with hundreds of dollars of charges you’d never expected. If you are a seller, do not count your money until all deadlines have been met. Hopefully this will work.

What will happen if mortgage companies and banks do not meet the timing deadlines or if the appraisals are not received? We will start seeing an escalating number of litigation and lawsuits  seeking cancellation of mortgage deals.

Are you looking to buy in the next few months? Contact me and I will assist you.

Adriana Faerman, Real Estate Broker | REO Specialist | 305-773-0253 | [email protected]