Fine Homes

Situated at the northern tip of Miami beach, the village of Bal Harbour in the Miami, Florida area has a storied past. During its earliest years the area served as a military camp, but quickly transitioned into one of the most desirable locations in the Miami area following the end of World War II.

Today, Bal Harbour is considered an “oasis” of luxurious living. Set equidistantly from the region’s two airports (Miami and Fort Lauderdale) and stocked with world-class restaurants and excellent shopping, it remains a highly sought-after address.

The One Bal Harbour condo hotel in Bal Harbour in the Miami, Florida area offers a rare opportunity to enjoy everything the area has to offer, and in a remarkably well-designed condominium location.

Owners and guests with a passion for the open waters enjoy views of the Atlantic Ocean and Intracoastal waterway, not to mention nearby marinas and launches. Those with a love of gourmet dining can take advantage of the many nearby restaurants, the One Bal Harbour’s own four star restaurant, or the round the clock room service. Anyone interested in keeping fit can access the pool deck, onsite gym, excellent spa, tennis courts and private gym and beach club memberships.

Clearly the One Bal Harbour condo hotel in Bal Harbour in the Miami, Florida area delivers luxury surroundings in the area’s most ideal location. Owners will live within a short commute of everything Miami has to offer, but in the safe and secure surroundings of a small, village community. The condominium complex delivers twenty four hour security, as well as multiple levels of completely secure parking as well as valet parking services. Hotel guests will enjoy the same professional and world-class management as property owners, including complete concierge services whenever required.

In addition to excellent facilities and amenities, the interior design of the nine different floor plans offers everything from “ocean to Bay” see through settings, panoramic views, the finest cabinetry, flooring and finish work imaginable, and homes ranging from two to eight thousand square feet in total size.

The One Bal Harbour condo hotel in Bal Harbour in the Miami, Florida area will provide its owners and guests with flawless design and embody the true meaning of luxury and relaxed ease. A convenient location, comprehensive amenities, high quality staff and excellent design make this one of the best choices for Miami area living.

Over the past two and a half years I have seen Miami’s condo market turned upside down. In our once robust and booming market there was an air of invulnerability – Miami was to be reborn a new vibrant city full of opportunity. Alas, this was not to be. Homeowner and developers alike have seen their equity vanish nearly as quickly as it came.

Now its 2010 and once again the word on the street is that the worst of the Miami real estate market is behind us and everything is rosy. I beg to differ. For all of those that purchased in the peak of the market, we are still in the worst of it. Prices are not rising and there distressed sales still account for the majority of sales activity. In fact, over the past 18 months developer and banks have learned that the only way they could sell of their remaining inventory is by significantly lowering their prices – good for the buyer that waited, bad for everyone that closed at the original price, bad for the bank and the developer.

Why do I think this is a bad thing? Lowering of prices 30%-50% ensures that those that closed at the original prices will be unable to sell without digging deep into their pockets. The banks that provided loans to the original owners and to the developer will inevitably have to write off the difference.

Why do I think this is a good thing? Like removing a wart, the sooner the problem with this market is dealt with, the sooner we can get back to “normal” market conditions. It may be painful to watch, but good will eventually come out of this.

Here is a short list of some of the best luxury condo buys in Miami real estate – these have all been discounted 25% to 50% under the original prices.

BrickellIcon Brickell

Downtown Miami900 Biscayne

Sunny IslesTrump Towers

To learn more about how to buy right, give Bryan and Bill a call at 305-531-3300.

There are several reasons why many homeowners decide to trade up their space for a larger one. If you’ve recently married or had kids, you better think about moving in to something that can accommodate your whole and growing family. Trading up your old space for luxury and amenities is one possible option. But before going around the city looking at Miami luxury condos, ask yourself: Am I credit worthy?Why it’s important Credit worthiness is important when buying Miami luxury condos, or any real estate property for that matter. This is one of the way your lender will decide if you are, well, worthy of the loan you’re applying for. One of the basic ways to check for your credit worthiness is to obtain your credit report from the three crediting bureaus. If you’re already financially savvy, you may have developed the habit of ordering your report every year for review. This is laudable, indeed. But for those who just recently caught wind of the importance of reviewing the reports, here are some tips. First, recover all your financial records. This is important when reviewing your credit report especially if you find any negative remark. In order to determine if the negative information is true or false, you must compare it with your financing documents. If found erroneous, quickly send a letter to the bureau with evidence to back it up, of course. If the negative remark is true, though, it will definitely affect your credit score and chances of landing a good mortgage term. Repairing it is your only choice. In average, it takes about two years to repair a credit, but there are also other things to boost it up. For instance, continuously making updated payments to your other loans is an effective booster. What comes next? Next, you need to determine your debt-to-income ratio. Lenders generally consider buyers with less than 33 percent as low risk. If you find yours to be higher than 33 percent, start paying some bills and making updated monthly payments. Of course, you also need to come up with your down payment. Nowadays, it’s hard to find lenders who only require 10 percent of the total home value as down payment. If you’re finding it hard to come up with more than 10 percent, consider HELOC or piggyback loans. You should, however, ponder upon these loans thoroughly, and discuss it with your broker. This is a particularly difficult move that carries a lot of financial risk. Always open yourself up for other safer options. Mark Michael Ferrer Miami Luxury Condos

Initial Adjustment and Regular Adjustment Periods First, you need to know the initial adjustment period for the loan you plan to apply for the financing of your Miami luxury condo. The initial adjustment period basically limits how much your interest rate can change at the first adjustment period. If the initial adjustment period can provide you with enough time to prepare yourself before the interest rate of your Miami luxury condo mortgage resets or goes up, the regular adjustment period dictates the frequency of the changes or adjustments in your interest rate. First, Regular, Lifetime Adjustment Cap The first adjustment cap is the limit or maximum amount that your interest rate can adjust to for the first time. The interest rate can adjust often and the regular adjustment cap states the amount that it can change to during each adjustment. The lifetime cap, on the other hand, is the percentage increase limit of your interest rate during the entire life of the loan, or loan term. Margin Don’t be surprised if the lender adds a margin to your loan; lenders do this generally to make money. What this means is that the interest rate of your Adjustable Rate Mortgage will include the interest rate plus the margin. When applying for the mortgage, don’t forget to ask your lender how they arrive at the interest rate. There are several sources that brokers and lenders use to determine the margin, though it’s commonly around 2.5 to 3 percent. ARMs are great if you’re planning to stay at the property for more than 10 or so years. But if not, consider taking a hybrid mortgage, instead. Hybrid mortgages are great if you plan to stay at the Miami luxury condo for less than 10 years because they start out as fixed-rate and eventually turn to adjustable-rate. You will save a lot of time and effort if you’ve already asked several lenders if they offer this type of mortgage option. Choose wisely. Mark Michael Ferrer Miami Luxury Condos

Piggyback loans are greatly helpful for buyers who cannot complete the money as down payment for the Miami Beach luxury condo they want to purchase. This type of financing makes use of more than one mortgage from two or more different lenders. There are several types of piggyback loans. Let’s take a lot at these, and the option’s most common pitfalls and benefits.The three types If you’re looking for a piggyback loan to finance your Miami Beach luxury condo purchase, you have three options: 80-10-10, 80-20-0, and 80-15-5. Each number corresponds to a specific element of the mortgage. The first number indicates the 80 percent of the total home’s value, which will be provided by the first lender. The second is part of the down payment, which will be provided by another lender. Lastly, the last number is the amount (down payment) you must provide to complete the financing. In the second instance, 80-20-0, 80 percent of the home’s value will be financed by the first lender and the entire down payment by another lender. This means that you don’t have to pay for the down payment but will most likely pay off the amount just as you would your home mortgage. Benefits of Piggyback loans If you can’t complete the down payment for your Miami Beach luxury condo, you’ll find piggyback loan as a desirable option. This is probably the most beneficial aspect of the loan. Since most lenders, nowadays, require homebuyers to pay as much as 20 percent of the total home value as down payment, those with less than that amount can turn to piggyback loans. This type of financing spreads the risk of the loan between the two lenders. This easily qualifies you to purchase the property with little to no down payment. In addition, the approval process of this type of loan is easier than those of the conventional mortgage type. The Pitfalls The major disadvantage of piggyback loans is the rate. Unlike standard mortgage types, the combined rates of two or more loans can be overwhelming especially for first-time homebuyers or those with uncertain financial future. The first lender might be willing to drop the rate due to the significant amount of financing they will provide for the borrower. This isn’t true, though, for the second lender. Since lender two will only answer for 5 to 20 percent of the total home value, he might be more inclined to provide the financing if there is a guarantee of higher interest return. Furthermore, most piggyback loans have significant balloon payment at the end of the loan term. Compared to standard mortgages, you’ll find this amount greatly overwhelming. But if you plan early and anticipate such payment, your Miami Beach luxury condo will be safe from any financial trouble in the future. Mark Michael Ferrer Miami Beach Luxury Condos

Nowadays, the intense competition in the selling market hasn’t hindered any homeowner from selling their own property. While this holds some truth, the shallow veneer is not enough to hide what lies underneath: staling properties. When you’re trying to sell your Miami luxury condo, there is not greater sin than missing the right time. Before you make the mistake of selling your home untimely, take your real estate thermometer and measure the market’s temperature. Here are some tips to help you plan the strategy of your home sale.Determine your timeline Once you decide against remodeling your Miami luxury condo and push through your plans with the home sale, it’s time to create a timeline. What are your early expectations? Are you trying to meet a schedule? Regardless of the reason for your sale, you should always have a failsafe – something that will give provides you cushion during worst-case scenarios. There is always the risk of your home not getting enough attention. You should anticipate for this and plan your strategy well. The first consideration is the price. Price and time always dance together in the real estate duet. If you want to sell your Miami luxury condo, consider selling it for a well-below market price; this is the easiest way to sell a property. In addition, low-priced, quality homes often get bidding wars, which is tremendously advantageous for any homeowner. However, if profit is more important, there are several tactics to help you sell the house without waiting for too long. Home improvements that promise a return of investment are great for staging. Furthermore, make sure that the changes you plan on making are within the era of your home as well as fit the current buyer trend. It pays to do some research on what buyers are looking for these days. Spring and Fall These two seasons are generally the two distinct peak periods of real estate activity. If you want to time your home sale rightly, choose either just before spring and fall. There are homes that sell during winter due to the number of vacationers combining their trips with house hunting. You have the option of going with this trend or take the time off to reevaluate your selling strategies if the property didn’t sell during spring and fall. For the first peak season, you can maximize the selling efforts for your Miami luxury condo from February, March and up to Memorial Day. You can choose to pause after that and wait for the second peak season, which starts after Labor Day till November. Mark Michael Ferrer Miami Luxury Condos

Regardless of the house you’re planning to purchase, ordering your credit report, reviewing it and checking your credit score is the foremost part of the process. Especially when you’re trying to qualify for a loan to purchase Miami Beach luxury condos, you must have an outstanding score. So if you’re looking for ways of improving it, here are some ways to perk it up.1. Pay on time Owning Miami Beach luxury condos is a huge endeavor. You should polish your bills-paying ability as early as possible not only to prepare you for future responsibilities but improve your score as well. Even in you made the mistake of paying late last year, a few months ago or last month, it doesn’t matter – get it right today. Start paying on time and try to pay more than the required minimum payment, especially to ease out your outstanding credit balance, if you have any. 2. Lessen your ratio but don’t close your card One of the most important goals to have when planning to purchase Miami Beach luxury condos is to get rid of all debt. For the meantime, however, the best thing you could do is to decrease your credit ratio to as much as 50 percent until it’s significantly low. Furthermore, if you’re not using a card, instead of closing it after paying off its balance, keep it and avoid using it any further if you choose. This will help you maintain your credit ratio. 3. Pay your debt If a collection agent is trailing you, it’s time to settle your debt. If you have late accounts, don’t shove them at the back of your memory. Remember to pay them off even if they stay at your credit history. It takes time for your past delinquencies to be forgotten, so to speak; so be patient. 4. Review your report When you get your credit report, don’t scan the contents. Read every detail and keep your eyes peeled for errors. Faults are common in credit reports since bureaus don’t check the every information they receive from your creditors. Make sure that everything included within the report is accurate and prepare to dispute any discrepancy. 5. Be patient Even if you’re doing all those above diligently, you have to wait for time to pass. Credit repair and improvement don’t happen overnight. It takes at least two years for the results to be evident in your report. Instead, concentrate on improving your score a little more to help you move to larger Miami Beach luxury condos. Mark Michael Ferrer Miami Beach Luxury Condos

There are a lot of up and coming Miami luxury condos especially in the city’s downtown area. Whether you are planning to buy a unit as investment or primary residence, there are several factors you need to consider. It’s the duty of every homebuyer to show a degree of due diligence when it comes to research, including when applying for the mortgage. Here is a list of things you must not forget to consider when buying the condo you want.Pre-approval Once you managed to arrange your finances and are officially ready to choose one of the many Miami luxury condos, consider applying for a pre-approved mortgage. While it is certainly harder to apply for a pre-approved mortgage considering the current economic climate, if you manage to land one, it will definitely pay off during the negotiation. Choices When you are scouring the city checking out several Miami luxury condos, don’t forget to explore several choices. Don’t limit yourself in one neighborhood. It will be helpful if you’ve determined your needs and standards beforehand. Nevertheless, before you make an offer to a property, make sure you have another candidate in case the deal falls through with the initial choice. Unit Tour After hiring a home inspector, don’t just lie around waiting for the results – tag along. Nowadays, it pays to be a meticulous homebuyer even when it comes to the choice of inspector. If you choose to join the inspector during the inspection date, you’re not only going to learn about your future home but also determine if the person you hired is truly a certified professional or just some fly-by-night humbug. Association Every condominium or even neighborhood has its own association. You must make sure that you know all the important details regarding the operations of your future building’s homeowners association. Furthermore, don’t skip on your homeowner. Check the background of the building’s association to see if it has been tied to any litigation in the past. Legal troubles spell for possible red flags, but not always. Most of the time, the claims are made by disgruntled and unruly owners who want to get back at the association. Closing Lastly, don’t forget the closing day. While waiting to close on the Miami luxury condo, make sure you are prepared for any surprise fees that commonly emerge during closing. Many purchases are jeopardized by being unprepared to closing day surprises. Even if you’ve memorized the contents of your good faith estimate it doesn’t necessarily mean that you’re already on safe waters. Have some extra money on hand in case extra fees come up. Mark Michael Ferrer Miami Luxury Condos

Many buyers are opting for FHA loans when buying homes. But since these loans have limitations, some Miami luxury condos buyers may not be able to qualify. Conventional loans are the only other options. Unfortunately, many buyers are wary of these mortgage options because lenders typically require them to purchase PMI or Private Mortgage Insurance. This is especially true if the buyers don’t meet the typical 20-percent down payment. Here is what you need to know about this oft-shunned loan accessory.PMI and its cost If you can’t afford the 20-percent for the mortgage of your Miami luxury condos, you might be required by your lender to purchase private mortgage insurance. Lenders normally require this also to protect themselves in case you default in your mortgage in the future. It’s quite crazy to realize that you are buying insurance to protect the lender from loss. But that is the way it is. Fortunately, you don’t have to hunt around town to look for PMI providers. You can ask your lender for an affiliate mortgage insurance. Sometimes lenders even refer insurance providers without the borrowers asking. After you find out that you’re required to purchase PMI to back up the mortgage for the Miami luxury condos, you must hence know how much it’s going to cost you. Generally, the costs of PMI vary but premiums will typically cost you around .50 percent of the loan amount for the first year of the loan. The premium, in addition, is also paid during the later part of escrow. Fortunately, premiums lower for the succeeding years. Equity After gaining 20 percent equity in your condo, you can drop the PMI. According to the Homeowners Protection Act, once the loan-to-loan value ratio reaches around 78 percent of the original value of the home and the loan closed after July 1999, the PMI can be dropped. When PMI is useful Although a majority of buyers often avoid PMIs, there are still moments when it is quite useful. If you plan to remodel the Miami luxury condos immediately after you buy it, paying a full 20 percent down payment may not be a viable option since you still need to answer for the expenses of the remodeling. This is one of those moments when the PMI will sound tempting. Since it is an option that will allow you to pay for less than the required down payment, you can buy it instead and use the extra cash for the remodel project. You can build equity (there are home improvement projects that can add value to the home) and drop the PMI faster. Mark Michael Ferrer Miami Luxury Condos

Miami is host to several Miami luxury condos. Downtown Miami is teeming with residential towers that offer exceptional levels of luxury and comfort. And if you’re considering a new construction condominium, be sure you know just how to deal with such a purchase. To help you in this kind of enterprise, here is the nitty-gritty you should consider doing.1. Use an agent Miami luxury condos are unlike other purchases; much more a new construction condo. So to ensure that everything will go swimmingly, consider hiring an agent that specializes in this kind of market. 2. Learn how to negotiate Negotiating with a builder is an important part of buying up-and-coming Miami luxury condos. Many are less keen on dropping their prices, but being a buyer’s market, you can opt-in to some incentives. And when everything is settled, have them in writing to seal the deal. 3. Keep your options open Upgrades are always available with these properties. If you think you can save money through add-ons, consider paying for them. But be wary of expensive items that are offered à la carte; they might cause you to spend more than you ought. 4. Find out the builder’s reputation Get some brass tacks knowledge on the work history of your builder. Aside from regular visits to check up on the progress of your condo, do your own homework and learn more about how your builder handled their projects in the past. Keep your eye peeled from complaints and accolades. 5. Consider a guarantee and warranty Always ask for a guarantee in terms of the time your condo will be finished. This ensures that it will be done once the guaranteed time comes and offers compensation if not. Similarly, know what is covered in the warranty and how long it will last. 6. Don’t forget the inspection Buying this type of property is quite similar to traditional real estate purchases in which you still have to conduct a home inspection. To confirm the quality of the property and, most importantly, to avoid ending up with a lemon, hire your own inspector after the condominium is done. 7. Choose a lender Builders of Miami luxury condos often offer their affiliate lender. Don’t choose their lender, as much as possible, since doing so can sometimes cause conflicts of interest. The lender you choose should be a neutral third party who will offer the best mortgage option for you and not the builder. Mark Michael Ferrer Miami Luxury Condos