Information for International Buyers
August 31, 2010 by Lucas Lechuga
We often work with buyers from all over the world who have questions regarding the buying process in the United States because it often varies from country to country. In today's video, Michael discusses a few misconceptions or questions that foreign buyers sometimes have when shopping for real estate here.
Bombay Sapphire to hit Biscayne Boulevard’s Omni area The historic Sears Tower comes to life as Bombay Sapphire Lounge, a new gathering spot that hopes to become a local hang out on Biscayne Boulevard. Get Adobe Flash player BY ELAINE WALKER [email protected] The next piece in the revival of Biscayne Boulevard’s Omni area could be Bombay Sapphire. We’re not talking about ice blue bottles of the super premium gin lining the street, but this week’s soft-opening of a new Bombay Sapphire Lounge at the Adrienne Arsht Center for the Performing Arts in Miami. The goal is that the lounge, located… Read more »
Michael, if you shoot a video for international buyers where English is not their primary language in most cases, you might want to slow down a bit when you talk…
Does anyone know what is going on with the mint building . When will these units be for sale.
Where is everybody??? It’s lonely here.
Everyone is very busy selling real estate. Miami is #1 city in the world and the property prices are cheapest in the world. So the ferners are coming to buy……….. Brickell is sold out. Beach is not for sale. Only place available is downtown Miami now. Once it is sold there is nothing left. Don’t forget the Miami Herald headlines – There is no land left to develop in Miami.
Buy now or you will have to pay twice to buy it from the ferners in future!
no wonder you continue to remain poor and unemployed.
dillinger — LOL. “Poor and Unemployed” is our resident satirist. His comments are cautionary tales, not investment advice.
Thank you Joe. At least some one here has a sense of humor! Market sucks and unless we accept the situation as it is, there is no hope. I would rather see the bottom fall out, which will bring in the buyers. If the price is right – you can even sell the one bedroom house in Hialeah with all the code violations and the chicken in the backyard!
Poor and Unemployed — You’re right. There’s a story in today’s New York Times that says more and more people are agreeing with this point of view. It’s time for the phony-baloney government shell games and prop-up schemes to end.
I have a theory. 1. Bankers are either 90% republican or at least Repub sympathizers or their cronies. 2. They have absolutely every reason to help out their repub cronies by keeping the economy depressed at least for the time being by completely shutting out any loan activity. If the economy sucks, that will help the repubs take back Congress in November. That should help them in getting favorable laws written. Or in the least, Obama admistrations hands could be tied in passing tough regulations against financial institutions. 3. Come November, if Repubs take Congress, I will bet my bottom… Read more »
why bother — I always love a good conspiracy theory, but if you take a look at where Wall Street’s campaign contributions went in 2008 and 2009, you might reconsider.
why bother, considering that lose lending is what got America in trouble, tougher credit has got to be good for this country… Furthermore, notwithstanding the fact that the Fed actually pays banks interest on their reserves parked there, making 0% sure beats losing the money.
Joe, Yeah, they might have greased the palms of Dems also. But not out of love or choice. They need to bet on both horses just in case. In their hearts they hate the Dems anyway. Giving money is not an indicator of giving approval. BB Queen, Tougher credit- I am all for it. But I am totally against stupidity. When a bank refuses to lend to someone with a FICO score of 800, it is stupidity. Nothing prudent or smart about it. That is what is going on right now for no rhyme or reason. That is why I… Read more »
why bother, if you have 800 FICO score, but can’t come up with 20% cash downpayment – the banks are absolutely right to refuse your biz. Now, maybe you know more eggregious examples of banks’ wrongdoing, but something is telling me that you are Obama’s honorary fan club member and as such are probably a bit too upset by golden boy’s precipitous decline to think clearly.
why bother — BB Queen is right: An 800 FICO is only part of the equation. If banks believe housing prices are going to drop again, which empirical evidence suggests is the banks’ collective belief, then it makes no sense to lend money to an 800-FICO borrower unless that borrower makes a very large down payment. (If you were talking about business lending or something else, that’s another story.)
Joe, banks need 20% hard cold cash down even in a rising market, just to cover all the costs associated with foreclosure, as well as fixing the place after delinquents vented their disapproval by ransacking it. I know it’s hard to see the road ahead by looking in a rearview mirror, but Florida will not be declining anymore. You should get out of Bolivian brothels tomorrow morning and get yourself a studio in Brickell as pronto as possible.
Well, the US house hold savings rate went up from -1% to +6.5%. That means a house hold making 100,000 a year used to be $1000 in the hole previously but now they are actually putting away $6500 in the bank at the end of the year. Repeat the story for millions of households making between $50K to $250K a year. In fact such high savings rate is the reason for this economy not growing at all. Now what are the banks doing with all those additional billions and billions of dollars pouring in to thier vaults (or books). They… Read more »
Hello Why Bother Let’s see! Banks are not individuals – some fat cats trying to decide who gets money and who does not. Most of the major banks are owned by Public. It is hard to believe but it is true. There are humble shareholders, young / old, rich / poor, some with their trust funds and some with their miserable 401K plans, pensions, children’s college funds, lifetime savings workign three jobs. All investors want to earn respectable risk / reward ratio on their investments. How about bailout of 401K plans? Lack of which is going to put many people… Read more »
Well, the US house hold savings rate went up from -1% to +6.5%.
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Are these the people saving on housing expense – living in a home for free without paying mortgage, taxes etc?
Would you please check and let us know if this rate includes the trillions wiped out in foreclosures and being counted as savings?
why bother, there is one thing much worse than not making money – losing it. Why should banks go out on a limb and lend to someone who can’t come up with 20% downpayment? I wouldn’t. I’d rather buy Spanish or Irish debt – both yield more than US mortgages right now, with lower risk of default. Securitization is dead, so banks can’t sell their originations to suckers like you – and they don’t want to be suckers themselves. I don’t blame them. If Obama wants banks to lend, then he should let US economy shrink to a smaller size,… Read more »
P & U, As far as I know, these are real savings (as per one study). People are actually putting away money. They are not spending.
BB Queen — Just when I thought you might contribute something intelligent here, you head right off to Troll Land.
In post #15, you bashed me for suggesting housing prices could decline again. Then, shamelessly, you said this in post #19:
— “If Obama wants banks to lend, then he should let US economy shrink to a smaller size, from which it could start growing again.”
Um, what? In what real-world scenario could the “U.S. economy shrink” while housing prices remain stable or INCREASE? You’ve got to be kidding.
please could you speak slower or translate it into french thank you a lot
Why do I get the feeling that “THE ACE” is still alive and well and feeding this Blog????
P & U, As far as I know, these are real savings (as per one study). People are actually putting away money. They are not spending.
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Wow! Really????? No wonder Hummer sales are down! Oh! wait! They are out of business and so are the banks.
Do you know any good Mattress and pillow companies to invest in.
Joe, real estate HAD ALREADY SHRUNK, ahead of the economy. Might come as a surprise to you, but it’s true!!! Have a great time. I don’t have much time to argue with people whose brains are shrinking faster than their ability to operate a keyboard.
BB Queen — I was well aware that r.e. prices have already declined. The point is, it’s impossible to micromanage a shrinkage of the U.S. economy in a way that would exempt r.e. prices from further downward pressure. If you have a magic bullet, I’m all ears (and I’m sure Obama & Co. would be, too).
real estate polyannas would be shocked and bewildered by 2012…a blood-curdling global event on the way..brace for it
Hey ANDII……….if you know something..WHY DON’T YOU SHARE WITH US????
andii just watched 2012 on HBO
Allegations of Sarnoff being invoved in mortgage fraud:
http://blogs.miaminewtimes.com/riptide/2010/09/dear_mr_ferrer_banana_republic.php#comments
Actually, Andii is not far off – – although 2012 is not the year to fear. It is 2011.
The “global event” I am referring to is the “Hindenburg drop” that will occur in real estate prices. Brace yourselves folks – – it’s coming.
Grab a helmet, mouth guard, and parachute. Smoke’em if you got’em.
scriv