I’m happy to announce that the Miami Condo Investments iPhone application is now available for download at the Apple iTunes store. Click on the image below to access it. Any feedback that you might have is much appreciated.
Just wanted to give everyone an update regarding the iPhone application. It was submitted to Apple about two and a half weeks ago. Apple contacted me late last week stating that a few minor changes needed to be made. Those changes were made and the app was resubmitted this past Monday. We’re hoping that it will be approved within the next 2-3 weeks.
In preparation for the launch of the iPhone application I hired a graphic designer to create some marketing material. Here’s a peek at the business card design.
Design work by Erica Bartlett – [email protected] – 630.340.0300
A friend of ours has a furnished 2 bedroom/2 bath condo that he would like to lease the week of Super Bowl XLIV. It’s an upgraded corner unit with 1,204 square feet of interior space plus a 164 square foot wraparound balcony located on the 16th floor. The building is located in Brickell within walking distance of the shops and restaurants at Mary Brickell Village. Starting and ending dates are flexible. Asking price for the entire week is $2,500.
Fannie Mae has updated its list of condo buildings which have received the Special Approval Designation. The special designation makes it possible to obtain financing for condos in these buildings. The following three well known developments have been added to the list:
A complete list of condo developments in Miami-Dade County given the Special Approval Desigation.
I was notified yesterday that rentals are now available in tower 2 of Icon Brickell. Tower 2 is the southeast tower of the Icon Brickell development. The units are renting fast! 56 rentals were made available on Saturday and as of yesterday 15 had already been rented.
Below, you will find the floor plans that are available along with the starting prices. The rent price includes 800 channels of cable, high-speed Internet, one parking space, water and a health club membership. Pets are NOT allowed.
Call me at 305-428-3860 or email me at [email protected] if you would like to schedule a showing.
There currently aren’t any studio or 3 bedroom rentals available.
Below, you will find a list of condo developments in Miami-Dade County that have already received the special approval designation by Fannie Mae. The following are some of the larger and more widely recognized buildings. Lenders will now be able to originate and deliver mortgage loans to Fannie Mae in these condo developments.
About a year ago, Fannie Mae implemented strict lending guidelines that effectively put the lights out on the Florida condo market. In particular, these stringent guidelines made it next to impossible for buyers to obtain financing in the vast majority of condo developments in South Florida.
Earlier this afternoon, Fannie Mae made the announcement that it will reassess hundreds of condominium projects throughout the state in an effort to jump-start the market. The news is a godsend to a condo market that was heavily supported by cash buyers in 2009.
Here are some excerpts regarding the announcement from PR Newswire and Reuters:
PR Newswire
Fannie Mae announced today that it is undertaking a comprehensive review of hundreds of condominium projects in the state of Florida in an effort to allow additional projects to become Fannie Mae-eligible through a new “Special Approval” designation.
A dedicated team of six Fannie Mae professionals based in Florida is conducting a thorough examination of condominium projects across the state that may not currently meet Fannie Mae’s standard eligibility criteria and assessing specific criteria more closely, including occupancy, homeownership association dues, financial stability of the project and property condition. Projects deemed to be sufficiently stable following the closer examination are granted a Special Approval designation, meaning lenders can originate and deliver mortgage loans secured by units in these projects to Fannie Mae
Reuters – (full story)
Fannie Mae, the largest funder of U.S. home mortgages, on Thursday said it is making it easier for some Florida condo buyers to qualify for loans in a bid to stabilize one of the worst-hit real estate markets.
The housing finance giant said it is reassessing hundreds of Florida condo projects to see if they are “sufficiently stable” enough to qualify for funding, even if they don’t meet current requirements, Fannie Mae said in a statement.
These projects would get a “special approval” designation from Fannie Mae, clearing the way for hamstrung Florida lenders to originate loans and help spur a recovery, it said.
A 2 bedroom foreclosure condo at Blue Condominium closed earlier this afternoon for $190,000. This marks the lowest that a 2 bedroom in the building has ever sold. Unit 1207 has 1,158 square feet of interior space and a view of Biscayne Bay. It originally went under contract on August 10, 2009 but the closing was delayed for months due to problems that needed to be corrected with the deed. Currently, there are twenty 2 bedroom short sales at Blue Condominium, two of which are listed for less than $190K. Hopefully this recent sale will give banks the kick in the butt to start approving some of the short sales in the building.
Below, you will find what I believe to be the five best condo deals of the 59 distressed sales that closed in December 2009 in the MLS located in Brickell, Brickell Key, Downtown Miami, and the Arts District.
