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WHY TO INVEST IN MIAMI?

The real estate market in Miami has never been as vibrant as in recent month. There was a strong nosedive in prices over the past two years but has not equally affected all areas of Miami. The real estate market in Miami has never been as vibrant as in recent months..


The real estate market in Miami has never been as vibrant as in recent month. There was a strong nosedive in prices over the past two years but has not equally affected all areas of Miami. The real estate market in Miami has never been as vibrant as in recent months. The real estate market in Miami has never been as vibrant as in recent month. There was a strong nosedive in prices over the past two years but has not equally affected all areas of Miami. When you talk about Miami be necessary considered that the city can be divided into several zones, each with a different response to the fall in prices due to this crisis in America. This drop in prices has penalized those who bought over the years so-called "high" as 2005 or 2006, but it gives no problems to those who had bought up to previous years. The prices in fact are not been below those of 2003 and then Miami has nevertheless been a very good investment for many. We cannot forget that the property market is cyclical in nature and in most cases, is only necessary to wait a bit 'of time before selling, to void any losses. Who is losing and has lost in recent times is who has wanted to speculate without having the funds available to do it. The market in recent months has been really hot because the European investors has played as giant in this last period. More and more Italians, French, Spanish and English arrived in Florida to take advantage of these special international circumstances which privilege an unprecedented investment in America. Only in this time in fact, we have a housing market with very cheap and affordable prices, a strong Euro against the Dollar that has reach the level of 1.50 a few days ago and an interest rate very low for American standards. These factors had never seen before together, we cannot forget that a few years ago, the dollar cost more than the 'euro and up to October of last year, U.S. interest rates were about 9%, while nowadays an Italian citizen can take out a mortgage with 30% of the value of 'property and paying an interest rate of around 6%. If you buy the right property you can safely maintain the investment by renting and waiting for a revaluation of the market or a reappraisal of the dollar which, by the analysts view, will come even thanks to the upcoming U.S. elections in November. Experience shows that in each past election, there has been new pragmatism of the markets and subsequent recovery of the economy and of the national currency. So, is it this one the time to buy? Absolutely Yes, because these conditions won’ long and are designed to end soon. Buying in Miami mean to invest in city that attracts capitals and tourists from all over the globe and that boast the largest cruise port in the world and one of the busiest and important airports in the United States, with 25 million journeys every year. We have to mention the climate and the beautiful blue Caribbean Sea that make the city a destination for tourists all year around.

INVESTMENT IN LAND YIELD AT THE MOST IN ROMANIA

Entrepreneurs operating in Romania adjust more of their profits toward the purchase of land. This is the new preferred form of the investors, stronger than the gold and diamonds purchase or the speculation in stock exchange.


Entrepreneurs operating in Romania adjust more of their profits toward the purchase of land. This is the new preferred form of the investors, stronger than the gold and diamonds purchase or the speculation in stock exchange. The prices of agricultural land in Romania are still less than in other European Union countries, where a hectare reaches up to 10,000 Euros, with higher values in the Netherlands (31,000 Euros) and France (34,000 Euros). In Romanian locations however, the lands have reached significant levels. In Bucharest in central areas, have been completed transactions (not so much to tell the truth) of so much as euro 5,000 / sqm. With the lowering of the interest by the investors for the secondary residential market, nearly half of real estate agencies in the capital are redirect to transactions with land. "Over 46% of companies active in the market for real estate brokerage will focus on transactions with land, while only 17% will focus on new residential projects, up 9.8% on industrial projects, up 7.3% on commercial projects and only 4.9% will remain stick to the area of existing dwellings " believes Gabriel Alexandru, Vice President Century 21, the company that has produced a survey on estate agents. The apparent trend of real estate agencies is not accidental. The turnover with the lands, located on the outskirts of large cities and also closeness to the existing or future motorways and national roads has increased considerably, and the lands are the only type of property credited unanimously by all the operators and analysts, as guaranteed growth carrier of prices. Who are the investors: Most of the lands purchasers in the province are people between 30 and 50 years-old, most of them are owners of businesses or managers of companies, says the general manager of the company Neoland Invest, Costin Lazar. Moreover, thanks to the help given by the Romanian Government, there are so many Romanians which invest directly on the purchase on their first home and as consequence, on the land as well. Most developers provide substantial gains in the coming years, from the speculation with land. "Over the next 5 years, the price of land in the towns located near the capital, at a radius up to 20 km (Frumuşani, Dascalu, Moara Vlasiei, Gradiste), will double" provides the Director Neoland. The prices rise depending on the projects that are in progress in their areas. For example, the launch of the complex Cosmopolis in Stefanesti de Jos caused race to high prices: if in the “pre-Cosmopolis” period, one square meter in area cost 15-20 Euros, now is sold for 30-50 Euros / sqm.

MIAMI: THE REAL ESTATE CONTRACT

Similarly to what happens in Italy, the negotiations are officially launch by signing a “Purchase Agreement” submitted by the broker of the buyer to the broker of the seller. To give legal validity to the contract, at the same time with the submission of the offer, will be paid an initial deposit - Earnest Money - which will be held in custody in special accounts of guarantee - Escrow Account - by one of the brokers, alternatively by the lawyer or by the "title company".


Similarly to what happens in Italy, the negotiations are officially launch by signing a “Purchase Agreement” submitted by the broker of the buyer to the broker of the seller. To give legal validity to the contract, at the same time with the submission of the offer, will be paid an initial deposit - Earnest Money - which will be held in custody in special accounts of guarantee - Escrow Account - by one of the brokers, alternatively by the lawyer or by the "title company". Compromise –Purchase Agreement Similarly to what happens in Italy, the negotiations are officially launch by signing a “Purchase Agreement” submitted by the broker of the buyer to the broker of the seller. To give legal validity to the contract, at the same time with the submission of the offer, will be paid an initial deposit - Earnest Money - which will be held in custody in special accounts of guarantee - Escrow Account - by one of the brokers, alternatively by the lawyer or by the "title company". Latter are two different justice figures that both providing services similar to those of the Notary in Italy. When all changes are, negotiated during the negotiations, are counter-signed, it affirms the acceptance of the contract and from that moment begins the official date - Effective Date - which is attest, to calculate the deadline of the contract. Often the acceptance of the contract provides an advance payment up to a maximum of about 10% of the value of the contract. The standard contract for residential purchasing, automatically incorporates several provisions that act as safety mechanism as guarantee to the buyer and those must be fully satisfied before passing on to the deed. Otherwise the buyer may terminate the contract without penalty and refund the entire deposit. Some of the most common clauses included in most standard contracts: the possibility of termination without reason up to 15 days after entering into a contract for the purchase of new construction property, have the opportunity to do a technical mastery so that it will be possible either terminate or renegotiate the price in case it reveal damage on the structure; possibility of subordinate the purchase at the getting of a loan in the terms explained in the contract or if the value of the report prepared by the bank does not reach the values of the contract; it may be recess If they don’t like the house regulations that must be communicated to the buyer.

MIAMI: THE ADMINISTRATION AND RENTS

The management of a property is a simple operation. The administration may 'relate to a simple research for a qualified and referenced tenant that will substantially end when the tenant will receive the unit .


The management of a property is a simple operation. The administration may 'relate to a simple research for a qualified and referenced tenant that will substantially end when the tenant will receive the unit . The management of a property is a simple operation. The administration may 'relate to a simple research for a qualified and referenced tenant that will substantially end when the tenant will receive the unit, but can 'also include ordinary and extraordinary tasks, like rents collection and the payment of the common expenses, the management of the relationship with the tenants and the commitment to resolve any problems that may arise during the lease. The commission for this service usually ranges from 10 to 20% of the rent, depending on the type of service requested and the duration of the rental or a fixed nominal minimum in case of a property held vacuum. Rentals - In Miami the leases for residential real estate in "condo" are usually annual renewable from year to year, but in the more tourist areas such as Miami Beach, they can also be for short periods. At the time of the signing of the contract the promise tenant has to pays three rents in advance that include the first month, the last month prepaid and a deposit of one month's rent to cover any damage to the structure and furnishings. With the exception of very short periods leases will be the tenant to pay all expenses related to the supply of variables consumption such as electricity, telephone, television and internet. While all other expenses such as water, waste and common expenses are borne by the owner. In case of a single house even these costs will be paid by the tenant. Regarding commercial property, such as shops and warehouses, all costs, including taxes and insurance will be borne by the tenant and the net income derived from the property will be Triple Net Lease.

MIAMI: THE DEED AND DUTIES ON PURCHASE

In the United States the proof of the property ownership is certify through the production of various documents among them, the most representative id the “Deed”. When a person can prove the legal ownership of the property is said that he/she has the “Title” of that property.


In the United States the proof of the property ownership is certify through the production of various documents among them, the most representative id the “Deed”. When a person can prove the legal ownership of the property is said that he/she has the “Title” of that property. Closing Agreement - In the United States the proof of the property ownership is certify through the production of various documents among them, the most representative id the “Deed”. When a person can prove the legal ownership of the property is said that he/she has the “Title” of that property. This certification is valid only if it takes place following an overview of the hypo-land (hypo-cadastral) by a lawyer who will issue an official opinion (opinion of title). At the time of the deed the seller transfer, through the bill of sale (warranty deed) the ownership of the property, the seller also declare the absence of constraints and prejudicial transcripts -Clear Title- that if exist they have to be settled so that the good can be transferred. In the event that there are doubts about the documentation produced by the seller, to prove the lawful property the buyer may sign a "Title Insurance" which is an insurance policy equal to the value of the property, for any compensation as a result of dispute or in case of any procedural error, that wasn’t shown by documentary research and that could emerge after the deeds. The signing of documents may also be performed remotely and in case of cash purchase the only document that has to be signed by the buyer will be the Closing Statement also sent via fax, which has legal value in Florida. In case of a loan or mortgage documents of the bank, these documents may be signed at the U.S. consulate abroad in order to prove the authenticity of the signature. Purchase fees - In Miami Beach the property transfer taxes are calculated: for a cash purchase, there are no fees payable by the buyer; for a purchase with a loan there are the registration fees that are calculated on the amount of the mortgage and weighs for 0.55 cents per $ 100 or fraction. Deed’s fees –All buying and selling costs for both, the buyer and the seller are summarized in detail and agreed on an official document named Closing Statement or HUD-1 that is attached to the deed documentation. The expenses of the deed may vary depending on the fee of the lawyer. If the purchasing is with a mortgage the costs rise slightly because of the supply cost of the bank and that may have an incidence of about 3% on the value of the transaction.

REAL ESTATE CRISIS IN THE USA, MIAMI START AGAIN

Recently, the international economic crisis and earlier the wild speculation with overbuilding of every available space and the resulting oversupply had embarrassed the real estate market in Miami.


Recently, the international economic crisis and earlier the wild speculation with overbuilding of every available space and the resulting oversupply had embarrassed the real estate market in Miami. Recently, the international economic crisis and earlier the wild speculation with overbuilding of every available space and the resulting oversupply had embarrassed the real estate market in Miami. Spectacular skyscrapers with swimming pools, tennis courts, gym, sauna, and restaurant are the constructive standard that today we can find in Miami. But in some cases during last year and a half the sales prices have dropped, even to the extent of over 50%. The most prestigious area is undoubtedly Miami Beach, where the values are depreciated less than for example in downtown Miami. Miami Beach has been chosen for the purchase of a residence by international stars like Tom Cruise, Matt Damon and Shakira or the Italians Paolo Maldini and Nesta. Today the market of Miami, after months and months of suffering, it starts to liven up again due to the return of foreign investors, first of all the Europeans, where we find several Italians. The reason for a property investment in Miami is mainly due to the potential increase of property value over the medium to longer term, beyond the potential rental yields that are being attributed to the extent of 5%. The demand for rental housing in Miami has always been good despite the crisis, the crisis has indeed increased the demand for rented accommodation because the Americans, in the state of uncertainty, prefer to rent rather than buy. However, buying a property only to rent it, and aspire only to the investment income is incorrect seeing that the annual maintaining costs in the U.S. are very high. In addition to the operating expenses, that in exclusive residences and with many services are extremely high, we need to consider the property tax which is about 2%, not really low. Considerations regarding the real estate investment in Miami: the investment must have the objective of obtaining a capital revaluation in the course of time, is over the time of the “touch and go” where major revaluations were made in short term. Today we have to buy selecting carefully the area, take well advice because, for example, in Miami Beach there are areas where is not suggest to buy. We don’t have to stop at the first offer, but we should select. There is not just Miami Beach to invest; even the downtown area is now very attractive. Obviously the first one is more prestigious, with a major potential for further revaluations, but it is all in proportion. In fact, the prices of apartments in Miami Beach are higher than in Downtown. Today in Downtown the prices are around $3000 per sq m, they were twice as much in 2006! Milano Finance of 29/08/09.