3 Ways Florida’s Foreclosure Process Could Change

Florida is one of the few states in the country that still saw a recent gain in foreclosure activity. In 2012, foreclosure filings in Florida increased by 3.11 percent. Lawmakers, real estate professionals and consumer advocates are currently looking to change Florida’s status and streamline its foreclosure process.  A couple proposals are currently making their rounds in the Florida legislature, causing debate among people from all ends of the issue. The proposed laws include measures that could noticeably alter the way foreclosures are handled.

Less power for banks and lenders

House Bill (HB) 87, also known as the “Fair Foreclosure Act,” is proposed as a means to expedite Florida’s lengthy judicial-foreclosure process. Those in favor of the bill argue that the bill protects borrowers by requiring banks and lenders to prove ownership of a mortgage before they can file any decision towards foreclosure in Florida. Borrowers would then be allowed 20 days to challenge the action.

After a final judgment in foreclosure is reached, banks and lenders would only have one year instead of the current five years to go after borrowers for losses from a foreclosure. If passed, the bill would also allow third-party lien holders, such as condo or homeowner associations, to push foreclosures through a more rapid process rather than through the usual court proceeding.

Another proposal, HB 1777, would create a homeowner bill of rights, like the one enacted by California’s legislature this year, in the event of late mortgage payments. The goal of California’s law is to protect homeowners from predatory lenders and further regulate lending practices.

Shortening of deficiency judgments

A deficiency judgment occurs when courts rule in favor of lenders if they can show that borrowers owe more on a mortgage than a property has sold for. Senate Bills 1226 and 371 would require that lenders can only file a deficiency judgment a year after a final foreclosure judgment, and would have two years to collect any outstanding debt. At the moment, collectors can contact borrowers for up to two decades.

Another proposal, the “Short Sale Debt Relief Act,” would make deficiency judgments invalid on a short sale if the original debt was 20 percent or greater than fair market value.

Help from retiree judges

Sponsored by Sen. Jack Latvala (R-Clearwater), Senate Bill (SB) 1666 would allow retired justices or judges to consent to temporary duty in order to help alleviate the backlog of foreclosure cases in Florida. As of Jan. 31, court administrator Lisa Goodner said there is a backlog of 366,000 cases in the courts. Foreclosures in Florida take nearly 29 months to process on average, compared with a nationwide average of 13 months.

With all of the proposals, one thing is guaranteed: the foreclosure process in Florida will see some changes soon. Everyone who has an opinion on what needs to be done most likely wants to see more improvement in the housing market.

The 3.8% Tax: How Will This Affecct The Sale of Your Miami Beach Condo?

Along with 2013 came a 3.8% tax but it is not really a Real Estate Tax. Now there is an additional Medicare tax included in the Affordable Care Act. There have been all kinds of rumors going around about this new tax.

I have had a lot of people asking how will this affect the sale of my Miami Beach condo? Well I hope this helps clear up some of the confusion.

I did some research to see how this would apply to people that are thinking about selling real estate.

I will try and share what I know and have read on the subject.

There are multiple ways that you may or may not have to pay the 3.8% tax.

If you are single and sell a property and earn more than $250,000 income on the sale of the property and your annual household income is more than $200,000 then you would have to pay the 3.8% tax on the amount over the $250,000.

Let’s say you are single and your annual income is over $200,000 and you sell your house that is your primary residence for $450,000. You bought the house for $100,000 and sold it for $450,000 you would see a net profit of $350,000. Because this is your primary residence you get a $250,000 exemption. That would make $100,000 that is taxable at the 3.8%. That would = $3800.00 in Medicare tax that you would owe on the sale of your house.

The same scenario above except this is not your primary residence then you would have to pay the 3.8% tax on the $350,000 since you would not qualify for the additional $250,000 exemption. That would make $350,000 that is taxable at the 3.8%. That would = $13300.00 in additional tax that you would owe on the sale of your house since it is not your primary residence.

If you are married then your annual income can be up to $250,000 before you have to pay the new tax. Also you are allowed $500,000 for a exemption on sale of your primary residence.

Let’s say you are maried and your annual income is over $250000 and you sell your house that is your primary residence for $700,000 You bought the house for $100,000 and sold it for $700,000 you would see a net profit of $600,000. Because this is your primary residence you get an additional $500,000 exemption. That would make $100,000 that is taxable at the 3.8%. That would = $3800.00 in additional tax that you would owe on the sale of your house.

The same scenario above except this is not your primary residence then you would have to pay the 3.8% tax on the $600,000 since you would not qualify for the additional $500,000 exemption. That would make $600,000 that is taxable at the 3.8%. That would = $ 22800.00 in additional Medicare tax that you would owe on the sale of your house since it is not your primary residence.

These scenarios do not take into account your other income and deductions, if you feel this is going to apply to you in the sale real estate. You need to consult with a professional that knows you financial status and who can give you advice on how to proceed.

This post is based on my opinion and what I have read. I am not a Lawyer or an Accountant. If you think this tax affects you then you should seek the opinion of a professional that knows the law and your financial status on this matter.

The following link contains a PDF file that will help explain the new law.
Congressional Health Care Caucus

Miami Beach Appartment For Sale

Miami is a city of beautiful beaches, beautiful people, and of course, beautiful homes. Everywhere you turn you’ll see some of the latest that architecture has to offer. That’s because downtown Miami is a constantly evolving entity that changes with the times. Any landowner that lets themselves fall behind on the latest building design could easily run out of tenants. The Miami Beach area is certainly no exception to this rule. So if you’re looking for a place to live in the area, consider one of the many Miami Beach apartments for sale, as well as the luxury condos that are available.

Location, Location, Location

Whether you’re purchasing an apartment to rent it out to others or using it as your winter headquarters, a luxury condo for sale in Miami Beach is the perfect spot for your purchase. With major ports surrounding Miami, as well as beautiful weather, you can use Miami as the perfect outlet for the rest of your travels, or as just a getaway spot when the everyday hassles of life get to you. Miami Beach is a major tourist destination, and for good reason. With crystal clear waters and white sand, you’ll want to be here every day.

It’s All about Resale Value

When you purchase Miami Beach apartments for sale, you hold onto them for an extended amount of time with the hopes that their value will exponentially increase. This investment practice might be tried across the country, but no other city offers the growth that Miami does. When you invest in the Miami Beach area, you can easily see good returns on your investment, even after only few years of ownership. With growth showing no signs of slowing down, Miami is the perfect area to invest in for the future when you’re looking to purchase apartments for sale.

The Best Chance to Rent Out

When you purchase Miami Beach apartments for rent, you want to make sure that you’re able to rent them out. With such a large tourist market, you’ll have no trouble making sure that you get top dollar from your tenants. Even with the amazing amount of real estate that’s available in Miami Beach, there is still an extremely high demand that needs to be met, which means that your investment will win no matter what.

Miami currently supports a very good rental market; this allows some investors to purchase a condo and start getting a return on there investment.

If you are thinking about purchasing a Miami Beach luxury condo check out our current listings.

Miami Investment Property listings

Miami Investment knows Miami Beach condo and South Beach condo market. Let one of our specialist’s help you find the Miami Beach condo or South Beach condo or home you are looking for.

Whether you want to be close enough to the beaches to be the first in the water with your surfboard or you’re looking or the most scenic views that Florida has to offer, South Pointe Tower luxury condominium is one of the great condominium buildings on South Beach. See for yourself, contact Miami Investment Property at 1-800-303-7253 – this is not an opportunity to be missed.

Real Estate Prices are up in Miami Beach!

Real estate prices for Miami are up 7.4% from a year ago according to Case & Shiller. That covers all real estate in Miami.

If you look at the Luxury Condos sales on Miami Beach you will see in some cases that the increase is better than the 7.4%. There are many factors in the prices on Miami Beach.

Miami Beach attracts buyers form all over the world; depending on the value of the dollar it can make real estate in Miami Beach very attractive to the foreign investor. You also have the law of supply and demand that can drive the price of Miami Beach condos up. If a popular building only has a few units for sale sometimes you will see buyers willing to pay above the selling price.

Many of your luxury condo buyers are in the position to pay cash for a condo, they don’t have to deal with bank financing. This causes the good deals to sell faster so people tend be a little more aggressive when trying to buy some luxury condos.

Miami currently supports a very good rental market; this allows some investors to purchase a condo and start getting a return on there investment.

If you are thinking about purchasing a Miami Beach luxury condo the time is right.

Miami Investment knows Miami Beach condo and South Beach condo market. Let one of our specialist’s help you find the Miami Beach condo or South Beach condo or home you are looking for.

Whether you want to be close enough to the beaches to be the first in the water with your surfboard or you’re looking or the most scenic views that Florida has to offer, South Pointe Tower luxury condominium is one of the great condominium buildings on South Beach. See for yourself, contact Miami Investment Property at 1-800-303-7253 – this is not an opportunity to be missed.

Michael Feuling knows Icon Condos on South Beach

Michael has been selling Miami Beach condos and South Beach condos for a long time. Michael knows Miami Beach condos and South Beach condos. When you own or live in a condo building that makes you a specialist about that building. You know a little more about that building than a lot of real estate agents know. You know a little more of the history of the building. You know the details of that building. Your opinion about that building is more valuable. Michael knows Icon Condo.

If you want the inside information on Icon Condo or any other condo on Miami Beach give Michael Feuling a call. Michael would love to talk to you about Icon Condo, or drop by and see Michael our office is located in the Cosmopolitan.
(110 Washington Ave. #CU1)

Miami Investment knows Miami Beach condo and South Beach condo market. Let one of our specialist’s help you find the Miami Beach condo or South Beach condo or home you are looking for.

Whether you want to be close enough to the beaches to be the first in the water with your surfboard or you’re looking or the most scenic views that Florida has to offer, South Pointe Tower luxury condominium is one of the great condominium buildings on South Beach. See for yourself, contact Miami Investment Property at 1-800-303-7253 – this is not an opportunity to be missed.

Portofino Towers Specialist

Colin has been selling real estate on Miami Beach and South Beach for a long time. Colin knows Miami Beach real estate and South Beach real estate. When you own or live in a condo building that makes you a specialist about that building. You know a little more about that building than a lot of real estate agents know. You know a little more of the history of the building. You know the good and bad about the building. Your opinion about that building is more valuable. Colin knows Portofino Tower.

If you want the inside information on Portofino Tower or any other condo on Miami Beach give Colin a call. Colin would love to talk to you about Portofino Tower condo, or drop by and see Colin our office is located in the Cosmopolitan.
(110 Washington Ave. #CU1)

Miami Investment knows Miami Beach condo and South Beach condo market. Let one of our specialist’s help you find the Miami Beach condo or South Beach condo or home you are looking for.

Whether you want to be close enough to the beaches to be the first in the water with your surfboard or you’re looking or the most scenic views that Florida has to offer, South Pointe Tower luxury condominium is one of the great condominium buildings on South Beach. See for yourself, contact Miami Investment Property at 1-800-303-7253 – this is not an opportunity to be missed.

South Pointe Tower specialist Ed Cimino

Ed has been selling real estate on Miami Beach and South Beach for years now. Ed knows Miami Beach real estate and South Beach real estate. When you own or live in a condo building that makes you a specialist about that building. You know a little more about that building than a lot of real estate agents know. You know a little more of the history of the building. You know the good and bad about the building. Your opinion about that building is more valuable. Ed knows South Pointe Tower.

If you want the inside information on South Pointe Tower or any other condo on Miami Beach give Ed a call. Ed would love to talk to you about South Pointe Tower condo, or drop by and see ED our office is located in the Cosmopolitan.
(110 Washington Ave. #CU1)

Miami Investment knows Miami Beach condo and South Beach condo market. Let one of our specialist’s help you find the Miami Beach condo or South Beach condo or home you are looking for.

Whether you want to be close enough to the beaches to be the first in the water with your surfboard or you’re looking or the most scenic views that Florida has to offer, South Pointe Tower luxury condominium is one of the great condominium buildings on South Beach. See for yourself, contact Miami Investment Property at 1-800-303-7253 – this is not an opportunity to be missed.

Continuum and Cosmopolitan Real Estate Specialist!

I have been selling real estate in Miami and Miami Beach since 2001, I know the Miami and Miami Beach real estate market very well. I have owned and lived in Continuum I, Continuum II and the Cosmopolitan on South Beach. If you are thinking about buying a condo in one of those buildings stop by and talk a specialist. I would love to talk to you about the Continuum or Cosmopolitam condo.

Our office is located in the Cosmopolitan and minutes from the Continuum buildings. Miami Investment knows Miami Beach condo and South Beach condo market. Let one of our specialist help you find the Miami Beach condo or South Beach condo or home you are looking for.

Whether you want to be close enough to the beaches to be the first in the water with your surfboard or you’re looking or the most scenic views that Florida has to offer, Continuum and Cosmopolitam luxury condominiums are the ultimate residence. To secure your spot today, contact Miami Investment Property at 1-800-303-7253 – this is not an opportunity to be missed.

Stressed out on South Beach?

“Stressed out on South Beach?” The weather from this past weekend got you stressed out. Take a break, go see some of the other wonders of South Florida. Big Cypress National Preserve is hosting

Artist-In-Residence Art Demonstration Series

On September 3, 2012, Current Artist-In-Residence Pippin Frisbie-Calder will hold a workshop demonstrating her artistic medium and techniques.
Watch her demonstration and then explore her art, trying your hand at woodcut printing. Stop by Oasis Visitor Center, 52105 Tamiami Trail East, Ochopee, FL anytime between 10:00 am to 1:00 pm.

Regarding her work, Pippin says: “Woodcarving is the process of creating a relief through removing wood that would otherwise print as a solid, so that it prints as negative space. The inability to create tone in woodcut leaves a very graphic result, similar to the ink drawings of comic artists. This image is then inked and printed onto paper, where it will print as the reverse of the woodcut. The process of woodcut has been used throughout history in broadsides, as the first public means of distributing information. Then mastered through Hokasai’s subtle touches in Japanese art and brought to large-scale proportions in current projects such as Swoons massive graffiti installations.”

The Art Demonstration Series offers a chance for the visitor to learn more about how our Artist-In-Residence create their works of art, while at the Preserve.

Break away from South Beach for the day, connect with nature, leave the fast pace and stress behind. This is the beauty of living in South Beach there are so many things to do. Beaches, boating, fishing, night clubs, fine dining, and sports.

Here is a link to Big Cypress National Preserve so you can see what it has to offer.

South Beach Condos for sale.

“What’s available for sale in South Beach” A few customers said that they liked the South of Fifth post with the South of Fifth listings. I thought it might be a nice idea to do the same thing for the South Beach condos. What’s for sale on South Beach (SoBe)? Most people agree that South Beach runs from Dade Boulevard from Lincoln Road to Dade Boulevard and 23rd Street on the North, and down to the southern tip of Miami Beach.

Here is a list of the South Beach condo buildings that Miami Investment Property recommends. Many of our real estate agents live in South Beach, they know South Beach very well. They know what’s available on the market. Contact one of our real estate specialists to help you find your dream home.

  • 200 Ocean Drive
  • Absolut Lofts
  • Apogee
  • Bentely Bay North
  • Bentely Bay South
  • Bentely Beach Condo
  • Capri Condo
  • Continuum South Condo
  • Continuum North Condo
  • Cosmopolitan
  • The Courts
  • Decoplage
  • Floridian
  • Grand Venetian
  • Icon South Beach
  • Il Villaggio
  • Ilona Lofts
  • Mondrian South Beach
  • Murano at Portofino Beach
  • Murano Grande
  • Nine Island
  • Ocean House
  • Ocean Place East
  • Portofino Towers
  • Roney Palace
  • Setai
  • Sundance Lofts
  • Buying real estate property in Miami is not always an option and our investment agents can help you with Miami rental property. Renting fully furnished Miami condos is a great alternative to a “for sale” property and less time commitment. Rental properties on Miami Beach are great for vacationing or winter getaways. Miami Investment Property is your full services Miami real estate agency.

    Call Miami Investment Property today for Miami and Miami Beach real estate properties at 800-303-7253.>