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SOUTH FLORIDA REAL ESTATE MARKET PRICES ON THE RISE

FLORIDA REAL ESTATE LAWYERS

Florida’s real estate housing market experienced extreme growth in September.  September marked new listings, higher median prices, and fewer all-cash closed sales in September, according to the Florida Realtors.

“According to the National Association of Realtors, the national median sales price for existing single-family homes in August 2016 was $242,200.00, up 5.3 percent form the previous year.  Florida also experienced fewer short sales and few cash only sales, making this  year quite different from years before, where short sales and cash sales seemed to dominate the real estate market.”  Florida Realtors October 25, 2016.

Foreclosures are almost a thing of the past, since Florida is back to the mortgage default rates it was at in 2007, before the mortgage crisis.

Low interest rates, currently at 3.46 for a 30 year fixed mortgage, is also helping with the increased real estate market sales.  Buyers are able to obtain better rates, afford their mortgages, and close within 30 days.

At the Law Offices of Jacqueline A. Salcines, PA, attorney Jacqueline Salcines holds a dual degree in Law and Accounting, is a  realtor and has hosted many seminars and lectures on real estate and real estate law.

We have been representing buyers and seller for over 17 years, in their real estate transactions and providing title services.

Allow our experience to go to work for you

Call us today.   305.669.5280 Or visit us as  http://WWW.SALCINESLAW.COM

See why our business is built on referrals and for over 17 years, clients keep coming back and referring their family and friends. 


 

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

SOUTH FLORIDA REAL ESTATE LAWYER

Man is handing a house key to a womanServing clients with Residential, Commercial, and Investment Real Estate Transactions

If you are among the many individuals who has considered acquiring additional commercial or residential properties either to expand your business or generate additional revenue, it is important to understand what goes into this process thoroughly. Real estate acquisitions have several legal procedures that must be followed through carefully, and can require an attorney to ensure that you and the party you are purchasing from both benefit.

Real Estate Transaction Services

  • Purchase and Sale Contract Negotiation and Review
  • Real Estate Closings
  • Commercial Real Estate Acquisition, Development
  • Real Estate Litigation
  • Foreign Investor Services
  • Distressed Property Acquisition and Sales
  • Title Search and Issue Resolution
  • Short Sales

The risks of not having an experienced Real Estate Attorney at your side

There are some individuals who feel that an acquisition, or the obtaining (purchasing) of another property, can be done without attorneys, and while there is no mandate that requires one, these individuals often overlook certain legalities that can cost them greatly. With an experienced real estate attorney you can be sure that these processes are completed as quickly and smoothly as possible.

Government Oversight and Regulations in Real Estate Transactions

Because there are several government agencies that monitor acquisitions, it is in the best interest of any party involved in an acquisition of a property or company, to obtain the services of an experienced attorney. You need to know that there is someone who wants to help look out for your best interests and protect you from making a costly mistake.

Contact us today and allow our knowledge and experience to go to work for you. The first consultation is always free of charge.

About the Author:

Jacqueline A. Salcines, Esq is the Owner and Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Real Estate and Business Law Group. With over 17 years experience as a real estate lawyer, including holding a dual degree in Accounting, her broad knowledge of real estate law serves to aggressively protect and defend our firm’s clients.

Call us today to set up an appointment to discuss your specific needs. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

DUE DILIGENCE IN COMMERCIAL REAL ESTATE TRANSACTIONS

IN SOUTH FLORIDA

Almost all commercial transactions in Florida, whether selling commercial real estate, assets, or real estate with a company, carry with it a Due Diligence period.  Due Diligence on Commercial Real Estate Transactions in Miami is the period of time the buyer, acting in conjunction with their real estate attorney, has to inspect the books and records of the selling company.

Both the Purchaser and the Seller hold certain responsibilities with regard to Due Diligence in Commercial Transactions.

BUYER DUE DILIGENCE

The Buyer’s Due Diligence may include the following:

  • Performance of Physical Inspections of  real property;
  • Mold Inspections;
  • Appliance, Equipment and Machinery Equipment;
  • Review of Sellers books if sale of business is included;
  • If health or food industry, contacting DERM to make sure business or property have no violations that would pass to the new buyer;
  • Lien searches to check for any open liens, violations, code enforcement or building and zoning violations;
  • Title and zoning review to make sure no exception will preclude the buyer from obtaining clear title;
  • Reviewing of any Leases or Assignments of Leases;
  • Inspections of inventory;
  • Fire system inspections
  • Lead Based Paint concerns;
  • Asbestos concerns;
  • ADA Compliance for business

SELLER DUE DILIGENCE

  • Making sure all inspections are coordinated;
  • Making sure all company financial records are provided to buyer, including company records, tax returns, vendor list, client list and any maintenance and utility bills;
  • Seller should disclose whether there is any pending litigation;
  • Making sure any procedures agreed to in the contract are adhered to.

Rather then rushing into a commercial deal that involves due diligence, have a real estate attorney review your contract prior to signing. This will insure that you are protected in commercial real estate transactions.

At the Law Offices of Jacqueline A. Salcines, PA, we are keenly aware of the requirements for commercial real estate transactions and due diligence requirements and deadlines in these commercial real estate transactions.  Don’t delay!  It is imperative that you hire a real estate attorney before you sign any commercial real estate contract.   Allow my team of attorneys and accountants to go to work for you, and advise you before you enter into the Commercial Contract.

About the Author:

Jacqueline A. Salcines, Esq is the Managing Partner of the Law Offices of Jacqueline A. Salcines, P.A. Commercial Real Estate Law Group. With over 17 years experience as a real estate lawyer in the business of real estate, including holding a dual degree in Accounting, her broad knowledge of real estate law and due diligence protects and serves the clients we represent. 

Call us today to set up an appointment to discuss your purchase or sale. We are here for you!

Main office 305 | 669 | 5280. Or email the attorney directly: J.Salcines@Salcineslaw.com

TRUST |  COMMITMENT  | RESULTS

Jacqueline A. Salcines

Jacqueline A. Salcines

JACQUELINE A. SALCINES, ESQ.
706 S. DIXIE HIGHWAY
SECOND FLOOR
CORAL GABLES, FL 33146
TEL. 305 669 5280

Email:  J.Salcines@Salcineslaw.com

 

 

 

South Florida Real EstateYou can’t talk South Florida Real Estate in a vacuum; the industry is too meshed up with the economy in general

Taking a bird’s eye view on where South Florida has been to where it is today, and what factors have contributed to it, helps frame the conversation more intelligently.

All and all South Florida Real Estate and local economy is pretty resilient. Tourism some would say is at the forefront of the recovery, slowly followed by Real Estate and Infrastructure (public works).

Progress is slow, and you could argue too negligible to make a positive mid or long term prognosis.

Tourism has been our bread and butter for some time now.

“According to Smith Travel Research, hotels in metropolitan Miami averaged $200.85 a night in Feb, up 9.2% from the same period a year earlier. By the way compared to New York City hotels avg $188.86 the same month. All Hotels in Broward and Palm Beach rose from a year earlier.”  –daily business review

But why is Tourism such a play for us?

According to Mike Maxwell, director of the real estate development program at the Huizenga School of Business at Nova Southeastern, “we are still a deal”.

It’s true!

If you compare hotel rates in New York, San Francisco and Miami, We ARE a deal! –and at the end of the day you are still in sunny South Florida.

As far as South Florida Real Estate is concerned, according to the Miami Association of Realtors, the median sales price of a single-family home in May was $190,000. This is about a 6 percent increase from a year ago.

The available homes inventory however has shrunk to $11,403 from $16,943 in the same period. There are also still quite a few foreclosures occurring with lots of cash buyers making their moves.

The condo market is rebounding together with the luxury homes sector. Commercial properties in addition to apartment complexes are also going for premium pricing.

So can you find deals out there today?

I think so! –they are not as attractive as they were a year to a year and a half ago. But there are a lot of people still hurting with their bad real estate assets weighing them down. The challenge is the financing.

Banks are still shy, some are lending, but most are waiting for stronger signs of a recovery. According to the FDIC, in the 1st Q of this year bank loan balances shrank by $56 billion.

On the flipside of that coin, there’s a lot of South American money coming into South Florida. For this group South Florida Real Estate and South Florida in general still provides them with a stable infrastructure where to park their cash and grow their real estate assets and business portfolios.

My personal view on our current South Florida Real Estate status and what it means for the average person is:

I’ve always believed South Florida can take the heat! As a community we’ve been through a lot, if we pull together we’ll always do better than if we don’t.

Regarding Real Estate opportunities:

Keep searching… the deals are out there!

I’m presented with opportunities in Real Estate on a weekly basis. It’s all about networking with the right Realtors, Attorneys and Homeowners and keeping a win-win viewpoint throughout the process!

Take care 🙂