Law Office of Kimberly A. Abrams & Associates, P.A.
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Residential Real Estate Archives

New development in South Florida

South Florida's residential real estate market seems to be getting more appealing to developers as 22 new projects totaling 4,400 units start to get underway. This does not mean that all of the state's housing troubles are in the past, but it is certainly a very positive turn of events, one that South Florida will likely carry forward well into the future.

Floridians seek loan modifications, politicians say let banks decide

South Florida residents may have paid attention lately to the campaigning politicians who came to Florida and addressed, among other things, the troubles of the state's housing market. Struggling homeowners in Broward County and throughout South Florida are looking for ways to prevent foreclosure or complete a real estate sale without losing their nest eggs. However, the debates may have demonstrated a rather large separation between the needs of struggling homeowners and solutions politicians are proposing.

More South Floridians applying for low-interest mortgages

Buyers and sellers of residential real estate in Broward County will be interested to hear that, for the sixth week in a row, the mortgage loan interest rate averaged less than 4 percent. According to Freddie Mac, the average 30-year fixed-rate loan fell to an all-time low, at 3.89 percent, while the average 15-year rate dropped to 3.16 percent. The result? What you'd expect. More South Floridians have been applying for mortgages to take advantage of low interest rates. However, according to loan officers, personal debt, unemployment and the uncertainty of the current housing market are likely preventing many people from even applying for a mortgage.

More price predictions for Broward County real estate

Over the last few weeks, we've discussed prospective real estate prices in South Florida for 2012 and 2013. While no-one can know for sure what the future holds, paying attention to a wide range of perspectives can help buyers and sellers make informed decisions when it comes to closing on a real estate transaction.

Bank of America settlement: Florida minorities to receive payment

According to a recent decision involving mortgage lender Countrywide (now owned by Bank of America since 2008), over 200,000 African-American and Hispanic loan borrowers could receive between $500 to thousands of dollars in remuneration. A payment of $335 million is meant to settle charges of discrimination stemming from Florida's housing boom. Bank of America will make payments to borrowers nationwide, and thousands of people in South Florida are expected to receive compensation. It is likely that the lender's unfair practices against communities of color led to many needless foreclosures.

Various views on South Florida real estate in 2012

Last week, we touched on some contradictory trends that characterized South Florida real estate in 2011. For many Broward County residents who are seeking to close on a real estate transaction, the statistics reported by the Miami Board of Realtors might be a bit baffling. What, then, can Florida residents expect regarding real estate transactions in 2012?

South Florida real estate characterized by contradictions in 2011

According to a recent sales report by the Miami Association of Realtors, 2011 has been characterized by contradictory trends in South Florida real estate. For example, shrinking inventory and high sales numbers -- two trends that usually result in price appreciation -- occurred alongside low prices due to the market looking ahead to another wave of foreclosures.

Residential and commercial real estate still lagging in Southeast

Most of those who work in commercial real estate in Florida already know the state has seen a dramatic shift downward over the last several years. That fact was recently made clearer, as Federal Reserve Bank of Atlanta President Dennis Lockhart suggested that the economy in the Southeastern United States is lagging behind the overall U.S. recovery because of the region's more severe real estate slump. The slump includes both residential and commercial real estate.

South Florida real estate market rebounds, but foreclosures linger

A foreclosure is one of the most intimidating things that a Fort Lauderdale resident can go through. Millions of Americans have gone through foreclosure since the economic downturn in 2008, and many Broward County residents continue to face foreclosure every day. Broward County residents should not approach a foreclosure with a sense of hopelessness, however, because an experienced Florida real estate attorney can help a homeowner fight a foreclosure.

Residential property values at issue in Brevard County

Florida residents looking to close on a real estate sale may be interested in a property assessment controversy unfolding in Brevard County. In Florida, real estate tax is based on assessed value, so that value plays an important part in determining the annual amount of property taxes to be paid by a homeowner. At issue in Brevard are claims made by the county Property Appraiser, the county Value Adjustment Board (VAB) and the Florida Department of Revenue (DOR). The controversy surrounds a charge of favoritism concerning the appraised value of certain residential real estate in Indialantic. The appraiser has filed a lawsuit against the VAB and the DOR, accusing the VAB of not following the law and the DOR of basically looking the other way.

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