Do you need to appeal your property tax bill?

By now, everyone who owns property in either Miami-Dade county or Broward county should have received their Property Tax notice last week. Did your taxes go down? Did your taxes go up? With property values declining across the board, how is it possible that your property taxes have gone up?

There are two components to your Property Tax Notice. First is the ASSESSED VALUE and the second is MILLAGE RATE. The ASSESSED VALUE is where the counties base their tax bills on the “market value” which is the value of comparable properties in your neighborhood as of January 1, of this year. That means if there was a phenomenally low sale last month on a comparable property near yours that closed last month, it will not count until next year. Note that because foreclosure prices closed much lower than “traditional” home closings, the County Appraiser’s office has decided not to include them in their equation. If you want more information on this click http://www.miamidade.gov/pa/exempt_homestead.asp
or if you own property in Broward county go to http://www.bcpa.net/

The MILLAGE RATE – is how the county Property Appraiser determines the value of the property for tax purposes, the local taxing authorities (school board, commissioners, etc.) decide how much money is required to provide services and establish the millage rate . The Property Appraiser’s office does not determine the amount of taxes you pay. The taxes can increase or decrease depending on the millage rate set by the school board, commissioners, cities and other taxing authorities. The assessed value provides the base for this equation.

Therefore even if your property values have gone down (you should check on your notice the market/assessed value columns 2008 vs 2009) the millage rate could have gone up and that would cause an increase in your taxes due.

If you feel your taxes have been assessed wrong you must make a complaint by SEPTEMBER 18, 2009 latest.

In Dade county – click here to appeal
Or in person visit please visit one of their two Offices:
111 NW First St., 8th Floor, in downtown Miami

OR

10710 SW 211 St., 2nd Floor, in Cutler Bay

In Broward County - visit http://www.bcpa.net/ for information

If you own a House – call 954-357-6831
If you own a Condo – call 954-357-6832
If you own Commercial Property – call 954-357-6835

Remember the deadline is only 19 days away so do not delay if you want to appeal.

This blog has been provided as a free service from THE GOLAN TEAM. For all your Real Estate needs whether residential, commercial or investment. Contact us at 786-271-1235 or visit us at http://www.golanteam.com/. Interested in foreclosures – sign up for a free list of foreclosures at http://www.southfloridaluxuryforeclosures.com/ . Interested in subscribing to our blog – visit http://www.southfloridacondosblog,com/ and look for the subscribe box on the right hand side.

Red Light Traffic Cameras causing a Class Action Suit

If you have been driving around Aventura lately especially around the Golf Course you will have seen traffic cameras at almost every intersection. Well those traffic cameras are causing a big ruckus.

The cameras snap a photo of the car’s license plate, then the owners receive a citation in the mail.

Are they legal? Are they illegal?

In the past two weeks, several hundred drivers from throughout the state have joined class action suits filed against Aventura, Miami Gardens, Juno Beach and Orlando. Jason Weisser, an attorney leading this suit says he plans to file a lawsuit against Pembroke Pines, North Miami, Homestead and 16 other local governments in the next two weeks.

Critics have complained that red-light cameras violate driver’s due process and equal protection rights. Earlier this year, two separate lawsuits were filed over their use – one in Aventura and one in the Tampa suburb of Temple Terrace. The Aventura case is scheduled for judgement hearing on Nov 10.

The cities are claiming that the camera deters drivers from running red lights and are preventing accidents and saving lives.

Pembroke Pines Police Chief, Dan Giustino said before they installed the city’s camera at Southwest 129th Avenue and Pines Boulevard went live in April 2008, the City recorded 19 accidents over a 16 month period. Just nine wrecks have occurred over the past 16 months.

What do you think?
Post you comments at http://www.southfloridacondosblog.com/

SOUTH FLORIDA REAL ESTATE BULK DEALS

For the past two years the two buzz terms in Real Estate in South Florida have been “Foreclosure” or “Short Sale”. Buyers looking for deals or to buy below current market value were constantly looking for these two “adjectives” or what The Golan Team calls “qualifiers”. It was amazing there were Buyers out there that literally would only want to see properties with these criteria and then would decide of the choices they saw which one to take.

Now these buzz terms have taken a back seat to the newest buzz in the Real Estate world “BULK SALE”. A Bulk Sale is defined as an investor lead individual or group that purchases a group or Bulk of units ranging in numbers from a low quantity such as 10 units to 500+ units at a discounted rate. They are usually purchasing from the Developer units that either were never sold or were sold and not closed (due to lack of financing) and returned to the Developer. Some of these Bulk Deals are also being negotiated directly with Lenders who are looking to Foreclose on other Developers or on complexes that are in default. The Bulk deals are almost always "ALL CASH" scenarios. After the deal closes there are opportunities to obtain some financing.

According to our research over 1700 units have exchanged hands in the past year to year and a half as “Bulk Sales” in our local area (Dade, Broward, Palm Beach counties). Other smaller deals if included (smaller we classify as 10 or less) can take this number even higher.

Some of the highlight deals include:

1) July 2008 - 50 Biscayne (Downtown Miami, FL) – 146 units sold to a group of investors from Philadelphia (Lubert-Adler Partners LP) who joined Related group (the Developer) in this bulk sales @ $246/ft. ($36.4m) Shortly after closing they sold 10 units $367/ft.


2) January 2009 - Harbour House, Bal Harbour – a consortium of Related investors paid $277/ft for 101 units. Total purchase price was $27m. (Note the Related Group was said to have raised $1 billion in a consortium just to buy Bulk Sale Condo opportunities).

3) July 2009 - A South Florida private equity group, Elcom Condominium LLC paid $2.6 million to purchase 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex – Regent (now called Bal Harbour Hotel) and another $12 million for 67,031 square feet of hotel common areas and land. (This equates to approximately $135/ft average for the common area and hotel compared to the average selling price of $1100/ft that the Developer WCI Communities charged Buyers for preconstruction pricing at the One Bal Harbour Regent Hotel project.) Interesting to note, the day after this Bulk deal went through, the Regent Hotel chain pulled out of their contract to run the hotel. There are a total of 124 hotel condo units in the Regent/Bal Harbour Hotel.


Now there are two Bulk deals arising that are of interest

1) WCI Communities – the builder of the One Bal Harbour/Regent Bal Harbour project, is seeking court approval to hold a September 22, 2009 auction for its Pompano Beach condo complex. Currently a New York based company, Chetrit Group LLC is bidding $46.7 million. According to the Miami Herald , WCI Communities and it’s chairman, billionaire investor, Carl Icahn wants this $46.7m bid to be the opening bid at an auction A September 2, hearing has been requested for court approval of the auction proceedings. The Chetrit Group have been huge players in the Real Estate world and have been linked to bids and purchases of such iconic structures as the Sears Tower in Chicago ($840m sale), Roney Palace in Miami Beach (bid was $150m) and various iconic buildings in Manhattan.

2) The Related Group of Florida (whose iconic Condo King head is Jorge Perez easily the most recognizable name in South Florida Real Estate) associate company, New York Developer, Related Cos and the Lubert-Adler Partners LP of Philadelphia (you will recognize their name from the purchase of Bulk units at 50 Biscayne in Downtown Miami) have teamed up to bid on the assets of condo lender Chicago based, Corus Bank. A sale could be weeks away though according to the Wall Street Journal there are up to three other key bidders for these assets. Some of the most prominent condo projects in South Florida: Jade Beach and Jade Ocean Condominiums in Sunny Isles Beach, FL, the Trump International Hotel and Tower in Fort Lauderdale and Edge Condominium in West Palm Beach. All in all the assets could be as high as 6,400 condo units in South Florida.

The Golan Team are working with investors interested in purchasing Bulk Deals particularly on Oceanfront properties and Downtown Miami/Brickell area. We have identified several key opportunities for purchase. If you are interested, please contact us at 786-333-6200 or send an email with your requirements and preferences to debra@golanteam.com

Sunny Isles Beach building a four acre multi-use facility

Attention Sunny Isles Beach Residents (or future residents) – there is a fantastic new addition coming to this wonderful oceanfront community.

Construction for the brand new Heritage Park located at 19250 Collins Avenue will begin in about two weeks. Plans include a multi-use parking garage and a three-acre park. The space will feature a dog park, exercise trail, gazebo, basketball court, two tot-lots, a 500-space parking garage with office space, large green space and a picturesque entrance that will contain historical information and signage.

“I think it's going to be the gem of the city and truly magnificent,'' said City Manager Rick Conner said. He continued, ”There will be plenty of space for kids to run, throw a ball or play catch,''

The parking garage is scheduled for completion in June 2010, while the park is scheduled for completion by August 2010.

The Golan Team will keep you up to date with details on the construction. If you are interested in purchasing property in Sunny Isles Beach email us at info@golanteam.com

Buying a Property in South Florida - Weighing your options

There are so many Real Estate topics to write about that a blog can be a full time job!! With the information technology that exists whether you are a Realtor, a Buyer, a Seller or an Investor, there are literally thousands of articles, blogs, comments or sources one can turn too to educate or confuse (LOL) you more!!!

Real Estate is definitely changing and in my opinion, becoming more and more accountable. Buyers are not just buying “what they like” they are using more “scientific” methods to determine which property to purchase.

Case in point, we have been working with a Buyer over the last few weeks who came to Florida with his wife on a “property buying trip”. We spent two days appealing to their “senses” and showed them a variety of oceanfront condos from Bal Harbour across Sunny Isles Beach and up to Hallandale Beach. During this time all their decisions and comments were based on what they saw and what appealed to their physical senses. We needed this process to occur as it helps us determine where they want to live. At the end of this search, we finally settled on one particular building that answered their needs vis a vie to location & amenities. Now we reached the point of selecting a unit to make an offer on.

In the past at this point of beginning the process of making an offer, is when I am used to hearing all about the various aspects of one particular unit that wins over another unit. It could be the choice of flooring, a custom closet, particular lighting etc etc etc. Again, it is a continuation of the process of using their "senses" to purchase. However, in this situation and we are finding the same with a lot of the Buyers we are working with, this is not the case.

It has come down to Price per Square Foot or (PSF). The Price per Square Foot is calculated by taking the asking price and dividing it by the interior (under air) square footage of a property. For example if a property is asking $1,000,000 and is 2,000 sf under air (balconies or garages do not count in this equation), the PSF is $500/ft. I want to add two caveats here. The first is when one is getting ready to buy Real Estate you should look at not only the asking price/foot but also the closed sales prices/ft. Many times this number can be vastly different. The second point that I want to make is regarding quality and finishes. You will pay more PSF for a finished condo on the Ocean then a “Decorator Ready” unit (one that needs flooring, paint etc) and this should be factored in to your PSF. Always make sure you are comparing “like” properties in your analysis.

You should be aware of this especially if you are purchasing a property including financing. An appraiser only uses comparables of sold properties. So even if a property looks like “a great deal” and is priced much lower than competitive ones, check and ask what the sold comparables are and then judge if you have found that “great deal”. The properties that are moving and selling in this market are the ones that have priced themselves correctly against recent closed sales.

Foreclosure properties – those owned by the bank are mostly always priced below the last closed sale comparable. If you are interested in receiving a weekly list (for free) of all luxury foreclosures please subscribe here http://www.southfloridaluxuryforeclosures.com/

Sunny Isles Beach, Florida - Ocean III Unbelievable Buying Opportunity

The Golan Team (786-271-1235) are proud to present for sale at Ocean III in Sunny Isles Beach, Florida, this 3 bed 4.5 bath Oceanfront flowthrough residence on the 23rd floor with Direct Ocean & Intracoastal Views. From a private elevator enter directly into your private foyer. A separate laundry room is located just off this entrance. A double door entry leads into this magnificent residence that is almost 2700 sf under air. This condo features 3/4" mahogany floors throughout the living areas and bedrooms + marble in the kitchen and baths. The master suite includes his and her outfitted custom closets, his and her baths and a bedroom with direct ocean views. The kitchen features Miele and Subzero Appliances. The owners of this unit are the original owners but only used the apartment for a few months so you will see even the oven is brand new and never been used!!! Each bedroom has stunning views of the Ocean or the Intracoastal. They are all very spacious size rooms and feature en-suite bathrooms. Enjoy sunrises and sunsets from two very spacious balconies that can fit table, chairs, outdoor beds and lounge chairs. The views are magnificent and unobstructed. Just check out the pics below!!!

Ocean III is located on the upper end of Sunny Isles Beach. It is a beautiful building and amenities include a 2 story lobby, concierge, valet, gym, pool, full beach service, café restaurant, roof top spa and sun deck, party room, billiards and an Oceanside tennis court.

This residence was just reduced to $991,350 and is an excellent buy in this market. It is also not a short sale, so you can be rest assured for a quick response from the Seller and a quick closing if you desire.



Enjoy Roof Top Jacuzzi & Party Room

Living Room with Stunning Ocean Views Stunning Bay Views from Dining

Room, Kitchen & 2nd Bedroom


Elegant 2 story lobby & Concierge

IF YOU ARE INTERESTED IN SCHEDULING AN APPOINTMENT CALL 786-271-1235

SNOWBIRDS - BEWARE OF SCAM ARTISTS TARGETING RENTAL PROPERTY LISTINGS

Are you a snowbird looking to rent an apartment in South Florida for the winter?

If so, you must read this article….

BEWARE OF SCAM ARTISTS TARGETING RENTAL PROPERTY LISTINGS

According to the Florida Association of Realtors® (FAR), there are
scam artists out there targeting rental property listings. This scam is happening statewide. “This is happening everywhere, including Canada and in many different countries,” writes Jon Lioncourt, an administrative assistant with a Property Management company in Jacksonville, Florida. “Our listings have been copied onto Craigslist for quite some time. It is reported to IC3, a government Internet watchdog that forwards info to the proper authorities, such as the CIA and FBI.”

In the scam, criminals fraudulently lift legitimate rental property data from listings, change the contact phone numbers and/or email addresses, and advertise the rental on Craigslist. The criminals charge below-market rates and require one month’s deposit and one month’s security. Consumers, attracted by the low rate, complete the deal online even without access to the property.According to Lioncourt, the fraudulent ads sometimes list his name and ask the “renters” to send their money oversees.

"It’s not unusual, he says, for these people to later contact the rental agency and demand a refund of their money, even though the agency had nothing to do with the deal. “After all, Realtors are being scammed too,” Lioncourt says.

Donna Fries, a Panama City Beach Realtor, says the scam operates in her area too. She says the fraudulent ad uses the real owner’s name or the Realtor’s name, but a contact method that goes only to the criminals.She offers the following suggestions for detecting the scam: "The Craigslist ad is a carbon copy of the original ad with correct spelling, good English and a photo. Follow-up email responses, however, usually have incorrect spelling and awkward English."

She continues, "Scammers offer rental prices up to 40 percent below actual value, making it an attractive deal. If potential renters see identical ads in different locations with different prices, the lower-priced one is probably a scam. Criminals ask for deposit and rent money to be sent by Western Union or another method that works like cash, and it usually can’t be tracked or refunded. Many times, they use a foreign phone calling card that cannot be traced."

According to Lioncourt, criminals usually have an excuse for not showing the home’s interior, such as a sudden overseas assignment that is keeping them out of the country. Lioncourt offers one more word of warning, "Criminals may ask to see a rental and while doing so, make a copy of the key. After that, they might go so far as to show the property and even offer fake documents for the potential renter to sign. Phone calls are made from a pay-as-you-go cell phone that the criminals can throw away after they receive the money."

People who discover a potential scam can contact the local sheriff’s office and file a report, the IC3 (Internet Crime Complaint Center) (http://www.ic3.gov), or any other law enforcement office.

If you are looking on line at a winter rental, we urge you to contact a Realtor you know in the area where you want to rent, and work with them. If you don't know one, ask friends for a reference. If you see one of these types of ads that sound too good to be true, think twice and check it out. You can verify any Realtors name by clicking here - verify a Realtor's license (just make in the License Category you click - Real Estate).

You can also go to http://www.realtor.com/ and check out the listing directly with the listing agent to verify if the information (including contact name and number) you found is correct. Please do your due diligence as if you do fall for this scam, you will never see your deposits again and worse not have a place to spend the winter. If you are looking for winter rentals (minimum 4-6 months) in South Beach, Miami Beach, Bal Harbour, Sunny Isles Beach, Aventura, Hallandale, Hollywood or Fort Lauderdale contact the Golan Team at 786-271-1235.