As Answered to a client on Trulia Voices:

Dear Nancy

At the closing table don’t forget documentary stamp tax at closing beside attorney, title, mortgage and other misc closing costs as outlined by Bill below. This is all spelled out in your HUD statement that you will receive just prior to closing to review the accuracy of the costs of the transaction.

Once you own it you are going to pay utilities, property tax, mortgage and association dues. When you look at your potential condo purchase review the budget and condition of property to make sure you don’t get a special assessment for renovations, shortfalls (delinquencies) or other such things.

Property taxes vary from city to city as well and the concept of appraisal for taxing purposes and sale value are different so keep an eye on what is called the millage rate for your city.

If you need any other information or want to know where to look just shoot me an email or call and I’ll be happy to help if you need it.

Sincerely,
Adrian



Is Little Havana a good Real Estate Bet?

East Little Havana real estate has depreciated right along with it’s neighbors in Brickell West, The Roads and just about everywhere else.

If you are looking to invest I think you will have to be selective and patient. I have clients who have invested in both the area you are interested in and also around Brickell and Downtown Miami. But, it is also important to know whether you are looking at condos or single family homes as they behave differently in terms of price in this market.

In the case of my clients, they were value investors of real estate and found some very good deals relative to what their financial goals were.

In terms of the area itself it is a mixture of older rehabbed low rise and mid rise buildings mixed in with newer mid rise and low rise buildings that have shown themselves to have some great opportunities for buyers. As you go further East and South (Roads/Coral Way, etc…) you head into the single family home areas.

It is a pretty strong rental market (Condo side) despite the pressure it gets from properties in Brickell West, Brickell and Downtown Miami.

I could go into more detail for you but I would need a better idea of what your specific goals are.

I’m not much of a gambler but I believe in the area and in it’s future prospects.

Hope that was helpful and feel free to contact me if you like.

Best,
Adrian