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The Miami-Dade region has been regarded by many to be the epicenter of Florida's mortgage foreclosure crisis.

In a survey done in 2007 by Money Magazine, it listed 33,160 foreclosures, including those in all of Sunny Isles and Golden Beach, and in some small areas of Aventura and North Miami Beach, and ranked it as the area with the most number of foreclosures in Florida, placing second only to Atlanta in the southeastern United States. The Money Magazine durvey also states that North Miami-Dade zip code even entered the national top 20, with having 480 foreclosures filed in the first half of this year.

Foreclosure Levels In Other Areas Of Miami-Dade

The Money Magazine analysis also stated that other local zip codes which made the nation's top 500 in terms of foreclosure activity, included parts of Brickell, a patch of unincorporated area south of Metrozoo, South Beach, and Homestead. The state of Florida has 72 zip codes included on the list, and most of them are located in South Florida. In June the region had 2175 foreclosure filings.

That was up 167 percent from the same month last year. Sunny Isles Beach was once anything but. The area was founded in 1920 by Harvey B. Graves, and notable places like the Marco Polo, the Aztec, the Waikiki, the Dunes, the Driftwood and a dozen other places, have long been razed down and replaced with high-rise condos and towers.

Peter Zalewski, the man who founded the research firm Condo Vultures in March 2006 to help investors capitalize on the condo glut, notes that Sunny Isles Beach and neighboring communities are "filled with speculators who went in with no intention of staying, and now they're desperate to get out." More than 30 of the most expensive 100 foreclosures in Northeast Miami-Dade are in Sunny Isles, according to Condo Vultures statistics.

How Politicians And Analysts In The Area View The Mortgage Crisis

Most of the region's politicians are pointing the accusing finger elsewhere. According to the mayor of Sunny Isles, he sees little evidence of a high foreclosure rate, and adds that "If it's not oceanside, it's taking longer to sell, but I don't really know where it's occurring," He also adds that "perhaps the foreclosures are taking place in the Eastern Shores area, which is in North Miami Beach, or other parts of the zip code. The mayor of North Miami Beach, Raymond Marin, also added that “that's not the case, as most foreclosures would be occurring in Sunny Isles Beach and Aventura," But that was a different time.

The situation in Sunny Isles Beach, according to local real estate analyst Jack McCabe, "is a great metaphor for the correcting market and for the kind of speculation that's been going on. It hasn't even started yet. He adds that “these foreclosures are going to multiply as the new buildings are being finished, as we all know that Miami is the most overbuilt condo market in the country."

Longboat Key is barrier island located off the coast of Sarasota, Florida.

Its sugar-white beaches are famous tourist destinations, along with the area's manicured lawns, southern architecture, and crystal waters. This barrier island is a tropical vision of understated elegance, according to observers, and offers a wide array of wonderful real options for home buyers.

Recent Condo Sale Prices Keep Market Watchers Hopeful

Recently, the area got good news; that the owners of the Longboat Key Club and Resort are preparing to invest $500 million over the next several years to revive the famous tourist destination. Recently as well, local real estate brokers announced that two condos on this key sold for what represented the highest price per square foot for condos in the last six months.

A local broker, Judy Kepecz-Hays of Coldwell Banker Residential Real Estate Inc. sold a condo unit at En Provence for $3.3 million and another at Sanctuary for a total of $5.5 million. Local realtors have said that they have been seeing signs such as the sale of the two condos, of a rebounding real estate market. The local real estate brokers attributed the sales prices to the condos’ locations and a fine-tuning of the gap that exists in perception of value between the parties to reach a value acceptable to both.

Area Voters Approve Building Of More Hotels & Better Rules For Condo Development

Voters in this lovely island also recently approved keeping a commissioner, as well as in endorsing the notions of getting more hotel rooms and making it easier to rebuild condos. The approval of these measures have been viewed as a chance for the Key to recapture tourists and keep afloat the owners of small businesses and restaurants. Incumbent commissioner Bob Siekmann won over newcomer Gene Jaleski and won a second term on the Town Commission.

The commissioner said that a major property tax overhaul was the town's biggest concern. The rollback, Siekmann noted, could cost Longboat Key considerable revenue, which means that the town has to figure out where to cut services. A few years ago, the hotel market here changed, and it became more appetizing for developers to sell their valuable beachfront properties and cut out of the business altogether.

As a result, the town lost resort space and it struggled to keep pace with other beach spots on the Gulf coast. Adamant supporters of the ballot proposals have said that the commercial market in town is badly eroded, and the high-end tourists who once flocked to Longboat Key are looking elsewhere. Many viewed that the market drove a lot of these mom-and-pop hotels out of here, and the area saw a considerable decrease in tourism because of that. The approvals of the referendum questions serve as a way to bring them back, note supporters.

The area's electorate also amended the charter to make town election schedules consistent with state law. In addition, two proposals regarding development also passed in the recent referendum. The first measure would allow multi-unit properties like condos and hotels, to rebuild at their original densities rather than under the current code. The second measure allows for the opening of 250 more hotel rooms.

The city of Aventura is located in northeastern Miami-Dade County. The city has a population of around 30,027 residents,and was named "Aventura" because it was the name of one of the earliest condominium developments in the area.

The city was initially developed in the late 1970s and into the 80s as a high-rise residential area by Oxford Development Company. Before that, the area was mostly swampland and was known as "Biscayne Gardens".

Today, the area is a fully-developed urban enclave, with all the amenities of a large and modern city and has a healthy offering of luxury and middle-class real estate developments. Those wishing to buy homes in the area need to know that majority of the real estate offerings here consist of high-rise condominiums, and the smaller piece of the market is filled up by multi-family homes and waterfront estates.

The Condominium Market Is Thriving Here

Condominiums in this city take many shapes and forms, either as attached townhouses, warehouse lofts, high-rise apartments, or others. Basically, a condo adheres to two basic principles: first, each owner owns the interior of their unit and a portion of everything else from the roof and exterior walls to any communal facilities. Second, all unit owners pay dues to fund a homeowner’s association that handles services like maintenance, common-area repairs, insurance, and unpleasant surprises. Most o the real estate developments here consist of high-rise condo developments, and the market here has been booming since the early developments o th elate 70's.

For some condo buyers especially those who do not have kids and couples without kids, these residential types serve as an excellent choice. These residential choices tend be more affordable because they offer residents lower construction costs and shared expenses. Condos also require less maintenance and often have a wide range of amenities that few of us could afford on our own. The downside to owning one however, is that there would be noise, less privacy, and possibly less appreciation when you’re ready to sell them in a few years.

Factors To Consider When Buying Condos Here

- Check The Area's Economic Stability

In general, a healthy mix of residential neighborhoods (property taxes) and businesses usually sets the stage for vibrant, well-funded and thriving communities. On the other hand, boarded-up storefronts, a major employer with an uncertain future, and/or lots of For Sale signs all serve as a warning of a community in decline. Areas that have colleges and government industries are considered to be more stable.

- What Area Amenities Are Present?

In looking for the right place to buy a condo, ask yourself questions like, are there nearby parks and open spaces or chic shops and trendy restaurants? Is your condo in close proximity to libraries, grocery stores, fitness centers or a community center that has all of the above? The best way to find out would be to get a car, drive around and ask the locals what they like and don't like about the area.

- Check Your Commute Time

It's a fact that life could be more frustrating when you ind out that a 15-mile commute to work would actually take an hour on each way, five days a week. In checking exactly how long would it take or you to commute to and from work, drive a few times, for example at 5 p.m. on a rainy day, and ensure your commute doesn't put your blood pressure levels on the fast track towards road rage.

The conditions in the city of Miami these days have been interesting lately, and despite the predictions of doom, it’s a fact that this surely is a gloomy year, but it won’t be like that for long, according to analysts.

The conditions in the Miami waterfront condo market are not that stellar, as are most markets, as a lot of buyers continue to wait in the sidelines, looking for prices to considerably fall and are waiting for signs that the market is improving.

An Influx Of Overseas Buyers Is Keeping The Market Afloat

According to local property brokers, the area’s condo markets are seeing dramatic increases in the numbers of purchases made by overseas investors, especially by Canadian as well as European buyer, largely because of the weakening of the US dollar, which many note will remain that way well into 2009.

The city’s luxury waterfront market has also yielded surprising results for this year. In the first quarter of 2008, there were 289 luxury condo sales from January 1 through today. Around 112 of these sales have closed, while 177 are in the process of closing. These condo units are located in areas such as Miami, Coconut Grove, Miami Beach, Bal Harbour and Sunny Isles

The 112 closed sales were valued at $195,384,000, or about $1,744,500 per unit. According to brokers, the average selling price was pegged at $554.94/sf.

Tips For Condo Buyers In This Area

Seasoned real estate brokers have a few words of advice for buyers in a down market like today. First, prospective buyers should look for condos wherein the seller bought the unit prior to 2004, this is because the seller will have a lot more space to negotiate as compared to someone who purchased it after 2004. Lastly, buyers should carefully observes for price drops, and forget about trying to buy foreclosures, since many analysts see these buys as more thanoften not good deals, because the banks that took over these properties still need to recover their expenses, which will generally reflect in the selling prices.

Miami Condo Market Predictions For 2008

According to South Florida real estate analysts, for 2008 a lot of significant events will take place, which will help to reshape the area’s property markets. They forecast home prices to fall by at least another 15 percent, and that individual foreclosures will increase 300 percent from last year, when they already soared.

Around half of all new condo buyers this year will walk away from projects by the time they reach completion, and bankruptcies by developers and lenders will escalate further, to the point that they become common. The analysts also predict that a number of lenders, appraisers, and brokers will be indicted for mortgage fraud this year. Lastly, government moves at bailouts and interest rate cuts will be only temporary stop-gap measures, that will not stop but merely delay the coming recession, which many fear will be declared by the third quarter of the year.

Rehabilitating the housing market and bailing out homeowners in danger of foreclosing their homes has become the major concern of politicians, lenders and regulators. The economic stimulus package approved by Congress earlier this year, could slightly help boost home sales in South Florida’s stalled housing market.; however some observers say that it will be of little help for homeowners who are suffering from negative equity and area mired between falling prices and foreclosure. The plan, skeptics say, also won’t help lower and middle income homeowners seek help in a depressed market.

The city of Fort Lauderdale, located in scenic Broward County, Florida, is a thriving and vibrant metropolitan enclave, and is blessed with an economy that has a tableau of diverse services and commercial activity. While the city has successfully retained its small town roots and demeanor, it has also embraced the global economy.

The city's competitive edge in the global context is ensured through improvements in the area's infrastructure and city services, and through the years, the developments have literally paved the way for the balanced modernization and development of the city. This urban center is known for offering an outstanding quality of life, highlighted by a wonderful semi-tropical climate, natural beauty and offering an array of cultural, entertainment, educational and financial amenities.

A Look At The City's Luxury Real Estate Market

For those who are interested in having their own piece of the city's luxury real estate market, here's a quick overview of current luxury property market conditions here.

During the month of March 2008, in Broward County 34 single-family homes were sold at prices ranging from $1,000,000 and above, based on the Southeast Florida Multiple Listing Services (MLS). These homes were sold at final sales prices which ranged between $1,000,000 and $6,450,000. Of the 34 luxury homes sold, 20 were homes that have access to the ocean. The luxury homes recently sold were located in Ft. Lauderdale, Davie, Deerfield Beach, Hallandale, Hollywood, Lighthouse Point, Plantation, and Weston.

These homes were also situated in the subdivisions of Harbour Islands, Birch Park, Coral Key Villas, Coral Ridge Galt, Golden Isles, Harbour Beach, Hawks Landings, Hillsboro Isles, Hollywood Lakes, Lake Estates, Lighthouse Point 4th, Long Lake Ranches, Miele-Simonson Estates, Navarro Isle, Nurmi Isles, Plantation Acres, Stonebrook Estates, The Cove, The Landings, Venetian Isles, Weston Hills, Windmill Ranch Estates, and Windmill Reserve.

This Area Is Seen As A Seller's market At Present

According to regional housing market analysts, the city's housing market is seen to tilt towards being an active sellers market. Homes for sale here usually average around 30 days on the selling block. The city has a limited supply in its housing inventory, average home prices range from $280 to $340,000, which is up by 10% to 15% or more as compared to last year's levels.

The greatest activity here is seen among moving-up and relocating buyers, who are mostly setting their sights on single-family homes; condos and townhomes. Single-family homes are currently the ones selling quickly here, with condos and townhomes in short supply. Anything located on the waterfront is considered as a property market hot spot here, along with the townhomes in Victoria Park.

Having a robust economy and balanced economic climate helps to allow Fort Lauderdale to establish itself as a world-class international business and financial hub, and as one of the most desirable locations for new, expanding or relocating businesses. While formerly known as a tourism-based economy, the city now is able to support a more diverse array of industries, which includes shipping, manufacturing, finance, insurance, real estate, high technology, avionics & aerospace, as well as film and television production.