Morris Massre's Blog

Thoughts on South Florida Realty and the Planet in General

New Construction in Israel

I know what you are thinking. And no, what you see happening on CNN, Fox, etc. is truly NOT the face of Israel. As a matter of fact, the real estate business there is booming and there is no bubble because banks lend little, if any, money for residential sales. In fact, most of the buyers of the new projects on the Mediterranean are foreigners. Citizens of the country have to actually win the lottery just to buy a home.

Do not let threats from Iran or any of the other wacky Arab countries deter you from investing in Israel. I have been there four times and have never felt threatened. I actually find it to be quite a lovely and relaxing country that is incredibly friendly towards Americans especially. Getting around is a snap as everyone speaks English and all signage is in four languages. The security at all levels there is unmatched anywhere in the world. Why? Because there are no politically offensive or incorrect messages or policies that the federal government cares about using. Security is paramount and if you do not like the steps taken to ensure that, you can leave. We as a country can learn from that.

This brings me to my real estate point. If you like Miami Beach or Brickell, this is for you. The architecture is very similar with the art deco look,  and the amenities spectacular. But the best part of this project, Aviv, are the views of the Mediterranean. Underground parking abounds as well. This is about a two year project and deposit are being taken here with me at Fortune International Realty.  All contracts are assignable as well. 

Tel Aviv New

This building in particular is six floors with retail on the ground level and a garden area on the roof with shared “safe rooms” for everyone.  I liken these rooms to those of Americans in the 1950’s who had a bomb shelter in their back yard.  You can never be too safe in the government’s eyes.  Parking is underground and the beach is a ten minute walk.  Contact me at 954-214-6014 for additional detailed information.

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Understanding Florida’s Landlord/Tenant Act

This nifty little disclosure has literally gone from two pages to eleven overnight.  What once was used simply to protect the tenant from losing his or her security deposit has now gone to protecting both sides.  Afterall, landlords seemed to be getting the short end of the stick on this one time and again, espcially with all of the tenants refusing to pay rent in the event of foreclosure, short sale, or even a simple modification. 

I have since come to find out that a rental agreement between a landlord and tenant and an agreement between landlord and bank are two different things and should be treated as such.  Just because a landlord may not be making his or her mortgage payments does not relieve you of your duty to pay rent as stated in your lease.  It is your duty or your agent’s to check on the property’s status beforehand.  Why get yourself into something that is already in trouble?

But it gets better.  Included in the Act are both sides obligation to maintain the unit, the landlord’s access to the unit, termination of an agreement, holding over, prohibited practices, and my favorite, choice of remedies upon breach or early termination by tenant.  This last one has been ignored forever, but now a landlord can charge for liquidated damages for either in the amount of two month’s rent. 

Is that fair?  Absolutely.  My advice to all tenants now is to read every page of this act before signing a lease in the state.  It is so much more detailed and goes beyond the scope of a simple security deposit.  That is provided your agent gives you one.  Be sure and always ask for the landlord/tenant act before signing a lease in Florida, whether it’s from an agent or a by owner.

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Landlord/Tenant Responsibilities

Anyone out there acting as a realtor or those practicing leasing on their own should know this;  tenants will always try to get away with as much as possible on a lease agreement simply because they either do not trust the landlord or just want control.  One of my favorites is when a tenant will want a clause written in a lease where they have the ability to repair anything that breaks down and bill it to the landlord. 

This is taboo as far as I am concerned.  It pretty much leads to the tenant simply calling anyone they wish to in the phonebook without a care as to how much it’s going to cost.  Most landlords, at least the experienced ones, always have someone that they work with that won’t rape and pillage them for a repair.  That is why this should never be allowed by a tenant. 

On the other hand, if you have a deadbeat landlord that never repairs anything, that’s another story.  But how is one to know that?  That is where your agent comes in.  If I had a landlord that I knew was a deadbeat I would do everything in my power to give the tenant the authority to make the repairs responsibly.  Other than that, your next best bet would be to hire a property manager.  As one myself, I have a handful of vendors that I specifically use for these purposes and because of my constant stream of business I get preferential treatment and prices.  Always look for  these types of clauses in the lease or agreement.

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