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Negative Equity Falls In 2nd Quarter

The housing market is finally showing signs of life, with many metropolitan areas having hit the elusive bottom and seeing home value appreciation; however, despite improvements negative equity remains prevalent. According to the Q2 2012 Negative Equity Report, 30.9% of home owners (15.3 million households) with a mortgage are underwater.

Recent home value appreciation in many markets across the US has pushed negative equity levels down from 31.4% in the previous quarter. However, negative equity is still slightly elevated from the Q2 2011 level of 30 percent. In total, underwater home owners owe $1.15 trillion more than their homes’ worth. Over 40 percent of underwater home owners (12.5% of home owners with a mortgage), owe between 1% and 20% more than their home is worth.

Shadow Inventory Falling

On the other end of the spectrum, about 2.2 million underwater home owners (4.5% of home owners with a mortgage) owe more than double what their home is worth. On average, home owners with negative equity owe $75,235 more than what their house is worth, or 43.9% than its current value. While roughly one out of every three home owners with mortgages is underwater, the good news it th eat 90.8% percent of these are current on their mortgage payments.

Deeper analysis of the data has revealed that negative equity has disproportionately affected borrowers under age 40. Nearly half (48%) of home owners with mortgages under the age of 40 are underwater. To calculate negative equity, the estimated value of a home is matched to all outstanding mortgage debt and lines of credit associated with the home, including home equity lines of credit and home equity loans.

Regional Trends

The extent to which U.S. home owners are underwater varies greatly by region. High rates of negative equity have accumulated in hard hit states such as California, Florida, Nevada, Arizona, and where home values have fallen dramatically from their peak. In 36 out of 787 metro statistical areas, more than half of all homes with mortgages are underwater. Among these are larger metros such as Las Vegas (68.5%), Atlanta (54.4%), Orlando (51.9%), Phoenix (51.6%), and Los Angeles (51.2%).

While negative equity makes a household more vulnerable to foreclosure, most home owners in negative equity will not end up in default. The majority of underwater home owners continue to make regular payments on their mortgage, with only 9.2% of underwater home owners being delinquent. This implies that 2.9% of all home owners with a mortgage are at high risk for foreclosure in the near-term.

In terms of historical performance, we saw negative equity significantly decrease in some metropolitan areas while it continued to increase in others. These movements are highly correlated with home value movements. As home values have been aggressively rising in certain areas, negative equity has continued to recede.

Overall Outlook

With unemployment remaining flat or even rising in some parts of the country, negative equity remains a major factor in the housing market as the combination of negative equity and elevated unemployment spawns fresh foreclosures. With evidence of foreclosure starts increasing in parts of the country, even while foreclosure liquidations continue to decline, we do expect this dynamic to put downward pressure on the negative equity rate.

As a result homes with negative equity continue to be foreclosed, sold in short sales, or have their principals reduced in a modification process. Downward pressure on negative equity from ongoing foreclosures processes will be amplified by modest increases in home values over the coming few years.

Home Sales Are Up – Forecasts Points To Increased Sales In 2013

Have you ever wondered what really is going to happen in the house market? Has the market truly hit bottom. I have put together some clear research proving the point that housing is back, and we are clearly going to be on the rise again based on the following:

  • Positive underlying economic factors are helping relieve a pent-up housing demand according to a National Association of Realtors mid-year report.
  • Historically high housing affordability conditions, on-going job creation, a solid stock market recovery, rising rents, increased demand and improving confidence are drawing buyers to the market.

National Housing & Economic Forecast For 2012-2013

 

 

Smart money, largely from investors responding to low home prices and rising rents, are chasing real estate, leading analysts to forecast a potential surge once the broad perception of homeownership changes to that of an appreciating asset. The first two quarters of 2012 were the strongest in five years and pending contracts are pointing to a strong second half of the year.

Existing home sales, which were over 7 million a year before the Great Recession have remained at about the 4 million mark since 2008. Economists forecast 4.6 million in existing home sales in 2012, up strongly from 4.26 million last year. Additional improvements are expected in 2013 with sales rising to the range of 4.7 to 4.8 million on an annualized basis.

Mortgage interest rates are projected to rise gradually over the next two-years to an average of 4.4% in 2013 – still historically favorable. The pressure of rising rents on consumer inflation could force the Federal Reserve to raise interest rates in 2013, which might be good for home sales. Refinancing would fall and bank staff would be able to focus more on mortgage origination for home purchases.

Inflation currently remains under control with the Consumer Price Index expected to rise to 2.5% this year and 2.8% in 2013. Falling commodities prices have provided some relieve on inflationary pressures, however rise rent is forcing up core-inflation. Analysts expect Gross Domestic Product to grow 2.4% this year and 2.9%. in 2013, close to the long-term historical GDP average of 3.0% annually.

The unemployment rated spike up a notch to 8.3% at mid-year because of lackluster job creation. Estimates predict it will remain at or near 8% for most of 2012, even with 1.5 million net new jobs (revised down from 2.2 million) because labor force participation will slightly edge up. Net new jobs are forecast at 2.5 million for 2013 bringing the expected unemployment rate to approximately 7.5%.

Housing starts, which have been well below the long-term average of about 1.5 million, are expected to rise to 770,000 this year from 610,000 in 2011, and to continue growing to over 1 million units in 2013. New single family home sales are seen at 400,000 this year, up from a record low 306,000 in 2011, and rising to 530,000 in 2013. With a growing population, we could see housing shortages in 2014 or 2015 if builders do not increase production.

A sustained decline in housing inventory – both for listed homes and shadow inventory of those with seriously delinquent mortgages – is the biggest factor affecting home prices, with broadly balanced conditions developing in much of the country. Bottom line: The median existing-home price will significantly to improve this year and even more so in 2013.

Builder Confidence Blooms To Five-Year High

Confidence among home builders shot up to a five-year high in August, due in part to a burgeoning recovery in property values across the nation. The nation’s home builders reported current prospective sales conditions as the best they been since the housing market crashed. The builder confidence index inched up two points in August to 37, up from 35 in July, making this the fourth consecutive increase and the highest reading since February 2007.

 Builder Confidence Blooms To Five-Year High

The turnaround in home prices, which saw a more than 2 percent increase last month, has ignited hopes that the housing market is finally turning around. Falling prices weigh on consumer confidence and by transmission builder confidence. The recent direction of home prices is an important turning point. It’s bringing back the consumer who feared if they purchased a home, it would fall in value.

Construction of new homes slowed slightly in July to an annual rate of 746,000, down 1.1% from the June rate of 754,000, which was a seven-year high. While the starts figures reveal continued caution against establishing too much inventory, building permits increased 6.8% across all market segments. Single-family permits rose 4.5% and multi-family permits were up 11.2%, the highest in four years.

The decline in single-family starts is more likely an adjustment to a very healthy June rate than it is a sign that the budding housing revival is in trouble. A very slight rise in the month’s supply of new homes in June, continued difficult in obtaining production credit and extreme weather are likely the primary causes for the momentary pause in single-family starts.

Economists expect to see some continued modest improvement in both builder confidence and housing starts. Forecasts predict the annual rate of housing starts in the third quarter to be 765,000 or about a 15% increase over the third quarter of 2011.

August 27th, 2012

 

 

Real Estate Market Trends

Negative Equity Falls In 2nd Quarter

The housing market is finally showing signs of life, with many metropolitan areas having hit the elusive bottom and seeing home value appreciation; however, despite improvements negative equity remains prevalent. According to the Q2 2012 Negative Equity Report, 30.9% of home owners (15.3 million households) with a mortgage are underwater.

Recent home value appreciation in many markets across the US has pushed negative equity levels down from 31.4% in the previous quarter. However, negative equity is still slightly elevated from the Q2 2011 level of 30 percent. In total, underwater home owners owe $1.15 trillion more than their homes’ worth. Over 40 percent of underwater home owners (12.5% of home owners with a mortgage), owe between 1% and 20% more than their home is worth.

Shadow Inventory Falling

On the other end of the spectrum, about 2.2 million underwater home owners (4.5% of home owners with a mortgage) owe more than double what their home is worth. On average, home owners with negative equity owe $75,235 more than what their house is worth, or 43.9% than its current value. While roughly one out of every three home owners with mortgages is underwater, the good news it th eat 90.8% percent of these are current on their mortgage payments.

Deeper analysis of the data has revealed that negative equity has disproportionately affected borrowers under age 40. Nearly half (48%) of home owners with mortgages under the age of 40 are underwater. To calculate negative equity, the estimated value of a home is matched to all outstanding mortgage debt and lines of credit associated with the home, including home equity lines of credit and home equity loans.

Regional Trends

The extent to which U.S. home owners are underwater varies greatly by region. High rates of negative equity have accumulated in hard hit states such as California, Florida, Nevada, Arizona, and where home values have fallen dramatically from their peak. In 36 out of 787 metro statistical areas, more than half of all homes with mortgages are underwater. Among these are larger metros such as Las Vegas (68.5%), Atlanta (54.4%), Orlando (51.9%), Phoenix (51.6%), and Los Angeles (51.2%).

While negative equity makes a household more vulnerable to foreclosure, most home owners in negative equity will not end up in default. The majority of underwater home owners continue to make regular payments on their mortgage, with only 9.2% of underwater home owners being delinquent. This implies that 2.9% of all home owners with a mortgage are at high risk for foreclosure in the near-term.

In terms of historical performance, we saw negative equity significantly decrease in some metropolitan areas while it continued to increase in others. These movements are highly correlated with home value movements. As home values have been aggressively rising in certain areas, negative equity has continued to recede.

Overall Outlook

With unemployment remaining flat or even rising in some parts of the country, negative equity remains a major factor in the housing market as the combination of negative equity and elevated unemployment spawns fresh foreclosures. With evidence of foreclosure starts increasing in parts of the country, even while foreclosure liquidations continue to decline, we do expect this dynamic to put downward pressure on the negative equity rate.

As a result homes with negative equity continue to be foreclosed, sold in short sales, or have their principals reduced in a modification process. Downward pressure on negative equity from ongoing foreclosures processes will be amplified by modest increases in home values over the coming few years.

Home Sales Are Up – Forecasts Points To Increased Sales In 2013

Have you ever wondered what really is going to happen in the house market? Has the market truly hit bottom. I have put together some clear research proving the point that housing is back, and we are clearly going to be on the rise again based on the following:

  • Positive underlying economic factors are helping relieve a pent-up housing demand according to a National Association of Realtors mid-year report.
  • Historically high housing affordability conditions, on-going job creation, a solid stock market recovery, rising rents, increased demand and improving confidence are drawing buyers to the market.

National Housing & Economic Forecast For 2012-2013

 

 

Smart money, largely from investors responding to low home prices and rising rents, are chasing real estate, leading analysts to forecast a potential surge once the broad perception of homeownership changes to that of an appreciating asset. The first two quarters of 2012 were the strongest in five years and pending contracts are pointing to a strong second half of the year.

Existing home sales, which were over 7 million a year before the Great Recession have remained at about the 4 million mark since 2008. Economists forecast 4.6 million in existing home sales in 2012, up strongly from 4.26 million last year. Additional improvements are expected in 2013 with sales rising to the range of 4.7 to 4.8 million on an annualized basis.

Mortgage interest rates are projected to rise gradually over the next two-years to an average of 4.4% in 2013 – still historically favorable. The pressure of rising rents on consumer inflation could force the Federal Reserve to raise interest rates in 2013, which might be good for home sales. Refinancing would fall and bank staff would be able to focus more on mortgage origination for home purchases.

Inflation currently remains under control with the Consumer Price Index expected to rise to 2.5% this year and 2.8% in 2013. Falling commodities prices have provided some relieve on inflationary pressures, however rise rent is forcing up core-inflation. Analysts expect Gross Domestic Product to grow 2.4% this year and 2.9%. in 2013, close to the long-term historical GDP average of 3.0% annually.

The unemployment rated spike up a notch to 8.3% at mid-year because of lackluster job creation. Estimates predict it will remain at or near 8% for most of 2012, even with 1.5 million net new jobs (revised down from 2.2 million) because labor force participation will slightly edge up. Net new jobs are forecast at 2.5 million for 2013 bringing the expected unemployment rate to approximately 7.5%.

Housing starts, which have been well below the long-term average of about 1.5 million, are expected to rise to 770,000 this year from 610,000 in 2011, and to continue growing to over 1 million units in 2013. New single family home sales are seen at 400,000 this year, up from a record low 306,000 in 2011, and rising to 530,000 in 2013. With a growing population, we could see housing shortages in 2014 or 2015 if builders do not increase production.

A sustained decline in housing inventory – both for listed homes and shadow inventory of those with seriously delinquent mortgages – is the biggest factor affecting home prices, with broadly balanced conditions developing in much of the country. Bottom line: The median existing-home price will significantly to improve this year and even more so in 2013.

Builder Confidence Blooms To Five-Year High

Confidence among home builders shot up to a five-year high in August, due in part to a burgeoning recovery in property values across the nation. The nation’s home builders reported current prospective sales conditions as the best they been since the housing market crashed. The builder confidence index inched up two points in August to 37, up from 35 in July, making this the fourth consecutive increase and the highest reading since February 2007.

 Builder Confidence Blooms To Five-Year High

The turnaround in home prices, which saw a more than 2 percent increase last month, has ignited hopes that the housing market is finally turning around. Falling prices weigh on consumer confidence and by transmission builder confidence. The recent direction of home prices is an important turning point. It’s bringing back the consumer who feared if they purchased a home, it would fall in value.

Construction of new homes slowed slightly in July to an annual rate of 746,000, down 1.1% from the June rate of 754,000, which was a seven-year high. While the starts figures reveal continued caution against establishing too much inventory, building permits increased 6.8% across all market segments. Single-family permits rose 4.5% and multi-family permits were up 11.2%, the highest in four years.

The decline in single-family starts is more likely an adjustment to a very healthy June rate than it is a sign that the budding housing revival is in trouble. A very slight rise in the month’s supply of new homes in June, continued difficult in obtaining production credit and extreme weather are likely the primary causes for the momentary pause in single-family starts.

Economists expect to see some continued modest improvement in both builder confidence and housing starts. Forecasts predict the annual rate of housing starts in the third quarter to be 765,000 or about a 15% increase over the third quarter of 2011.

 

 

Suedflorida, Ihre Globale Geschaeftsverbindung und Immobilien Markt.

Mit seiner strategischen Lage zwischen Kanada, Latinamerika, und der Karibik, Europa und den Pazifischen Randgebieten, ist Suedflorida einer der wichtigsten Knotenpunkte der Welt fuer internationalen handel und Immobilien. Mit einer schnell wachsenden Bevoelkerung von mehr als 5.6 Millionen Einwohnern, ist Suedflorida eine der dynamischsten Maerkte in den Vereinigten Staaten.

Sehen Sie mehr hier

 

Mittwoch August 8th, 2012

 

Great location on this home in PGA. Overlooking the 8th hole and the 9th Tee. Water views, and just a short walk to the driving range. Walking distance to the PGA Resort and the health club. This Palm Beach gardens home has it all. New roof in 2004, new exterior paint, new water heater, tile throughout, built-in shelves, a screened-in porch and an enclosed front patio. Cedar ceilings and wood paneling. high ceilings, a detached garage and just 100 yards to the private community pool. Seiss Real Estate is offering a great deal on this property. It is by far the lowest priced home for sale in this community. Currently this golf course (The Haig) is being re-done. The tees and greens are going to be all new. Watch the golf pros putt in and tee off from your porch or just sit in the shade of the many tall trees outside and enjoy life at its best. A short drive to Down Town at the gardens, PGA commons, Legacy and the Gardens Mall. Over 130 restaurants within 3 miles. There are many Palm Beach Gardens homes for sale but this one stands out with all its amenities and location. No membership requirements, but many available and low HOA fees.call Anton at Seiss Real Estate 305.339.7003 for an easy showing. Play along the golf pros, meet the celebrities and make this Palm Beach Gardens PGA National golf home YOUR home. For more pictures and detailed information go to www.seissrealestate.com

April 13th, 2012 4:50pm

 

 

South Florida Foreclosure news and how to stay in your home

Several weeks ago the latest existing home sales data was released and it was pretty strong. However, the real key in this data is HOME PRICES! The national median sales price of existing homes fell 2.5% in December 2011. This is the 13th straight monthly decline in home prices. Why? Because Foreclosures and short sales from December 2011 accounted for 32% of the total sales. So looking at the BIG picture the data were NOT GOOD! That is, 32% of the home sales were forced by foreclosures AND the median price fell 2.5%.....

Finally, I don't think home prices have reached bottom either because foreclosures are set to ramp up again. Why? The recent settlement of the "Robo-signing" case was settled between the 49 States Attorneys and the 5 largest banks for $25 billion. Most foreclosures were on hold until a settlement was reached. Now that it has and the banks are off the hook most agree that foreclosures will really ramp up again in 2012 - thus pushing home prices downward! Based on the number of calls I have received just from referrals I can tell it has already started.

Now for some good news! The Florida Legislature was trying to pass a bill that would fast track foreclosures in Florida. It got our of committee and passed the house but died in the Senate!!!! Good news for homeowners that want to stay in their home and fight the banks!

If you need help contact us. we have a foreclosure prevention specialist that is so good that he is still in his home 10 years after the banks filing. Joe is truly a specialist and can help you stay in your home much longer.

We also work with a company that can in most cases reduce your mortgage principal to 80% of the current value if you are up-side-down now.

Anton Seiss

561.339.7003

 

 

 

South Florida's real estate market booming again in new buildings.

Millecento on Brickell Miami selling fast.

Latin American buyers quickly take units in Related’s latest condo

 

Carlos Rosso and a rendering of 1100 Millecento

Less than two weeks after announcing plans for another new condominium tower in Brickell and launching a sales effort in Argentina, Related Group has already obtained reservations for 60 of the 382 units in the building, GlobeSt.com reported.

As with its other projects under development, including MyBrickell, Related is requiring buyers to put down payments on units before the building is erected to help finance construction. For this 42-story condo project, called the 1100 Millecento Residences and located at 1100 South Miami Avenue, buyers put down 50 percent.

Unsurprisingly, most of the units are being snapped up by foreign buyers.

“Americans are still not buying,” said Carlos Rosso, president of Related’s condo division. “Latin Americans buyers are accustomed to buying real estate in this fashion in their home countries. They see the value. The prices of apartments are at least twice as expensive as in Miami. Americans are going to recognize that to buy real estate they will have to put down a little bit more of their cash at the beginning and then refinance the purchase at the end.”

March 22nd, 2012 9:22am

 

 

 

 Deutsche Schlagzeilen

Bundespräsident Wulff tritt zurück

von GWC-Team veröffentlicht am 17.02.2012, 06:01
Liebe Clubmitglieder,

einen Tag nach dem die Staatsanwaltschaft in Hannover die Aufhebung der Immunität von Bundespräsident Christian Wulff beantragt hat, trat dieser am 17.02.2012 um 11:00 Uhr vor die Kameras der Medienvertreter im Schloss Bellevue, um seinen Rücktritt bekannt zu geben.

An der Seite seiner Ehefrau Bettina erklärte Wulff, dass Deutschland einen Präsidenten braucht, der uneingeschränkt das Vertrauen der Bevölkerung habe und sich den gewaltigen nationalen und internationalen Herausforderungen widmen könne. Seinen Rücktritt begründete Wulff damit, dass er seine Aufgaben als Bundespräsident wegen der gegen ihn erhobenen Vorwürfe weder nach innen noch nach außen mehr richtig wahrnehmen könne.





Wie die Staatsanwaltschaft in Hannover erklärte, so hat der Rücktritt des Bundespräsidenten keinerlei Auswirkungen auf die nun anstehenden geplanten Ermittlungen gegen Wulff. Im Vordergrund dieser steht hierbei das dienstlich-private Verhältnis zwischen dem ehemaligen Bundespräsidenten und dem Filmfondsmanager David Groenewold. Aber weiterer Ärger für Wulff droht auch wegen seiner damaligen Position, als VW-Aufsichtsrat. So prüft die Finanzaufsicht, ob der damalige niedersächsische Ministerpräsident im Übernahmekampf zwischen VW und Porsche gegen das Wertpapierhandelsgesetz verstoßen hat.

Christian Wulff stand seit dem 12.12.2011 ununterbrochen im Fokus der Medien, nachdem er den Versuch unternommen hatte, einen Bericht in der Bild-Zeitung über die Finanzierung seines Hauses zu verschieben – oder gar zu verhindern. Hierbei fanden die Journalisten immer neue Fälle, welche den Verdacht nahe legen, dass Christian Wulff ein Politiker ist, der gerne Vergünstigungen annimmt. Der Verdacht von Korruption und Bestechlickeit wurde immer größer.

Die Rücktrittsrede von Christian Wulff als Bundespräsident sehen Sie hier:
http://www.youtube.com/watch?v=ZNdasjLrot4

Die Amtsgeschäfte des Bundespräsidenten hat jetzt vorübergehend Bayerns Ministerpräsident Horst Seehofer (CSU) übernommen. Seehofer ist nämlich derzeit Bundesratspräsident, und gemäß dem Grundgesetz, hat dieser die Aufgaben des Bundespräsidenten weiterzuführen, bis dieser neu gewählt wird. Die Wahl des neuen Bundespräsidenten hat innerhalb der nächsten 30 Tage zu erfolgen.

Durch den Rücktritt des Bundespräsidenten sah sich die Bundeskanzlerin Angela Merkel dazu gezwungen, ihren geplanten Italien-Besuch kurzfristig abzusagen. Auch sie steht in der Kritik, da sie sich die ganze Zeit, trotz der schweren Vorwürfe, hinter Christian Wulff gestellt hatte.

Als mögliche Nachfolger von Christian Wulff werden derzeit folgende Personen gehandelt: Verteidigungsminister Thomas de Maizière, Finanzminister Wolfgang Schäuble, Arbeitsministerin Ursula von der Leyen, Bundespräsident Norbert Lammert, Ex-Umweltminister Klaus Töpfer und der frühere DDR-Bürgerrechtler Joachim Gauck.

 

Jones Lang LaSalle ’s recent trip to Panama shows both the benefit of the Panama Canal’s expansion to South Florida and how the Central American nation is positioned as a competitor.

One indication of Panama's importance was the fact that Los Angeles-based JLL sent about 20 team members there, including Steve Medwin, its Miami-based industrial expert.

The expansion of the canal, notably the construction of a third lane, is important for global logistics experts since it will allow the canal to accommodate the bigger post-Panamax ships that can't fit through the existing locks.

Medwin said his tour group saw blasting and the removal of mounds of earth.

"They will show you where there used to be a hill 150 meters high, and now it's gone – and that's where the ship is coming through," he said in a phone interview. "It's a tremendous undertaking, and when you see how the canal was built originally and what went into it, it's like building it all over again."

Numerous statistics track the completion percentages of various aspects of the project, which is under budget and on schedule for a 2014 finish, he said.

What was clear to the visitors, Medwin said, is that the expansion is driven by demand.

In 1995, the canal handled 235,000 TEUS, which are 20-foot container equivalents. That number hit 5.6 million in 2010 and is expected to surge to 8.4 million by 2015.

The canal is currently limited to 4,500 TEU-size ships, but ships of up to 12,600 TEUs are envisioned.

"The big impetus they said was driving this is about 3 million TEUS come from Asia to the East Coast," and the growth rate is expected to be 5 to 6 percent a year through next 15 years, he said.

JLL is the strategic adviser for a $687 million project to develop a privately owned terminal at Colón, which is on the Atlantic side of the canal. The terminal, designed to handle up to 1.6 million TEUs a year, is billed as the first Panamanian terminal designed for the post-Panamax era.

 

Miami luxury condo surge to continue, for now

January 25, 2012 12:00PM


The proposed Porsche tower in Sunny Isles Beach

In 2011, luxury condominium resale activity jumped by 29 percent, according to Condo Vultures’ Peter Zalewski. But while foreign buyers, armed with strong currencies, drove the market in Miami last year, indications are that the market is here to stay for now. Topped by a $21.5 million sale at the Setai Resort & Residences in Miami Beach last year, Miami’s luxury market is now seeing a wave of new development, including five new luxury towers planned in the area with sales prices topping $1 million per unit. [Miami Herald]

 

 

Miami real estate prices increase thanks to fall in distressed sales, according to local real estate brokers

January 13, 2012 9:30AM

 

Miami median home sale prices rose 10 percent as the share of distressed sales plummeted, according to a residential market report released yesterday  by Douglas Elliman Florida.

The median sales price in the fourth quarter was $165,000, unchanged from the third quarter of 2010 but up 10 percent from the sales price recorded during the same period in 2010. The average price per square-foot rose 13.2 percent from 2010, and 2.4 percent from the third quarter to $214.

The condominium market was responsible for much of the price appreciation, as median prices rose 16.8 percent to $146,000 year-over-year, far outpacing the 2.6 percent price gain for single-family houses, whose median sales price was $200,000.

Jonathan Miller, president of appraisal firm Miller Samuel that prepared the report, attributed the increase in price to the fall in distressed sales, as lenders took their time with foreclosures in the wake of the robo-signing controversy.

Distressed sales comprised 51.1 percent of the market in the fourth quarter, compared to 60.4 percent in the prior-year quarter. Moreover, total distressed sales declined 20.5 percent over the last year. As a result, total number of sales fell 6.1 percent from the fourth quarter of 2010 to 4,568.

Removing distressed sales from the equation reveals far more modest price gains. The media non-distressed condo sold for $243,139, 5.1 percent greater than the price achieved in the fourth quarter of 2010, and 3.5 percent more than the third quarter. Non-distressed single-family home prices actually decreased 3.1 percent from the end of 2010 to $281,000, which was also 13.4 percent third-quarter prices.

Among Miami’s high-profile condominium market, the Miami Beach and Downtown Beach sub markets performed best. In Miami Beach the median sales price for a condominium was up 15.7 percent from the end of 2010 to $240,000, while Downtown Beach gained 12.4 percent to $100,000. — 

 

 

At our monthly investor meeting yesterday we had some good and some troubling news topics on the South Florida real estate market. It seems to be everybody's understanding that there are more home buyers than in the recent past that are willing to spend money now. The outlook on the overall economy has improved some. But real estate still lacks behind.

The banks are still very tight due to government restrictions and new guidelines. 70% of all investment properties are purchased with cash. Over 30% are distressed properties including bank owned real estate and short sales.

The home prices in Palm Beach County dropped 12%. Broward county saw a 18% surge. What causes theses irregularities?. Broward and Palm Beach county are much preferred by investors to Dade county on long term rentals. But on the other hand international investors are buying up new and hardly lived-in high priced condos in Miami and Miami Beach. The inventory back log on REO (bank owned properties) is dwindling at a rapid pace. Several new construction projects are in the works and developers seem to have gained back their confidence in the south Florida real estate market.

After speaking to several real estate agents and brokers that specialize in bank owned property listings, it is clear that a tidal wave of properties is going to flood the markets in the imminent future. That might force prices even more down due to the high competition. All of the agents indicated that the banks asset managers  are already lowering their list prices to unload the listed inventory before the prices drop again.

This will create a buying frenzy among investors and the people that don't have cash available, such as first time buyers, will see low priced homes but will hardly be able to get one, get frustrated and loose their interest in  attempting to own a home. It is natural for us human beings that once we see a home for 100K, that we are in most cases not willing  to spend $125K on a similar home in the same area.

Anton Seiss, Broker at Seiss Real Estate

 

Over 500 preconstruction contracts signed at new South Florida condo towers

December 26, 2011

My Brickell
 
Over 500 preconstruction units have gone under contract or been reserved at South Florida's new condominium developments, according to a report from Condo Vultures. The contracts represent more than 46 percent of the total 1,150 units to be built. "Buyer demand for the newly proposed condo towers appears to be stronger than most people  think given today's economic climate and remaining unsold developer inventory from the last South Florida real estate boom," said Anton Seiss, broker with Seiss Real Estate.

 

 

 

 Real estate developer Jorge Pérez saddened by Miami Museum of Art controversy

 Real estate developer Jorge Pérez is saddened by the controversy surrounding his $35 million naming gift to the MAM
 
 

Jorge Perez, art collector, is photographed inside his home. Jorge Perez gave the Miami Herald a tour of his home and extensive art collection at his Coconut Grove home on Monday, Dec. 12, 2011. CARL JUSTE / MIAMI HERALD STAFFFullsize Buy Photoprevious | nextImage 1 of 2Jorge Perez talks with Herald about his taste in art. Jorge Perez gave the Miami Herald a tour of his home and extensive art collection at his Coconut Grove home on Monday, December 12, 2011. CARL JUSTE / MIAMI HERALD STAFFFullsize Buy Photoprevious | nextImage 2 of 2Photos By Lydia Martin
Special to the Miami Herald
Jorge Pérez, whose Related Group giddily filled Miami’s skyline with glossy condo tower after glossy condo tower, until the real estate bust nearly sank him, comes to the formal dining room of his waterfront Coconut Grove house freshly shaven, in a crisp shirt the color of ripe mango flesh.
A housekeeper pours coffee as he pops mini quiches and nibbles on cut fruit. Miami’s über developer, as he became known when he was riding high atop the bubble, looks ready to tackle whatever it is über developers tackle day to day.
He’ll admit he’s feeling a bit out of sorts right now, a time when he expected to feel nothing but the elation that comes from steering your business back from the brink — a business $1 billion dollars poorer today than during the boom, but solid enough for Pérez to be able to make a major donation to the Miami Art Museum in exchange for naming rights.
But to a backdrop of a Miami finally making headway in its quest to be called a serious cultural center, Pérez’s gift is being greeted by a community divided over the idea of the MAM becoming the PAM. Or, the Jorge M. Pérez Art Museum of Miami-Dade Country. Perhaps the Pérez, for short.
While most applaud the generosity of his gift — $20 million in cash to be delivered over time and $15 million worth of the Latin American art that lines every wall in his house — there are also some who slam him for wanting to claim all the credit for a museum being bankrolled largely by taxpayers, who in 2005 voted to contribute $100 million to help MAM build a larger, more high-profile home.
“When I saw the negative reaction, I was blown away,” says Pérez, whose gift comes at a critical time for a museum struggling through capital and endowment campaigns even as its architecturally-celebrated new campus rises in Bicentennial Park.
“I’m saddened. I never thought this would be the reaction,’’ he says as he walks from room to room to see the Diego Riveras, Roberto Mattas, Fernando Boteros, Joaquín Torres Garcias, José Bedias and his other “babies” that will soon be carted away by museum staff, leaving most of his walls bare. He has been a collector for decades, and can tell a story for each of his acquisitions.
“Perhaps stupidly, I thought people would say, ‘This is amazing. Not only has someone stepped up so that this museum can become a reality, but a Cuban American has finally stepped up with a major contribution to the arts in Miami.’ ’’
Pérez, who in 2005 was named by Time magazine as one of the top 25 most influential Hispanics in the United States, believes some of the naysayers are simply put off by the idea of a Hispanic surname being attached to the city’s largest art museum. He points to the fact that there was no rumbling in 2008, when the Carnival Center for the Performing Arts — named for the cruise line in exchange for its $20 million gift — became the Adrienne Arsht after the businesswoman offered a $30 million gift. Also no rumbling in March, when the Miami Science Museum announced it would change its name to the Patricia and Phillip Frost Museum of Science, after the couple pledged $35 million to help build a new campus that will share space with the art museum at the developing Museum Park.
Four art museum board members resigned following the Pérez announcement — Tracey P. Berkowitz, Ruben A. Rodriguez, Steven Guttman and past president Mary Frank, who with her husband Howard Frank, chief operating office and vice chairman of Carnival Corp., bought a full-page ad in The Miami Herald opposing the name change.
“One would hope we could rise above those kinds of petty notions,’’ Mary Frank says in response to Pérez’s charge of anti-Hispanic sentiment. “My issue is not with Mr. Pérez but with the way the museum handled the entire process. And with the fact that the museum should be named after its primary benefactor, which is Miami. This was railroaded through without time for discussion among board members about the long-term implications.”
Says Howard Frank: “This is the giving away of the institution’s heart and soul for a price. It’s no longer a civic museum when it becomes the Pérez Art Museum.’’ Carnival’s naming rights of the performing arts center was a different matter, he believes. “Art museums are different from science museums or performing arts centers. Art museums require continuous financial support. People leave [their art] in their wills.’’
The Franks are among those who believe the name change will alienate some potential donors.
At least one major collector is ready to rescind support. Soon after buying a winter home on Key Biscayne six years ago, retired Philadelphia trial attorney Joseph Shein and his wife Janet gave MAM a seven-foot Tom Wesselmann painting valued at about $700,000. Now they want it back.
“We donated it to the Miami Art Museum, not the Pérez Art Museum,’’ says Joseph Shein, who wrote a letter to MAM president Thom Collins asking that the piece be returned. “We have not had a reply to that letter. We don’t know what our options are. But we will not sit idly by. I will never give another thing to the museum, nor invest in it the way we have invested in the New World Symphony.”
But perhaps Pérez’s idea that there is any anti-Hispanic sentiment behind the debate is more about him hearing echoes of the less mature Miami of yore, which he knew well, when a rift between the Cuban power circle and leaders in the Anglo and Jewish communities could not be denied.
In fact, the museum’s board of trustees, made up by a majority of non-Hispanics, overwhelming voted in favor of Pérez’s gift and the renaming. Of the 35 members present, four voted against, and one abstained.
“Jorge has my admiration,” says music producer Emilio Estefan Jr., who in 2009 was named by President Barack Obama as a member of the Commission to Study the Potential Creation of a National Museum of the American Latino. “Miami is a role model for the rest of the country in terms of the contributions Hispanics can make.” But Estefan disagrees that there is a ring of bigotry to the debate. “There are too many important Hispanics in this town for that to be true,” he says.
AIMS TO INSPIRE OTHERS
Being able to hoist a Hispanic name to such prominence is something that motivated Pérez, 62, who was born in Argentina to Cuban parents. The family moved back to Cuba for a short period in the late 1950s and fled to Colombia soon after Castro took power. “It pains me that a lot of the criticism is coming from people who I think are saying, ‘What the hell is the name Pérez doing here?’ ’’ Pérez says. “In meetings over the years, people have criticized the Cuban community for not being philanthropic enough. We do give back. But there have been other priorities besides the arts. Now we can say, ‘Look at the Pérez.’ And if the name inspires others in the Hispanic community to give to cultural causes, then this would be a magnificent gift.”
Among supporters of the Pérez Art Museum name are major community leaders, Hispanic and not Hispanic.
“I don’t live in the art world, and some of the people objecting are good friends of mine,’’ says University of Miami President Donna Shalala. “But I have to tell you the truth — I don’t get it. I come from Washington and New York, where they name things. And I come from the university world, where we name everything we can name, happily.” (Pérez is a UM trustee whose gift of $1.5 million helped build the Jorge M. Pérez Architecture Center at the Coral Gables campus.)
“I think Cuban Americans have been generous. This country has been absolutely marvelous to us every place we have gone and we have been able to participate in every level of society,’’ says Cuban-American sugar baron Alfonso Fanjul, who has been charitable in other ways but now is considering giving more to Miami’s art museum. “I have contributed small amounts to MAM, but Jorge has set the example.’’
Dewey Blanton, spokesman for the American Association of Museums based in Washington, which accredits all types of museums (art, history, science) is perplexed by the controversy in Miami.
“I think any time a successful individual supports a museum, it’s a good thing, particularly in these economic times, when public support for museums is shrinking,’’ he says.
Among detractors of MAM’s new name are folks representing a cross section of the Hispanic community, including prominent Hispanic collectors Rosa and Carlos de la Cruz, who run the De la Cruz Collection Contemporary Art Space in the Design District, and Ella Cisneros, who in 2005 built CIFO (Cisneros Fontanals Art Foundation) in downtown Miami to house her own contemporary art collection.
“Where we’re coming from has nothing to do with Jorge. Though I think giving it a specific name, I don’t care what name, is not going to help the museum,’’ says Rosa de la Cruz, whose private museum hosts busloads of schoolchildren throughout the year.
“I’m in support of Jorge naming the building itself, but the museum should continue to be called MAM,’’ says Cisneros, who gave MAM $1.7 million and had promised several million more before resigning from the board in 2009. “It should be called the Miami Art Museum because the city of Miami was the major donor.”
Cisneros’ departure from MAM highlighted a history of shakiness at the institution. “I thought the museum needed to be built from the inside out,’’ she says. “I thought they needed to focus on the collection and on programming and on the structure of the museum itself, which was chaos. You don’t start with a big new building and then have nothing to show in it.’’
Cisneros says that while she was still on the board, she offered to give the museum a piece by Argentina’s Julio Le Parc, one of the most important geometrical and kinetic artists of the early 1960s.
“It’s worth $3.5 million. It’s a fantastic piece. Everybody wants the piece. I told the museum to come and see it. But they simply didn’t come,’’ she says. “MAM hasn’t changed from being a cultural center to a great museum because they don’t have anybody on the board who truly knows anything about modern art and contemporary art.’’
Martin Margulies, another of Miami’s top collectors running a private museum space, also opposed the construction of a new building until the museum and its collection were more mature. “[Pérez’s] $15 million worth of art wouldn’t buy one Jasper Johns. To most people it looks like a real bonanza. It isn’t.’’
‘HOW DO WE WORK TOGETHER?’
The debate also highlights the proliferation of personal museums in Miami. And the notion that while the international art community lauds this uniquely Miami phenomenon, all of those individual endeavors perhaps limit the city’s ability to develop a stronger public museum.
“They filled the void when there were no institutions in town doing what they were doing,’’ said MAM’s director Collins. “The question is, moving forward, how do we work together?’’
Design District developer and art collector Craig Robins, who is on the MAM board and has contributed gifts of cash and artworks to the museum over time, applauds Pérez’s gift.
“In their own ways, some of the Miami collectors have been extremely supportive of the museum. But no one has been able to unite us,’’ he says. “If the community is really opposed to Pérez having naming rights, then the community should get together and match Jorge’s gift. I would be willing to join if there was a real mandate. But if no one else is stepping up, then Jorge should be the one to be saluted.’’
Collins expressed surprise when Pérez’s pledge created debate. “When the museum of science was renamed, no one said boo. If you do the simple math, using the two other prominent examples of naming gifts in this community, Jorge’s gift is off the charts,” he says.
“The public sector investment for the Arsht was over $400 million. Adrienne’s gift was $30 million,’’ says Michael Spring, director of cultural affairs for Miami-Dade County. “With the science museum, the county investment is $165 million, and the Frost gift is $35 million. The art museum is costing the public $100 million, and Jorge’s gift is also $35 million. And it’s a particularly meaningful gift because it sends a message to the people who have made their fortunes in this community to give something back. We’re a young city. We’re just establishing a tradition of philanthropy.”
Pérez meanwhile, is coming to terms with saying goodbye to his art collection. He remembers vividly the time he sweated the purchase of his prized Roberto Matta, which he scored at a Sotheby’s auction several years ago.
“I sent someone to do the bidding. I did not want to appear myself because I was afraid I would get emotional and bid more than I could afford,’’ he says. “When I finally won the piece, I had this feeling of euphoria, but then I went ‘Oh my God. That was a lot of money.’ ”
Pérez won’t say how much he paid, but Gary Nader, the Miami art dealer who made the transaction, says that today it is worth more than $3 million.
“It’s Matta’s first painting. He told me himself,’’ Nader says.
Pérez has long been captivated by the piece, the first in Matta’s Psychological Morphology series, and a dark abstract that “is almost like a nightmare. It’s like going into your brain when you’re worried and you start dreaming of things that make no sense but that are worrisome,” he says.
He was never more connected with the feeling than at the end of 2008, after the economy crashed, his business nearly collapsed and doctors discovered a golf ball-size tumor on his pancreas.
The tumor turned out to be benign, he says. “But there were times during that period when I thought I could lose everything. Even if you protect your personal finances, the banks can come after you. And if I had died in the middle of that, it would have been a disaster for my family. ‘’
That’s when Pérez started thinking about his legacy.
“I know I contributed to the urban growth of Miami. But then I started thinking about the art collecting I have been doing for 40 years, what it has meant to me. And I started thinking about the museum. I knew my contribution was absolutely necessary for them not to have to go back to the county to ask for more money. Was part of it ego? Yes.’’
But Pérez, who negotiated keeping his name on the museum into perpetuity, says he’ll gladly step aside if someone else came forward with a bigger donation.
“I would love it,’’ he says.

December 18, 2011

 

 

Brazil's slowdown hurts South Florida housing market

December 16, 2011 01:30PM

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The Brazilian government took measures to slow down the booming economy, and while that may keep the country on stable footing for years, the Miami Herald noted that it delivers a big blow to South Florida real estate.

Brazil's gross domestic product grew 7.5 percent in 2010, but has slowed to about 3 percent this year, mostly due to a stagnant second half. In the last three months alone the Brazilian real has fallen 8.1 percent against the dollar. The slowdown is a direct result of tighter economic policies the government instituted earlier this year in response to an economy that was growing too fast, according to Brazilian economists.

Still, the sputtering economy, and especially the declining real, have impacted real estate purchases, the Herald said, which is a critical blow to the condo market largely dependent on Brazilian buyers. Moving forward, however, the forecast should improve, as the government has gradually returned to a looser economic policy and expects to return to solid GDP growth of 3.5 percent by the end of 2012. [Miami Herald]

 

 

Beyonce loses $1,900 per square foot on Miami sale

December 13, 2011 02:15PM

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Beyonce lost a staggering sum on a tiny swath of Miami real estate, but that hasn't deterred her from shopping for a much more expensive mansion with husband Jay-Z. Just days after Beyonce was spotted checking out Ricky Martin's Miami mansion, TMZ.com reported that the singer sold a beachfront cabana for 75 percent less than she paid for it in 2002.

Beyonce paid $455,000 for a 190-square-foot cabana at the beachfront condo where she resided, and sold it Nov. 9 for $110,000. The $355,000 loss seems large for such a small space, but Beyonce was aware of the hit she was about to take on the property -- she listed it for just $135,000. The loss amounts to more than $1,868 per square foot.

 

12/13/11

 

Jay-Z and Beyonce check out Ricky Martin's Miami Beach home

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Jay-Z, Beyonce and Ricky Martin's 5130 North Bay Road home
Jay-Z and Beyonce checked out Ricky Martin's 9,491-square-foot mansion while home shopping in Miami Beach, TMZ reported.

The oceanfront home, located at 5130 North Bay Road, has seven bedrooms, 10 bathrooms, a pool -- and a $12.5 million asking price.

Martin purchased the home for $10 million in 2005 and put it on the market last November with Esslinger-Wooten-Maxwell broker Pablo Alfaro. The home sits on a 0.44-acre lot and has a four-car garage and private dockage, according to the listing.

According to TMZ the home is located in a wealthy enclave where Miami Heat stars Dwyane Wade and Chris Bosh live. [TMZ]

December 13, 2011 8am

Miami’s arts scene frames casinos as threat

 

With Miami’s cultural scene on the upswing, casino foes warn of a reversal if big resorts come. Arsht leader has “grave” concerns. But Genting says its resort will only help downtown.

dhanks@MiamiHerald.com

Anti-casino advocates gathered in Miami’s artiest neighborhood Saturday morning and warned that bringing mega-casinos to South Florida threatens to reverse the city’s cultural progress.

“Downtown is finally becoming what we want downtown to be,’’ former Miami-Dade commissioner Katy Sorenson told a crowd of about 120 people at the Light Box Theater, a performance space in Wynwood. “We’ve got some unique, funky Miami kind of things going on. Why do we want to these huge mega-resorts to come in?”

The speakers at the Urban Environment League forum covered the full range of anti-casino arguments, from worries over gambling addictions to traffic woes if Florida approves a bill designed to bring three $2 billion casino resorts to South Florida. But the setting — the Goldman Warehouse, home to art non-profits and owned by Tony Goldman, the developer behind Wynwood’s emergence as a gallery district — highlighted the role the arts are playing in the debate.

In May, Genting Group announced its $236 million purchase of The Miami Herald site at an Adrienne Arsht Performing Arts Center conference room. The chairman of the center’s board, Mike Eidson, joined executives of the Malaysian casino company at that first press conference, and later talked about the center running a 700-seat theater for Genting.

But after the friendly debut, Eidson and others in the Arsht leadership backed off, voicing worries about Genting’s plan to build the world’s largest casino across the street. In an interview Saturday, Eidson, a prominent lawyer, spoke in the harshest terms yet on the Genting resort’s potential impact on the county-owned Arsht center as a cultural hub for downtown.

“It’s too big. It overwhelms the entire arts concept we had there,’’ Eidson said. “We could never come up with a plan that could accommodate that.”

He said the center’s initial willingness to work with its new neighbor in developing the neighborhood turned to “grave” concerns at a subsequent lavish dinner on an Arsht stage when Genting executives outlined just how big the resort would be.

“It makes the Arsht Center look insignificant,’’ he said. “All that money we put into that facility, and you wouldn’t even notice it anymore.”

Genting executives were not available for interviews Saturday. But in past statements, the company has argued its 30-acre Resorts World Miami will elevate the city as a global destination by bringing stunning architecture and a new wave of Asian tourists.

It also argues the 5,200-room resort would bolster the Arsht center by delivering a steady stream of guests to the tax-funded facility and paying for permanent shows on slow nights.

Genting’s plan has galvanized many in Miami’s growing arts scene. Norman Braman, one of the city’s wealthiest art collectors, is a leader in the anti-casino movement. Jorge Perez, whose $35 million gift would put his name on the Miami Art Museum’s new home across I-395 from the Genting site, has criticized the plan. Art Basel, the Swiss-based arts show that comes to Miami Beach in December, has privately warned it might seek a different winter home if the casino resorts move in, according to city officials.



December 12th 2011

 

 

Private investment group buys 22 acres in Midtown Miami

December 10, 2011 10:00AM
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Private investment group Midtown Opportunities has purchased 22 acres in the 56-acre Midtown Miami development. The deal includes 16 acres within Midtown Miami along with the six-acre Chiquita Banana facility that borders the project. The terms of the deal were not disclosed. Developer Alex Vadia will lead future development through Midtown Development, a limited liability company. Holliday Fenoglio Fowler arranged the deal, led by Manuel de Zarraga, executive managing director and Ike Ojala, director, who represented Midtown Equities. "Midtown Opportunities has been very attached to Midtown from the onset and shares the same long-term vision for this neighborhood as we have since launching the project in 2004," said Joe Cayre, principal of New York-based Midtown Equities, which will continue to own and manage the property's existing commercial real estate component. Cayre mentioned the land, particularly the Chiquita site, in an interview earlier this year.

 

 

Miami Beach home lists for $60M

 


3 Indian Creek Drive

 

 

Sumptuous residences set in some of Miami-Dade's most sought-after locations are raising the bar for luxury living.
   At $60 million, a 10-bedroom estate at 3 Indian Creek Drive sports the highest asking price yet for a home in Miami-Dade, says Jill Eber, a broker-associate at Coldwell Banker and partner with Jill Hertzberg in the luxury real estate team known as The Jills.
   "If you're looking for the best, this is it," Ms. Eber said. "There's nothing like it. It's a work of art."
   Designed by Modernist architect Rene Gonzalez, the 30,000-square-foot house sits on two acres by the bay on Indian Creek Island, home to just 32 estate homes. It's entirely new construction.
   "The vision of the developers was to bring the outside in," Ms. Eber said. "The whole house can be opened up to the outdoors, and you feel at one with nature. It conveys the sense of a private resort."
   A certified green house, it boasts a rooftop lawn and Jacuzzi, wine cellar, movie theater, chromotherapy spa and massage room, library and quarters for live-in staff.
   On the extensive grounds are a yoga area, dramatic waterfall, koi pond, 100-foot resort pool and garage space for seven limos.
   "Indian Creek has it own police force patrolling the streets and waterways, so the security is great," Ms. Eber said. "The island has an 18-hole golf course and private club.
   "We've had people from all over the world looking at it. We've also shown it to people in the US who have shown a great deal of interest."
   On Star Island, another of Miami-Dade's exclusive enclaves, international developer Thomas Kramer's former home is on the market for $49.995 million.
   The nine-bedroom, 12-bath home, at 5 Star Island Drive, is "the best party house in the best party city," said Zachary Finn, principal of Finn Real Estate Enterprises, who is marketing it.
   The two-story, 11,980-square-foot house, built in 1996, is one of the few properties on the island built on a double lot, he says. "Those very rarely come on the market."
   With a garage space for 10 cars plus a guest parking area, hot tubs, cabanas that include bathrooms and kitchenettes a wine cellar and full separate staff quarters, Mr. Finn says, "it's very well set up for entertaining."
   South American buyers — especially Brazilians and Venezuelans — express a lot of interest in South Florida's luxury properties, he said, as do those from the Middle East.
   "We do some direct print marketing in Europe," Mr. Finn said, "but nearly all of our business comes from online."
   For those who prefer the luxury condominium lifestyle, Canyon Ranch Living at Miami Beach, 6800 Collins Ave., still has units available, says Michael Sadov, real estate sales director. Canyon Ranch Living is an extension of the Canyon Ranch Spa and Wellness concept; essentially, it offers buyers the opportunity to own a home in a spa resort.
   "What makes these units very luxurious is what the property has to offer," Mr. Sadov said. "It's a real lifestyle choice. Residents can take part in more than 40 daily mind-body classes, massages and other treatment at the 70,000-square-foot spa and wellness facility."
   Prices in the North Tower range from $400,000 to more than $3 million for a two-story, 3,555-square-foot townhouse residence, he said.
   The Canyon Ranch brand is known throughout the world Mr. Sadov said, and has a large following from the Northeast, from whence he estimated about 80% of buyers come.
   "The balance is more of a global market," he said, "from Brazil, Argentina, Venezuela and Canada."
 

Miami Beach luxury sales volume up almost 61 percent: report

December 06, 2011 01:30PM
A home for sale in Miami Beach

Miami Beach luxury sales volume has increased 60 percent in the last year, according to a report from Zilbert Realty Group. The data, which looked at sales through Nov. 30, showed condo sales in Miami Beach's 33139 zip code where sales prices were above $500,000. The total sales volume in Miami Beach rose from $436 million to over $701 million, with a 51.8 percent increase in the number of sales. There were a total of 422 transactions above $500,000, up from 278 at the same time in 2010. "The luxury market in Miami Beach has seen unprecedented demand, and the trend appears to be continuing as we enter 2012," said Mark Zilbert, managing broker of Zilbert Realty Group. -- Alexander Britell

 

 

RREEF For Sale? Deutsche Bank Signals REIM Business May Be on the Block

Management of $59.4 Billion CRE Portfolio Could Be Up for Grabs as Part of Larger Strategic Review
December 1st, 2011

 

Deutsche Bank is conducting a strategic review of its global asset management division, which includes its RREEF real estate investment management business.

RREEF with more than 600 employees manages $59.4 billion in real estate globally for more than 800 institutional clients.

Deutsche Bank has reported that its asset management business has been hurt by the intensifying European sovereign debt crisis, which has led to ongoing uncertainty, volatility and an unabated slowdown in client investment volumes. And if the situation doesn't change, it would put further pressure on short-term results. However, it also said that signs of a broad-based recovery in the real estate market, if continued, would improve prospects in alternative investments.

The strategic review of the bank's asset management division is focusing in particular on how recent regulatory changes and their associated costs, along with changes in the competitive landscape, are impacting the business and its growth prospects.

All strategic options are being considered, the bank said. The review covers all of the asset management division globally, except for its DWS franchise in Germany, Europe and Asia, which Deutsche Bank has already determined is a core part of its retail offering in those markets.

"The outcome of this review will be driven first and foremost by our fiduciary duty to, and the interests of, our clients. Our aim is to find the best strategic option to maximize the performance and potential of the asset management division," said Kevin Parker, global head of asset management and a member of the Deutsche Bank Group executive committee.

Deutsche Bank could be following a blueprint laid out last summer by Dutch financial giant ING Group.

In June, ING sold its US-based private market real estate investment management business to the firm's senior management with backing from Lightyear Capital, a U.S.-based private equity firm. The U.S. business had more than $22 billion in real estate assets under management at the time. The $100 million transaction was part of ING's strategy to divest the majority of its ING Real Estate Investment Management business in keeping with conditions imposed by the European Union for receiving state aid during the financial crisis.

Late in October, ING completed the sale of ING Real Estate Investment Management (ING REIM) Europe to U.S.-based CBRE Group Inc., thereby completing the divestment. ING REIM sold for a combined price of $1 billion.

December 1st, 2011

 

 

 

 

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Rory looking for a home in Jupiter. There is a great choice of homes available.
 
What's good for the heart is good for your game? Caroline Wozniacki and Rory McIlroy are the latest high-profile couple on the global sports landscape.

NEW YORK -- You have to wonder about the long-term prospects of No. 1-ranked tennis player Caroline Wozniacki's relationship with golfer Rory McIlroy when she's getting advice on love from Serena Williams.

Yes, that's the same Serena who is rumored to have had flings with everyone from former football players LaVar Arrington and Keyshawn Johnson to movie director Brett Ratner and actor Jackie Long, not to mention a long-term love affair with rapper Common. None of which lasted, mind you.

"I told her, never look through the guy's phone,'' Williams said of her heart-to-heart with Wozniacki in the locker room at the U.S. Open. "That is the worst thing you can do. I told her most relationships end.

"It wasn't very good advice.''

Wozniacki agreed.

"I think I should not listen to her or Venus [Williams],'' Wozniacki said. "She was not better."

Wozniacki and McIlroy, the reigning U.S. Open golf champion, have had to put their romance on hold for at least a week, anyway. Schedules have gotten in the way of their budding relationship, as Wozniacki, 21, is in New York for the year's fourth major while McIlroy, 22, is in Crans-Montana, Switzerland, playing in the Omega European Masters tournament. But McIlroy said he's watching Wozniacki's matches from afar, and he said he believes the two could help each other's athletic careers.

Sasha Vujacic/ Maria SharapovaKevork Djansezian/Getty Images
Former world No. 1 Maria Sharapova is engaged to pro basketball player Sasha Vujacic, who is currently playing in Turkey.

And that's the question the Danish tennis star and the Northern Ireland golfer have raised with this two-month relationship, which began in Europe when they met at a boxing match in July and bloomed in the U.S. when he attended some of her tournaments in August. Could this very public relationship, which the world has been following since their initial back and forth on Twitter, not only last, but enhance the careers of two of the top athletes in the world?That depends on who you ask.

"It's mainly like any other relationship,'' said former shortstop Nomar Garciaparra, who married soccer star Mia Hamm in 2003. "I looked at ourselves as no different than anybody else, if you had two people who have careers that they were focused on, and a relationship in between there."

Garciaparra and Hamm aren't the only successful long-term sports couple. Basketball players Shelden Williams and Candace Parker are married. Three-time Grand Slam singles champion Maria Sharapova is engaged to New Jersey Nets guard Sasha Vujacic.

Some athletes prefer to date other athletes, who can appreciate the stresses and the mindset that come with professional sports careers.

"Just understanding what the life is like, understanding what athletics means to your life," Garciaparra said.

Sometimes, that's not enough. Former No. 1 tennis player Ana Ivanovic's relationship with golfer Adam Scott fizzled, although at a U.S. Open match earlier this week, Scott was a guest in Ivanovic's player's box.

It helped Chris Evert for a while in the early 1970s, when she was the darling of women's tennis and in love with Jimmy Connors. Evert was a teenager and Connors was barely in his 20s when they formed the ultimate tennis couple. They were engaged to be married in 1974, and Evert was playing some of the best tennis of her career. She won Wimbledon and the French Open in 1974.

"The advantage I had was I got to practice with Jimmy Connors, and that improved my game," Evert said. "We were in the sport, we were in tennis, and we got to work out together and practice. And he would watch my matches, and so I think that there's a little bit of a difference [between that relationship and a tennis-golf relationship]."

McIlroy can't help Wozniacki's game, but maybe they can soothe each other's psyches. Wozniacki has bristled at criticism that she hasn't validated her 46 weeks in the No. 1 spot with a Grand Slam title. McIlroy dominated the 2011 U.S. Open, recording the lowest 72-hole score in that event's history to claim his first major victory, but is still working his way toward No. 1 in the men's golf rankings.

"I think we definitely spur each other on,'' McIlroy told reporters in Switzerland. "She's No. 1 in the world and I've got a major, and we sort of both want what each other have. It's a big goal of mine. I want to become the best player in the world."

Careful with that playful competitiveness, McIlroy. Experts warn it eventually can sour a relationship.

"Obviously, it can get competitive, especially if one loses their platform of success," said Diana Kirschner, Ph.D., a psychologist and author of "Sealing the Deal: The Love Mentor's Guide to Lasting Love" and "Love in 90 Days." "If one becomes much more successful, [and] shoots to the top in terms of their ability or their fame or the amount of money they're being given, and the other one doesn't, it really can cause a lot of tension, and actually break the couple up because these are very high achieving people. Often their identities are wrapped up in their public performance."

Whatever strain develops would no doubt be played out in public. Wozniacki and McIlroy invited the public to follow their relationship by engaging each other on Twitter and by appearing together in Cincinnati and New Haven, where she played tournaments last month.

"After the romance is over and reality sets in, and then you have that added pressure of being in the public eye, it just makes it harder for the relationship to survive," Evert said.

Wozniacki said she is not worried about any of that. Nor does she worry that dating McIlroy will have a negative impact on her game. He was there when she lost her opening match in Cincinnati and he was there when she won four consecutive matches to claim the title at New Haven.

"Well, tennis is my first priority and I'm focused on the tennis when I'm on court, that's for sure," she said after beating Arantxa Rus of the Netherlands 6-2, 6-0 Thursday night. "What I do off the court, I know that I'm a public person, so a lot of things will be seen by the public. But you know, I don't really think about it. I think we have our limits and we know where they are. So as long as we both keep the feet on the ground and we both have our careers, which are important to us, I think it's working well."

Evert thought the same way, once upon a time. Asked if she smiles or cringes when she thinks of Wozniacki and McIlroy, she said, "I kind of knowingly smile. Because I've been there. I've been there. It's a lot of fun.

"It's very exciting, but they're both stil

 

Is Rory buying a home in Jupiter Florida?

Like so many other golf pros?

Ireland is getting cold and rainy and the training possibillities are far and few. He just spent two weeks with his girlfriend tennis star Wozniaki in the US.

He certainly has the means to own a second home here in Southern Florida where golf is played year round. below is a story about him.

 
Rory McIlroy is playing his first event since the PGA.

CRANS-SUR-SIERRE, Switzerland (AP) — U.S. Open winner Rory McIlroy said his relationship with top-ranked tennis player Caroline Wozniacki can help him become No. 1 in golf.

After spending two "great" weeks together in the United States, McIlroy believes he and the 21-year-old from Denmark can be good for each other's careers.

"I think we definitely spur each other on. She's number one in the world and I've got a major, and we sort of both want what each other have," the sixth-ranked McIlroy said Wednesday before the European Masters. "It's a big goal of mine. I want to become the best player in the world."

McIlroy is playing his first tournament since injuring his right arm at the PGA Championship three weeks ago. While recuperating, the 22-year Northern Irishman accompanied Wozniacki to tournaments in Cincinnati and New Haven. She is bidding for a first Grand Slam title at the U.S. Open, which began this week.

McIlroy said he was impressed with Wozniacki's dedication and picked up pointers on improving his game.

"She's got a great work ethic and it's something I can probably learn a lot from. It's a lot more physically demanding than golf," said McIlroy, adding he's a longtime tennis fan. "They do put the work in, they really do. It's just amazing how they can get up each morning and keep doing the same thing, putting their bodies through that. It's pretty impressive."

McIlroy said the couple is "taking a day at a time," knowing tournament schedules leave few chances to meet this year.

He watched on television Tuesday night when his top-seeded girlfriend opened at Flushing Meadows with a 6-3, 6-1 win over Spain's Nuria Llagostera-Vives.

Wozniacki is scheduled to play Thursday, after McIlroy completes his first round at the European Masters. It counts as the first points-scoring event toward representing Europe in the 2012 Ryder Cup.

McIlroy's goal is chasing No. 1 Luke Donald of England, who plays in the United States this weekend.

"I don't think it's achievable in the short term, Luke is quite a long way ahead," McIlroy said.

He calculates he can rise to a career-high No. 3 with victory at the Crans-sur-Sierre club, and if other results fall his way. Fifth-ranked Martin Kaymer of Germany is in the European field, while Americans occupying third and fourth spots - Steve Stricker and Dustin Johnson - play at the Deutsche Bank Championship in Boston.

McIlroy will look for inspiration from "one of the most beautiful places in the world," where he almost got his first professional win as a 19-year-old. He took a four-stroke lead into the final round in the Swiss Alps but lost in extra holes to Frenchman Jean-Francois Lucquin.

"I still think about that playoff in 2008," said McIlroy, who has yet to win in Europe as a pro. His sole European Tour victory was at Dubai in February 2009.

McIlroy said his injured right arm is less of a factor. He was injured after hitting his club on a tree root just three holes into the PGA. The damage spread from his wrist to shoulder as he compensated for the pain.

"Now it's not painful. It's more like a numb sensation, like if someone gives you a dead arm," he said after a morning practice Wednesday. "It's nearly 100 percent and I'm happy with it."

Second-ranked Lee Westwood, who won in 1999, is in the strong field that includes British Open winner Darren Clarke and defending champion Miguel Angel Jimenez.

As the only tournament in Europe sanctioned by both the European and Asian Tours, 30 players will participate from the other circuit, including money leader Noh Seung-yul of South Korea.

Rory Sabbatini on the tee

http://www.golf.com/video/tee-rory-sabbatini#.TtWIgSzWnAc.email

November 29th, 2011

 

 

Miami Beach luxury rentals available for the winter seaso.n

Are you looking to get away from the cold harsh winters up north in New York or Chicago or Boston?

Are yiou tired of the snow shoffeling and icy roads?

Can you work from home ? Or dont have to work at all?

Become a snow bird. Visit Miami Beach for the winter. We have residences in the sky and homes or mansions available for a wee, a month or 3 month and longer.

Are you looking to buy a elite home on the beach but want to try it out first? Rent one for the season and decide wether you like it or not.

We have what you are looking for. In fact we can show you everything available for rent or for sale her in Miami and Miami Beach.

See some samples at the links below.

http://www.youtube.com/watch?v=lpHZXP1eODM

http://www.VHT.com/50024977/IDXS

http://www.obeo.com/u.aspx?ID=690195

http://www.obeo.com/u.aspx?ID=653661

November 28th 2011

 

 

 

Miami Beach Luxury Homes Collection.

Are you looking for a dream home? Do you have millions extra money in your bank?

Here is the place to spend it. Miami beach has a large selection of Homes over 5 millions up to 50 mill for sale. Something for everybodies budget(or not). That is just the buying cost. Then you get the annual taxes which are about 2% plus, plus, plus, plus!!!!

But there is no place like Miami and other cities are even more pricier in real estate. In fact, Miami is quite affordable compared to other places.

here is a small collection of the elite dream homes in Miami Beach.

http://youtu.be/LpoCvvysheQ

http://www.youtube.com/watch?v=LpoCvvysheQ&feature=player_detailpage

 


 

 

 

 

 

 

Miami real estate turn around reports

Miami was the top "turnaround town" in the country in the third quarter, according to a report from Realtor.com. The rankings look at median price appreciation, reductions in age of inventory and inventory counts, along with unemployment rates. Miami has one foreclosure for every 407 homes, an improvement over the national rate of one out of every 213. Condominium sales have also increased 79 percent in the first five months of the year. Six Florida markets were included on the list, with Fort Lauderdale ranked fourth.

 

A home for sale in Coral Gables

Coral Gables is the most expensive college town in Florida: report
Coral Gables is the most expensive college town in Florida, with an average home listing price of $521,767, far above the next-highest town, Boca Raton, according to a report from Coldwell Banker. The city is also the 11th-most-expensive college town in the country. Boca Raton, the site of Florida Atlantic University, has an average home listing price of $322,662, which is followed by the Miami area around Florida International University, at $246,431. -- Alexander Britell

New Yorkers want to move to Miami
The New York metro area has the nation's second-highest level of interest in Miami real estate after Fort Lauderdale, according to Trulia.com's Metro Mover Index. While more Miamians are looking to move out of the city, New Yorkers have their hearts set on the Magic City, according to data on Trulia.com page views. Fort Lauderdale is the top search destination on Trulia.com for people living in Miami.

 

Resorts World Miami

Resorts World Miami takes over Omni site
Genting's Resorts World Miami has officially acquired the Omni complex in downtown Miami, naming Christian Goode president. The deal is the first step in the firm's plan for the area, and it has now invested $500 million in the project. Goode was most recently CFO of the $880 million Resorts World New York City project in Queens, which opened at the end of last month. Arquitectonica will design the 30-acre Resorts World Miami development, which is slated to have 5,000 hotel rooms and two residential towers. -- Alexander Britell 

Craig Robins

Developer Robins pays $27 million for four Design District properties
Developer Craig Robins is continuing his buying spree in the increasingly active Design District in Miami, according to deeds filed in Miami-Dade County Circuit Court, taking four properties for a total of $27.3 million. "[Robins] has been very active," said Lyle Chariff, president of Chariff Realty Group, who facilitated the transaction for the buyers and the sellers. The four properties, which were each recorded this month, are located in the Design District. Robins purchased the properties through limited liability companies. By Alexander Britell 

 

The hotel is set to open in 2012

Sam Nazarian finds lender for Miami Beach SLS hotel project
Los Angeles hotelier Sam Nazarian, who plans to open a new SLS hotel brand at the former Ritz Plaza in Miami Beach next year, has obtained a $51.2 million construction loan for the project, according to the Wall Street Journal. The hotel, which will feature a restaurant from chef Jose Andres along with a Hyde Beach lounge, will have several units designed by rocker-turned-designer Lenny Kravitz. The loan, which came from a Lowe Enterprises Investors pension fund, covers approximately 63 percent of the costs of the project. 

Friday, November 18, 2011

 

 

When will the banks finally sell off their millions of homes held on their books,the so-called ‘Shadow Inventory’?

Based on this report banks are preparing for 2012 to be the start of the big sell off of REO homes.

From CNBC:

A new plan to help the market that could make foreclosed homes a sought after commodity. Administration officials hope to have a pilot program in place by the end of this year or beginning of next year to sell-off the foreclosed properties currently on the books of Fannie Mae and Freddie Mac. Now, that’s a sizable amount. At the end of q-2 Fannie Mae had 136,000 single family foreclosed properties on its book. Freddie  has nearly 61,000. Add FHA, it’s nearly 250,000.

Recently they were selling more than they are taking in. As foreclosures are ramping up again, new foreclosures up 20% in August from July, it will get harder to keep up auctioning off properties in bulk could be the answer. They are preparing for responsibility that’s largely private equity firms. For smaller investors to get in, they need incentives. possibilities are tax rates, lower rate loans, getting rid of the cap on investor mortgages. This plan would have to have blessing of Fannie and Freddie’s regulators. They say they are working hard to ensure that we have engaged appropriate financial sector expertise. The return could be big. Rents are rising along with rental demand and as more Americans move away from home ownership, the demand for single family rentals is even hotter.

November 12, 2011

 

First-Time Home buyers Losing Interest
In Short Sales, Latest Seiss real Estate Survey Finds


Processing delays have taken their toll on first-time home buyer interest in short
sales, according to the latest Seiss/Inside Real Estate Tracking Survey.


First-time home buyer purchases of short sales dropped to 39.7% of short sale
transactions in August, our survey found. That represented a three-month slide
and was the lowest level for first-time home buyers ever recorded by the survey.
The first-time home buyer share of short sales hit a peak of 54.1% of all short sale
transactions in November 2009, just before the originally scheduled expiration of the
federal home buyer tax credit.
Given that home purchases by current home owners do little to absorb the supply
of distressed properties, the housing market is increasingly dependent on investors to
pick up any slack in purchases by first-time home buyers.
Short sale transactions have long been problematic for buyers and sellers alike,
with typical approval times of several months after a home buyer first submits an
offer. Factors slowing down short sale approvals include lost paperwork,
coordination with multiple investors, slow appraisals, and mortgage servicer
under staffing.
Still, for many first-time home buyers, average short sale prices of 27% lower than
non-distressed properties compensated for the wait time. But with average time-on-market
for short sales stalled at 16.6 weeks—with the majority of that time spent
waiting for short sale approval—short sale transactions are becoming less popular
with first-time home buyers.

November 1st 2011

 

 

 

 

Breaking real estate news.

If you are Bank of America and you have 1000s of vacant homes that are literally rotting..becoming neighborhood hazards what do you do?

Tear them down.

If you don’t demo the unsold, unwanted properties the banks are on the hook for the property taxes, the property violations, crime, utilities…etc.

Expect more unsold properties to be demolished and the foreclosure rates continue to climb through 2012 into 2013.

October 25th 2011

 

 

Palm Beach Copunty home sales are up. The inventory dropped 39% over last years inventory down to less than 10,000.

Everyone is looking for a 3/2 with pool and discounted price. But there are more fixer uppers than low cost luxury homes available. With sales of existing homes elevated all year - they were up 34 percent last month compared with September 2010 - inventory is drying up. And as with most things in the new world of real estate, old rules no longer apply.

The simple law of supply and demand dictates prices should rise as inventory drops. But Palm Beach County’s median sales price for a single-family home in September sank to $180,300, according to sales numbers released Thursday by the Florida Realtors. That’s a 20 percent plunge from the same time last year and 55 percent lower than in the halcyon days of 2005.

Partly to blame for the economic flip-flop is the stockpile of deeply discounted foreclosures and short sales that continue to weigh on pricing.

The dilemma for buyers: Prices are low, and the pickings are slim.

“We are not in a normal market,” said Florida Realtors Chief Economist John Tuccillo. “There are a lot of distressed properties laying on the market and prolonging low prices that I don’t expect will turn around for quite awhile.”

Tuccillo said a healthy market has about a five-and-a-half month supply of inventory. Palm Beach County’s inventory of single-family homes stood higher than that in August, at seven months, but it is much lower than it was in 2009 when the market was mired in 17 months’ worth of inventory.

Nationally, there was about an eight-month supply of homes in September, according to a National Association of Realtors report released Thursday.

The report also found that sales of existing homes nationally slipped 3 percent in September from August. However, they increased 11 percent over September of last year to a seasonally adjusted annual rate of 4.91 million. Still, that’s lower than the 6 million sales economists say signal a healthy market.

In Florida, more than 15,000 homes were bought in September, a 7 percent decrease from August, but up 10 percent compared with September 2010.

Terence Desvignes would like to be one of those buyers, but after two years of looking in Palm Beach County he hasn’t found what he wants at a price he’s willing to pay.

“It’s not only lack of inventory, it’s lack of quality,” said Desvignes, who hopes for a home in the $250,000 range in a gated community with a large yard and view of a lake.

It would be a second home for the construction consultant until he is ready to retire.

But his Realtor, Shannon Brink of RE/MAX Prestige Realty in West Palm Beach, said Des­vignes may have to consider neighborhoods not on his original list.

“I had a pretty blunt conversation about the fact that not only are the steals disappearing, but we are running out of any options at all in some of these communities in a certain price range,” Brink said.

Although investors continue to make up a large part of the market — all-cash sales accounted for 30 percent of purchases nationwide in September — they are also having to come to terms with fewer choices.

Rodney Forbes, Realtor/Broker with Forbes Realty of South Florida, said he’s turning away some investors.

“They’re just unrealistic sometimes,” Forbes said. “I can’t tell you the number of people I’ve had call looking for the pristine two-bedroom, two-bathroom on the water for $30,000. That does not exist.”

Adding to the real estate tumult is the shadow inventory of foreclosed homes that have yet to hit the market and are threatening to plunge prices even lower.

But Tuccillo said banks are getting smarter about handling foreclosures and he hopes they won’t flood the market with discount properties, a move that could hurt their own bottom line.

“The predictions that are made that the world is coming to an end are hogwash,” Tuccillo said.

October 21st, 2011

 

 

 

 

 

 Yahoo Real Estate is the leading real estate website for three month on the row.

For the third month in a row, Yahoo Real Estate was the most visited real estate website in the country in September, according to the latest rankings from Web metrics firm Experian Hitwise.

The National Association of Realtors' official search portal, Realtor.com, was the second most visited site last month. Yahoo Real Estate and Realtor.com have been battling each other for the top position in the Web rankings, trading places seven times over the past year.

October 18th 2011

 

Banks back off on foreclosures.

Unexpectantly banks are filing  far fewer foreclosures.

Alas, that's not because the economic picture is improving but because the housing market is flooded with reposessed homes, and banks and courts are inundated with default proceedings.

Foreclosure filings in Palm Beach County plunged 70% in July. August and September compared to the same three month a year ago, research firm Realty Trac says in a report to be released today. Filings fell 57 percent in Florida and 34 percent nationwide. In normal times a sharp decline in foreclosure filings would be be cause of celebration. But these aren't normal times. These are tough economic times for a very large portion of the country.

Almost two million Floridians owe more on their homes than they are worth, and the states unemployment rate has been above 10 percent over more than two years.

Several factors have lenders taking back fewer homes.

Supply and demand and cost of owning a home are major factors. Once the ban owns it all the expenses are theirs, taxes, insurance, upkeep, yard and pool maintenance, etc. Also too many available homes will surpress the market value and create even bigger losses.

Banks are now more willing to accept short sales and/or forgive a portion of the money owed to them.

While lenders have been notoriously slow to approve short sales, Chase Bank and Bank of America have started to reward sellers with a up to $20,000 relocating payment if they close a short sale on their home within a certain time. Lenders recognize that it is a better business decision to avoid foreclosure.

Anton Seiss

Seiss Real Estate

Jupiter and Miami, Florida

 

 

October 13th 2011

Breaking Real Estate News:

New Bank of America ‘Enhanced Short Sale Relocation Assistance’ program PAYS owners to short sale…starting in Florida…expect a national roll out soon.

Florida Agents:
Florida Enhanced Short Sale Relocation Assistance Florida homeowners may receive $5,000 to $20,000 in relocation assistance.

Bank of America encourages distressed homeowners to explore a short sale as a viable option for avoiding foreclosure. To that end, for a limited time we are offering enhanced relocation assistance to help motivate homeowners to engage with us on a pre-offer short sale. An additional benefit for these pre-offer programs – such as the Home Affordable Foreclosure Alternatives (HAFA) and Bank of America’s proprietary program – is that deficiency may be waived for the homeowner.

Eligibility:
Homeowners with property in Florida
Short sales initiated without an offer between September 26 and November 30
The customer will have to be eligible for one of the without offer programs such as the HAFA program or our proprietary program (specific investor participation and eligibility criteria do apply to these programs)
Successful closing of the eligible short sale by August 31, 2012
Minimum relocation assistance is $5,000 and maximum is $20,000, with the specific amount calculated based on the unpaid principal balance
Exclusions:
Ginnie Mae, FHA, VA and USDA loans are ineligible for participation
Lot loans are ineligible for participation
Properties outside the state of Florida are ineligible for participation
Short sales initiated with an offer are not currently eligible for the enhanced relocation assistance

 

 

 

 

October 11th, 2011

Watch out if you own or are buying waterfront realestate in Jupiter Florida. The is a Mangrove war going on.

Robert an Myrna Byrd bought a home on the river in Jupiter. To improve their view of the water, they decided to remove the mangove trees which is against the law since 1985. Permits are required. The town of Jupiter fined them $1.6 million, more than they paid for the property. The Byrds refused to pay because it is a federal case. The town of Jupiter does not have the juistiction to impose a fine according to a magistrate's ruling. The Florida Department of Environmental Protection has the sole right to fine the Byrds. The Byrds were ordered last week by the DEP to pay a fine of $43,100 for cutting down the mangroves.

Watch this!!

The town is asking the DEP do delegate the power to them to levy fines and collect them. Only Jupiter Island and Sanibel on the west coast of Florida have the authority to do so.

Jupiter waterfront property owners be warned. The future may be very costly if you don't obey the rules!

 

October 10th 2011

— Much of South Florida can gaze longingly at today's record-low interest rates, which dipped under 4 percent last week, but can't touch.

For this region of the country, where nearly 47 percent of borrowers have no equity in their homes and credit scores have been thrashed by mortgage and employment woes, the 3.94 percent on a 30-year fixed is a tantalizing tease.

Mortgage brokers and economists say the sad truth is that the very thing that is supposed to lift the economy has very little muscle. That's especially true in real estate-challenged Palm Beach, Broward and Miami-Dade counties.

While theories are mixed on whether interest rates will continue to drop, the consensus is that only the most stellar candidates with top credit scores - 760 or above - solid incomes, home equity and a little luck will win a rate under 4 percent.

"It's very frustrating because so many people can see it but they can't have it," said Ken Thomas, a Miami-based bank consultant and economist. "The idea is to bring down credit rates to spur home buying, but we can't take advantage of it and it's holding back the recovery of South Florida's market."

On Thursday, Freddie Mac said the average interest rate dropped from last week's previous record low of 4.01 percent to 3.94 percent on a 30-year fixed mortgage. The average rate on a 15-year fixed loan dipped to 3.26 percent, also a record.

But rates have been below 5 percent for all but two weeks in the past year, even while home ownership has waned.

According to new information released last week by the U.S. Census, the home ownership rate in South Florida was 63.3 percent in the second quarter of this year, down from 69.6 percent during the same time in 2005.

Statewide, home ownership was 68.9 percent during the second quarter of 2011, compared to 72 percent in 2005.

"Business has not been booming," said John Little, president of Clearlake Mortgage in Palm Beach Gardens.

In Palm Beach County, 42 percent of all homeowners with mortgages owe more on their loan than the home is worth. That negative equity is a barrier to refinancing.

A few customers called Little on Thursday interested in taking advantage of the bargain-basement rates. But when they get down to the nitty-gritty, it's unlikely they'll qualify, he said.

Some people have done short sales, which means a minimum wait of three years to get another mortgage, Little said. Others have OK credit scores in the 640 range, but that would likely snag an estimated rate of 5 percent - still good, but not record-breaking.

"It makes for great news," Little said about rates below 4 percent. "But I don't know that it's stimulating the market very much."

Currently, about 50 percent of all mortgage refinance applications and 30 percent of new purchase applications are either denied or withdrawn, according to the Mortgage Bankers Association.

Guy Cecala, chief executive officer and publisher of Inside Mortgage Finance, said the record-low rates may motivate homeowners to refinance loans they've already recently refinanced. People who could qualify for a refinance two years ago at 5 percent, can probably qualify now for 3.98 percent, he said.

"The good news is, if you already refinanced, you've gone through the drill and people know you are a good bet," Cecala said.

Cecala doubts rates will go much lower, but Thomas believes they could drop further and will stay low longer. He estimates the era of discounted rates will run through at least next year and possibly into mid-2013.

And Thomas is lobbying for banks to ignore negative equity when top-notch borrowers want to refinance. He argues someone with an 800-credit score and pristine financial record is a good candidate even if the home is underwater.

"Brazilians come here with suitcases of cash and make deals but our own citizens of South Florida can't get anything done," Thomas said. "It doesn't seem right."

 

October 2nd, 2011 9:30am

Tiger Woods is back to golf. His new home course, The Medalist, a Greg Norman designd course is just north of Jupiter in Hobe Sound. Across the intracoastal from his home on Jupiter Island. On Friday he carded  a course record of 62. A good start for next weeks Frys.com Open in Northern California. "Things are going great," Woods told reporters. We are practicing very hard up at the Medalist, and I'm playing as much as I possibly can.

After the Frys.com Open, Woods is scheduled to play in the Australia Open the week before the Presidents Cup, scheduled for November 17-20 at Royal Melbourne.

Joe LaCava and Tiger Woods were seen walking together at the 2010 Masters. They  will begin working together at the Frys.com Open in Northern California on October 6th. Mark Calcavecchia and Ken Green, who has had LaCava as his caddy, both say LaCava is a good fit to work with Woods. He is very loyal and not looking for stardom like his prior caddy.

The Medalist Golf Club in Hobe Sound, Florida, provides an exceptional golfing experience paying homage to the finest traditions of the game. This respect for golf's heritage and, above all, for the experience of pure golf, was the driving force behind the design of the course itself.

The devotions to pure golf is rooted in the commitment of both Greg Norman and Pete Dye, who collaborated for the first time in their careers in the design of Medalist Golf Club. The result of their combined expertise is a course that both reflects and enhances its natural surroundings. Medalist Golf Club presents an exceptional variety of shots, especially around the greens, and its personality can change dramatically with varying wind conditions.

 

September 19th, 2011 10:43 AM

Jupiter Florida Real Estate and investing:

Jupiter Florida is located in the north tip of Palm Beach County. Jupiter has the 5th most expensive zip code in the entire United States. Many wealthy people from the USA and abroad are investing in Jupiter by buying a second home there. It just makes sense. Jupiter is growing rapidly. Scripps moved there from California. Max plank from Germany is now present as well. Leisure activities are in abundance. You are surrounded by over 140 top golf courses. Boating is at its best. Jupiter and the Treasure Coast are known for the best fishing in the US. Jupiter is also growing rapidly. With the biotec companies Scripps Florida and Max Plank Florida expanding, many high paying jobs are coming to the area. G4 Security has moved its headquarters to Abacoa Jupiter and is expanding. Sikorsky is betting that the military and the civil aviation markets will welcome a high-tech aircraft able to combine the maneuverability of a chopper with the elegant speed of a jet. And so Sikorsky CEO Jeffrey Pino announced Wednesday that after 18 test flights, it was ready to incorporate its X2 demonstrator technology into a new light tactical military aircraft prototype dubbed the Sikorsky S-97, aka the Raider.Jupiter FL Real Estate has seen bottom and is on its rise again. Searching the MLS Jupiter Florida you can see the trend upwards.Now is the time to buy Jupiter FL Real Estate. Find a Realtor who knows area and is in the MLS Jupiter Florida.

Funny Jupiter Florida realtor with lots of experience and a out of the box approach.

With the US dollar beeing low and the real estate affordable, Canadians, Europeans and Brits are buying up real estate in Jupiter and the Palm Beaches. It is a secure investment. Even if the real estate does not appreciate much over the next few years, the dollar value will and with it your investment.

It makes sense again for first-time home buyers to consider FHA financing, now that is harder to qualify for a conventional loan in the current real estate market. Visit FHAMortgageCenter.com to learn more about the FHA loan program and how an FHA home loan can finance your new home.

To make the most of your purchase, taking your time is of utmost importance. But remember, you need to draw the line between taking your time and stalling. After all, if you wait too long to make a move you could lose out to another buyer. What are you waiting for? If you want to buy Miami FL real estate, get started today: hire Anton Seiss, and your perfect property will come around soon.

We also have a division for vacation rentals. Luxury vacation rentals and vacation rentals by owner is the trend now. Many vacationers are looking to get a luxury home for their family get together or reunion instead of a hotel or resort. It just makes sense because you have your privacy and there is no need to share the facilities with other people you do not know.

Are you moving? Is your company moving you? We have a excellent relocation program from start to finish. We help you sell your home and find a home at your new destination. Wether you want to buy or rent. We take care of all the things you don't have time for.

Weather you are looking for a condo in Miami Beach, a waterfront condo, a loft in Broward or simply to rent an apartment, Anton Seiss is the right choice for your real estate investment.

We also are active investors in land, lots and commercial real estate in Tennessee, Arkansas, South Carolina, Hawaii and Florida. We have partners in California and Arizona and international.

Sign up for our free real estate news letter.

 

Immobilien An und Verkauf fuer Deutsch sprechende Kunden und Investoren.

 

Der gute Name - SEISS REAL ESTATE – steht für erstklassige Beratung  in Florida.

Unter dem Dach der Marke SEISS REAL ESTATE verbindet sich die Leistungsstärke eines motivierten Teams mit weltweit gespanntem Netzwerk. Unsere Stärke beruht auf der profunden Ausbildung der Mitarbeiter, aus der beständigen Aktualisierung des erworbenen Wissens und dem kontinuierlichem Wissenstransfer innerhalb des Unternehmens. Anmietung oder Vermietung, Kauf oder Verkauf, Investment oder Projektentwicklung – Akquisition von Grundstücken oder schlüsselfertige Immobilie, Apartment, Villa oder Feriendomizil – unser Portfolio ist umfangreich und auf hohem Niveau.

Diskretion ist für uns Ehrensache, ebenso wie die sorgsame Wahrung der Interessen unserer Kunden. Es sind nicht zuletzt auch diese Werte, die den Erfolg unserer Marke prägen. SEISS REAL ESTATE setzt konsequent auf Innovation und Kooperation, Professionalität und Verlässlichkeit.

In dem Team des SEISS REAL ESTATE Shops in Jupiter (etwas nördlich von Palm Beach)  finden Sie den idealen Partner für alle Ihre Immobilienwünsche. Wir sind Spezialisten in dem Ostküsten-Markt von den Florida Keys bis Stuart

Ob Sie eine Immobilie in einer Golfanlage suchen, ein Haus oder Apartment direkt am Strand oder eine gewerbliche Immobilie, die Ihnen den Weg zu einem Investmentvisum eröffnen kann, es wird Ihnen schwer fallen, einen engagierteren Partner vor Ort zu finden.

Wie Sie vielleicht wissen, stellen Makler in den USA „Ihre“ Objekte in ein für jeden Makler zugängliches System – das MLS (Multiple Listing Service), sodass Sie, als Kaufinteressent nicht verschiede Makler aufsuchen müssen, um Ihr Traumobjekt zu finden. Wählen Sie den Partner Ihres Vertrauens – am Besten den, der Ihnen am Besten zuhört -, beschreiben Sie ihm Ihre Vorstellungen und er wird Ihnen die gleichen Angebote präsentieren können, wie jeder andere Makler, der dem „Board of Realtors“ und dem MLS angehört.

Erkundigen Sie sich doch einmal über die exklusive Repräsentanz, die ich Ihnen als „buyers broker“ bzw. „Käufer-Agent“ bieten kann.


Forida ist ein Staat im Südosten der USA, angrenzend an den Atlantischen Ozean und den Golf von Mexiko.  Er wurde als siebenundzwangigster Staat am dritten März 1845 in die Republik aufgenommen.  Die Halbinsel wurde um 1513 durch Juan Ponce erforscht und wurde das Zentrum der spanischen Siedlungen, die den südöstlichen Teil der heutigen Vereinigten Staaten umfassten.  Spanien gab den Bereich 1819 auf.  Tallahassee ist die Hauptstadt und Jacksonville ist die größte Stadt.  Der Staat ist 500 Meilen (805 Kilometer) lang und 160 Meilen breit (258 Kilometer).

Die sogenannte "Treasure Coast" – Schatzküste – etwa in der Mitte der Ostküste Floridas hat ihren Namen von den versunkenen Schätzen vor ihrer Küste erhalten.

Die spanischen Galeonen sind schon vor 300 Jahren mit ihrer Beute, bestehend aus Gold, Silber und Edelsteinen durch die Enge zwischen Kuba und Florida gesegelt um die jährlichen Winde auszunützen, die sie erst die Küste hinauf und dann nach Osten Richtung Europa bliesen. Die vielen Schiffbrüche waren dem oft schlechten Wetter zuzuschreiben, die die Schiffe auf die Korallenriffe vor der Küste trieb, oft nur hundert Meter vor dem Strand. Im Jahre 1715 versenkte ein Hurrikan sogar eine komplette Flotte der spanischen Marine, voll mit Gold beladen. Der größte Teil davon blieb bis heute noch unentdeckt. An Tagen nach einem Sturm kann man die Schatzsucher sehen, die mit ihren Metalldetektoren die Strände nach spanischen Gold- oder Silbermünzen, die vom Meer angespült wurden, abtasten.

Die Schatzküste bleibt auch heute noch ein unverdorbener Teil des „Alten Floridas" mit vielen Kilometern ununterbrochener Strände und aquamarinblauem Wasser das Schwimmer, Bootenthusiasten, Taucher, Angler und Sonnenanbeter anzieht.

Die Schatzküste kann aber auch zu Ihrem eigenen Schatz führen. Der Dollar ist billig im Vergleich zum Euro und die Preise der Häuser und Kondos sind niedrig im Vergleich zum deutschen oder europäischen Verhältnissen. Schon viele schlaue Deutsche haben das erkannt und haben sich hier an unserer Küste Ferienwohnungen oder Ferienhäuser gekauft. Sie entgehen ihrem strengen Winter und genießen die herrlichen, milden Wintermonate hier am Meeresstrand von Florida.

Florida hat wunderschöne Küsten auf beiden Seiten.  Der Strand der Westküste ist besonders zum Baden geeignet, mit dem flachen Wasser und weißem Sand.  Der Strand der Ostküste hingegen ist für den Taucher, Spaziergänger und ganz besonders für Tiefseeangler attraktiv.  Bootenthusiasten haben zwei große Flüsse - den St. Lucie und den Loxahatchee - sowie auch den größten Binnensee Amerikas, Lake Okeechobee zur Verfügung und  hunderte von Inseln in den Bahamas, nur wenige Stunden per Boot von hier.

Und mitten in dieser Ostküste liegt die Schatzküste.  Besonders das Herz davon – Martin County - hat verborgene Schätze ganz besonderer Art, die sie zu einer wirklichen Perle von Florida machen. Die Lebensweise hier ist noch wie die des alten Florida -  das Leben bewegt  sich langsam und die unverdorbene Natur ist verschont geblieben.


Posted by Anton Seiss on September 29th, 2011 11:24 AMPost a Comment (0)

 

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