SOUTH FLORIDA CONDO RENTALS

Why Will you Choose Florida Vacation Rental Home?

2008-07-14T16:27:00.000+05:30

Suddenly, if you come to know about vacation rental homes wherein you can stay while holidaying in Florida, then the immediate question will come in your mind that why I will choose vacation rental abode in Florida. What additional advantages can I get there? To explain these questions, the following points are appropriate.

Suitable to cope up with purposes and persons:

You can go to Florida for honeymoon purpose, or for making a family holiday. The vacation rental homes in Florida are available in various sizes. Some are appropriate for romantic couple; some are made for larger group. But, this facility is not all time available in hotels. Furthermore, for obtaining these condos, you will have to spend as much as hotels generally charge.

An opportunity of holidaying in seclusion and own way.

Your craving for holidaying in seclusion and comfort can be fulfilled at the Florida vacation rental home. Accented on travelers’ privacy and coziness, all vacation condos will enable you to enjoy vacation in your own way. Whether you want to observe the dark beauty of sea from terrace or want to walk through the beaches late at the night, all you can do here without any restriction.

After traveling whole day, relax at a homely atmosphere:

This unmatched facility is only obtainable at Vacation rental condos. After enjoying the day on seashore, or sight seeing, you need some relaxation at night. Unlike hotels, here you can avail more space, choose a cozy place and unwind yourself by listening to music, watching TV, enjoying movies in CD players or reading books. And if you feel hungry, cook your desired dishes at the well-equipped kitchen. All together, at the vacation rental condos, you won’t miss your home at all.

More Facilities …More Fun:

Have you ever thought that after holidaying, you will come back your home with fresh clothes? It is unbelievable! But, at Florida vacation rental abodes, it is possible. Here you can access washer and dryer. So do not worry about cleaning clothes. Besides, other amenities, like swimming pool, indoor games, Telephone and at some Florida vacation rental home, you can avail the internet accessing facility as well.

Start searching…Opt for the best one:
Are you interested in staying at vacation rental home during Florida vacation? Start searching for that. On the internet, you can get various sites, where you will avail information about Florida vacation rental home. Availing combo package that includes plane fare, accommodation and car rental together can be profitable for you too. Besides, you can opt for vacation rental home directly from property owner.

source:http://www.articlesbase.com/camping-articles/why-will-you-choose-florida-vacation-rental-home-238144.html

Living in Florida: Discovering Who You Are

2008-04-04T10:13:00.000+05:30

When you start to think about living in Florida, you might be focused on the beaches, the sports teams, golf or the nightlife, but what you’ll quickly discover is that it’s a lot more than that.

Living in Florida is about taking the time to discover who you are.

When you are looking at places to live in Florida, for example, you’ll first start thinking about what type of home you’re looking for. You might want a Florida condo because you want to have a home that’s low maintenance; on the other end of the spectrum, if you want to be able to make a number of changes to your home, a single family property might be a far better idea.

Similarly, if you’re a beach person, you’ll want to be sure that you have access to the beach. Living in Florida is not just about fun in the sun, though, it’s also about relaxing while listening the waves or enjoying watching the sun rise.

Each of these elements of your personality doesn’t just shape who you are, it also shapes where you want to live and how the experience of living in Florida is for you.

Resource: www.seasideviews.com

Choosing the Right Miami Condo for You

2008-03-05T12:29:00.000+05:30

There are increasing numbers of individuals who are buying condos. Married and singles are buying condos these days. Condos in Miami are also being bought by baby boomers as their retirement homes. Actually, Miami condos are good starter home for the first time home buyers.

There are some individuals who are asking if condos are good investments.

For first time condo buyers, they have to realize that in buying a condo, they are also buying a unit that comes with set of rules. Yes, indeed, each condo buildings have different rules and these rules are made for the safety and security of there condo owners.

There are some individuals who are thinking on how serious they must look over in the condo rules. If you are planning to buy a condo, you have to study and understand the rules first before deciding buying it. You have to assure yourself that you can abide with the rules. Take a look if the rules can suit your lifestyle.

It is best to look for several condos, ask for their rates, rules, look at the unit and building, is the unit is big enough for you, do you prepare to have a huge balcony or a small one will do, these are few of the things you need to consider and look up to in seeking for the right Miami condo for you.

All the condos have rules which are designed to make an easy living for people who live there. But the question is will you really gain an easy living with these rules? Are you a type of person who rises early and prefer to dance with the beat of your radio? But is playing music that early is allowed with the rules? Do you love pets; do you own a dog which you usually walk with early morning? But are pets allowed in that condo? Can you bring your dog in the balcony and barks aloud which can wake up other people? These are few of the things that you do, but are these allowed in the rules. So it is best that you check out all the rules before you buy a condo.

There are plenty of Miami condos out there, you can check out few and look into their rules. You can use the internet in seeking Miami condos. There are plenty of websites that offer Miami condos, you can check out few and compare each. Look at the rules of each condo and look for the one that can best suit your lifestyle.

As a first time condo buyer, you can work with a realtor. Just make sure to get the one that is familiar with the market. Contact few realtors and check out their expertise and pick up the one that you believe is the right one.

As soon as you find the right Miami condo for you, you will definitely enjoy your stay...

resource: www.ezinearticles.com

Jacksonville Loft Condos: Your Style at Home

2008-02-09T16:51:00.000+05:30

When you decide that you’ll look into living in a Jacksonville loft condominium, the one thing that you’ll find is that a loft mirrors your style within your home.

Trendy Jacksonville loft condos with wide open floor plans, great views, unique finishes, modern appliances and just the right amount of style make it easy for their residents to have a home that really looks and feels just the way that they want it to.

As a result, it’s easy to entertain and spend time with friends. It’s easy to prepare meals your way - but take out and going out are always an option too.

There’s a certain flexibility that loft condos offer that other homes just don’t have: while it’s not necessarily easy to describe - as soon as you’ve experienced it for yourself you’ll know just how special it is.

Source : http://www.seasideviews.com/

Condominium and Home Lease Options | Ft. Lauderdale, Florida

2008-02-09T16:50:00.001+05:30

Q: What is a lease option?

A: It is an agreement between a renter and a landlord in which the renter signs a lease with an option to purchase the condo or single family home. The option only binds the seller; the tenant has a choice to make a purchase or not. Lease options are common among buyers who would like to own a condominium or home but do not have enough money for the down payment and closing costs. A lease option may also be attractive to tenants who are working to improve bad credit before approaching a lender for a home loan.

Q: How does a lease option work?

A: A landlord agrees to give a renter an exclusive option to purchase the property. The option price is usually determined at the outset, but not always, and the agreement states when the purchase should take place – whether, say, six months, or a year or two down the road. A portion of the rent is used to make the future down payment. Most lenders will accept the down payment if the rental payments exceed the market rent and a valid lease-purchase agreement is in effect. Before you opt to do a lease option, find out as much as possible about how they work. Talk to real estate agents, read published materials, and, in the end, have an attorney review any paperwork before you sign on the dotted line.We have a wide variety of oceanfront condominiums and intracoastal waterfront homes available for sale and for lease in the Fort Lauderdale, Florida area.

Source : http://rismedia.com/

Miami Realtor's condo blog landed him a job -- for 5 weeks

2008-02-06T15:31:00.000+05:30

Miami Realtor Lucas Lechuga's popular blog on Miami's tumultuous condo market helped him land a position as an associate at one of south Florida's most prestigious real estate brokerages.

Five weeks later, Lechuga's new broker severed its ties with him, after he and the firm were hit with a $25 million defamation lawsuit by one of the city's most prominent developers over a blog post he wrote before landing his new job.

The story has captured the attention of real estate bloggers, agents and the brokers who employ them, as they continue to assess how to best make use of this relatively new medium for connecting with consumers.

Lechuga's Miami Condo Investments blog has an active following that includes condo buyers and sellers who are trying to get a handle on where the city's often speculative condo market might be headed next.

Many are looking for insight into how individual projects are faring, including details such as whether buyers are backing out of agreements to buy units over fears about falling prices.

Lechuga, a real estate agent for three years, blogs about Miami condo developments concentrated in Brickell corridor, the city's financial district, providing statistics like the closing rates of new developments, prices per square foot, and recent and pending sales.

The statistics are sometimes accompanied by photos and video of new developments Lechuga takes as he makes his rounds. Those images are especially popular with prospective buyers who haven't seen the buildings in person, Lechuga said.

"Buyers with contracts (to purchase a condo in a new development) love the fact that I can go into these buildings before they close, and take pictures of areas like the lobby and the pool deck," Lechuga said.

With a background in finance -- Lechuga was a trader at the Chicago Board of Options Exchange before getting into real estate -- the blogger also dispenses opinions and advice to readers.

Potential buyers follow closing rates closely, because they want to know whether units in a new development will be in demand or languish in Miami's highly speculative condo market.

"I'd never advise buyers to buy into a development with a 50 percent closing rate," Lechuga said. Even a 75 percent or 80 percent closing rate, he said, "is kind of risky. The best deals are when a development is 90 percent closed ... when people are still a little nervous."

Granddaddy of Miami real estate

What got Lechuga into hot water with renowned Brickell developer Tibor Hollo wasn't his Jan. 10 prediction that Hollo's new 56-story, 635-unit Opera Tower condo project was "doomed" or that its default rate could exceed 50 percent.

According to Hollo, it was an earlier, Nov. 25 blog post about Opera Tower that raised his ire. Lechuga, who had heard that Hollo had gone through a rough spot years ago, wrote: "This developer went bankrupt in the 1980s and I think we'll see a repeat performance within the next 6 months."

Hollo, once described by a local business journal as "the undisputed granddaddy of Miami real estate development" -- does not deny that, like most developers, he's had his ups and downs.

He recently told the Miami Herald that he lost "tens of millions of dollars" when lenders foreclosed on several of his properties in the early 1990s. But it was all his own money, he told the Herald, and he never filed for bankruptcy protection from creditors in court.

"I never went bankrupt in my life, and this is something that is very easy to check," Hollo told Inman News. "You look at public records."

If Lechuga had said, "I think (he) went into bankruptcy, that would have been different," Hollo said. "But this was such an affirmative statement, my best friends started to believe it."

Lechuga said he never claimed Hollo filed for bankruptcy, and that the definition of the word "bankrupt" is open to interpretation.

"You can say that someone is emotionally bankrupt -- it's the same for financial," Lechuga said. The word bankrupt "could mean they were down in the gutter, that they lost a lot of money," without actually filing for bankruptcy protection in court.

Hollo, who was born in Hungary and reportedly survived Nazi concentration camps Auschwitz and Matthausen before coming to the U.S. in 1948, claims to have built the first high-rise building on Miami's Brickell Avenue more than five decades ago.

"I am in business 58 years," he said. "I have developed a very fine reputation personally and in business ... and when I see that somebody shoots off their mouth irresponsibly and my bankers call me, I feel that my reputation was damaged irreparably by such a thing."

Lechuga has since edited the post, removing the reference to the developer having been bankrupt. But he has not backed down from his prediction that the project faces an uncertain future.

"I think it is likely that we will see a majority of these condos owned by the bank that loaned money to the developer of Opera Tower by April 2008," the post now reads.

Lechuga said his predictions that buyers would back out of closings at Opera Tower were based on "a number of phone calls" he received from contract holders saying they had no intention of closing.

"It's not like I'm picking on Opera Tower. I want to provide consumers with all relevant information," Lechuga said. "That's why I'm a trusted source about the Miami condo market. I get calls from buyers all the time saying … we know this isn't a good time to be buying, but you aren't going to sugarcoat it, and put us into any old property because it's overpriced."

Hollo says closings at Opera Tower began only in January, and it remains to be seen what the final closing rate will be.

After conducting about 40 closings in January, Hollo said he hopes to ramp up the pace to 50 closings this month and 60 by March. It's physically impossible to do more than two or three closings a day, he said, because of the need to walk each buyer through their unit and complete punch lists.

"I don't think we have more than 30 buyers that don't want to close, and they sometimes have good reasons," Hollo said. One widow, he said by example, is backing out after her husband died. Another buyer is relocating out of the state for a job. "Thank heavens we are going to be proving Mr. Lechuga wrong."

Hollo says it was Lechuga's claim that he went bankrupt that prompted him to sue, rather than worries that the Realtor's warnings would cause more buyers to back out.

"I couldn't have done anything about it, and I wouldn't have done anything about it," Hollo said of Lechuga's claims that buyers will back out en masse.

Opera Tower lawsuits

But Hollo himself was hit with more than a dozen lawsuits in the weeks after Lechuga blogged about his doubts about Opera Tower.

Federal court records show that since Dec. 21, 15 lawsuits have been filed against Opera Tower LLC, the limited liability company formed to build the development, by would-be buyers seeking refunds of their deposits.

A typical example is a Jan. 28 suit filed on behalf of Rama Investments LLC and Raul Gonzalez-Gil, seeking the return of an $81,983 deposit put down in November 2004 for a condo on the 16th floor.

Rama Investments' lawsuit claims neighboring high-rises obstruct views of Biscayne Bay, that the "oversized Olympic style swimming pool" is smaller than promised, and that ceramic tiles were installed rather than the promised "designer tile kitchens, foyers and bathrooms."

Hollo has been dismissive of the lawsuits in the local press, saying they were filed by "flippers" who were only looking to make a quick buck.

But soon after the first lawsuits against Opera Tower were filed, Hollo had attorneys draw up a $25 million defamation suit against Lechuga and his erstwhile employer, Esslinger-Wooten-Maxwell, a real estate broker with 750 agents at 12 offices in Miami-Dade and Broward counties.

EWM promptly severed its ties Lechuga, who had only been an EWM associate for about five weeks.

"The first I ever heard about it was the lawsuit," Lechuga said, still sounding amazed at the turn of events his life has taken.

A chilling effect?

The story caused a buzz in the growing ranks of real estate bloggers. Some may never have given much thought to the possibility that they could be sued or fired over something they said on their own, personal blog.

The perception that EWM was on the wrong side of a free speech issue was reinforced, perhaps, by comments the firm's president, Ron Shuffield, made in a story published in the Herald on Jan. 28, the day Lechuga was let go.

The story quoted Shuffield as saying EWM did not "condone making statements, especially negative statements, about anyone" and that the company encouraged "associates to be a positive source of information."

That may have left some real estate bloggers with the impression that EWM wouldn't allow its associates to engage in the kind of frank, tell-it-like-it-is style of blogging that helps them come across as knowledgeable, credible authorities on their markets.

"I wonder if this will put the scare on other Miami bloggers and in particular, other Esslinger-Wooten-Maxwell Realtors," wrote Dustin Luther, founder of the influential Seattle real estate blog RainCityGuide.com, on his 4realz.net blog.

But Shuffield and EWM Chief Operating Officer Beth Butler, who oversees the company's blogging efforts, say the company's associates aren't being asked to paint a rosy picture that's only one side of the story -- only to verify that what they say in their blogs is accurate.

"There's a lot of stuff we put out, that I personally put out, that's not happy news," Shuffield told Inman News. "There is lots of inventory down here; sales have been flat for a long time; and we're realistic with our sellers that this is not going to turn around next month."

While Shuffield sees EWM and its associates as information providers -- feeding clients data on comparable sales and neighborhood trends, for instance -- "I don't see us as a news source," he said. "Bloggers in our office are becoming the primary source of information for their neighborhoods and markets that they deal in, but I don't think any of our people think of themselves as investigative reporters."

Shuffield said that while he's comfortable with EWM associates offering their opinions, he'd rather see them talking about neighborhoods and properties than people.

"We are big believers in blogging, and that getting that information out can be very helpful to people," Shuffield said. "I get nervous when I start hearing statements about people, or (information about) people becoming more critical than buildings or neighborhoods."

For Shuffield, it's important that "what we're reporting is accurate, and based on first-hand information. The rumor on the street is how people's reputations get damaged. I say all the time when you join our company, our reputation becomes yours, and your reputation becomes mine."

That's a view shared by Jim Duncan, a second-generation Realtor based in Charlottesville, Va.

Writing on BloodhoundBlog, a collaborative blog written by and for real estate professionals, Duncan said, "I hear rumors all the time. But I rarely blog about them."

Duncan said he's been blogging about three years and isn't afraid of controversy. As the co-editor of the editorial page of the school paper at Virginia Military Institute, he said, "I wrote things counter to administration policy that I'd get called onto the carpet for -- literally. I'd get called into the commandant's office and have to salute and everything."

Duncan doesn't want to get sued, but more importantly, he said, it takes a long time to build a reputation, and a reputation is something worth protecting.

"I trade on my credibility -- with my clients and potential clients, my fellow Realtors, builders, developers, the public and the media," Duncan wrote on BloodhoundBlog. "Damaging that credibility -- even by an infinitesimal amount -- is not an option."

As the son of two Realtors who did deals on a handshake, "I take tremendous pride and satisfaction that my word is my bond," he said.

Duncan says he frequently expresses opinions in his writing, and that while his blog is primarily a local real estate blog, he covers "politics and all sorts of stuff."

By expressing his opinions in a "cogent way that's based on fact," he's used his blog to build a reputation as an authority.

"I just got a call from a local news station 20 minutes ago," Duncan said. "They do look at me as a source who provides unfiltered and unbiased information."

Ironically, Lechuga said he was recruited by EWM because of his blog, and that a dispute over content on his Miami Condo Investments blog ended his relationship with a previous brokerage.

"They wanted me to edit comments" from readers who suggested it was a bad time to buy into the Miami condo market, Lechuga said. "I said, 'Their opinion matters just as much as mine. I'm not going to delete their comments just to make the Miami condo market look better.' "

EWM, Lechuga said, "is actually a very pro-blogging company. I went to them hoping they would accept the whole blogging platform, and be more open to honesty."

But Lechuga said others in the business warned him that EWM was owned by a large company -- Berkshire Hathaway affiliate HomeServices of America Inc. -- and would dissociate themselves from him if there was ever a controversy over his blog.

Butler does not dispute that EWM recruited Lechuga because of his blog.

"I came across a post he wrote, with market stats for the Brickell area, that I thought was very well done," EWM's chief operating officer said. "He did a great job of putting information out. Did I read every post? No. Had I read this post? No."

Butler oversees a company blog for EWM's 750 associates, which she said about 350 agents tried out when it was launched in August. Since then, she said, the number of contributors posting at least once a week has dwindled to about a dozen.

"We understand agents want to have their own branding," she said, so agents are able to use an RSS feed to send their posts to both the company blog and their own personal blogs, which can be accessed by a tab on an individual agent's Web site.

At the moment, there's no official policy in place about maintaining individual blogs outside of company channels, but that could change, Butler said.

"It's probably good for every company to have a policy on individual agent's blogs," she said. Without one, "You get to be a certain size, and you're reading blogs all day" for problematic content.

Butler, who maintains her own outside blog on ActiveRain and has created a group on the site for EWM associates, sees blogging as in its infancy.

"Lucas (Lechuga), like every real estate blogger out there, is trying to figure out what this means," Butler said. "Do I want readers? Do I want business? They are all trying to define their online reputation. As he grows and matures, and as we grow and mature, we'll see whether we see eye to eye or not."

Lechuga, for his part, says he holds no grudge against EWM, and says he'd like to be associated with the firm again.

"I understand fully their position," Lechuga said. "EWM is a fantastic office to work for, and I wish this whole thing would just blow over and I could go back to work for them. I'm not bitter -- I want to move on."

Protect yourself

Defamation and libel suits are a constant threat to newspapers, publishers and bloggers. The law offers many defenses against libel suits, and large awards, especially to public figures, are uncommon. Many states limit damage awards unless alleged victims seek a retraction or correction and are refused.

But the cost of defending against such lawsuits can have a chilling effect on free speech.

"I'm very confident I'll prevail, but the legal costs, that's a worry," Lechuga said. Some attorneys he's talked to warned he could be facing a two- to three-year court battle, with legal fees of $200,000 to $300,000, he said.

There are some simple steps any blogger can take to lower the risk of a defamation or libel suit, and to limit their liability if they do end up in court.

The Media Bloggers Association -- founded by a blogger who, ironically, was threatened with legal action by the New York Times over a satirical post about the newspaper's correction policy -- recommends posting a clearly stated correction policy, and correcting mistakes promptly using strikethroughs or editor's notes.

The MBA publishes a list of principles for bloggers, many of which are employed by professional journalists, which includes:

* Stating what you know and how you know it, using links to supporting documents where possible and crediting sources. Don't plagiarize or pass off others' work as your own.

* Distinguish fact from rumor and speculation. Be intellectually honest when expressing opinion. Use your own name and provide a way for readers to communicate with you.

* Disclose conflicts of interest including personal relationships, financial considerations or other factors that might influence or appear to influence your independence and integrity. If you accept payments from advertisers or sponsors, clearly demarcate paid content.

* Respect the privacy of private citizens, who may not want photographs, videos or information about them made public. Use special sensitivity when dealing with children and inexperienced sources or subjects.

Source : http://www.inman.com/

Downtown hotel-condo project is tangled in lawsuit limbo

2008-01-28T17:06:00.000+05:30

Several buyers are demanding return of their deposits

The proposed partnership promised to be a grand one: a string of luxury boutique hotels rising in select cities throughout the western United States, Mexico and Hawaii.

Yet six months after signing a letter of intent to explore the venture, New York hotelier the Setai Group, which created Miami Beach's prominent The Setai, is locked in a legal battle with Steve Rebeil, a developer who hoped to make his 23-story San Diego hotel-condominium a West Coast flagship for the Setai brand.

In November, the Setai Group sued 5th Avenue Partners and its principal, Orange County developer Rebeil, alleging that the San Diego project is being falsely promoted as a Setai property under the name Setai San Diego.

Richard Burton, an attorney for the Setai Group, said his clients and 5th Avenue signed a letter of intent in May to explore a potential partnership. But the parties never came to terms and a final agreement was never forged, Burton said.

In a countersuit, 5th Avenue contends that it spent millions of dollars bringing the hotel-condominium project up to Setai standards and that the letter of intent is itself a binding contract, though final partnership documents were not signed.

Now the fate of the property, known as the Diegan before 5th Avenue announced the Setai name change in October, is uncertain. Meanwhile, some buyers who put deposits on the hotel's 185 rooms, suites and penthouses for condominium use want their money back.

One buyer, who asked not to be identified, said he demanded and received his full deposit this month, citing a termination clause in his Diegan contract that allows for a refund if a final report has not been issued by the California Department of Real Estate within six months after the date of a conditional report. The buyer said several other Diegan buyers have also been given their deposits.

In California, the sale or lease of five or more units falls under the jurisdiction of the Real Estate Department. Conditional reports permit developers to enter into binding contracts with buyers, subject to satisfying specified conditions of a project. All those conditions must be satisfied before a final report is issued and the developer can close escrow.

The department issued the Diegan a conditional report in October 2005. No final report has been issued, a department spokesman said.

5th Avenue Partners did not respond to questions about the Diegan or how many buyers have requested or received deposit returns.

Lee Millinax of Vertical Properties, the San Diego firm that handles sales for the property, said about 85 units at the Diegan have been sold for condominium use. Millinax said he has received from eight to 10 requests from buyers to have their deposits returned, which he forwarded to 5th Avenue.

John Vogt, an attorney for Rebeil and 5th Avenue, declined to answer specific questions about the disputed Setai joint venture. He said his clients have “a binding contract with Setai Group and we are proceeding full-bore in terms of man-hours, time and money on all fronts.”

“We are confident in the merits of our case, and we'll proceed through the court system to defend our rights,” Vogt said.

The Setai Group alleged that it was mislead by Rebeil about his past legal problems and his ability to bring other hotel properties to the proposed partnership.

Rebeil's past includes a 2004 tax-related felony conviction and subsequent incarceration, and the denial of a casino gaming license in 1997 after Nevada regulators deemed him to “lack good character, honesty and integrity.”

The Setai lawsuit claims that Rebeil's felony conviction, which Setai alleged was not properly disclosed, disqualifies Rebeil from having any ownership interest in a Setai project involving a casino or liquor license in Nevada or California.

Another point of contention was Rebeil's promise to deliver a prestigious Beverly Hills property to the proposed Setai partnership.

The building, owned by Hustler magazine publisher Larry Flynt, is a distinctive, curved 10-story structure at 8484 Wilshire Blvd. that the Setai Group hoped to transform into a five-star hotel.

Burton, Setai's attorney, said his client's chief interest in negotiating a potential joint venture was Rebeil's assertion that he could bring the Beverly Hills property into the deal.

“He represented that he had the rights to the Larry Flynt property, but we've never seen anything – no documents of agreement or an option obtained on a Beverly Hills property,” Burton said. “The thing that was the least concern for us was the Diegan. Our interest was more Beverly Hills, but the Diegan was the only thing we've ever seen any documents on.”

Joseph Manna, an attorney for Flynt, said neither Flynt nor any of Flynt's companies have any agreement with Rebeil or any of Rebeil's companies. Flynt himself is embroiled in a legal dispute with another developer, Ronald Stover, who alleged that his company has an option to buy the property from Flynt.

“Neither Rebeil, nor any of Rebeil's companies, have any interest in the 8484 Wilshire building through the owner of the building,” Manna said.

5th Avenue formally announced that the Setai Group would operate the Diegan as the Setai San Diego in an Oct. 18 news release, claiming that the San Diego property would be the first “five-star luxury condominium-hotel in the city as the result of a groundbreaking east coast-west coast partnership considered to be the first of its kind in the country.”

Within hours, the Setai Group's attorney informed 5th Avenue that talks were off and “improperly repudiated” the letter of intent, according to the 5th Avenue countersuit.

Burton said there was nothing improper about Setai pulling the plug. Final terms were never agreed on, so the proposed partnership never materialized, he said.

Burton said 5th Avenue repeatedly violated terms of the letter of intent, including issuing unauthorized news releases touting the partnership as a done deal and the Diegan name change to Setai San Diego.

One of several unresolved areas of contention was affixing the Setai name to the Diegan, Burton said. The Setai Group did not consider the Diegan to be of the required quality for a Setai property. For example, many of the rooms are too small to earn a five-star designation, Burton said.

If a partnership deal had been reached, Setai proposed to manage the Diegan as a Setai Rok or Setai Rox, a “younger” offshoot brand that Setai was planning, Burton said.

The Setai Group has developed the Setai Resort and Residences, a 40-story luxury hotel condominium in Miami Beach, as well as a 30-story luxury hotel-condominium in New York City.

Source : http://www.signonsandiego.com/

10 Reasons the South Florida Condominium Market is Hot

2008-01-22T16:48:00.000+05:30

Sapphire Condominium along Fort Lauderdale Beach released its Top 10 Reasons to Live in a Luxury Beach Condominium in South Florida.

1) It’s freezing everywhere else.
While your friends in New York and Minneapolis put on their massive winter coats to go outside, if you’re living in a South Florida beach condo, you’ll be basking in the sunshine and comfortable in shorts and a tee shirt year-round.

2) You can actually see water from your balcony.
And it’s not just a lake with a tacky fountain in the middle. Whether you have the view of the Atlantic Ocean meeting the horizon, or the Intracoastal Waterway surrounded by spectacular yachts and mansions, it’s a Zen experience.

3) Enticing family and friends to come see you more often.
Living in a beach condominium guarantees you’re the favorite destination for relatives and family members. Just be careful who you tell, you may be overwhelmed by newfound popularity.

4) Value for your dollar.
Just over half the world’s population - around 3.2 billion people - occupy a coastal strip just 200 kilometers wide (120 miles), representing only 10% of the earth’s land surface. Where do you think the most valuable one percent of that land exists? You guessed it…along the beachfront.

5) South Florida beaches are beautiful and fun, 12 months of the year.
December is as much “bathing suit month” as July. And even on those slightly cool days - and by cool in South Florida we’re talking 60 degrees - a brisk walk on the beach with your feet in the cool sand is truly a refreshing experience.

6) No need to worry about the menu or the place settings when entertaining.
Dazzling sunsets and a clear blue sky create a breathtaking setting for entertaining guests. Your friends will leave with something special to talk about, even if your food and entertaining skills just aren’t any good.

7) Beach walks at sunset relieve stress from the day.
Therapy in South Florida is defined by sand between your toes. When you live by the beach, there’s no worry about finding parking - you’re already home.

8) Frequent opportunities to sit down at the water’s edge with a good book.
For inspiration, there’s nothing better. The relaxing sound of waves crashing on the shore is the perfect accompaniment to a soothing afternoon of reading your favorite novel, self-help book or magazine.

9) No matter your job, when you live by the beach, you always feel like you are on vacation.
It’s hard to hold on to residual stress from the day when you look out the window and see paradise. Combine that with a luxurious new residence plus an array of incredible amenities and you have a resort-class lifestyle that feels like a perpetual vacation.

10) South Florida, particularly near the beach, is a great place to experience exceptional food, fun and culture. In a South Florida beach area location, sparkling white sand beaches and waterfront dining are just a stroll away, and you’re only minutes from distinctive boutiques, art galleries, cultural and entertainment venues, exhilarating nightlife and outstanding restaurants serving the freshest seafood available.

Source : http://rismedia.com/wp/

Factors That Keep the Miami Condo Rental Market Stable

2008-01-18T15:38:00.000+05:30

Most major commercial real estate developers in the US are forecasting that a combination of steady job growth and a slowly dwindling supply of rental housing, will contribute to making the city of Miami one of the strongest condo markets in the country this year.

This forecast is based on a recent report analyzing the US apartment and condo market, wherein 42 metropolitan areas were reviewed based on their vacancy rates, current construction, affordability, job growth and rental trends. The report viewed Miami is one of the strongest condo markets in the nation.

Job Growth, Low Vacancy Rates Contribute To Miami's Steady Condo Market

A significant part Miami's steady condo market can be atrributed to the area's recent trends, which include job growth, low vacancy rates, and a sizable reduction in apartment supply. Property analysts view that alongside San Diego, Miami is the only metropolitan area in the US where the supply of apartments is fast declining.

The fact that a large segment of Miami apartments are being converted into Miami condos faster than new ones are being built., may cause vacancy rates here to become even lower, and may lead to a further increase in demand for condos. Another factor that further strengthens the area's condo market, is the number of investors that are buying condos, both natural and converted, some of which will end up reappearing back onto the local rental market soon.

Condo Conversions Are Keeping Rentals Reasonable

Commercial property analysts say that the recent trend of condo conversions in Miami, wherein developers upgrade apartments and put them on the market as a condo, is keeping the city's rental hikes from becoming unreasonable, since many apartment owners here are apprehensive to raise rents on their properties because of the high concentration of condo activity here. Many condo conversion owners fear that a rapid rise in rents will cause many current renters to become condo buyers instead.

This city has long been a favorite vacation or second-home destination for people from the northeastern part of the country, however a mixture of factors like low interest rates, Latin American economic woes, and the dollars' pitfalls against the euro, have led foreign investors to view this city as an affordable alternative to skyrocketing European real estate.

Commercial property analysts predict that a shortage of available Miami condos could be in the running in the near future. Nevertheless, it is really quite difficult to accurately make a forecast.

The heightened surge in the city's condominium market has fuelled a boom in newer development projects. Currently, a lot of projects are on the verge of completion, aiming to provide the local market with everything from relatively inexpensive studio-type condo units to exclusive, upscale condos with ocean views and first-class facilities.

Some prospective clients hope that the condo prices will significantly drop when all the projects have finally settled. It is estimated that more than 50,000 condos will be added to local market within the next 10 years. In downtown Miami, a 35 story condominium tower named the Avenue is already ready for occupancy, and will add 570 units to the local housing market.

Source : http://www.turks.us/

South Florida Condos Buckle Under Hundreds Of Foreclosures

2008-01-14T17:12:00.000+05:30

It has been two months since Arnold Kovelman moved into his rented condo at Club at Brickell Bay in Miami, when he heard the knock on the door at 8 a.m.

''I was kind of like sleep walking and this woman is there with a badge. She's saying she's the sheriff and she's there to serve my landlord a foreclosure,'' said Kovelman, 27, a senior account executive for a New York-based Web development company.

Kovelman's rental was one of 80 in the luxury condominium at 1200 Brickell Bay Dr. that dropped into foreclosure in 2007. The Club at Brickell Bay ranked first among condominiums in Miami-Dade and Broward counties with the most units in foreclosure. Borrowers owe lenders more than $42 million.

As the region's housing market sputters into the new year, a collection of largely unoccupied new towers are straining under hundreds of millions of dollars in defaulted mortgages. In the 20 buildings in Miami-Dade and Broward counties with the largest numbers of units in foreclosure, loans in default totaled more than $271.8 million, according to an analysis by Condo Vultures, a Bal Harbour real estate consulting firm and brokerage.

The epicenter is Miami's financial district along Brickell Avenue, where three of the top five buildings are located. Condo Vultures' principal Peter Zalewski jokingly refers to that area as Miami's ``foreclosure district.''

Source : http://www.turks.us/

Home sales to recover in '08, group says; So. Fla. could take longer

2008-01-14T16:48:00.000+05:30

A trade group for real estate agents predicted Tuesday that the pace of U.S. home sales will pick up significantly in the second half of 2008, bringing total sales for the year marginally higher than in 2007.

The monthly forecast from the National Association of Realtors calls for U.S. existing home sales to increase 0.9 percent this year to 5.7 million, up from a projected 5.65 million last year.

Final results for U.S. existing home sales in 2007 -- to be released later this month -- are expected to be down 12.7 percent from 6.48 million in 2006, the group said.

The group's forecast for 2008 was unchanged from last month. The trade group also forecast 5.91 million home sales in 2009.

Economists and analysts, however, are predicting far lower home sales and accuse the Realtors group of not painting an accurate picture of the housing market. Experts say home sales in South Florida will remain soft in 2008. They don't think the local housing market will begin to recover until 2009 or 2010.

``The exact timing and the strength of a home sales recovery is a bit uncertain,'' Lawrence Yun, the group's chief economist, said in a statement. ``A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.''

Numerous economists, however, are much more pessimistic about the housing market this year and are predicting far lower home sales.

In addition, the group did not anticipate 2007's severe housing market downturn. A year ago, it was predicting more than 6.4 million existing home sales -- about 760,000 more than actually happened.

The group is predicting the median price for existing homes in the U.S. will have dropped 1.9 percent in 2007 to $217,600 (euro147,977) _ the first annual drop since the trade group began tracking the data.

That number is projected to remain flat in 2008 before rising to $224,400 (euro152,601) in 2009. The median is the point at which half sell for more money and half sell for less.

The trade group also said its index that forecasts near-term home sales fell 2.6 percent in November from an upwardly revised October number.

The trade group's seasonally adjusted index of pending sales for existing homes fell to a reading of 87.6 from an upwardly revised October index of 89.9, but was down 19.2 percent from a year ago. The index hit a record low in September at the peak of the worldwide credit squeeze.

The Realtors group predicted new home sales would fall 13.4 percent this year to 669,000, down from a projected total of 773,000 in 2007. It forecast new home sales would rebound to 730,000 in 2009 and projected new home prices would be flat this year at $242,200 (euro164,706), before rising to $256,500 (euro174,430) in 2009.

Source : http://www.sun-sentinel.com/

Castle Beach condos lets owners back after 2 years

2008-01-07T14:49:00.000+05:30

AFTER BEING CLOSED FOR 2 ½ YEARS AND STRUGGLING TO MEET A COMPLEX ASSORTMENT OF BUILDING CODES, THE CASTLE BEACH CONDOMINIUM HAS REOPENED, AND RESIDENTS HAVE RETURNED.

Robert Berman had been a resident of Castle Beach Condominium for close to a decade when he learned that he and the owners of the building's 586 units had to leave.

The condo, built in 1967, suffered structural damage and electrical wiring defects that led Miami Beach city engineers to close the building in April 2005.

''Being homeless is one of the worst experiences in the world,'' said Berman, 62. "It was a horrible feeling.''

Robert Stone, a certified public accountant, was given responsibility for the building by a Miami-Dade County Court.

He notified residents in a May 2005 letter that while repairs to the 18-story building, at 5445 Collins Ave., were being made, they would have to continue paying their monthly maintenance and assessments.

For Berman, that meant a $490 monthly maintenance fee and $600 in special assessments, not including his regular monthly mortgage. Residents also had to pay rent for temporary housing or seek refuge with friends and family.

Stone's letter estimated that repairs would cost about $20 million and take six months. It turned out to be 2 ½ years.

''At one point I didn't think we would ever get back in the building,'' said Berman, who moved in with his girlfriend in the interim.

Castle Beach Condo board president Caridad Amores said all major safety issues have been resolved and 80 percent of the building's structural damage has been repaired.

Residents celebrated the building's reopening in November.

''It definitely was a loss having to pay the mortgage, maintenance, special assessment fees and rent for temporary housing,'' said Francesco Stipo, 34, an international business attorney who moved into one of the penthouses in 2003.

''I'm very happy to be back,'' he said. "It's like waking up after a nightmare.''

The building, which first opened as the Hilton Plaza, has had many reincarnations and names.

In the 1970s, it became the Playboy Plaza, where Hugh Hefner had the penthouse suite.

Later it became the Plaza, the Miami Beach Hyatt House, the Konover Hotel, the Castle Premier Hotel, the Castle Hotel and Resort, Clarion Castle Hotel and Resort and the Castle Beach Hotel.

It became the Castle Beach Condominium in 1993.

The condo has encountered a ''perfect storm of problems,'' condo board president Amores said.

The trouble began in 2003, when a condo owner sued the condominium board, charging that the board had not properly maintained the ground-floor theater's roof.

The city said it had no choice but to enforce a mandatory evacuation order in 2005, because it had given the condo board repeated notice of code violations that were never fixed.

Assistant City Manager Tim Hemstreet said the building was ordered closed ``due to specific electrical violations that affected the safety of the building's occupants. It was reopened as these violations were corrected.''

When the building was evacuated, the court took power away from the board and gave control of the building to Stone.

But many unit owners, not satisfied with his management, sought to replace the receiver with a five-member board chosen by the owners. They succeeded.

The new condo board was appointed in November 2005 and ''is dedicated to making Castle Beach Condominium better than ever,'' Amores said.

Hemstreet said the condo association decided to reopen the building floor by floor starting in 2006.

While residents are breathing a sigh of relief, there is still much work to be done, including extensive plumbing and some window replacements. The pool also needs to be redone and the building needs to be repainted.

Additionally, a dozen commercial units on the ground floor cannot reopen until the outdated system that provides electricity to the building is replaced.

Resident Alex Solon, who owns a Russian and Turkish bathhouse inside the building that remains closed, is still out of work.

''It was a double whammy -- losing our residence and business,'' said Solon, 38. "It was devastating.''

Complicating the renovation process is how to finance the continuing repairs.

Because the building was closed by the city, obtaining a loan for the projects has been difficult, Berman said.

Today board members rely on the special assessments and a credit system granted by a few contractors, including Ideal Construction Solutions, which have come to their aid.

''It was heartbreaking as residents would stop by and inquire about the building's progress,'' said Jose Hernandez, project manager for Ideal Construction. "We are very proud of being part of this organization in an effort to bring people back home.''

Berman, also a member of the condo board, calls it ''creative financing'' and said he appreciates what Ideal Construction Service has done so far.

Ultimately, Berman said, a loan of between $15 million and $20 million will be necessary to complete the project.

Source : http://www.ccfj.net/

FAR: November home sales, prices down

2008-01-01T15:59:00.000+05:30

South Florida existing single-family home sales and prices declined again in November, the Florida Association of Realtors said.

In Fort Lauderdale, sales of existing single-family homes fell 34 percent to 401 from 605, as prices fell 4 percent to $348,100 from $362,000. In Miami, existing single-family home sales fell 59 percent -- the biggest drop in South Florida -- to 263 from 645, as prices fell 4 percent, to $359,300 from $372,400. In West Palm Beach-Boca Raton, existing single-family home sales fell 13 percent, to 459 from 525, as prices dropped 7 percent, to $345,700 from $370,400.

Near South Florida, median existing single family home sales:

* fell 25 percent in Fort Piece-Port St. Lucie, to 230 from 305, as prices declined 17 percent, to $206,300 from $247,600.
* fell 18 percent in Melbourne-Titusville-Palm Bay, to 379 from 461, as prices declined 9 percent, to $184,000 from $203,300.
* fell 29 percent in Punta Gorda, to 154 from 218, as prices declined 18 percent, to $177,300 from $215,100.

FAR said single-family home data from Fort Meyers-Cape Coral and Naples-Marco Island was not available.

FAR said existing condominium sales were down across the area, as well, though prices inched up 3 percent in Miami, to $264,700 from $257,400. Miami condo sales fell 53 percent, to 297 from 627.

In Fort Lauderdale, existing condo sales were down 23 percent, to 430 from 560, as prices dropped 17 percent, to $166,700 from $199,700. In West Palm Beach-Boca Raton, condo sales fell 17 percent, to 347 from 420, as prices fell 19 percent, to $177,400 from $219,800.

Near South Florida, median existing condo sales:

* increased 28 percent, to 68 from 53, in Fort Pierce-Port St. Lucie, as prices grew 6 percent, to $185,000 from $174,000.
* fell 37 percent, to 67 from 106, in Melbourne-Titusville-Palm Bay, as prices grew 10 percent, to $172,500 from $157,300.
* fell 36 percent, to 21 from 33, in Punta Gorda, as prices declined 24 percent, to $142,500 from $187,500.

FAR said condominium sales data from Fort Meyer-Cape Coral and Naples-Marco Island was not available.

Statewide, existing single-family home sales were down 30 percent in November, to 8,106 from 11,609, as prices declined 10 percent, to $215,800 from $239,800.

Condo sales in Florida fell 29 percent, to 2,375 from 3,356, as prices declined 9 percent, to $186,700 from $204,500.

Source : http://www.bizjournals.com/

Real Estate: Selling a Home in South Florida

2007-12-24T16:52:00.000+05:30

You have done a Real Estate investment by buying a house in South Florida and now you are determined to sell the property. But you are afraid of not selling it quickly. There are five important issues to take into account at the time of selling a home in South Florida. Location, home condition, the price, marketing strategy and the market. If your house for sale is in a good location as well as is in good condition, there wouldn’t be a problem to market it faster. Your Real Estate Agent will work out the best marketing strategy to sell the property quickly. And, among all this, you and your Agent will be evaluating the price and the market. However, you are not done yet.Buying or selling Real Estate is a great investment whether you are determined to live in there, rent it or selling it later to make a new Real Estate transaction. But, there are some rules to obey and your Real Estate Agent is the right one to assist you about.There are some interesting home selling tips to follow up:

Selling Tips - Useful Tips for Selling your Home THE HOME SELLING PROCESS

BLUE ONE Realty wants you to succeed in the home selling process. We provide here ten selling steps for you to look forward to buyers requirements. You need to be prepared. How? Plan your home selling process in advance.

WHY WOULD I WANT TO SELL MY HOME!
Whatever the answers are, you must contact a Real Estate Agent for assistance.

CHOOSING THE SELLING PRICE FOR YOUR HOME
Your Real Estate Agent at BLUE ONE Realty will give you the best selling price for your home.

GETTING YOUR HOME READY TO SELL
First impressions are very important factors into the selling process.

ESTABLISHING A MARKETING PLAN
Now, it’s true that your home is ready for sale! Your Real Estate Agent will be establishing a marketing plan together with you.

RECEIVING THE OFFER
Your Real Estate Agent must review all written documents and making sure to contain topics such as legal description of the property, offering price, down payment, financing arrangements...

NEGOTIATING THE OFFER
You and your Real Estate Agent must review the written offer and fully understand what the buyer is offering and what he asks in return.

THE VENDOR YOU NEED
Your Real Estate Agent will make sure that all procedures pertaining to the home inspection go smoothly.

PRE-CLOSING
Your Real Estate Agent will be in touch with the closing entity to make sure that all necessary documents will be available for you on time to sign.

CLOSING ON THE HOME
Your Real Estate Agent will be present during the closing to assist you during the process.

POST-CLOSING ACTIVITY
Congratulations! You have sold your home! However, there are just a few things pending before getting everything done.

Source : http://www.blueonerealty.com/

More condo owners in South Florida fail to pay share of fees

2007-12-19T16:40:00.000+05:30

It's the neighbors who must make up the money when condo owners don't pay their share of maintenance fees and special assessments.

And while failing to pay isn't a new problem, it seems to be happening more frequently now, callers tell the South Florida Sun-Sentinel's condo line.

Many of the delinquents are investors walking away from property, or owners who can't afford adjustable-rate mortgage payments that have ballooned.

At the Deerfield Lake condo in Deerfield Beach, 18 of the 75 owners have stopped paying since earlier this year. They are angry over a $1,400 special assessment imposed by the board to renovate roofs on the covered parking areas. They have refused to pay that as well.

"Since 1976 the roofs hadn't been repaired and they were dangerous," said Ed Stahl, an owner who has paid. "The board decided to repair them because all of us could have been liable if something happened."

When the association began filing liens against the 18, they filed their own suit, claiming the board illegally imposed the special assessment. They said the board gave improper notice to owners, did not let them speak at the meeting where the assessment was decided and questioned the choice of contractor.

The attorney for the 18 did not respond to three messages left on her voice mail. Attempts to reach several of the owners were unsuccessful.

The condo board denied their allegations and accused the 18 of failing to submit to mandatory arbitration as required by law. It also filed a countersuit against the owners to foreclose liens filed for not paying their assessments.

"It put us in a terrible situation," said Stahl, who is not a board member. "We didn't want to bring a lawyer in to sue these people but that's what we had to do. But it's taking a long time."

That's where the problem is. While the suits are mired in legal intricacies, the board has no money coming in from 18 units. Since the board had already contracted for the roof work, it had to pay or face suit.

So the board took out a $20,000 private line of credit, according to the community association manager, J.D. Keating.

The cases are pending in Broward Circuit Court.

What happens to the condo in the meantime is what concerns Stahl.

"We cannot maintain our common property unless the regular maintenance fees are paid by all," he said. "We're stuck. It isn't fair to people who live here and pay."

Gregory Ward, a Fort Lauderdale attorney who isn't connected to the case, is seeing similar problems throughout South Florida as a result of associations having to file liens and foreclosures against so many owners.

"Anecdotally, we've been hearing of a lack of timely repairs and problems with the day-to-day operations, such as garbage removal, because boards are now so preoccupied with collecting that they can't administer the property," he said.

It is one reason, he suspects, for the increased number of complaints filed with the state against condo boards, which increased from 1,413 in the year ending June 30, 2002, to 2,682 in the year that ended June 30.

"They're busy doing what they can to keep the association going and the cash flow coming in and they can't do it all," he said. "Boards are strained."

Source : http://www.ccfj.net/

Estate planning might move Huizenga to sell Dolphins

2007-12-17T17:36:00.000+05:30

While Miami Dolphins owner H. Wayne Huizenga is certainly disappointed with his team's 1-13 season, his interest in possibly selling the team and Dolphin Stadium has less to do with losses and more to do with estate planning and the type of offers he might receive.

Huizenga has been entertaining offers for the team from potential suitors for years, including recent talks with a pair of real estate developers, Stephen M. Ross and Jorge M. Perez. He turns 70 on Dec. 29 and has been planning for the future, divesting himself of public companies such as Boca Resorts, which he sold in 2004, and stepping down from the boards of AutoNation and Republic Services.

He is also concerned about the succession plan for the Dolphins, because his children are not interested in carrying on ownership of the team, sources said.

It was, after all, Huizenga who benefited from an estate situation when the Robbie family said it was forced to sell at least part of the Dolphins to pay off the late Joe Robbie's estate taxes. In 1990, Huizenga bought 15 percent of the team and 50 percent of the stadium for $30 million. In 1994, he completed purchases of the team and stadium for $138 million.

Huizenga wasn't talking about a possible sale Sunday, when his Dolphins beat Baltimore in overtime for their first win of the season.

"It you want to talk, I'll talk, but not about that," Huizenga said.

The team released a statement from Huizenga on Saturday saying he wasn't "actively looking to sell" the team. In 2000, he announced he would consider selling a minority stake for estate planning purposes.

A source said he believed Huizenga wouldn't accept less than $1 billion. In September, Forbes valued the team at $942 million.

The recent talks involve Ross, chairman and CEO of the Related Companies in New York, who would lead a bid that could include Perez, founder and chairman of Miami-based Related Group. But Huizenga is said to be so upset Perez leaked information about a possible deal that it could strain talks.

Hall of Fame linebacker Nick Buoniconti, who knows both Ross and Perez, said they would make good owners.

"They are both quality people, and if there is an ownership change, they are going to do what they have to do to make this team a winner," said Buoniconti, who plays golf with Ross, who has two homes in Palm Beach. "(They) would be like Wayne. I think Jorge has a burning desire to probably get more involved, Steve would probably not get as involved as Jorge. Jorge being a local guy, someone who has been successful...I'm sure he's going to want to put people in the position that they will make the right decisions to bring this franchise back."

Hall of Fame fullback Larry Csonka said he would have been happy to play for Huizenga.

"He's very direct, that's why he's been so successful in business," Csonka said. He's not a guy that changes. He is what he is."

Source : http://www.tradingmarkets.com/

Owners Take Law into Their Hands Against Association Boards in South Florida

2007-12-14T16:54:00.000+05:30

Lisa Magill, an attorney who represents condo and homeowner associations, had evidence three years ago that directors in a Pompano Beach-area condo stole $178,000. She reported it to police but "I couldn't get past step one," she said.

It's a civil matter, they told her.

Attitudes are changing. In Broward County alone, three court cases against former association directors, managers and employees charging fraud or misuse of owners' money are scheduled to be heard between Dec. 20 and Jan. 24.

"Now, there seemingly is a willingness on the part of law enforcement agencies and prosecutors to recognize that these cases aren't dogs, that they are real crimes like anything else," said Magill, president of the Southeast Florida chapter of the Community Associations Institute.

Her nonprofit group will conduct a free, all-day event Jan. 26 that will include an hour-long class on how to detect and prevent community association fraud. Owners can attend the one-hour class at 1:30 p.m. or the whole program at the Wynmoor Community Council in the 1300 block of the Avenue of the Stars, Coconut Creek. For more information and directions, see www.cai-seflorida.org.

State condo ombudsman Danille R. Carroll will be the keynote speaker. Her topic will be the Miami-Dade County pilot program she developed with state Rep. Julio Robaina, R-Miami, to get cases prosecuted. The program includes a brochure and checklist to help owners. See them under the heading "Pilot Program" in www.sun-sentinel.com/condos.

Magill credits Robaina for the change in attitude by law enforcement. Charges in the three pending Broward cases were filed by Broward State Attorney Mike Satz based on investigations by the Hallandale Beach, Hollywood and Davie police departments. Robaina is working to get officials in Palm Beach County involved.

CAI, a national organization based in Alexandria, Va., made up of lawyers, managers, accountants and other professionals who run condo and homeowner associations, isn't alone in trying to help owners and boards. Some associations are doing it on their own. For example, at Townhouses at Jacaranda in Plantation, the board set up a security and ethics program to prevent even the perception of dishonesty, said owner Bryan Sklar.

Sklar suggests boards require two signatures on all checks, use different accounting and auditing companies, disallow credit or ATM cards on any accounts, use a defined sealed-bid process for purchasing, publish for owners the policies and procedures used to protect their money and treat the association as a business.

Q&A Q. Denise Weinstein had her Coral Springs house and garage door painted mocha with white trim. No, said her homeowner association. The garage door can't be the same color as the house and must be white, like the trim.

The board ordered Weinstein to repaint the garage door white or her clicker for the gate would be disabled and she wouldn't be allowed to continue teaching Pilates to friends in the clubhouse.

Weinstein said her association documents don't require garage doors to be the trim color, which means the board is enforcing a nonexisting rule. Since she isn't violating the bylaws, does the board have the right to punish her, she asks.

A. Jeff Rembaum, a West Palm Beach attorney who deals with condo and homeowner issues, said Weinstein's board is powerless to require the change if it hasn't adopted architectural guidelines. If it has, then the board can require the change. He also said all owners must be told about any new standards.

The threat to disable her clicker is meaningless, Rembaum said. The board can't impede an owner's right to enter or exit the community.

If the association has adopted architectural guidelines and owners don't comply, the board might have the power to keep her out of the clubhouse. But no fine or suspension of privileges can be imposed without the association meeting a host of requirements spelled out in the law, such as providing the alleged offender with a hearing in front of three owners who aren't directors.

Source : http://www.multifamilyexecutive.com/

He vs. She on Florida's Beach

2007-12-11T15:31:00.000+05:30

Like any other couple who've been together 18 years, my wife and I still experience the occasional squabble.

Here's what we've agreed on. The kids will visit other family. We'll have a weekend to ourselves. And we'll use that time to enjoy a few of the finer things. No birthday parties or playdates. No soccer practice or swim class.

Nothing to it, right? Well, here's what we disagree on. We've each got our own favorite spots for pampering. Mary's idea of "The Good Life" doesn't always equal mine. Luckily, along Florida's Beach this is an "argument" with no wrong answers.

Here, then, is a luxurious battle of the sexes. A decadent duel, designed to wring every last blissful moment out of a precious, kid-free opportunity.

We might injure ourselves attempting to out-enjoy each other, but oh, what a chore it'll be trying.

Round One
The stay-over part of the discussion breaks down nice and easy. We'll stay at my choice for one night, then Mary's the next. With the Renaissance Vinoy Resort & Golf Club in downtown St. Petersburg and the Don CeSar Beach Resort on St. Pete Beach, it's like arguing about who's got a better serial number on their $100 bill. Both are equally excellent.

They've each got their own feel. The Vinoy: stately and classic, with its 1920s-era Mediterranean Revival architecture. It fronts lush open parks and the waters of Tampa Bay. And The Don – the pink palace – another restored gem. With its airy, beach elegance that opens onto the sands of the Gulf of Mexico.

In addition to spacious, modern rooms with spectacular views, both spots afford us prime chances for a favored ritual – the post-check-in cocktail. At the Vinoy, it's a 12-year-old Macallen for me and a cabernet for Mary from Marchand's, a posh dining spot on property. We follow our drinks with a
sit-down on the rockers on the veranda.

Over at the beach, the Don CeSar's Lobby Bar provides a bright, wide-open panorama in a sort of "grand hall." And it's just a step outside to take in a Gulf Coast sunset.

Round Two
With a place to stay now settled, attention turns to the issue of where to go. In a nod to each other's tastes, we'll play golf and visit a museum.

As three-time major tournament winner Ernie Els knows, the Innisbrook Resort & Golf Club provides the Florida's Beach area with a superior layout. "The Copperhead course is the best golf course the PGA plays in Florida," Els has said. An impressive referral, considering the competition of Arnold Palmer's Bay Hill in Orlando, the Doral in Miami and the TPC course in Ponte Vedra Beach.

But Innisbrook is outdoor luxury at its finest. Designed by Lawrence Packard and honored by Golf Digest (ranked in America's Top Resort Courses), it presents challenge and beauty. Elevation changes, tall pine-lined fairways and service that matches the course level,
with clubs loaded onto your cart for you and impeccable shops and facilities. Not quite pros, Mary and I still feel lavished with attention.

Back near the Vinoy, St. Petersburg's Museum of Fine Arts is more a reflection of Mary's sensibilities. Remarkably varied, it touches all the bases with classic oils, ancient pottery and carvings, and stark photography. Modern and ancient rotating exhibits complete the spectrum of offerings, with the current From The Fire display of Korean ceramics turning her head with its vast colors and comprehensive designs.

But Mary's must-visit spot is a "secret" garden, just off the Marly Room that's used for special events. For her, the foliage and sculptures that dot the courtyard area represent total peace.

Round Three
The argument about dinner plans isn't an argument at all. The question just depends on mood.

For traditional fare, prepared and presented at the highest level, Salt Rock Grill in Indian Shores is a treat to revisit. Like plenty of guys, I pat myself on the back a bit for my prowess around the backyard grill. But the steak here reduces me to the rank of amateur – a delicious humiliation I'm only too willing to swallow. Mary generally gravitates to seafood, a choice which, considering the chef and the Grill's proximity to water, is too tempting to ignore.

The other avenue is international. At Tío Pepe in Clearwater, the fawning service (they pledge to "treat you like royalty") and Paella Valenciana prove that Mary and I have no difference of opinion at all. Over the traditional Spanish masterpiece, we gently toast with wine glasses, avoid talking about kids and marvel at the constructive nature of a good, healthy debate.

Source : http://www.visitflorida.com/

Guide to Florida vacation rentals

2007-12-08T16:50:00.000+05:30

Florida has been a top destination for decades, thanks to great winter weather, Disney World, and hundreds of miles of spectacular beaches. Florida vacation rental homes are preferred by families and couples looking to get the most out of their trip, and enjoy a level of comfort not found in hotels and motels.

In central Florida, Orlando Vacation Rentals are preferred by families who make a trip to Disney World a central theme of their travel experience. The city of Kissimmee is located only 12 miles from the Disney theme parks, and features numerous choices for renters including condos, villas, and rental homes in close proximity to Orlando attractions.

On the Panhandle, the towns of Destin, Pensacola, and Panama City are favored for their sparkling beaches, great golf, and sport-rated deep sea fishing. Beach villas, townhouses, and condos are popular among beachcombers and vacationers.

The West Coast, including Naples, Fort Myers, Tampa, and Sarasota, is known for its golf courses, uncrowded beaches, and wildlife. Marco Island vacation rentals are located near undeveloped islands that are home to manatees, shorebirds, and Florida wildlife. Birdwatchers, tennis players, and golfers enjoy the amenities provided by vacation condos and homes situated on private beaches.

Southeast Florida is home to world famous beaches in Miami, Ft. Lauderdale, and Palm Beach. Ft. Lauderdale vacation rental condos and homes are prized by couples on honeymoons and anniversary vacations because of the nearby cruise line terminal. Miami villa rentals can be found in close proximity to beaches and Miami’s famous nightlife offerings.

Northeast Florida features Daytona, Amelia Island, and Jacksonville. Daytona Beach vacation rentals are found along the beach and include luxury resort condos at affordable prices. Every year NASCAR fans from around the world come to Daytona to see one of the top races on the circuit, and condo rentals are an integral part of the trip. The Amelia Island Plantation features beach homes with all the comforts of home. Vacation renters in the Jacksonville area enjoy the laid back feel of North Florida.

The Florida Keys are often referred to as “America’s Caribbean.” From Key Largo in the Upper Keys to Key West in the Lower Keys, vacation rentals in this popular destination are favored among winter visitors to Florida. Marathon, the “heart of the Florida Keys,” is at the midpoint of the Keys island chain and offers numerous opportunities for diving, snorkeling, fishing, and sailing.

Source : http://weneedavacation.com/

The $400K Price Point for 2 Bedroom Condos Has Been Breached

2007-12-07T16:50:00.000+05:30

Only 12 months ago, finding a 2 bedroom in a desirable condo development throughout Brickell and Brickell Key for less than $500,000 seemed like quite a bargain. How times have changed! Nowadays, the new figure seems to be $400,000.

Neo Vertika currently has 11 two bedroom condos that are priced for under $400,000, Isola has 2, Courvoisier Courts has 3, One Miami has 7, Solaris at Brickell has 1, The Club at Brickell Bay (surprisingly only) has 2, The Mark on Brickell has 3 and Vue at Brickell has 11 (with 2 of the 11 two bedroom condos priced for under $300,000).

With the additional inventory, from the soon-to-be completed condo developments, I think the $400,000 price point for 2 bedroom condos in desirable condo buildings throughout Brickell and Brickell Key will become more commonplace in 2008.

Of course, the size and square footage of the condos needs to be taken into consideration. Most of these new condo developments are delivering 2 bedrooms that have 1,145-1,300 square feet. Anything larger will, of course, fetch higher prices. It should go without saying that 2 bedroom units at ultra-luxury condo buildings such as Jade, Four Seasons and Santa Maria are exempt from this discussion.

I’m actually looking forward to the opening of Plaza on Brickell in January. In my opinion, it offers the best value in Brickell. I think within 3-4 months after it opens we’ll see aggressively priced 2 bedroom condos throughout Brickell approach the $350,000 mark.

I was at the Plaza on Brickell sales office last week with out-of-the-country clients and we were both shocked by the prices that were offered. The prices had come down considerably since September, when they last visited the sales center with me. One bedroom units now start at around $210,000 and two bedroom condos start at around $340,000. Investors have become more motivated to sell as their closing date approaches.

A few days after I visited the sales center with my clients they told me that “at these prices we would regret not making an offer”. They are looking to hold for about 10 years. Where else in Brickell can you get such prices, much less in a brand new development? I think Plaza on Brickell will act as the buoy for the Brickell condo market.

This is why many investment groups have their eyes set on Plaza on Brickell. They all want to buy units in bulk at a deep discount to get positive cash flow. However, I don’t think that this will happen at this development. I think prices offered, at the present time, are appealing enough to end-users. They, too, have their eyes on the Miami condo market because it is in their own backyard.

I know from reading your comments lately that you all are very opinionated. So I ask you, where do you think 2 bedroom units will ultimately be priced? More specifically, where do you think the top 10% best priced two bedroom condos in the well known Brickell developments will be priced by the end of 2008?

Southwest Florida Real Estate

2007-12-06T16:50:00.001+05:30

Welcome to Southwest Florida – home to what is best about Florida's Gulf Coast region! Just imagine sun drenched white sand beaches, crystal blue warm waters and soft tropical breezes. That's what awaits you here in Southwest Florida. And, we believe you'll find this beautiful area and its lifestyle choices a wonderful place to live, just like we do.

In this section you'll find the knowledge and resources necessary for exploring the Southwest Florida real estate markets. The best place to start is by learning about the cities in our area and what they offer. Begin your investigation with the southern cities of Bonita Springs, Cape Coral, Ft. Myers, and Naples and then move north to Port Charlotte, Punta Gorda, Sarasota and St. Petersburg. Each city has its own natural beauty and ambiance that is so unique to Florida, yet also offers their own special lifestyle that makes them such a desirable place to call home.

Southwest Florida Coasts

Southwest Florida Real Estate for Sale in Bonita Springs, Cape Coral, Ft. Myers, Naples and the Islands of Captiva and Sanibel

Because there are so many beautiful "coasts" in Southwest Florida; we've managed to name them all! Each region offers its own weather, lifestyle, attractions and ambience – some are employment centers, others are still developing, and yet all include SW Florida's beautiful natural surroundings and waterways that attract all our new residents here in the first place.

The undisputed award winner is Southwest Florida's Lee Island Coast which includes Bonita Springs, Cape Coral, Estero, Ft. Myers, Ft. Myers Beach, Sanibel, Captiva and Pine Islands. Its recognition as the leading coastal area in SW Florida comes from an incomparable dedication to protecting the natural surroundings that make it a dream destination.

Immediately south of the Lee Island Coast is Naples and Marco Island – our Paradise Coast. Naples has long been established as the "Crown Jewel" of SW Florida with its 5th Avenue shopping, artists, world class resorts, mansions, and famous residents.

Southwest Florida Real Estate for Sale in Port Charlotte, Punta Gorda, Sarasota and St. Petersburg

Traveling north from the Lee Island Coast is Port Charlotte, Punta Gorda and the Cape Haze Peninsula which includes Boca Grande, Englewood and Gasparilla Island – this Central Coastal area is being rapidly developed as it is where you can still find affordable Gulf access properties available. Then, just a bit further north, are the Cultural & Sun Coasts which include the larger cities of Bradenton, Sarasota and St. Petersburg. All are employment centers and offer the amenities of a big city located on the water.

Source : http://www.findsouthwestfloridahomes.com/

Miami Beach Real Estate: South Beach Luxury Condo Outlook 2008

2007-12-05T13:29:00.000+05:30

This month I have started to feel that Miami Beach condo sellers are coming to terms with the reality of the “new” market. The impending wave of new condos “across the bridge” will no doubt bring down the market as a whole. Don’t worry, the best properties in the best locations are the LAST to go down and the FIRST to come up!

Three new luxury buildings will be added to the Miami Beach real estate mix: Continuum II, Apogee South Beach and Canyon Ranch Living Miami Beach. It will be interesting to see how many speculators place their units on the market at Continuum II. Since Apogee South Beach has so few units (67), I think that any inventory that comes to market will be quickly absorbed.
So….You Want to Buy a Condo in South Beach?—What to Do

Always be guided by your gut instinct. Never let anyone talk you into something that you don’t feel is quite right. Even in this wobbly market, I would have NO problem buying a unit a Continuum, NONE! Here’s why: Location and supply and demand.

Kevin’s Recommendation
Continuum I. I believe it is actually a steal. Yup, UNDER-PRICED!

Apogee South Beach. This building is very pricey but will no doubt become the most prestigious condominium in ALL of South Florida. To be delivered later this year.

Canyon Ranch Living Miami Beach. One of the only projects along with Setai South Beach that is actually a destination.

One Bal Harbour. Arguably one of the two best locations in all of South Florida.

ICON South Beach. This one is all about timing. There is a lot of inventory on the market and not many condo sales. The owners that need to sell will be in reality VERY SOON.

Miami Beach Real Estate Condo Buying Tips:

* East and Southeast exposures are the most desired. If the condominium is on the bay, then the Southwest exposure would be the preferred exposure.
* Two bedroom units are better than three bedroom units (larger pool of buyers)
* If you can find a luxury condo on the ocean with one bedroom units with eastern exposure, those are rare. Continuum II has some and so does Canyon Ranch Living. They are gold. Developers typically give the larger units the preferred east exposure.
* Never buy a “flow-through” unit without seeing it or taking a tour of others. Some people like them—some people don’t.
* Corner “flow-through” units (three exposures) are rare. Apogee has them and so does Canyon Ranch Living. Great on paper, GREATER in reality.

Source : http://www.southbeachrealestateblog.com/

Resources

2007-12-05T11:22:00.000+05:30

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Condo Vultures saw pricCondo Vultures saw price decline in database

2007-12-03T10:00:00.000+05:30

Condo Vultures LLC said the average asking price for a residence in its database dropped slightly during October.

The average asking price for a home being tracked by Condo Vultures was down by 21 percent, or $185,510, through Oct. 31, the Vultures Database Report showed. In August and September, the average price drop was 20 percent.

"Buyers and sellers are equally confused," said Peter Zalewski, a principal with Condo Vultures, in a news release. "Buyers are witnessing big price drops, yet are uneasy purchasing in a market where the bottom is still unknown. At the same time, sellers want to unload their properties but at no more of a discount than absolutely necessary. Both buyers and sellers are searching for signs of the market's bottom."

The Bal Harbour-based consultancy said it uses the database to better identify areas and condominium towers where sellers are more likely to negotiate.

The database is made up of condominium units, townhomes and single-family homes that have been cut in price by a minimum of 10 percent or $100,000, or have been for sale for at least 100 days. The database tracks properties east of Interstate 95 and/or U.S. 1, from Pinecrest north to West Palm Beach.

Condo units in the database were down an average of 20 percent, or $145,184, and single-family homes and townhomes were off 22 percent, or $278,608, through Oct. 31. In September, condo asking prices were down 19 percent, and home prices were off 21 percent.

Condos account for 70 percent, or 3,112, of the entries. Single-family homes and townhomes make up 1,348, or 30 percent, of the total database.

The total price drop for all properties in the database is more than $931 million. Properties in the database have been on the market for an average of 457 days, up from 449 days through September.

Condo Vultures said the submarkets tracked by the Vultures Database have changed, resulting in a net gain of one additional area. It is now tracking West Palm Beach and Palm Beach. The unincorporated Miami-Dade County submarket has been eliminated from coverage.

"The changes were made to better focus our resources and research," Zalewski said. "The bulk of West Palm Beach's new condo towers are scheduled to become available in the first quarter of 2008. We are taking steps to assist buyers who are in that market looking for data and deals."

The combination of West Palm Beach and Palm Beach accounted for 56 new entries to the database. West Palm Beach has 44 properties that have fallen by 22 percent, or $106,334. Palm Beach has 12 properties that have fallen by an average of 26 percent, or $189,383.

Source : http://southflorida.bizjournals.com/

Heads in Beds Beyond South Florida

2007-11-28T09:20:00.000+05:30

South Florida hotel industry analysts are predicting anything from modest to flat growth in the local market during the next couple of years, but at least one Miami-based hotel division expects significant gains in its 2008 and 2009 operations.

InterContinental Hotels Group (IHG) Latin America’s nearest hotel is roughly 1,000 miles south of its Miami corporate headquarters, but “we attribute a lot of our success to the fact that we are in Miami,” says Alvaro Diago, area president for IHG Latin America. “Many of the suppliers who deal in the goods and equipment the hotels need are here. Many of the developers who build the hotels in Latin America are here. Many of the multinational corporations who want to do business in Latin America have regional offices here. And most of the investors in the business — the wealthy Latin American families who have been hotel owners there for generations now — come to Miami on a regular basis.”

The division handles Latin America hotel franchising and management for United Kingdom-based InterContinental Hotels Group PLC — the world’s largest hotel company by sheer room numbers, with nearly 564,000 rooms. “Miami is more or less the place to be if you want to be a key player in the hotel business in Latin America,” Diago says.

IHG, with brands that include InterContinental, Crowne Plaza, Holiday Inn, Holiday Inn Express and Staybridge Suites, has more hotels in Latin America than any other hotel company — 60 in 18 nations — and is acquiring more. This summer a whirlwind of openings included the company’s fourth hotel in Colombia — a 19-story Holiday Inn Express Hotel & Suites in Medellin. IHG also opened a 112-room Holiday Inn Santiago Airport in Chile, the nation’s first.

Diago is positioning the company to take advantage of booming economies in some parts of Latin America, including Brazil, where IHG has signed agreements with investors to build new hotels in four cities. “Brazil is an extremely important region for IHG, since it is the sixth most-populated country in the world,” Diago says. “Brazil’s continuous economic growth fuels its massive business and tourism industries, which provides tremendous room for growth for all our brands.”

Travelers in Latin America are increasingly brand conscious. Independent Miami hospitality industry analyst Scott W. Brush, of Miami-based Brush & Company, says international hotel franchising and operating companies like IHG Latin America are in a particularly good position these days — providing they have the strong brand identity to back it up. “It’s not something you can build overnight,” Brush says. “But if you have the strong brand and you maintain your quality standards, your brand becomes very valuable. Investors feel they can make money building hotels that carry your name.”

IHG has a strong brand history in Latin America. The InterContinental chain got its start in that region, when a nascent Pan American Airways opened a chain of hotels to support its air routes. In pre-Castro days, the InterContinental Havana was one of the most profitable and best-known hotels in the chain, building a brand that would endure for generations. “Our brand is the most important thing we have to offer,” Diago says. “That’s what we are all about.”

Throughout the region, Diago is aggressively growing the hotel network, including existing properties: By the end of this year, some 22 of the 61 IHG hotels in Latin America will have completed a two-year program involving $95 million worth of improvements and upgrades.

IHG has benefitted from hotel owners who are increasingly willing to make those expenditures, with the region’s booming economy spurring demand for high-quality hotels and giving the wealthy more money to invest. That is also helping IHG boost its total number of hotels in the region. “Latin Americans tend to be bricks-and-mortar people in terms of where they want to put their money,” Diago says, explaining that, with institutions and even governments occasionally unstable there, investors tend to prefer real estate such as office buildings and hotels.

A rise in internal leisure tourism within Latin America is also helping IHG grow. Diago says the tightened restrictions for entering the United States in the wake of the terrorist attacks of Sept. 11, 2001 mean affluent Latin American families who might have gone to Disney World for their annual vacation are now more likely to visit other destinations within Latin America. And more Latin Americans are travelling for pleasure, too, says Carlos Baruki, IHG Latin America’s senior vice president for marketing. “Worldwide, the projections are for a 5 percent growth in travel in 2008,” he points out. “But Brazil is looking at 9 percent and Central America is looking at 8 percent.”

Source : http://www.southfloridaceo.com/

Condo sales increase in Florida

2007-11-24T17:08:00.000+05:30

DESTIN — There might be a light at the end of the real estate tunnel for the Emerald Coast.

The Florida Association of Realtors released numbers for September that show sales of existing condominiums in the Fort Walton Beach area had the highest increase in Florida compared to September 2006.

While existing condo sales across the state fell, sales for the Emerald Coast Association of Realtors jumped 22 percent. The median price for those condos increased from $157,500 to $338,900, or 115 percent, according to the report.

The state figures were gathered from sales reported from local Realtor associations, according to Florida Association of Realtors.

It’s easy for Harry Millsaps, president of the Emerald Coast Association Realtors and a Realtor with Prudential Coastal Properties, to figure out why condos have been selling locally.

“Obviously, we’re special. We’ve got the most beautiful beaches in Florida,” he said.

The market is primed for an upswing, Millsap’s added. Property and condo prices have bottomed out and buyers are ready to get a deal, he said. The beaches contributed to the sales increase, but the local association also gave the stretch from Navarre to Bay County a marketing nudge.

“The Emerald Coast Association of Realtors has done a lot of advertising on radio and in print and on TV,” Millsaps said.

The increase will run into the first quarter of next year, but will really take off in the spring and summer, he said.

Although local sales are up for September, they are a far cry from where they were a few years ago, officials said.

Source : http://www.nwfdailynews.com/

Florida's Housing Market for 3Q 2007: Sales Activity Remains Soft

2007-11-23T17:28:00.001+05:30

In third quarter 2007, Florida's housing sector in many markets continued to report high inventory levels of homes for sale, median prices edging down and sales activity levels that reflect the impact of mortgage disruptions and tighter lending standards.

Statewide, sales of single-family existing homes totaled 31,910 during the three-month period, a decrease of 29 percent compared to 44,776 homes sold during the same time a year earlier, according to the Florida Association of Realtors® (FAR).

The statewide existing-home median sales price was $232,100 in the third quarter; a year ago, it was $246,800 for a decrease of 6 percent. In 2002, the third-quarter statewide median sales price was $141,300, which reflects an increase of about 64.3 percent over the five-year period. The median is a typical market price where half the homes sold for more, half for less.

As the impact of the credit crunch subsides, a modest recovery for existing-home sales is expected in 2008, according to the National Association of Realtors®'(NAR) latest market outlook. "Over the near term, home sales are likely to be fairly flat as the lingering impact of the credit crunch filters through the system through the end of the year," says NAR Chief Economist Lawrence Yun. "In some ways, the extended real estate boom from 2001 to 2005 created unrealistic expectations that housing is a short-term, high- yield investment. 2007 will be the fifth best year for housing on record."

Continuing low mortgage rates remain another positive influence on the housing market. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 6.55 percent in third quarter 2007; one year earlier, it averaged 6.65 percent.

Looking to Florida's existing condominium market, sales of existing condos also decreased during the quarter, with a total of 9,622 condos sold statewide compared to 13,028 in third quarter 2007 for a 26 percent decline, according to FAR. The statewide median sales price for condos for the three-month period was $196,300; a year ago, it was $205,000 for a 4 percent decrease.

Among the state's larger markets, the Jacksonville metropolitan statistical area (MSA) reported 3,105 existing homes sold for the quarter compared to 4,173 homes sold a year earlier for a decrease of 26 percent. The market's existing-home median sales price was $196,700; a year earlier, it was $204,500 for a 4 percent decline. A total of 392 existing condos sold in the market over the three-month period, down 12 percent from third quarter 2006, while the existing-condo median price decreased 8 percent to $163,500.

Hank Oltmanns, president of the Northeast Florida Association of Realtors and broker-owner of A Broker's Choice Realty, says, "Buying a home remains one of the best decisions you can make as a long-term investment that also provides security and stability for your family."

The Panama City MSA, one of the smaller markets in the state, reported that 369 homes changed hands in the third quarter, a decrease of 8 percent compared to 401 homes sold a year earlier. Over the same period, the market's existing-home median home price was $202,800; a year earlier, it was $211,300 for a 4 percent decline. A total of 127 existing condos sold in the Panama City MSA during the third quarter, an increase of 38 percent from the previous year, while the existing-condo median price decreased 13 percent to $252,100.

"Homeownership continues to be a wise, long-term investment," says Scott Bowman, president of the Bay County Association of Realtors and a broker-sales manager with Prudential Shimmering Sands Realty. "Financing remains available, with very favorable mortgage rates for qualified buyers with good credit. Now more than ever, people gain confidence in working with a Realtor -- an experienced professional who can help them navigate the complex challenges of today's market."

Two charts showing statistics for Florida and its MSAs are attached. One chart compares the volume of existing, single-family home sales and median sales prices in the third quarter of 2007 to the third quarter of 2006, based on Realtor closed transactions from local Realtor boards/associations within the MSAs. The second chart compares the volume of existing condo sales and median sales prices in third quarter 2007 to third quarter 2006, based on Realtor closed transactions from local Realtor boards/associations within the MSAs.

The Florida Association of Realtors (FAR), the voice for real estate in Florida, provides programs, services, continuing education, research and legislative representation to its 150,000 members in 67 boards/associations.

Source : http://biz.yahoo.com/

Ormond Beach - Daytona Beach Florida Area

2007-11-23T17:22:00.000+05:30

Ormond Beach is a beautiful seaside town that sits on the east coast of Florida, and is often called the “Sparkling City by the Sea.” Its location makes it an ideal place to rent or own a Florida condominium. “Hour” is the magic word, when it comes to that town. It is only an hour south of historic St. Augustine, an hour east of Orlando (and all theme parks found there), and an hour north of the Kennedy Space Center. It is a quiet, laid back place, the sort of small town where folks build sandcastles with their kids on the beach. Compared to the flash and excitement of Daytona Beach, it is much more of a family community and that what makes real estate over here a worth while investment.

The town got the name “Birthplace of Speed” when early racing enthusiasts started racing their cars on the wide sandy beaches. To this day, the “Birthplace of Speed Antique Car Show and Swap Meet” is held there every Thanksgiving. Yet, do not for a minute think that is all the area is about. The Ormond Beach Performing Arts Center puts on splendid plays and musicals every year.

If being outside is your bag, the beautiful Tomoka State Park is only three miles to the north, and is a perfect place to go fishing, boating, hiking and camping. The park also boasts scenic walking and bike paths, wooded campsites and guided canoe tours that will take you down either the Tomoka or the Halifax River.

When it comes to Florida real estate, you can find everything from a beachside apartment to an Oceanside cottage or a condo villa by the sea. Ofcourse costs of condos depend on a variety of factors such as its proximity to the ocean, amenities included etc. However the average cost of a condo can be relatively cheap and you can find excellent bargains.

While the town is known for its quiet, peaceful lifestyle, Ormond Beach is not some distant outpost and condos here are a real steal. Sitting between Route 1 and I-95, you can fly into the Daytona Beach International Airport and be there in under half an hour. Then, if you care to go sightseeing around the state, that same I-95 can take you up to historic St. Augustine (oldest town in North America), or south to picturesque Key West and the Miami Beach area. In addition, excellent stores,great medical and professional offices make investing in real estate an excellent deal here.
So, it is clear to see that Ormond Beach can provide a lazy afternoon by the shore, or an exciting evening of fun. It all depends on what suits you.

Source : http://daytonabeach.condocompany.com/

The Florida Beaches

2007-11-22T10:47:00.000+05:30

When many people think of Florida the first thoughts they have are sunshine and beaches. That's because Florida has gorgeous sunshine year round and breathtaking white sandy beaches that attract residents and visitors year round. Some beaches are more well-known such as The Florida Keys, Miami's South Beach. The east coast has Daytona and Cocoa Beach and on the west coast there is St. Petersburg and Clearwater Beach. Panama City has also become a popular spring break and summer getaway for younger beach goers who are looking for a great place to unwind and enjoy the sun. No matter which location you choose, you can't go wrong. Most locations have taken great care in preserving their shorelines, placing boardwalks or piers to sight see from, and offer low priced and upscale hotels and condominiums to enjoy. Whether you are looking for a seasonal getaway or want to call one of these seaside locations home, you will not be disappointed. Florida is blessed with warm weather almost year round which makes it a great place to stroll in the sand, splash in the water, enjoy a sunset or take advantage of the beachside restaurants that provide lively entertainment and night life.

Florida is surrounded by great waterways to enjoy. You can charter a boat or Jet Ski to play on the water. A good captain will be able to help you catch snook, grouper or the many other types of fish in these waters! You can take sight seeing cruises where you can see dolphins, sea turtles or go to many small or remote islands off these coasts. The Florida Keys is an ocean lovers paradise and popular for lobster catching, snorkeling or scuba diving. It has great live coral and the scenery is breathtaking.

Recently, many beaches have started to expand to not just offer daytime activities but to really spice up their night life. Visitors were coming to this area and spending their days at the shore and their nights in larger cities nearby. These cities decided they wanted their visitors to stay nearby and have taken an interest in offering beachside entertainment such as bands, magicians, and street vendors. Local restaurants and hotels have begun serving appetizers and drinks out on the patio areas and people have started to enjoy sitting by the ocean at night listing to the crashing waves. Now these beachside locations are some of the most popular in town!

Florida Real Estate has always been very popular on the water. Hotels are remodeling to attract more guests. Condominiums and town homes are undergoing renovations to update their facilities and offer more amenities to their owners. Waterfront property has never been more popular. If you are looking for a great place to vacation or live, don't miss the Florida Beaches. These white sand beaches overlook some of the best water and sea life. View dolphins splashing in the water or go for a day of fishing and you will see why so many people come to Florida year round!

Source : http://www.clearwaterfloridarealestatesite.com/

Miami Condo Report Newsletter

2007-11-22T10:20:00.000+05:30

When most people think about "the good life", for many, vacationing, or better yet, living year-round in South Florida is one of the first things that comes to mind. Each year, almost 20 million people travel to the Miami area, and of them, many of said seekers of sun, sand and surf eventually make the decision to relocate to the Sunshine State.

A key question for those who are considering investing in one of the most attractive real estate markets in the U.S. would be, what type of property is best for me? For many who move to South Florida, the condominium is a highly-appealing form of home ownership. A condominium, or condo for short, is the legal term used in the United States for a type of joint ownership of real property in which portions of the property are commonly owned and other portions are individually owned. In recent years, the condominium industry has been booming in many major metropolitan areas of the U.S., particularly in Miami.

A report issued in 2005 on the housing market projects that even if interests rates climb, South Florida residential real estate will continue to grow in value. What rising interest rates will determine is how fast real estate values are going to increase.

The report comes from industry veteran Michael Sklarz, chief valuation officer for Fidelity National Information Solutions. Sklarz reports that South Florida homes were slightly on the high side of the national average--28 percent over value for Miami, 22 percent for Fort Lauderdale and 11 percent for West Palm--but still undervalued compared to other coastal cities.

Because of the current rate of condo construction, there hasn't been a better time in the last 30 years to purchase a luxury condominium in South Florida, especially for international buyers from Europe due to the strength of the Euro relative to the Dollar. The surplus of units in the marketplace has caused asking prices for many new projects, to include those from $1,000,000 and more, to be reduced, sometimes by as much as 30 percent, making it a buyers market.

Foreign investors find the South Florida real estate market particularly attractive because of the stability and security they find here. Those who chose to purchase condominiums are generally swayed by the fact that the buyer can get more for his money in terms of actual square footage. Another advantage is that the Homeowner's Association takes care of the outside of the building, and the owner is responsible only for the inside, thus, maintenance concerns are significantly reduced. Another alluring feature is that of amenities, such as pools, hot tubs, waterfront living, barbecues, tennis courts and more that are to be found at luxury condominiums in South Florida.

Last but not least is the issue of appreciation of investment. Nationally, home prices are up more than 50% in the past five years, and in 30 cities -- including San Diego, Los Angeles and Miami -- prices have doubled. In 2003 condo appreciation actually exceeded home appreciation in many markets, and this trend continues today, making the purchase of a condominium a particularly sound investment in current market conditions.

Whatever your reason for moving to Miami: work, year-round warm, sunny days, the beautiful beaches, to be close to family, or perhaps simply for a change of scene and society South Florida style, you will be sure to find an wide selection of condominium homes from which to choose at prices that represent an appealing opportunity to be part of Miami's leisurely lifestyle.

Source : http://www.condocompany.com/

Miami Condo Crash and the BS Watch

2007-11-22T10:14:00.000+05:30

Just how dismal is the city’s condo market? Well, if last week’s Platinum Condo auction was any indication, a bloodbath is in the making. The auction, which was held in a ballroom at the Biscayne Marriott, drew a few hundred people, mostly curious people who wanted to see how low the no-reserve condos would sell for.

The answer: $160,000 for a one-bedroom, one-and-a-half bath. Let’s put that into perspective: Two similar units in the same building sold a few months ago for about $260,000. Another two-bed, two-bath was auctioned for $295,000; a similar unit sold earlier this year for as much as $500,000. Ouch.

Wrote Lucas Lechuga, a local real estate broker who pens the Miami Condo Investments blog: “If tonight was any indication of what lies ahead, then the Miami condo market is in a rude awakening. Miami condo developers are in for a sleepless night if word about tonight’s auction reaches them before bedtime.”

But the best part of the auction wasn’t the prices. It was sitting next to Joey Skaggs, a heavily bearded, long-haired guy dressed entirely in denim and cowboy boots. He was from Hawaii, and was there only to accompany friends, not to buy a condo. I asked him what he did for a living. “I’m an artist and prankster,” he replied. “I’ve been called the godfather of the media prank.”

Turns out that since the mid-Sixties, Skaggs has duped the media into believing his phenomenal (and hilarious) pranks. In 2000 he “announced” the creation of “The Final Curtain,” a Disney-like memorial theme park and cemetery. In 1992 he “leaked” a (fake) letter from then-New York City Mayor David Dinkins, saying Dinkins was selling the Brooklyn Bridge via a lottery. Skaggs has also sold a bit of real estate himself: He created Fish Condos, which are elaborately designed aquariums for “upwardly mobile guppies.”

Skaggs leaned over and held out his wrist to show me his latest creative endeavor: the Universal Bullshit Detector. It looks like a watch, with a little cartoon bull on the face and a pile of crap where the number six should be. “It flashes, moos, and shits,” whispered Skaggs. He was nearly drowned out by the auctioneer, who was desperately trying to get folks to start the bidding at $300,000 for a one-bedroom condo.

He pressed a button on the side of the watch. It flashed a red light and made a loud mooooo. “Everyone should have a bullshit detector,” Skaggs said, grinning.

I giggled in agreement. Especially, I thought, in this city.

Source : http://www.nowpublic.com/

South Florida Condo Trends

2007-11-21T12:34:00.000+05:30

Condo living is popular in south Florida, and the condo real estate market behaves very differently from the single family market.

The coast line is predominatly condo living, with new condo units coming on the market all the time. Popular with vacationers, retirees and as second homes, condos on the beach are south Florida living at it’s best (cities include Fort Lauderdale, Dania beach, Hollywood, Pompano beach, Lauderdale by the sea, and Wilton manors).

As you move further inland, condos surround the many golf courses, and are popular with retirees, first time home owners, and those that prefer not to deal with the joys of single family home ownership - ah, the lawn maintenance.

Source : http://www.zillow.com/

Florida Real Estate Info - South Florida

2007-11-21T12:01:00.000+05:30

The South Florida metropolitan area is an informal name for the Miami-Fort Lauderdale-Miami Beach metropolitan area. It encompasses a three county area of the southeastern part of the U.S. state of Florida, including Miami-Dade, Broward and Palm Beach Counties. It is commonly referred to as simply South Florida, and is roughly synonymous with the term Gold Coast.

Because the population of South Florida is largely confined to a strip of land between the Atlantic Ocean and the Everglades, the urbanized area (that is, the area of contiguous urban development) is about 110 miles long (north to south), but never more than twenty miles wide, and often only five miles wide (east to west). South Florida is longer than any other urbanized area in the United States except for the New York metropolitan area. It is one of the most densely populated urbanized areas in North America. As of the 2000 census, the urbanized area had a land area of 1,116 square miles (2,900 square kilometres), with a population density of 4,400 per square mile (1,700 per square kilometre). Miami and Hialeah (the second largest city in the metropolitan area) had population densities of more than 10,000 per square mile (more than 3,800 per square kilometre).

Palm Beach County, Florida was added to the official Miami-Fort Lauderdale metropolitan area for the first time in 2000, giving it a considerable boost in population and in ranking among U.S. metropolitan areas. As of July 1, 2005, the region's population is estimated at 5,422,200 by the US Census Bureau; making it the sixth largest metropolitan area in the United States. It is currently the 45th-largest metropolitan area in the world. It is also the largest metropolitan area in the United States that lacks a city with at least 500,000 people (Miami has over 380,000). Each of the three counties of the Metropolitan Statistical Area are their own Metropolitan Divisions.

Counties

* Miami-Dade County
* Broward County
* Palm Beach County

Transportation and Commerce

The South Florida metropolitan area is served by five major interstate highways operated by the Florida Department of Transportation in conjunction with local agencies. The busiest of the five, I-95, is the chief and most heavily-traveled artery during rush hour traffic, and runs north to south along the coast, ending just south of downtown Miami. I-75 runs east to west, turning south in western Broward County; it connects suburban North Miami-Dade to Naples on the west coast via Alligator Alley, which transverses the Florida Everglades before turning north. I-595 connects the Broward coast and downtown Fort Lauderdale to I-75 and Alligator Alley. I-195 and I-395 both connect the main I-95 route to Biscayne Boulevard and Miami Beach, which is located across Biscayne Bay. I-195 and I-395 also connect (at their interchanges with I-95) to the Airport Expressway (State Road 112) and the Dolphin Expressway (State Road 836), respectively, both of which run west to Miami International Airport; the Dolphin Expressway also connects to Florida's Turnpike and the western suburbs of Miami-Dade County.

Locally, the area is served by three county transit authorities: Palm Tran (Palm Beach County), Broward County Transit, and the largest, Miami-Dade Transit. The latter not only operates bus, but metro rapid transit (the Metrorail) and a downtown people mover (Metromover). Additionally, the South Florida Regional Transportation Authority operates Tri-Rail, a commuter rail system that connects the three primary cities of South Florida (Miami, Fort Lauderdale, and West Palm Beach), and most intermediate points.
South Florida is served by three major airports:

* Miami International Airport (MIA) is the largest of the three, and ranks among the busiest in the world for international passengers and cargo. It is a major air hub for Latin America and Caribbean flights, and is a large reason why Miami is considered the de facto capital of Latin America. American Airlines operates its main Latin American and Caribbean hub at MIA.
* Fort Lauderdale-Hollywood International Airport is a large hub for low cost airlines, and is a secondary air hub for the Caribbean. It is the biggest airport for domestic passengers in South Florida.
* Palm Beach International Airport

The metropolis also has four major seaports, the Port of Miami, Port Everglades, both major cruise ship ports (ranking 1st and 2nd in numbers of passengers respectively), and the Port of Palm Beach and the Miami River Port. Furthermore, the Port of Miami imports and exports goods from all over the world, making it one of the busiest and most heavily traveled ports in the country.

Most of South Florida's business is conducted in Miami, of which, the central business district (downtown) has the largest concentration of international banks in the United States. The area serves as the Latin American headquarters to a number of corporations, including American Airlines, Cisco, Exxon, Microsoft, and Sony.

Source : http://www.preconstructionprograms.com/

As Housing in Florida Plummets, the Top Tier of the Market Just Dips

2007-11-21T10:59:00.000+05:30

Despite a record number of foreclosures and a raft of public auctions of unwanted houses, the upper tier of the real estate market in Florida remains relatively immune to the spreading disaster.

Houses and condominiums with price tags of $1 million or more are still changing hands robustly in some of the most exclusive areas, though at a pace less brisk than a year ago. The glistening waterfront glass towers on Miami Beach, the sprawling estates set in manicured gardens in Palm Beach and the clustered mansions in Naples are attracting buyers, both domestic and foreign.

As in other once-booming regions, in Florida the housing market seems to be not one market, but two. The lower end is littered with vacant houses and unfinished developments, and homeowners are struggling to meet their monthly payments as rates adjust upward. The luxury end has its unsold new condos and mansions lingering on the market, too, but as in New York, where the demand in pricey Manhattan is still strong, sales have fallen less. And Miami and other parts of Florida are continuing to attract interest among the wealthy.

Both markets have been buoyed by foreign buyers attracted to the United States because the weak dollar makes American homes comparative bargains. Florida has the added demand from affluent retirees across the country and second-home buyers, particularly from the Northeast.

“The very, very high end of the markets in communities such as the Bay Area, Los Angeles, Manhattan and Miami and to a lesser degree Chicago, Seattle and Washington that have global appeal have held up much better than the rest of the housing market,” said Mark Zandi, chief economist at Moody’s Economy.com. “A recession would certainly not help the high end, but it would not undermine it. And much of their buying is done with cash and not affected by the global financial turmoil and its impact on the availability of mortgages.”

Take the greater Miami area. Over all, home prices have fallen 7.3 percent from their peak in December 2006, according to the Standard & Poor’s/Case-Shiller index that tracks repeat sales of specific homes. But because of a shift upward in the value of the homes that have traded hands, the median price for condos sold so far this year for over $1 million is holding steady at $1.5 million, according to the Realtor Association of Greater Miami and the Beaches.

The median price for single-family homes sold is even reported to be up slightly, to $1.51 million from $1.46 million in the 2006 period. In Miami Beach, two brokers, Kevin Tomlinson and Dora Puig, recently represented a buyer from the Midwest who paid $7 million for a beachfront triplex. The sellers, a group of wealthy Mexicans, had bought the apartment for $6.13 million in April 2005, near the height of the market. They put it up for sale in early 2006 for $9.5 million and finally sold it for a 14 percent gain.

“When people are realistic about prices, they can sell,” said Mr. Tomlinson, a broker with EWM Realty, an affiliate of Christie’s.

Based on the number of sales, the Florida real estate market as a whole has taken a huge hit this year. Unit sales of homes and condominiums worth less than $1 million in Miami-Dade County, for example, fell 37.2 percent through Oct. 23 compared with the period a year earlier. So far in 2007, 7,078 homes have been sold.

But even the high end is cooling off. In the greater Miami area, the number of condos and single-family homes that sold for more than $1 million through Oct. 23 fell 18 percent, to 958 units from 1,166 units in the comparable period a year earlier.

At the very high end of the market in Naples on Florida’s west coast, there have been about 40 sales so far this year, compared with 46 sales for all of 2006, according to Thomas L. Campbell Jr., sales associate at Premier Properties.

In Palm Beach, the number of units sold has fallen 15 percent, to 223 properties.

“There is more inventory in all price ranges,” said Deborah Boza Valledor, the chief operating officer of the Realtor Association of Greater Miami and the Beaches. But even as more homes linger on the market, some areas remain particularly popular with potential buyers. “They are waterfront properties that are exclusive,” she said, “and people are willing to pay the price.”

Indeed, more than 78,000 homes were for sale in the Miami area in August, up from 51,000 a year before, according to ZipRealty, the real estate brokerage firm.

The overhang of unsold homes helps explain why reported selling prices do not tell the whole story. Sellers “are making concessions,” Ms. Boza Valledor said. “They will offer a year’s worth of paid maintenance fees to the buyer, or they will pay for the parking space or they will throw in country club fees that might be part of the expense of buying a home in a gated community.”

Just a year ago, when buyers were bidding against one another for properties, such deals would have been unusual. And in another sign that the feeding frenzy has ended, the highest price paid for a Miami-area condo this year was $13.9 million, down from the top price of $16.9 million last year.

Mr. Tomlinson, the Christie’s broker, suggests that sellers are starting to be more realistic. “They are coming off their 2005 prices and are more in today’s market,” he said. “Two years ago, if you sold something at $3.5 million, the next listing in that building came at $4.2 million. Now it is more reasonable.”

Across the state through the end of September, the real estate company Coldwell Banker has sold 1,222 condos worth a million dollars or more, said Clark W. Toole, who runs the company’s operations in Florida. The average sale price is down less than half a percent from last year.

To the degree that the market has held up, it has been helped by eager foreigners, checkbooks in hand, who are still showing up and often paying cash. A survey last year by the National Association of Realtors found that the number of foreign buyers in Florida had dropped significantly from 2005. But of those who bought, 29 percent paid cash. Only 8 percent of domestic purchasers did. More than 10 percent of the foreigners bought homes for over $1 million.

The pattern of sales remains uneven, with evidence that some of the most exclusive places are having a harder time. On Fisher Island, the private island just off Miami Beach that has its own golf course, tennis courts and spa, business has slowed sharply, said Lars Ekdahl, who has worked as a real estate agent on the island for 13 years.

Right now, the island, which boasts Andre Agassi as a frequent visitor and where Oprah Winfrey once owned a home, has 96 of its 700 housing units for sale. At one point, the number offered was just 39.

“I didn’t think it would affect us so much at Fisher Island,” Mr. Ekdahl said, “with the dollar so weak and the euro so strong.” Only about half the island’s residents are Americans. The cost of living on the island has risen because of dues and other expenses, and in a market in which buyers have more choice, they may be pickier.

Perhaps the starkest sign of a two-tier housing market is in Palm Beach. The island of Palm Beach itself has about 8,000 housing units. Leslie Evans, a local real estate lawyer, said that about 80 percent of sales there are cash deals and that most buyers are American. But just across the bridge in West Palm Beach, “there are buildings with 200 units and 80 of them are for sale, and others where the building is nearing completion and sales will never close.”

Source : http://www.nytimes.com/

A $100,000+ Discount On Miami Condos

2007-11-20T11:31:00.000+05:30

By this point and time, many people have heard about buying preconstruction condos and some of the amazing profits that have been generated by these investments. What many people don’t understand is that there is another way to play the preconstruction investing game, especially for those investors with solid financial resources. Let’s take a look at the Miami condo market as a great example.

Right now, there is a Miami condo that originally sold out almost 2 years ago when the prices were much lower but original investors are now interested in reselling their units. This project was one of the first high-rise projects in the downtown Miami area. Recently, similar units at ICON Brickell (on the opposite side of the Miami river) sold out the first tower in 2 days at an average of $550 a square foot. The second tower is now selling at an average of $600 sq ft. For some of these resells in the area, we are seeing close to a $100/sqft reductions in price to around $500 per square foot; and that is asking price. Now is when the negotiations begin.

One strategy is to AGRESSIVELY pursue projects where other investors are about to close. In this case, you have a number of original investors that are hearing that loud clock ticking in their head. That is the clock counting down to close where they will 1) have to close on their Miami condo, 2) have to pay debt service, and 3) potentially try to rent out their Miami condo. You have to realize that these sellers are people that have already made (on paper) great returns, then they may have a lot of motivation to just get most of their profits and run without incurring additional expenses.

As an example, suppose you were able to negotiate a $130/sq ft discount on such a Miami condo instead of only $100/sqft. Let’s say that results in an additional $30,000 savings on a 1,000 sqft unit. From a motivated seller’s perspective, what do they care if they have to drop their profit from $150,000 on a Miami condo to only $120,000. For the right kind of seller, the important thing is that if they know you, as the buyer, can make it painless for them with no additional cash outlays.

For a resell type investor, they may look at this and say well, I will rent the Miami condo out for a couple of years. No, their payments will not cover their mortgage and maybe they end up losing $800 per month. That is only $19,200 over the course of two years. Compared to that $30,000 extra discount they got, that is a small price to pay for the right individual knowing that they purchased their condo at $130 *1000 sqft = $130,000 less than what people across the river are paying for new Miami condos. If you do this type of investment, you need to establish the actual numbers for yourself since these numbers are only provided as an example.

We have used a Miami condo as an example here but these opportunities are going to exist in many places. As projects begin to close, especially in overbuilt areas having lots of investors that are ill prepared to close, that provides an excellent opportunity to find EXTREMELY motivated sellers. One trick to this, in my opinion, is to find those early projects in an area that are about to close since there is tons of equity that the seller can give up to the new investor if that new investor will just pay them some profit and not make them incur any additional expenses.

Source : http://www.miami-florida.com/

The Miami Condo Market

2007-11-20T11:29:00.000+05:30

The Miami condo market is very diverse and offers a large number of different solutions for those interested in purchasing or renting a condo. People from all over the world are attracted to the vibrant Miami area and its supreme climate for relocation. Miami condos are also popular among vacationers as well as investors. The recent decrease of the dollar value on the international market has made Miami condos an even more interesting option for many Europeans looking for a home away from home, a place in which to retire or just a good investment.

Location, location, location - is the mantra of the real estate business. This is naturally true for Miami real estate as well. The beach front condos are the most popular ones and consequently the most expensive ones to obtain. Just by choosing a condo a few blocks away from the beach you can save huge amounts of money. A Miami ocean view is astonishing, but certainly not for free when we're talking real estate. South Beach is one of the most popular areas of the Miami condo market, not only due to its proximity to the ocean but to its famous nightlife and gastronomic scene as well.

Another highly esteemed part of Miami is the Brickell neighborhood. The Brickell region is commonly referred to as "the Wall Street of the South" and the condominium towers share the space with over 60 commercial banks. This area is typically marketed as a more strict and upscale alternative to South Beach; a neighborhood ideal for those who prefer a downtown environment instead of a sandy beach. The Brickell community is inhabited by people who want to avoid long hours of commuting.

In Brickell it is possible to be close to work as well as to downtown entertainment, but still live in a relaxed area suitable for recreation. The fact that popular South Beach restaurants are beginning to setup finials in Brickell is only one of the signs that predicts how Brickell will turn into an even more sought for area in the future. Three years ago it was possible to buy one of the smaller condos in Brickell for $115,000. Today you must be prepared to pay at least $200,000 for the same condo. The condos in Brickell are however still very reasonably priced compared to the condos located at Miami Beach. A Miami Beach condo of the same type as the $200,000 Brickell condo would cost you at least $500,000.

In such a popular area as Miami there will naturally be a shortage of suitable lots for new condo developments, and the Miami condo market is now stretching into the older neighborhoods and has even reached the suburbs. Downtown Miami has seen a lot of new development recently. Further expansion down Miami Beach is naturally another extremely lucrative business for Miami real estate developers since the Miami real estate market shows no signs of cooling down, particularly not when we're talking ocean front properties.

If you visit Wynwood, a neighborhood located not to far from the very popular South Beach district, the recent expansion of the Miami condo market will be very evident. What used to be large warehouses and grocery stores are currently being turned into condos, lofts and smaller apartments. Wynwood is also witnessing a huge change of the cultural scene as more and more galleries and private museums find their way into this new and exciting neighborhood. Wynwood is only one example of how condo development is taking place in almost all the not to remotely located neighborhoods in the Miami area.

The Miami condo developers are now turning their eyes towards the Miami working class neighborhoods. Former blue collar neighborhoods such as Little Haiti, Liberty City and Overtown are already overflowing with condos. These neighborhoods have become very popular for those who wish to own a Miami condo but can't afford to pay for ocean front properties at Miami Beach or get luxury condos such as the Four Season Residences.

Those who are still willing to pay for an ocean front condo should take a look at the South Pointe region. This used to be quite a shady area with a high crime rate and the median family income in 1995 was below $ 8,000. Today, this has changed and condos in South Pointe are already worth several hundred thousand dollars. Two new larger developing projects have been launched that will add 67 and 199 units respectively to the South Point housing market. The largest project of the two is the Continuum North Tower, a 199 unit property located at the end of South Pointe Drive. Continuum North Tower includes properties ranging in size from 1500 to 4000 square feet.

The penthouse apartments are even larger: 7000 square feet. Continuum North Tower will not be finished until late 2006 or early 2007, but prospective buyers are already lining up for the chance to own a Miami ocean front property. The other project, Apogee, is a smaller complex and will include 67 condos in the 3100 to 6900 feet range. Apogee will be 22 stories high when finished and asking price will most likely be in the $ 2.5 million range. For this price your will not only get an ocean view, but high ceilings, modern design, indoor and outdoor grills etcetera. The Penthouses in Apogee will probably go for at least $ 15 million each.

According to some analysts, a shortage of available Miami condos can be expected in the near future, but it is always hard to know for sure. The increased surge for Miami condos has launched a multitude of development projects. There are currently a large amount of projects on the verge of completion, aiming to provide the Miami condo market with everything from comparatively inexpensive studio-style condos to super exclusive condos with ocean views and all imaginable amenities. When the price began to rise even for the smallest condos, the Miami condo market consequently opened up for the development of a large number of more exclusive luxury condos.

When buyers are forced to pay ever increasing amounts of money for a tiny ocean front condo, they want to feel that they are getting supreme quality for their money in terms of style and amenities. Installing exclusive features, such as a Jacuzzi, will still only have a marginal affect on the price of the condo. On Miami Beach the largest part of the price is defined by the much sought after location of the property. Some of the most expensive condos on the Miami condo market can today be found in The Miami Four Season Residences. In the year 2005, this condominium complex offered condos priced from slightly below $ 700,000 and up to above $ 6 million. A lot of these condos are fashioned in a chic Euro style manner and have access to wine and cigar lounges, a health Spa, exclusive gyms and other selected services.

Florida is a popular state to live in, but no other city in Florida experienced the same remarkable surge for condos during the last few years as Miami. Some prospective buyers hope that the prices will drop when all the projects have finally settled. Estimations show that more than 50,000 condos will be added to the Miami condo market within the next 10 years. In downtown Miami a 35 story condominium tower named the Avenue is planned to be completed in 2007, and will add 570 condos to the Miami condo market.

The Avenue is accompanied by more than 70 other condo developments in the area. One of the larger projects in Brickell, the Mary Brickell Village, is believed to be completed by the end of 2006 and will then provide the Brickell neighborhood with a large number of new luxury condos. This could cause the prices to stabilize in Brickell, but don't count on it. The completion of two other major condo projects in the Brickell region, the Plaza and Neo Lofts, did not cause the prices to plummet - quite the contrary.

Source : http://www.articlegeek.com/

As Condos Rise in South Florida, Nervous Investors Try to Flee

2007-11-20T11:19:00.000+05:30

As dozens of condominium towers conceived during Florida’s real estate boom near completion, investors who snatched up units in the preconstruction phase in hopes of turning a quick profit are increasingly trying to break contracts, even walking away from fat deposits.
Gregg Covin says 45 of 200 preconstruction buyers in his condo tower in Miami have resold their units.“Motivated” sellers are flooding online forums like Craigslist with advertisements for condo units still months or years from being finished. And lawyers have been inundated with calls from people hoping to avoid closing on units they bought during the speculative craze of 2004 and 2005.

“I get two or three of these calls a day,” said James Ryan, a lawyer in Boca Raton who said he had 40 clients looking to get out of condo contracts. One, Mr. Ryan said, abandoned a $340,000 deposit rather than close on a $1.6 million unit that lost its appeal as the market faltered.

The numbers suggest that it will only get worse. In Miami-Dade County alone, 8,000 new condo units will be completed this year and nearly 12,000 more in 2008.

But demand has dropped markedly, and people who thought they could “flip” condos — buying, then selling for a steep profit before construction is done — are parting with that fantasy. After years of stunning price increases — 25 percent in the West Palm Beach-Boca Raton area, for example, from March 2005 to March 2006 — condo prices have started dropping.

Condominiums in West Palm Beach and Boca Raton sold for a median price of $211,800 in March, down from $224,600 a year earlier, according to the Florida Association of Realtors. And in Fort Lauderdale, the median price in March was $195,500, down from $202,600 the previous year.

As a result, many buyers want out — not an easy prospect unless they are willing to forfeit the 10 percent or 20 percent they put down, from $15,000 for an inexpensive studio unit to hundreds of thousands of dollars for a waterfront penthouse.

“I see buyers unleashing all possible means to try to get out of contracts,” said Gary Saul, a lawyer in Miami for developers, adding that in some projects, 20 percent of buyers want their money back.

Frank Scarfone, a retired engineer who bought two preconstruction units at Hollywood Station, a complex going up in Hollywood, is seeking to cancel his contracts. Each unit is priced at $300,000. The developer promised a city view from both units, Mr. Scarfone said, but now another building in the complex is blocking it — a change that he said made the contracts unenforceable.

He sent a letter demanding his total deposit of $120,000 back, and after getting no reply, picketed the developer’s office. Then Mr. Scarfone called a lawyer, Matthew Schlesinger, who has been unable to recoup the deposit so far.

“If we have to sue,” Mr. Scarfone said, “we’re planning on suing.”

Tom Leon, a retired business executive who moved here from Illinois, said he planned to give up $200,000 in deposits on two condo units in Miami, priced at $500,000 each, after finding “no loopholes” in his contracts. He said he was not especially bitter, since he had made money flipping other properties at the height of the boom.

“I’m of the frame of mind that you have to be prepared in business or investments to take a loss,” said Mr. Leon, 72, adding that he never had any intention of living in either of the units. “There are some people that mentally can never bring themselves around to that, especially in real estate. But there’s a time to hold and a time to fold, and in my opinion, this is a time to fold.”

The condo mania of recent years also beset cities like Las Vegas, Phoenix and Washington, but while those markets are also full of resales, analysts say South Florida drew the most investors.

“Between the Latin American influence and the out-of-state buyers who have a love affair with Miami because of its ambience,” said Jack McCabe, a consultant in Deerfield Beach who tracks the South Florida housing market, “they flocked to it and pushed it to the point where about 70 percent of all sales were to investors.”

Real estate analysts say South Florida’s housing market peaked late in 2005, and would-be flippers stopped buying in 2006. People who bought condos before 2005 might still make money or at least break even if they sell soon, the analysts say, but those who bought at the height of the mania stand to lose a bundle.

Source : http://www.nytimes.com/

Miami condo at ground zero in mortgage fraud

2007-11-19T15:57:00.000+05:30

At first glance, the 43-story building in Miami's international banking district seems little different from other high-rise condominiums overlooking the turquoise waters of Biscayne Bay.

But the 643-unit condo known as the Club at Brickell is a leader in mortgage foreclosures and it appears also to stand at ground zero in a blizzard of fraud that may lie behind many of the failed loans threatening to bury the U.S. property market.

America's subprime mortgage crisis is partly due to predatory, or aggressive, lenders, hard-sell tactics by mortgage brokers and an easing of underwriting standards in the $10 trillion home-loan industry.

But fraud accounts for a sizable share of the bad bets on mortgages, according to many industry experts, and lenders may have been victimized as much as anyone else.

"The lenders are holding the bag now, that's what we're finding out," said Glenn Theobald, head of a mortgage fraud task force formed in south Florida's Miami-Dade County in September.

Mortgage scams involve a cartel of inside players -- colluding property appraisers, real-estate brokers and accountants willing to draw up fake income statements and tax returns -- who recruit people with good credit histories to serve as a decoy or "straw buyer" in a real-estate deal.

The conspirators inflate the price of the property, to get the biggest loan possible, pay the sellers the original price and then pocket the excess loan money as "cash back" at the closing of the deal.

The decoy buyer is paid off -- often with just $5,000 -- and the property is quickly abandoned to foreclosure, said Theobald, a senior official with the Miami-Dade Police Department.

'EPIDEMIC'

"It's an epidemic," said Nancy Hogan, a veteran realtor and former head of the Florida Real Estate Commission.

"The cash back, the fraud for profit, is what has been so rampant," she said.

The Club at Brickell has the highest current number of foreclosure proceedings involving any single south Florida property.

There may be other properties in the United States that hold the distinction of being riddled with more cases of apparent mortgage fraud than the Club.

But Doug Dewitt, a real estate broker contracted to work with several lenders on the valuation and disposal of foreclosed properties, said nearly 70 percent of the sales or closings at the Club over the last 18 months were questionable.

That works out to more than 200 possibly shady deals in a single building, he said.

The dubious transactions all fit a pattern that Theobald said should trigger "bells and whistles" for law enforcement anywhere -- time and time again properties that failed to sell for months when listed at around $450,000 were pulled from the market and then suddenly sold for more than $800,000.

Florida leads the nation when it comes to mortgage fraud, according to the Virginia-based Mortgage Asset Research Institute, a group that works closely with the U.S. Mortgage Bankers Association.

Many apartments could wind up being sold at auctions like one held last month for bank-owned properties in Fort Lauderdale, further depressing prices in a market suffering its biggest condo glut in decades.

"You've seen some of it already. They are actually having auctions to try and sell units," said Theobald, when asked about discount sales involving recently foreclosed properties.

"I don't know where it's going to end up," Theobald said. "I don't know when the bottom is going to be."

Ken Thomas, a Miami-based banking expert and lecturer at the Wharton School at the University of Pennsylvania in Philadelphia, said there was little surprise Florida led the country in mortgage fraud.

It stems, at least in part, in the way lenders plowed "easy money" into the local condo market before Florida's recent housing boom turned to bust, Thomas told Reuters.

"We're going to see a lot more of this fraud being exposed, especially as these units go into foreclosure," Thomas said.

"We were the poster child of the housing bubble ... maybe we should have expected more of this."

Source : http://www.reuters.com/

South Florida Law Firms focus on Condo and Pre-Construction Contract Law

2007-11-19T15:30:00.000+05:30

The Florida Real Estate market, particularly in Miami-Dade, Broward, and Palm Beach counties have become a battleground for Condominium and Preconstruction Contract disputes. This all coming as Developers make a big push in Tallahasee to change the real estate laws to protect their interests. There is no question that the real estate boom has come to a close and many corporations, investors, and speculators have found themselves in poorly written Condo and preconstruction contracts.
The Law Offices of Eric L. Bronfeld, PA. are proud to announce the creation of Deposit Recovery Services and www.DepositRecoveryServices.com. Mr. Bronfeld says "This new extension of our real estate practice will be better organized to serve clients who question the validity of preconstruction and condo contracts which they are currently involved in", "we have found in many cases, the language of these contracts have opportunities to render them void, allowing for deposit monies to be returned".

Recently quoted in the Sun Sentinel , Realtor Barry Beschel, PA. of Aventura, Florida is quoted as saying " Mr. Bronfelds’ offices served my clients well in the real estate bull market, we are sure to not only recommend Deposit Recovery Services to our clients, but to use them in some personal matters as well"

In many instances deposits may be lost, but the deal is still rendered void, allowing investors to move on to new deals.

Source : http://www.prleap.com/

Condo Flipping

2007-11-19T15:28:00.000+05:30

Some real estate experts have compared the frenzy of condo flipping to the late 1990’s when investors were busy buying and selling dot-com stocks.

Miami has one of the most active markets in the country for flipping, because so many condo units are under construction or in the planning stages.

Flipping real estate contracts can bring quick bucks, but here is the rub: profits are taxed as ordinary income, not as capital gains, if the buyer’s contract is not held for at least one year.

Most developers open resale offices to help buyers sell their units. They sometimes turn a blind eye to owners flipping because they rely on pre construction sales to secure financing. Lenders often require having a certain percentage of units pre-sold before issuing the money needed to build a project.

Some developers are becoming more cautious. To avoid flipping, many force buyers to close on the condo or face penalties.

However, investors and real estate agents have been able to get around many developer roadblocks by purchasing condo units under the names of other family members or friends.

Also, condo flips never appear in the public record because it is done through selling contracts during construction.

Some are speculating that investors who sink all their money into pre construction will be the ones who will lose the most money when the market is flooded with thousands of condo units in the next few years. Many may default on their mortgages or sell for a loss.

Experts are saying that if the market declines, Miami may again be at the center of a condo bust. There are more than 64,000 condo units under construction or in the planning stages, according to the city’s monthly development report. There were 11,000 units under construction, 23,000 approved and 30,000 in the preliminary or application phase.

Fort Lauderdale has 6,000 new condos planned for its downtown and West Palm Beach will add 6,000 new units to their downtown and along the Flagler corridor. Also, apartment buildings being converted to condominiums will add thousands more units to the South Florida condo market.

Source : http://www.miamibeach411.com/

Third condo plan overturned on Miami River

2007-11-19T15:24:00.000+05:30

The activists challenging condo developments on the Miami River went three-for-three after the 3rd District Court of Appeal in Miami overturned the last of the projects they filed suit to stop.

On Wednesday, the court ruled that the city of Miami erred in changing the zoning at 1583 N.W. 24th Ave., formerly known as the Florida Yacht Basin, to 689 residential units and 30,000 square feet of commercial space. The city's comprehensive plan calls for that area along the river to be reserved for the marine industry.

The ruling sinks Miami Beach-based Merco Group's plans for the Brisas del Rio condominium. A company representative declined comment.

Miami-based TotalBank gave the project an $8 million mortgage. In March, when the balance was down to $5 million, Merco Group got a future advance to boost the mortgage to $7.1 million.

Marine industry representative Miami River Marine Group, the Durham Park Neighborhood Association and Capt. Herbert Payne challenged this project, along with two others.

In August, the same appeals court also overturned the residential zoning for the 633-unit Coastal on the River and the 1,073-unit Hurricane Cove.

Source : http://southflorida.bizjournals.com/

Cracks in condo market

2007-11-17T10:37:00.000+05:30

Cracks within Charlotte's condo market are starting to surface as supply escalates and sales prices skyrocket.

At SouthPark's Piedmont Row, investors from Florida facing foreclosure are offering a two-bedroom unit at $16,000 less than their purchase price.

"We're trying to do a short sale so the bank will accept a lower amount than what is owed," says Al Negru, a broker with ReMax Elite Associates, who is handling the condo on behalf of relatives.

Negru says the original buyers were banking on leasing out the unit, a popular investor play. A tenant's rent would, ideally, cover mortgage, taxes and condo fees, allowing the owners to profit from appreciation on a later resale.

But less than a year after purchasing at Piedmont Row, the investors have put the condo back on the market, listed along with 30 other units. The mixed-use development in SouthPark was said to have sold out its first phase of 84 units in one day in 2005.

"At that time, the condo market was booming everywhere," Negru says. "The assumption and expectation was that it would be no problem to make it work."

The numbers didn't work, not at $318 per square foot to buy, another $250 a month in association fees and a property tax bill of $4,808. Now Negru needs to sell the condo before the bank takes it, but he's finding serious inquiries are coming from vulture investors serving up low-ball bids.

"It's a nice unit on the corner, but there's no demand. I had some showings but not enough to generate actual offers," he says. "Other investors want to get it for $200,000. It's ridiculous."

The problems at the 179-unit Piedmont Row -- where 17% of its units are listed for resale for $245,000 to $539,000 -- come at a time when Charlotte's condo supply figures are booming and area developers continue to pour new product into the market.
Condo supply numbers tower

Analysts and many developers now worry that supply is already far exceeding demand.

The number of new units on the market represents a 29-month supply, based on the current rate of closings, according to an analysis by Metrostudy, a national market-research provider to the housing industry.

A six-to-eight-month supply is considered a healthy market, says Bill Miley, Metrostudy's Charlotte market manager.

But tracking condo supply requires a tricky calculus. Metrostudy counts closings on units only when it determines absorption. Analysts are unsure about how quickly buyers will clear out the inventory until new projects are completed and contracts are converted to sales.

Source : http://southflorida.bizjournals.com/

Home prices grow in Miami, fall in rest of South Florida

2007-11-17T10:25:00.001+05:30

Miami home and condominium sellers saw their sales prices grow over the year, but sellers of both stripes in Fort Lauderdale and in West Palm Beach-Boca Raton saw price declines in May.

The numbers from the Florida Association of Realtors reflect closings, which typically occur 30 to 90 days after sales contracts are written.

They showed year-over-year May median home prices for existing single-family homes grew 6 percent in Miami, to $401,100 from $379,700, as the number of homes sold dipped 44 percent, to 494 homes from 875 homes.

In Fort Lauderdale, the 3 percent decline moved May home prices to $367,700 from $379,800, as the number of homes sold declined by a third, to 574 homes from 862 homes.

The 1 percent year-over-year price decline in West Palm Beach-Boca Raton dropped May prices there to $387,800 from $391,000. The number of homes sold fell 25 percent, to 741 homes from 982 homes.

The Palm Beach area draws strong interest from retirees, baby boomers and second-home buyers, pointed out Norma Mirsky, president of the Palm Beach Board of Realtors and broker-owner of Mirsky Realty Group LLC.

"The wave of speculative investors seeking a quick profit appears to be gone, and now we have a more normal market, with buyers interested in investing in a personal dream and finding a home," she said. "The Scripps Research Institute is building very quickly and that will bring in 3,000 or more high-tech jobs, which is great for our employment outlook."

Near South Florida, median prices for existing single-family homes:

* fell 2 percent in Fort Myers-Cape Coral, to $281,500 from $286,500,, as the number of homes sold fell 42 percent, to 575 homes from 993 homes
* fell 9 percent in Fort Pierce-Port St. Lucie, to $228,500 from $252,300, as the number of homes sold fell 39 percent, to 315 homes from 519 homes
* fell 16 percent in Melbourne-Titusville-Palm Bay, to $190,400 from $227,400, as the number of homes sold fell 26 percent, to 483 homes from 651 homes
* grew 1 percent in Naples-Marco Island, to $536,200 from $531,000, as the number of homes sold grew 28 percent, to 37 homes from 29 homes. However, information for the area is not reliable, as the numbers are only from the Marco Island Association of Realtors. Data from the Naples Area Board of Realtors and Association of Real Estate Professionals were not included.
* fell 12 percent in Punta Gorda, to $186,900 from $213,400, as the number of homes sold fell 39 percent, to 235 homes from 387 homes

Statewide, May existing single-family home median prices fell 5 percent, to $237,000 from $250,100, as the number of homes sold fell 34 percent, to 12,607 homes from 19,072 homes.

As far as existing condos in May, Miami median prices rose 8 percent, to $272,000 from $250,900, as the number of condos sold fell 46 percent, to 599 units from 1,101 units.

Source : http://southflorida.bizjournals.com/

south florida condo rentals

2007-11-15T17:04:00.000+05:30

Although only hours away from Disney World in Orlando, the destinations in South Florida have a whole different vibe. As many of us have learned from watching TV, when they say Miami's "hot," they're not just talking about the weather. Not only can you dance and drink the night away, you can go to the casino and gamble it away, too.

There's more to the southern portion of Florida than Miami, though, and Vacations by Owner (VBO) has a large selection of vacation rentals by owner in south Florida on both the eastern and Gulf Coast sides. From Marco Island to Miami, you are never far away from beaches and shopping in the coastal towns of south Florida. Upscale is the word for many of the condos and other vacation properties in this part of Florida.

Renting one directly from the owner, however, can save you money over the cost of a hotel room on your next vacation to Florida. Rentals range from studio apartments to full-size houses. Find the vacation rental of your choice by browsing the listings on our Florida page.

If you own a vacation property in the area, list your South Florida rental on VBO. The low annual rate makes this form of internet marketing hard to beat. Listing is easy, and you face none of the hassles that go with trying to maintain your own website for your rental property.

Source: http://www.vacationsbyowner.com/