FORECLOSURE FRENZY

Financial/Mortgage Industry, Foreclosures & Short Sales, Real Estate News

foreclosed-homes-notice-of-intent-to-foreclose-on-a-home-issued-by-bankJust when you thought you may have had a handle on the Foreclosure mess a new law emerges or a new program is born. Does the word Bail Out ring a bell or how about Stimulus Package, or Hope Now Program? It doesn’t appear the government can get it straight how do they expect a consumer to.

I guess we should all feel better that Florida is not number one in rankings but takes second place to California. Despite the fact that according to Realty Trac the number of Florida properties with foreclosure filing in 2008 more than doubled the state total from the previous year. The bottom line is we have a mess on our hands and something needs to be done now. I always loved the catch phrase by Syms Clothing Store; “an educated consumer is our best customer.” As far as I know they are still up and running and must have a lot of educated consumers. I think we all need to educate ourselves when it comes to foreclosures.

If not you, I am sure you know someone who is or will be facing foreclosure at some point. It is a grim reality, and you need to know your options. Most homeowners do not know who to turn to and get so frustrated that they either do nothing and let the bank take their home to auction or try and work out a plan with their lender.

Ever try calling your lender? If you really want to ruin your day this is a great way to do it. That is if you reach them and do not get cut off 3 times, transferred to the wrong department twice and finally get someone on the end of the line in India. Most of the time you will find out they are not willing to do much and can make the situation more stressful! As for the most part they are not the most pleasant people to deal with. Who can blame them, they get a ton of calls each day and usually get yelled out by most. I wonder why the lenders keep losing their employees. Most of them would rather get a root canal then stay at their jobs. 

 

This Month In Real Estate – March 2009

Financial/Mortgage Industry, Real Estate News, , , , , , , , ,

Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to help combat the “doom and gloom” messages of the national print and television media with real information on real estate.

[youtube=http://www.youtube.com/watch?v=mA4zE2vUK-U]

Home Prices Rise in February

Downtown Boca Raton, Downtown Delray Beach, Downtown Ft. Lauderdale, Downtown Miami, Downtown West Palm Beach, For Sale, Real Estate News, , , , , , , , , , , ,

WASHINGTON, DC – March 25, 2009 – U.S. home prices rose 1.7 percent on a seasonally-adjusted basis from December to January, according to the Federal Housing Finance Agency’s (FHFA) monthly House Price Index. In December, the FHFA first reported a 0.1 percent increase, which was later revised to a 0.2 percent decline. FHFA ( www.fhfa.gov ) regulates Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks as authorized by the Housing and Economic Recovery Act of 2008.

For the 12 months ending in January, U.S. prices fell 6.3 percent, and the U.S. index is 9.6 percent below its April 2007 peak.

The FHFA monthly index is calculated using the purchase price of houses sold or guaranteed by Fannie Mae or Freddie Mac. For the nine Census Divisions, seasonally-adjusted monthly price changes from December to January ranged from -0.9 percent in the Pacific Division to +3.9 percent in the East North Central Division.

Month-to-month changes in the geographic mix of sales activity explain most of the unexpected rise in prices in January. Home sales disproportionately occurred in areas with the strongest markets, according to the release issued by FHFA. “While it is difficult to perfectly control for changing geographic mix in estimating house price indexes, the data suggest that if one were to remove those effects, the change in home prices in January, while still positive, would have been far less dramatic,” according to the FHFA release.

Reported sales volume, in absolute terms, was relatively low in January. As a result, the FHFA warns that relatively large revisions could occur later.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

ATTENTION: First Time Home Buyers!!

Financial/Mortgage Industry, Real Estate News, , , , , , , , , , , , , , ,

If you’re a first time home buyer, your timing couldn’t be better!  The newly passed stimulus bill may qualify you for an $8,000 tax credit!  With mortgage rates at record lows and a large selection of homes on the market, this is the perfect time to make a move toward owning your first home! 

 

 

 

Keep in mind that a first time home buyer is defined as someone that has not owned real estate in the past three years; it doesn’t even matter if this actually is your first home or not!  Call me for details or click here for Frequently Asked Questions and Answers.

New waterfront luxury mid-rise in Downtown West Palm Beach

Downtown West Palm Beach, For Rent, For Sale, Intracoastal, New/Pre-Construction, Waterfront, , , , , , , , , , , , ,

aerial-tower1

Located on Clear Lake, in the heart of sunny West Palm Beach, The Edge is a visionary development that provides the exhilaration of an urban lifestyle, while also offering a sanctuary to escape the stresses of everyday life. The Edge is only minutes from the sun-kissed beaches that have made South Florida famous, and just a hop, skip and a jump from the best nightlife, theaters, restaurants, shopping and cultural attractions of the Palm Beaches.

Priced from the very low $100’s
Lease Purchase Options Available
Leasing offered, starting at $1,275 per month

Boca Raton’s Most Expensive Single Family Home

Downtown Boca Raton, For Sale, Intracoastal, Most Expensive Real Estate, Multi-Million Dollar Listings, Waterfront, , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , , ,

r2976050_501_491

 Boca Raton’s most expensive active listing is located on Lake Drive in ultra-exclusive “Por La Mar” neighborhood.  The estate sits on a magnificent Point Lot with 450 feet on Lake Boca Raton with breathtaking views of the Boca Raton Resort & Club.  The home boasts 7 full bedrooms, 8 bathrooms and 2 half bathrooms, over 12,800 sq ft, a 5-car garage and of course a swimming pool!!  All this for only $25.00M!!  Don’t forget the yacht!!

Mortgage Applications Surge With Low Interest Rates!!

Financial/Mortgage Industry, Real Estate News, , , , , , , , , , , ,

U.S. mortgage applications spiked in the first full week of 2009 as record low interest rates triggered the highest demand for loan refinancing in 5-1/2 years, according to the Mortgage Bankers Association.

Low mortgage rates, however, have yet to fuel a surge in loans for home purchases.

The MBA said its seasonally adjusted index of mortgage applications for the week ended Jan. 9 increased 15.8% to 1,324.8. That’s the highest reading since the week ended July 11, 2003, when it reached 1,358.2.

Thirty-year mortgage rates have dropped dramatically since the Federal Reserve unveiled a plan in November to buy as much as $500 billion of mortgage securities backed by Fannie Mae, Freddie Mac, and Ginnie Mae.

The refinance share of applications increased to 85.3% from 79.8% the previous week, the highest level since the MBA started conducting its survey in 1990.

Spencer Rascoff, chief operating officer at Zillow.com, an online real estate service company based in Seattle, said loan requests to his company are up more than 200% from just two months ago, with loan requests on pace to hit about 25,000 in January and loan quotes on pace to hit 200,000.

“Many experts agree that rates will stay relatively low for at least the next few months since the federal government is now committed to buying mortgage-backed securities to keep borrowing costs low,” Rascoff said.

Here’s a sampling of interest rate drops:

30-year-fixed mortgages, averaged 4.89%, down 0.18 percentage point from the previous week, the lowest level recorded in the MBA’s survey’s history.

15-year fixed mortgage averaged 4.63%, down from 4.67% the previous week.

One-year ARMs decreased to 5.89% from 5.90%

Source: Reuters, CNNMoney.com (01/21/2009)

New “Green” Luxury Apartment Building In Downtown Ft. Lauderdale

Downtown Ft. Lauderdale, For Rent, New/Pre-Construction, , , , , , , , , , , , , , , , , ,

 

pool

 As the finest rental community in Fort Lauderdale, Satori will awaken your senses in life-inspiring ways.  Fill your soul with the serenity of a gentle waterfall or the tranquility of a relaxing Zen garden. Enjoy the ease and convenience of neighborhood shops nestled in a brick-paved village just below your residence.

Live in harmony with a plethora of earth-friendly features that save you money on energy costs while reducing your carbon footprint.  Free yourself from everyday chores with private concierge and valet services.

Pamper yourself in luxury with wonderful amenities — from beautifully appointed interiors by designer Steven G., to the spectacular infinity pool outside your 2-story health club and spa. Everything at Satori has been designed to enrich your life.

amenitiespool21

Recharge and refresh in The Club

Awaken your senses in a private two-story health club and spa that is the heart and beat of Satori. Take a swim in the infinity-edge pool, a favorite gathering place for your neighbors and their guests. Enjoy a long afternoon of languor and repose lounging or sipping cocktails by a tantalizing waterfall as it cascades into a whirlpool spa. Stretch and unwind in a yoga class or power through a cardio and strength workout in the gym. The Club also features a Cyber Cafe and conference room, media center, and juice bar.

sauna

Renew Your Mind At the Spa

Inside The Club at Satori you’ll also enjoy a full spa with massage treatment rooms, whirlpool, and men’s and women’s steam and sauna. Soothe away your stresses with a healing massage. Or pamper yourself with a rejuvenating facial in this tranquil oasis.

 

Indulge at the Gourmet Demonstration Kitchensushi

If you enjoy tantalizing cooking classes and guest chef appearances, the gourmet demonstration kitchen at The Club will provide the backdrop for you to experience culinary masterpieces by local chefs. Indulge in decadent desserts from gourmet pastry chefs or enlighten your palette with a wine tasting hosted by a renowned sommelier. It’s all here, just for you! 

 Maintain your chi in our tranquil Zen garden

Discover what an unexpected moment of bliss can add to the quality of your day. Whether you take a moment to meditate in the formal Zen Garden, or gain a measure of inner peace from the mere sight of a reflecting pool lined with palms, or enjoy the smell of fragrant flowers surrounding a verdant courtyard, life at Satori will reward you with happiness.

Enjoy eco-friendly living and make your friends “Green” with envy.

With Satori’s extensive list of “Green” features, you’ll be doing your part to leave a smaller carbon footprint for tomorrow while saving money on your energy costs today.

energy efficiencieswasher

HIGH-EFFICIENCY AIR CONDITIONING (SEER 15) helps reduce electrical consumption by 14%. Carrier’s Hi-efficiency “Puron” meets the Energy Star Guidelines. Plus the use of no CFC based refrigerant is environmentally friendly and won’t deplete the ozone. Efficient MERV 8 air filters reduce air pollution.

PROGRAMMABLE THERMOSTATS help you save energy and lower electric bills.

ROOF SOLAR SYSTEM using Flex Light Photovoltaic system to help lower building electrical costs.

WHITE REFLECTIVE ROOF MATERIAL lowers energy consumption by using single ply 80 mil white reflective roofing material containing 7.5% recycled content.

FRONT LOADING WASHERS AND DRYERS not only use less water and less energy, they are also more gentle on your clothes.

recycle

recycling and pollution prevention

CHLORINE-FREE POOL eliminates chemical exposure to your skin, eyes & hair

RECYCLING PROGRAM for plastic, newspapers, and garbage is good for the environment by reducing landfills.

BARK PARK has an abundant supply of bio-degradable waste bags

ENVIRONMENTALLY FRIENDLY CLEANING PRODUCTS

PUBLIC TRANSPORTION helps reduce greenhouse gases while lowering fuel costs and Satori makes it easy with a bus stop right outside the front door. So next time you go grocery shopping, or spend a night out with friends, leave your car home and take an earth-friendly bus

PLUG-IN STATIONS available in the garage for charging electric/battery powered vehicles.

eco-friendly construction

ZERO VOC-EMITTING CARPET AND LOW VOC-EMITTING PAINTS means low Volatile Organic Compounds.

CONCRETE PAVERS use recycled content.

LIGHT GAUGE STEEL used for interior walls contains a minimum of 31% recycled content.

THE DRYWALL uses gypsum board with no reportable VOC content.

COVERED PARKING GARAGE utilizes a reduced heat island effect to reduce global warming.

PRESERVED NATURAL HABITAT through redevelopment of the property.

RECYCLED MATERIALS from the demolished buildings.

CONSTRUCTION WASTE diverted from landfills to recycling transfer stations

pricing 

1bd/1bth from $1,407 per month
875 – 976 square feet

2bd/2bth from $2,149 per month
1,215 – 1,516 square feet

3bd/2bth from $2,500 per month
1,426 – 2,885 square feet

**Select units offer 2 free months
**Pricing and availability subject to change

Types of Downtown Properties

Downtown Boca Raton, Downtown Delray Beach, Downtown Ft. Lauderdale, Downtown Miami, Downtown West Palm Beach, Types of Downtown Properties, , , , , , , ,

The Types of Urban Living Homes in North America

There are many opportunities for a prospective individual or couple to get into the real estate market. Whether you are looking for a permanent residence or a real estate investment home, both the United States and Canada markets provide numerous types of housing that will suit your lifestyle and requirements. Obviously, the most expensive but most sought after urban living real estate property is a home. Not only does a private home provide you with ample space and privacy, but they are really at a premium in most major cities and towns these days as they have become quite expensive, especially homes and residences near city centers and major transportation routes. The more common real estate development now sees the construction of townhomes and townhouses which are attached dwellings that give the privacy of a home but within a residential community that is based on smaller properties for couples and families. The most urban type of real estate property on the market these days in both Canada and the United States are definitely condos or condominiums. Also called apartment residences, condos in both the United States and Canada have seen an exponential increase in both the number of units being planned and built, but also in the interest from all types of buyers and investors. Living in a high-rise residential building has its perks including amazing views, luxury amenities, features and finishes that are comparable to a custom home and of course the community aspect. With condominiums, there are penthouse suites as well as loft residences available to the real estate investor or home buyer as well.

Villas by the Sea, a community by Minto

Downtown Ft. Lauderdale

Villas by the Sea — An Oceanside Village

vbts_village

Villas by the Sea is that rare exception on Florida’s precious coastline – an intimate enclave of four low-rise Mediterranean-inspired buildings encompassing only 117 very distinctive, very private residences. Whether you’re looking for a permanent residence or a vacation home,Villas by the Sea represents resort-style oceanfront living at its finest.

Villas by the Sea is part of a wonderful community, Lauderdale-By-The-Sea, which has preserved its marvelous small town feel and casual way of life. It’s an immensely appealing location in so many ways, including the fact that it’s just a short drive from the world-class shops and restaurants of Las Olas and Boca Raton. 

Our sales center is now open. From $539,900 to over $1 million.