Tag Archives: lease purchase

HOT New Short Sale Listing In Downtown Boca Raton!

Downtown Boca Raton, For Sale, , , , , , , , , , , , , , , , , , , , , , , , , , ,

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Beautiful “villa-style” first floor residence in desirable Townsend Place. This full-service, five star building features a gate-manned entry, valet parking, a gated garage for residents, concierge services, dual fitness facilities, a resort-style pool deck, two-story club room as well as on-site staff to tend to your every need.

This 2,000 square foot unit features 2 bedrooms, 2.5 bathrooms, Saturnia marble flooring, hurricane impact resistant windows and doors, 10-ft ceilings, an oversized 600 square foot private lanai, and designer furnishings!  This property is being offered as a short sale and is subject to acceptance by seller’s lender.  Asking $475,000.

500 SE Mizner Blvd #A102

Congress clears way to rent foreclosures

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

080618-foreclosureOverview-hmed-343p_hmediumHere are two questions getting a lot of attention on Capitol Hill and from the Obama administration: When homeowners lose their houses to foreclosure, should they be able to stay in the property, leasing it at fair market rent from the lender?

Should they also get an option to purchase the house from the bank at the end of the lease term, assuming they have the income to afford it?

Before leaving for their August break, Democrats and Republicans in the House took a rare, unanimous stand on both questions by passing the Neighborhood Preservation Act by voice vote.  The bill was co-sponsored by Reps. Gary Miller, R-Diamond Bar (Los Angeles County), and Joe Donnelly, D-Ind. The bill would remove legal impediments blocking federally regulated banks from entering into long-term leases – up to five years – with the former owners of foreclosed houses.  It would also allow banks to negotiate option-to-purchase agreements permitting former owners to buy back their houses.

The idea, said Miller, is, “at no cost to the taxpayer,” to “reduce the number of houses coming into the housing inventory and preserve the physical condition of foreclosed properties,” which ultimately should help stabilize values in neighborhoods with large numbers of distressed sales and underwater real estate. 

If the bill is approved by the Senate, participation by banks would be purely voluntary.  But the legislation might encourage banks to calculate whether they would do better financially taking an immediate loss at foreclosure, or by collecting rents and then selling the property at a higher price in four or five years.

Though it was not opposed by banking lobbies, the bill quickly attracted critics.  The Center for Economic and Policy Research, a think tank based in Washington, said a key flaw is to leave decisions about leasebacks solely to banks themselves.  “If Congress does want to give homeowners the option to stay in their homes as renters,” said the group, “it will be necessary to pass legislation that explicitly gives them this right.”

Some private-industry proponents of short sales – where the bank negotiates a price that’s typically less than the owners owe on their note – say turning banks into landlords won’t work well, either for the banks or foreclosed owners who want to stay in their houses. 

Al Hackman, a San Diego realty broker with extensive experience in commercial transactions, argues that leasebacks with options to buy are the way to go – but not if banks run the show. Hackman and a partner, Troy Huerta, have recently begun putting together what they call “seamless short sales” as alternatives for banks and property owners.  Their short sales and leasebacks are “seamless” because the financially distressed homeowners remain in their properties, before and after the settlement.

Here’s how they work:

First, the bank agrees to a short sale to a private investor, just as they often do now. In the seamless version, however, the investor is contractually bound to lease back the house on a “triple net” basis – the tenants pay taxes, insurance and utilities – for two to three years. The former owners only qualify if they have sufficient income to afford a fair market rent and can handle the other expenses, including maintaining the property. The deal comes with a preset buyout price after the leaseback period. That price is higher than the short-sale price paid by the investor, but lower than the original price of the house paid by the foreclosed owners.

Hackman and Huerta already are doing seamless short-sale transactions.

Here is one that Hackman says is moving toward escrow:
A family purchased a house for $725,000 with 20 percent down in 2005, then made substantial improvements with the help of an equity line of $72,500. The house now is valued at about $500,000, but is saddled with $625,000 in mortgage debts. Enter the seamless short sale: Hackman has brought in a private investor who is willing to buy the house at current value, all cash. As part of the deal, the investor has agreed to lease back the house at $25,000 a year, triple net. In three years, assuming they’ve been good tenants, the original owners have the option to buy back the property for $550,000.

Hackman says the internal rate of return to investors can be raised or lowered based on rents and the buyback price, but typically are in the 8 percent to 10 percent range.  “It’s a win-win,” he says. “The owners stay in their houses.  Private investors get a moderate return on what should be a safe investment.”  Plus the banks are out of the equation.

Source: San Francisco Chronicle

South Florida Market Looking Better

Buyers, First Time Home Buyer, For Sale, Foreclosures & Short Sales, Keller Williams Realty, New/Pre-Construction, Real Estate News, , , , , , , , , , , , , , , , , , , , , , ,

South FloridaMIAMI – June 16, 2009 – South Florida home prices have hit bottom, but threats to the housing market still loom as foreclosures rise, mortgage rates creep up and inventories remain high.

That’s according to a prominent economist and several top real estate brokers who spoke here Thursday during the International Real Estate Congress hosted by the Realtor Association of Greater Miami and the Beaches.

“We’re certainly near the bottom if not at the bottom,” said Lawrence Yun, chief economist for the National Association of Realtors.

The median price of an existing single-family home in Palm Beach County has plunged more than 40 percent since 2005. Yun cited a study released last week by research firm IHS Global Insight that said home prices in Palm Beach County are undervalued by 32 percent.

Mike Pappas, head of Keyes Co. Realtors, agreed that the withering collapse of the past three years finally has ended.

“We believe the worst is behind us,” Pappas said.

That’s not to say that the housing market is poised for a big rebound. Realtors see obstacles, including:

• Foreclosures. The number of foreclosure filings in Palm Beach County rose 33 percent from April to May, research firm RealtyTrac said Thursday. “Unfortunately, foreclosures will continue to increase,” Yun said.

• Rising mortgage rates. The average rate for a 30-year mortgage spiked from 5.29 percent last week to 5.59 percent this week, Freddie Mac said Thursday. Yun acknowledged that rates above 6 percent would slow the recovery, but he predicted rates will fall to 5.2 percent later this year. “I believe the bond market is overreacting,” Yun said, causing rates to rise.

• High inventories. The number of homes for sale has fallen over the past year, but there remains a glut of homes on the market. Inventory “is still much higher than it should be,” said Ron Shuffield, head of EWM Realtors.

• A sluggish high-end market. Although properties priced at under $200,000 are moving quickly, the high-end market is “stagnant,” in part because of high rates for jumbo loans, said Rei Mesa of Prudential Florida Realty.

Copyright © 2009 The Palm Beach Post, Fla., Jeff Ostrowski. Distributed by McClatchy-Tribune Information Services.

New waterfront luxury mid-rise in Downtown West Palm Beach

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

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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

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, , , , , , , , , , , , , , , , , ,

 

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 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.

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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.

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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.

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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