Tag Archives: Real Estate News

Fort Lauderdale Makes The Top 10 Best Downtowns of 2014 List

Downtown is the place to be. It’s where art and music collide with small business and fine dining. The best downtowns exhibit a variety of cultures that reflect the areas: from historical buildings and modern new construction, to fine art galleries and community spaces. A successful downtown experience encompasses the best of the community, offering residents and tourists great activities and support for social interaction. The very top of the list of the best downtowns all have one thing in common; they are multifaceted and draw out people from the outer boroughs and the suburbs, while attracting out-of-town visitors at the same time.

Usually, we use the most up-to-date statistical information to compile The Top 10 Best Downtowns 2014 list. Don’t misunderstand, we still rely on accurate numbers related to population and business growth: but popularity depends on the aesthetic of the architecture and the energy only the locals can bring. Our best explorers have gone there and reported back with their honest opinions.

The best downtowns evolve over a long time span, sometimes going through different phases in city planning dependent on the local councilmen. From historical sites to man made attractions, residents and tourists alike shape these downtown areas.

Sheila Grant is the editor of Downtown Idea Exchange and Downtown Promotion Reporter. She has some thoughtful insight into what makes a downtown area successful: “We think they are the most vital part of the city. They give everyone in the outlying areas a sense of community and heritage.” She goes on to state that “The way to have a really vibrant downtown is to have residents there who can support the businesses and provide that life on the street to make the area seem more lively and safer.”

Our picks for the Best Downtowns begin with Fort Lauderdale in Florida

Why Fort Lauderdale? Besides the hopping club culture, the real estate market has improved considerably: with a lowered vacancy rate over the past two years by 5.7 percent. Like many other downtowns, young career minded individuals are shaping the marketplace. People working entry level jobs and small business owners want to be close to their place of business. Besides the new wave of people moving in from out-of-town, longterm residents have experienced a rise in their salaries and property values. Previously known as a beach bum epicenter, urban planners and city officials saw the need to make an effort to change the structure of downtown to better serve the evolving community needs. Beginning in 2003, and amending the plan in 2007, their plans have been a success.

Taking their inspiration from the iconic Italian city of Venice, the community leaders made the New River a focal point. This made sense because over 40,000 residents live on the water, literally. Yacht owners love the lifestyle Fort Lauderdale has to offer. The views of the Atlantic Ocean were kept in mind in the architectural plans for new buildings. Himmarshee Village is the center for retailers, comedy and music venues and family run eateries and bars. Broward Center for the Performing Arts is a prominent theater, which funnels patrons from their shows to the locally owned businesses. Like many great town centers, Fort Lauderdale has not forgotten its past. The Bonnet House Museum and Gardens, plus the Nova Southeastern University Museum of Art make for a fine cultural experience.

Las Olas Boulevard bridges the gap between A1A and the Atlantic Ocean. 17 blocks offer a European experience: with alfresco dining, fine art exhibition spaces, and a contemporary club scene. Las Olas Boulevard inspired the city planning committee. With thoughtful landscaping, plus careful color choices for buildings new and old, Las Olas served as the inspiration for the new Fort Lauderdale.

Google home searches up 243% in four years!

Real estate-related searches on Google.com have grown 253 percent over the past four years, according to a joint study from the National Association of Realtors® and Google called The Digital House Hunt: Consumer and Market Trends in Real Estate.

“These results parallel the trends shown in NAR’s economic research reports,” says NAR President Gary Thomas. “As home sales and prices continue to trend up, more people are regaining confidence to invest in their future through homeownership.”

According to the analysis, buyers used specific online tools at different points during the home search process. Buyers tend to rely on search engines and general websites when they begin their search, use maps more in the middle of the process, and engage mobile applications most toward the end of their search.

In their online search queries, first-time buyers frequently searched terms like “FHA loan,” “FHA,” “home grants,” “home loan,” and “home buyer assistance.” Last year, more than four out of 10 first-time buyers purchased their homes with a Federal Housing Administration-insured mortgage. Mirroring the Google/NAR study, search activity on Realtor.com has also picked up significantly in recent months – a 31 percent increase nationwide between March and October.

According to Google internal data, the five states with the highest number of online queries from people who can be presumed to be first-time buyers were Delaware, Louisiana, Mississippi, South Dakota and Wyoming. Queries related to retirement homes were highest in Nebraska, North Carolina, Oregon, Virginia and Washington. For vacation home searches, the top five states were Florida, Ohio, Oregon, South Carolina and South Dakota.

Another change of note: Mobile devices are significantly changing the way people search for homes. According to results from Google’s home shopper research with Compete, 48 percent of people who used a mobile device in their home search used the device to get directions to homes for sale, and 45 percent used the device to request more information about specific home features or real estate services.

“Increasingly, online technologies are driving offline behaviors, and home buying is no exception,” says Google Head of Real Estate Patrick Grandinetti. “With 90 percent of home buyers searching online during their home buying process, the real estate industry is smart to target these people where they look for and consume information – for example through paid search, relevant websites, video environments and mobile applications.”

Source: Florida Realtors®

New Single Family Home Development in West Boca Coming Soon…

NEWS RELEASE

Limited Opportunity To Buy Exclusive West Boca Homes:

Minto Communities Announces New Model At Boca Reserve

Six home designs in Mission, West Indies and Palm Beach styles offer breathtaking beauty for 44 single-family homes in exclusive enclave community.

BOCA RATON, Fla. – October 26, 2012 – In a community internationally known for its culture, arts and luxury, Steve Svopa, vice president of Minto Communities, today announced the construction of its first furnished model in Boca Reserve, an enclave community of 44 limited edition homes that raise the bar even higher.

Paying homage to great Palm Beach, Mission and West Indies styles of yesterday and today, Minto’s model features towering rotundas, dramatic foyers with symmetrical staircases, a luxurious master bedroom and an airy gourmet kitchen. Prices start in the high $400s.

“As we developed communities in West Palm,WellingtonandFort Lauderdale, home buyers told us of the need for elegant new homes inWest Boca,” states Svopa. “Through our special enclave community of 44 homes, we fill that need with exceptional value for innovative designs, features and quality.”

The furnished model, called The Callista, includes four bedrooms, three and half baths, den and family room under 3,652 A/C Sq. Ft. The two-story model also features a four-car garage, covered patio and balcony and a beautifully landscaped lot.

The Callista, like all 44 limited edition homes in Boca Reserve, includes ENERGY STAR® certified products and a generous offering of premium standard features such as:

  • 10’ tray or vaulted ceilings
  • 18” ceramic floor tile
  • Complete GE® Energy Star® appliances
  • Granite countertops in kitchen, baths and laundry rooms
  • Low-E double pane, insulated windows
  • Upgraded kitchen cabinets

The private enclave community also features water front and conservation homesites with stunning views.

Boca Reserve is located onWest Palmetto Park Road, west of US-441 in West Boca.

Will rentals thrive in a seller’s market?

There’s been plenty of talk about how the housing bust propelled the rental market to new heights as people skipped buying a home and decided renting made much more sense.

But now as the housing market enters an unsteady recovery phase, the relationship between the two sides of the market is shifting. Now it seems that markets favoring sellers are often places where apartment developers are looking to build. So in this case rentals would benefit not from a weak housing market, but a strong one.

The best places to sell your home are almost exclusively in the West and Southwest of the country, according to a new report from real-estate listings service Zillow. The best places to buy, generally, are on the East Coast or in Midwestern Rust Belt cities. Zillow’s calculation is based on a number of factors, including a comparison of sales prices and list prices and the number of days it takes to sell a home.

In many of the cities where sellers have the most negotiating power – San Jose, Calif., San Francisco, Austin and Phoenix, for example – apartment construction is heating up as well. That’s according to apartment pipeline data from Axiometrics Inc., a real-estate data firm that recently launched a research tool that tracks the number of planned apartment units.

The trend makes sense: Developers deciding to pull the trigger on construction of new apartment building look at a lot of different factors, including the renting versus owning balance of a market. If a city is a true sellers’ market, that’s a sign that more of the population moving there or starting a new household will turn to rentals until the market comes back into balance.

Similarly, in markets where buyers have the upper hand, like Cincinatti, Cleveland, Providence, Jacksonville and Hartford, Conn., developers have less interest in building rentals, a sign that apartment builders are shying away from the competition from for-sale single-family homes.

There are, of course, some exceptions.

Perennially an outlier, New York City is considered by Zillow to be the nation’s No. 4 “buyers’ market,” but Axiometrics shows that 111 projects, with nearly 40,000 new apartments, are planned for the next few years. That’s probably because New York, with its strong job market and a population that’s almost continually turning over, has seemingly endless demand, despite rising apartment rents.

On the other side, some markets that have seen steep price declines, like Las Vegas, Sacramento, Riverside, Calif., and Salt Lake City, are considered “sellers’ markets” by Zillow because of bidding wars that have erupted as investors, often paying all-cash, look to convert foreclosed homes into rentals.

But none of those markets have much in their apartment pipelines. Apartment builders know they can’t really compete with single-family rentals or a market where retail buyers can still purchase a home cheaply from a bank or an investor looking to get rid of it quickly.

Source: WSJ Online

The Foreclosure Fairytale

There is a lot of misinformation out there.

I would not be surprised to find out that you have heard that a foreclosure is sometimes the best option for you. Nothing could be further from the truth. For the vast majority of homeowners out there who are in danger of losing their homes, a short sale represents a vastly superior option.

The reality is that a foreclosure is a devastating option.

As a real estate professional with the Certified Distressed Property Expert (CDPE) designation, I have put together all of the benefits of a short sale over a foreclosure in a free report that is available to anyone.

Take a look at my site and download a copy of my free report entitled “The Foreclosure Fairytale” Then contact me for a free, confidential consultation.

Increase in short sales give market a little breathing room

It’s a tarnished silver lining for people at risk of losing their houses and homeowners in neighborhoods blighted by bank-owned properties, but the robosigning scandal that slowed the foreclosure process to a crawl appears to have increased lender interest in short sales.

“Foreclosure sales are pretty devastating,” said Faith Schwartz, executive director of Hope Now, a resource for homeowners facing foreclosure. “We’d much prefer a modification, but if [homeowners] don’t quality, then the next best alternative is deed-in-lieu or short sales.”

Short sales, in which the lender agrees to let the owner sell the home for less than the amount owed on the mortgage, and foreclosures both climbed in 2010, but while short sales rose by 26,000 this year, the number of foreclosures fell by 255,000, according to Hope Now. Short sales, along with deed-in-lieu of foreclosure deals in which the lender takes the deed essentially as payment for the mortgage, still upend families, torch credit ratings and hurt neighboring property values, but they’re far less toxic than foreclosures.

Short sales are better for homeowners. They can stay in their homes, and the quicker process means they can begin rebuilding their credit sooner. Credit scoring firm Fair Isaac Co., which developed the FICO score, says foreclosures and short sales slash the same number of points from a homeowner’s credit score. Homeowners with short sales may be able to obtain a loan sooner than foreclosed homeowners, though, which can improve their credit.

In some states, mortgage lenders can pursue a delinquency judgement against homeowners for the difference between the amount due on the mortgage and the purchase price at a foreclosure auction. A delinquent homeowner engaging in a short sale has an opportunity to negotiate away the bank’s right to sue for that judgement.

The biggest plus for banks is that they stand to make more from a short sale than a foreclosure. According to foreclosure specialists RealtyTrac.com, the average price of a foreclosed home in the second quarter of 2011 was $164,217, while the average price of a short sale was $192,129.

Besides yielding less, foreclosures also cost lenders more in legal and administrative resources. “The incentives against foreclosing are even larger now,” Karen Dynan, co-director of the Economic Studies program at the Brookings Institution, said via email. “Servicers are facing enormous staffing constraints because they are trying to deal with so many distressed properties, so it is probably even harder now to find the staff to do the paperwork for the foreclosure.”

Lenders are also spending more on due diligence, she said. “Servicers and lenders are being heavily scrutinized right now so they probably are more worried than ever about making a mistake in a foreclosure that could subject them to legal liability in the future.”

Neighborhoods also benefit from short sales rather than foreclosures. “Short sales typically sell at less of a discount than foreclosure sales do,” Jed Kolko, chief economist at real estate website Trulia.com, said via email. “Also, foreclosed homes often sit vacant while short sales are re-occupied more quickly. For both these reasons, short sales tend to depress neighboring property values less than foreclosures do.”

Another issue that plagues foreclosures is vandalism, either from opportunistic criminals preying on vacant homes or from disgruntled homeowners. “It’s often not a friendly process so you frequently have cases where people deliberately vandalize homes,” Dean Baker, co-director of the Center for Economic and Policy Research, said.

Some economists worry that the drop in foreclosures is less an indication of lenders’ willingness to compromise and more a function of a huge backlog of foreclosures that haven’t been processed. “Foreclosures are going to be a drag on the market for along period of time,” Baker said. Until these distressed homes are resold and assimilated back into the market, real estate prices can’t stabilize.

Baker added, though, that lenders facing years’ worth of legal wrangling and costs to execute a foreclosure may be more willing to accept a buyer’s offer in a short sale.

The other caveat is that short sales aren’t an option for all distressed homeowners. Short sales are contingent on the ability of sometimes multiple lenders to agree on a price that a buyer is also willing to pay. For people who took out multiple mortgages or have other liens, this presents a challenge. “It’s just a little more complicated when you have more parties involved,” Schwartz said.

Source: Associated Press

West Palm Beach’s CityPlace target of foreclosure suit.

WEST PALM BEACH — A lender has filed foreclosure against CityPlace, the high-profile shopping  complex that’s facing financial woes in spite of its high occupancy.

CityPlace fell behind on its $150 million loan in March, and an entity  affiliated with LNR Partners of Miami Beach on Thursday filed a foreclosure  suit in Palm Beach County Circuit Court.

When contacted, CityPlace Partners said: “CityPlace Partners continues to work  closely with the special servicer to realign the loan and ensure the  continued long-term success of CityPlace. Those talks are ongoing.”

Real estate experts say it’s unclear whether the lender would seek to take  back the property.

“I would think they’re going to try to work it out,” said Tom  Prakas, a restaurant broker who has negotiated a number of leases at  CityPlace.

The foreclosure suit names CityPlace Retail LLC, an affiliate of New  York-based Related Cos. Related is led by Miami Dolphins owner Stephen Ross.

CityPlace’s retail occupancy stood at 93 percent earlier this year, according  to a report from Fitch Ratings. Tenants include Macy’s department store,  Barnes and Noble Booksellers and Muvico Theaters

Despite its high occupancy and bustling traffic, CityPlace hasn’t been immune  to the effects of the economic downturn. A recent appraisal of the property  listed its worth at $143 million, down from a boom-time value of $233  million.

CityPlace’s net operating income fell from $9.3 million in 2006 to $5.2  million in 2009, according to an analysis by Trepp LLC, a New York firm that  tracks commercial real estate.

While CityPlace can boast high traffic and a healthy occupancy rate, real  estate brokers say a number of tenants pay very little rent to occupy space.  The move makes the center appear lively, but it doesn’t add revenue to  CityPlace coffers.

CityPlace was built on land leased from the city of West Palm Beach, and  CityPlace hasn’t missed any payments to the city, said West Palm Beach  spokesman Chase Scott.

Scott said he expects CityPlace to survive its financial issues. So does  Joseph Schober, president of the CityPlace Tower Condominium Association.

“It’s not going to go away,” Schober said. “It’s a very viable  place.”

Schober said the lack of a convention center hotel has robbed the center of  much-needed traffic.

Sources close to CityPlace say its partners put at least $20 million in equity  into the project, making them reluctant to walk away when the center began  having problems paying its mortgage.

“They had real money in that place,” one real estate source.

Source: floridarealtors.org

BRIAN PEARL EARNS PRESTIGIOUS DESIGNATION TO HELP HOMEOWNERS IN DANGER OF FORECLOSURE

Brian Pearl of The Pearl Real Estate Group in Boca Raton, FL has earned the prestigious Certified Distressed Property Expert (CDPE) designation, having completed extensive training in foreclosure avoidance and short sales. This is invaluable expertise to offer at a time when the area is ravaged by “distressed” homes in the foreclosure process.

Short sales allow the cash-strapped seller to repay the mortgage at the price that the home sells for, even though it is lower than what is owed on the property.  With plummeting property values, this can save many people from foreclosure and even bankruptcy. More and more lenders are willing to consider short sales because they are much less costly than foreclosures.

In the West Palm Beach area, more than 1 in 5 homes are in danger of foreclosing. It is happening in all price ranges. Local experts say that even high-priced homes are not immune.

“This CDPE designation has been invaluable as I work with sellers and lenders on
complicated short sales,” said Pearl. “It is so rewarding to be able to help sellers save their homes from foreclosure.”

Alex Charfen, founder of the Distressed Property Institute in Boca Raton, Fla., said that Realtors® such as Brian Pearl with the CDPE designation have valuable training in short sales that can offer the homeowner much better alternatives to foreclosure, which virtually destroys the credit rating. These experts also may better understand market conditions and can help sellers through the emotional experience, he said.

The Distressed Property Institute opened in January 2008 and provides training on-site and online. The CDPE is the premier designation for Realtors helping homeowners in distress and handling short sales.

“Our goal is to educate as many people as possible so we can help as many homeowners as possible,” Charfen said.

For more information about distressed properties, including short sales and foreclosures, go to Brian’s website www.pearlrealestategroup.com/shortsales
or email him at [email protected].

Finally some good news! Inventory of homes for sale shrinking in South Florida.

The number of homes and condominiums for sale across South Florida has steadily declined over the past two years, an encouraging sign for the region’s battered housing market.  Broward County had 19,869 properties on the market in July, down 35 percent from July 2008, according to a multiple listing service report compiled by the Keyes Co. Palm Beach County’s inventory of homes and condos slid 31 percent to 23,947 during the same period.  The supply of new homes being built in the two counties also has decreased sharply in the past two years, said Brad Hunter of the Metrostudy research firm in Palm Beach Gardens.  In 2005, sellers rushed to list their homes, hoping to fetch record prices during the housing boom. But the frenzy led to a collapse and prices plummeted.  Thousands of foreclosures and short sales have clogged the market ever since, giving buyers plenty of choices and little reason to pay top dollar.  “You won’t get price appreciation until you get the inventory in balance,” said Mike Pappas, president of Keyes. “We’re making great strides.”  Declines in homes for sale already have helped stabilize prices recently.  The median price in Broward rose 7 percent during April, May and June to $209,800 from a year ago, the Florida Realtors said Wednesday. Palm Beach County’s median increased at the beginning of the year but dipped 2 percent in the second quarter to $235,500.  Pappas said his firm is handling fewer transactions involving foreclosed homes, and he thinks that’s an indication the foreclosure market has peaked.

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Paul Owers. Distributed by McClatchy-Tribune Information Services.

Keller Williams Ranked #1 in Home Buyer Satisfaction!

 

Satisfaction with national real estate companies among home buyers has improved while satisfaction among home sellers has declined in the last year, according to the J.D. Power and Associates 2010 Home Buyer/Seller Study, released Thursday.

J.D. Powers collected 3,000 evaluations from 2,817 respondents who bought or sold a home between March 2009 and April 2010. Overall satisfaction with the buying experience is determined by rating satisfaction with the practitioner, the office they represent, and a variety of additional services. Four factors are examined for the home-selling experience: the quality of the practitioner’s performance, marketing, the office they represent, and other services.

“Among both home buyers and home sellers, the importance of [practitioners] and salespersons has increased substantially in 2010, compared with 2009,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power, in a statement.

“Buyers are increasingly relying upon negotiating skills of [practitioners] and seem to be satisfied with the purchase prices they are obtaining. Despite the fact that sales practitioners appear to be doing a good job of negotiating and marketing on behalf of home sellers, the tough economic conditions are negatively impacting their overall satisfaction with real estate companies,” Howland added.

On a 1,000-point scale here are the scores in the home buyer segment:

1. Keller Williams, 817
2. Prudential, 811
3. Coldwell Banker, 805
4. Home-Buyer Segment Average, 803
5. RE/MAX, 801
6. Century 21, 798
7. ERA, 785
8. GMAC/Real Living, 765

Satisfaction ratings on a 1,000-point scale from home sellers:

1. Prudential, 760
2. Keller Williams, 751
3. RE/MAX, 744
4. Coldwell Banker, 743
5. Home-Seller Segment Average, 742
6. Century 21, 727

Source: J.D. Power and Associates (07/28/2010)