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Consumer Confidence Index climbs in Jan. Florida Real Estate

South Florida Real Estate - Dean Isenberg - Realtor - 305-929-DEAN

Americans’ confidence in the economy improved modestly in January for the third straight month, as they begin to feel slightly better about business conditions and the job picture, according to a survey released Tuesday.

The Conference Board’s Consumer Confidence Index increased to 55.9 – the highest in more than a year but still relatively gloomy. That compares with 53.6 in December.

January’s index was better than the expected 53.5 forecast by economists.

Economists watch confidence numbers closely because consumer spending accounts for about 70 percent of U.S. economic activity. It takes a reading of 90 to indicate an economy on solid footing and 100 or more to indicate growth.

The new figures still don’t point to an end to the nation’s economic woes any time soon.

“Consumers’ short-term outlook, while moderately more positive, does not suggest any significant pickup in activity in the coming months,” Lynn Franco, director of The Conference Board’s Consumer Research Center, said in a statement.

Tuesday’s figures are based on a survey of 5,000 households by the private research group.

Capital Economics analyst Paul Dales said Americans’ sentiments are well below the Index’s historic average of 95.

“In other words, despite the fact the economy probably grew at an annualized rate in excess of 5 percent in the fourth quarter, the labor market appears to be on the cusp of generating net employment gains, interest rates are at record lows and the rally in equities remains largely intact, confidence remains incredibly depressed,” Dales wrote in a research note. “This all suggests the legacy of the recession will live long in the mindset of consumers.”

While consumers were less dire about their income prospects, “(the number of) pessimists continues to outnumber the optimists,” Franco said.

Job security is a vital part of how Americans view the economy. Those who feel better about their jobs feel more comfortable spending money, which in turn fuels the nation’s economy. That means without a meaningful and steady increase in Americans’ faith that their paychecks will keep coming, and in turn a pickup in spending, there’s unlikely to be any strong revival in the economy.

“Without a sustained acceleration in consumption growth, the overall economic recovery is doomed to disappoint,” Dales wrote.

The unemployment rate held steady in December at 10 percent, down slightly from a 26-year high of 10.2 percent in October. Some analysts worry it will start climbing again in coming months, and could even rise as high as 10.5 percent next summer.

The Consumer Confidence index hit a historic low of 25.3 in February after registering 37.4 last January and enjoyed a three-month climb from March through May, fueled by signs that the economy might be stabilizing.

Since June, it has bounced along anemically between 47 and 55 as rising unemployment has taken a toll.

Also Tuesday, a report showed that The Standard & Poor’s/Case-Shiller home price index rose for in November – its sixth straight month of increases. And 14 of 20 metro areas posted improvements from the month before.

That index is now up 3.4 percent from its bottom in May, but still 30 percent below its peak in May 2006.

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Rates on 30-year home loans fall to 4.99%

Florida Real Estate - Dean Isenberg - Realtor - 305-929-DEAN

WASHINGTON – Jan. 22, 2010 – Rates for 30-year home loans fell to a shade below 5 percent this week but remained above last month’s record lows.

The average rate on a 30-year fixed mortgage was 4.99 percent, down from 5.06 percent a week earlier, mortgage company Freddie Mac said Thursday.

It was the third-straight weekly decline. The drop comes after interest rates fell in the bond market this week as concerns about the economy increased demand for the safety of government debt, which is closely tied to mortgage rates.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, often in line with long-term Treasury bonds.

Rates for 30-year loans had dropped to a record low of 4.71 percent in early December, pushed down by an aggressive government campaign to reduce consumers’ borrowing costs.

The Federal Reserve is pumping $1.25 trillion into mortgage-backed securities to try to bring down mortgage rates, but that money is set to run out next spring. The goal of the program is to make home buying more affordable and prop up the housing market.

While it’s possible that the program could be extended, analysts believe the Fed is reluctant to do so.

The average rate on 15-year fixed-rate mortgages fell to 4.4 percent, down from 4.45 percent last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.27 percent, down from 4.32 percent a week earlier. Rates on one-year, adjustable-rate mortgages dropped to 4.32 percent from 4.39 percent.

The rates do not include add-on fees known as points. One point is equal to 1 percent of the total loan amount.

The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 point for 30-year loans and 0.6 point for 15-year, five-year and one-year loans.

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FHA announces policy changes. Florida Real Estate

Miami Realtor - Dean Isenberg

WASHINGTON – Jan. 21, 2010 – Federal Housing Administration (FHA) Commissioner David Stevens yesterday outlined the new set of policy changes created to strengthen FHA’s capital reserves.

The FHA proposed the following steps: increase the mortgage insurance premium (MIP); update the combination of FICO scores and downpayments for new borrowers; reduce seller concessions to three percent from six percent; and implement a series of measures to increase lender enforcement. U.S. Housing and Urban Development (HUD) Secretary Shaun Donovan previewed the changes in December of last year, noting that the FHA would announce additional details before the end of January.

Announced FHA policy changes:

1. The mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending

• The first step is to raise the upfront MIP by 50 bps to 2.25 percent and request legislative authority to increase the maximum annual MIP that FHA can charge.
• If this authority is granted, the second step is to shift some of the premium increase from the up-front MIP to the annual MIP.
• This shift will allow for the capital reserves to increase with less impact to the consumer, because the annual MIP is paid over the life of the loan instead of at the time of closing.
• The initial upfront increase is included in a Mortgagee Letter to be released today, Jan. 21, and will go into effect in the spring.

2. Update the combination of FICO scores and downpayments for new borrowers.

• New borrowers will now be required to have a minimum FICO score of 580 to qualify for FHA’s 3.5 percent downpayment program. New borrowers with less than a 580 FICO score will be required to put down at least 10 percent.
• This change will be posted in the Federal Register in February and, after a notice and comment period, go into effect in the early summer.

3. Reduce allowable seller concessions from 6 percent to 3 percent

• FHA says the current level exposes the FHA to excess risk by creating incentives to inflate appraised value.
• This change will be posted in the Federal Register in February, and after a notice and comment period, go into effect in the early summer.

4. Increase enforcement on FHA lenders

• Publicly report lender performance rankings to complement currently available Neighborhood Watch data will be on HUD’s website on Feb. 1. This is an operational change to make information user-friendly and hold lenders more accountable; it does not require new regulatory action as Neighborhood Watch data is currently publicly available.
• Enhance monitoring of lender performance and compliance with FHA guidelines and standards.
• Implement statutory authority through regulation of section 256 of the National Housing Act to enforce indemnification provisions for lenders using delegated insuring process.
• HUD is pursuing legislative authority to increase enforcement on FHA lenders.

In addition to these changes, FHA says it will continue to review its overall response to housing market conditions, and continuing to evaluate its mortgage insurance underwriting standards.

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Miami-Dade Pending Real Estate Sales Drop Slightly....

Miami Foreclosures and Short Sales. Dean Isenberg - Realtor - 305-929-DEAN

Closed Sales Continue to Increase

Miami, FL – In Miami-Dade County, pending home sales decreased by 2.21 percent in December compared to the previous month, from 8,288 to 8,105 according to the Realtor Association of Greater Miami and the Beaches (RAMB) and Southeast Florida Multiple Listing Service. This slight decrease can be attributed to the holiday season, which traditionally results in fewer home sales. Since March 2009, when RAMB began tracking local pending sales, pending home sales have increased 43 percent as buyers have taken advantage of record-setting affordability conditions, the first-time home buyer tax credit, and a wide selection of properties to choose from. Closed sales have increased each of the last 16 months, a clear sign of the strengthening market and indicative of stabilization.

Pending sales of condominiums in Miami-Dade County also experienced a negligible decrease in December, dropping half of a percent from 4,414 to 4,394. Pending sales of single-family homes dropped 4.21 percent in December from the previous month, from 3,874 to 3,711.

“The Miami real estate market has experienced a dramatic recovery over the last year and a half, posting record closed and pending sales increases coupled with strong declines in housing inventory,” said Terri Bersach, 2010 RAMB Chairman of the Board. “The outlook is positive for Miami real estate in 2010, as the recently expanded and extended homebuyers tax credit is expected to further boost sales. Market opportunities resulting from record affordability, low interest rates, and a second wave of short sales and foreclosures will also fuel increased sales this year. Additionally the always-strong international buyer market segment will remain a major force in the South Florida marketplace.”

Miami-Dade Pending Condominium Sales Increase 60 Percent in Nine Months

In the last nine months in Miami-Dade, pending sales of condominiums increased 60.4 percent, while pending sales of single-family homes rose a 26.2 percent. The total number of pending sales increased a significant 43 percent from March 2009 to December 2009.

Broward County Pending Sales

In Broward County pending home sales decreased 5.04 percent, from 7,264 to 6,898 in December. Pending sales of condominiums in Broward County dropped 2.33 percent from 3,871 to 3,780. Pending sales of single-family homes fell 8.13 percent in December from the previous month, from 3,394 to 3,118.

In the last nine months, Broward pending sales of single-family homes rose 23.3 percent, while pending sales of condominiums increased 64.8 percent. The total number of pending sales increased 43 percent from March 2009 to December 2009.

About RAMB

The Realtor Association of Greater Miami and the Beaches was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of three organizations (the Residential Realtor Association of Greater Miami and the Beaches, the Realtors Commercial Alliance and the International Council of Greater Miami and the Beaches), RAMB represents over 12,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. RAMB’s official Web site is www.miamire.com.

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Sorting through the homebuyer tax credit.

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WASHINGTON (AP) – Jan. 20, 2010 – If you bought a home in 2009, you could be eligible for a tax credit. Figuring out which one can be confusing.

There’s one credit for first-time homebuyers and another that primarily benefits homebuyers who owned a home before. But don’t mix it up with the first-time homebuyer credit in 2008, which actually was a long-term loan.

There are maximum income levels and maximum sales prices. And vacation homes or rental property don’t qualify.

“If you want to spend two hours reading the instructions and translating them and finding out whether you qualify, yes, it’s relatively simple,” said Jeff Schnepper, an MSN Money tax expert and author of “How to Pay Zero Taxes.”

Some questions and answers about the homebuyers tax credit:

Q. What’s the purpose of the credit?

A. Congress passed the tax credits in an effort to boost the struggling housing industry and fight recession. Indications are that it’s had an impact. The National Association of Realtors reported that November sales of existing homes were up 44 percent from a year earlier. Although new home sales dropped in November, figures from the Commerce Department show that they’re up 8 percent from the low in January 2009.

Q. How many people are claiming the credit?

A. “In all, 4.4 million households are expected to claim the tax credit before it expires,” Lawrence Yun, the Realtors’ chief economist, said in December.

Q. How many versions are there?

A. There are actually three.

The first credit, for first-time homebuyers, was really a long-term, interest-free loan that has to be paid back over 15 years. The maximum credit was $7,500 for a principal residence purchased between April 9, 2008, and June 30, 2009.

The second iteration made the first-time homebuyers credit a true credit – it doesn’t have to be paid back – and raised the amount to a maximum $8,000. It applied to homes purchased between Jan. 1, 2009, and Nov. 30, 2009.

The third change extended the eligibility dates to homes purchased through April 30, 2010. It also added a credit for long-time homeowners who purchased a new residence between Nov. 7, 2009, and April 30, 2010, but at a reduced value – up to $6,500.

Q. Do I automatically qualify if I purchased a house during those periods?

A. No. To qualify, the house has to be used as a primary residence. If purchased after Nov. 6, 2009, it cannot have cost more than $800,000. If you’re a long-time homeowner, you had to have lived in the same house consecutively for five out of the last eight years, though you need not have lived in or owned that house at the time you buy your new home.

For homes purchased after Nov. 6, 2009, the credit also begins phasing out for individuals with modified adjusted gross incomes above $125,000, and for married couples filing jointly with incomes above $225,000.

Q. How does the Internal Revenue Service define a principal residence?

A. “Your main home is the one you live in most of the time,” the agency said. “It can be a house, houseboat, mobile home, cooperative apartment or condominium.”

Q. What if I’m living overseas and I buy a home there?

A. The home doesn’t qualify unless it’s in the United States.

Q. How do I claim the credit?

A. There’s a form, 5405, to fill out. You’ll also have to submit a copy of your settlement statement, usually Form HUD-1, with the names and signatures of all parties, the property address, the sales price and date of purchase.

To avoid refund delays, the IRS recommends that long-time homeowners who purchase a new home also provide documents to show they meet the requirement for consecutive years lived in their old house. These can include mortgage interest statements, or property tax or homeowner’s insurance records.

Q. Do I have to wait until I file my 2010 taxes to claim the credit for a home purchased before the deadline in 2010?

A. No. “You can choose to claim the credit on your 2009 return for a home you bought in 2010 that qualifies for the credit,” the IRS said.

Q. I purchased my home in 2008 and filed for a credit on my tax returns. Do I still have to pay it back?

A. Yes. When Congress did away with the repayment requirement, it did not do so retroactively.

Q. What if I purchase the property for business?

A. You’re not eligible. The house must be used as a primary residence to qualify.

Q. What if I want to keep my original house and use it as a rental property?

A. If you qualify for the credit as a long-time homeowner, nothing in the law requires you to sell the original house. However, you must make the new one your primary residence.

Q. What if I decide to sell the house I got the credit for or convert it to a rental property?

A. You will have to pay back the credit if you don’t keep the purchased house as your permanent residence for three years.


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Homebuilding forecast: Modest growth in 2010

Ft. Lauderdale Real Estate - Dean Isenberg Realtor

Miami – Jan. 20, 2010 – The fragile housing recovery should gather momentum this year as the economy strengthens, but high unemployment at least through 2011 will make for a slow turnaround, housing experts said Tuesday.

The panel of economists at the International Builders’ Show in Las Vegas agreed broadly on the outlook for the housing market and economy. Both, they said, had turned a corner, but there are slim prospects for a swift rebound.

“It won’t be a strong recovery, but it will be a recovery,” said David Crowe, chief economist for the National Association of Home Builders.

His forecast calls for sales of new and previously occupied homes to weaken after tax credits for homebuyers expire in April. But 2010 sales of new homes will be up by more than one-third, he said, and almost 7 percent higher for resales.

Crowe also sees home prices remaining stable going forward, though some cities may still see some slight declines in the coming months.

“I believe we’ve seen the worst of the house price declines ... The stage is set for the consumer to return,” Crowe said.

He expects builders to ramp up construction this year, with newly built homes totaling around 700,000. That would be a 25 percent increase over his tally for 2009. While he anticipates the economy will add some jobs in the April-June period, he projects unemployment will peak this year at 10.2 percent and then fall gradually to around 8 percent by the end of next year.

But homebuilders’ fortunes have brightened in recent months. Low interest rates and an $8,000 tax credit for first-time home buyers helped stoke demand for homes. The incentive was scheduled to expire at the end of November, but Congress extended the deadline through April and added a $6,500 tax credit for current homeowners who move.

Still, recent figures have raised doubts about how strong demand will be in the coming months.

New homes sales tumbled 11 percent in November from October to the lowest level since last spring. The number of people preparing to buy a home in November also dropped.

That’s left many homebuilders nervous that demand is weakening. Homebuilders’ confidence, measured by an NAHB’s index, fell this month to 15. It was the second-straight monthly decline and the lowest level since June.

The index reflects a survey of 504 residential developers nationwide. Index readings below 50 indicate negative sentiment about the market.

David Berson, chief economist for mortgage insurer PMI Group, said he expects mortgage delinquencies and foreclosures to climb this year. But he anticipates that banks and other mortgage companies will continue to hold properties on their books, rather than dumping them on the market at depressed prices.

“That does mean it will be longer before we start to get a real recovery in home prices,” Berson said. “By the time we get to 2011, the majority of the states should have price gains.”

He projects home prices fell almost 13 percent in 2009 from the prior year. His forecast calls for home prices to decline about 5 percent early this year, but end the year flat.

Freddie Mac Chief Economist Frank Nothaft, meanwhile, said he sees home prices to decline 3 percent this year. His forecast calls for mortgage rates to remain below 6 percent this year.

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Federal Housing Administration to raise fees. Miami real Estate

Miami Florida Real Estate Services

WASHINGTON – Jan. 20, 2010 – The Federal Housing Administration is raising fees and tightening lending standards to shore up its strapped finances and avoid a taxpayer bailout.

The government agency has seen its losses rise with the foreclosure rate. Its reserves have sunk below the minimum level required by Congress. A healthy FHA is vital for the housing market because it insures roughly 30 percent of new loans, and is the largest backer of mortgages to first-time buyers.

The changes, which will go into effect in the first half of the year, “are among the most significant steps to address risk in the agency’s history,” FHA Commissioner David Stevens said in a prepared statement.

The FHA does not make loans, but rather offers insurance against default. Borrowers are willing to pay for the insurance because FHA loans only require down payments of 3.5 percent of the purchase price – and that didn’t change.

The new policies, to be announced Wednesday, are designed to bring more revenue into the agency, while at the same time keeping loans available.

Under the changes, homebuyers will:

• Pay an upfront mortgage insurance premium of 2.25 percent of the total loan amount, up from the current level of 1.75 percent. A borrower taking out a $200,000 mortgage would pay a $4,500 fee, for example, rather than the current fee of $3,500. Borrowers will still be able to wrap these fees into the total amount borrowed. FHA officials also plan to ask Congress to increase the maximum annual premium that FHA can charge.

• Need a credit score of at least 580 to qualify. Many FHA lenders already require a higher score, but there had been no standard requirement across the program. Borrowers with a score lower than 580 will need a down payment of at least 10 percent.

The changes come as borrowers with loans backed by the agency have increasingly been falling into default. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure, compared with 14 percent for all loans, according to the Mortgage Bankers Association.

Mortgage lenders “will find the new rules painful but necessary,” said Howard Glaser, a mortgage industry consultant and former housing official during the Clinton administration.

There also have been fears that unscrupulous operators have shifted their business to the FHA after the subprime business went bust. Last week, the agency served subpoenas on 15 mortgage companies with suspiciously high default rates for FHA loans, part of a broad crackdown on dubious lenders.

The agency has already taken action against several problem lenders. One of the nation’s biggest mortgage bankers, Taylor, Bean & Whitaker Mortgage Co. of Ocala, Fla., was banned from the FHA program in August and filed for Chapter 11 bankruptcy protection. Another mortgage company, Lend America, was kicked out in November.

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Plan aims to speed short sales

Plan aims to speed short sales

New rules curb closing surprises - Miami Real Estate 800-819-5466

Real Estate In Miami - 305-936-2489 - The "I-Team"

McLEAN, Va. – Jan. 19, 2010 – Buying a home should be a joyful experience, but all too often, the mortgage settlement process leaves consumers confused, angry and paying more than they anticipated.

The reason? Closing costs and fees that are significantly higher than the lender’s original estimates. Borrowers find themselves faced with two unappealing choices: Pony up or walk away and start searching for another house.

Now, after years of wrestling with different factions of the mortgage industry, the Department of Housing and Urban Development has adopted rules designed to prevent last-minute closing surprises. The rules, which took effect Jan. 1, will reduce closing shocks and save homebuyers money, says Timothy Dwyer, CEO of Entitle Direct Group, a title insurance company. In addition, he says, “You’ll be better informed and educated.”

The biggest change involves the good faith estimate, the form lenders give consumers when they apply for a mortgage. The good faith estimate isn’t new, but in the past, the document wasn’t particularly helpful to consumers, says Sylvia Alayon, vice president of operations at the Consumer Mortgage Audit Center. What has changed:

Consistency. Lenders are now required to use a uniform three-page document when they give prospective borrowers a good faith estimate, says Vicki Bott, deputy assistant secretary for single-family housing at HUD.

Lenders also are required to provide the document within 72 hours after prospective borrowers apply for a loan.

This will allow consumers to figure out a loan’s total cost, including fees, and compare loan offers on an apples-to-apples basis, Bott says. “We encourage consumers to shop for the best rates and fees, and not just the best rate,” she says.

Transparency. Many borrowers who bought homes during the housing boom later discovered that their loans contained hidden bombs that made their mortgages unaffordable. The new good faith estimate requires lenders to disclose features that could drive up costs. For example, the document requires lenders to disclose whether your interest rate will rise – as would be the case with an adjustable-rate mortgage – and if so, by how much. Lenders will also be asked whether the loan includes balloon payments or imposes penalties for paying the loan off early.

“All of these are really important questions,” says Helene Raynaud, vice president of housing for the National Foundation for Credit Counseling. “It will be able to raise red flags for consumers.”

Trade-offs. Some lenders offer borrowers a lower interest rate in exchange for higher upfront costs -- or vice versa. A new table in the good faith estimate (see box) helps borrowers compare how different interest rates and settlement charges will affect monthly payments.

Reliability. Lenders are required by law to give mortgage applicants a copy of their settlement costs, known as a HUD-1, at least one day before closing. In the past, though, many borrowers discovered that the costs shown on the HUD-1 bore little connection to those provided in the good faith estimate.

The new rules will make it much more difficult for lenders to depart from their good faith estimates, Bott says. The new HUD-1 includes a line-by-line comparison to the good faith estimate, making it easy to identify any change in costs.

Lenders are prohibited from increasing costs they control, such as origination and processing fees. Fees for third-party services, such as appraisals and title insurance, can increase no more than 10% from those provided in the good faith estimate, as long as the borrowers use providers selected by the lender. The limit doesn’t apply if borrowers select their own third-party providers.

Other costs that aren’t subject to the 10% limit include the initial deposit for the borrower’s escrow account, daily interest charges and homeowner’s insurance.

HUD has published a guide for homebuyers, Shopping for Your Home Loan: HUD’s Settlement Cost Booklet. You can find it at www.hud.gov

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Only 8,405 in Fla. get mortgage modification.

South Florida Real Estate - Foreclosure Information - 305-929-3326

TALLAHASSEE, Fla. – Jan. 18, 2010 – Fewer than 3,000 South Floridians have a permanent loan modification under President Obama’s nearly year-old program to stem home foreclosures.

In the Treasure Coast, just 111 troubled borrowers have seen permanent relief from the $75 billion plan announced in February.

The dismal performance of the program marketed as a helping hand for the nation’s more than 3.3 million delinquent home loans was released Friday in a Treasury Department progress report.

Throughout Florida, which by every measure is one of the states hardest hit by the real estate crash, there are 8,405 permanent modifications. In Palm Beach, Broward and Miami-Dade counties combined there are 2,987 permanent modifications.

Another 96,703 Florida loans are on trial modifications.

The Making Homes Affordable program gives incentives to banks to modify loans in three basic ways; reducing interest rates to as low as 2 percent, increasing the life of the loan, and reducing the principal owed on the loan.

“You keep hearing about this wonderful program the government is doing but it’s not working,” said Joel Bienvenu, who owns a home west of Boca Raton and has been trying to get a loan modification through Wells Fargo since August. “I keep getting excuses that they are just overwhelmed.”

Nationwide, 66,465 permanent modifications have been approved, less than 2 percent of the total loans that are 60 or more days delinquent. Another 46,056 permanent modifications have been approved by the lender, but not yet by the borrower.

The median monthly decrease to mortgages that received permanent modifications was $516, according to the Treasury Department.

From the beginning of the program, homeowners have complained about having to send lenders the same paperwork multiple times, while banks say borrowers provide the wrong documents or fail to meet the requirements for the permanent modification.

Anthony DiMarco, executive vice president of government affairs for the Florida Bankers Association, said Friday that lenders have been on a learning curve, but are improving.

“I think the industry is working hard,” he said. “You can’t ramp up a program like this overnight.”

Fort Lauderdale real estate attorney and foreclosure mediator Shari Olefson said the more than 1.1 million trial modifications offered to borrowers nationwide shows lenders are making an effort.

The fact that just 66,465 have become permanent points to a fundamental problem with the program, she said.

“The program itself is a failure,” said Olefson, author of Foreclosure Nation, Mortgaging the American Dream. “It’s trying to put a square peg in a round hole.”

To qualify for a modification, a person’s monthly housing expenses must be more than 31 percent of gross monthly income. But you also must prove that you can pay for the modification.

Olefson believes high unemployment and a steep loss in housing equity is keeping the plan from working.

“The whole program was crafted before we correctly identified the problem,” she said.

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HUD takes action to speed resale of foreclosed properties to new owners

Miami Florida Real Estate 800-819-5466

WASHINGTON – Jan. 18, 2010 – In an effort to stabilize home values and improve conditions in communities where foreclosure activity is high, HUD Secretary Shaun Donovan announced a temporary policy that will expand access to FHA mortgage insurance to allow for a quicker resale of foreclosed properties. The policy change will permit buyers to use FHA-insured financing to purchase HUD-owned properties, bank-owned properties or properties resold through private sales.

“As a result of the tightened credit market, FHA-insured mortgage financing is often the only means of financing available to potential homebuyers,” says Donovan. “FHA has an unprecedented opportunity to fulfill its mission by helping many homebuyers find affordable housing while contributing to neighborhood stabilization.”

With certain exceptions, FHA currently prohibits insuring a mortgage on a home owned by the seller for less than 90 days. This temporary waiver will give FHA borrowers access to a broader array of recently foreclosed properties.

“This change in policy is temporary and will have very strict conditions and guidelines to assure that predatory practices are not allowed,” Donovan says.

Acquiring, rehabilitating and reselling foreclosed properties to prospective homeowners often takes less than 90 days in today’s market; and FHA’s 90-day rule can adversely impact buyers if a seller is unwilling to hold a property 90 days thanks to holding costs and the risk of vandalism.

“FHA borrowers, because of the restrictions we are now lifting, have often been shut out from buying affordable properties,” says FHA Commissioner David H. Stevens. “This action will enable our borrowers, especially first-time buyers, to take advantage of this opportunity.”

The waiver will take effect on Feb. 1, 2010, and be effective for one year, unless otherwise extended or withdrawn by the FHA Commissioner. To protect FHA borrowers against predatory practices of “flipping,” the waiver is limited to those sales meeting the following general conditions:

• All transactions must be arms-length, with no identity of interest between the buyer and seller or other parties participating in the sales transaction.

• In cases in which the sales price of the property is 20 percent or more above the seller’s acquisition cost, the waiver will only apply if the lender meets specific conditions.

• The waiver is limited to forward mortgages, and does not apply to the Home Equity Conversion Mortgage (HECM) for purchase program.

• Specific conditions and other details of this new temporary policy are in the text of the waiver, available on HUD’s website:
http://www.hud.gov/offices/hsg/sfh/waivpropflip2010.pdf

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US Treasury sets guidance to simplify 'short sales' 800-819-5466

Short Sales Miami South Florida
The U.S. Treasury on Monday set long-awaited guidance on a plan for mortgage companies to speed "short sales" of homes and other loan modification alternatives to stem a rising tide of foreclosures.

The Home Affordable Foreclosure Alternatives Program provides financial incentives and simplifies the procedures for completing short sales, a growing practice in which a lender agrees to accept the sale price of a home to pay off a mortgage even if the price falls short of the amount owed, according to an announcement on the Treasury's website.

Guidelines address barriers that have often sidelined short sales by setting limits on the time it takes a bank to approve an offer, freeing borrowers from debt and capping claims of subordinate lenders.

The incentives, first announced in May, expand on the government's Home Affordable Modification Program, known as HAMP, that has seen limited success in lowering payments for distressed homeowners. The Treasury earlier on Monday stepped up pressure on mortgage companies to make permanent the 650,000 trial modifications they have started. See:
http://www.financialstability.gov/latest/tg_11302009b.htm

"While HAMP program guidelines are intended to reach a broad range of at-risk borrowers, it is expected that servicers will encounter situations where they are unable to approve" or offer a modification, the Treasury said in its announcement.

Financial incentives for completing short sales or similar deed-in-lieu transactions -- in which the deed is simply transferred to the lender -- include a $1,000 payment to servicers, and a maximum of $1,000 to go to investors who sign off on payments to subordinate lien holders, the Treasury said. Borrowers would receive $1,500 in relocation expenses.

Short sales are favored by real estate agents and community groups over foreclosure because they can preserve the borrower's credit rating and leave the property in better condition than when a homeowner is evicted. While primary lenders typically realize steep losses, their recovery is typically far better than under foreclosure.

But short sales have been frustrating for borrowers and real estate agents, often hung up by negotiations with multiple lien holders and mortgage insurance companies. Real estate agents have complained that sales fall through as lenders bicker over the sales price, what they should receive from the proceeds, and whether the borrower will be held accountable for the debt in the future.

Among requirements, mortgage servicers have 10 days to approve or disapprove a request for short sale, and when done the transaction must fully release the borrower from the debt. It also prohibits mortgage servicing companies from reducing real estate commissions on the sale, a practice that has dissuaded many agents from taking short sale listings. In one of the most contentious issues gumming up negotiations between lenders, the guidance caps the aggregate proceeds to subordinate lien holders at $3,000.

Second lien holders in recent months have begun demanding more money from the first lender, seller, buyer or agent in exchange for releasing their claim, agents have said. Because primary lenders would face larger losses in a foreclosure, some subordinate lenders have felt empowered, the agents said.

The largest second-lien holders are Bank of America Corp, Wells Fargo & Co, JPMorgan Chase & Co and Citigroup Inc.

Second lien holders may proceed with a short sale outside of the Treasury program, if they felt the cap was too low, a Treasury official said in October.

"If there was a short sale program that didn't recognize the second lien holder position, it could have pretty damaging consequences for the industry," Sanjiv Das, chief executive officer of CitiMortgage, said in an interview last week.

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Foreclosures hitting more people with good credit. Miami Real Estate 800-819-5466

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The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery.

The latest evidence was a report Thursday that a rising proportion of fixed-rate home loans made to people with good credit are sinking into foreclosure. That’s a shift from last year, when riskier subprime loans drove the housing crisis.

The report from the Mortgage Bankers Association also found that 14 percent of homeowners with a mortgage were either behind on payments or in foreclosure at the end of September. It was a record-high figure for the ninth straight quarter.

The data suggest the housing market and the broader recovery will remain under pressure from the surge in home-loan defaults, especially as unemployment keeps rising. Lost jobs are the main reason homeowners are falling behind on their mortgages.

After three years of plunging prices, the housing market started to rebound this summer. That lifted hopes for the overall economy. But analysts say there are too many foreclosed homes that have yet to be dumped on the market and expect further price declines.

Among states, the worst damage is still concentrated in the states hardest hit from the start: Florida, Nevada, California and Arizona. Together, they accounted for 43 percent of new foreclosures.

South Florida Real Estate Services - Dean Isenberg - Turnberry Realty

One in four mortgages in Florida were either past due or in foreclosure, the most in the U.S. Nevada was close behind at 23 percent.

“There’s no indication in this data that foreclosures are going to abate anytime soon,” said Mark Zandi, chief economist at Moody’s Economy.com, who projects that nationwide home prices will fall up to 10 percent before bottoming next fall.

Driven by rising unemployment, prime fixed-rate loans to borrowers with good credit accounted for nearly 33 percent of new foreclosures last quarter. That compares with 21 percent a year ago.

Many laid-off homeowners might be able to survive on their savings for a while, but “the longer the economic situation stays in place, the less likely they are to hold on,” said Jay Brinkmann, chief economist at the Mortgage Bankers Association.

In markets where foreclosures already are high and still rising, prices likely will remain soft. That will cause developers to keep their bulldozers idle and prevent the industry from making a big contribution to the economy’s recovery.

“Builders only start homes when they can make money,” said John Burns, an Irvine, Calif.-based real estate consultant. “In a lot of areas, until prices go back up, construction doesn’t make any sense.”

The crisis has struck people like Betty Wilson of San Diego. She was laid off a year ago from her job at an insurance company.

Since then, Wilson has managed to pay her $1,090 mortgage bill from collecting unemployment benefits, renting out a room and dipping into savings. But money is running low. She fears she won’t make her payment for December.

Wilson, 56, said she has tried to get her mortgage company, GMAC Mortgage, to lower her 6.25 percent interest rate or give her a temporary break from payments. Many mortgage companies will let a borrower skip up to six months of payments, though they require that the money be paid back eventually.

After The Associated Press inquired about her case, a GMAC spokeswoman said Thursday that the company would offer Wilson reduced payments for four months, “while we continue to review her financials for a permanent solution.”

After a typical recession, foreclosures peak about six months after the unemployment rate does. But the process could take longer this time, in part because loan-modification programs and new state laws have prolonged the process. Unemployment, now at 10.2 percent, isn’t expected to peak until next spring or summer.

Another unknown is the effectiveness of the Obama administration plan to attack the foreclosure crisis. As of last month, about 20 percent of eligible borrowers, or more than 650,000 people, had signed up. But most of those enrolled have been chosen for trials lasting up to five months.

About 4 million homeowners were either in foreclosure or at least three months behind on their mortgage payments as of September, according to the mortgage bankers group. Even if some of them manage to stay in their homes, the market is likely to absorb a wave of new foreclosures. Those properties are concentrated in states like Florida and other already beleaguered areas.

Subprime loans with adjustable rates have fallen to 16 percent of new foreclosures, from 35 percent a year earlier. Loans backed by the Federal Housing Administration also show rising signs of trouble. More than 18 percent of FHA borrowers are at least one payment behind or in foreclosure.

The Mortgage Bankers Association’s quarterly survey of 44.6 million loans is considered the most authoritative report on mortgage delinquencies. A separate report, issued monthly by foreclosure listing service RealtyTrac Inc., is based on courthouse filings.

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Forecast hopeful with first-time homebuyers leading the way. Miami Real Estate 800-819-5466

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Aided by the homebuyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors® (NAR).

“Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” says Lawrence Yun, NAR chief economist. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”

The 2009 National Association of Realtors Profile of Home Buyers and Sellers shows that first-time buyers accounted for a record 47 percent share of home sales over the past year, up from 41 percent in the 2008 survey. The share has risen steadily since a cyclical low of 36 percent in 2006.

Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0 percent over last year, and then are forecast to rise 13.6 percent to 5.69 million in 2010. “A steady draw-down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun says.

New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.

The 30-year fixed-rate mortgage will probably average 5.3 percent in the fourth quarter, rising gradually to 5.8 percent by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for homebuyers.

“We’ve seen a steady downtrend in housing inventory for well over a year, and home prices appear to be in the early stages of stabilizing,” Yun says. “With expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5 percent in 2010, but with wide geographic differences.”

He expects growth in the U.S. gross domestic product to be at a pace of 2.5 percent in the current quarter, with GDP up 2.8 percent in 2010.

The unemployment rate is close to peaking and is projected to ease to 9.5 percent by the end of next year.

“The size of the U.S. budget deficit is a concern going forward and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun says. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4 percent this year, then rising 1.6 percent in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4 percent this year and 1.2 percent next year.

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Buying a Home in Time to Get Credit - Miami Real Estate 800-819-5466

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House hunting usually slows down this time of year, as people put their searches on hold during the holidays.

This winter could be different, however, thanks to the extension -- and expansion -- of the first-time home-buyer tax credit.

"We're going to see far more interest in the fourth quarter than we generally do because of the tax credit," says Heather Fernandez, vice president of Trulia.com, a real-estate search engine. Traffic surged on the site on Nov. 5, the day Congress approved the credit extension, she says.

The new law extends the tax credit for first-time home buyers and opens it up to some existing homeowners as well: The credit is now up to $8,000 for first-time buyers and up to $6,500 for repeat buyers.

All buyers must have a binding contract on a house in place on or before April 30. The purchase must be for a principal residence and must close on or before June 30.

To be considered a first-time home buyer, an individual must not have owned a home in the past three years. And to be eligible, existing homeowners need to have lived in the same principal residence for five consecutive years during the eight-year period that ends when the new home is purchased.

Income limits have risen as well. According to the Internal Revenue Service's Web site, www.irs.gov, the home-buyer tax credit phases out for individuals with modified adjusted gross incomes between $125,000 and $145,000, and between $225,000 and $245,000 for people filing joint returns.

The inclusion of move-up buyers might inspire homeowners to take action and list their house if they've been putting it off, says Carolyn Warren, a Seattle mortgage broker.

"If people love their home, it's not going to entice them to sell," Ms. Warren says. "If they've had it in the back of their minds and really would like to move up, it might push them into doing it sooner than later."

If you're thinking of purchasing a home, here are five tips:

Don't procrastinate
Start your house search now. Getting an early start will give you a better chance of finding the right house before the credit deadline.

When first-time buyers thought that the credit would expire Nov. 30, people scrambled to find properties in September and October, says Pat Lashinsky, chief executive of ZipRealty, a residential real-estate brokerage firm. In some cases, "there wasn't inventory that fit people's needs," he says. In some markets, including Phoenix, Chicago and parts of California, for example, properties had multiple bidders, Mr. Lashinsky adds.

Before you start house hunting, get preapproved for a mortgage, says Eddie Fadel, a Miami-based mortgage banker. And do a realistic assessment of what you can afford.

Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible, Ms. Fernandez says.

Don't count on another extension
The credit won't be available forever, Mr. Fadel says.

"This is a medication for the housing crisis," he says, "Once the patient -- which is the housing market -- is cured, there will be no medication needed."

Be mindful of interest rates
Interest rates are low right now, but will likely rise next year, Ms. Warren says. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying.

"It's pretty universally accepted that rates will be higher next year," she says. "What is unknown is how fast and by how much."

Average rates on 30-year fixed-rate mortgages have been hovering around 5%. But when the Federal Reserve stops buying large amounts of mortgage-backed securities next year, interest rates could rise, Ms. Warren points out. The Fed plans to end its purchase program in March.

Communicate with your lender
Make sure you're speaking with your lender regularly to avoid any delays. If the lender asks for any additional documentation, turn it in as soon as possible, says Doug Heddings, a New York-based real-estate agent with Charles Rutenberg Realty.

And think twice before pursuing a short sale. That's where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner's lender has to approve any deal, Ms. Warren says, and it can get complicated when there is a second mortgage associated with the property.

Don't take shortcuts
Don't forgo any of the steps you would normally take just to make the tax-credit deadline. That means making sure the house is a good fit and is in the right location and getting a home inspection, Mr. Lashinsky says. Skipping steps could cost you in the long run.

"Don't let the tax credit get you to make a decision to buy a house that you wouldn't otherwise want to buy," he says. "Don't shortcut the process to get the tax credit."

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Fed again pledges to hold rates at record-lows. Great for Real Estate

Sunny Isles Beach Real Estate

The Federal Reserve pledged Wednesday to keep a key interest rate at a record low for an “extended period,” signaling that the weak economy remains dependent on government help to grow.

The Fed said economic activity has “continued to pick up” and that the housing market has strengthened – a key ingredient for a sustained recovery.

But Fed Chairman Ben Bernanke and his colleagues warned that rising joblessness and tight credit for many people and companies could restrain the rebound in the months ahead.

“Economic activity is likely to remain weak for a time,” they said.

Against that backdrop, the Fed kept the target range for its bank lending rate at zero to 0.25 percent. And it made no major changes to a program to help drive down mortgage rates.

Commercial banks’ prime lending rate, used to peg rates on home equity loans, certain credit cards and other consumer loans, will remain about 3.25 percent, the lowest in decades.

Still, some credit card rates have risen over the past several months. In part, that reflects rate increases by lenders in response to escalating defaults on credit card loans. Lenders also pushed through increases before a new law clamping down on sudden rate hikes for credit card customers takes effect early next year.

On Capitol Hill, the House voted Wednesday to accelerate the enactment date of the new rules to protect consumers from many such surprise changes. Credit card companies would have to comply immediately, rather than starting in February, unless they agreed to freeze interest rates and fees. But the proposal’s chances in the Senate are considered dim.

The average rate nationwide on a variable-rate credit card is 11.5 percent, according to Bankrate.com. Lenders charge more and credit card customers pay rates higher than the prime because the debt they run up is riskier.

On Wall Street, the Dow Jones industrial average at first held onto an increase of more than 100 points after the Fed’s announcement. But stocks eventually gave up most of their gains in a late-day slump. It wasn’t clear how much of a role the Fed’s statement played. Some analysts noted that investors are nervous as the release of the government’s October jobs report on Friday approaches.

In normal times, the Fed controls only short-term rates. But after the financial crisis erupted, the Fed began buying longer-term Treasuries. Its purchases kept those rates lower than they’d otherwise be.

This is good news for borrowers with auto loans, some student loans, 15- and 30-year fixed-rate mortgages and some adjustable-rate mortgages. But it hurts savers and people dependent on fixed incomes who would normally be enjoying higher yields.

On Wednesday, the Fed stuck with its pledge to keep rates at “exceptionally low” levels for “an extended period.” Most analysts don’t think the Fed would begin to boost rates until next spring or summer.

Fed policymakers “believe they need to keep rates low to ensure that the recovery doesn’t falter,” said Joel Naroff of Naroff Economic Advisors.

The central bank hopes low rates will encourage consumers and businesses to boost spending, which would invigorate the recovery. The Fed signaled that it can continue to hold rates low because inflation is all but nonexistent.

The Fed has now entered a new phase: Managing the recovery rather than fighting the worst recession and financial crisis to hit the country since the Great Depression.

The economy began growing again last quarter for the first time in more than a year. But much of that growth came from government-supported spending on homes and cars. The strength and staying power of the recovery are uncertain, especially once government supports are removed.

In such a fragile recovery, a rate increase by the Fed is unlikely anytime soon, said Chris Rupkey, an economist at the Bank of Tokyo-Mitsubishi.

“Growth does not mean a rate hike,” Rupkey said.

As with past rebounds, the budding recovery won’t likely stop the unemployment rate from rising. The rate, now at a 26-year high of 9.8 percent, is expected to hit 9.9 percent on Friday, when the government releases the unemployment report for October. The jobless rate could rise as high as 10.5 percent around the middle of next year before declining, analysts said.

At some point, once the recovery is firmly rooted, the Fed is likely to start signaling that higher rates are coming. One hint of an eventual rate hike would be the Fed’s changing or dropping its pledge to hold rates at record-low levels for an “extended period.”

It’s a delicate task. Boosting rates and removing supports too soon could short-circuit the recovery. On the other hand, holding rates low and keeping government supports intact too long could unleash inflation.

Though it didn’t change a program to help drive down mortgage rates, the Fed did say it will trim its purchases of debt from Fannie Mae and Freddie Mac to $175 billion, from $200 billion, because the supply of that debt has declined.

At its previous meeting in late September, the Fed agreed to slow the pace of a $1.25 trillion program to buy mortgage securities from Fannie Mae and Freddie Mac. It decided to wrap up the purchases by the end of March instead of at year-end. So far, the Fed has bought $776 billion of the mortgage securities.

Its efforts to lower mortgage rates are paying off. Rates on 30-year loans averaged 5.03 percent, Freddie Mac reported last week. That’s down from 6.46 percent last year.

Though the Fed will slow its purchases of mortgage securities, rates for home loans should remain low – in the 5 percent range – as long as the purchases continue, analysts say.

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Tax credit extension passes House and Senate. Florida Real Estate

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WASHINGTON – Nov. 5, 2009 – The $8,000, first-time homebuyer tax credit has not yet been extended beyond its Nov. 30 end date, but it’s very close to gaining a longer life.

The extension was added as an amendment to an existing bill, HR 3548, that extends unemployment benefits. The U.S. Senate passed that bill on Wednesday and, after debate, the U.S. House passed HR 3548 this afternoon. It now needs only President Obama’s signature to become law, and the White House has indicated it will sign it, perhaps as early as tomorrow.

Until the president signs the bill, however, it is not law.

In addition to extending the tax credit for first-time homebuyers under the current rules, the bill adds a smaller tax credit for move-up homebuyers who have lived in the house for five of the past seven years. The bill also increases the income limits of homebuyers from $75,000 (single) to $125,000; and from $150,000 (married) to $225,000.

Florida downpayment assistance

After the president signs the bill and extends the tax credit, the Florida Homebuyer Opportunity Program – a downpayment and closing costs assistance program relating to the federal tax credit –automatically gets extended too. The state still has about $28 million available for homebuyers. The money is essentially a loan to first-time buyers; they receive it upfront, use it for a downpayment or other costs, and pay it back once they get their federal refund.

For more information on the Florida Homebuyer Opportunity Program, visit the Homebuyer Center on floridarealtors.org: http://www.floridarealtors.org/AboutFar/homebuyercenter/index.cfm

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Aventura Real Estate - Feds: More than 100 arrested for mortgage fraud.

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A federal prosecutor says a crackdown on organized mortgage fraud this year has yielded 105 arrests from Jacksonville to Fort Myers.

A. Brian Albritton, the U.S. attorney for Florida’s middle district, announced the results of the nine-month investigation at news conferences Tuesday in Fort Myers and Tampa.

Albritton said the fraudulent loans totaled more than $400 million and involved more than 700 properties.

Defendants include mortgage brokers, real estate agents, lenders, sellers and buyers. Albritton called the problem an “epidemic.”

Florida’s middle district includes a swath that extends from Jacksonville to Fort Myers and includes the Orlando and Tampa areas.

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Outlook for 2009 Miami Real Estate: It’s a buyer’s market !

Miami Real Estate - Now's the time to buy.

What’s the outlook for 2009? Florida Realtors® agree that it’s a buyer’s market! With lower prices and strong pent-up demand, Florida homes are highly attractive – especially to first-time and move-up buyers. Meanwhile, vacation residences continue to be warm-weather bargains to U.S. and international buyers.

Outlook for 2009: It’s a buyer’s market!
“We expect first-time homebuyers will be the largest segment next year,” says Ed Forman, president Watson Realty Corp., Jacksonville. “That includes a high percentage of single women buying their first property.”

The same pricing dynamics benefit working-age families in their 30s and 40s who may be moving into a starter home or looking for a move-up with more space for children, according to Mike Pappas, president and CEO, The Keyes Company, Miami. “For these buyers in particular, lower pricing is making Florida homes very attractive,” he says.

In many Florida markets, affluent buyers are picking up luxury properties as primary residences or second-homes – a trend likely to continue. “The high end of the Florida market has held up quite well,” says Brad Hunter, director, South Florida region, MetroStudy in Boca Raton.

International buyers remain an important component of the state’s market, especially in coastal areas like Miami, Fort Lauderdale, Naples and Sarasota, as well as Orlando/Kissimmee. Florida Association of Realtors research studies show buyers from Canada, United Kingdom, Mexico, South America and Europe generate more than 15 percent of residential transactions.

On the other hand, the traditional flow of retiree buyers to Florida remains uncertain in the year ahead. Slower economic conditions in the Northeast and Midwest – two prime feeder markets for Florida – may make it harder for retirees with modest incomes to make the big move to Florida. Many retirees are also faced with less purchasing power due to declines in their investment portfolio and may opt to stay put. However, the number of Baby Boomers reaching age 65 continues to increase and many of these prospective buyers will be considering Florida when the nation’s economic condition improves.

Market watch perspectives
If the opportunities for great value and investment potential are presented, will buyers hop the fence and buy? Experts weigh in.

Use these Web sites to get local stats and build your own market watch for prospective buyers and sellers.

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Feds: Chinese drywall reports still inconclusive. Miami Real Estate

Got Miami ? Miami Real Estate Services

WEST PALM BEACH, Florida – Federal studies released Thursday cannot yet definitively link imported Chinese drywall to health problems or corrosion of pipes and wires that thousands of U.S. homeowners have been reporting for nearly a year.

The Consumer Product Safety Commission, which is leading the multi-agency investigation, said it needs to further study the matter before it can consider a recall, ban or other solutions to help affected homeowners. Additional results from ongoing studies were due to be released next month.

“The expansive investigation and scientific work that has been done and continues to be carried out is all aimed at providing answers and solutions,” Lori Saltzman, a director in the CPSC’s Office of Hazard Identification and Reduction, said Thursday. “No connections have been made yet.”

Saltzman said the agency, which has so far spent $3.5 million on the studies, has received nearly 1,900 homeowner complaints during one of its largest consumer product investigations in U.S. history.

“We understand this problem has literally driven people from their homes,” she said.

Homeowners, however, were frustrated by a lack of answers.

“So many of us have been really waiting on these results released today to offer us encouragement, but in fact, we’re quite disappointed,” said Holly Krulik, of Parkland, Florida, about 45 miles north of Miami.

Krulik and her husband, Doug, along with their two young children, moved in with her parents about six months ago because she says the Chinese wallboard in their home was making them sick and ruining the house.

“We’re hanging on by a thread here. When is help going to arrive?” said Krulik, who will soon join hundreds of others who have filed lawsuits.

Thousands of homeowners like the Kruliks who bought new houses built with the potentially defective materials are finding their lives in limbo as the lawsuits against builders, contractors, suppliers and manufacturers wind through the courts.

During the height of the U.S. housing boom, with building materials in short supply, American construction companies imported millions of pounds (kilograms) of Chinese-made drywall because it was abundant and cheap. An Associated Press analysis of shipping records found that more than 500 million pounds (226 million kilograms) of Chinese gypsum board was imported between 2004 and 2008 – enough to have built tens of thousands of homes.

They are heavily concentrated in the Southeast, especially Florida and areas of Louisiana and Mississippi hit hard by Hurricane Katrina.

The defective materials have since been found by state and federal agencies to emit “volatile sulfur compounds.” Officials have also found traces of strontium sulfide, which can produce a rotten-egg odor, along with organic compounds not found in American-made drywall. Homeowners complain the fumes are corroding copper pipes, destroying TVs and air conditioners, blackening jewelry and silverware, and making them sick.

And some homeowners are reporting that their insurance companies are dropping or refusing to renew their policies based on the presence of the wallboard in their houses, putting them at risk of foreclosure.

The federal test results released Thursday largely confirmed what prior testing had found. The multiple agencies investigating, including the CPSC, the Environmental Protection Agency and the Centers for Disease Control and Prevention, acknowledged the reported health symptoms are consistent with some sort of contamination. But the culprit is unclear.

The Chinese government is assisting with the investigation.

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First-Time Home Buyer Tax Credit May Be Extended. Aventura Real Estate 800-819-5466

Aventura Real Estate - Miami Florida -

The current $8,000 tax credit for first-time home buyers is scheduled to end on November 30, 2009. An amendment to expand the tax credit, sponsored by Sen. Johnny Isakson of Georgia, is expected to be attached to a Senate bill extending unemployment compensation.

The new version would allow all home buyers -- not just first-time buyers -- who earn less than $150,000 as individuals and $300,000 as married couples to receive a tax credit up to $8,000. The cost of the new version of the tax credit is nearly $17 billion. The new tax credit would run through June 30, 2010.

However, shortly before we went to press, Secretary of Housing and Urban Development Shaun Donovan told the Senate Banking Committee that the White House hadn't make a decision about extending the tax credit and was looking at the costs.

In the meantime, home buyers continue to ask a lot of questions about how to apply the current tax credit.

Q: My daughter, who is a U.S. citizen, has lived in a foreign country for the past 23 years. So one could say her primary residence is not in the U.S. She and her husband recently purchased a home in the U.S. that will be used as a rental property. Will she be able to claim the first time home buyer tax credit?

A: Unfortunately, the $8,000 first-time home buyer tax credit (in its current incarnation) is only available for individuals who have not owned a home during the last three years and intend on using the purchased home as a primary residence.

Since your daughter intends on using the home as a rental, it will not qualify for the tax credit.

By the way, although the $8,000 tax credit has not yet been extended beyond its current sunset date of November 30, the new version being proposed does not provide a tax credit for investment property. It is only for those who are buying a home to live in.

Q: The closing on my house will occur at the end of October or the beginning of November. I should be eligible for the $8,000 first-time home buyer tax credit.

But here's the wrinkle: I will be inheriting a house in November when my father's estate comes out of probate. Will that make me ineligible for the $8,000 first-time home buyer tax credit? I plan to live in the house that I am purchasing.

A: The rules relating to the $8,000 first-time home buyer tax credit require you to be a first-time home buyer by the date of the closing. If you close on your home at the end of October and at that time qualify for the tax credit, you shouldn't have to worry about whether you're inheriting a house the following month. You need only comply with the other requirements.

To qualify for the tax credit, you must not have owned a home during the three years prior to the closing. You must live in the home you buy for three years and must use it as your primary residence.

Your modified adjusted gross income may not exceed $75,000 for single people and $150,000 for married couples. Above those numbers, the tax credit phases out. (Your adjusted gross income is basically what you would see at the bottom of the first page of your federal income tax return.)

To get the full benefit of the $8,000 first-time home buyer tax credit, the sales price of the home must be at least $80,000. The tax credit equals 10 percent of the purchase price of the home, up to a maximum of $8,000.

Most importantly, you must close on the purchase of your new primary residence no later than November 30, 2009.

There are other rules that provide that the home must be located in the United States. Non-resident aliens are ineligible to obtain the $8,000 first-time home buyer tax credit, and you can't buy the home from a close relative.

In answer to your question, if you inherit the home after you close on your primary residence, you should still be entitled to keep the tax credit as long as you live in the home you purchased for at least three years.

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Rates on 30-year loans rise to 5.03 percent - Miami Real Estate 800-819-5466

Miami Beach - Rates for 30-year home loans climbed to 5.03 percent this week, the third consecutive weekly increase.

The average rate inched up from 5 percent a week earlier, mortgage company Freddie Mac said Thursday. The last time the average was higher was the week of September 24, when rates averaged 5.04 percent.

Rates had hovered below 5 percent for nearly a month until last week. They hit a record low of 4.78 percent in the spring, but are still attractive for people looking to buy a home or refinance.

The rates have advanced despite action by the government to prop up the housing market and stimulate the economy. The Federal Reserve has pumped $1.25 trillion on mortgage-backed securities in an effort to lower rates on mortgages and loosen credit.

Rates on 30-year mortgages traditionally track yields on long-term government debt.

Still, lenders have tightened their standards dramatically, so the best rates are available only to borrowers with solid credit and a 20 percent down payment.

Freddie Mac collects mortgage rates on Monday through Wednesday of each week from lenders around the country. Rates often fluctuate significantly, even within a given day, frequently in line with long-term Treasury bonds.

The average rate on a 15-year fixed-rate mortgage rose to 4.46 percent from 4.43 percent recorded last week, according to Freddie Mac.

Rates on five-year, adjustable-rate mortgages averaged 4.42 percent, up from last week’s 4.4 percent. Rates on one-year, adjustable-rate mortgages rose to 4.57 percent from 4.54 percent.

The rates do not include add-on fees known as points. The nationwide fee for loans in Freddie Mac’s survey averaged 0.7 points for 30-year loans. The fee averaged 0.6 points for 15-year, five-year and one-year loans.

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Florida’s existing home, condo sales up in 2Q 2009

MIAMI, Florida – Sales of existing single-family homes in Florida rose 23 percent in second quarter 2009 compared to the same period a year earlier, according to the latest housing statistics from the Florida Association of Realtors® (FAR). A total of 43,125 existing homes sold statewide in 2Q 2009; during the same period the year before, a total of 35,008 existing homes sold. It marks the fourth consecutive quarter that Florida has seen higher existing year-to-year home sales, according to FAR.

Sales of existing condominiums statewide in the second quarter rose 29 percent compared to the same time the previous year. This marks the third consecutive quarter for increased statewide sales in both the existing home and condo markets compared to year-ago levels.

Statewide sales activity in 2Q 2009 also increased over 1Q 2009’s sales figure in both the existing home and existing condo markets, FAR records show. For 2Q 2009, statewide sales of existing homes rose 37.2 percent over the 1Q 2009 figure; existing condo sales statewide in 2Q 2009 increased 45.3 percent over the 1Q 2009 level.

“In spite of the challenges with the economy, most people – 83 percent – still believe that buying a home is a good financial decision, according to a recent survey from the National Association of Realtors® (NAR),” says 2009 FAR President Cynthia Shelton, CCIM, CRE, a broker and director of investment sales with Colliers Arnold in Orlando. (CCIM stands for Certified Commercial Investment Member and CRE is the Counselor of Real Estate designation). “Many homebuyers are realizing that this is the time to buy – with a good selection of housing inventory, affordable pricing and low mortgage rates.

“In fact, three-fourths of those responding to the 2009 National Housing Pulse Survey said they think now is a good time to purchase a home, a number that has increased steadily the past two years,” she says. “However, providing solid financing options for homebuyers is key to returning stability to the housing market, and buyers also need programs that help with downpayment and closing costs. That’s why the federal $8,000 first-time homebuyer tax credit and other programs enabling eligible buyers to access that tax credit for downpayment or closing costs are so important – programs like the Florida Homebuyer Opportunity Program.”

MIAMI, Florida –

Sixteen of Florida’s metropolitan statistical areas (MSAs) reported increased sales of existing homes in the second quarter compared to the same three-month period a year earlier, while 12 MSAs showed gains in condo sales.

The statewide existing-home median sales price was $143,600 in the second quarter; a year earlier, it was $203,200 for a decrease of 29 percent. The 2Q 2009 statewide existing-home median sales price was 1.8 percent higher than 1Q’s statewide existing-home median sales price of $141,000. According to industry analysts with the National Association of Realtors® (NAR), sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes. The median is a typical market price where half the homes sold for more, half for less.

In the year-to-year quarterly comparison for condo sales, 14,742 units sold statewide for the quarter compared to 11,459 in 2Q 2008 for a 29 percent increase. The statewide existing-condo median sales price was $111,100 for the three-month period; in 2Q 2008, it was $179,800 for a decrease of 38 percent. The 2Q 2009 statewide existing-condo median sales price was almost 1 percent higher 1Q’s statewide existing-condo median sales price of $110,100.

Continuing low mortgage rates remain another favorable influence on the housing sector. According to Freddie Mac, the national commitment rate for a 30-year conventional fixed-rate mortgage averaged 5.03 percent in 2Q 2009; one year earlier, it averaged 6.09 percent.

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You didn’t really lose in Miami's housing free fall / Miami Real Estate 305-929-DEAN

Miami, Florida – Stan Smith has some news for longtime homeowners having a pity party over falling house prices in South Florida: New research shows that current home values are just about where they would have been if the real-estate bubble had never inflated and burst.

A long-term view of the market reveals that, even though prices rose and fell dramatically in recent years, they appear to have settled back into historic patterns, according to an analysis by Smith, a University of Central Florida finance professor.

“Most homeowners are within 6 percent of where they would have been had there not been a bubble. The people who have been here since before 2005, they should not have been hurt,” Smith said, though he added: “... A lot of people did buy in 2005 and 2006, and obviously they have been hurt significantly.”

For about a quarter-century, starting in the late 1970s, home prices in Metropolitan Orlando increased 4.7 percent a year on average, according to Smith’s analysis of data from a federal housing-price index. Then the bubble emerged, with prices rising 20 percent in 2005 and 32 percent the following year. Homeowners were elated about their fast-growing equity – at least until the bubble burst in mid-2007.

The sharp drop in prices since then – 22 percent from the 2007 high – may have left the impression that the bursting bubble set back even long-term homeowners for many years to come. Yet prices now are about where you would have expected them to be had the dramatic rise and fall never occurred.

Steve Shapiro, who is trying to sell his Lake Mary home, hadn’t really thought about it before but said it makes sense that the price he is asking for his home of 10 years tracks the area’s long-term pricing trends.

“I think I’m about where it should be with the price,” said the retiree, who has listed his house for $269,000 with Exit Realty Central agent Julie Elrod-Boyd – the same agent who helped him buy it in 1999 for $161,000. He estimated the house would have sold for more than $300,000 about 18 months ago, so the price has retreated 10 percent since then.

“It was nice to think it was worth so much a year and a half ago, but I felt like it was a little inflated,” he said. “All the homes were.”

Volusia County Property Appraiser Morgan Gilreath has obtained results similar to Smith’s in his county.

Gilreath recently plotted home prices from 1996 to the present and concluded they are not far below where they would have been without the bubble. The mid-point, or median, for home prices in Volusia in May was $124,900 – down about $20,000 from where they would have been if they had continued on their long-range trajectory rather than inflating and deflating in recent years, he said.

A year ago, the median in Volusia was about $50,000 above the historic trend line, he said; two years ago, it was flying about $100,000 above that line.

Gilreath said his analysis was not as thorough as Smith’s research at UCF, but both indicate the residential market is not likely to decline much further.

“The point that the charts are telling us is that we’re close to where we think the bottom is going to be,” he said. “The question is: When is it going to turn around? I have evidence that it is turning around here [in Volusia].”

Smith said prices in the region may continue to fall but are less likely to do so now that they are so near the long-term trend line – a “positive indicator” for coming months.

Les Simmonds, president of the Orlando Regional Realtor Association, said people generally measure their home’s current value against what it was worth a year ago – a short-term view of the market.” I feel strongly that, had we not had this bubble, that the median price of the properties would be a little better than they are now, because of the way they’ve been pushed down [in the post-bubble market] by ... [distressed] properties,” he said.

“I said to my wife last week that, when the market was really high, if we had sold then, we could have made four times what we paid for the house.” The problem, he added, is that most of the people who sold at the peak usually then bought near the top of the market. Shapiro said that, once he sells his Lake Mary house, he is ready to retire to a log cabin in north Georgia and forget about the whims of the real-estate market for a while.

The only thing that will rise and fall on his cabin, he said, will be the runners on his front-porch rocking chair.

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Reports show economy mending. Miami Florida Real Estate 800-819-5466

Miami Florida - Economic indicators keep saying what investors have known for months: Things are getting better.

The latest government report to reinforce a more positive view of the economy’s health was the Federal Reserve’s “beige book,” released Wednesday, which indicated many parts of the nation are seeing economic stability. Earlier in the day, President Obama told spectators at a town hall meeting in Raleigh, N.C., “We may be seeing the beginning of the end of the recession.”

And the July update of the USA TODAY/IHS Global Insight Economic Outlook Index predicts the economy will grow October through December, the first increase since September 2008.

“The evidence (of recovery) is building every day,” says Jim Paulsen of Wells Capital Management. “It’s settling and gives people more faith in what they’ve seen” from stock and bond markets.

The reports echo what stock prices have been predicting since March. The Standard & Poor’s 500 index has soared 44 percent from its March 9 low, despite falling 0.5 percent Wednesday.

While the latest pieces of economic data provide some comfort, they by no means signal a return to the boom times. Economic experts say they still are on the watch for information about:

• Clues on when a meaningful recovery is firmly underway. The beige book indicated the economy is still far from robust, because five of the Fed’s 12 regions – Boston, Philadelphia, Richmond, Atlanta and Dallas – were “subdued” or “weak” and Minneapolis was faltering.

“There may be a bottom, but where’s the bounce?” says Doug Roberts of Channel Capital Research. “There’s still a significant level of weakness in the economy.”

• Signs of health in the commercial real estate market. The beige book sounded concerns about the demand for office buildings, retail space and manufacturing facilities, says John Canally of LPL Financial. The fact commercial real estate remains soft could be a sign that employment, too, will be weak until early 2010, he says.

• Evidence of the federal stimulus kicking in. Much of the future hinges on how stimulus spending steers the economy, Roberts says, which won’t be known until next year. Some additional clues, though, will be released this week with reports on jobless claims today and GDP on Friday.

“There’s a lot of information that supports the idea we’ve turned a corner,” Paulsen says. “But there’s still a lot of doubt.”

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Copyright © 2009 USA Today. All rights reserved.

June new home sales rise 11 percent Miami Real Estate 800-819-5466

Miami Florida Real Estate

WASHINGTON (AP) – New U.S. home sales rose by the largest amount in more than eight years last month, in another sign the housing market is finally bouncing back from the worst downturn in decades.

The Commerce Department said Monday that sales rose 11 percent in June to a seasonally adjusted annual rate of 384,000, from an upwardly revised May rate of 346,000.

It was the strongest sales pace since November 2008 and exceeded the forecasts of economists surveyed by Thomson Reuters, who expected a pace of 360,000 units. The last time sales rose so dramatically was in December 2000.

Sales have risen for three straight months. The median sales price of $206,200, however, was down 12 percent from $234,300 a year earlier and down nearly 6 percent from $219,000 in May.

The report is another encouraging sign that the beleaguered housing sector is finally coming back to life. Last Thursday, the National Association of Realtors reported that home resales posted a monthly increase of 3.6 percent in June.

There were 281,000 new homes for sale at the end of June, down more than 4 percent from May. At the current sales pace, that represents 8.8 months of supply — the lowest level since October 2007.

Fallout from the housing crisis has played a central role in the U.S. recession, now the longest since World War II. Foreclosures have spiked, homebuilders have slashed construction, and financial companies have lost billions.

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Copyright © 2009 The Associated Press, Alan Zibel, AP real estate writer.

Details of FHA’s $8K downpayment advance released

Got Florida .Com South Florida Real Estate

WASHINGTON – The U.S. Department of Housing and Urban Development (HUD) released more details today about its program to help first-time homebuyers use a tax credit as part of a downpayment.

HUD announced the program on May 12 at the National Association of Realtors® Housing Summit. In the interim, HUD posted an announcement and then immediately took it down, leading to speculation that the program would be pulled. In response, HUD said the rules had simply not been finalized, and the original announcement had been posted in error.

“We’ve been eager for word from the federal government since the new FHA downpayment assistance plan was announced, and even more so after the program details were first published and then quickly pulled,” says John Sebree, FAR vice president of public policy. “Luckily, that turns out to be a minor setback and there will be a federal downpayment program to complement the $30 million we were successful in securing in the Florida budget.”

The most significant change involves the amount of downpayment required by qualified first-time homebuyers. FHA mortgages require a 3.5 percent downpayment, and the $8,000 tax credit cannot be used to override that requirement. Once the 3.5 percent downpayment requirement has been met, however, the tax credit can be applied to additional costs, including a higher downpayment, paying points to lower the mortgage rate, and/or closing costs. Lenders will treat the tax credit money as a second lien on the home until it’s paid back.

“Mortgage industry leaders have indicated that this type of product may not be immediately available to consumers,” says Sebree. Since lenders will oversee the tax credit loan, they must create internal programs to handle the process.

Lenders have some flexibility on payback requirements for the upfront loan of the tax credit, though HUD also created rules to protect homebuyers from onerous terms.

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South Florida home sales spike in February. Miami Real Estate

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Prices are down as bargain-hunters, cash buyers snap up deals.

South Florida's existing home sales skyrocketed in February as irresistible prices and low mortgage rates continued to win out over the deepening economic gloom.

Broward County sales rose 39 percent last month, to 500 from 360 a year ago, the Florida Association of Realtors said Monday. The median price fell 30 percent, to $214,400 from $307,700, meaning houses now cost what they did in 2003.

The region's housing slump lingers in its fourth year, and mounting foreclosures and short sales are expected to depress prices through 2009 and most likely into 2010. While today's sellers grimace at the plummeting prices, more affordable homes ultimately will help the market rebound sometime next year, analysts say.

Despite rising unemployment and tight credit, year-over-year home sales in Broward have increased for eight consecutive months as investors and first-time buyers scoop up distressed properties. But weak job security has many potential buyers still sitting on the sidelines hoping prices keep falling and the overall economy improves.

The average 30-year fixed mortgage rate nationwide was 5.13 percent last month, down from 5.92 percent a year ago, according to mortgage giant Freddie Mac. Last week, average mortgage rates dropped below 5 percent and are expected to stay there.

"There's still a pool of people who have the financial wherewithal to buy a home, and now they're saying this is the right time," said Brad Hunter, a housing analyst based in West Palm Beach.

Broward's existing condominium sales also were brisk in February, rising 27 percent from a year ago. The median condo price was down 39 percent to $85,800.

The increased sales activity for homes and condos is making a dent in South Florida's bloated inventory of properties for sale.

Broward County has 31,921 available homes, townhouses and condos, down 14 percent from the end of November, according to a report Monday from Condo Vultures, a Bal Harbour-based real estate consulting firm.

"All-cash buyers are spooked by the stock market, and a lot of people are looking for peace of mind, and that's in bricks and mortar," said Peter Zalewski, principal at Condo Vultures.

Terry Story, a real estate agent for Coldwell Banker in South Florida, said she's running out of homes to sell. On a recent weekend, she had 27 showings, nearly triple her normal amount.

"If you're a serious seller, and you price it right, the home will sell," Story said.

But many sellers who bought recently say they can't price their properties to make a profit or break even because they paid peak prices themselves during the housing boom of 2000 to 2005.

While there are plenty of homes to choose from, some people don't want to buy now because of the declining job market and the belief that prices will fall even more in the months ahead, said Liliane Weinstein of Lang Realty in Broward and Palm Beach counties.

"Buyers are still very hesitant," she said.

Got Florida Real Estate ?

Cathy Kusuma and her husband are like many potential buyers: eager to find a home but not able to take the plunge until they sell their existing property.

The Kusumas have a sales contract on their Margate townhouse and expect to close in May. Last week, they put in an offer on a four-bedroom Parkland house, but it's a short sale and they don't know whether the bank will accept their bid.

"Circumstances have to line up just right," said Kusuma, 31.

Homeowners who have to sell before they can buy again often are left in limbo for months or even years.

A few weeks ago, Scott Kerr, 55, made an offer on a Deerfield Beach townhouse, but it was contingent on being able to sell his Delray Beach house.

He eventually had to pull out of the deal because he couldn't find a buyer. "I'm stuck," Kerr said.

In Palm Beach County, existing home sales rose 33 percent in February, while the median dropped 34 percent, to $228,100. Across Florida, sales rose 20 percent, and the median price fell 29 percent to $141,900. National new home sales figures will be released on Wednesday. Builders are reeling, with more than 100 nationwide, including the legendary Levitt and Sons of Fort Lauderdale, having folded in recent years.

Hollywood-based TOUSA Inc., which filed for bankruptcy protection early last year, said Monday it's suspending efforts to generate new sales and will focus on completing homes under construction, selling its remaining inventory of speculative homes and liquidating its land assets over time.

"The existing homes are being priced so aggressively that it's undercutting the builders quite a bit," said Mike Larson of Weiss Research in Jupiter.

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Chinese drywall spurs lawsuits and problems. Miami Realtor - Dean Isenberg 800-819-5466

ORLANDO, Fla. – Drywall imported from China continues to make headlines nationwide, and a growing number of lawsuits have been filed in Florida. In response to the problem, FAR’s Business Forms Forum Task Force is considering a new form that addresses Chinese drywall problems. Task force members are slated to discuss the issue again on April 6.

Attorneys with Higer Lichter Givner, The Blumstein Law Firm and Podhurst Orseck have filed a federal class action lawsuit on behalf of Florida homeowners Janet Morris-Chin and Dajan Green. They’ve targeted Knauf Plasterboard Tianjin Co. Ltd., and the foreign company that distributed that company’s drywall within the United States, Rothchilt International Ltd.

Drywall manufactured in China was used in U.S. homes between 2004 and 2007. According to the lawsuit, toxic chemicals that emanate from the drywall have damaged houses, fixtures and personal property. Members of the class action are also seeking medical monitoring for any adverse effects of prolonged exposure to the toxic chemicals.

“We have filed a national class action because more than 60,000 homes in 13 states are believed to have defective Chinese drywall,” says Victor M. Diaz with Podhurst Orseck. “We anticipate that when the Consumer Products Safety Commission completes its investigation, this product will be recalled across the country. This could be potentially one of the largest product liability cases related to home construction in U.S. history.”

Morris-Chin and Green purchased their home in Homestead, Fla. Shortly afterward, they noticed damage from the defective drywall: an air-conditioning coil was black and iced over when it should have been copper-colored and ice-free; and two home computers stopped working and the nearby wiring was covered in black soot. The family also developed physical problems, including respiratory ailments and headaches.

So far, the Florida Department of Health has received more than 100 complaints concerning the Chinese drywall and health concerns. Lawsuits are being filed in Florida, Alabama and Louisiana, while residents in Mississippi, Virginia and California have also reported problems.

On Monday, U.S. Sens. Bill Nelson, (D-Fla.), and Mary Landrieu, (D-La.), proposed legislation seeking a recall and an immediate ban on tainted building products from China.

© 2009 FLORIDA ASSOCIATION OF REALTORS®

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Foreclosures drove up 2008 U.S. home sales

Miami Real Estate – Foreclosures drove U.S. home sales up 7 percent in 2008 after a 40 percent plunge the prior year, with eligible buyers lured by deep discounts and low loan rates, according to real estate data company Radar Logic.

So-called “motivated sales,” or foreclosed houses sold at auctions or by financial institutions, surged 177 percent last year while all other sales in the 25 metro areas tracked by Radar Logic fell by 17 percent.

“The market seems to have migrated to the point where motivated sales have become a far more constant part of the housing sales market,” Michael Feder, chief executive of Radar Logic, told Reuters.

These distressed transactions represented as much as a third of all activity last year, he said.

The housing market has swooned from 2006 record highs, glutted with unsold homes, including foreclosed properties and empty new construction.

“Buyers recognize that those are at significant discounts versus what all other people are asking for homes and are migrating to those first,” Feder said. Ultimately, that could be a positive for housing, suggesting there is a price point that has been reached that is attracting buyers, he added.

Prices sank in all 25 metro areas, pushing the Radar Logic composite index down 22 percent for the year.

The biggest sales gains were in areas with the largest annual price declines: California, Nevada, Arizona and Florida.

In California, motivated sales accounted for 47 percent of total sales in December, up from 23 percent a year earlier, based on Radar Logic data.

Falling mortgage rates bolstered sales, with Freddie Mac’s 5.1 percent average 30-year rate in December the lowest since the home funding company started keeping records in 1971.

Lower mortgage rates curb monthly payments, but do little to help potential owners come up with the increasingly large down payments that lenders require, Feder noted.

There is reason for optimism that President Barack Obama’s $275 billion home stability program will kick-start the worst housing market downturn since the Great Depression, though a dearth of specific details makes it unlikely a turnaround will be swift, Feder said.

The program aims to reduce foreclosures and press mortgage rates down.

In the latest sign of housing sickness, pending sales of existing homes slid sharply in January as the recession deterred buyers, based on a National Association of Realtors index that fell to a record low. The measure, based on contracts signed in January, tumbled 7.7 percent to 80.4, the lowest since the trade group started the series in 2001.

Feder contends that three major problems still darken the picture: the oversupply of unsold homes, restrictive access to mortgage credit and reticence of non-distressed home sellers to slash their asking prices.

“We get a turnaround in all three of those and I think we’ll have a housing recovery,” he said.

Access to mortgage money remains limited, with lenders battered by record foreclosures stemming from years of looser lending practices.

“We hear anecdotally that there are a lot of deals that are cut, but then buyers can’t get mortgages for more than 60 percent of the purchase prices, even though it’s at this ‘motivated’ price level,” Feder said.

“The mortgage money simply isn’t providing the capital necessary,” he added. “If the stimulus package begins to help make mortgage money available at numbers more like 80 to 85 percent loan to value, that’s going top help a lot.”

House prices are unlikely to rise before the supply imbalance improves.

To get that, “We’re going to need to have some balance between the absorption of motivated sales and a capitulation by non-motivated sellers to the new price levels,” Feder said.

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The Impact of Foreclosures on FICO Scores

The Impact of Foreclosures on FICO Scores

The Mortgage Banker Association recently estimated that 1 out of every 200 homes in the US will be foreclosed upon. With the increased number of foreclosures, come many questions about their impact on the FICO score.

There is no denying that a foreclosure is considered a very negative event by the FICO score. Many people believe that it is impossible to rebuild credit after such an event. However, if all other credit obligations remain in good standing, it is possible the FICO score could rebound in just 2 years. Just like any other negative item on the credit report, as time passes, the impact on the credit score will lessen.

Recently, several alternatives to foreclosures have become popular. Some of these include “short sales” and “deed-in-lieu of foreclosure”. It is important to know that as far as the FICO score is concerned, there is no difference between foreclosures and these other options. Each is considered and an account that was “not paid as agreed” will have the same negative impact on the score. However, the account status reported is ultimately the decision of the creditor.

It is important to remember that even though both foreclosure and bankruptcy are considered very negative items by the FICO score, a foreclosure can be isolated to a single account. Often bankruptcies involve multiple accounts that are classified as “not paid as agreed”, so the negative impact can be farther reaching. In most cases, it takes much longer to rebuild credit after a bankruptcy.

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Fannie Mae allows investors to mortgage more properties.

Miami Florida Real Estate

Fannie Mae modified a policy that allowed real estate investors to have only four financed properties. The number can now be five to 10, depending on whether certain eligibility, underwriting and delivery requirements are met. Florida Association of Realtors® (FAR) President Cynthia Shelton raised the investment issue with Fannie Mae officials last week.

“Many of our members have voiced concerns about Fannie Mae limiting investors to four properties,” says FAR Vice President of Public Policy John Sebree. “This comes as good news.”

The change is noted in a just-released update of Fannie Mae’s “Multiple Mortgages to the Same Borrower Policy.” The change is effective March 1. To qualify, borrowers must meet Fannie Mae’s criteria. They cannot, for example, have a history of recent bankruptcy, or a delinquency payment over the past 12 months.

Fannie Mae offers more information about its new policy in Announcement 09-02, released on Friday. To download the policy guidance (PDF format) and get more information on qualifying and underwriting, go to: https://www.efanniemae.com/sf/guides/ssg/annltrs/pdf/2009/0902.pdf

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When will Miami Real Estate prices bottom out ?

Miami Real Estate Deals – Housing prices will hit bottom in the fourth quarter of 2009, predicts Moody’s Economy.com in a new report.

“Despite the darkening national economic outlook and the weak conditions in the housing market, some positive signs give hope that a bottom in the housing market is coming into view,” the report says.

On average, home prices will decline 36 percent from the peak in the first quarter of 2006, the report says.

By the end of the housing downturn, nearly 62 percent of the nation’s 381 metropolitan areas will have experienced double-digit-percent declines in house prices, peak-to-trough, says the report.

The declines will exceed 20 percent in about 100 metro areas, according to the report, and the recovery will be “lackluster.”

“A number of uncertainties in both the housing and economic outlooks remain, and the risks tilt to the downside,” says Moody’s Economy.com Chief Economist, Mark Zandi.

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Fla. picks 6 firms to offer coverage to uninsured

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TALLAHASSEE, Fla. (AP) – United Healthcare and Blue Cross Blue Shield of Florida were among six insurers picked by the state Thursday to provide no-frills health insurance plans for nearly 4 million Floridians now without coverage.

The insurance products will be offered to residents who have been without insurance for at least six months and will become available for purchase in early 2009.

The program is the result of a bill signed into law in May by Gov. Charlie Crist that lets insurance companies offer scaled-back health plans without all the usually required coverages, which could provide some protection for as little as $150 a month.

It was a top priority for the Republican governor who said it would take away a lot of worry for those who can afford the new, albeit nominal coverage.

“We now are moving closer to seeing this low-cost health insurance option become a reality for Florida consumers who do not currently have health insurance,” Florida Insurance Commissioner Kevin McCarty said Thursday.

The program, known as “Cover Florida,” will be open to uninsured people between the ages of 19 and 64 and is aimed at preventive and basic care. Children and the elderly are generally eligible for other government programs such as Medicaid, Medicare and the state’s KidCare subsidized insurance program for children.

South Florida Real Estate Information

United and Blue Cross Blue Shield will provide coverage statewide.

Florida Health Care Plan was selected to provide benefits in Volusia and Flagler counties, while JMH Health Plan, Total Health Choice and Medical Health Plan of Florida were chosen to offer plans for the uninsured in Broward and Miami-Dade.

The newly approved carriers will offer consumers at least two plans, one with catastrophic and hospital coverage, and one without.

South Florida Real Estate Information

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NAR: Pending home sales surged 7.4% in August

Miami Real Estate Information

WASHINGTON – Pending home sales activity surged as buyers took advantage of low home prices and affordable interest rates, according to the National Association of Realtors® (NAR).

The Pending Home Sales Index (PHSI), a forward-looking indicator based on contracts signed in August, jumped 7.4 percent to 93.4 from an upwardly revised reading of 87.0 in July, and is 8.8 percent higher than August 2007 when it stood at 85.8. The index is at the highest level since June 2007 when it stood at 101.4.

Lawrence Yun, NAR chief economist, said home buyers were responding to improved affordability.

“What we’re seeing is the momentum of people taking advantage of low home prices, with pending home sales up strongly in California, Nevada, Arizona, Florida, Rhode Island and the Washington, D.C., region,” Yun says. “It’s unclear how much contract activity may be impacted by the credit disruptions on Wall Street, but we’re hopeful most of the increase will translate into closed existing-home sales.”

The PHSI in the West surged 18.4 percent to 109.5 in August and remains 37.8 percent above a year ago. In the Northeast the index jumped 8.4 percent to 79.8 and is 2.0 percent higher than August 2007. The index in the Midwest rose 3.6 percent to 84.5 in August and is 6.6 percent above a year ago. In the South, the index increased 2.3 percent to 96.0 but is 2.1 percent below August 2007.

Yun notes the unusual timing of contract activity in August. “Home buyers in July were hampered by overly stringent lending criteria in the months before the government takeover of Fannie and Freddie,” he says. “August shows some unleashing of pent-up demand before the credit crisis accelerated in September.”

Miami Real Estate Information

He cautioned that the sampling size for pending home sales is smaller than the track on existing-home sales, so there is more volatility in the forward-looking series. “We need to see just how much of this gain holds up,” Yun says.

NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., says despite all the turmoil in world financial markets, home mortgages are available. “Mortgages have been harder to find, and availability and terms vary depending on credit score and location, but Realtors can help buyers find reputable lenders while helping them navigate the transaction process,” he says. “The recently enacted economic stimulus package should help housing by gradually freeing the flow of credit.”

Yun now expects growth in the U.S. gross domestic product (GDP) to contract for two consecutive quarters, in the fourth quarter of this year and the first quarter of 2009, before expanding in latter part of 2009 as the housing market begins a steady improvement.

Miami Real Estate Information

Looking at middle-ground assumptions, existing-home sales are forecast at 5.04 million this year and 5.41 million in 2009. Following national declines of 5 to 8 percent in 2008, home prices are projected to increase 2 to 3 percent next year.

New-home sales should total around 503,000 this year and 471,000 in 2009. Housing starts, including multifamily units, are likely to fall 28.2 percent to 973,000 units this year, and come in around 843,000 in 2009 as builders continue to clear the accumulation in inventory.

The 30-year fixed-rate mortgage will probably average 6.1 percent in the fourth quarter and rise gradually to 6.6 percent by the end of 2009. NAR’s housing affordability index is expected to average 18 percentage points higher this year than in 2007.

The unemployment rate is projected to average 6.4 percent in the fourth quarter and then average 6.6 percent in 2009. Inflation, as measured by the Consumer Price Index, is estimated at 4.0 percent for 2008 and 2.0 percent next year. Inflation-adjusted disposable personal income is forecast to grow 1.7 percent this year and 1.0percent in 2009.

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New program allows subprime mortgages to become a fixed-rate FHA. Miami Real Estate 305-936-2489

Miami Real Estate Information

WASHINGTON – Oct. 2, 2008 – A new program rolled out by HUD yesterday could help more homeowners avoid foreclosure. Under the program, the lender of an existing subprime mortgage forgives part of the debt as if it’s a short sale, and the balance of the mortgage is rolled into a fixed-rate FHA mortgage. Unlike earlier programs, however, the HOPE for Homeowners program is aimed more at lenders than homeowners.

“For families struggling to keep up with their mortgage payments, this program will be another resource to refinance into a loan they can afford,” says HUD Secretary Steve Preston. “FHA remains a safe and affordable alternative to the high-priced mortgage loans that threaten homeowners’ ability to retain their homes. We strongly encourage borrowers to work with their lenders to determine if HOPE for Homeowners is the right program for them.”

Miami Real Estate Information

The Economic and Housing Recovery Act of 2008 authorized the HOPE for Homeowners program. The HOPE for Homeowners Board of Directors was charged with establishing underwriting standards to ensure borrowers, after any write-down in principal, have a reasonable ability to repay their new FHA-insured mortgage.

The program began yesterday and ends Sept. 30, 2011. It’s available only to owner- occupants. In many cases, banks will have to write down the existing mortgage to 90 percent of the new appraised value of the home.

Borrower eligibility

Borrowers should contact their lender to determine eligibility. General requirements include:

• The home is their primary residence, and they have no ownership interest in any other residential property, such as second homes.
• Their existing mortgage was originated on or before Jan. 1, 2008, and they have made at least six payments.
• They are not able to pay their existing mortgage without help.
• As of March 2008, their total monthly mortgage payments due were more than 31 percent of their gross monthly income.
• They certify they have not been convicted of fraud in the past 10 years, intentionally defaulted on debts, and did not knowingly or willingly provide material false information to obtain their existing mortgage(s).

Miami Real Estate Information

How the program works

The Board expects homeowners will participate in the program primarily through their current lender. HOPE for Homeowners includes the following provisions:

• The loan amount may not exceed a maximum of $550,440.
• The new mortgage will be no more than 90 percent of the new appraised value including any financed upfront mortgage insurance premium.
• The upfront mortgage insurance premium is 3 percent and the annual mortgage insurance premium is 1.5 percent.
• The holders of existing mortgage liens must waive all prepayment penalties and late payment fees.
• The existing first mortgage must accept the proceeds of the HOPE for Homeowners loan as full settlement of all outstanding indebtedness.
• Existing subordinate lenders must release their outstanding mortgage liens.
• Standard FHA policy regarding closing costs applies.
• The borrower must agree to share with FHA both the equity created at the beginning of this new mortgage and any future appreciation in the value of the home.
• The borrower cannot take out a second mortgage for the first five years of the loan, except under certain circumstances for emergency repairs.

The costs to the homeowner include the upfront and annual insurance premiums, as well as a share of the equity created by the write-down associated with the HOPE for Homeowners mortgage and any future appreciation in the value of the home. If the home is sold or refinanced, the homeowner will share the equity with FHA on a sliding scale ranging from a 100 percent FHA share after the first year to a minimum of 50 percent after five years.

The lien holder that previously held the highest priority will receive payment up to a proportion of its original interest, not to exceed the amount of available appreciation. This type of delayed payoff will take place until all prior lien holders are satisfied or the amount of available appreciation is exhausted. All remaining appreciation is remitted to FHA.

Read more about HOPE for Homeowners at Hope For Home Owners

Miami Real Estate Information

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Mortgage crisis cuts both ways Aventura Homes

South Florida Real Estate Information

MIAMI – Oct. 1, 2008 – She was only 21 when she decided to become a mortgage broker. A newlywed, Michelle LaPiana felt that her own broker had misled her and her husband during the daunting purchase of their first home in Hialeah.

She claims she fell prey to a bait and switch. The closing costs were nearly double what the couple previously had been told. By the time they sat with a title agent to sign the loan documents, it was too late to walk away without losing thousands of dollars.

“The closing costs were $9,680,” recalled LaPiana, now 38 and divorced. “I remember everything. I even remember my closing agent’s name.”

The incident angered her but also motivated her to help other people navigate the potentially treacherous process. A graduate of Hialeah-Miami Lakes High, she skipped college, got her license and launched what was a rewarding and successful career in mortgage lending.

Now, 17 years later, the former president of the Miami chapter of the Florida Association of Mortgage Brokers and once-ambitious subprime account executive finds herself broke and in foreclosure.

The single mother of two insists her story is not one of the recklessness, greed or fraud that has plagued the mortgage business and sparked the credit crisis on Wall Street.

Instead, she says, she is part of the damage left behind by an investment frenzy and a wave of opportunists who hijacked her profession and ran it in into the ground in just a few short years.

“I feel I was a victim, but I feel government is not going to help people like me,” LaPiana said.

LaPiana says she cannot find work in South Florida because of a new stigma attached to having worked in the world of subprime lending. Reports of felons having flooded the business during the boom years have not helped.

“They look at me as if ‘because of her this is why the economy is the way it is,’” LaPiana said.

The stigma may be worse in South Florida – often described as ground zero for subprime loans, or high-cost loans extended to borrowers with poor credit. Mortgages requiring no proof of income or assets were also widely sold. The high default rate among these loans is blamed for sparking the credit crunch that began a little over a year ago. Lenders began restricting access to credit to prevent future losses, leading to an economic slowdown.

But LaPiana says her role was less direct because she never sold a home to a borrower who couldn’t afford it.

Brian Kettenring, a head organizer with Florida ACORN, the Association of Community Organizations for Reform Now, a national grass-roots community activist organization, agreed that many real estate professionals are being unfairly painted with the same brush.

“There was a fair amount of predatory lending by brokers and lenders, but there are a lot of good people who work in the industry and too many of them are being hurt in the destruction of the industry as a whole,” Kettenring said.

Wave of failures

The ripple effects of the credit crunch hit an apex in recent weeks with the failure of the venerable investment bank Lehman Brothers; the near-collapse of American International Group, the world’s largest insurance company, and Washington Mutual’s seizure by federal regulators and subsequent sale in the biggest bank failures in U.S. history.

LaPiana said nobody foresaw the impending catastrophe from their respective corners. She views herself as among the tiniest of conduits in the vast matrix of players wheeling and dealing in the era of cheap money that made the housing boom possible.

After more than a decade of selling traditional mortgages, LaPiana was swept up in the excitement of new, innovative loans that made homeownership possible for millions of Americans.

In 2001, she joined Fieldstone Mortgage’s subprime division as a wholesale account executive. She would hold the same position at a string of other wholesalers over the next six years, specializing in high-cost and highly profitably subprime mortgages.

Wholesale lenders deal with mortgage companies and brokers who make their cash available to home buyers by immediately funding their loans. They do not deal with borrowers. Once the loans are brokered, the wholesalers, typically thinly capitalized companies, sell the debt to commercial banks, other lenders or investment houses, like former brokerage Bear Stearns.

“Subprime loans were the hot commodity of Wall Street. That’s all everybody wanted,” LaPiana said.

As an account executive, her job was visiting brokers and selling the loan programs offered by her company. Wholesalers generally compensate account executives based on the volume of business they bring to the company. For each million dollars LaPiana sold, she earned a half percentage point, or $5,000. In the peak years of the boom, she says she did an average of five deals a day. Sometimes, her biweekly paychecks topped $20,000.

“I still have the pay stubs,” LaPiana said ruefully, adding she couldn’t toss them because she hopes to once again earn such a handsome income.

The high life

With her new wealth, LaPiana traveled – skiing in Colorado and visiting New York City. She bought a top-of-the-line Jeep Commander and, after her divorce, a “dream home” in Kendall where she would live comfortably with her two girls and mother.

“I didn’t go overboard,” LaPiana insisted, “I didn’t buy the two investment properties, the two condos on the beach, but I should have saved more.”

Even though she was making almost $200,000 a year, her competitors, who sold loans requiring no proof of income or assets, were making more. LaPiana said many of the loans she sold didn’t ask for proof, but did require a borrower to submit evidence that they had filed an income tax return with the IRS as self-employed.

Such loans have been dubbed “liar loans” in the industry because of the high rate of fraud later found in mortgage applications when the homes went into foreclosure.

It was enough to give her competitors an edge. While LaPiana was pounding the pavements making sales to mortgage companies, many of her competitors were able to do most of their business by phone from their homes, she said.

The subprime lenders they worked for were also among the first to bite the dust when borrowers began defaulting in droves in 2007, she said. Soon LaPiana was jumping from job to job as four successive employers declared bankruptcy or closed their subprime divisions between 2006 and 2007.

Peter Ticktin, a Deerfield Beach lawyer who practices foreclosure defense, said the self-deluded industry imploded because it believed property values would continue rising, eliminating the risk of losses. “What was going on was a systematic Ponzi scheme,” Ticktin said. “It wasn’t where you had one main character organizing it. It wasn’t a conspiracy.”

The final insult

LaPiana’s last position was with the CIT Group, based in New York, which told its account executives last September they were out of a job.

“That one really hurt because it was like, ‘Where do you go from here?’ I realized there was a major problem. It all went rolling down,” she said.

Almost as fast as the subprime industry itself, LaPiana’s life went into a tailspin. She went from making great money to collecting unemployment. Her savings were eaten up by an expensive adjustable-rate loan, a car payment and the cost of supporting a family of four.

Her problems mounted as she struggled to find a job. In July, she woke up one morning and found her Jeep Commander missing from the driveway. It had been repossessed. “I knew it was going to happen,” she said. LaPiana made her last mortgage payment in May. The lenders are hounding her out of her half-million-dollar dream. She’s had to borrow money from friends.

“When your daughters ask you for money to go to the movies and you tell them . . . I can’t. …” LaPiana started to cry. “I have no insurance. I make my daughters drink their vitamins in the morning because they know they can’t get sick. I teach them how not to get sick.”

How does she cope with the stress?

“I smoke and drink a lot of coffee. I don’t sleep,” she said, wiping tears away.

Kettenring, of ACORN, said his organization was accepting applications for foreclosure prevention counselors at their South Florida office, and most were coming from former brokers.

“It’s incredible the number of people who are applying for those positions that have worked in the industry for years,” Kettering said, “We’re seeing the near total collapse of the housing industry including the employment of people who worked in the industry.”

Despite the trials, LaPiana hasn’t given up.

Described by her friends as a self-starter and a fighter, she recently got a license to sell insurance and is trying to build a book of business.

She still stays involved with mortgage lending, keeping up with new regulations. Her brokers license remains valid.

For more information regarding the above web Blog, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit them on-line at A-Realtor.Com

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Short sales: A win-win or a minefield ? Call The Miami Short Sale Exprets 800-819-5466

Miami Real Estate Information

MIAMI, FLORIDA – Short sales are a financial tactic that appears only in real estate downturns. Such sales are supposed to be a win-win that gets the seller out of a tight spot, a buyer a good deal and the bank off the hook.

But what sounds like a logical alternative to the usual outcome of defaults - foreclosure - can be a minefield. Critics charge banks with being shortsighted and a menace to neighborhood home values. Banks say they have obligations to their investors. Some say inexperienced real estate agents forward irrational offers and incomplete paperwork, then expect fast miracles from their inundated staff members.

The result inside this real estate downturn has often been frustration for sellers, buyers and banks. Banks have been resistant, operating in a new financial landscape that requires permission from global investors and other parties. Many real estate agents simply avoid short sales, steering buyers to bank repos. And sellers have become frustrated by complications and 60- to 90-day timetables.

"We did everything we could do, to do the right thing, and we're not getting anywhere," said Chris Britton of Orangevale, Calif. He said he's waited five months for his lender to respond to an offer.

The lender, Bank of America, insists that he pay thousands of dollars in late fees, he said, for accepting a short sale.

Britton's real estate agent, Kathy Gheen of Fair Oaks, Calif., said it's unreasonable. Meanwhile, Britton's buyer waits. All agree the house is headed to foreclosure if nothing changes.

Agents who try short sales often accuse banks of being shortsighted, even harming the market.

Miami Real Estate Information

"If we could get to a point where a quarter of sales ... were short sales, we would see price stabilization more quickly. The neighborhoods would be maintained and the properties would not be invitations to crime," said Scott Thompson, partner in Mortgage Resolution Services in Carmichael, Calif.

Thompson, one of the Sacramento region's most successful short sale specialists, said banks too often ignore short sale offers, then lose $40,000 foreclosing and more selling the home in a declining market.

Bankers agree about foreclosure losses and say it may partly explain rising short sale numbers reported to the state.

But in places like California, where 78 percent of defaults end in foreclosure, according to DataQuick Information Systems, they say short sales are troublesome.

Miami Real Estate Information

"All the lien holders have to release it. It may be palatable to us. It may not be palatable to another lender. That's one of the realities of short sales. It's a practical legal reality that has to be met," said David Bradley, spokesman for Bank of America and its recent Countrywide acquisition.

Banks prefer loan modifications over short sales, said Robert Satnick, president of the California Mortgage Bankers Association. Freezing or lowering interest rates helps people who want to stay with the house. Short sales aim at owners who just want out. He also cited problems with incomplete short sale applications.

"The banks are inundated," he said. "If you give them an incomplete application, it's going to the bottom of the pile."

Pepperdine University finance professor Len Rushfield, a former bank president, said short sales may be rising but are still too much work for most banks.

"It's easier to foreclose. There's a direct process there," he said. "It may be financially a better result if you get it done through a short sale, but getting it done is the blockage."

What's the No. 1 secret to getting a short sale done successfully?

"The first thing is to contact your servicer and let them know you intend to sell," said David Knight, vice president for Wells Fargo & Co.'s default and retention division.

"In this challenging environment, if you let us know early, we can get things ready, go through the financials and get ahead of the offer. Then we can make a decision quickly."

Miami Real Estate Information

He said too often, people submit the entire packet with their first offer. Sometimes it's incomplete.

"If you have done your paperwork, you are significantly better off to benefit from the deal that comes in," he said.

For more information regarding the above web Blog, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit them on-line at A-Realtor.Com

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Short sales: A win-win or a minefield ? Call The Miami Short Sale Exprets 800-819-5466

Miami Real Estate Information

MIAMI, FLORIDA – Short sales are a financial tactic that appears only in real estate downturns. Such sales are supposed to be a win-win that gets the seller out of a tight spot, a buyer a good deal and the bank off the hook.

But what sounds like a logical alternative to the usual outcome of defaults - foreclosure - can be a minefield. Critics charge banks with being shortsighted and a menace to neighborhood home values. Banks say they have obligations to their investors. Some say inexperienced real estate agents forward irrational offers and incomplete paperwork, then expect fast miracles from their inundated staff members.

The result inside this real estate downturn has often been frustration for sellers, buyers and banks. Banks have been resistant, operating in a new financial landscape that requires permission from global investors and other parties. Many real estate agents simply avoid short sales, steering buyers to bank repos. And sellers have become frustrated by complications and 60- to 90-day timetables.

"We did everything we could do, to do the right thing, and we're not getting anywhere," said Chris Britton of Orangevale, Calif. He said he's waited five months for his lender to respond to an offer.

The lender, Bank of America, insists that he pay thousands of dollars in late fees, he said, for accepting a short sale.

Britton's real estate agent, Kathy Gheen of Fair Oaks, Calif., said it's unreasonable. Meanwhile, Britton's buyer waits. All agree the house is headed to foreclosure if nothing changes.

Agents who try short sales often accuse banks of being shortsighted, even harming the market.

Miami Real Estate Information

"If we could get to a point where a quarter of sales ... were short sales, we would see price stabilization more quickly. The neighborhoods would be maintained and the properties would not be invitations to crime," said Scott Thompson, partner in Mortgage Resolution Services in Carmichael, Calif.

Thompson, one of the Sacramento region's most successful short sale specialists, said banks too often ignore short sale offers, then lose $40,000 foreclosing and more selling the home in a declining market.

Bankers agree about foreclosure losses and say it may partly explain rising short sale numbers reported to the state.

But in places like California, where 78 percent of defaults end in foreclosure, according to DataQuick Information Systems, they say short sales are troublesome.

Miami Real Estate Information

"All the lien holders have to release it. It may be palatable to us. It may not be palatable to another lender. That's one of the realities of short sales. It's a practical legal reality that has to be met," said David Bradley, spokesman for Bank of America and its recent Countrywide acquisition.

Banks prefer loan modifications over short sales, said Robert Satnick, president of the California Mortgage Bankers Association. Freezing or lowering interest rates helps people who want to stay with the house. Short sales aim at owners who just want out. He also cited problems with incomplete short sale applications.

"The banks are inundated," he said. "If you give them an incomplete application, it's going to the bottom of the pile."

Pepperdine University finance professor Len Rushfield, a former bank president, said short sales may be rising but are still too much work for most banks.

"It's easier to foreclose. There's a direct process there," he said. "It may be financially a better result if you get it done through a short sale, but getting it done is the blockage."

What's the No. 1 secret to getting a short sale done successfully?

"The first thing is to contact your servicer and let them know you intend to sell," said David Knight, vice president for Wells Fargo & Co.'s default and retention division.

"In this challenging environment, if you let us know early, we can get things ready, go through the financials and get ahead of the offer. Then we can make a decision quickly."

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He said too often, people submit the entire packet with their first offer. Sometimes it's incomplete.

"If you have done your paperwork, you are significantly better off to benefit from the deal that comes in," he said.

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Bush team, Congress negotiate $700B bailout

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Miami – The Bush administration asked Congress on Saturday for the power to buy $700 billion in toxic assets clogging the financial system and threatening the economy as negotiations began on the largest bailout since the Great Depression.

The rescue plan would give Washington broad authority to purchase bad mortgage-related assets from U.S. financial institutions for the next two years. It does not specify which institutions qualify or what, if anything, the government would get in return for the unprecedented infusion.

Democrats are pressing to require that the plan help more strapped borrowers stay in their homes and to condition the bailout on new limits on executive compensation.

Congressional aides and administration officials are working through the weekend to fill in the details of the proposal. The White House hoped for a deal with Congress by the time markets opened Monday; top lawmakers say they would push to enact the plan as early as the coming week.

“We’re going to work with Congress to get a bill done quickly,” President Bush said at the White House. Without discussing specifics, he said, “This is a big package because it was a big problem.”

The proposal is a mere three pages long, but it gives sweeping powers to the government to dispense gigantic sums of taxpayer dollars in a program that would be sheltered from court review.

“It’s a rather brief bill with a lot of money,” said Sen. Chris Dodd, D-Conn., the Banking Committee chairman. “We understand the importance of the anticipation in the markets, but we also know that what we’re doing is going to have consequences for decades to come. There’s not a second act to this – we’ve got to get this right.”

Lawmakers digesting the eye-popping cost and searching for specifics voiced concerns that the proposal offers no help for struggling homeowners or safeguards for taxpayers’ money.

The government must stabilize the financial system “because if we don’t, it will have a tremendous impact on American consumers, homeowners, taxpayers and the rest,” House Speaker Nancy Pelosi, D-Calif., said in San Francisco.

But, she added, “We cannot deal with this unless this bailout helps families stay in their homes.”

Senate Majority Leader Harry Reid, D-Nev. said, “We cannot allow ourselves to be in denial about the threat now facing the world economy. From all indications, that threat is real, and the consequences of inaction could be catastrophic. Every single American has a stake in preventing a global financial meltdown.”

The proposal would raise the statutory limit on the national debt from $10.6 trillion to $11.3 trillion to make room for the massive rescue.

“The American people are furious that we’re in this situation, and so am I,” the House’s top Republican, Ohio Rep. John A. Boehner, said in a statement. “We need to do everything possible to protect the taxpayers from the consequences of a broken Washington.”

Signaling what could erupt into a brutal fight with Democrats over add-on spending, Boehner said, “Efforts to exploit this crisis for political leverage or partisan quid pro quo will only delay the economic stability that families, seniors, and small businesses deserve.”

Bush said he worried the financial troubles “could ripple throughout” the economy and affect average citizens. “The risk of doing nothing far outweighs the risk of the package. ... Over time, we’re going to get a lot of the money back.”

He added, “People are beginning to doubt our system, people were losing confidence and I understand it’s important to have confidence in our financial system.”

Neither presidential candidate took a position on the proposal. GOP nominee John McCain said he was awaiting specifics and any changes by Congress.

Democratic rival Barack Obama used the party’s weekly radio address to call for help for Main Street as well as Wall Street.

His language reflected a tricky balance that politicians in both parties are trying to strike, just six weeks before Election Day: Back a plan that doles out hundreds of billions to companies that made bad bets and still identify with the plight of middle-class voters.

Besides mortgage help and executive compensation limits, Democrats are considering attaching middle-class assistance to the legislation despite a request from Bush to avoid adding items that could delay action. An expansion of jobless benefits was one possibility.

Bush sidestepped questions about the chances of adding such items, saying that now was not the time for posturing. “I think most leaders would understand we need to get this done quickly, and you know, the cleaner the better,” he said about legislation being drafted.

Treasury officials met congressional staff for about two hours on Capitol Hill on Saturday. Discussions centered on how the plan would work, and Democrats proposed adding the executive compensation limits and new foreclosure-prevention measures. Details of those changes were not available Saturday. Bush and Treasury Secretary Henry Paulson conferred by phone for about 20 minutes in the afternoon, gauging how the negotiations were unfolding.

Among the key issues up for negotiation is which financial institutions would be eligible for the help. The proposed legislation doesn’t make it clear, leaving open the question of whether hedge funds or pension funds could qualify.

In a fact sheet released Saturday night, Treasury said it was seeking latitude for the secretary and the Federal Reserve chairman to expand the bailout to non-U.S. companies if they determined it was necessary to stabilize markets, but the original request sent to Congress is limited to firms headquartered in the United States, according to a copy obtained by The Associated Press.

The proposal does not require that the government receive anything from banks in return for unloading their bad assets. But it would allow Treasury to designate financial institutions as “agents of the government,” and mandate that they perform any “reasonable duties” that might entail.

The government could contract with private companies to manage the assets it purchased under the rescue.

Paulson says the government would in essence set up reverse auctions, putting up money for a class of distressed assets – such as loans that are delinquent but not in default – and financial institutions would compete for how little they would accept.

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Vulture funds may lift real-estate market in South Florida 305-936-2489

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MIAMI – For about a year, so-called vulture funds have circled South Florida’s besieged real-estate market, waiting for enough carnage to force deep discounts on large blocks of unsold condominiums. Some think last week’s meltdown on Wall Street may herald the arrival of that moment.

As many as 100 investment funds are shopping for South Florida real estate, hoping to buy extremely low during the current crisis. Their main target: condominium towers where developers and their lenders can’t sell enough units to pay off the loans used to build them.

“The bottom fishers, if you will, have been standing around the sidelines,” said Victor Lopez, a former Hyatt development executive now assembling commercial deals. ‘A lot of people out there are saying: ‘This is our time to get in.’”

If he’s right, it would be one of the clearest signs yet that South Florida’s beleaguered real-estate market had bottomed, bringing the region closer to a recovery. If vulture investors are buying, the view goes, it’s safer for others to start buying as well.

The funds come to the table with cash, but also a catch: a demand that the developers and banks accept a deep discount, typically between 40 and 50 cents on the dollar.

Despite all the attention these funds receive in the media and in real-estate circles, only one or two significant bulk condo deals have actually closed, according to several people involved in the market.

“Literally, a day doesn’t go by that I don’t get a call from potential investors,” said Ramiro Ortiz, president of Coral Gables-based BankUnited Financial. “The problem is that the price is 50 cents on the dollar. I’ve got enough clarity to know that’s not what I want to do.”

Real-estate analyst Michael Cannon sees the fund industry overstating the crisis facing developers and their lenders. So far, he is seeing enough condo buyers closing on their units to let most developers pay off their construction loans as well as some of the secondary loans needed to build the projects.

“Nobody is panicking,” Cannon said. “It’s not there.”

But after concluding the most dangerous week for the U.S. financial system since the Great Depression, fund managers think they are left with more leverage.

“Two very large hedge funds called me yesterday. Literally, they’re flying into Miami,” said Gregory Rumpel, a hotel broker at Jones Lang LaSalle, the day after Lehman Brothers filed for bankruptcy. “These guys are saying, ‘Well, that’s probably the shock to the market – with Lehman and all the other jitters out there – we need to see some stuff released.’”

Vulture in lipstick

One senior lending executive at a major South Florida bank that wanted to keep anonymous said his staff so far has refused offers from the so-called vulture funds. But he predicts that resistance won’t last much longer.

“The market conditions don’t seem to be improving. At some point, you’ve got to cut and run,” said the executive, who spoke on the condition that his name not be published. “That vulture is starting to look a little bit like it has some lipstick on it.”

Some think Wall Street’s grim news will prove a wake-up call to the fund managers themselves, prompting them to decide that the debacle has climaxed and that it’s time to deal.

“When you talk to most of these vulture-type investors, they all say they want to buy when there’s blood on the streets,” said Peter Zalewski, a partner at Condo Vultures, which brokers sales of distressed condominium towers. “This is really the sign they’ve been looking for.”

Turning point

An actual turning point wouldn’t reveal itself for months as the complicated deals, involving dozens of condominiums, get finalized.

“We’ve been active in this market for almost two years now,” said Matthew Martinez, whose Coral Gables firm, Pangea Select, is helping funds shop for South Florida real estate. “We’ve made about 32 offers. And we’re closing on the first one as we speak.”

Fluctuating currency markets add to the urgency for many of the funds with investment dollars from overseas. “Israel’s here in a big way,” said Adam Greenberg, managing director of BayBridge Real Estate Group, which is representing about a dozen funds.

Peter Wells wants to spend about $600 million in investor dollars and borrowed money on Miami-area real estate, but so far, he can’t find a motivated seller. He’s a partner in Condo Capital Solutions, a Denver-based fund that is looking for bulk deals in Florida and Arizona.

“We’re starting to see a few deals that are starting to make sense,” he said. Banks “are now starting to get a little bit more realistic.”


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Condo Hotel Atlantis Paradise Island 800-819-5466 Nassau Bahamas, Paradise Island.

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Atlantis Paradise Isaland Condo Hotel - Soaring 22 stories above a beautiful stretch of white sand beach adjoining the resort, overlooking the crystal clear, turquoise waters of the Atlantic Ocean, The Residences at Atlantis will bring an ultra-luxurious ownership opportunity to Paradise Island vacationers. This 493-suite dreamland of a condominium hotel, a joint venture that partners the renowned developer, Turnberry, with the prestigious owners of Atlantis, is an integral part of Atlantis’s newly announced billion dollar expansion. Owners of The Residences will enjoy an awesome combination of Turnberry residential elegance and Atlantis’s abundant amenities.

No Condominium Ever Offered Recreation, Dining, Gaming And Entertainment Like Atlantis.
Atlantis offers things to do and places to go for every member of the family, all day and into the evening – together or separately. Discover the world’s largest marine habitat; explore ancient architectural ruins; thrill to the many water slides; stroll on miles of beautiful beaches; free your kids for the fun at the teen center or the Discovery Channel Camp, Play golf, tennis, basketball, snorkel, sail, fish, dock your yacht at the full-service marina. Slim down, tone up, give your heart a workout at the fitness center; treat your body and soul to the pampering of the luxurious spa. Wine, dine and be entertained at 17 gourmet and casual restaurants and 18 lounges and clubs. Shop duty-free in the chic shops. And have an affair with lady luck in the spectacular casino.

Turnberry And Atlantis: What More Can You Ask For In A Condominium Hotel.

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Two history-making names – Turnberry, the famed developer of luxury high-rise condominiums and condominium hotels, and Atlantis, the resort that rose from the sea to become one of the world’s most spectacular vacation destinations – have teamed up to bring you an historic new condominium hotel designed to enhance the way you frequent Paradise Island.
Atlantis’s parent company, Kerzner International Limited, is a leading developer of luxury resort hotels and gaming properties worldwide. In addition to Atlantis, the Company currently operates nine resort properties in Dubai, the Maldives, Mauritius, Mexico and The Bahamas, and has entered into a management and development agreement for a tenth property in the Maldives.
Kerzner also developed Mohegan Sun in Uncasville, Connecticut, for the Mohegan Tribal Gaming Authority. Following the completion of a major expansion in June 2002, Mohegan Sun is among the largest and most profitable casinos in the world.
The Company is part owner, as well, of Sun Resorts Limited, the premier resort operator in the Indian Ocean. Turnberry has been gratifying people of means for more than 40 years, setting unprecedented standards of luxury for high-rise living. To the most astute condominium purchasers, three words truly separate the ordinary from the extraordinary: created by Turnberry. Those who truly know the Company know that no one does more to make sure their residential worlds are second to none.
Turnberry’s proud accomplishments, to date, include Turnberry Isle, Porto Vita, Turnberry Ocean Colony, Turnberry On The Green, Turnberry Village condominiums and Fontainebleau II and III condominium hotels, in South Florida; Turnberry Place and Turnberry Towers condominiums and The Residences, a condominium hotel enclave at MGM Grand Hotel in Las Vegas. The company is also renowned for developing luxurious destination resorts, and upscale working and shopping environments.
The ultra-luxurious Residences at Atlantis will reflect the exceptionally high standards of both the developer and hotelier. In its superb building amenities, impeccable personal service, and meticulously crafted and appointed designer-furnished suites.

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Uptown Marina Lofts Aventura Florida 800-819-5466

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Fisher Island

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Fisher Island is a tropical paradise with a legacy of extraordinary pleasures and unrivaled hospitality. It is a fairy tale retreat which, like the stories they tell about it, seems too good to be true.

Once the winter estate of the Vanderbilts, it is now home to the world's finest club community. Residents and guests are scenic minutes away, via private ferry, from the business exigencies, cultural attractions, cosmopolitan pleasures and nightlife of South Beach, Miami, Coral Gables and Coconut Grove.

The residences of Fisher Island perpetuate the timeless villages of the Mediterranean. Mirrored Old World courtyards with fountains and the red-tiled terraces of Tuscany hill towns, the island's classic design, perfectly complements its climate, lush foliage and ivory beaches embraced by the endless blue waters.




Amenities Include:

A spectacular P.B. Dye 9 hole championship golf course.

A Fisher Island Tennis Center featuring 14 clay, two grass and two hard courts for convenient day or night play.

Pools are sequestered throughout the community.

Nearly a mile of Atlantic beach with perfect white sand imported from the Bahamas.

7 Restaurants

Two deep-water marinas fully equipped and regularly hosting ocean-going yachts of virtually any size.

The island's most luxurious amenity is the Spa Internazionale epitomizing the world-class pampering of Fisher Island's residents and guests.

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Related Group and Starwood Join Forces To Create New Property In Bal Harbour 800-819-5466

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Starwood and The Related Group Form a Joint Venture
to Develop a New Build St. Regis Resort & Residences
on the Existing Site of the Sheraton Bal Harbour. Starwood Hotels & Resorts Worldwide, Inc. (NYSE: HOT) and The Related Group of Florida announce that they have signed a letter of intent to form a joint venture to develop a new build St. Regis Resort & Residences in South Florida's most exclusive enclave, Bal Harbour. The St. Regis Resort & Residences, Bal Harbour, to be built on the existing site of the Sheraton Bal Harbour, will be located on the white, pristine sands of the Atlantic Ocean directly across the street from the legendary Bal Harbour Shops. The renowned Lucien Lagrange Architects has been selected for the project. The proposed transaction is subject to the negotiation and execution of definitive agreements and other approvals and customary closing conditions.
"Related's innovative development expertise in project conceptualization, mixed-use development, and sales and marketing of upscale residential projects in the South Florida market is a perfect complement to Starwood's ultra-luxury brand, loyal customer base and its existing untapped real estate holdings," said Steven Heyer, CEO, Starwood Hotels & Resorts. "We expect that this relationship will allow us to maximize the unrealized potential of our land assets while enhancing the strength of Starwood's presence in this affluent market."

"We see a huge potential in developing the St. Regis Resort & Residences, Bal Harbour as a preeminent address for first-class luxury living in Miami," said Jorge M. Perez, chairman, The Related Group of Florida. "The powerful combination of the St. Regis brand, the distinguished reputation of Lucien Lagrange Architects', and Related's integrated development approach will make the St. Regis Resort & Residences, Bal Harbour a spectacular new addition to the seaside Bal Harbour village."

Only a select few of the world's luxury hotels merit the St. Regis name, offering unprecedented excellence in standards of hospitality and elegance. The St. Regis Resort & Residences, Bal Harbour will feature an array of sumptuous amenities, including the brand's signature butler service, renowned concierge service, a world-class spa and a signature restaurant.

The Bal Harbour Shops, ranked "the number one shopping center in the U.S." by Women's Wear Daily and home to 100 flagship stores including Hermes, Gucci, Prada, Dolce and Gabbana, Chanel, Louis Vuitton, Saks Fifth Avenue and Neiman Marcus. The Bal Harbour Shops also offer their patrons services such as valet parking, personal shoppers, as well as an array of first-rate fine dining options.

The Sheraton Bal Harbour will plan promotional activities throughout the year prior to its anticipated closing in June 2006 to celebrate the hotel's 50 year fabled history. "We anticipate that thousands of guests who have stayed with us over these past 50 years will want to come back and stay with us one last time," said the Resort's Managing Director, Hans B. Altenhoff. "This will be an exciting year for our property; not only will we commemorate our 50th anniversary but we will also provide our guest the opportunity to own their dream home on the beach they have enjoyed all these years." The Sheraton Bal Harbour's 50 year anniversary celebration which kicks off this spring, will incorporate promotions with the luxury brand emporiums located at the Bal Harbour Shops via an exclusive "Passport to Bal Harbour" offering available only at www.sheraton.com.

The Related Group of Florida has 25 years of residential development and construction experience of condominiums and urban mixed-use properties, primarily in Florida. Some of Related's landmark projects in South Florida include the Icon, Murano, Murano Grande, Portofino Towers and Oceans I, II and III. The company works closely with its New York affiliate to acquire commercial and residential real estate throughout the US. Related's marketing partnership with RCRS (Related Cervera Realty Services) will offer years of selling expertise in the luxury South Florida real estate market.

Lucien Lagrange Architects has roots in both the innovative architectural legacy of Chicago and the classic design heritage of Mr. Lagrange's native France. The dichotomy results in a firm that is uniquely creative yet sensitive to a timeless aesthetic. In a relatively short time, Lagrange has made a significant mark on the Chicago skyline. Its projects - new buildings and comprehensive renovations - are prominent both in the Loop and on the Near North Side. One of the latest is the new 67-story Park Tower hotel and luxury condominium development on North Michigan Avenue.

Local architect, Sieger Suarez, has been selected as the architect of record and has long been unrivaled as South Florida's leading architectural firm specializing in luxury residential high-rise design. Taft Bradshaw, the original landscape designer for the Village of Bal Harbour and the Bal Harbour Shops, has been chosen as the landscape architect.

Starwood Hotels & Resorts Worldwide, Inc. is one of the leading hotel and leisure companies in the world with more than 750 properties in more than 80 countries and 110,000 employees at its owned and managed properties.

This press release contains forward-looking statements within the meaning of federal securities regulations.

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NAR: Pending home sales indicate market stabilization - Miami Real Estate

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WASHINGTON – Pending home sales are hovering in a narrow range, another indication that a stabilization is occurring in the housing sector, according to the National Association of Realtors® (NAR).


The Pending Home Sales Index, based on contracts signed in October, slipped 1.7 percent to a reading of 107.2 and is 13.2 percent lower than October 2005. The index had trended up from a cyclical low of 105.6 in July, and a decline from year-ago levels is narrowing. In September, the index was 13.6 percent below a year earlier, while in August the decline was 14.0 percent.


David Lereah, NAR’s chief economist, says a fairly steady pace of home sales can be expected for the next two months. “It’s important to focus on where the housing market is now – it appears to be stabilizing, and comparisons with an unsustainable boom mask the fact that home sales remain historically high – they’ll stay that way through 2007,” he says. “In addition, a temporary correction in prices distracts from the fact that it is primarily the number of home sales that affects the economy, and the number for this year will be the third highest on record.”


The index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed and the transaction has not closed, but the sale usually is finalized within one or two months of signing.

Miami Real Estate

An index of 100 is equal to the average level of contract activity during 2001, the first year to be examined and the first of five consecutive record years for existing-home sales. There is a closer relationship between annual changes in the index and year-ago changes in sales performance than with month-to-month comparisons.


Regionally, the PHSI in the Midwest slipped 0.6 percent in October to 95.8 and was 15.4 percent below a year ago. The index in the South declined 1.7 percent to 122.9 and was 9.3 percent below October 2005. In the Northeast, the index eased 2.1 percent in October to 88.0 and was 13.5 percent lower than a year earlier. The index in the West fell 2.7 percent to 109.5 and was 17.4 percent below October 2005.

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Related Group plans condo tower in West Palm 800-819-5466

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The Related Group, which helped build West Palm Beach's CityPlace, is about to bring its real estate magic to the city's sleepy north end.

The Miami development company plans to build a luxury high-rise condo on North Flagler Drive, just south of 45th Street in a section known as Northwood Shores. The still unnamed project will consist of a 20-story, 148-unit tower, four townhouses along Flagler and a 277-space parking garage, according to preliminary plans filed with the city.

Fueling Related's interest in the region is Rybovich Spencer's $100 million marina face-lift, located just south of the Related land, said Barbara Salk, Related senior vice president. Rybovich Spencer plans an upgraded marina with space for mega-yachts, waterfront condos and retail space. Also in the works: A public marina.

Partnering with Related in the project is Stephen Kornfeld, chairman of Nagelbush Mechanical, a plumbing, heating and air-conditioning company in Sunrise. Salk said Kornfeld is the one who found the Flagler Drive property, which now consists of vacant land and two homes.

Up until now, most of the condo action in West Palm Beach has been in and around its downtown. But as land disappears, developers are starting to look outside the city's core. For instance, T-Rex Capital also plans a luxury condo on North Flagler Drive, at 57th Street.

Related's Salk cautioned that plans for the company's project are still so preliminary she doesn't even have prices for the condos yet. And, to make sure the neighbors are on board with this tall tower project, Salk said Related plans to meet with neighborhood groups soon.

In the meantime, Related is busy wrapping up its other condos in West Palm Beach by closing sales.

By year's end, Salk calculates Related will be responsible for 938 condo sales closings in the city. "That's going to bring a huge influx of tax money to the city," Salk said.

In the works right now are closings at The Slade, one of the first condos announced during the start of West Palm Beach's condo craze. Already, some 100 of its 200 units have closed, Salk said.

Other Related closings have taken place at its condo conversions at The Tower Condominiums and The Courtyards at CityPlace. And coming in the fall: Sales closings at The Prado and Villa Lofts.

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Aventura Homes 800-819-5466

Aventura Homes

Located between Miami and Fort Lauderdale, the upscale community of Aventura is the sparkling “jewel” of the Florida East Coast. Encompassing 3.2 miles, this boutique "City of Excellence" is surrounded by the Intracoastal Waterway and the sparkling Atlantic Ocean with its white-powder beaches. Aventura was founded in 1995, making it one of the newest communities in the southern part of the state. Aventura has quickly become one of the most popular with a booming population of now more than 25,000 residents. Excellent employment opportunities can be found in the industries of educational, health and social services, finance, insurance, real estate, rental and leasing, retail trade, professional, scientific, management, administrative and waste management services. Aventura features a 12-acre recreation area with playgrounds, tennis courts, biking trails, a baseball field, basketball courts and a sprinters’ track and clubhouse. Moreover, there are more than 50 private and public golf courses within a 25-mile radius of Aventura homes. Intracoastal marinas are nearby as are deep sea fishing boats for hire. Aventura is conveniently located just minutes away from the Ft. Lauderdale and Miami International airports. Infrastructure improvements and plenty of new construction ensure you’re your Aventura home is a comfortable and convenient place to call home. Aventura’s home market is primarily made up of high-rise condominiums boasting incredible ocean, bay and city views, but also include single-family homes, estate properties and townhomes. This modern, vibrant and diverse community is the perfect hometown for families and businesses alike. Aventura homes offer many different varieties to fit everyone’s needs.

The real estate market in Aventura is focused heavily on condominium and townhouse living as well as Aventura Homes. It has some of South Florida's best-known large-scale condominium projects such as the luxurious gated communities of Porto Vita and Williams Island that are known for their excellent taste, private resort-style setting, and huge condominiums of more than 2,500 square feet and where prices start from the $800,000s. Homes in the Aventura Bay Townhomes gated community and The Point and Aventura Marina waterfront communities start in the high $500,000s. Aventura Lakes, Country Club Estates and Island Estates are exclusive single-family detached waterfront communities with homes ranging from the $800,000s to more than $4 to $5 million for larger estate-style properties. Moderately priced one- or two-bedroom condominiums with great views are also available starting at $200,000 up to $700,000. New construction is taking place throughout Aventura at a pace not to be believed. This includes low-rise and loft-style buildings such as The Alaqua, The Atrium and The Lofts all in waterfront sites where prices start in the high $500,000s. Land and lots available for custom development are limited. If you are thinking of buying or selling your home please contact Dean Isenberg toll free at 800-819-5466.

Aventura Homes are available in four separate communities in Aventura, Aventura Lakes, Country Club Estates, Island Way and Island Estates. These Aventura homes range in size from 2100 square feet to well over 5000 square feet. Please feel free to call for more information on Aventura Homes.

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The Housing Bubble Revisited

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“Buy Real Estate, They ain’t making any more of it.” Will Rogers

In the prediction business you will often question your work. It is only natural. When predicting something is a bubble that doubt is doubly so. Bubbles are once in a generation events, which are not to be taken lightly. When bubbles burst the results are very and a lot more serious than a line on a computer screen going down in value.

Housing is even more difficult to predict a bubble because there are so many dynamics. For example, while there is a bubble in places such as Florida, California and most of the major U.S. cities. Their certainly is not one in Omaha or Topeka. However, as the populous areas of the United States are where most people live and these areas have seen large increases in land we have to conclude that on the whole, the United States and Canada are seeing real estate bubbles.

Another method we use to judge bubbles are stock charts. Bubbles usually coincide with Parabolic (straight up) moves in the stocks which represent that industry. When looking at the charts of the Dow Jones Homebuilding Index or any of the major homebuilders in the states we can most definitely see that homebuilding is experiencing a bubble.

It has gotten even worse, when I was discussing the real estate bubble earlier this year the Dow Jones Homebuilding Index was trading at nearly 800, it has increased over 30% in just a few months and trades at 1,070 as I write!! It has doubled in the last year. This, of course, is not sustainable.

However, what really defines a bubble is Manic Mass Psychology. When the bubble becomes so crazy that the mass of the population is involved. We remember the story of Joe Kennedy selling all of his stocks in 1929 after a shoe shine boy gave him stock advice. Recently, I traveled to Miami Beach and then the Bahamas. You could tell the difference in psychology in each place. In Florida EVERYONE was talking about Real Estate.

Let me give you an example. I was taking my cab from the airport to the hotel. When driving down Collins Ave., (a road that runs right along the coast) we asked our cab driver about the prices of the houses on the ocean. He knew them all. “On this side they are 2-3 million, on this side 5-6 million dollars.” He also knew that his house had gone up from “66,000 to nearly 140,000” in the past 5 years. The funny thing about it; he could barely speak English! Yet he knew all about the prices of real estate in the area.

When getting a massage at the hotel my masseuse started to talk about how Real Estate was booming and how they were tearing down all the old motels and building condos in place of them.


I was also shocked to see that in Miami Beach, a very built up area, how many cranes their were. The only other city I can remember seeing more cranes was Beijing. Of the major difference is that China is transforming from a third world nation to an industrial power. Where as just stated South Florida is already built up. Due to land prices it makes more economic sense, at the moment, to build condos as you can make more off the condo prices than hotel rates. These are sure fire signs of a Real Estate mania.

In Nassau, there was a lot of building going on. However, it was more communities and individual homes rather than mega condos. In addition, no one was really talking about it. Housing in Nassau has gone up about 5-10% a year over the past few years 5-10 years. Whereas, much of Florida (such as West Palm Beach and Boca Raton) are up 30-40% year to date!!

What you could see is the difference in mass psychology of a bubble compared to that of a place that is probably not experiencing a bubble.

Anyhow, our warning remains the same. “Hot areas” of the United States are still looking like a real estate bubble. It is estimated that 11% of current sales are those who are speculating, this is nearly 60% above historical average of 7%. When the market turns speculators, who are usually the most heavily leveraged with debt, will be decimated.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com


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Indian Creek

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INDIAN CREEK

According to census data in the year 2000 there were 38 housing unites in Indian Creek. This represents a 26.7% growth from 30 in 1990.

Of those housing units, 38 were located in either urbanized areas or urban clusters, and none were located in what is classified as a rural area.

Homeownership rate in Indian Creek is about 100%. Indian Creek's vacancy rate, including seasonal lodging, is about 63.2%. Average household size is 2.43 people.

The majority of houses, apartments or condos in Indian Creek were built after 1965.

Indian Creek has one of the fastest growing Real Estate markets in the continental U.S. Hundreds of thousands of people are drawn to this modern, urban paradise every year. There is something here for just about everyone. Locating an honest, trustworthy Real Estate Company in South Florida is a difficult task. With hundreds of Real Estate Agents and Real Estate Attorneys located throughout the area the task becomes even more daunting. The purchase of a home is the single largest investment anyone can make throughout their lifetime. Although becoming a homeowner is one of the most enjoyable accomplishments a person can achieve, the purchase of a home may be one of the most stressful situations a soon-to-be homeowner will go through. Going through the right Real Estate agent makes all the difference in the world. When you have a realtor that looks out for your interests and treats every client the way they would like to be treated it can dramatically change the home buying process. Whatever your budget might be from a small single family home to a multi-million dollar estate these realtors have what it takes to make your purchase as easy and enjoyable as possible.

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Golden Beach

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GOLDEN BEACH

Golden Beach is truly a family oriented community complete with a private 1.8-mile beach, a historic Pavilion, three parks -- including John Tweddle Park -- and no commercial activity whatsoever. Both Sunny Isles, Golden Beach and Eastern Shores reap the benefits of small-town living just minutes from big-city amenities. Miami-Dade County Public Schools serve nearly 300,000 students including those from Sunny Isles, Golden Beach and Eastern Shores, which has three schools - Highland Oaks Elementary, Highland Oaks Middle and Dr. Michael Krop Senior High School.

Incorporated in 1929, Golden Beach is actually one of the area's older municipalities. Founded five years earlier as a place to devote to family life, much work had to be done to prepare for development. Islands were dredged, mangrove swamps were drained, and bridges, waterlines and electricity were added. The town survived the 1926 hurricane, but homes did not begin to pop up until 1928. Steel barons from Pittsburgh were some of its early residents. Even First Lady Eleanor Roosevelt was attracted to the tranquility of Golden Beach and often rented a villa there in the 1940s. Gambling tried to get a foothold in the area, but law enforcement and citizen opposition soon put an end to that.

Today, after putting a strangle hold on gambling and commercial activity of any kind, Golden Beach remains the same idyllic sanctuary it was since its incorporation. Yet, progress has exploded around both Golden Beach and Sunny Isles Beach. Both Miami International Airport and Fort Lauderdale International Airport are a mere 20 minutes away. Port Everglades and the sophisticated excitement of Miami Beach are also nearby. Popular attractions include a cruise on Biscayne Bay, a boat ride in the Everglades, a water show at the Seaquarium, not to mention the ballet, Broadway shows and street festivals in Little Havana. Of course, professional sports are second to none with the Florida Panthers, Miami Dolphins, Florida Marlins, world class horse racing , dog racing & Jai Alai and the Miami Heat nearby.


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BellaMare at Williams Island Condos 800-819-5466

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BELLAMARE

BellaMare's luxury tower residences offer spacious floorplans, exquisite features, private terraces, concierge services, guest suites, boundless choices for recreation, and magnificent views.

BellaMare residences feature typical floorplans of three- to five- bedrooms, ranging from approximately 1,800 to 2,900 square feet of air-conditioned space.

Spectacular two-story penthouses are also available ranging from 4,600 to 6,000 square feet.

BellaMare Building Features

Residences

- Key access, high-speed elevator opens to private entry lobby
- Smooth coat ceilings
- Solid raised panel interior wood doors
- Brass or chrome hardware
- Large scale door casing
- Magnificent views of the Intracoastal & Ocean
- 9/16" laminated architectural, high velocity tinted glass
- Recessed lighting in halls, kitchens, bathrooms and wet bar
- Crown molding in master suite, grand salon and dining room

Gourmet Kitchens

- Granite countertops
- Luxurious SieMatic custom cabinetry
- Recessed under-cabinet lighting
- Built-in kitchen appliance package:
- Gaggenau gas or electric cooking center
- Gaggenau dishwasher
- Sub-Zero refrigerator
- Thermador warming drawer
- Sub-Zero under counter wine storage
- Microwave with Gaggenau front access door
- Kohler under-mount cast iron or Franke stainless steel sink
- Grohe faucet with pullout spray
- Breakfast bar
- Franke Little Butler filtered water dispenser with instant hot water purification

Master Suite

- Large walk-in wardrobe closet(s)
- Built-in safe in her wardrobe closet
- Luxurious Siematic custom cabinetry
- Marble in Baths - vanity tops, shower, tub deck, and skirt
- Large Jacuzzi whirlpool tub
- Full-width and height mirrors above marble backsplashes
- Crown molding
- Designer faucetry selections
- Separate water closet room with bidet

Safety and Energy Saving Features

- Emergency medical alert system wired to lobby security desk
- Fire protection sprinkler system
- Multiple zone, individually-controlled high efficiency air conditioning and heating system
- Energy efficient solar tinted glass
- Re-circulating hot water system
- Front loading washing machine and dryer
- Gas heated water system

Amenities

- Tower design by award winning Architect Robert M. Swedroe
- Landscape Architecture by award winning Bradshaw Gill Associates, ASLA
- Twenty-four hour staffed front desk security and valet
- Closed circuit television surveillance system
- Concierge services
- Full time residence manager on site
- Elegant furnished lobby
- Social room provides a comfortable atmosphere, complete with bar, kitchen, well-appointed furnishings and an exceptional view overlooking the Bay
- State of the Art private facility, in building, fitness center with locker rooms with sauna and steam
- Private Breakfast Club and lounge
- Surround sound theater with tiered seating
- Exquisitely detailed Boardroom
- Billiards & Card Room complimented with wet bar, TV, and fireplace
- Large guest suites with morning kitchens
- Separate large capacity service elevators
- Mailroom
- Business center
- Beautifully heated pool and spa with magnificent water views
- Poolside grills and gazebo areas


For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Gateway to the Grove Condos 800-819-5466

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GATEWAY TO THE GROVE

Discover the new city lifestyle. Tropical urban living, where you'll live, work and play. Steps away from Coconut Grove, Coral Gables and Downtown, Gateway to the Grove offers the convenience of city living at a fraction of the price. Take a short bike trail to Key Biscayne, and start enjoying what the Florida lifestyle is all about.

Gateway to the Grove has something for everyone. Minutes
away from Coral Gables and blocks away from Coconut Grove,
you'll have great restaurants, galleries, schools, parks and
easy access to highways. Hop in your car, drive a few miles
and you'll be in the heart of Ocean Drive. Or better yet, take
a short bike trail to Key Biscayne or Vizcaya, and start enjoying
what the Florida lifestyle is truly about.

Publix Supermarket awaits you just blocks away from your new
home, along with an CVS Pharmacy, restaurants and other local shops.

EACH RESIDENCE IS ERGONOMICALLY DESIGNED AND ALL INCLUDE

• European-style design cabinets
• Impact resistant windows
• Individual private parking
• Large balconies
• Great view of Coral Gables, Coconut Grove and Downtown Miami skylines
• Fully equipped kitchens with granite countertops and
stainless steel appliances
• Granite counters in kitchen
• Stacked washer and dryer in each unit
• Ceramic tile in kitchens. Carpeting throughout.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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The Blue of Coral Way 800-819-5466

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THE BLUE OF CORAL WAY

This mixed-use project is situated on a two-thirds acre site in Miami, less than half a mile east of the Coral Gables downtown district.

The Blue of Coral Way sits along the Coral Way corridor, which is lined with its mature sea grape trees with their majestic canopies outstretched from the center medium to the sidewalks.

The complex consists of ground floor retail, a series of townhouses, Loft apartment units, ample parking and a apartment Tower.

The ground floor retail base reinforces the existing urban fabric a covered arcade and storefronts stretching along the city sidewalk edge. This arcade provides shelter and comfort to pedestrians as well as general access to the complex, as it also servers as the buildings main entrance.

To the west of the retail are access roads serving as the vehicular entrance/ exit to the complex. These roads provide access to the main drop-off area, and the secure Parking Garage.

The Parking Garage has both public and private zones catering to the need of the occupants and visitor. Immediately above the retail slightly recess from Coral Way sits four levels of two story loft style apartments, these units create a visual barrier for the parking garage located directly behind the units.

The top roof of the retail along the edge of Coral Way is transformed into a landscaped roof level garden creating a green zone between the units and the street below.


THE BLUE OF CORAL WAY TOWN HOMES

Residential scale Town homes are located along the less dense residential street to the south. The six town homes consist of two stories each with a roof garden above and parking access to the garage located to the north.

Each of the homes have their individual entrance gardens and front door, but share the same amenities with the adjoining complex. The Town homes are meant to create a transition space between the dense urban scale of Coral Way and the residential scale of 22 terrace, by having the homes backing into the six floors of parking structure, shielding the garage from the residential street and its neighbors.

THE BLUE OF CORAL WAY LOFTS AND CONDOMINIUMS

The Apartment Tower rises above the parking garage/ loft units with 168 units distributed on 13 floors. The apartments are oriented with views towards the north and the south, along a central double loaded corridor. The design of the residential units provide for generous continuous balcony space along the outside face of every unit, creating a light "secondary skin" on the building generating a strong modern façade with is horizontal lines and railings.

THE BLUE OF CORAL WAY BUILDING FEATURES

The north front face of the tower along Coral Way curves out subtly, thus softening its façade upon the city's urban fabric rising a total of 20 stories. The pool level occurs on the 7th floor where various additional amenities can be found. The pool plaza provides an expansive outdoor recreation area with generous covered areas, a circular wading pool as well as a full size swimming pool and trellised covered BBQ area as well.

The Plaza is also generously landscaped with planting of various scale to soften the edges and enhancing the outdoor experience. The top floor contains the building's mechanical system which is enclosed with decorative architectural treatment of metal louvers, aluminum panels and exposed masonry in its conclusion.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Park Suites at 50 Biscayne 800-819-5466

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50 BISCAYNE

50 Biscayne will be located on the full-block along Biscayne Boulevard between Flagler and First Street. Set across from 32-acre Bayfront Park, it will look out over Biscayne Bay. Currently, a one-story food court and mall, Columbus Bazaar, sits on the site.

Once completed, it will be the among the tallest buildings in Miami's central business district, which includes the marquee towers, the 55-floor Wachovia Center and the 47-story Bank of America Tower. Overall, the 64-story Four Seasons Hotel & Tower, located in the Brickell area, is Miami's tallest building.
With interior lobby designs by The Rockwell Group of New York who designed the interiors of South Beach's Murano Grande and the Emerill's Restaurant in South Beach, 50 Biscayne Miami is the Related Groups most luxurious project to date to be built in Down Town Miami.

RESIDENCE

Spacious living room with adjacent terrace Elegant smooth ceiling rising to 8' 8" Spacious walk-in closets. Continuous Balconies featuring downtown Miami's greatest views (in most units) Top-of-the-line Stackable washer & dryer Floor to ceiling laminated and energy efficient tinted windows High efficiency central air conditioning and heating unit Pre-wired for Smart Building; multiple-jack high-speed internet, "home run" configured CAT5 cable for data / voice communications, and high speed cable access to all television outlets.

KITCHEN

Dellacasa Italian premium teak cabinetry Imported absolute black countertops KitchenAid Integrated 36" panel ready refrigerator including freezer and icemaker in selected units Bosch stainless steel self-cleaning 30" range with sleek glass cook top in selected units Bosch multi-cycle pot scrubbing dishwasher with sound insulation in selected units Modern stainless steel double sink Imported porcelain tile floors Modern track lighting.

MASTER AND / OR GUEST BATH

Dellacasa Italian premium teak cabinetry Granite or marble vanity tops Full width vanity mirror with decorator light fixture Imported porcelain tile floors in wet areas.Glass enclosed showers Elegantly detailed designer faucets Luxurious oversized Jacuzzi style tub.

Conceived by The Related Group, the residences of 50 Biscayne were designed by the renowned architectural partnership of Sieger Suarez. The interior environment was created by award-winning architectural and interior design firm, Rockwell Group. Their design concept centers on providing you with unsurpassable comfort and style.

Upon entry, you are welcomed by a remarkable 3-story lobby where you will find concierge services to accommodate your needs. The 10th floor provides an escape to a lush, tropically landscaped pool deck and infinity pool, a spacious skylobby with spectacular skyline and water views from Bayfront Park to South Beach, a 2-story club room with bay views and fully equipped wet bar, warming kitchen and billiards as well as a 2-story formal party room designed by Rockwell Group. The 12th floor is designed for your workout at the 2-story fitness center and spa, which boasts 360 degree views of Miami.

PARK SUITES

The Park Suites are a select group of residences within 50 Biscayne that are fully finished, elegantly furnished and meticulously accessorized for you by the highly acclaimed Rockwell Group. Typically, Rockwell Group reserves their design services for creating dramatic surroundings in large scale settings and exclusive residences. However, The Related Group has formed a partnership with Rockwell Group to design Park Suites and bring you the new concept of "living made easy".

What this means is that everything is included at Park Suites. From the finest fabrics for each artfully crafted custom-made sofa, the selection of the highest quality imported wood floors and ceilings to designer kitchens that include Italian cabinetry, state-of-the-art appliances and plasma televisions, this collaborative team addressed every last detail down to the kitchen cutlery and designer place settings. We'll even provide a toothbrush so you can move right in.

From the grand scheme of every Park Suite to the last minute detail, Rockwell Group thoroughly addressed your every need with the highest level of style and sophistication. Kitchens feature high-end Bosch and Kitchen Aid appliances, hand crafted Dellacasa Italian cabinetry, top quality imported wood floors and ceilings, stainless steel cookware, deluxe cutlery and designer place settings.

Bathrooms are carefully designed with imported porcelain tile floors, hand crafted Dellacasa Italian cabinetry, a full width vanity with designer light fixtures, the plushest towels and finest designer accessories.

Bedrooms are furnished with custom-made king size platform beds and matching dressers, designer light fixtures, custom hand made decorative items and come supplied with signature designer bed linens.

Living areas are comfortably tailored with state-of-the art flat screen plasma televisions, artfully crafted custom-made sofas, designer area rugs, custom-made window treatments, modern art and hand crafted decorative items.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Baylights Condos 800-819-5466

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BAYLIGHTS

12 Waterfront Luxury Condos on the Infinite Bay in Normandy Isle, Miami Beach


BUILDING AMENITIES

12 Spectacular Waterfront Residences in an exclusive intimate setting
Each residence offers spectacular panoramic views of Biscayne Bay, Miami Skyline and Miami Beach
The first USGBC/LEED Standard Green/Environmentally Friendly Building in South Florida
Japanese style landscaping accentuating the relaxing recreational areas, pool, and spa.
Waterfront Meditation and Yoga area
Two Parking Spaces in secured garage
Smart Camera Security System with Internet access
Black rocks, stone pavers and bamboo trees creates serene ambiance throughout.
Airy entrance space with peaceful sounds of a custom designed water wall.

New Multimillion dollar North Beach Recreation Park only a walk way.
Centrally located within the proximity of highways, both Miami and Ft. Lauderdale Airports, Port of Miami and Bal Harbour.
Spacious balconies nestled on the bay .
Designed by world-renowned architect Kobi Karp.

INTERIOR AMENITIES

Environmentally friendly products used throughout
European designer kitchen cabinetry.
Elegant imported granite kitchen countertops.
Smart, energy-efficient stainless steel appliances
Marble master bath includes dual sinks, bidet and whirlpool tubs
Impact resistant glass windows and doors tinted for energy efficiency.
Pre-wired for Smart Building; multiple-jack high-speed internet access, data/voice, and cable TV access.
Technologically-advanced Fire Safety System.
Energy efficient air conditioning and heating system.


For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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AXIS Condos 800-819-5466

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AXIS

Set across from the financial district, this Arquitectonica designed tower boasts spectacular water and city views, from floor to ceiling glass windows and large glass balconies.

One, two and three bedroom residences; 734 square feet to 1,908 square feet. Spectacular pool deck, fitness center, retail / restaurant space and more!

AXIS Features:

Two 39 story towers

Units: 718

Number of Bedrooms: 1, 2 and 3 Bedrooms

Unit square foot range: 734 to 1,908

Price Range: $270,000 and up

AXIS Amenities:

Infinity edge pool

Fitness center

Theatre

Yoga / Pilates studio

24 hour security

Valet, Concierge and more



AXIS BUILDING AND PROPERTY AMENITIES

• Brickell village property w/spectacular city and bay views
• Unique building design by award-winning architectural firm Arquitectonica
• Urbane and tropical landscaping
• Automated and manned security system encompassing the entire property
• For your convenience we offer valet service for you and your guests, as well as assigned parking
• Around-the-clock concierge to help you organize life’s details
• State of the art video information kiosk for resident’s review of messages or packages
• Superbly decorated common areas by Arquitectonica which include Italian and Brazilian stone, rich woods and commissioned artwork
• Residents’ lounge with pool deck and city views
• A sun-drenched resort style pool throughout the year, seasonally heated as needed
• Lap pool in the midst of tropical gardens with city and bay views
• Poolside alcoves and cabanas for privacy and entertainment
• Poolside bar and barbeque grill
• Private hot tub set within in a tropical garden
• His and her spa offering a soothing world of tranquility for body, mind, and spirit equipped with changing room, steam room, and massage rooms
• Fitness center- with comprehensive equipment including- cardiovascular training, strength training, balance and flexibility training
• Wellness center - with facilities to accommodate - Yoga, Pilates, or Aerobics
• Kitchen and bar located adjacent to media room, library and the theatre
• Business center with private boardroom and teleconferencing capabilities - and a separate pantry and amenity servicing area
• Library & media room with a full selection of books and DVD’s
• THX theater for private viewings of movies or sporting and entertainment events
• Wi/Fi in all public and private areas completely wired for cable and internet access
• 20,000 sq. ft. of retail, home to the best conveniences and services

Over 25,000 sq ft of First Floor Premium Retail Space
Assigned Parking and Valet Service Focused on Banishing Everyday Stress
Concierge Ready to Assist at Any Time
24-Hour Guarded Security with Grounds and Parking Video Monitoring
8 High-Speed Elevators
Allows 12 leases per year (monthly rentals)

AXIS CONDO AMENITIES

7th Floor Urban Oasis
Infinity edge pool designed with privacy
Lush tropical landscaping, daybeds, and ponds
Full-equipped state-of-the-art Wellness/Fitness Center with Yoga and Pilates Studio
Warming kitchen, billiards, inside/outside wet bar with gorgeous city views
Spacious Library
Large Screen Theatre Room
Business Center
24-hour Security, Valet, Concierge and more...

AXIS RESIDENCE FEATURES

9' 10" Ceiling Height with Elegant Smooth Ceilings
Spacious Walk-in Closets
Extra Large and Wrap-Around Balconies with Impressive Skyline Views
Floor-to-Ceiling Laminated and Energy Efficient Tinted Windows
High-Efficiency Central Air Conditioning and Heating Unit
Sprinkler Fire Protection System
State-of-the-Art High-Speed Internet Access - "Smart Building"

AXIS KITCHEN FEATURES

Contemporary European styled cabinetry in a selection of colors
Chic imported granite countertops and backsplash
Stainless steel refrigerator, self-cleaning 30" range, sleek glass cook top, multi-cycle pot scrubbing dishwasher, built-in microwave oven with integrated hood and light, modern stainless steel double sink with pullout spray faucet
Imported porcelain tile floors
Sleek track lighting
Top-of-the-line stackable washer and dryer

AXIS BATHROOM FEATURES

Imported Wenge cabinetry
Imported stone vanities
Full vanity mirrors
Imported stone floor
Master suites with separate bath and shower
Italian marble vanity countertops
Full width vanity mirror with decorator light fixture
Imported porcelain tile floors and wet areas
Elegantly detailed designer faucets
Luxurious Jacuzzi style tub

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Harbor Islands Condos 800-819-5466

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HARBOR ISLANDS

It's your escape from the world. A beautiful cluster of islands set serenely apart from the crowds and chaos of urban life. A community right on the Intracoastal Waterway in Hollywood, where the rustle of sails replaces the roar of traffic. A magnificent place where the timeless rhythms of the sea are matched by the coolest ocean breezes. This is the kind of place you've been dreaming of. This is Harbor Islands.

As one of the last gated, luxury waterfront communities in Broward east of I-95, Harbor Islands offers discriminating home buyers the opportunity of a lifetime - and a truly remarkable lifestyle. It starts with water. Water everywhere. Stunning waterfront vistas. A planned Mediterranean marina with easy ocean access.

Sparkling lakes and swimming pools. Even a fabulous Clubhouse, championship tennis courts and state-of-the-art fitness center. But what really sets Harbor Islands apart is the spectacular collection of private waterfront estates, executive homes and unique Townhomes created by nationally recognized, award-winning builder Brookman-Fels in conjunction with Avatar Development Corporation. This is the escape you've been waiting for. This is Harbor Islands.

Welcome home...

Prime waterfront property is one of the world's most treasured commodities - but it's availability in South Florida is growing increasingly scarce. That's why Harbor Islands waterfront location is so extraordinary.
But it's only one of the reasons discriminating people choose to live here. The quality of Harbor Islands homes and the vision of Harbor Islands leadership are just as impressive. For almost two decades, the name Brookman-Fels has been synonymous with single-family custom homes of unequalled design excellence, quality craftsmanship, "white glove" customer service, and prime location.

Given this level of leadership, it is not surprising that their homes and communities have won numerous awards for excellence. Brookman-Fels has now become part of Avatar, a NASDAQ listed real estate and resort development company with over $450 million in assets and communities throughout Florida and Arizona.

Together, they are uniquely qualified to bring Harbor Islands to life. Their special combination of skills, resources, financial stability and commitment to exceptional quality means both the residence and the personal service you receive at Harbor Islands will exceed both industry standards and your own high expectations.

Just a hop, skip and a jump from Fort Lauderdale across a small scenic bridge, you're suddenly transported to true island living. The air seems cleaner here.
The streets safer. And the lifestyle more luxurious than you ever imagined. With 192 lushly landscaped acres and countless miles of open sea, Harbor Islands is what Florida living is all about.

The homes at Harbor Islands are as impressive inside as the waterfront vistas are outside. With a commitment to uncompromising quality and an unending attention to detail, every Harbor Islands home combines the graceful charm of the islands with today's most innovative design features.

The four distinct villages at Harbor Islands allow you to choose the home where you'll feel most at home. The stylish patio homes at Edgewater offer a casual elegance that's hard to resist. Harborview's expansive townhomes offer the ambiance of a dockside village.

The spacious executive homes at Harborside, many of which are on the water, are custom-designed and lavishly appointed with swimming pools and designer features. And the private entry at Harbor Estates leads to custom homes, with private boat dock for the epitome in luxurious waterfront living. It's all at Harbor Islands, far from the hectic pace of the city - but close to Aventura and Bal Harbour Shops, Miami and Fort Lauderdale International Airports, and all the fun and excitement of Miami and South Beach.

This is waterfront living the way it was meant to be

This is Harbor Islands.

Harbor Islands Price Range*: Starting from $719,000
*The price range posted will change, I have reviewed the properties and am posting the current range for January 2005 strictly for your information. Please contact me directly for additional and specific pricing information.

Prime waterfront property is one of the world's most treasured commodities - but it's availability in South Florida is growing increasingly scarce. That's why Harbor Islands waterfront location is so extraordinary.
But it's only one of the reasons discriminating people choose to live here. The quality of Harbor Islands homes and the vision of Harbor Islands leadership are just as impressive. For almost two decades, the name Brookman-Fels has been synonymous with single-family custom homes of unequalled design excellence, quality craftsmanship, "white glove" customer service, and prime location.

Given this level of leadership, it is not surprising that their homes and communities have won numerous awards for excellence. Brookman-Fels has now become part of Avatar, a NASDAQ listed real estate and resort development company with over $450 million in assets and communities throughout Florida and Arizona.

Together, they are uniquely qualified to bring Harbor Islands to life. Their special combination of skills, resources, financial stability and commitment to exceptional quality means both the residence and the personal service you receive at Harbor Islands will exceed both industry standards and your own high expectations.

Just a hop, skip and a jump from Fort Lauderdale across a small scenic bridge, you're suddenly transported to true island living. The air seems cleaner here. The streets safer. And the lifestyle more luxurious than you ever imagined.
With 192 lushly landscaped acres and countless miles of open sea,
Harbor Islands is what Florida living is all about.

The homes at Harbor Islands are as impressive inside as the waterfront vistas are outside. With a commitment to uncompromising quality and an unending attention to detail, every Harbor Islands home combines the graceful charm of the islands with today's most innovative design features.

The four distinct villages at Harbor Islands allow you to choose the home where you'll feel most at home. The stylish patio homes at Edgewater offer a casual elegance that's hard to resist. Harborview's expansive townhomes offer the ambiance of a dockside village.

The spacious executive homes at Harborside, many of which are on the water, are custom-designed and lavishly appointed with swimming pools and designer features. And the private entry at Harbor Estates leads to custom homes, with private boat dock for the epitome in luxurious waterfront living. It's all at Harbor Islands, far from the hectic pace of the city - but close to Aventura and Bal Harbour Shops, Miami and Fort Lauderdale International Airports, and all the fun and excitement of Miami and South Beach.

This is waterfront living the way it was meant to be

This is Harbor Islands.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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M Resort Residences 800-819-5466

Aventura-Homes.Com

M RESORT RESIDENCES

The M lifestyle is not easy to describe. Once inside the one and two-bedroom Resort Residence at M, you’ll be able to put in your own words. Words like comfort and service, certainly. But you’ll also need some fresh ways to speak of things like beauty and bliss. And every time you look out your window, the ocean will give you a new name for blue. In short, M speaks in a language not yet invented, made up of moments still to be shared. All we can do is spell it out for you.

M Resort Residences features and amenities

Oceanside infinity-edge pool

Pool bar

Poolside waterfall massage

Beachfront signature restaurant

Lobby bar

Beach cabanas

Hammocks

Fitness center

Spa and salon

Massage

Concierge services

Housekeeping

Room service

Business center

Valet parking

Building Features

210 residences mid-way between Bal Harbour Shops and Aventura Mall

Mid-way between Miami and Ft. Lauderdale airports

Award winning architect and designers

Porte-cochere arrival

Two-story lobby

Around-the-clock security

Covered parking

High speed elevators

Residence Features

A variety of floorplans

Floor-to-ceiling windows

Ocean and Intracoastal views

Nine-foot ceilings

Designer furnished

Private safe

Hard flooring in kitchen and baths

European cabinetry

Wall oven and integrated microwave

Ceramic cook top

Stainless steel, dual compartment sink

Wall-to-wall carpeting in living room and bedrooms

Washer and dryer

Pre-wired for multi-line communication

Cable TV wired

High-speed Internet access

Top of the line appliances

Designer bath fixtures and faucets

Marble vanities

Penthouse with roof terraces

M Resort Residences Developer

Miami has been called "The City of the Future" - cosmopolitan, multi-faceted, and always looking ahead. At the forefront of the city's march toward world-class status are those business leaders who have both the vision and the means to bring about positive change. Among this elite group are the founders of Fortune International Development, whose record of success speaks for itself.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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La Perla Condos 800-819-5466

Aventura-Homes.Com

LA PERLA

Today you may be shopping for the finest in fashion at Bal Harbour or Aventura. Tonight you could be dancing at South Beach and tomorrow, perhaps you'll find yourself at a world-class symphony performance or major league sports event. With the best shopping, dining and endless cultural and recreational choices, your home at La Perla Ocean Residences puts you at the center of the excitement and luxury lifestyle South Florida is famous for.

A unique oceanfront park sets the stage for your entry into your new home, where cascading fountains and manicured tropical grounds greet residents and guests.

The landscape sundeck, adjacent to a private historic finishing pier and man-made reef, is the perfect spot to spend an afternoon enjoying the view of the expansive, white-sand beach or relaxing in the large, beachfront whirlpool spa.

Your La Perla Ocean Residence is more than a home -- it offers you an incomparable lifestyle complete with 24-hour valet service and front desk attendant, an oceanview fitness center and more. Maid service is also available, as is select food service from a adjacent restaurant. For your business needs, make use of our business center and conference room.

When it's time to entertain, La Perla offers a multi-functional party room and sports lounge, with a billboard room. And for your security and convenience, building amenities also include secured owner storage facilities, secure front desk package delivery, plus pre-wired phone lines with multiple jacks for cable television and Internet access.

Whatever you need to work, play and live the good life is yours at La Perla Ocean Residences.

AMENITIES

Panoramic Ocean and Intracoastal Waterway views
Floor-to-ceiling tinted glass window
Private glass-railed terraces affording maximum views
Imported ceramic tile flooring in kitchen, entry foyer, and bathroom
Premium wall-to-wall carpet in choice of designer selections throughout living area and bedrooms
Imported Italian cabinetry in kitchen
Polished granite countertops in kitchen
General Electric energy-efficient appliance package
Stainless steel double kitchen sink
Kohler® fixtures in bathrooms
Imported marble vanity tops coordinated with ceramic tile flooring
Full-capacity washer and dryer in laundry closet

BUILDING AMENITIES

Oceanfront park setting
Cascading fountains
Grand entry through oceanfront park
Landscaped sundeck overlooking the ocean
Oceanside, climate-controlled swimming pool
Large, beachfront whirlpool spa
Hi-tech cardiovascular fitness center overlooking the ocean
24-hour valet service
24-hour front desk attendant
Business center and conference room
Multi-functional party room
Billiard room
Sports lounge
Children’s playroom
Secure package delivery at reception
Secured owner storage facilities
Pre-wired phone lines with multiple jacks for cable TV and Internet access
Energy-efficient central air/heating
Environmentally responsible recycling chutes
Limited food service from adjacent restaurant*
Maid service available*
Four resident elevators plus separate designated service elevator
*Fees apply for these services

Nestled in the midst of South Florida's most desirable oceanfront communities, the beauty of the Atlantic is just one reason why the new beachfront paradise of Sunny Isles Beach is being recognized as the new American Riviera.

This barrier island gives you access to everything from the cultural and tropical pleasures of world-renowned South Beach, to the nearby airports of Miami and Ft. Lauderdale.


For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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The Symphony Condos 800-819-5466

Aventura-Homes.Com

The Symphony

Magnificent new riverfront condominium that brings luxurious living to the heart of downtown Ft. Lauderdale's thriving cultural center.

Right on the river in the heart of downtown, spectacular new residential towers offer you the best of all worlds. The Symphony is the extraordinary new luxury condominium that puts you front row center. Everything that gives downtown its vibrancy - The Broward Center for the Performing Arts; the restaurants, theaters and clubs; Riverwalk; the boutiques an galleries at Las Olas - is at your doorstep.

With extraordinary one, two and three-bedroom residences offering breathtaking river, ocean and skyline views, The Symphony is a masterpiece of contemporary metropolitan living. Welcome home... to the art and soul of downtown.

Graceful yachts glide beneath your window. An evening's entertainment is at your doorstep. Water taxis at your front door whisk people to work or play. The Symphony rises from its dramatic porte-cochere entrance to a crown of spectacular penthouse residences that provide breathtaking panoramas of the river, the ocean and the downtown skyline.

The Symphony Building Features and Amenities*

A dramatic two-story lobby, featuring double grand staircases, is attended around-the-clock.

A professional Concierge is on duty 24-hours a day and is ready to assist with the activities of daily life as well as special occasions (optional services at an additional charge)

Housekeeping

Laundry and Dry Cleaning

Massage Therapy

Facials

Personal Training

Manicures / Pedicures

Reservation Services

Wine Storage with Climate control Humidor

Yoga and Pilates

Shoe Shine Service

Dog Walking Service

Water Taxi Transportation

Controlled-access garage offers either 24-hour valet or self-parking.

All residents are exclusive members of the luxuriously appointed Symphony Club, including:

Fully-Equipped Fitness Center, Spa and Treatment Rooms

Elegant Club Room with Catering Facilities

Furnished Outdoor Terraces with Panoramic River Views

Screening Room/Theater

Billiards/Game Room

Lushly landscaped Pool and Recreation Desk overlooking the New River features:

Heated Pool and Spa

Lavishly furnished sundeck with private cabanas available

Private lawn and garden available for private parties

Breathtaking views of the New River and Riverwalk

Emporium offering a selection of food and sundries for last-minute purchases.

For your added convenience, a Business Center with Conference Room provides immediate access to computers, printers, a fax machine and copier.

Separate bicycle and carriage storage is available (optional service at additional charge).

The Symphony Yacht Club offers the ultimate amenity in riverfront living - an on-site marina available for residents of The Symphony (optional service at additional charge).

Residence Features and Amenities*

Setting a tome of contemporary elegance, the residences at The Symphony combine exceptional quality materials and finishes with fine craftsmanship.

Ceramic tile entry foyers provide an elegant welcome home

Each residence is thoughtfully pre-wired for telephone, cable, TV and high-speed Internet access

Closed circuit TV, roving patrol and personalized key card entry systems enhance security at The Symphony

Individual climate controls allow you to achieve optimal comfort

In-home washer and dryer offer the utmost in convenience

Hot water provided by a central system

Living Rooms and Bedrooms have been pre-wired for ceiling fans

Fully sprinklered fire safety and alarm systems

Windows and patio doors are hurricane impact resistant while allowing breathtaking views

Luxurious wall-to-wall carpeting in living room and bedroom areas

Spacious balconies and terraces

Kitchens*

Sophisticated imported Italian cabinetry with glass panel accents is gracefully adorned by slab granite countertops. Designer ceramic tile floors are as beautiful as they are functional. Stainless steel sink with single-lever faucet and pull-out spray makes clean up a breeze. Stainless steel appliances offer state-of-the-art convenience:

Built-in Side-by-Side frost free Refrigerator/Freezer with ice maker

Dishwasher

Self cleaning 30" wall over

Ceramic glass cook top

Microwave

Master Baths*

For the ultimate in luxury, the sumptuous master baths feature:

Imported Italian cabinetry

Granite countertops and ceramic tile flooring

Undercount ceramic sink

Full-height mirror above vanity

Built-in medicine cabinet

Designer selected fixtures

Soaking tubs and separate glass enclosed showers as per plan

Guest Baths*

All guest baths are exquisitely finished and feature Italian cabinetry accented by granite countertops and ceramic time flooring, designer selected fixtures and full height mirror over the vanity.

Powder Rooms*

Each powder room features a graceful pedestal sink, designer selected fixtures and ceramic tile floors.

* Features may vary depending upon models

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Nola Lofts 800-819-5466

Aventura-Homes.Com

NOLA LOFTS

• Airy 10’8” ceilings in Classic Lofts and 20’ with dual level living space in Penthouse Lofts
• Oversized Windows
• Exposed mechanical duct work
• Stained concrete floors in living and bedrooms
• Ceramic tile floors in baths
• Prewiring for telecommunications (voice and cable)
• European-styled cabinetry in kitchen and baths
• Individual washer/dryer connections provided for installation
• Separate shower and oversized tubs in main baths (most models)

Community Space

NOLA offers shared amenities and a carefully planned location. The community features:

• Convenient downtown location
• Walking/biking distance to Las Olas Boulevard, Performing Arts Center, museums, Riverwalk entertainment complex and public library
• Heated swimming pool
• Residents’ club room
• Exquisite industrial architecture
• State-of-the-art fire safety system
• Lush tropical landscaping



Nola Loft Living

When artists started turning abandoned industrial buildings in New York, Paris and Berlin into living and work spaces, the lofts represented new thinking.

They said "no" to bland, remote suburbs. They tore up the idea of a present floor plan. And they embraced the freedom of lots of space.

NOLA Lofts do the same thing. We give you what the suburbs can't: open space, high ceilings and large windows with tons of natural light. Plus the pop of real city living. Sizzle instead of strip malls. Character instead of cars. Work, Shop, Play - whatever - all in the same neighborhood.

So now, instead of choosing somebody else's "lifestyle," you can make up your own.

Nola Loft Environment

Did you ever imagine your home could let you be a better you?

Since Nola puts you squarely in the heart of Fort Lauderdale, there are no mind-numbing commutes. No hurrying to and from the office, which leaves you with gobs more time for yourself.

Luckily, you have lots of options. You could do your morning yoga at the beach. You're a bike ride away from a romantic comedy and popcorn. Hit Las Olas and gossip over coffee. Or flirt with the not-so-mysterious stranger. Feel your jaw drop over the stunning sculpture at an art festival.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Vitri Lofts 800-819-5466

VITRI LOFTS

Aventura-Homes.Com

From the group that brought you Marquis in Miami, here is a project with convenience, luxury and exclusivity, Vitri South Beach

Vitri Loft condos overlook the Miami Beach Marina. Architects Carlos Prio-Touzet and Jacqueline Gonzalez-Touzet, have come up with a design that splits 66 residential units between two distinct buildings designed for stylish and comfortable urban living.

On West Avenue, a curving four-story concrete frame encloses glass-fronted “facets” on Vitri's double-height units, which capture views of Biscayne Bay. On Alton Road a modern rectangular structure of steel, glass and concrete is in scale with traditional Miami Beach neighborhoods.

Two-story lofts of one-, two- and three-bedrooms range from 1,000 to 2,200 square with 19-foot-high ceilings and master bedrooms and baths set on mezzanines that overlook the double-height living areas below.

Each master bath opens onto a balcony, designed to serve as a meditation or lounging space off of the master suite.

Vitri Loft's South Beach 22 penthouses will have “sky gardens” within glass walls, designed for outdoor/indoor entertaining and equipped with summer kitchens and wet bars. Private spas will be an option.

On the ground-level, a wood and glass-faced structure will house a signature restaurant and boutiques.

A concealed, four-level parking garage will serve retail customers and residents.

66 units will feature a loft-style design, with 20-foot ceilings and extensive glass.

They are 2 story units, and the Penthouse level features an additional flight of stairs leading to your private rooftop space.

The rooftop spaces will be outfitted with outdoor kitchens, a wet bar and plumbing for a Jacuzzi.

1, 2 and 3 Bedroom Units will be available with parking.

Vitri South Beach Lofts Features and Amenities

- A beautiful rooftop pool with fitness center.

Vitri South Beach Lofts Residence Features

• Dramatic 20 foot ceiling heights
• Expansive glass
• Private terraces and balconies
• Lavish master bedroom suites and walk in closets
• Pre-wired for cable, telephone and computer
• Impact resistant windows and door to meet hurricane codes

Vitri South Beach Lofts Residence Amenities

• Pool - 2300 sq. ft. pool with beach sand ramp
• Modern Gym and fitness center
• Jacuzzi hot tub
• Restaurants
• Shopping
• Parking

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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VilaSol Lofts 800-819-5466

Aventura-Homes.Com

VILASOL

20 Unit Boutique - Loft Style building, directly across the street from the Ocean on Collins Avenue. This building is designed to boast the 18 ft. walls of glass accentuating ceiling heights and the open- loft second story master bedrooms! All units will feature European kitchens, stainless steel appliances, granite countertops, and modern bathrooms.

AMENITIES

Rooftop swimming pool and cabanas · Easy Beach access · Across the street from "Altos del Mar" newly renovated city park.

UNITS

This building is designed to boast the 18 ft. walls of glass accentuating ceiling heights and the open- loft second story master bedrooms! All units will feature European kitchens, stainless steel appliances, granite countertops, and modern bathrooms.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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The Hamptons South Aventura 800-819-5466

Aventura-Homes.Com

THE HAMPTONS SOUTH

On prestigious Country Club Drive overlooking the Intracoastal Waterway across Golden Beach to the Atlantic Ocean. These spacious 2, 3, & 4 bedroom Condominiums from 3,000 to 4,000 sq feet are designed for quality family life.

The innovative design includes private elevators to each apartment, and an interior gallery, which creates the perfect place to showcase art. Master bedroom suites feature the largest walk-in-closet in all of Aventura.

Beyond the comfort and luxury of one's own home, the availability of recreation activities, restaurants, shopping and service facilities is non-paralleled. Golf, tennis, boating, and fishing is all but a stone's throw.

Shoppers will be delighted with the expansive Aventura Mall with its wide selection of name brand merchandise. Just over the causeway the Bal Harbour Shops offers a selection of luxury goods.

Every conceivable cuisine, from the haute of Chef Allen's to the best-corned beef on rye from the Rascal House and everything in between. Sporting events, theater, concerts, movie houses, art shows are all readily available and easy to attend. "Living large" takes on new meaning at Hamptons South in Aventura.

HAMPTONS RESIDENCES

- Master bedroom suites feature the largest walk-in closets

BATHROOM

- All baths feature imported marble floor and vanities
- The master baths also have a custom frameless shower enclosure
- Jacuzzi-style tub

LIVING ROOM

- Each home features spacious, well thought out design
- The spacious floor-through, see through floor plans provide light and airy sense of space

KITCHEN

- Luxurious kitchens contain center utility islands and feature top-of-the-line appliances:
- Including Sub-zero refrigerators
- Dacor double-oven and warming drawers
- Dacor cook tops
- Siematic cabinets
- Granite countertops

BUILDING AMENITIES

-Elegant two story marbled oversized lobby
- Dramatic lobby and other common elements by the dynamic international design firm, blue, a design firm, blue, a design company, Inc.
- Private home theater with plush stadium style sitting
- Distinctive building design by notable Robert M. Swedroe
- Spectacular cascading waterfall and tropical landscaped outdoor water garden design by renowned landscape architect Walter Taft Bradshaw
- Quiet relaxing library
- Children's game room
- Stately tea room
- Beautifully appointed party room
- 24-hour attended reception desk
- 24-hour Valet Service for your convenience
- Private 2 car garages with direct building access
- Two hotel guest suites for visiting guests
- Staff quarters
- Large storage air conditioned rooms
- Choice of Self parking or Valet Service
- Temperature controlled wine cellar
- Beautifully decorated elevator interiors
- Spectacular Atlantic Ocean and Intracoastal Waterway views
- Gate-controlled security access to garage - Electronically controlled and camera-monitored exterior doors for continuous safety
- Individual parking space with each residence
- Terrace access to The Resident Club and Spa
- Individual access storage locker
- Bicycle / carriage room
- Barbeque area just steps from your building
- Direct access to two on-deck pools and sun decks
- Conference Room
- Elevator access from deck to recreational activities and Intracoastal pool

CLUB AND SPA

- Vaulted two story main floor lounge area
- Spacious fully-equipped cardiovascular center
- 1,500 square foot aerobics facility
- Men's and Women's personal treatment rooms
- Separate men's and women's locker room and cool-down lounge
- Therapeutic Sauna and whirlpool facilities for both men and women
- Outdoor Roman tub with cascading hot water
- Lavish Social Pool sitting directly on the Intracoastal with Jacuzzi and Poolside Grill
- Two casual Oversized Pools
- Children's Pool
- Children's Play Area
- Intracoastal Viewing Pier
- Tennis Pavilion with four lighted courts and Resident Tennis Professional

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Ocean One Aventura 800-819-5466

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Ocean One is planned as an exclusive enclave of twin, 30-story towers on 700 feet of powder white beach. The extraordinary towers soon will be home of 241 families, who will luxuriate in gracious floor plans framed by stunning views of the bay, city and ocean.

Design by the renowned Sieger Architectural Partnership, two and three bedroom residences and penthouse suites offer a variety of elegant lifestyles.

Throughout each Ocean One residences are the most modern conveniences and special touches, including gourmet kitchens and richly appointed marble bathrooms. With every residence comes exclusive access to an elaborate menu of amenities that includes a lavish private beach club, heated pool and spa, fully equipped fitness center and lighted tennis courts.

All of Ocean One's remarkable residences offer 24-hour security, valet and concierge and private key-code elevators leading to a private foyer.

Location A home at Ocean One can be anything one desires. There's pristine beaches and gentle surf to the east, and some of South Florida's finest restaurants and shopping to the west.

Situated on 700 feet of lush beachfront where Aventura meets the Atlantic, Ocean One is just minutes from the heart of Aventura where an abundance of sundries, banking, professional services and stylish eateries ensure a convenient and luxurious lifestyle.

Some of South Florida's most coveted shopping experiences also are located nearby, including Aventura Mall whose anchor stores include Lord & Taylor, Macy's and Bloomingdales and Bal Harbour Shops which features such stores as Neiman Marcus, Saks Fifth Avenue, Channel and Gucci.

Ocean One is centrally positioned between Fort. Lauderdale and Miami, offering the rich varieties of cultural, commercial and sporting attractions in both cities. Although Ocean One residents are unlikely to want to leave their tropical haven, the property is about 20 minutes from both Miami and Fort. Lauderdale international airports.

OCEAN ONE AMENITIES

* Private entry foyer
* Private, high-speed elevators
* Solid, double wooden entry door
* Entry gallery with elegant coffered ceilings
* Panoramic ocean and intracoastal views (see your individual floor plan)
* Formal dining are leading to a private balcony
* Spacious living room with adjacent balcony
* Room-size balconies
* Elegant texture ceilings windows with energy efficient tinted glass
* Separate laundry room equipped with full size washer & dryer, cabinet and trash chute
* High efficiency central air conditioning and heating unit
* Smoke detector

KITCHEN

* Flush European style cabinets (selection will be given)
* Granite counter tops
* 36" refrigerator with "in-the-door" water & ice
* Glass cook top
* Built-in convection oven
* Built-in microwave
* Dishwasher
* Stainless steel under-mount double sink
* Garbage disposal
* Eat in breakfast area

MASTER BATH

* Elegant marble flooring in wet areas
* Marble vanity top with porcelain lavatories
* Designer faucets with porcelain lavatories
* Full width mirror over vanity
* Whirlpool tub
* Elongated water closet
* European style bidet with coordinating faucets
* Full marble shower

POWDER ROOM

* Pedestal sink
* Elongated water closet
Your Guest Bath Includes:
* Elegant marble flooring
* Full marble shower and/or tub/shower combination (see your individual floor plan)
* Marble vanity top with porcelain
* Elongated water closet

THE BUILDING

* Over 700 feet of magnificent ocean frontage and exclusive private beach club
* Private beachside cabanas
* Exclusive health & fitness center located on the 4th floor between the towers, featuring state-of-the art equipment, sauna and steam rooms
* Oversized heated beachfront swimming pool and spa
* 2 lighted tennis courts
* 6.3 acre site
* Lushly landscape grounds
* Tot Lot for children
* Media and Multi-purpose rooms
* Individual storage facilities
* 3 story entrance
* Spectacular porte-level covered parking
* Full time concierge
* Mail and package receiving desk
* 24 hour security

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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The Hamptons South Aventura 800-819-5466

Aventura-Homes.Com

THE HAMPTONS SOUTH

On prestigious Country Club Drive overlooking the Intracoastal Waterway across Golden Beach to the Atlantic Ocean. These spacious 2, 3, & 4 bedroom Condominiums from 3,000 to 4,000 sq feet are designed for quality family life.

The innovative design includes private elevators to each apartment, and an interior gallery, which creates the perfect place to showcase art. Master bedroom suites feature the largest walk-in-closet in all of Aventura.

Beyond the comfort and luxury of one's own home, the availability of recreation activities, restaurants, shopping and service facilities is non-paralleled. Golf, tennis, boating, and fishing is all but a stone's throw.

Shoppers will be delighted with the expansive Aventura Mall with its wide selection of name brand merchandise. Just over the causeway the Bal Harbour Shops offers a selection of luxury goods.

Every conceivable cuisine, from the haute of Chef Allen's to the best-corned beef on rye from the Rascal House and everything in between. Sporting events, theater, concerts, movie houses, art shows are all readily available and easy to attend. "Living large" takes on new meaning at Hamptons South in Aventura.

HAMPTONS RESIDENCES

- Master bedroom suites feature the largest walk-in closets

BATHROOM

- All baths feature imported marble floor and vanities
- The master baths also have a custom frameless shower enclosure
- Jacuzzi-style tub

LIVING ROOM

- Each home features spacious, well thought out design
- The spacious floor-through, see through floor plans provide light and airy sense of space

KITCHEN

- Luxurious kitchens contain center utility islands and feature top-of-the-line appliances:
- Including Sub-zero refrigerators
- Dacor double-oven and warming drawers
- Dacor cook tops
- Siematic cabinets
- Granite countertops

BUILDING AMENITIES

-Elegant two story marbled oversized lobby
- Dramatic lobby and other common elements by the dynamic international design firm, blue, a design firm, blue, a design company, Inc.
- Private home theater with plush stadium style sitting
- Distinctive building design by notable Robert M. Swedroe
- Spectacular cascading waterfall and tropical landscaped outdoor water garden design by renowned landscape architect Walter Taft Bradshaw
- Quiet relaxing library
- Children's game room
- Stately tea room
- Beautifully appointed party room
- 24-hour attended reception desk
- 24-hour Valet Service for your convenience
- Private 2 car garages with direct building access
- Two hotel guest suites for visiting guests
- Staff quarters
- Large storage air conditioned rooms
- Choice of Self parking or Valet Service
- Temperature controlled wine cellar
- Beautifully decorated elevator interiors
- Spectacular Atlantic Ocean and Intracoastal Waterway views
- Gate-controlled security access to garage - Electronically controlled and camera-monitored exterior doors for continuous safety
- Individual parking space with each residence
- Terrace access to The Resident Club and Spa
- Individual access storage locker
- Bicycle / carriage room
- Barbeque area just steps from your building
- Direct access to two on-deck pools and sun decks
- Conference Room
- Elevator access from deck to recreational activities and Intracoastal pool

CLUB AND SPA

- Vaulted two story main floor lounge area
- Spacious fully-equipped cardiovascular center
- 1,500 square foot aerobics facility
- Men's and Women's personal treatment rooms
- Separate men's and women's locker room and cool-down lounge
- Therapeutic Sauna and whirlpool facilities for both men and women
- Outdoor Roman tub with cascading hot water
- Lavish Social Pool sitting directly on the Intracoastal with Jacuzzi and Poolside Grill
- Two casual Oversized Pools
- Children's Pool
- Children's Play Area
- Intracoastal Viewing Pier
- Tennis Pavilion with four lighted courts and Resident Tennis Professional

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Ocean One Aventura 800-819-5466

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Ocean One is planned as an exclusive enclave of twin, 30-story towers on 700 feet of powder white beach. The extraordinary towers soon will be home of 241 families, who will luxuriate in gracious floor plans framed by stunning views of the bay, city and ocean.

Design by the renowned Sieger Architectural Partnership, two and three bedroom residences and penthouse suites offer a variety of elegant lifestyles.

Throughout each Ocean One residences are the most modern conveniences and special touches, including gourmet kitchens and richly appointed marble bathrooms. With every residence comes exclusive access to an elaborate menu of amenities that includes a lavish private beach club, heated pool and spa, fully equipped fitness center and lighted tennis courts.

All of Ocean One's remarkable residences offer 24-hour security, valet and concierge and private key-code elevators leading to a private foyer.

Location A home at Ocean One can be anything one desires. There's pristine beaches and gentle surf to the east, and some of South Florida's finest restaurants and shopping to the west.

Situated on 700 feet of lush beachfront where Aventura meets the Atlantic, Ocean One is just minutes from the heart of Aventura where an abundance of sundries, banking, professional services and stylish eateries ensure a convenient and luxurious lifestyle.

Some of South Florida's most coveted shopping experiences also are located nearby, including Aventura Mall whose anchor stores include Lord & Taylor, Macy's and Bloomingdales and Bal Harbour Shops which features such stores as Neiman Marcus, Saks Fifth Avenue, Channel and Gucci.

Ocean One is centrally positioned between Fort. Lauderdale and Miami, offering the rich varieties of cultural, commercial and sporting attractions in both cities. Although Ocean One residents are unlikely to want to leave their tropical haven, the property is about 20 minutes from both Miami and Fort. Lauderdale international airports.

OCEAN ONE AMENITIES

* Private entry foyer
* Private, high-speed elevators
* Solid, double wooden entry door
* Entry gallery with elegant coffered ceilings
* Panoramic ocean and intracoastal views (see your individual floor plan)
* Formal dining are leading to a private balcony
* Spacious living room with adjacent balcony
* Room-size balconies
* Elegant texture ceilings windows with energy efficient tinted glass
* Separate laundry room equipped with full size washer & dryer, cabinet and trash chute
* High efficiency central air conditioning and heating unit
* Smoke detector

KITCHEN

* Flush European style cabinets (selection will be given)
* Granite counter tops
* 36" refrigerator with "in-the-door" water & ice
* Glass cook top
* Built-in convection oven
* Built-in microwave
* Dishwasher
* Stainless steel under-mount double sink
* Garbage disposal
* Eat in breakfast area

MASTER BATH

* Elegant marble flooring in wet areas
* Marble vanity top with porcelain lavatories
* Designer faucets with porcelain lavatories
* Full width mirror over vanity
* Whirlpool tub
* Elongated water closet
* European style bidet with coordinating faucets
* Full marble shower

POWDER ROOM

* Pedestal sink
* Elongated water closet
Your Guest Bath Includes:
* Elegant marble flooring
* Full marble shower and/or tub/shower combination (see your individual floor plan)
* Marble vanity top with porcelain
* Elongated water closet

THE BUILDING

* Over 700 feet of magnificent ocean frontage and exclusive private beach club
* Private beachside cabanas
* Exclusive health & fitness center located on the 4th floor between the towers, featuring state-of-the art equipment, sauna and steam rooms
* Oversized heated beachfront swimming pool and spa
* 2 lighted tennis courts
* 6.3 acre site
* Lushly landscape grounds
* Tot Lot for children
* Media and Multi-purpose rooms
* Individual storage facilities
* 3 story entrance
* Spectacular porte-level covered parking
* Full time concierge
* Mail and package receiving desk
* 24 hour security

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Aventura Marina Condos 800-891-5466

AVENTURA MARINA

Aventura-Homes.Com

Aventura Marina Condominiums promises to be one Aventura's unique new family-friendly communities.

This 10.5 acre community will be comprised of spacious 2 and 3 bedroom high rise units (between 1,400 and 1,800 SF) overlooking the bay and private marina.

Planned activities for adults and children will keep everyone busy when they're not relaxing in the spa or enjoying all of this property's amenities.

AVENTURA MARINA DESIGNER FINISHES

Painted walls, baseboards and doors throughout.

Imported ceramic tile in kitchen, laundry room and bathrooms and plush carpet in living areas.

Complete appliance package including full-size washer and dryer.

Custom design European style cabinets and granite countertops.

Recessed lighting and roman tub in master bathroom

AVENTURA MARINA CONSTRUCTION FEATURES

9 Foot-high smooth coat ceilings.

Impact resistant architectural glass with solar tinting.

Fire protection sprinkler system.

Expansive open air terraces with glass panels.

Pre-wired satellite television and telephone outlets designed for high speed Internet.

Spacious walk-in master closets

Master bathroom featuring private, enclosed elongated water closet.

AVENTURA MARINA AMENITIES

Private 10.5 acre bay front enclave

24-hour guarded gate entrance

Valet and multi-level self-parking

Resort style pool and sun deck

State-of-the-art fitness center and spa

Children's activities and classes

3-hole pitch and put golf course

Media room, card room, and business center

3 residences per floor sharing 2 elevators

Mediterranean style architecture

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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SoliMar Condomiums 800-819-5466

Aventura-Homes.Com

SOLIMAR

SoliMar enjoys a privileged location on the Beaches' last spectacular stretch of ocean frontage. Without question, it is one of the most exclusive residential oceanfront address in South Florida.

Standing majestically along famed Collins Avenue, SoliMar offers twin towers of architectural splendor with a total of only 110 luxurious residences per tower.

Its classic design features a stately Mediterranean-style entrance plaza, cascading waterfall and lush tropical landscaping. A private courtyard offers an oasis from the world outside with tranquil cascading fountains and formal European-inspired gardens.

Inside, two grand lobbies provide a gracious, inviting ambiance for residents and their guests.

The classical décor is elegant and warm, with marble floors, oriental rugs, custom mill work, sparkling crystal chandeliers and beautiful antique furnishings.

These stunning towers offer panoramic vistas of the ocean. Intercoastal Waterway and dazzling city skyline. Sophistication and style define these magnificent oceanfront condominium residences.

There is beauty everywhere exquisite details that make your home at SoliMar a palace under the sun.

Another glorious sun-kissed morning. Breakfast on your own private terrace with a view that is nothing less than spectacular. The warm tropical sun peaks out playfully from behind the soft white clouds. The gentle lapping waves of the ocean are the only sounds breaking the tranquil silence of the morning. A day as perfect as this could only be at SoliMar. The name takes its inspiration from the sun and the sea. For here you'll discover more than 400 feet of magnificent oceanfront on one of the beach's most exclusive settings. And an exhilarating sense of having found South Florida's last perfect place to live.

Off to the Health and Fitness Center for an energizing mid morning break. From state of the art cardiovascular and strength training equipment to an aerobics room, fitness enthusiasts will find everything they need to maintain a healthy lifestyle. Free weights and exercise stations are are part of the comprehensive facilities available exclusively for SoliMar residents.

You emerge from the SoliMar's private pool feeling refreshed and relaxed. And ready for a lunch at our poolside café. Indoor and outdoor seating make this the perfect place to enjoy a tall cool drink, quick snack or light lunch year-round. For your convenience, room service is available through the café as well. The social and recreational amenities are abundant at SoliMar. Outdoors, there are the soft sands of SoliMar's own beach, a large heated swimming pool, relaxing whirlpool spa and private poolside cabanas.

For Socializing indoors, there are game and card rooms, a ballroom with bar and kitchen facilities, lounge with large screen TV, and a social room for special events. There's also an executive center, complete with boardroom for private business meetings. Attentive staff include valet parking attendants, doorman security personnel, and poolside and fitness center assistants.

Shopping at Bal Harbour is next on the agenda. World-class shopping is just outside your front door. Internationally renowned shops include Bulgari, Cartier, Chanel, Escada, Hermés. Tiffany & Co. and premier department stores such as Neiman Marcus and Saks Fifth Avenue. Restaurants and continental bistros offer a variety of fine dining. The charming Surfside shopping district is within walking distance as well providing convenient access to a neighborhood grocery, dry cleaners, pharmacy and other services.

A deep therapeutic massage soothes tired muscles after a full day of activities. SoliMar's men's and women's spa includes sauna, steam, whirlpool, massage and treatment rooms. What a wonderful way to revitalize just before you begin your evening.

After the sun sets, the magic of SoliMar continues to shine. Fine dining and entertainment are just a short drive away, whether to Miami and points south or Ft. Lauderdale northward. Miami Beach's art deco district is home to an array of world class restaurants to suit every taste. For the arts lover, Miami and Miami Beach have some of the finest symphony, opera, ballet and theater companies in the nation. Sporting arenas showcasing South Florida's football, baseball, ice hockey and basketball teams are also within a half hour's drive from SoliMar. South Florida's international, cosmopolitan flavor makes it one of the most exciting places to live in the world. But wherever the evening takes you, the best part will be coming home. Home to a moonlit beach , gentle ocean breezes and a lifestyle of luxury. Home to SoliMar

SoliMar AMENITIES

Large heated swimming pool
Relaxing outdoor whirlpool spa
Private air-conditioned poolside cabanas
Convenient indoor and outdoor cafe with poolside seating
Two beautifully appointed card/game rooms
Social room for entertaining, private parties and community events
Ballroom with complete bar and kitchen facilities
Lounge with large screen TV, billiard table and wet bar for viewing sports events and casual entertaining
Board room for private business meetings and executive center with fax and copy services
Manager’s office and reception area

Oceanfront Health and Fitness Center

- State-of-the-art cardiovascular and strength training equipment
- Free weights
- Individual exercise stations
- Aerobics room

Men's and ladies' spa

- Sauna
- Steam
- Therapeutic whirlpool spa
- Massage or treatment room
- Lockers
- Lounge area

Services

-Valet parking attendant
- Concierge
- 24-hour security personnel
- Poolside attendant
- Fitness center assistants
- Room service available through SoliMar’s own café

BUILDING FEATURES

Elegant Architecture with Tropical Mediterranean Accents

More than 400 feet of magnificent ocean frontage, with spectacular views of the Atlantic Ocean, Intracoastal Waterway and city skyline

Majestic entrance plaza creates a sophisticated, elegant entry statement with its dramatic cascading waterfall and lush tropical landscaping

Private interior courtyard features formal European inspired gardens with tranquil cascading fountain and classic architectural design features such as keystone columns and graceful pedestal planters

Collins Avenue esplanade with stately tropical palms and a dazzling waterfall display
Twin 12-story towers with 110 residences per tower

Two grand entrance lobbies with classical decor that includes marble floors, oriental rugs, sparkling crystal chandeliers and beautiful antique furnishings

Each lobby has its own 24-hour manned security station and close Circuit monitors
Ten spacious and distinctive floor plans from which to choose

Valet parking station

High speed elevators with computerized key technology access to private entry foyers
Separate service elevator

Private storage areas for each individual residence

RESIDENCE FEATURES

Interior

Nine foot ceilings

Ten foot ceilings in penthouse residences

Floor-to-ceiling sliding glass doors which lead to expansive outdoor terraces
Spacious walk-in closets in master suites

Separate vanity (most models)

Pre-wired telephone, alarm and cable TV outlets
Fire, security and medical alarm systems

Individual HVAC system in each residence

Smooth ceilings

Primed walls

Kitchen

European-style cabinetry, custom designed for Solimar with accessories such as:
- Decorative glass doors on cabinets over the sink
- Condiment and Cutlery trays
- Built-in trash can
- Extendible towel rack
- Pull-out drawer for pots and pans
- Lazy susan in corner cabinets


Buyers may select from several cabinetry options

Granite countertops and full granite backsplash

Under counter lighting with valance

Sub Zero refrigerator

KitchenAid radiant glass cooktop

KitchenAid oven/microwave combination

KitchenAid dishwasher with stainless steel interior

Franke 18 gauge undermount stainless steel sink

Franke faucet and spray

Master Bath

Imported marble flooring with cabochon and marble shower walls
Roman tub with therapeutic whirlpool bath

Separate shower stall with overhead and hand-held shower heads

Custom cabinetry with marble slab countertop

Elegant designer fixtures and accessories

Kohler vitreous china lavatories

Kohler elongated one-piece water closet

Kohler vitreous china bidet

Powder room

Kohler classic pedestal sink

Kohler elongated water closet

Elegant designer faucets

Second and third baths

Elegant designer bathroom fixtures

Kohler water closet

Kohler sink

Kohler bath tub or shower stall

Laundry Room

Full capacity side-by-side or stackable washer and dryer (depending upon model)

Laundry basin and upper and lower laundry cabinets (some models)

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Village By The Bay Condos 800-819-5466

Aventura-Homes.Com

VILLAGE BY THE BAY

Surrounded by Biscayne Bay nestled along the shores of Dumfoundling Bay, this lushly landscaped, 24-hour manned, gated community offers much more than just a prestigious Aventura property address. Here, the rustle of sails replaces the roar of traffic. Towering palms frame breathtaking views.

The condominium residences at Village by the Bay are as breathtaking inside as the sweeping bay views are outside. From ceramic tile foyers and expansive balconies, to dramatically high ceilings and distinguished crown moldings, this is truly luxury living at its finest.

The 24-manned gatehouse assures the utmost privacy for the luxurious one, two or three-bedroom classically designed residences - all beautifully appointed throughout with upgrades and customized options available.

Spacious gourmet kitchens boast quality kitchen appliances and elegant under-counter lighting. Beautiful ceramic tile floors and roomy walk-in closets are standard fare. From finely crafted traditional wood cabinetry, to oversized Roman style tubs, it's apparent that no detail of fine living has been overlooked at Village by the Bay.

Originally built in 1997, this condo conversion has incredible value built into it's Aventura location. The surrounding property of Williams Island and the Peninsula have an average staring price of $500,000, giving Village by the Bay's starting prices of $189,000 for a two bedroom with over 1200 square feet quite remarkable. So, don't miss this rare opportunity...

Pristine Bay front and Water Views available
24-Hour Controlled Entry Access
Elegantly Decorated Clubhouse
Resident Library with Leading Periodicals and Books
Cinema and Conference Room
Executive Business Center with Computer, Copier and Fax Machine
1,000 Sq. Ft. Fitness Facility Featuring the Latest in Cardiovascular and Weight Equipment
Resident Recreation Room
Two Resort-Style Swimming Pools with Spas
Two Lighted Tennis Courts
Professionally Manicured Grounds
Storage Area
Attached & Detached Garages with Electronic Openers (select units only)
Covered Assigned Garage Parking
But the real beauty of a glorious waterfront community like Village by the Bay really can't be seen. It must be lived. Because the remarkable lifestyle at Village by the Bay is, perhaps, the best reason to live here. Think of it as your own private playground. An exclusive waterfront resort with all the comforts of home - plus a little extra sophisticated style.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Atrium Condos Aventura 800-819-5466

Aventura-Homes.Com

ATRIUM

The Atrium is a chic environment with resort style amenities, including a private marina and a beautiful boat for the Atrium residents to use, as well as a state of the art fitness center, with steam and sauna facilities. The Atrium will be one of the pioneer developments on North East 188th Street where you will also find the Recreational Center and Aventura Charter Elementary School.

When the principals of VenAventura, LLC decided to add South Florida to their ever-growing portfolio of development projects, they were quick to snatch up one of Aventura's last remaining and incredibly alluring waterfront parcels.

This foresight is typical of the seasoned developers, whose sharp tactical eye and strong marketing sensibilities have guided them toward decades of success in both the United States and South America. The principals' collective experience in real estate design, development and management is embodied by nearly a half-billion square feet of residential, retail and commercial space throughout North and South America.

Partner Enrique Darer, a Columbia University and Harvard-educated engineer, has actively developed more than $100 million in properties throughout the US. Architects Enrique Feldman and Paul Hariton have been partners for a decade at Hariton & Poplicher Asociados.

The renowned Venezuelan architecture, engineering and development firm has more than four billion square feet of major shopping mall, commercial and residential projects on its resume. Sami Shiro, a veteran Senior Consultant at Ernst & Young in Chicago, further cultivated his sales and management skills at Venezuela's famed Chocolates St. Moritz where, as director and General Manager, he completely reorganized the company and doubled sales.

THE ATRIUM AMENITIES

Contemporary kitchens with granite countertops
Top-of-the-line appliances
Double doors at entrance in each unit
Water views
9’4” ceilings
Spacious terraces with glass & aluminum railings
Full-size washer and dryer
Master bathroom with marble floor and vanity top Spacious, innovative floor plans
Storage space available

ATRIUM BUILDING AMENITIES

Boutique residence with two- and three-bedroom ondominium units in two eleven-story towers
470’ water frontage
Pool, jacuzzi and sundeck with panoramic water views
View of pool and water from lobby
Endless pool for swim workout www.endlesspools.com
Waterfront fitness center with steam and sauna rooms with his and hers facilities
Multi-purpose room; Business room; Children’s playground;
Covered lobby entrance ; Covered multilevel parking; Lush tropical landscaping; In the heart of Aventura, minutes from I-95, airport and the beach; 24-hour concierge

ATRIUM MARINA AMENITIES

22 Boat slips
Capacity to fit up to 60’ boats
Boardwalk surrounding the peninsula
Access to the ocean within minutes
Power, light and water facilities

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Azure Condos Surfside 800-819-5466

Aventura-Homes.Com

AZURE CONDOS

Away from the clamor of the South Beach scene, the northern part of the island offers a more subtle elegance. The addition to the Surfside community is Azure, a 12story stunning condominium right near the elite Bal Harbour Shops.

With lavish 3 bedrooms, 3 bath residences or spacious 1 bedroom units that include media rooms and two full baths equipped with Roman tubs, Azure offers something for everyone looking for a Beachfront property with a little more class than Ocean Drive, with its half clad beach bums, can offer.

Over 150 feet of magnificent ocean frontage, with spectacular views of the Atlantic Ocean, Intracoastal Waterway and city skyline.

Fabulous location steps away from the world-famous Bal Harbour Shops and ten minutes away from South Beach.

Boutique Residential 12-stories tower for 76 fortunate residents. Seven spacious and distinctive floor plans from which to choose. 1, 2 and 3 bedrooms.

There are seven spacious and distinctive floor plans to choose from. the sizes of the units range from 1,480 to 2,855.

Amenities like heated swimming pool, a relaxing outdoor whirpool spa, private air conditioned poolside cabanas, health and fitness center, sauna, massage treatment rooms, exclusively for Azure surfside residents.


For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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The Point Of Aventura 800-819-5466 / The Point New Construction Atlantic 1, 2 & 3 North Tower & South Tower

Aventura-Homes.Com

THE POINT AT AVENTURA

A magnificent place to live. An exclusive place to play. A fabulous waterfront community where you'll find a lifestyle of complete personal and social fulfillment.

The Point's superb residential towers and 35 acres of landscaped parks and gardens are quietly enhanced by its peaceful atmosphere of relaxed luxury, by the sparkle of surrounding waters, and by the unequalled levels of privacy, exclusivity, and service for which The Point has become renowned.

And if what you've come for are the views, The Point offers the most spectacular in Aventura; from the excitement of the city lights, to the serenity of the picturesque marina, to the majesty of the Atlantic Ocean.

The Point of Aventura is located in the north east corner of Aventura. Situated on a 35 acre parcel of lushly landscaped land that offers ocean, intracoastal and city views.
The Point of Aventura is made up of five towers and courtyard homes that border the intracoastal waterway and canal. The towers include Atlantic I, Atlantic II, Atlantic III, North Tower and South Tower.
The luxury condos at the Point of Aventura boast a residential clubhouse and spa that is completely private to the residents. Residents of the Point can also enjoy three different pools and a lushly landscaped deck that connects all of the buildings on the fourth floor.

The Point of Aventura offers 2, 3, and 4-bedroom homes, many accessed via private elevator foyer. Luxury residences include 9 foot plus ceiling heights, sweeping city and ocean views, an expansive living room, master suite with balcony, master bath, gourmet kitchen and separate fully equipped laundry room.

The Point is one of Aventura's most luxurious and private condominium developments. With its easy access to I-95 you are no more than 15 minutes from either the Miami or Fort Lauderdale airports. You will find top notch valet, cocierge and state of the art security at the Point.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Hidden Bay Condos in Aventura 800-819-5466 / Hidden Bay Residences Tower 1 Tower 2 & Tower 3

Aventura-Homes.Com

Today it is more than a destination. Now Aventura is a city. With a growing array of community services and metropolitan pleasures - including recreation, shopping and dining that is already famous.

But just as the city of Aventura's culture has grown, the list of desirable residences remained limited.

Now, for the first time in a generation, on the last great waterfront and bayfront site in Aventura, a new private community is growing.

HIDDEN BAY

Every home in Hidden Bay is designed to maximize the panoramic views from Aventura's finest waterfront location.

With prices starting in the low $200,000's you can choose plans with 2, 3 or 4 bedrooms in a variety of configurations, and every choice comes with a long list of luxury finishes and elegant amenities.

HIDDEN BAY AMENITIES

Glass panel railing on balconies to enhance your views

Marbled floors & shower walls

Floor to ceiling glass

Separate dining area for formal entertaining

Oversized his and hers walk-in closets

Full-size side-by-side washer and dryer

Pre-wiring for telephone and cable television outlets in every major room

Advanced fire and sprinkler protection

Individually controlled energy-efficient air conditioning and heating

ABOUT HIDDEN BAY

For some, the best location in Aventura is one that's close to everything - Turnberry, the shopping malls, the restaurants, the beach, friends and neighbors.

For others, the best is a location that's away from everything - secure, serene and private.

At Hidden Bay, you enjoy the best of both - on 24 acres of private landscaped grounds, surrounded on two sides by water, bordering a park, reached through a single 24-hour security gate.

So you can be completely away from it all. And as close as a 6 minute stroll to the movies.

Here within Hidden Bay, you'll also enjoy the personal services of a full-time staff, including valets, gardeners and multi-lingual concierges.

There never has been, and never will be, another place in Aventura like Hidden Bay.

Everything you would expect in a private country club or a waterfront resort is part of your lifestyle here at Hidden Bay.

The 24 acres of landscaped grounds are bordered by a "boardwalk" along the water, divided for use by walkers and joggers, as well as bicyclists and rollerbladers.

HIDDEN BAY RESORT

The Swim & Racquet Club includes a heated pool and spa overlooking the bay, as well as 4 lighted tennis courts. And golfers of all abilities will enjoy the luxury of two practice fairways at your door with the only waterfront hole in Aventura.

The 66-slip marina's plans include a yacht club with its own clubhouse and recreation facilities. And the Health Club will offer everything from the latest equipment and personal trainers to aerobics classes and steam and sauna.

HIDDEN BAY AMENITIES

Health Club & Spa
The Luxury of a Waterfront Workout
Steam Rooms and Saunas
Massage and Body Treatments
Full-Service Beauty Salon
Facial and Skincare Treatments
State-of-the-Art Exercise Equipment
Aerobics Studio
Men's and Women's Locker Rooms and Showers
Pool and Sundeck
Personal Fitness Training
Bar and Lounge Facilities
Banquet and Meeting Room Facilities
Social Activities
Marina

LIFESTYLE AT HIDDEN BAY

Residing at Hidden Bay includes having the convenience of being only a short drive from championship golf courses, professional sports stadiums, arenas, and race tracks or any activity you would want to pursue.

South Florida living also includes many top-performing plays, operas, ballets, and concerts as well as visits to the many hot spots and trendy restaurants of exciting South Beach. For those interested in the delight of an afternoon fashion excursion, the area's two most trendy malls, Aventura and Bal Harbour are only minutes away.

You are most welcome to join us and visit our private community to see for yourself why there will never be another place in Aventura like Hidden Bay.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Aventura Lakes Single Family Homes 800-819-5466 Aventura Homes

AVENTURA LAKES

"A Gated Community of Lakefront Single Family Homes"

Aventura-Homes.Com

The residents' recreation center looks like a Mediterranean villa transported to Aventura, and then transformed with a pool, fitness center and club lounge. It will be the kind of landmark everyone will love - but only owner's families and guests will see - and a focal point for a friendly, low-key community lifestyle that places a premium on social gatherings and a comfortable atmosphere, rather than expensive facilities no one uses..."

"It's not just the architecture and interior design that sets these homes apart. Every single house is on the water..."

"Talk about privacy... You enter the community over a beautifully arched bridge with an island gatehouse at the end..."

"The wealth of choices is exceptional as buyers can choose from over 15 different floor plans and more than a dozen different exteriors...Choose the one you like now and move in next year..."

"Private courtyards, romantic balconies, garden terraces, wrought iron and marble in every home is a showcase of architectural design and masterful planning...And because exteriors and lawns are maintained by the community, these homes are largely carefree..."Now previewing, 3, 4 and 5 bedroom homes with 2100 to over 3000 sq. ft., priced from the $450's to $600's.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Terzetto in Aventura 800-819-5466 Terzetto Lofts Aventura New Construction

TERZETTO LOFTS IN AVENTURA

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The Terzetto consists of condos, lofts and villas. The stunning 20 story Mediterranean inspired tower with luxurious amenities and a location that is one of the best in town. The Terzetto's Tower residences combines convenience, luxury and affordability. Full of light and character the lofts at Terzetto make the perfect living and working spaces. They feature soaring 17-foot-high ceilings, large windows and spectacular views. Loft-style living is a reflection
of individuality.At last, style, technology and architecture come together in a villa that is as cutting edge as South Florida. This garden style villa is the perfect habitat for the active and diverse group of professionals. Offering the comforts and the feeling of privacy of a single home, and all the amenities of a club community.

TERZETTO LOFTS

Full of light and character the lofts at Terzetto make the perfect living and working spaces for the cosmopolitan lifestyle. The vast, open two-level lofts, created to maximize the feeling of sheer space, are designed with an architect's eye to detail. They feature soaring 17-foot-high ceilings, large windows and spectacular views. Terzetto sits in Aventura, a stone's throw from South Beach, close to restaurants, cafes, clubs, markets, galleries and some of the best shopping in the world.

TERZETTO VILLAS

At last, style, technology and architecture come together in a villa that is as cutting edge as South Florida. The Villas at Terzetto have a sense of place and community that has been missing in Aventura. This garden-style condominium is the perfect habitat for the active and diverse group of professionals and families that share a desire to live in a non-high rise environment, where great attention is paid to detail, privacy and individuality.

Offering the comforts and the feeling of privacy of a single family home, and all the amenities of a club community, Terzetto provides exceptional privacy, security and convenience and no compromise on comfort or luxury.

TERZETTO AMENITIES

Fitness rooms
Tennis Courts
Private Park
Entertainment Room
Pools
Club House
Valet Parking

The Terzetto Condos: 1, 2 & 3 bedrooms
900 sq ft to 1,830 sq ft.

The Terzetto Villas: 2 & 3 bedrooms
1,587 sq ft to 1,700 sq ft.

The Terzetto Lofts: 2 & 3 bedrooms
1,018 sq ft to 1,547 sq ft. (featuring 18 foot ceilings)


TERZETTO - DEVELOPERS STORY

Terzetto Condos, Villas, Villas is being developed by the Merco Group, a full- service real estate development firm with over 25 years of experience and a solid track record in the South Florida market place.Merco Group has expertise in the development management and operation of more than 3,000 residential units and nearly 500,000 square feet of commercial throughout Miami and Miami Beach. Merco’s residential portfolio includes luxury oceanfront condominiums, condo conversions, town homes and garden apartment projects. Its commercial projects have included office complexes, retail centers,and hotels.

Merco Group is headed by principal Homero Meruelo, a well respected real estate professional who has been building homes and businesses in South Florida since the early 1980’s. In addition to The Akoya a 48 story building, Merco Group recent active projects include Terzetto in Aventura, a mixed use development that includes 405 residential units, Deauville Condo Resort an oceanfront Land Mark in Miami Beach, Deauville Ocean and Deauville Bay; two luxurious waterfront hi-rise condominiums, Seacoast a hi-rise condominium conversion of 240 oceanfront suites and Coral Reef in Key Biscayne, a 51 unit luxury condominium development. These and future projects make Merco Group one of the leading developers in South Florida.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Aventura Bay Townhomes 800-819-5466 Aventura Bay Aventura Townhomes

AVENTURA BAY TOWNHOMES

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Inspired by the quaint seaside villages of the Mediterranean, this unique community of only 65 villas features exquisite Italian Renaissance architecture rarely found in South Florida. With barrel tile roof tops, wrought iron exterior detail, old-fashioned antique street lamps and brick pavers, the ambiance created here is modeled after some of Europe's finest.

The luxurious townhomes are clustered around six courtyard-style piazzas creating intimate neighborhoods within the larger gated community. A selection of four models and a variety of facades with individual exterior colors are available to enhance overall curb appeal while accommodating individual tastes. Interiors are distinguished with top-of-the-line design features and finishes that include gourmet European-style kitchens complete with marble and granite.

Our gated community boasts a private clubhouse, exercise room, pool, outdoor spa and a manned guardhouse with 24-hour security. Within a two-mile radius you will find world-renowned private spas, tennis courts, golf courses, marina facilities, shopping malls, schools and more.

Aventura Bay Townhomes is a community you'll find hard to resist the only of its kind in Aventura. We are delighted at your interest and look forward to having you as our newest Aventura Bay resident.

AVENTURA BAY FEATURES

• Solid concrete block construction
• Concrete second floor slabs
• Terracotta roof tiles
• Exterior smooth stucco with pre-cast concrete and stone accents
• Hurricane shutter panels
• High efficiency central air conditioning
• Electronic garage door opener
• R-30 ceiling insulation for extra energy conservation
• R-4 exterior block wall insulation
• Colonial wood baseboards and trim
• Tempered glass hurricane code French doors
• Colonial white windows with solex tinted glass
• Solid core panel doors
• Washer and dryer
• Marble floors in kitchen and bathrooms
• Electronic door chimes
• Telephone jacks with multi-line capability, pre-wired with 3 pair cable for phone, fax and modem
• Pre-wired electronic security system
• Smoke detectors
• Wired for cable throughout
• Energy efficient quick recovery hot water heaters

AVENTURA BAY COMMUNITY FEATURES

• Automatic sprinkler system
• Sodded and landscaped
• Antique paving stone roads
• City water and sewer
• All underground utilities
• State-of-the-art drainage system for rapid site draining
• Walled community with 24 hour security
• Guest parking
• Clubhouse has a gym, outdoor pool and a heated spa

KITCHEN FEATURES

• European style cabinets in sold cherry wood
• Granite counters
• Appliances by Jenn Air
• 22 cubic foot, side-by-side refrigerator with ice and water
• Built-in microwave with hood and fan
• Garbage disposal

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Artech Condos Aventura 800-819-5466 Artech New Construction Aventura

ARTECH

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Imaginitively designed by world-famous architect Carlos Ott, this modern and dramatic structure will sit waterfront in the midst of the most talked about and buzzing area of Aventura. Take refuge at ArTech, with limitless amenities that range from a variety of marina slips, to spa and fitness facilities, to access to Le Meridien's nearby private beach club. Brought to you by Fortune Internaitonal and Shefaor Development, intelligent living is a given, with all of the latest and greatest technology planned.

ArTech will be a cut above everything you have seen in South Florida real estate.

Building Features

* Porte-cochere arrival
* 3-story lobby
* Covered parking
* Tropical landscaping
* Boardwalk surrounding the peninsula
* Waterfront infinity edge-pool with zero entry
* State-of-the-art fitness center/spa
* Steam and sauna
* Two tennis courts
* Yoga terrace
* Business center
* 24-hour security
* Concierge
* Access to Le Meridien 5 Star Resort Beach Club and amenities

Residence Features

* Floor-to-ceiling windows
* Intracoastal views
* Hard flooring in baths
* Italian cabinetry
* Wall over and integrated microwave
* Washer & dryer
* Prewired for multi-line communication
* Cable TV wired
* High speed internet access
* Top-of-the-line appliances
* Designer bath fixtures and faucets
* Bidet
* Marble vanities
* Penthouses with roof top private terraces
* Touch-screen monitor and multimedia computer for interactive communication in each residence with access to professional concierge services


For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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The Beach House Condomimium 800-819-5466 Beach House Bal Harbour New Construction

BEACH HOUSE CONDO HOTEL

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World renowned architect Richard Meier is bringing his signature architecture to Miami with a glass residential building on the famed Miami coastline. Set on the former site of the Beach House Hotel, the Meier condominium at 9449 Collins Avenue will be an oasis of calm and exclusivity. The oceanfront property boasts and unparalleled 200 plus linear feet of beach front, with unobstructed, sweeping views of the ocean and a private landscaped beach garden of lush palm groves and tropical plants. The glass building, designed to take advantage of the light and ocean views will be 12 stories high and contain 101 residences with 1, 2, 3 and 4 bedroom configurations. Each residence at the Beach House is designed to feel like a penthouse with floor to ceiling custom glass windows and generous terraces offering panoramic views.

The awe-inspiring three-story grand entrance houses a waterfall, landscaped entryway, reflecting pools and a monumental staircase with 20 foot high ceilings and direct ocean and beach club views. Designed to provide optimal comfort, luxurious and convenient living, the building will offer security-controlled high-speed elevators and a front desk with 24-hour concierge and security service with ground and parking video monitoring.

Custom Design

Floor to ceiling custom designed glass windows overlook generous terraces offering expansive panoramic views. Each residence will be equipped with the latest in home technology, including integrated control systems for home appliances and electronics. Master baths will be exposed to natural light, seperate showers with body sprays, infinity-edge whirlpools and modern amenities. Top of the line stainless steel kitchen appliances will be equipped with, silent dishwashers, sub-zero refrigeration, water filtration systems, self-cleaning ovens and cappuccino machines. Projected for stylish, contemporary living, the building will offer residents an ocean pool and a rooftop sky pool, a private beach club surrounded by lounging areas, a sunrise pool and cabanas overlooking white sandy beaches. Additional amenities include a state of the art Health club, a wine and cigar lounge with private temperature controlled cellars, humidors and a deluxe His and Her spa complete with lounge area, sauna, steam and treatment rooms.


For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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One Bal Harbour Condominium 800-819-5466 Bal Harbour New Construction

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ONE BAL HARBOUR

Long favored as the hideaway of the rich and famous, Bal Harbour Village covers approximately one third of a square mile and is one of the smallest municipalities in Miami-Dade County. Within this storied enclave, WCI proudly introduces One Bal Harbour, an impeccably designed 26-story luxury condominium that proves "Perfection is Singular." One Bal Harbour is one of the first new luxury towers to be built in Bal Harbour in years, and the first condominium/hotel offered on the island in decades.

Set on the northeastern tip of Bal Harbour beside the inlet and ocean, One Bal Harbour is convenient to both Miami International and Fort Lauderdale International Airports with close proximity to South Beach and the famed Art Deco District. Yacht owners will enjoy the nearby Haulover Marina Center and The Bal Harbour Club. This prime location also offers easy access to the renowned Bal Harbour Shops and many other high-end specialized boutiques offering internationally recognized designers. Fine gourmet dining will be at your fingertips - with a choice at the nearby restaurants or right at home in One Bal Harbour's world-class restaurant. Residents will also have the option of enjoying the hotel's room service, luxurious spa, white-glove concierge assistance and valet service.

One Bal Harbour's innovative Tower Estates and Grand Penthouses will range from approximately 2,000 to 8,000 square feet and offer spectacular views of the ocean, Intracoastal, bay and South Florida skylines.

Adjoining the residential tower, WCI is also building a five-star-quality hotel, The Regent Bal Harbour. Regent International Hotels, a renowned hotelier providing the finest services and a stringent commitment to excellence, has been selected as the hotel management partner and will oversee the property of this exceptional resort.

Impeccable in design and rich in amenities, One Bal Harbour and The Regent Bal Harbour will exemplify the essence of luxury and carefree convenience. Starting with an exceptional South Florida location and a Bal Harbour address renowned for world-class shopping and sophistication, this premier property will offer a stellar selection of innovatively conceived floorplans with spectacular ocean, Intracoastal and city views. Because One Bal Harbour will include The Regent Bal Harbour, Tower Estate owners will have access to its amenities and services, including a luxurious spa, room service, concierge assistance and valet parking. There will also be fine waterfront dining and a world-class spa located within the hotel.

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Regalia Sunny Isles Beach 800-819-5466 Regalia Condos New Construction

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REGALIA CONDOS

Designed to blend into its natural surroundings, following Da Vinci's original inspirations, creating a timeless sculpture of Italian Renaissance architecture, splendid luxury, privacy and serenity that has been the object of desire for centuries. A shining reality with absolute perfection.

Two words. Perfectly expressed by olde and moderne masters of art and form. One, a masterwork of eigth generation European artisans, graced by native textures and tapestries and hand-carved hardwoods. The other, a masterstroke of 21st century design and technology, forged of brilliant steel, marble and glass, bathed in light, refreshed by water on all sides.

Together, a private world of quiet, configurable, seven thousand square foot ocean estate residences, englassed in 360° horizons, for 38 privileged owners.

REGALIA AMENITIES

38 private residences (one per floor)
Ocean front property, with spectacular 360 degree ocean views
Classical inspired lobby with imported marble floor
Infinity edge pool set among lush gardens
Residents' lunge with bars and game room with billiard and card playing room
Beachside and poolside cabanas
Business Center
Concierge services and 24 hour security
Full service European design spa and fitness center
Regalia Unit Amenities

Ten foot ceilings
360 degree views
Top of the line kitchen
High security residence entry system
Multiple private elevators
Central vacuum cleaner
Central water purification

For more information regarding the above property, please call Dean or Bonnie Isenberg at 305-936-2489 / 800-819-5466 or visit us on-line at A-Realtor.Com



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Met 3 Downtown Miami 800-819-5466 / The Met 3 New Construction

MET 3

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The 74-story Met 3 will be the tallest residential building south of New York, and will be the tallest building in Miami, adding its unique signature to the amazing city skyline. This architectural wonder will enjoy 360 degree views of the entire Miami Metro area. Interest in the entire Metropolitan Miami project has been extremely high.

Met 3 will be the tallest building Miami adding its unique signature to the spledind sklyline. At 74 stories high, this architectual wonder will enjoy 360 degree views of the enire Miami Metro area. It is with great pleasure that we announce the presales for Met 3.

Metropolitan Miami is redefining downtown. The heart of any great city is its downtown area, and Metropolitan Miami is redefining downtown. Metropolitan Miami is the nucleus of a tropical lifestyle where local meets international, all with an edgy, urban vibe. It's a place where an interesting, diverse crowd of people will assemble for entertainment, dining, the arts, culture, shopping, sports, socializing or just haning out.

A unique opportunity is available now to register for the first release of units and prices. 88 tower units are released for our presale.

Interest in the entire Metropolitan Miami project has been extremely high. Met 1 is now just over 90% sold out and construction is underway. Met 3 will house Whole Foods as the retail anchor at the ground level of the building with a 45,000 sq. ft. store.

Metropolitan Miami is flanked on the south side by the future site of the Dupont Towers, and the Miami River and on the east side by One Miami and Biscayne and the rest of Miami's great neighborhoods are only moments away and with an ample road system that leads everywhere.

BUILDING FEATURES

- High-speed elevators.
- Across the street from the RiverWalk.
- Private lounge areas in the lobby.
- Roof top terrace.

SECURITY

- Modern building access and surveillance video security system.
- Twenty-four hour security.
- Assigned covered parking with controlled access.
- Technologically advanced fire alarm system.
- Technological features.
- Smart building, multiple-jack, high-speed Internet, data voice and cable TV access.
- Multiple phone lines per unit.

AMENITIES

- Concierge and valet services.
- Building management.
- Fully equipped business center with meeting/conference room.
- Mail and package receiving area.
- Private storage facility.
- Entertainment venues on ground floor -plaza area.
- Nationally recognized restaurant on first level.
- Pet friendly.
- Recreational Features on Lanai level.
- Great room with fully equipped kitchen.
- Resident lounge and bar area with big screen plasma TV.
- Card and game room with billiards.
- Attractively landscaped recreational deck.
- Temperature controlled pool.
- Outdoor whirlpool.
- Poolside chaise lounge & towel service.
- Meditation garden.
- Separate sauna, shower and locker rooms.
- State-of-the-art health and fitness center with kids play area.
- Fully equipped cardiovascular and free weights room.
- Yoga and aerobics studio.

RESIDENCE FEATURES

- Private terraces.
- Ready to move-in with attractive flooring in all areas.
- Sound proofing floors.
- Ceiling heights: lofts 19’4”, tower 9’4’, penthouses 11’4”.
- Pre-wired for ceiling electrical fixtures in all bedrooms and breakfast areas.
- Ventilated closet shelving.
- Custom double-hung closets.
- Marble windowsills.
- Energy-efficient A/C and heating system.
- Tinted, tempered glass designed to meet new hurricane codes and energy savings cost.
- Impact resistant windows and sliding glass doors.
- Top of the line stackable, large capacity washer & dryer.
- Spacious walk-in closets.
- Linen closets.

KITCHEN

- Top of the line stainless steel appliances: refrigerator/freezer, built-in oven and cook top, microwave oven with integral hood and light, and multi-cycle dishwasher.
- Under cabinet kitchen TV.
- Custom Italian marble flooring.
- Granite countertops and backsplashes with under mounted stainless steel double sink.
- European style cabinetry with glass doors and stainless finish pulls.
- Elevated breakfast countertops.
- Pre-wired for track lighting.
- Double depth floor-to-ceiling pantries.

BATH