www.EkLuxuryhomes.com

Saturday, October 27, 2007

Roundup of Ft Lauderdale Week's Most Significant Real Estate-Related News Stories

LOCAL
Weston Mayor has harsh words for Gov. Crist. Read Story.

Miramar officials to vote Nov. 28 on affordable housing project. Read Story.

STATE
'Super' property tax exemption could still be on ballot in January. Read Story.

Property tax talks static, taxpayers impatient as deadline nears. Read Story.

60% magic number in state tax battle. Read Story.

How the House and Senate measures differ. Read Story.

NATIONAL
House panel says tax plan would hit wealthy, help millions. Read Story.

Buyers pounce on deals as homes go on the block. Read Story.

Commercial real estate market outlook upbeat. Read Story.

Thursday, September 20, 2007

The Dark Side of Good Home Staging

Does staging trick buyers into overlooking a home's flaws? A report by the National Association of Exclusive Buyer Agents says it happens all the time. Read more >

Cities with Traffic That Will Drive You Crazy

Cities with Traffic That Will Drive You Crazy
The nation's drivers wasted a total of 4.2 billion hours sitting in traffic jams in 2005, says a report by the Texas Traffic Institute. Read more >

Housing Starts Fall to 12-Year Low

Housing Starts Fall to 12-Year Low
September 20th, 2007 2:27 PM
Housing Starts Fall to 12-Year LowHousing starts fell 2.6 percent in August to a seasonally adjusted annual rate of 1.33 million homes, the Commerce Department reports. Read more >

Monday, September 3, 2007

Faith in the housing market Staging Your Home Works

Faith in the housing market

It didn't take all that much to sell a house in the real-estate market's headiest days mere years ago. Where a fresh coat of paint or a new appliance package might have sold a house in the past, these days, even if it's less about setting up a bidding war than reeling in one viable offer sheet, some say a full-fledged feng shui redo might be in order. Others vouch for the efficacy of burying a likeness of a canonized carpenter. See full story.

Saturday, September 1, 2007

The 10 Best Cities to Be a Renter

The 10 Best Cities to Be a Renter The best renters' markets are in places where supply is abundant, price growth is flat, and renters can get the best value for their dollar.Read more >

Why Did Housing Prices Start Falling? "The problem with housing is not so much that interest rates became especially high, it was that house prices became especially high," says one economistRead more >

30-Year Mortgages Fall to Lowest Rate in 3 Months

FHA Policy Changes Would Ease Mortgage Crisis NAR on Friday voiced support for an array of FHA changes proposed by President George W. Bush to stem the rapidly rising foreclosure rate.Read more >

30-Year Mortgages Fall to Lowest Rate in 3 Months Freddie Mac reported a drop in the 30-year fixed rate to 6.45 percent, while interest on 15-year fixed loans slipped to 6.12 percent.Read more >

Saturday, July 7, 2007

Mortgage rates hit their lowest point in the past month

MORTGAGE RATES

Average mortgage rates hit their lowest point in the past month at 6.63 percent for a 30-year FRM, according to Freddie Mac's weekly nationwide survey, and most experts expect little change over the short term - good news for prospective homebuyers.

Read the full story:

http://www.floridarealtors.org/NewsAndEvents/n1-070607.cfm

Martha Stewart Sells Famous Turkey Hill Estate The Westport, Conn

Martha Stewart Sells Famous Turkey Hill Estate The Westport, Conn., estate from where Stewart started her catering business sold for $6.7 million, or 26 percent less than the listing price. http://go-to.realtor.org/t/52XGG/VTCFB/ID/UFOJI

Wednesday, June 20, 2007

What's the Most Expensive City in the World?

Daily Real Estate News June 19, 2007
What's the Most Expensive City in the World?Moscow is the most expensive city in the world, according to this year's annual Mercer Human Resource Consulting survey. London comes in second place, up from third last year. Overall, Asian cities dominated the top 10 of pricey cities. On the other hand, Asuncion, the capital of Paraguay, is the least expensive city for the fifth year in a row. Mercer surveys the cost of living in 143 cities, comparing the cost of more than 200 household items. Strong currencies dropped New York City to 15th place and Los Angeles to 42nd. No Canadian or Latin American cities were in the top 50.

Top 15 Most Expensive Cities in the World
Moscow, Russia
London, United kingdom
Seoul, South Korea
Tokyo, Japan
Hong Kong, Hong Kong
Copenhagen, Denmark
Geneva, Switzerland
Osaka, Japan
Zurich, Switzerland
Oslo, Norway
Milan, Italy
St. Petersburg, Russia
Paris, France
Singapore, Singapore
New York City, U.S.

Five Inexpensive Ways to Revitalize a Kitchen

Daily Real Estate News June 20, 2007
Five Inexpensive Ways to Revitalize a Kitchen

Replace the flooring. Install laminate floor over old linoleum, vinyl or chipped tile. It costs just $1 to $5 a square foot and looks like wood, stone or tile.
Replace the lighting. A new ceiling fixture costs less than $100 and will brighten up the place. Adding some under-the-cabinet lights will illuminate work surfaces.
Give the cabinets a new life. A coat of paint and new knobs is the cheapest way to go. If you’re able to spend $4,000 to $6,000 on the project, hire a refacing company to replace the doors and drawerfronts.
Refinish the appliances. For a few hundred dollars, an appliance refinisher will re-enamel your stove, refrigerator and dishwasher door in the color of your choice, including a stainless steel look-alike.
Update the backsplash. Replace the space between your cabinets and the countertop with fashionable stone or inexpensive wallpaper. Source: Money, Josh Garskof (07/01/2007)

Monday, June 18, 2007

Flamingo Garden Tours

9:30 am-5:30 pm
Flamingo Garden Tours.Tours are presented in non-technical format by knowledgeable volunteers and bring you a close-up view of the Gardens, wildlife s… Flamingo Gardens. (Educational - Walking Tour). 954-473-2955
10:00 am-5:00 pm
Museum of Discovery and Science Exhibits.Featuring a variety of hands-on exhibits dealing with space, Florida's unique ecosystems, The Everglades, sound and light, scien… Museum of Discovery and Science. (Educational - Science & Nature). 954-467-6637

Baseball Florida Marlins vs. Minnesota Twins

Sports
7:30 pm
Miami FC vs. Vancouver Whitecaps.USL Professional Soccer Game. Tropical Park Stadium. (Sports - Soccer). 866-57-MIAMI
7:35 pm
Florida Marlins vs. Minnesota Twins. MLB Baseball Game. Dolphin Stadium. (Sports - Pro Baseball). 877-MAR-LINS

The South Florida Home Expo

South FLorida Trade Show
Starts: 06/22/07Ends: 06/24/07
Fri, Jun 22: 3:00 pm - 9:00 pm
Sat, Jun 23: 10:00 am - 9:00 pm
Sun, Jun 24: 10:00 am - 6:00 pm
The South Florida Home Expo.Come see the newest products and ideas for your home and family. Spend quality time with us and your entire family will be thri… Miami Beach Convention Center. (Trade - Home Show). 904-992-7000

Monday, June 11, 2007

Mortgage Rates: 30 Year Fixed 6.71%

Mortgage Rates are moving up, 30 Yr. Fixed are up to 6.71%

Alex Sink: Reducing property tax may cost jobs

Florida Property Tax Update: Alex Sink: Reducing property tax may cost jobsOCALA, Fla. – June 8, 2007 – If the Florida Legislature passes a property tax reduction measure in its upcoming special session, Florida will lose jobs, a top state official said Wednesday.Chief Financial Officer Alex Sink told those attending the quarterly meeting of the Ocala/Marion County Economic Development Corp. that property tax reduction is necessary, but will come at a cost.“If we have a 20-percent decrease in property taxes, thousands of Floridians are going to lose their jobs,” she said.The Legislature will meet in special session from June 12 through June 22 to consider property tax-relief measures.Full Story

Wednesday, May 23, 2007

FLORIDA FINDS Gourmet Floors are made to order

FLORIDA FINDS
Gourmet Floors are made to order click Headline to left for full story
In the land of hurricanes and high humidity, choosing a floor for your home or business is a delicate issue. The owner of a company called Gourmet Floors says his flooring systems are superior to anything else -- be it laminate flooring, tile or carpet. Justin Keith Quintana, who happens to be a chef on the side, says the name of his business says it all. BY ERIN MALLANTS RODRIGUEZ; Miami Herald

Saturday, May 19, 2007

JUST REDUCED Le Club International Fort Lauderdale Luxury Waterfront Condo


Just Reduced to $1,150,000. THIS IS THE LOWEST PRICE PER S/F IN THE BUILDING. FIRST TIME ON THE MARKET,THIS BEAUTIFUL SOUTH SIDE BONNET UNIT SUSPENDED ABOVE THE BONNET HOUSE ESTATE OFFERS STUNNING OCEAN,INTRACOASTAL & CITY VIEWS. THIS SPECTACULAR UNIT HAS A MARVELOUS WEST INDIE FLAIR WITH BRAZILIAN HARDWOOD FLOORS & PLANTATION SHUTTERS.PRIVATE ELEVATOR ,FORMAL FOYER,ITALIAN KITCHEN W/GRANITE COUNTERS, MARBLE BATHS,UTIL-LAUND RM, 2 CAR & VALET PARKING DOCKAGE AVAILABLE FOR PURCHASE OR RENT

Le Club International Just Reduced to $1,150,000.


Just Reduced to $1,150,000. This spectacular rare high floor "Birch" model of Le Club International has sweeping views of the Ocean, Intracoastal and Birch Park from every room and the dual terraces.This luxurious condo has a private elevator and foyer,massive Great Room, Dnning area, custom Built ins including HD TV and Stereo Equipment & an expansive Granite Top Bar . OPEN EURO-KIT Snaidero Italian cherry wood cabinetry. * MASTER STE W Walk-in closet *HIS & HER MARBLE WHIRLPOOL BATHS& Frameless tempered glass shower enclosures*Laundry rooms with full-sized washer and dryer and sink* VALET & 2 CAR PKG in prime location * Pool, Barbeque area & Party Room*PET FRIENDLY * THIS IMPECCABLE UNIT IS A MUST SEE* A BOUTIQUE LUXURY ADDRESS * Dockage Available for Purchase or Rent

Four areas where some attention can prevent backyard injury

Four areas where some attention can prevent backyard injury
Backyard play means dealing with the occasional tears that nature -- and human additions -- can induce. Some homeowners take as many precautions as possible to reduce the odds that bumps and scrapes turn into something more serious. Unfortunately, each year more than 200,000 children go to emergency rooms for playground-related injuries incurred at home and away from home, according to WebMD. Supervising your child at play is a big factor in reducing injury, researchers say, but these four areas can also be addressed: See full story.

Building permits drop to a 10-year low

Building permits drop to a 10-year low
U.S. builders pulled back on filing for permits to build homes in April, but started construction on more houses than they did in March, the Commerce Department reported Wednesday. See Economic Report.

Goals of new solar technology: more attractive, cheaper products

Goals of new solar technology: more attractive, cheaper products
Solar technology has become a darling of renewable energy advocates and venture capitalists, but solar panels have always suffered from a bit of an image problem in some tree-lined communities. Curbside appeal has never been a selling point for solar manufacturers and plenty of homeowners and neighborhood governing groups still see the technology as a bit too new-age, sitting on a rooftop soaking up the sun's heat. But what if solar panels were invisible or at least bore more of a resemblance to a traditional rooftop than an oversized baking sheet? See The Heat is On.

Thursday, May 10, 2007

Broward County should keep its gambling profits

Broward County should keep its gambling profits Click above link for full story

US and Florida Housing Market Indicators

Housing Market Indicators:
Florida existing home sales:
-28%
Florida existing condo sales:
-32%
Florida existing home median price:
$236,000
Florida existing condo median price:
$208,800
Florida consumer confidence:
86
National existing home sales:
-8.4%
National existing home median price
$217,000
National (Freddie Mac) mortgage rate
6.16%

Tuesday, May 1, 2007

After 8 years in the making, new luxury beachfront resort to open in Fort Lauderdale

By Tom Stieghorst Sun-Sentinel.com Posted April 30 2007, 8:05 PM EDT
Fort Lauderdale's newest hotel opens Tuesday after an eight-year odyssey, finally giving Broward County the luxury beachfront resort that should land it on the map of the nation's high-spending tourist elite.The $225 million St. Regis Resort & Residences Fort Lauderdale is one of only 13 St. Regis hotels worldwide. It's 166 guest rooms will be offered at a standard rate of $589 a night most of the year, rising to $800 a night in season. With its marble floors and rooms that come with both butlers and digital assistants, the resort is the first in the county to have a real shot of earning five-star luxury status. Read The Whole Story

Saturday, April 28, 2007

McDonalds® Air Sea Show Saturday, May 5th Sunday, May 6th

McDonalds® Air & Sea ShowSaturday, May 5th & Sunday, May 6th Location: Las Olas Boulevard at A1A / Fort Lauderdale Beach One of the world’s largest spectator events, this two-day extravaganza features top military and civilian performances along four miles of beautiful Fort Lauderdale beach. According to military and city estimates, the show draws millions of people each year. This world-class event is part of the McDonald’s® National Salute to America’s Heroes, and is the kick-off for National Military Appreciation Month observed each May. The National Salute also includes Fleet Week USA presented by McDonald’s, which brings several Navy ships and thousands of sailors to Fort Lauderdale.Show hours are from 9 a.m. to 5 p.m. Saturday May 5th and from 9 a.m. to 5 p.m. Sunday May 6th.Best viewing for the McDonalds Air & Sea Show are along Fort Lauderdale beach between Oakland Park and Las Olas Blvd. The Show is under an open sky. Patrons are encouraged to plan accordingly. It is advised that spectators prepare for a day in the sun by wearing sunscreen, as well as a hat and sunglasses. They should also drink an adequate amount of water to avoid dehydration. For convenience, concessions will be available up and down the beach, with food courts located on A1A near Sunrise Boulevard.

Monday, April 23, 2007

National Real Estate Updates

Readers respond: Using a buyer agent
Last week's column on shopping for a buyers agent elicited considerable response from real-estate brokers and agents, especially on the topic of exclusive buyers agents and dual agency. See House Talk.

Listing at $125 million could set U.S. record
A Los Angeles mansion modeled on Versailles and other French palaces has just gone on the market for $125 million, tying it for second place among available U.S. properties. See story from RealEstateJournal.

Housing starts, permits rise 0.8% in March
Boosted by warmer weather, construction of new homes increased 0.8% in March to a seasonally adjusted annual rate of 1.518 million, the highest level this year, the Commerce Department estimated Tuesday. Building permits also increased 0.8% in March to a seasonally adjusted annual rate of 1.544 million. See Economic Report.

How I got fired by my interior designer
I have been fired by an interior designer. See Teardown Diary.

Thursday, April 12, 2007

REALTORS TALK TAXES, Members of FAR “Rallied in Tally”

Members of FAR “Rallied in Tally” yesterday and told lawmakers that they want something done about property taxes. FAR members visited their districts’ senators and representatives, reminding most of them that they rode to victory based on a promise to lower the skyrocketing costs for property insurance and property taxes. “We’re looking for you to perform,” said FAR President Nancy Riley. “Roll back that millage and let’s tighten the belt a little bit.” House Speaker Marco Rubio (R-West Miami) joined Riley, telling the audience that property tax problems are the primary issue facing lawmakers this year. “People will leave (the state); they’ve started to do so because Florida is starting to look like the states they came here to get away from,” said Rubio. If we don’t change that, we will pay a big price for it.” Copyright © 2007 The Associated Press. All rights reserved.

Tuesday, April 10, 2007

12th Annual Bank of America Wine and Culinary Celebration

Friday, April 13, 2007

:: 12th Annual Bank of America Wine and Culinary Celebration at the Museum of Discovery and Science

Where: Museum of Discovery and Science, 401 SW Second St., Ft. Lauderdale FL 33312 Info: More Info
Time: 6:00 PM


Import this event into your calendar
12th Annual Bank of America Wine and Culinary Celebration at the Museum of Discovery and Science

VIP Admission 6:00 p.m. - 7:30 p.m.
VIP lounge opens at 8:00 p.m.
General Admission 7:30 p.m. - 9:30 p.m.

Parking is available in the parking lot off of 5th Avenue, across from the Museum.

This popular event promises unique and up-scale wine and culinary experiences. The evening will feature a progressive sequence of wine and food pairings, each bound to delight, educate and entertain guests.

Unique Features: Showcase of over 30 of South Florida's Premier Restaurants and over 200 Wines and Spirits from around the WorldSilent Auction VIP Wine Tasting Mini-SeminarsRaffleComplimentary Riedel Wine glassPurchase your Wine and Culinary Celebration Tickets online and they will be mailed to you prior to the event.

Monday, April 2, 2007

Find a Hotel in Fort Lauderdale

Click Below for a complete list of Hotels in Fort Lauderdale

Find a Hotel

Fort Lauderdale Hotels

Here is a small sample

The Atlantic 601 N. Fort Lauderdale Beach Blvd.

Bahia Mar Beach Resort 801 Seabreeze Blvd.

Best Western Pelican Beach 2000 North Atlantic Blvd.,

Marriott Harbor Beach Resort And Spa3030 Holiday Drive

Comfort Inn Ft. Lauderdale3551 W. Commercial Blvd

Amerisuites Fort Lauderdale 17Th Street1851 S.E. 10th Ave.

Tuesday, March 20, 2007

Fort Lauderdale Restaurants

Restaurants in Fort Lauderdale: March 19, 2007

A Sample of Fort Lauderdale Restaurants

To view all Fort Lauderdale Restaurants please click on the above link labeled "A Sample of Fort Lauderdale Restaurants". If you know of a good restaurant, please let us know, be sure to add your personal review. Either post a blog or send it to: ekedersha@bellsouth.net

Monday, March 19, 2007

Online Guides Help Buyers Choose a Mortgage

Online Guides Help Buyers Choose a Mortgage: Daily Real Estate News March 19, 20

With subprime mortgages making headlines over the past few weeks, buyers can be ambivalent about their lending options. New online guides and free brochures help to clear up any confusion and help consumers find a loan that suits them.

"Given the current real estate climate, home-buyers are faced with considerable decisions that could affect their financial state for years to come," said Thomas R. Evans, President and CEO of Bankrate.com, which released a financial literacy guide that explains the lending process.

In addition, the NATIONAL ASSOCIATION OF REALTORS®, the Center for Responsible Lending, and the Federal Housing Administration offer online resources for consumers. Here are links to the latest guides:

  • Bankrate.com: Understanding Mortgages Information on the different types of mortgages available, choosing the right mortgage according to lifestyle, the importance of credit scores, mistakes to avoid, a real-life mortgage makeover and self-help tools and calculators. The guide is the third installment in the company's year-long Financial Literacy Project.
  • Specialty Mortgages: What Are the Risks and Advantages? Produced jointly by NAR and the Center for Responsible Lending, this brochure can help prospective buyers assess the risks and advantages of interest-only, negative amortization, payment option ARM, and 40-year mortgages. Available in English and Spanish.
  • Traditional Mortgages: Understanding Your Options While specialty mortgages may help make homeownership more affordable, they generate more risk and consumers should understand these risks before they choose a mortgage. This brochure, also produced jointly by NAR and the Center for Responsible Lending, explains that for most consumers, traditional fixed-rate mortgages and adjustable-rate mortgages continue to be excellent options.
  • How to Avoid Predatory Lending Home buyers need to be aware that some lenders offer predatory loans that take advantage of consumers. This brochure, produced jointly by NAR and the Center for Responsible Lending, identifies the warning signs of predatory loans. It also gives consumers tips on how to avoid them, including questions they should ask when shopping for a loan.
  • Learn About FHA Mortgages The Federal Housing Administration has made significant improvements to its mortgage insurance programs. Many aspects of the FHA application process have been streamlined to make it more user-friendly and efficient. This brochure outlines the changes and how to qualify for an FHA mortgage, plus other resources available from FHA, HUD, and NAR.

Monday, March 12, 2007

HOUSING OUTLOOK - Bottom May be Here Home sales forecast brighter in ‘07

HOUSING OUTLOOK: WASHINGTONMarch 12, 2007; Many forecasters now predict that the worst may be over when it comes to the housing market, pointing to sales data that shows the national existing home sales market is on the verge of regaining ground. Read the full story:

Florida Property Tax Updates

2007 FLORIDA LEGISLATURE
An alternative House Republican plan to swap property taxes for sales taxes began to gather steam Friday. The idea is to eliminate the portion of property tax bills that go to school districts and pay for education through a higher sales tax.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n1-031207.cfm __________________________
PROPERTY TAXES
A flock of Canadian snowbirds are banning together to call for property tax reform in Florida. Snowbird Phyllis Turek says she doesn’t expect the same concessions as full-time residents, but believes snowbirds should get some credit for paying taxes year-round and using services for only a few months.
Read the full story: http://www.floridarealtors.org/NewsAndEvents/n2-031207.cfm __________________________
TAXES
It’s not just Florida: At least a dozen states have legislation in the hopper this year to provide property tax relief, on top of at least eight that acted last year, according to the online news service Stateline.org.
Read the full story:
http://www.floridarealtors.org/NewsAndEvents/n3-031207.cfm

Fourth Quarter Commercial Real Estate Index Hovering at Record High

COMMERCIAL REAL ESTATE GROWTH HOLDS STEADY: WASHINGTON, February 22, 2007 A forward-looking index for the commercial real estate market, the Commercial Leading Indicator for Brokerage Activity, has increased for seven consecutive quarters and is holding at the highest level on record, NAR says. David Lereah, NAR's chief economist, says growth in the commercial real estate sectors appears to be reaching a plateau. "The rate of expansion has been fairly tame over the last three quarters, which means that growth in commercial real estate sectors is likely to be modest," he says. The index rose 0.1 percent in the fourth quarter to a level of 120.1 from an index of 120.0 in the third quarter, and is 1.8 percent above the fourth quarter of 2005 when it stood at 118.1. Learn more.

Today's Top Stories; 03/12/2007


Vertical Neighborhoods a Solution to Sprawl New high-rise developments feature residential units, retail space, and scores of amenities, aiming to ensure that occupants are in the middle of the action.Read more >

Buyers Splurge Where It Counts: Kitchen, Bath The housing market slowdown hasn't curbed America's appetite for upscale kitchen and bath amenities, says the American Institute of Architects.Read more >

Neighbors Seek Lower Prices for Solar Equipment Home owners in California communities are banding together to negotiate discounts on solar energy equipment, which can cost as much as $34,000.Read more >

Zero-Down Mortgages Get Harder to Find Countrywide joins companies such as General Electric's WMC Mortgage and Washington Mutual in requiring that loan applicants have at least a 5-percent stake in their homes.Read more >

7 Ways to Get Rid of Pet OdorsNo one wants a smelly house, especially prospective buyers. To identify the source of an offensive odor, and then eliminate it, follow these helpful pointers.Read more >

Saturday, March 10, 2007

Housing Market Indicators; Florida existing home sales:

Housing Market Indicators:
Florida existing home sales:
-27%
Florida existing condo sales:
-30%
Florida existing home median price:
$239,300
Florida existing condo median price:
$209,000
Florida consumer confidence:
91
National existing home sales:
+3.0%
National existing home median price
$210,600
National (Freddie Mac) mortgage rate
6.14%

Hopeful homebuyers in Florida should act now

REAL ESTATE FORECAST: GAINESVILLE, Fla.Saturday, March 09, 2007: UF study: The price is right, so buy now.– Hopeful homebuyers in Florida should act now: The price is right as the state’s single-family residential housing market bottoms out, according to a University of Florida study released today.“If you’re thinking of buying a house, there’s probably not much to be gained by holding out at this point,” says Wayne Archer, director of UF’s Bergstrom Center for Real Estate Studies. “It doesn’t look like prices are going to fall anymore.” Read Full Story

Thursday, March 1, 2007

Sierra Club backs amendment to toughen zoning change decisions

Sierra Club backs amendment to toughen zoning change decisions
March 1st, 2007 8:33 PM
TALLAHASSEE, Fla. – March 1, 2007 – Hometown Democracy – a nickname for a constitutional amendment proposal that would force all new subdivisions, shopping malls and other growth proposals to seek approval from voters rather than local leaders – received support yesterday from one of Florida’s largest environmental groups. The Sierra Club announced it would contribute $35,000 to the effort and enlist its 30,000 members in securing the signatures needed to get the proposal onto the Florida ballot. Full Story

Greenspan: U.S. recession not ‘probable’

TOKYO (AP) – March 1, 2007 – Former U.S. Federal Reserve Chairman Alan Greenspan told a Tokyo seminar on Thursday that he does not think an economic slowdown in his country is “probable,” toning down his earlier warning over a recession later this year.
“It is possible we can get a U.S. recession toward the end of this year, but I don’t think it’s probable,” Dow Jones Newswires quoted Greenspan as saying in his speech at a Tokyo forum organized by international brokerage CLSA. Full Story

Friday, February 9, 2007

Condo market runs aground for investors, but core buyers remain

The frenzy fizzles
Condo market runs aground for investors, but core buyers remain
By Steve Kerch, MarketWatch Feb 8, 2007 Click on the above "Condo Market" for full story"

ORLANDO, Fla. (MarketWatch) -- Condominium sales have stalled as investors flee the market and developers who jumped into the sector during the boom of the last three years are turning their attention back to rental apartments, where demand is expected to pick up, condo and apartment builders said Thursday at the International Builders show here.

Saturday, February 3, 2007

Please feel free to use this blog to voice your questions, thoughts or such

This is a good area to voice your thoughts, questions or such to myself or anyone that would care to respond. While this is a Real Estate BLog, let's have a bit of fun and talk about things like good dining in South Florida, new attractions, etc. If you had a good or bad experience while dining, shopping, etc. this is a good place to speak up. Hope to hear from you soon. Eileen Kedersha

BFC Financial to buy all of Levitt for $286 million

Sun-Sentinel by Paul Owers Posted February 1 2007; For full article please click here
Hoping to bolster its bottom line during the housing downturn, historic home builder Levitt Corp. said Wednesday it will be sold to the Fort Lauderdale-based holding company run by the head of BankAtlantic for $286 million.BFC Financial Corp., already owns 17 percent of Levitt. It also has stakes in Bluegreen Corp., BankAtlantic Bancorp, Ryan Holdings Inc., Benihana Inc. and Cypress Creek Capital.Holders of Levitt's Class A shares will receive 2.27 shares of BFC's Class A common stock for each share they own, the companies said. With BFC's closing stock price Tuesday of $6.35, Levitt shareholders would receive $14.41, a 32 percent premium. BFC shares closed Wednesday at $6.23, down 12 cents.Levitt shares shot up 30 percent, or $3.28 a share,on the news to close Wednesday at $14.16.The Fort Lauderdale-based builder said it needs to improve its capital and liquidity positions while it waits for the housing market to rebound.

Cost of renting commercial space in S. Florida creeps up toward New York rates

Sun-Sentinel by Paul Owers: Posted January 29 2007; For full article click here
When Jim Cahlin looks at commercial real estate in South Florida, he's starting to see New York."We're getting closer and closer to rental rates in major metropolitan markets," said Cahlin, a broker for Cushman & Wakefield.At year-end 2006, the average rental rate for luxury downtown office space in Palm Beach County was $40.69 a square foot, up from $36.42 at year-end 2005, according to a Cushman report. Broward's rental rate for comparable digs was $31.08 a square foot, up from $29.29.Rents in the Big Apple and other large cities are north of $50, Cahlin said.Why are South Florida landlords charging so much? Because they can.The high cost of construction is limiting the number of new office buildings in Palm Beach and Broward counties.

Monday, January 8, 2007

Real estate analysts take a look at crystal ball for 2007

Written by: Robyn A. Friedman, Sun Sentinel
Published January 8, 2007
Real estate is bound to be one of the most talked-about issues again this year.People this year are likely to be pondering when the real estate market will recover, what direction interest rates will go and where new development or redevelopment will occur.Just before Christmas, three leading housing economists held a roundtable to discuss some of the many questions that will arise regarding housing in 2007. With a new Congress in control and a housing slowdown under way, what's in store for home buyers and sellers? Which way will mortgage rates go? How will the slowdown in the housing market affect the overall economy? Here's a summary of what David Seiders, David Lereah and David Berson said in a recent teleconference.David Seiders, chief economist for the National Association of Home Builders: In 2004 and 2005, there was an "unsustainable housing boom," with sales levels and price appreciation running above what he considered to be sustainable. As a result, 2006 brought an "impressive correction" that might threaten the nation's economic expansion. Mounting mortgage delinquencies and foreclosures will affect consumer spending. Home mortgage rates will remain stable through 2007, with fixed-rate loans topping out at 6.5 percent. Sales of new single-family homes, which peaked in the third quarter of 2005, bottomed out in the fourth quarter of 2006 and will remain flat this year. Residential remodeling will grow through 2007 and 2008 due to a record level of homeowner equity.David Lereah, chief economist for the National Association of Realtors: Some economists are predicting that the housing market will get worse before it gets better, but Lereah thinks we're pretty close to bottoming out. "That's good news," he said, because it means the contraction in the housing market will be shorter than it was in the previous two contractions we experienced the last 20 years. There is about a seven-month supply of existing homes for sale throughout the nation, but in some local markets -- and he singled out South Florida as well as California -- there are double-digit months of home supplies for sale.That means these areas will have a more prolonged correction. For the past three months, prices have dropped on existing-home sales, and he expects further declines for the next few months. But that's not entirely bad; by bringing prices down, sellers are encouraging some buyers to return to the market. Most contractions in the real estate market are due to recessions and job losses, but this one is not. It's due to affordability problems and investor flight, so the long-term prognosis is good. A quarter of the nation's markets -- those that had a big boom but are now "experiencing pain" -- will undergo price corrections this year, but the other three-quarters of the country should be expanding in 2007.David Berson, chief economist for Fannie Mae: The housing downturn is "close to an end; it will not continue throughout 2007." Prices and sales will continue to decline slightly, but by mid-2007, sales will start to pick up and prices will stop declining. Real estate is highly regional. Even if prices decline in some parts of the country, growth in other areas will sustain the industry as a whole and the national economy. Mortgage originations for purchases will decline this year, but refinancing should rise as people swap fixed-rate mortgages for adjustable rates or draw equity from their homes.Robyn A. Friedman is a freelance writer. Send tips to her at RAFriedman@att.net.

Sunday, January 7, 2007

Forget a rate cut any time soon

By Lou BarnesInman News

Long-term rates have confirmed their over-the-holidays rise, but are taking strong economic news very well, mortgages holding at 6.125 percent.
December payrolls grew by a healthy 167,000 jobs, way above consensus forecast, and wages rose .5 percent in the month, nearly double the forecast. The December purchasing managers' manufacturing index rose above break-even to 51.4, out of its November trough, and the service sector held a strong 57.1.
Christmas sales were on the shaky side, but most of the weakness can be charged off to warm-weather damage to clothing sales.
Oil cracked $55/bbl early this morning, warm weather in play there, too. I suspect also at work is a delayed reaction to the price spike now 18 months old. It takes time for a spike to suppress demand and encourage supply, especially with a structural increase in consumption coming from China (ramping up at least a half-million barrels per day per year), but if you double prices, you're going to get a downward price correction beyond the ability of OPEC to manage the market.
As oil goes, so goes wagering on inflation: gold is down 20 bucks today to $607, and with it the whole commodity complex. Cost-driven inflation shouldn't worry anybody.
The biggest story of the week was the Fed's release of minutes from its Dec. 12 meeting.
Fed Chairman Ben Bernanke-era communications are as different as can be from his predecessor, Alan Greenspan, who was a superb speaker and author, gave the nation a public voice of economic management and wisdom, but believed that the Fed's policy thinking should be secret -- elements leaked rarely and for effect.
Bernanke isn't any good on his feet, and his previously clear and entertaining writing style has deserted him in office. However, he promised to run an open Fed, and he is -- the most open in modern times. No grandstanding: the understated open door sits in his post-meeting minutes.
During Greenspan's administration the minutes were a waste of time, just a bunch of bankers kicking the economic can around. Bernanke's minutes are still pages and pages of that stuff, but he has begun to insert a crucial item: the forecast by the Fed staff. Less than a month after each meeting, Bernanke shares the actual inside forecast upon which the Fed made its decision: "The rate of increase in real GDP was expected to pick up gradually as the drag from the contraction in residential construction diminished, returning towards the end of 2007 to a rate close to the staff's estimate of potential output growth." --www.federalreserve.gov, page five of the minutes (put the other eight in the bird cage).
Forget a rate cut. And, any mention of growth approaching its "potential" means a Fed more likely to raise the cost of money than to cut it.
The ripples into the financial markets are not yet wave height, but getting there.
Surprising news of economic health should be good for stocks, but they are sinking, having bet too much on a rate cut. No cut, and the dollar suddenly looks better versus other currencies, based on interest-rate differential: the euro is down to $1.30 from $1.33, and the yen down from 115/buck almost to 119.
Bonds were certainly hoping for a rate cut, too, and are up-side vulnerable. However, the Fed's worry about labor market inflation is late-year, and that threat is limited by globalization drag on U.S. wages. Bonds are strongly protected by another global force: the immense volume of cash needing a safe place to park, largely indifferent to yield. This inverted curve (10-year T-note .57 percent under the Fed) doesn't forecast economic weakness, just cheap mortgage money.
Lou Barnes is a mortgage broker and nationally syndicated columnist based in Boulder, Colo. He can be reached at lbarnes@boulderwest.com.
For More Real Estate Information about Fort Lauderdale, Florida go to www.ekluxuryhomes.com

What to do when home listing expires

Wishful thinking will not sell your house
Tuesday, January 02, 2007
By Dian HymerInman News

Three months was more than enough time last year for home listings in many areas to sell and even close. But now listings are expiring unsold, often leaving sellers wondering what to do next.
It's possible that the term of the listing agreement -- often 90 days -- was unrealistic given current market conditions in the area. Sellers of expired or soon-to-be-expired listings should ask their agent to provide a printout from the multiple listing service showing all the sales in the area of somewhat comparable properties. Make sure the data includes the number of days the listing was on the market from list date to pending date and from listing to closing. A listing is pending when the sellers have accepted a purchase offer.
You may discover that your expectations were out of line with the market because it's taking more than three months to sell most homes in your area. If so, and if you're satisfied with the marketing service your agent has provided, extend the listing agreement. Sellers may find going forward that the most professional and successful real estate agents initially will require more than a 90-day listing.
Some sellers blame their agents when listings expire unsold. There are certainly some agents who don't understand marketing or how to provide high-quality service to their clients. But, before firing your agent, ask for a summary of all the marketing the agent has done on your behalf.
The most professional agents keep their clients up-to-date on their marketing efforts on a regular basis. However, not all agents do. If you decide to renew with your agent and you haven't been receiving weekly updates, make sure that you receive them in the future.
HOME SELLER TIP: The most common reason a listing expires unsold is that it's overpriced for the market. To sell in today's market, you need to be realistic about the likely sale price of your home. Wishful thinking doesn't sell listings. One reason to hire a real estate agent is for accurate pricing information. Unfortunately, there are agents who will tell you what you want to hear about the expected market value of your home rather than what the market indicates is an appropriate value.
Carefully selecting a real estate agent is more critical in a soft market than it is when listings virtually sell themselves. Be sure to find an agent who is candid, reputable and skilled at marketing. Sellers who discover that their homes don't sell because their real estate agents misled them about the price should find another agent who understands the importance of honesty and professionalism. It ultimately could do more harm than good if you bring your home on the market way overpriced.
More often, the seller is the source of a high list price. If the list price is too high, it makes no sense to extend the listing with your current agent or change to a new one without adjusting the price. Overpriced listings that sit on the market too long get stale in buyers' and agents' minds. Your listing becomes the "White Elephant" that can't be sold. You can erase that stigma by selecting a new "priced-to-sell" price.
THE CLOSING: The expiration of a listing is also a good time to see if there have been any other impediments to the sale such as a difficult showing procedure or tired décor. Correct these obstacles before you bring your home back on the market so that they don't continue to hinder the sales effort.
Dian Hymer is author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.
For More Real Estate Information about Fort Lauderdale, Florida go to www.ekluxuryhomes.com

Guard against mortgage fraud

Realty Q&A
Heed these tips to guard against mortgage fraud
By Lew Sichelman
Last Update: 8:50 PM ET Jan 4, 2007
WASHINGTON (MarketWatch) - Question: I have enjoyed your many articles on mortgage fraud, particularly a recent one about the mob getting into the act. But I was hoping to see some pointers as to what a consumer should watch out for. Any ideas? Jim Carvin, Power Brokers, Orange, Calif.
Answer: I'm sure I've written what you request somewhere along the line. But just in case I haven't, let's rectify that oversight right here and now.
For starters, don't lend or sell your credit history to anyone. Not even your brother, or your best friend. Scam artists need good credit to convince lenders to give them money. Without decent credit, lenders won't lend. Besides, it's illegal and could get you in very serious hot water.
Second, deal with only reputable real estate and mortgage professionals. Get references and check them out. Also, check their licenses with the appropriate state, county and federal regulators. Make sure they are current, and make sure no disciplinary actions have been taken or are pending against the person or persons with whom you are dealing. See related story.
One of the things rogue brokers and agents do when they are caught is pull up stakes and go to another jurisdiction. So if your guy or gal hasn't been in town very long, find out where he or she has been and check them out there.
Don't jump at a contract offer that promises more than you are asking, certainly not in today's largely buyer's market, and certainly not when it involves a kickback of the overage to the buyer at closing. Chances are the buyer wants an inflated price on the property so he can take the additional money and run without every making the first payment. The old adage -- "If it sounds too good to be true, it probably is" -- comes to mind here.
"An outrageous promise of extraordinary profits in a short period of time signals a problem," the FBI warns in its pamphlet, "Mortgage Fraud Awareness and Prevention Tips."
Similarly, don't let anyone convince you to borrow more than you can afford to repay. Don't let anyone talk you into falsifying your income, the source of your down payment or the nature and length of your employment. You'll be told it's okay, and that "everyone does it." But that isn't true. Not everyone does, and those who do often find themselves in over their heads.
Also be certain you understand what you are signing, and if you don't, don't sign -- at least not until you obtain a satisfactory explanation from a real estate lawyer or accountant. And never, ever sign anything unless the blanks are all filled in. If the agent or broker tells you not to worry, that he'll fill them in later, worry. Worry plenty.
Beware of strangers and unsolicited offers. Ditto high-pressure sales tactics. Take your time and seek professional advice -- from another professional, one of your choosing, not theirs.
Review comparable sales in your immediate area to make sure they are not inflated. Review the tax assessments for those properties. Frequently, tax assessments are way behind values. But at the very least, they should be in line with one another. In other words, if the value of one property is three times the assessment on one property but only twice the one for your property, something's rotten -- and it isn't in Denmark. Before you purchase anything, research neighborhood prices to make sure what you are paying is in line with what others paid.
Also, review the title history of the property to determine whether it has been bought and sold multiple times in a short period. This is a sign of "flipping," a scheme in which houses are sold quickly, several times over, each time at a higher and higher price until the selling price no longer has anything to do with reality.
Another popular scheme seeks to cheat people who are in financial difficulty and cannot pay their mortgage. Here, the con man misleads the troubled owner into believing he can save his house if he signs it over to him. Forgetaboutit! While he promises to make the payments for you, and collects what he can from you, he never pays your lender. Instead, he re-mortgages the property, pockets the proceeds and skeedattles. And you lose the property. If you can't make your house payments -- or even if there's only a possibility you can't make your payments -- call your lender to see what kind of help the company can offer. It also might be wise to call a qualified credit counseling agency.
If you are in the market for financing, you might be the victim of a scam if your loan amount is greater than the value of your property. No legitimate lender would make such a loan. But a predatory lender would if his goal is to take the house away from you when you can't make the payments.
If there are any unexpected costs at settlement that were not explained to you when you applied for a mortgage, don't pay them. They are probably bogus. Also make sure that the amounts shown on the truth-in-lending statements -- which you should have received shortly after handing in your loan application -- match, or are reasonably close, to those on the final statement you receive at closing.
View more useful real estate information about the Fort Lauderdale, FL Real Estate luxury home and condo market. http://www.ekluxuryhomes.com/

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