Miami Beach, long a playground for the rich and famous, is now more accessible. If you consider $3 million, as opposed to $6 million, accessible. About 60% of residents are part-time residents from the North or Europe buying with all cash.

The lower prices are affecting everybody. NBA star Shaquille O'Neal recently took a hit on his Star Island home, purchasing the parcel for $18.8 million in 2004 and recently selling it to a Russian buyer for $16 million.

A few years ago, many of the properties on millionaire-row streets like North Bay Road and Palm Avenue were untouchable by many well-to-do buyers. Now those priced at $12 million and $13 million have dropped to $9 million, while those at $6 million are now priced at $3 million.

Ironically, wealthy all-cash buyers may ultimately rescue the deeply depressed local housing market.
In the centrally located Venetian Islands, which are walking distance to South Beach, homes can be bought for between $1 million and $1.5 million, an affordable price considering that most are 10,500 square feet with 65 feet of waterfront.

Isn't it something: These all cash buyers may be partly responsible for improving the housing market in the long run. Hey- whatever works, right?

The Huffington Post is discussing a new listing for a Miami Beach penthouse that should provide an interesting benchmark for the state of the Miami market. Modestly billed as "one of the most prestigious south Florida penthouses ever," the 6,853-square-foot (636 square meter) apartment is priced at $22 million, which is a bold number for these stock-market-crashing days.

The penthouse in the Apogee tower includes six bedrooms, a pool, private elevator, staff quarters and 11,000-square-feet of terrace space, including a rooftop "palazzo," according to a press release. The listing calls it "arguably the greatest luxury condo residence to ever ascend on the Miami real estate landscape."

• Best Marketing Campaign for a Luxury Property (domestic or international)
• Overall Excellence in Personal Marketing with Emphasis on Agent Branding
• Best Online Marketing
• Best Market Data Report
• Outstanding Personal Achievement (during the last three years)

The competition not only recognizes leaders in the industry in the United States and Canada, but allows competitors to showcase various marketing strategies and tactics they have implemented successfully. Winners will be announced at our annual Leaders in Luxury symposium and networking event to be held October 20-22, in Austin (TX).

Officials should reach a decision Thursday concerning whether to move forward with the increased surveillance.  However, these same officials are also in disagreement about the move.

Police Chief Carlos Noriega claims "cameras make people feel safe."

While Mayor Hatti Herrera Bower calls the use of surveillance in public places "an invasion of privacy."

"I don't know that in a tourist area people would love to have cameras watching what they do,'' she said.

So the question I'd like to pose to Miami residents is whether the increased use of surveillance cameras is considered a positive or negative thing. Do you think they will deter crime and make the streets safer for us all? Or are they another instance of a Big Brother mentality that threatens to invade our privacy?

Further, will the implementation of cameras in our entertainment areas damage the tourist industry?

Read more: http://www.miamiherald.com/2010/06/30/1708580/surveillance-cameras-proposed.html#ixzz0sMXpkoZi

The best part? It was right around the corner! The Fairmount Turnberry Isle is right here in our own backyard, and I can testify that it is most definitely a gem of South Florida. The Mediterranean-style retreat offers great amenities, such as their award-winning Willow Stream Spa for adults and the waterslide and waterfall in the Laguna Pool is fun for the whole family. Kids under five even eat free. And this summer they are offering exceptional deals and 10 percent extra discounts for Florida residents.

For example: We played their world-famous 18-hole island green for free; we stayed in a spacious guest suite for just $59 per night; and paid half the normal price for a 90-minute massage ($99.)

And speaking of the Laguna Pool, in addition to its waterslide and waterfalls, we set up camp at the private poolside cabanas and grills. And I can't neglect to mention the exclusive Ocean Club with its pristine stretch of beach and casual dining on the sand.

I'm looking forward to returning in a few days for their Independence Day Fireworks Spectacular, spreading out a blanket on the lush fairway, and take in the 'explosive' event from the famous Zambelli Fireworks team with my family and friends. If you are looking for a luxurious but convenient summer getaway, check out South Florida's own Fairmount Turnberry Isle. This little hide-away is truly a jewel of South Florida.

The changes apply to mortgage brokers, mortgage brokerage businesses, mortgage lenders and correspondent mortgage lenders. Applications submitted by July 8 will be processed before Oct. 1, the date the new application screening system launches.

OFR has required that all individuals and companies with mortgage licenses must reapply for licensure by Dec. 31.

Regulators will conduct state and federal criminal federal background checks and pull credit reports in an effort to “raise the bar higher.”

They will consider bankruptcies, tax liens, outstanding judgments, foreclosures and charged off accounts as factors in licensure.

Applicants must demonstrate “character, general fitness and financial responsibility” before getting or renewing a license, the OFR said.

The Miami Herald criticized the OFR in a series of stories called “Borrowers Betrayed” that detailed how people with extensive criminal histories were granted licenses as mortgage brokers. It included cases where brokers with questionable pasts were accused of committing mortgage fraud.

“We encourage applicants to apply now so that they have a better chance of being approved before October 1,” OFR Commissioner Tom Cardwell said in a news release. “If unlicensed by this date, individuals will not be able to work in the industry until the new application is approved. Applicants should submit information that is complete, correct and containing full disclosure to minimize delays to processing their application.”

OFR spokeswoman Flora Beal said the additional work would be done in-house with five new positions.

Her office will be especially busy because mortgage licensees must now renew their licenses annually with criminal background credits and credit reports, instead of every two years without repeated background checks.

The 980-acre Golden Oak resort community at the Walt Disney World Resort in Orlando will feature homes from $1.5 million to $8 million, concierge service, pool, spa services, golf course, access to Four Seasons hotel and a 'conservation area.'

Each of the 450 homes will be between a quarter and three-quarters acre in size and the first residences are planned for construction next year.  

BEST NEW RESTAURANT- Sugarcane Raw Bar and Grill

"Each season yields a fresh crop of new restaurants. Sometimes they are highly anticipated due to a big-name chef. Other times they are preceded by a sizzling sister eatery in New York or L.A. Or maybe they boast a distinctive dining concept. Sugarcane brought none of those attributes to the table yet took this town by storm in a way few dining establishments have."

BEST RESTAURANT WHEN SOMEONE ELSE PAYS - Emeril’s Miami Beach

"…Yellowtail snapper with Creole tomato glaze, crab-mirleton relish, and citrus butter sauce ($38) will obliterate the perception that Emeril’s is just a place for tourists, as will the red onion-smoked bacon marmalade and homemade Worcestershire sauce that elevates a juicy filet mignon ($46). Pile it on with truffled mac and cheese flecked with pancetta ($8.50), and add the pièce de resistance via banana cream pie ($10) or bread pudding three ways — a lavish dessert that involves whiskey sauce, Godiva liqueur, and dulce de leche ($9). At meal’s end, you might casually mention that Emeril’s also serves a damn good brunch, and hope your host picks up on the hint."

BEST FOODIE FRANKENSTEIN – El Rey del Chivito

"If Dr. Victor Frankenstein had been born an unnaturally hungry Uruguayan food fanatic and not an Austrian alchemist hell-bent on cobbling together a humanoid creep show from dead body parts, he might have invented El Rey del Chivito’s trademark creation, the Chivito Rey Emperador. Basically a monstrous mountain of random foodstuffs, the Rey looks like it was dredged from the kitchen’s scrap bin…"

BEST PLACE TO SEE CELEBRITIES – WALL Lounge at the W South Beach

"Miami is a town where clubs spit out adjectives like exclusive, VIP, and upscale like an overchewed piece of Juicy Fruit. But WALL Lounge is actually one of the few places that can blow hard without bursting its own bubble. Jessica Alba, Gabrielle Union, the All American Rejects, Erykah Badu, Swizz Beatz, Jamie Foxx, Jason Binn, and Selita Ebanks are just a few of the celebrities who have walked through WALL’s infamous doors. Other guest sightings have been rumored, but unless the press snaps a picture, they’re almost impossible to confirm. In fact, it’s nearly impossible to get a photo of the place, period. WALL’s success lies in its size; it is so boutique it does not merit a VIP section — the lounge itself is the VIP. So if you’re lucky enough to get in, keep the video phone ready — you might catch a TMZ-worthy moment."

BEST-KEPT SECRET – Free Big Cypress tours

"There’s a great South Florida wonder between Miami and Naples, and we’re not talking about the skunk ape. He’s gotta be somewhere in Big Cypress National Preserve, that great, big national park in Miami’s back yard. Every year from late November to April, the national park service offers ranger-guided tours through a variety of wilderness activities in the area. And they’re all free. Our favorite is the wet and wild swamp walk, a muddy trek through sometimes waist-deep gator water…"

BEST CHEAP THRILL – Free drinks at art parties during Art Basel Week

"People With Money + Drink Sponsors = Hot Girls. Hot Girls + Free Drinks = Best Parties. Best Parties + Tourists + Art World + Miami + Free Drinks + Hot Girls + People With Money + You = An Amazing Scene."

BEST PUBLIC RESTROOM – Balans

"Prudes freak when they see the glass-door bathrooms at Balans in Brickell. That is, until they flip the lock to the left and realize the door magically fogs up to provide discretion. Totally private stalls? Priceless! Not having to hear your neighbor deal with his or her gas or nausea? Refreshing. Knowing no one is looking under the partition at your chipped toenails or underpolished shoes? Much appreciated."

BEST PLACE TO GET FREE WI-FI – Metromover 

"It’s not often you’ll catch this publication praising local municipal works. Miami-Dade’s public transportation system, for example, makes Havana’s ’50s-era buses look like Japanese light rail….And because the elevated tram is free, it’s a pretty handy alternative to shelling out cash for Internet time at FedEx Office, if you don’t mind traveling in circles or surfing the web next to a drunk homeless dude."

Don’t miss “Best Place to Meet Single Women”, “Best Place to Meet (Hopefully) Single Men”, “Best Place to Meet Intelligent Women”, “Best Place for a 10th Date”, “Best Place to go Stoned”, or “Best Place to Shop Like There’s No Recession” at http://www.miaminewtimes.com/bestof/

The missing piece of a $1 billion Metropolitan Miami complex, Met 3, at 200 SE Third Ave, is scheduled to begin construction in the beginning of 2011. Originally set to break ground in early 2009, the project was placed on hold after several investors pulled out. However, MDM Development Group is shifting the details of the project and preparing to get started.    

The development group moves forward with a scaled-down version that seeks to meet two downtown needs: a supermarket, which downtown residents are currently lacking, and more parking.

Met 3 aims to not only provide benefits to office tenants and residents, as well as hotel guests for nearby Met 1 and 2, but to contribute to the overall community by providing a supermarket in the form of 'Whole Foods.' The national chain is in line with the theme of an affordable and healthy lifestyle.

"That's our goal. Our intention is to have Whole Foods," said MDM vice president Tim Weller, adding "we are actively working on that."

After more than six years of designing and building, the envisioned Metropolitan Miami complex is coming together.
The 447-unit Met 1 condominium is occupied with new residents and home to Chophouse Miami on the ground floor. Met 2 is nearing completion, with office tenants expected to move in starting in July and the hotel to open in October.

"It's a great service to the downtown area, which has been lacking something like this forever," Weller said.

The discounting helped the booming resort town outsell their counterparts with an average price of $508 per square foot in comparison to $1,350 in South Beach. By contrast, greater downtown Miami condos sold at an average price of $326 per square foot.

"The buying pool for new South Florida condos is proving to be extremely deep despite the fact that financing is difficult to obtain," said Peter Zalewski, a principal with a Bal Harbour based real estate consultancy. "The trend continues to be strong sales at projects where the developers have discounted their prices deep enough to grab the attention of all-cash buyers."

"The unwillingness of developers of South Beach developers to cut their prices on new units has worked to drive buyers to other areas such as Greater Downtown Miami and Sunny Isles beach."

The rate of foreclosures in South Florida for May 2010 has dropped an average 49% in comparison to last year's figures, according to a recent report by Condo Vultures, ranging from 55% in Broward County to 36% in Palm Beach County.

The drastically improved housing market is attributed to lender's earnest efforts to avoid foreclosures by working with homeowners and adjusting mortgages or advocating short-sale properties.

Short-sale properties, where a homeowner sells a property quickly yet fails to completely cover the mortgage, are becoming more common as banks realize the fallacy of foreclosures. On average, the foreclosure process in South Florida takes 18 months to fully process and costs approximately $100,000 per property.

 In May 2010, lenders initiated 1,000 foreclosure actions in Miami-Dade County, 1,300 in Palm Beach County and 2,000 in Broward County. This is in comparison to last year's May figures of 1,900, 2,000 and 4,500, respectively.

Miami-Dade County is home to high-end neighborhoods Aventura, Coral Gables and Miami Beach and boasts some of the most luxurious homes in Southern Florida. It's foreclosure rate of 23% is also the lowest among the three aforementioned counties.

If the project gets off the ground, there will be over 600,000 square feet of restaurant space, 1 million square feet of luxury office space, 1,050 super-deluxe condo units, a 792-room hotel, a rotating sky lounge and much more. It will truly be a one-of-a-kind masterpiece of architecture attracting millions of visitors. With areas for art, theatre, opera, concerts, theme park, boardwalks, marina, marketplaces and a light rail, Miapolis City proposes to be a city within a city.

You have to see it to believe it!

Miapolis Website: http://www.miapoliscity.com/

The landmark hotel, once known as the Sheraton Bal Harbour, now rises 27-floors above the ground and will include luxury, oceanfront residences.

The residential project is scheduled to be complete in 2011, and will be located across from the famed Bal Harbour Shops. Adding a bit of beauty and glamour to the shoreline, the Residences at the St. Regis is setting the bar for luxury living in South Florida. Only a short drive from downtown Miami, the St. Regis Bal Harbour includes 205 beautifully-appointed suites, 270 private residences, 37 condo units, a 12,000 square foot deluxe spa called Remede Spa, a prime-spot for their upscale, oceanfront restaurant, the elegant St. Regis wine bar, meeting and event space, as well as a private beachfront access area amongst the immaculately manicured landscaping.

The guest rooms are outfitted in St. Regis’ distinct style and grace, with floor-to-ceiling windows and balconies with breathtaking views of the ocean.

Prepared and created for those with discerning tastes, the Residences at the St. Regis are the ultimate in luxury home living.

Hotel ADRs (average daily rates) increased significantly, as did overall occupancy and RevPAR (revenue per available room). Many rooms all over South Florida were taken up by corporate-types and fans with deep pockets.

South Beach, the area’s most popular tourist area, turned into a virtual Bourbon Street as many streets were closed and revelers wandered around with beers in hand and Mardi Gras-style necklaces.

The shops, restaurants and other destinations on the beach also participated in the festivities. ESPN actually broadcasted on the beach and treated all spectators to a myriad of concerts all weekend.

Mango’s Tropical Cafe owner David Wallack said, “A whole lot of beads, a whole lot of ‘who dat?'” was going on. The popular Ocean Drive staple enjoyed a huge increase in sales, thank in part to their $11 mojitos served in souvenir cups.

Unfortunately, Lincoln Road – South Beach’s upscale retail area – did not seem to profit as much from the game. Many shops and restaurants said that their business remained the same, and some even reported that it went down.

Lisa Warren, who owns Frieze Ice Cream off Lincoln Road, stated her distaste for the weekend revelry. “It hurt us,” she said.

MAKE A PLAN: The first thing you want to do is set a price, one that is reasonable. Obviously, you are always looking to make a profit, but the main undertaking is to get your house sold. Make sure you consult with a South Florida real estate agent to figure out what your home is valued at. You can also set high and low prices, so you know what price you will not quote over, and what price offer is too low. Don’t forget, you can always rent out your property until you feel the market is right to make a proper and profitable sale that you are happy with. Doing things quickly is great, but doing things right is much better.

STAGE YOUR HOME TO SELL: It goes without saying that this is a vital part to closing a sale fast. Keep your theme neutral with some wow-factor accents like red pillows or lampshades. Clutter is also an important issue to keep under control. The less “stuff” that is visible in your home, the better and more appealing it will be to buyers.

THROW IN EXTRAS: If you find that you cannot work the sale price to be appealing to buyers, the best thing to do is offer them a better value. One way is to include incentives like appliances, or large-ticket items and furniture. Another way is to include a year of condo fees, or other costs associated with the home that you would be able to budget for. Throwing in extras like this entices buyers who are looking for a home with a truly unique deal.

If you have any questions about selling your home, contact South Florida real estate professional, Roman Pavlik at southfloridarealtysource.com!

As the housing recovery slowly begins, real estate experts are forecasting a rise in investor confidence. This will help bring up the average home price, clear some of the excess inventory and initiate some stabilization for the industry.

Winkworth International reported that Florida has been one of the states where surplus was a major contributing factor in the low home prices, and foreclosures as well as unfinished condo projects are also to blame.

However, the United Kingdom is one country that continues to have a vested interest in Florida, and Central and South Florida in particular. There are even entire communities and neighborhoods made up of British expats and former citizens. According to Charles Peerless, director of Winkworth International, “Low prices on a wise range of top quality luxury homes and condominiums in world class developments, combined with a favorable exchange rate and low interest rates, buyers who seek sun, golf and wide ranging lifestyle attractions can now buy a home here for about half what they would have paid in 2005.”

Sean Snaith, economics professor at the University of Central Florida in Orlando, agrees saying, “For international buyers, 2010 will be a great time to buy in Florida. The imbalance of supply and demand puts the buyer in the driving seat. Large inventory, pricing power and the continuing weakness of the dollar when compared to other currencies mean awesome deals in the housing sector.”

To find a good residential real estate investment in the South Florida / Aventura / Miami area, contact Roman Pavlik at SouthFloridaRealtySource.com.

Better Homes and Gardens conducted a survey that was released at this week’s National Association of Home Builders’ (NAHB) Show in Las Vegas. The results showed that home owners are building smaller properties and ditching the luxury amenities and high-end add-ons.

Green living has taken precedence in the past few years, garnering a lot of praise, while downsizing has always been looked at as a last resort… until now. Now, downsizing is the look people are going for. For example, high ceilings that inflate energy bills are not popular anymore.

The NAHB reported that the size of the American home decreased 100 square feet. Also, the number homes with three-plus bathrooms also decreased – for the first time since 1992. Builders also echoed the same sentiment adding that they are not building as many homes with outdoor kitchens, game rooms or media rooms, and sunrooms. New homes are likely to include larger closet space, a laundry room, energy-efficient appliances and insulated front doors.

Last year, almost 25 percent of new homes received an Energy Star rating, which took a huge jump from the number in 2007.

To find your South Florida dream home, large or small, call Roman Pavlik. Roman can be reached at SouthFloridaRealtySource.com.

According to the Treasury Department, the program was marketed as a support solution for millions, but the success of the plan is taking a lot longer, with enormous amounts of red tape and complicated logistics involved.

Florida has reported lower than expected numbers, especially since the state was one of the hardest hit by the subprime crisis and the housing market decline.

The plan, which is monikered the Making Homes Affordable program, provides incentives to banks to alter their loans by either lowering interest rates, lengthening the loan, or reducing the principal amount owed.

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, a Florida resident who has applied for a loan modification. “I keep getting excuses that they are just overwhelmed.”

Anthony DiMarco, executive vice president of government affairs for the Florida Bankers Association, said the government is trying to help and that the lenders are also trying to figure out a way to speed up their learning curve. “I think the industry is working hard,” he said. “You can’t ramp up a program like this overnight.”

Shari Olefson, a real estate attorney in Ft. Lauderdale thinks that the high unemployment is preventing the plan from working. “The program itself is a failure,” said Olefson.“It’s trying to put a square peg in a round hole.”

It remains to be seen whether the rising unemployment does in fact bar the Making Homes Affordable from succeeding. Until then, Florida homeowners are anticipating answers to their loan modifications and waiting to hear if they will be able to save their mortgages and their homes.

To find homes or condos in South Florida, contact South Florida real estate agent Roman Pavlik at SouthFloridaRealtySource.com.