This 14 acre prime, waterfront property, located at north downtown Miami was owned by The Miami Herald. This landmark property deal came as a surprise to many and marks the entry of this Malaysian giant into Miami’s booming development zone. Executives at Genting reported that the company intends to pump in about $2 to $5 billion on this development project which will change the skyline of Miami along with creating employment for thousands.

Michael.Y.Cannon, a real estate analyst in Miami, stated that this property deal is the costliest since the Dade history. The sale price is not just for the land alone but also includes the Herald building built on this site. The building will of course have to be torn down to make way for new hotels, residences, shopping centers, a convention center and much more.

Miami is slowly making its change into a city-state and this prime property located between the MacArthur and Venetian causeways is the best area to start the development. Miami Herald has been given two years to shift its operations and publisher David Landsberg said that the company was on the lookout for another property in central Miami-Dade.

The sales proceeds are also going to be split up into three; $163 million will be put into the company’s pension plan, $65 million to pay off the debts and $2 million will go to the taxes. The McClatchy shares in the market also touched an all time high following the announcement of the deal.

The news of the Miami Herald’s waterfront property acquisition by the Malaysian casino giant, Genting is proof of the fact downtown Miami is now being sought after by hot property dealers who want to remake this coastline. The Genting group is planning for a mixed development zone with hotels, boutiques, residences, restaurants, convention center and malls in this 14 acre land along the Biscayne Bay. The potential addition of a casino could add to the South Beach glitz glamour.

Some of the upcoming projects and plans for this Magic city include a renovated and refurbished amphitheater in the Bayfront Park which itself is undergoing a major change. The upcoming development zone at the Herald site and the Adrienne Arsht center or Performing Arts which is also home to the Cleveland Symphony; both these projects started off on a shaky note but are well on their way to a good ending.

The Bicentennial Park along the American Airlines arena is being refurbished into a museum park. The Miami Science Museum which is a $265 million project has investors like philanthropist Phillip Frost and his wife who have pledged $35 million to make this project a reality.

After the Herald site, it is now the turn of the 14 acre Omni center and Hilton downtown Miami to be acquired thus heralding a new beginning for this upcoming city-state.

The hotel which was the brain child of the Related Group has been now taken over by the Pebblebrook Hotel Trust as they believe this property has immense potential for the booming Miami’s tourist industry. This hotel is an important project in our plans of diversification into Miami’s heart and we believe that this acquisition would do our company a world of good.

The Viceroy Hotel was built in 2009 and is part of Tower No. 3 at the ICON Brickell. The highlight of the hotel is the state-of-the-art spa built over an area of 28,000 square feet. Another star attraction is Club 50 which is the rooftop lounge at Viceroy and attracts a lot of clients. The room occupancy in 2010 was 68% at an average daily rate of $183 and the Pebblebrook team has full trust in the potential of these numbers to go up.

According to Jon Bortz who is the chairman and CEO of the Pebblebrook trust, acquiring the Viceroy at such an attractive price was beneficial for the company’s portfolio as they were looking at opportunities for geographical diversification.

Though the talks are complete, the final papers are yet to be signed and the deal officially closed. So as of now, the sale is still pending officially.

The company says that, as per an inventory taken on March 31^st, 2011; this number represents approximately 21% of the total number of condos that was built in this area since 2003. When compared to 2010, the first quarter of 2011 has seen an increased sales activity with buyers purchasing up to an average of 12 condos per month for a blended price of $236 per square foot.

According to Condo Vultures, since the real estate boom began, 16 odd condominium projects have been started by developers in the area, each comprising of more than 3400 units. Though there are still so many unsold condos remaining in the market, the sales in Downtown West Palm Beach is much higher when compared to other areas like Greater Downtown South Miami Beach and Sunny Isles Beach. But a bad news is that around 500 condo units that were purchased in bulk earlier are now being tried to be sold off for a profit by the purchasers.

The sales graphs have dipped low following the dip in the real estate market. Individual buyers are now selling off their condos to bulk buyers who are in turn setting up residence blocks. As per the statement released by Condo Vultures, more than 2700 units have been sold off in this region for a price of $1.1 billion since its conception in 2003.

Real estate transaction in South Florida often happens in various stages; transactions take place when the property is up for sale and ends when the title is transferred to the buyer by making a deed with the local government.

According to reports from reliable sources, the deal for the property was closed on March 30, and it was closed by a company affiliated by him, K. Durant Enterprises. The condo is located in a 63-story skyscraper that is located a short distance away from American Airlines Arena, where Miami Heat is based. It is also within close proximity to Miami Beach. This high-rise building certainly seems to be very popular because it also houses Dwayne Wade of Miami Heat who lives in a custom built unit three floors below the one picked up by Durant.

Fans of the Oklahoma City Thunders do not have to worry though, because it seems unlikely that Durant has made this purchase for anything apart from investment purposes. He has made it very clear that he wants to play in Oklahoma for as long as possible. He has recently extended his contract with the Thunder for another five years and seems all set to play there through the 2015-16 season. Incidentally, this was not the only pricey real estate deal he did this year. He also paid $1.8 million for a 3,460-square-foot home in Gaillardia.

It could just be that Durant wants to spend some free time in Miami, thanks to the irresistible location his new condo has.

There are many takers for apartments and condos even at these increased rental rates, with overall vacancy at only 2.5% when compared with the rate of 9.6% just a year ago. The rental market here is driven by young professionals and also by people who have had to sell their homes due to the economic downturn. Another reason for the increase in rates is that there is insufficient inventory to meet the increasing demand.

There is a growing trend in Brickell to buy units in condos to be used as second or even third homes because they are available at the right price. Lots of people also pick up luxury apartments here because they are looking to downsize from large estates.

Brickell continues to offer great value to students and young professionals even after the rise in rentals because it is far cheaper than South Beach. This is a great time for investors because they can rent out their units at a good price and also realize a better return when they sell the unit eventually.

This hotel has been picked up by a joint venture between a local company, the InSite Group, and Cube Capital which is based out of London. Ben Shmul, the Group President and CEO of InSite were very eager to communicate the new venture’s plans for this property. It will continue to operate under the new ownership but will go through a radical renovation. The owners plan to reposition the newly renovated property and are targeting a date in Q4 2012.

The fact that it commands an amazing waterfront location and came at a temptingly low price makes this property ideal for repositioning. The new owners are not new to the hotel industry since they already run another hotel on Fort Lauderdale beach together. The InSite group, based in Weston Florida, brings lots of expertise to this joint venture since they specialize in developing neglected properties, both residential and commercial. The billion dollar investment management firm Cube Capital has the financial muscle to see this important exercise through.

This deal follows the trend of the improving prospects in the Miami real estate industry, which has only recently found things to be happy about. An influx of foreign investment has given new life to it.

The managing director of Fairmont Turnberry Isle commented upon the success as, “This is an unprecedented partnership that will transform Fairmont Turnberry Isle’s already acclaimed reputation as a premier golf resort into the ultimate performance training center for athletes at all levels”.

“Our partnership with Pete Bommarito, one among the top performance training coaches in the industry and Dr. Matthew Cooper, President of USA Sports Therapy paves the way for many exciting opportunities including providing our guests and club members with cutting-edge fitness and nutrition programs. There’s nothing else like this at a resort of our caliber”, he added.

The massive collaboration with renowned personalities will attract more skilled professionals from different levels to this place such as:

• Physical therapists
• Bio-mechanical specialists
• Fitness trainers
• Nutritionists
• Rehabilitation therapists
• Muscle activation specialists

Apart from offering these benefits to the Fairmont Miami hotel private club members and guests, grants counseling and  training for the present clientele of Dr. Cooper and Bommarito.

The result is that an astounding 6,250 residences have been resold per month over the year 2010. This amounts to approximately 75,000 residences in Miami-Dade, Broward and Palm Beach. Only 5,600 residences were resold per month in the year 2006 when the real estate market was last very buoyant.

These figures indicate that real estate investors can be attracted to South Florida as long as the prices are right. However, many people are unhappy with the current situation. People who invested in 2006 when the market was at its peak are unable to offload their properties without incurring immense losses. The current prices are 40 percent lower than in 2006 on an average.

The size of this residential resale business was $16.6 billion in 2010. While this is an increase of $1 billion over 2009, it is a whopping $10 billion less than the total residential resales business in 2006.

This increase in sales is spread over the urban core of Miami which includes the Central Business District as well as Omni and Brickell.

Property developers have been able to reduce their inventories at extremely reasonable rates because of the inflow of money into the market. Many deals are done with cash although some developers do offer financing as well.

What is even more interesting to realty market analysts is that a sizeable majority of condos in the Miami urban area are occupied. In fact, occupancy of condos is believed to be as high as 74 percent in this area.

This robust growth in condo sales and occupancy is indeed good for the market. It indicates a revitalization of the area and that the worst seems to be over.

Compared to any other state, Florida is the top of most places with largest number of loans in foreclosure. But in the previous survey, the usual 13.68 percent was changed to 14.04 percent. In the next quarter, Florida gained a total of 813,652 loans which was around 849,002 in the previous quarter.

Some of the major lenders those who offer foreclosures are JPMorgan Chase and Bank of America. September is the peak time at which they put forward the offers. The noticeable thing is that there won’t any rapid changes in the number of loans.

The increase in number of foreclosures is what reported as one of the major troubles that Florida mortgage finance association reports recently. Even though the rise in rate affected all over the nation, Florida’s status increased rapidly from 2.07 to 2.32 percent.

Apart from the luxury bedrooms with complete facilities, every accommodation area comprises of high class kitchen and other basic necessities. Some of the attractive offers exclusive in these hotels are roof top dining areas, tropical foliage and ocean views. Are you busy with work? Do you want to spend some time with your partner? Avail the baby sitting and maid services and enjoy your evening with your husband.

Another affordable thing is the rent which begins from $100 for a one bedroom resident. Among the luxury condos, El Taj is the most expensive one with high class style. Porto playa is the one with largest number of condo units whereas Maya villa is famous for its designer architecture. It is also known as the jewel of playa.

They provide the booking services also. Is these were what you were looking for?

At Icon Brickell Towers 1 and 2, where the Fortunes are in the charge of sales, about 75% of the apartments have been sold to international buyers, with locals and out-state buyers representing the remaining 25%. At Jade Residences in Brickell Bay, home buyers from 22 countries, where foreigners stand for 70% of buyers. The purchase of aggressive countries, Oliver Ruiz said, also include Argentina, Brazil, Colombia and Venezuela. To market the property, Fortune is working with 700 sales associates, affiliated offices and a network of international agents to invite international buyers for the condo of Brickell.

Although reasons as to why they buy differ for local and international buyers, they seem to agree on why they choose Brickell against other desirable neighborhoods. Many foreigners buying condos in Brickell use part-time, while others choose to rent for a few years until they could profitably resell. It is a mixture of foreign residents and local tenants, which define Brickell as a melting pot of cultures and a playground for adults with the expansion of its restaurants and lounges.

Randy Olen, president of the Brickell area, says that in the past members of the association discussed how Brickell is becoming the 24-hour society many visualized. Residents also await the arrival of a trolley system in the works, which should provide a service of Key Biscayne is the entrance of the Omni area.

Today, Brickell has received the brand recognition, Mr. Olen said. "It is one of the most exciting places to live, work and play right now with all condo sales and leasing."

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.