Real Estate Information

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.

Sunny Isles Beach, located mere minutes from Bal Harbour, is providing buyers with more than 100 new condominiums. The first months of 2010 saw the average price of condos drop 12 percent, sending buyers into a frenzy to snap up the luxury market homes on the beautiful island in South Florida, heavy with investors including Donald Trump.

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."

Will Miami be home to the world's tallest building? Miapolis, proposed at 3,200 feet high, may be the jewel of downtown Miami bringing with it the first "platinum green" building footprint.

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/

Starwood Hotels & Resorts, one of the leaders in the hospitality industry and well-known for their luxury and lifestyle brands like the Westin, W Hotels, and Le Meriden, has completed a real estate milestone in completing the St. Regis Bal Harbour.

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.

Many South Floridians are on a budget these days, but that doesn't mean we can't spruce up our homes or condos with these fun projects. Check out this video for some fun and easy home upgrades to lighten, brighten, and bring more life into your home. The best part? All of these tips cost under $30!

As expected, many businesses in Miami and South Florida flourished in over Super Bowl weekend. However, as stores rejoiced the extra revenue, some shops complained at the lack of extra revenue the big game brought in.

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.

Sometimes the unexpected happens, and people are put into a situation where they have to sell their home… and fast! To tackle this daunting task in the fastest most efficient way, Roadhouse Realty has a few tips to help you sell your home quickly.

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!

This year, Florida is poised to become a bargain location for real estate investors seeking affordable housing. A recent report from Winkworth International stated that some Florida properties were selling for just $47 a square foot.

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.

American homes are now being planned and constructed to help the owners save money and reduce waste. What is considered as waste or wasteful? Well, outdoor kitchens, fire pits and grills are some design elements being cut. Bathroom features such as dual showerheads are being replaced with single ones, and these new homes are focusing on natural light, energy efficient appliances and extra storage.

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.

Out of the almost 100,000 Florida loans that are trial modifications under President Obama’s foreclosure curbing program, only 8,405 have received permanent amendments. Unfortunately, the program has not been running as smoothly as originally thought. The aim was to help the country’s 3 million-plus home loans that have been defaulted on by their borrowers.

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.