There are so many terms when it comes to short sale , it seems like it's a foreign language. Here is a break down of the basic terms :
Lender - This is the bank that you have the loan with. Everyone has at least one lender while others have multiple lenders on one property.
Borrower - That is the person who's name is on the loan. Look at your loan documents to see who owns the loan. There is a difference of who owns the property and who owns the loan.
Short Sale - This is when the lender will agree to accepting less than what is owed on the property.
On the Market - When you hire a real estate agent to list the property on the MLS (Multiple Listing Service), they are advertising your property to everyone to get it sold.
Offer - This will consist of a Purchase and Sale Agreement that states the price and terms of how the Buyer wants to buy your property.
Addendums - Your real estate agent will have a lot of paperwork for you to sign. Make sure you understand all the stipulations.
Multiple Offers - This more than one offer on the same property. They will all have different price and terms.
Contingencies - These are different ways for the Buyer to get out of the transaction and not buy the house.
Financing Contingencies - If the Buyer's lender does not loan the money to the Buyer, they can get out of the transaction.
Inspection Contingencies - After the Buyer inspects the property and decide not to buy it, they are able to get out of the transaction.
Net payoff - After all the closing costs are paid, the left over amount it the net payoff that the lender will accept for a short sale.
Mutual Acceptance - When both Buyer and Seller agree to the price and terms of the agreement to buy the property.
Short Sale Package - All the paperwork that is needed for the Lender to decide if they are going to accept a short sale.
BPO (Broker's Price Opinion) - A real estate agent that is not involved in this transaction will inspect the property and give the bank the opinion of what the value of the property is.
HUD - This is the closing statement that shows all the amounts that will be paid at closing and who the money goes to.
Closing Costs - This consists of homeowner association fees, recording fees, escrow/closing agent fees, any and all taxes to sell the property, etc.
Closing Agent - In some states this is a real estate attorney. In other states, you can have an escrow agent close the transaction .
These are some of the basic terms that you will hear or get familiar with as you are in the process of the short sale.
Ernesto Vega
www.RWSF.com
Monday, August 3, 2009
New home sales jumped 11% in June
The botton has been reach, Monday, July 27, the Commerce Department reported new home sales jumped 11% in June to a seasonally adjusted annual rate of 384,000 from an upwardly revised rate of 346,000 in May. It was the largest monthly increase in more than 8 years. Economists had expected a sales pace of 360,000 units.
The Standard & Poor’s / Case-Shiller 20-city housing price index dropped 17.1% from May 2008 to May 2009. However, therewas a ligth the end of the tunnel with a 0.5% increase in housing prices in May compared to the previous month. It was the first sign of a run arround or rise in the monthly index since July 2006.
The consumer confidence index fell to 46.6 in July from 49.3 in June. Economists had expected a slight decrease to 49. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
Orders for durable goods — items expected to last three or more years — fell 2.5% in June, the first decrease in three months. Economists had anticipated orders for durable goods would fall 0.6%. However, excluding automobiles and aircraft, durable goods actually rose a robust 1.1%, a much better performance than the flat reading economists had expected.
Initial claims for unemployment benefits rose by 25,000 to 584,000 in the week ending July 25. The figure was higher than the 575,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending July 18 decreased by 54,000 to 6.197 million, the lowest level since April.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — decreased at an annual rate of 1% in the second quarter of 2009. This follows a 6.4% decline in the first quarter of 2009. Economists had expected a slightly larger 1.5% decrease.
The Standard & Poor’s / Case-Shiller 20-city housing price index dropped 17.1% from May 2008 to May 2009. However, therewas a ligth the end of the tunnel with a 0.5% increase in housing prices in May compared to the previous month. It was the first sign of a run arround or rise in the monthly index since July 2006.
The consumer confidence index fell to 46.6 in July from 49.3 in June. Economists had expected a slight decrease to 49. The index was benchmarked at 100 in 1985, a year chosen because it was neither a peak nor a trough in consumer confidence.
Orders for durable goods — items expected to last three or more years — fell 2.5% in June, the first decrease in three months. Economists had anticipated orders for durable goods would fall 0.6%. However, excluding automobiles and aircraft, durable goods actually rose a robust 1.1%, a much better performance than the flat reading economists had expected.
Initial claims for unemployment benefits rose by 25,000 to 584,000 in the week ending July 25. The figure was higher than the 575,000 that economists had forecast. The number of people continuing to claim jobless benefits in the week ending July 18 decreased by 54,000 to 6.197 million, the lowest level since April.
The Commerce Department announced that gross domestic product — the total output of goods and services produced in the U.S. — decreased at an annual rate of 1% in the second quarter of 2009. This follows a 6.4% decline in the first quarter of 2009. Economists had expected a slightly larger 1.5% decrease.
Monday, July 13, 2009
A very expensive roof leak
I guess this is one of those story that could only take place in our Magic City.
I mean where outs can a roof repair cost this much.
Ernesto Vega.
WWW.rwsf.COM
Developer sued over leaks in $14 million Brickell penthouse
BY JOEL POELHUIS
jpoelhuis@MiamiHerald.com
A Miami jury will decide if Ugo Colombo's case holds water.
The Miami developer is the defendant in a suit that claims he's to blame for leaks in a Bristol Towers penthouse he sold to recording artist Pharrell Williams for $14 million in 2007. Colombo's company built the condo, which is at 2127 Brickell Ave., Miami.
The plaintiffs in the case are PW Continuum, Williams' company; the Bristol Tower Condo Association; and Hector Lopez, who owns the condo unit below the leaky penthouse.
Lopez originally sued both Colombo and the condo association, but the association bought out his $525,000 case against it.
I mean where outs can a roof repair cost this much.
Ernesto Vega.
WWW.rwsf.COM
Developer sued over leaks in $14 million Brickell penthouse
BY JOEL POELHUIS
jpoelhuis@MiamiHerald.com
A Miami jury will decide if Ugo Colombo's case holds water.
The Miami developer is the defendant in a suit that claims he's to blame for leaks in a Bristol Towers penthouse he sold to recording artist Pharrell Williams for $14 million in 2007. Colombo's company built the condo, which is at 2127 Brickell Ave., Miami.
The plaintiffs in the case are PW Continuum, Williams' company; the Bristol Tower Condo Association; and Hector Lopez, who owns the condo unit below the leaky penthouse.
Lopez originally sued both Colombo and the condo association, but the association bought out his $525,000 case against it.
Wednesday, July 8, 2009
A Brief Description on Realty World South Florida
At Realty World South Florida we are aware that buying a home is one of the biggest investments you will ever make in your life. It is both an exciting yet daunting process which requires the services of a qualified and savvy real estate agent that can guide and help you avoid common mistakes. In essence, this is our world.
As the fastest growing real estate company in Broward County, Realty World South Florida’s goal is that of pairing a perfect match, whether it be your first apartment, commercial space, or your dream house. With our main office located in Weston, FL, and branches in Hollywood Fl and Fort Lauderdale Fl, Realty World South Florida has quickly emerged as one of the largest realty offices in Florida due to its highly trained agents, attention to detail, and a multicultural staff best suited to meet the needs of a diverse community such as South Florida. Part of a national franchise, Realty World South Florida has extended its services through international projects in countries such as Mexico, Canada, Central America, the Caribbean and
Europe.
Individually owned and operated by Broker and President Ernesto Vega, Realty World’s South Florida headquarters are located in Weston, FL. As runner-up for highest sales in Florida in 2008, Realty World’s 165 associates, attentive staff and over 9 years of experience will assure the best fit for your real estate needs. Look no further, you are home.
About Us
Corporate Information
An individually owned and operated international franchise, Realty World South Florida is helmed by Ernesto Vega, Broker and President. With a presence in Broward for over nine years, we are looking to expand expanding into our newer offices to further meet the needs of eastern Broward, Miami-Dade and Palm Beach counties.
In a mere nine years Realty World South Florida has quickly developed into the third largest realty agency in the city of Weston (located in western Broward county) securing some of the most important real estate deals in the area.
Most of our 165 agents are bilingual, giving our company a specialized focus on the international market. Realty World South Florida serves the immigrant niche in South Florida, making us a company sensitive to international relocation's and the particular needs of the immigrant community. Our global referral relocation service and our unwavering foundation of excellence are further enhanced by the determination and commitment of our realtor associates.
Always focused on properly trained and prepared agents, our committed services aim at exceeding your expectations, not just getting the job done. Realty World South Florida covers it all: from residential to commercial, in Broward, Miami-Dade, Palm Beach and relocation's abroad.
The Team
The Realty World South Florida team is spearheaded by Ernesto Vega, President and full-time professional realtor since 1996. Specializing in residential and commercial real estate in the area of West Broward, Vega epitomizes the lifestyle he sells. Having resided in South Florida for over fifteen years, Vega is committed to the Weston community and its prosperous future. Married to Realty World South Florida’s Vice President Melissa Vega, the couple are parents of two sons. Residing in the area has helped the Vegas develop an acute awareness to the needs of families in the area.
From the schools, neighborhoods, as well as the services and benefits available to those who are new to the area, the Vegas and the Realty World South Florida team are superbly qualified to assist you when considering these issues.
Vega’s personal experience with international relocation ushered him into the field and prompted his specialization in the international market. Always keeping an eye on evolving changes in the real estate market, Vega keeps abreast on the latest developments and trends. He has earned two of the industry’s most prestigious professional designations, including the GRI (Graduate of Realtor Institute), which is a rigorous course of education, as well as the CIPS (Certified International Property Specialist) further certifying Vega’s expertise and focus on the international market. Vega encourages his penchant for continually-updated education to his associates.
Our friendly full-time staff includes Jeniffer Short Sales Manager, Gaston Torres, Network Administrator, Teresa Diaz,Office Manager, Ana Hardesty, Receptionist, Sandra Valencia, Marketing
and P.R. director, Jeimmy Lema, Hollywood Receptionist
Our Agents
With over 180 real estate agents and a projected 300 agents by the end of 2009, Realty World South Florida asserts that its success comes from its real estate agents. Realty World South Florida’s real estate agents are fully supported by the company and its administrative staff, making sure they’re always apprised on the latest trends, technologies, happenings and techniques in the market.
Our real estate agents receive weekly coaching classes, workshops, computer training, seminars, and also attend lectures offered by experts in the field. President Ernesto Vega says, “We provide our agents with all the industry knowledge, tools and support they need to build their thriving business. This creates an experienced team of professionals that achieve a higher level of success in the real estate industry.” He adds, “We are looking for individuals wanting to challenge themselves and increase their sales. They need to have the drive to take the initiative, be motivated and committed to excellence.”
Some of the real estate agent courses provided free of charge to Realtors include:
-Real Estate 101: A two week boot camp session of real estate knowledge.
-Listing Masters: A ten week hands-on training to develop inventory.
-Mentoring Program: A three to six month experience working and learning from an experienced top producing agent.
-Round Table discussion: Bi-weekly discussions on current market topics.
The emphasis on training and education at Realty World South Florida creates an energetic, productive environment. It has led to the creation of a microcosm, with successful real estate agents from all over the world specializing in distinctive niches
Ernesto Vega
www.RWSF.com
As the fastest growing real estate company in Broward County, Realty World South Florida’s goal is that of pairing a perfect match, whether it be your first apartment, commercial space, or your dream house. With our main office located in Weston, FL, and branches in Hollywood Fl and Fort Lauderdale Fl, Realty World South Florida has quickly emerged as one of the largest realty offices in Florida due to its highly trained agents, attention to detail, and a multicultural staff best suited to meet the needs of a diverse community such as South Florida. Part of a national franchise, Realty World South Florida has extended its services through international projects in countries such as Mexico, Canada, Central America, the Caribbean and
Europe.
Individually owned and operated by Broker and President Ernesto Vega, Realty World’s South Florida headquarters are located in Weston, FL. As runner-up for highest sales in Florida in 2008, Realty World’s 165 associates, attentive staff and over 9 years of experience will assure the best fit for your real estate needs. Look no further, you are home.
About Us
Corporate Information
An individually owned and operated international franchise, Realty World South Florida is helmed by Ernesto Vega, Broker and President. With a presence in Broward for over nine years, we are looking to expand expanding into our newer offices to further meet the needs of eastern Broward, Miami-Dade and Palm Beach counties.
In a mere nine years Realty World South Florida has quickly developed into the third largest realty agency in the city of Weston (located in western Broward county) securing some of the most important real estate deals in the area.
Most of our 165 agents are bilingual, giving our company a specialized focus on the international market. Realty World South Florida serves the immigrant niche in South Florida, making us a company sensitive to international relocation's and the particular needs of the immigrant community. Our global referral relocation service and our unwavering foundation of excellence are further enhanced by the determination and commitment of our realtor associates.
Always focused on properly trained and prepared agents, our committed services aim at exceeding your expectations, not just getting the job done. Realty World South Florida covers it all: from residential to commercial, in Broward, Miami-Dade, Palm Beach and relocation's abroad.
The Team
The Realty World South Florida team is spearheaded by Ernesto Vega, President and full-time professional realtor since 1996. Specializing in residential and commercial real estate in the area of West Broward, Vega epitomizes the lifestyle he sells. Having resided in South Florida for over fifteen years, Vega is committed to the Weston community and its prosperous future. Married to Realty World South Florida’s Vice President Melissa Vega, the couple are parents of two sons. Residing in the area has helped the Vegas develop an acute awareness to the needs of families in the area.
From the schools, neighborhoods, as well as the services and benefits available to those who are new to the area, the Vegas and the Realty World South Florida team are superbly qualified to assist you when considering these issues.
Vega’s personal experience with international relocation ushered him into the field and prompted his specialization in the international market. Always keeping an eye on evolving changes in the real estate market, Vega keeps abreast on the latest developments and trends. He has earned two of the industry’s most prestigious professional designations, including the GRI (Graduate of Realtor Institute), which is a rigorous course of education, as well as the CIPS (Certified International Property Specialist) further certifying Vega’s expertise and focus on the international market. Vega encourages his penchant for continually-updated education to his associates.
Our friendly full-time staff includes Jeniffer Short Sales Manager, Gaston Torres, Network Administrator, Teresa Diaz,Office Manager, Ana Hardesty, Receptionist, Sandra Valencia, Marketing
and P.R. director, Jeimmy Lema, Hollywood Receptionist
Our Agents
With over 180 real estate agents and a projected 300 agents by the end of 2009, Realty World South Florida asserts that its success comes from its real estate agents. Realty World South Florida’s real estate agents are fully supported by the company and its administrative staff, making sure they’re always apprised on the latest trends, technologies, happenings and techniques in the market.
Our real estate agents receive weekly coaching classes, workshops, computer training, seminars, and also attend lectures offered by experts in the field. President Ernesto Vega says, “We provide our agents with all the industry knowledge, tools and support they need to build their thriving business. This creates an experienced team of professionals that achieve a higher level of success in the real estate industry.” He adds, “We are looking for individuals wanting to challenge themselves and increase their sales. They need to have the drive to take the initiative, be motivated and committed to excellence.”
Some of the real estate agent courses provided free of charge to Realtors include:
-Real Estate 101: A two week boot camp session of real estate knowledge.
-Listing Masters: A ten week hands-on training to develop inventory.
-Mentoring Program: A three to six month experience working and learning from an experienced top producing agent.
-Round Table discussion: Bi-weekly discussions on current market topics.
The emphasis on training and education at Realty World South Florida creates an energetic, productive environment. It has led to the creation of a microcosm, with successful real estate agents from all over the world specializing in distinctive niches
Ernesto Vega
www.RWSF.com
Wednesday, July 1, 2009
Dream a little Dream Amreicas top Homes
For those who enjoy looking at great real estate, the following is a list of the current top 10 luxury properties on the market in the country.
These are all incredible homes from $75,000,000.00 and up. I know, I know...This is crazy, but
like my headline says, "Dream a litle dream."
E.V
Ultimate Homes Lists Most Expensive Houses in U.S.
RISMEDIA, July 2, 2009-A helipad, private vineyard, two bowling alleys, 341,175 square feet, 123 bedrooms, 146 bathrooms, 80-plus horse stalls and a traditional Turkish spa. This is just a sampling of what you would get if you purchased each of the 11 most expensive homes for sale in the U.S., according to Ultimate Homes, an annual publication that ranks the country’s priciest residential real estate offerings.
The 2009 Ultimate Homes list begins with the $150 million Spelling estate in Holmby Hills, California. The prestigious “Top 10″ list includes 11 properties this year because of a tie at “the bottom,” with four properties listed at $75 million. It would take more than $1 billion to buy each of the 11 top offerings at list price.
“The homes at the Ultimate level are not subject to normal market fluctuations,” said publisher Rick Goodwin. “This is our fifth edition of Ultimate Homes - in 2005, $75 million topped the list. This year, there are seven properties more expensive than that.”
Ultimate Homes is published within the June/July issue of Unique Homes magazine. Editors identified 314 homes for sale in the U.S. for $20 million or more. These are featured in the print edition. The entire list of more than 1,000 properties, down to $10.5 million, is available in the digital version of the magazine at UniqueHomes.com [1]. To view the exclusive video tour of the Top properties, visit http://www.youtube.com/user/UniqueHomesMedia [2].
Here’s a look at this year’s Top 11:
1. Candy Spelling, widow to the late producer Aaron Spelling, has put her Holmby Hills, Calif., estate on the market for $150 million. Known as The Manor, this French-style mansion rests on approximately 4.7 acres and offers roughly 56,500 square feet of luxurious living. Built in 1991, the home features a bowling alley, wine cellar/tasting room, a flower-cutting room and a silver storage room. Represented by Sally Forster Jones of Coldwell Banker Residential Brokerage, and Jeff Hyland and Rick Hilton of Hilton & Hyland Real Estate, the property boasts a swimming pool, a citrus orchard and a tennis court.
2. Also in Holmby Hills, the $125 million Fleur de Lys is represented by Joyce Rey of Coldwell Banker Residential Brokerage, and Robert Kass of Hilton & Hyland Real Estate. The 45,000-square-foot mansion lies on 5 acres boasting a pool house, a three-bedroom manager’s house, a nine-car garage and living quarters for 10 staff. The owner, Suzanne Saperstein, is the recently divorced wife of Texas millionaire David I. Saperstein. Fine touches such as gold-leaf crown molding, gold-embossed leather wall coverings, Italian marble walls and French limestone floors reportedly embellish the main house, which is modeled after France’s Versailles palace.
3. Sequestered in a pine and aspen forest on 210 magical acres of seclusion, Tranquility is one of the largest private landholdings at Lake Tahoe, Nev. The centerpiece of the property is Lake Tranquility, a serene private lake stocked with brown trout. Complementing the grand main residence, with more than 20,000 square feet of elegance, is a replica of the grand staircase built in the S.S.Titanic. Offered for $100 million by Shari Chase and Susan Lowe of Chase International, the estate’s furnishings, sumptuous textiles, distinctive porcelains, antiques and oil paintings in their original carved-wood frames are included in the sale.
4. Encompassing an unheard-of 12.5-acre parcel in prestigious Newport Beach, Calif., Villa del Lago is a world unto itself. The main residence brings pleasing Classical lines to the traditional Italian villa, featuring approximately 18,000 square feet of casually elegant living and enjoying ocean, canyon and city light views. The luxurious estate also boasts garaging for 20 cars, a private lake, guesthouse, guard house, stables and dressage arena, tennis compound and vineyard. Villa del Lago is presented by John McMonigle of Coldwell Banker Residential Brokerage at an asking price of $87 million.
5. Le Belvédère, a 3-story, roughly 48,000-square-foot Bel Air, Calif., masterpiece, offers 280-degree views of the city below and the surrounding mountains. With a price tag of $85 million, the residence includes a professional screening room that seats 60 people, a grand ballroom that seats 250, a 5,000-bottle wine cellar, three sumptuous master suites, seven additional bedrooms, 19 fireplaces, an elevator, a Moroccan room, Turkish hammam and a commercial kitchen. Listed by Joyce Rey and Stacy Gotulla of Coldwell Banker Residential Brokerage, the 2.2-acre property is embraced by a massive 1,000-foot-long by 36-foot-high hand-chiseled Jerusalem stone wall. Le Belvédère was selected for the cover of the June/July issue of Unique Homes.
6. In the early 1950s, this estate in Honolulu, Hawaii, was the home of Henry J. Kaiser, who created Kaiser Aluminum & Chemical, Kaiser Steel, Kaiser Cement & Gypsum and Kaiser Aerospace. He also founded Kaiser Jeep and created the Kaiser and Henry J. cars. The private, gated acres include a private boat dock, boathouse and an estate home with a diving pool. Represented by Mary Worrall and Elizabeth Worrall Daily of Mary Worrall Associates Sotheby’s International Realty, the entire offering is $80 million but can be sold in 3 parts at $28 million, $18 million and $34 million, respectively.
7. Along 396 feet of oceanfront, this gated residence in Del Mar, Calif., overlooks the Pacific Ocean. Built in 1937, the two-story home-listed by Brian D. Guiltinan, Prudential California Realty-offers nine bedrooms and six baths. Take in panoramic views from the stone patio or plunge into the shimmering pool. On more than 5.5 acres, there is plenty of space to make additions to the current home or build a second residence. Offered at $76 million, this magnificent, secluded estate is within a close proximity to Del Mar Village and the shops of Solana Beach.
8. Grand and elegant in its design, this neo-Italian Renaissance mansion is one of the largest and most important townhouses in New York. On the market for $75 million, the mansion was commissioned in 1922 by Julius Forstmann, a prominent German merchant. Behind a limestone façade, a dramatic entry foyer welcomes one to five floors-including a garden level-of original detailing. The home’s sweeping marble staircase, a breathtaking reception hall and grand-scaled rooms with soaring ceilings and hand-carved molding are most impressive. Serena Boardman and Meredyth Smith of Sotheby’s International Realty have the listing.
9. The Hummingbird Nest Ranch, located in Simi Valley, Calif., was built on 123 acres in 2004 and is currently on the market for $75 million. Listed by Brooke Knapp and Drew Mandile of Sotheby’s International Realty, this world-class equestrian estate features a Mission Revival-style mansion of approximately 17,000 square feet, six guesthouses, 10 staff houses and hunter-jumper equestrian facilities. A grand prix arena, rubber and sand mixed ring, a derby grass field, a large main barn and a mare barn round out the grounds. A helipad provides easy access to the property.
10. With a listing price of $75 million, the Portabello Estate-meaning “beautiful door” in Italian-offers five-star luxury across three oceanfront lots. The magnificent estate in Cameo Shores, Corona del Mar, Calif., offers 30,000 square feet of pure opulence, including breathtaking water views from almost every room. Entertain within the bowling alley or the Art Deco theater. A multi-tier grotto with a pool, two spas and a swim-up bar help to characterize the charm of the Portabello Estate. Sengdao Vongruksukdi of Starlight Realty is currently marketing this magnificent beachfront property.
11. Iron gates open to the ultimate of all great estates in Greenwich, Conn. This 40-acre property listed by David Ogilvy of David Ogilvy & Associates, Inc., features an unforgettable Jacobean manor and a fabulous winter garden. On the market for $75 million, the home’s interior is defined by a library with a 15th-century fireplace mantel, a glass-walled music room, a wine cellar, a 52-foot indoor pool and a dining room that leads to a solarium. Custom materials are found throughout the residence, including marble flooring, carved stone and woodwork, and tracery ceilings.
www.RWSF.com
These are all incredible homes from $75,000,000.00 and up. I know, I know...This is crazy, but
like my headline says, "Dream a litle dream."
E.V
Ultimate Homes Lists Most Expensive Houses in U.S.
RISMEDIA, July 2, 2009-A helipad, private vineyard, two bowling alleys, 341,175 square feet, 123 bedrooms, 146 bathrooms, 80-plus horse stalls and a traditional Turkish spa. This is just a sampling of what you would get if you purchased each of the 11 most expensive homes for sale in the U.S., according to Ultimate Homes, an annual publication that ranks the country’s priciest residential real estate offerings.
The 2009 Ultimate Homes list begins with the $150 million Spelling estate in Holmby Hills, California. The prestigious “Top 10″ list includes 11 properties this year because of a tie at “the bottom,” with four properties listed at $75 million. It would take more than $1 billion to buy each of the 11 top offerings at list price.
“The homes at the Ultimate level are not subject to normal market fluctuations,” said publisher Rick Goodwin. “This is our fifth edition of Ultimate Homes - in 2005, $75 million topped the list. This year, there are seven properties more expensive than that.”
Ultimate Homes is published within the June/July issue of Unique Homes magazine. Editors identified 314 homes for sale in the U.S. for $20 million or more. These are featured in the print edition. The entire list of more than 1,000 properties, down to $10.5 million, is available in the digital version of the magazine at UniqueHomes.com [1]. To view the exclusive video tour of the Top properties, visit http://www.youtube.com/user/UniqueHomesMedia [2].
Here’s a look at this year’s Top 11:
1. Candy Spelling, widow to the late producer Aaron Spelling, has put her Holmby Hills, Calif., estate on the market for $150 million. Known as The Manor, this French-style mansion rests on approximately 4.7 acres and offers roughly 56,500 square feet of luxurious living. Built in 1991, the home features a bowling alley, wine cellar/tasting room, a flower-cutting room and a silver storage room. Represented by Sally Forster Jones of Coldwell Banker Residential Brokerage, and Jeff Hyland and Rick Hilton of Hilton & Hyland Real Estate, the property boasts a swimming pool, a citrus orchard and a tennis court.
2. Also in Holmby Hills, the $125 million Fleur de Lys is represented by Joyce Rey of Coldwell Banker Residential Brokerage, and Robert Kass of Hilton & Hyland Real Estate. The 45,000-square-foot mansion lies on 5 acres boasting a pool house, a three-bedroom manager’s house, a nine-car garage and living quarters for 10 staff. The owner, Suzanne Saperstein, is the recently divorced wife of Texas millionaire David I. Saperstein. Fine touches such as gold-leaf crown molding, gold-embossed leather wall coverings, Italian marble walls and French limestone floors reportedly embellish the main house, which is modeled after France’s Versailles palace.
3. Sequestered in a pine and aspen forest on 210 magical acres of seclusion, Tranquility is one of the largest private landholdings at Lake Tahoe, Nev. The centerpiece of the property is Lake Tranquility, a serene private lake stocked with brown trout. Complementing the grand main residence, with more than 20,000 square feet of elegance, is a replica of the grand staircase built in the S.S.Titanic. Offered for $100 million by Shari Chase and Susan Lowe of Chase International, the estate’s furnishings, sumptuous textiles, distinctive porcelains, antiques and oil paintings in their original carved-wood frames are included in the sale.
4. Encompassing an unheard-of 12.5-acre parcel in prestigious Newport Beach, Calif., Villa del Lago is a world unto itself. The main residence brings pleasing Classical lines to the traditional Italian villa, featuring approximately 18,000 square feet of casually elegant living and enjoying ocean, canyon and city light views. The luxurious estate also boasts garaging for 20 cars, a private lake, guesthouse, guard house, stables and dressage arena, tennis compound and vineyard. Villa del Lago is presented by John McMonigle of Coldwell Banker Residential Brokerage at an asking price of $87 million.
5. Le Belvédère, a 3-story, roughly 48,000-square-foot Bel Air, Calif., masterpiece, offers 280-degree views of the city below and the surrounding mountains. With a price tag of $85 million, the residence includes a professional screening room that seats 60 people, a grand ballroom that seats 250, a 5,000-bottle wine cellar, three sumptuous master suites, seven additional bedrooms, 19 fireplaces, an elevator, a Moroccan room, Turkish hammam and a commercial kitchen. Listed by Joyce Rey and Stacy Gotulla of Coldwell Banker Residential Brokerage, the 2.2-acre property is embraced by a massive 1,000-foot-long by 36-foot-high hand-chiseled Jerusalem stone wall. Le Belvédère was selected for the cover of the June/July issue of Unique Homes.
6. In the early 1950s, this estate in Honolulu, Hawaii, was the home of Henry J. Kaiser, who created Kaiser Aluminum & Chemical, Kaiser Steel, Kaiser Cement & Gypsum and Kaiser Aerospace. He also founded Kaiser Jeep and created the Kaiser and Henry J. cars. The private, gated acres include a private boat dock, boathouse and an estate home with a diving pool. Represented by Mary Worrall and Elizabeth Worrall Daily of Mary Worrall Associates Sotheby’s International Realty, the entire offering is $80 million but can be sold in 3 parts at $28 million, $18 million and $34 million, respectively.
7. Along 396 feet of oceanfront, this gated residence in Del Mar, Calif., overlooks the Pacific Ocean. Built in 1937, the two-story home-listed by Brian D. Guiltinan, Prudential California Realty-offers nine bedrooms and six baths. Take in panoramic views from the stone patio or plunge into the shimmering pool. On more than 5.5 acres, there is plenty of space to make additions to the current home or build a second residence. Offered at $76 million, this magnificent, secluded estate is within a close proximity to Del Mar Village and the shops of Solana Beach.
8. Grand and elegant in its design, this neo-Italian Renaissance mansion is one of the largest and most important townhouses in New York. On the market for $75 million, the mansion was commissioned in 1922 by Julius Forstmann, a prominent German merchant. Behind a limestone façade, a dramatic entry foyer welcomes one to five floors-including a garden level-of original detailing. The home’s sweeping marble staircase, a breathtaking reception hall and grand-scaled rooms with soaring ceilings and hand-carved molding are most impressive. Serena Boardman and Meredyth Smith of Sotheby’s International Realty have the listing.
9. The Hummingbird Nest Ranch, located in Simi Valley, Calif., was built on 123 acres in 2004 and is currently on the market for $75 million. Listed by Brooke Knapp and Drew Mandile of Sotheby’s International Realty, this world-class equestrian estate features a Mission Revival-style mansion of approximately 17,000 square feet, six guesthouses, 10 staff houses and hunter-jumper equestrian facilities. A grand prix arena, rubber and sand mixed ring, a derby grass field, a large main barn and a mare barn round out the grounds. A helipad provides easy access to the property.
10. With a listing price of $75 million, the Portabello Estate-meaning “beautiful door” in Italian-offers five-star luxury across three oceanfront lots. The magnificent estate in Cameo Shores, Corona del Mar, Calif., offers 30,000 square feet of pure opulence, including breathtaking water views from almost every room. Entertain within the bowling alley or the Art Deco theater. A multi-tier grotto with a pool, two spas and a swim-up bar help to characterize the charm of the Portabello Estate. Sengdao Vongruksukdi of Starlight Realty is currently marketing this magnificent beachfront property.
11. Iron gates open to the ultimate of all great estates in Greenwich, Conn. This 40-acre property listed by David Ogilvy of David Ogilvy & Associates, Inc., features an unforgettable Jacobean manor and a fabulous winter garden. On the market for $75 million, the home’s interior is defined by a library with a 15th-century fireplace mantel, a glass-walled music room, a wine cellar, a 52-foot indoor pool and a dining room that leads to a solarium. Custom materials are found throughout the residence, including marble flooring, carved stone and woodwork, and tracery ceilings.
www.RWSF.com
*** In Florida Beware of Rescue Mortgage Scams ***
Like in that old saying, "If it sounds to good to be true--it probably is."
In this moment where some many families are going through such difficult financial times, it's incredible that scam artists are running around preying upon those struggling. But the good side is that the state of Florida is beginning to crack down on all of this.
Word to the wise: Beware of false prophets.
If you are facing foreclosure, before accepting rescue services...
Remember if they ask you for $ money $ up front,
they probably, and I mean probably, are false.
Take a look at the following article. E.V
State gets tough on foreclosure-rescue scams - South Florida Sun-Sentinel.com
Posted using ShareThis
In this moment where some many families are going through such difficult financial times, it's incredible that scam artists are running around preying upon those struggling. But the good side is that the state of Florida is beginning to crack down on all of this.
Word to the wise: Beware of false prophets.
If you are facing foreclosure, before accepting rescue services...
Remember if they ask you for $ money $ up front,
they probably, and I mean probably, are false.
Take a look at the following article. E.V
State gets tough on foreclosure-rescue scams - South Florida Sun-Sentinel.com
Posted using ShareThis
Tuesday, June 30, 2009
Gobble, gobble, gobble!
Not to sound repetitious, BUT, the stats from first quarter '09 inventory are finally out. After 70% increase of sales in Miami-Dade, 46% in Broward, and another 37% in Palm Beach, our inventory's expected time on the market has gone from an all-time high of 14 months to a seasonally adjusted 9 months. Note: amount of homes in the market divided by amount of homes sold = expected time on market before the inventory sells.
I know that experts will talk about the condo market. But those of us who have been around since the last banking crisis (Savings & Loan) know that that period saw the Brickell corridor become a great rental area until the sales for that market re-emerged.
Yes, I know, I sound like an optimist. But it is not optimism. What I'm preaching is opportunism. There was a serious correction in the market, and prices in our area are still in flux. Homes are being sold at less than replacement value. What does that mean? You can buy a home for less than what it cost to build it, and the land is free. This plus current mortgage rates makes this a great investment opportunity in our beautiful paradise.
But, if you still need more proof, take a look at the little spreadsheet below from NAR which offers national stats and from my marketplace.
Until the next time....
E.V.
http://www.realtor.org/wps/wcm/connect/882586804e108aadb922ffec21680fb0/REL09Q1T.pdf?MOD=AJPERES&CACHEID=882586804e108aadb922ffec21680fb0
I know that experts will talk about the condo market. But those of us who have been around since the last banking crisis (Savings & Loan) know that that period saw the Brickell corridor become a great rental area until the sales for that market re-emerged.
Yes, I know, I sound like an optimist. But it is not optimism. What I'm preaching is opportunism. There was a serious correction in the market, and prices in our area are still in flux. Homes are being sold at less than replacement value. What does that mean? You can buy a home for less than what it cost to build it, and the land is free. This plus current mortgage rates makes this a great investment opportunity in our beautiful paradise.
But, if you still need more proof, take a look at the little spreadsheet below from NAR which offers national stats and from my marketplace.
Until the next time....
E.V.
http://www.realtor.org/wps/wcm/connect/882586804e108aadb922ffec21680fb0/REL09Q1T.pdf?MOD=AJPERES&CACHEID=882586804e108aadb922ffec21680fb0
Friday, June 26, 2009
!! New Exciting News on Financing !!
There has been a drastic change in the credit score requirement for new loans in the FHA guidelines. I know this does not sound like much to a lot of people, but this 20 point reduction on the credit score requirement brings it down from 620 to 600. This means more families can take advantage of the great market opportunities we are having in South Florida. Our prices have never been lower. That means FHA and VA requirements for loans are more accessible to new buyers or investors. Take a look below or contact us for more information. E.V. http://www.rwsf.com/
Thursday, June 25, 2009
!! Even Superman Homes Sells !!
After a long long time in the market Shaq's magnificent waterfront palace in Miami sold at a discount--but it sold.
Read below for more information. E.V http://www.rwsf.com/
The NBA super star was traded to Cleveland today as news broke that his Miami Beach mansion was sold - four years after it was first put on the market and for way less than what he wanted for it.
The seven-bedroom Star Island waterfront home was originally listed at $32 million in 2005, and was brought down as low as $22.5 million this past April. The final terms of the deal haven't been disclosed.
The house has quite a history. The Superman bought the 2-and-a-half acre pad -- originally built in '92 by another former Miami Heat player, Rony Seikaly, for $19 million in 2004 when he joined the Heat in a trade from L.A.
In 2007, Yankee Alex Rodriguez signed a contract to buy the house, when he was still married to wife Cynthia, but he backed out of the deal. Shaq was shipped to Phoenix in February '08, and has been sitting on the house since.
The property includes the standard mansion amenities: an indoor basketball court, tennis court, six-car garage, dock, two-bedroom guest house, and, of course, a pool emblazoned with a Superman logo, and amazing views.
Read below for more information. E.V http://www.rwsf.com/
The NBA super star was traded to Cleveland today as news broke that his Miami Beach mansion was sold - four years after it was first put on the market and for way less than what he wanted for it.
The seven-bedroom Star Island waterfront home was originally listed at $32 million in 2005, and was brought down as low as $22.5 million this past April. The final terms of the deal haven't been disclosed.
The house has quite a history. The Superman bought the 2-and-a-half acre pad -- originally built in '92 by another former Miami Heat player, Rony Seikaly, for $19 million in 2004 when he joined the Heat in a trade from L.A.
In 2007, Yankee Alex Rodriguez signed a contract to buy the house, when he was still married to wife Cynthia, but he backed out of the deal. Shaq was shipped to Phoenix in February '08, and has been sitting on the house since.
The property includes the standard mansion amenities: an indoor basketball court, tennis court, six-car garage, dock, two-bedroom guest house, and, of course, a pool emblazoned with a Superman logo, and amazing views.
"Home Buyer Tax Credit"
The Administration initiative to help move the real estate inventory looks like its beginning to work.
Now the Senate is working on extending the tax break until 2010 and taking the cap to $15,000.00 plus also give a credit to those who refinance.
For more information read below. E.V.
The first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle, according to industry analysts. Now both legislators and the business community are hoping to build on the incentive’s success by expanding it.A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes: Setting a new cap of $15,000. Extending the tax break into mid-2010. Making the benefit available to all home buyers, not just first-timers. Offering a separate tax credit to $3,000 for borrowers who refinance.
Now the Senate is working on extending the tax break until 2010 and taking the cap to $15,000.00 plus also give a credit to those who refinance.
For more information read below. E.V.
The first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle, according to industry analysts. Now both legislators and the business community are hoping to build on the incentive’s success by expanding it.A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes: Setting a new cap of $15,000. Extending the tax break into mid-2010. Making the benefit available to all home buyers, not just first-timers. Offering a separate tax credit to $3,000 for borrowers who refinance.
Sales up in South Florida
After what has been the biggest real estate price correction in the Sunshine State, most analysts are beginning to say the we have hit bottom. Month after month sales have increased in Miami-Dade, Broward and Palm Beach with as much as 76% increase in the volume of sales.
All though 60% of the sales were short sales or foreclosure, I see it as a good sign the inventory is beginning to pick up and prices appear to be stabilizing.
Take a look at the following article for more details. E.V.
Is the worst over for South Florida housing market?
Is the South Florida housing market finally touching bottom? The answer, of course, can only be seen in the rear view mirror, but analysts agree that the most terrifying part of the downward slide is behind us.
New monthly figures from the Florida Association of Realtors show sales of existing homes and condos continued to post gains in May, the ninth consecutive month-to-month increase and a strong step in the right direction. Although sale prices are still way down from last year's numbers, monthly declines appear to be stabilizing.
''If you look at the yardstick of housing sales, which is a typical yardstick, we are in the recovery stage and we're in the bottoming phases on pricing,'' said Coral Gables-based real estate analyst David Dabby.
The market remains mired in a swamp of foreclosures and short-sales, however, and as long as there are still a sizable number of these distressed sales, it will continue to depress prices. As job losses mount and more homeowners enter foreclosure, such properties could continue to pour into the market.
Still, distressed sales are driving market activity.
Sales of single-family homes were up by 76 percent in Miami-Dade County and 47 percent in Broward County, compared to May of last year. Condo sales also rose by 36 percent and 25 percent in Miami-Dade and Broward, respectively.
As many as 60 percent of those sales, according to recent research from the Dabby Group Advisors, were foreclosures or short-sales that are sold for less than the mortgage owed against them. In some areas, like Homestead, the percentage of distressed sales is as high as 80 percent.
During the last market crash of the mid-1980s, distressed property sales accounted for no more than 15 percent of sales.
But now the low prices are spurring buying, which in turn is eroding the huge supply of homes and condos offered for sale.
The number of single family homes for sale in May fell from a year ago by 33 percent in Miami-Dade and 36 percent in Broward. The number of condos for sale dropped by 20 percent in Miami-Dade and 26 percent in Broward.
On the pricing front, median sale prices for single-family homes in May were down significantly from a year ago, dropping 39 percent in Miami-Dade to $194,700 and 36 percent in Broward to $190,000. The Miami-Dade median condo price slid 50 percent to $140,300 and 42 percent in Broward to $80,400.
The median price is the point at which half the homes sold for more and half for less.
Month-to-month figures, which are important to follow as market dynamics change, show pricing was essentially flat for homes and condos in Broward between April and May. In Miami-Dade, the median price actually rose by 10 percent for homes and 5 percent for condos.
A slowing of price declines and median prices that fluctuate only slightly from month to month is a sign that a bottom may be approaching.
The price of a Broward condo, for instance, has bounced between $85,000 and about $80,000 for the last five months. Similarly, the median home price has jumped between $219,000 and $190,000.
In Miami-Dade, Jenny Huertas, a real estate agent with Bal Harbour-based Condo Vultures, said more home buyers who can get financing are paying full list price for bank-owned properties in an effort to outbid investors with lots of cash.
''I have an investor from New York who wants to buy ugly houses and fix them up and sell them to first-time home buyers, but every time he gets outbid,'' Huertas said.
Consequently, these cash-laden investors are being pushed to the condo market where they can bully-down prices because average buyers are having a tough time getting condo loans.
When prices will start appreciating again is anybody's guess. ''Just because you reach the bottom, doesn't mean you are going to turn around and come right back immediately,'' said Andrea Heuson, a University of Miami finance professor who studies the real estate market.
If history is any gauge, home prices should come back sooner than condos. Until prices peaked in 2006, single-family home prices had fallen only one other time in the past 50 years. They dipped slightly after the real estate boom of the 1980s, but recovered in about a year.
Condos, on the other hand, have been an entirely different story. After the similarly overbuilt condo market crashed in 1984, the average price of a condo in Miami-Dade fell 47 percent and didn't recover its peak price of $86,479 until 14 years later, according to research from the Dabby Group.
It took even longer in Broward, though for different reasons. Condos there were mainly in retirement communities and there was less demand.
The current overstock of developer-held condos still vastly exceeds that of the 1980s, Dabby said. In the greater downtown Miami area alone, developers will still have roughly 10,000 unsold units on their hands by the end of this year.
All though 60% of the sales were short sales or foreclosure, I see it as a good sign the inventory is beginning to pick up and prices appear to be stabilizing.
Take a look at the following article for more details. E.V.
Is the worst over for South Florida housing market?
Is the South Florida housing market finally touching bottom? The answer, of course, can only be seen in the rear view mirror, but analysts agree that the most terrifying part of the downward slide is behind us.
New monthly figures from the Florida Association of Realtors show sales of existing homes and condos continued to post gains in May, the ninth consecutive month-to-month increase and a strong step in the right direction. Although sale prices are still way down from last year's numbers, monthly declines appear to be stabilizing.
''If you look at the yardstick of housing sales, which is a typical yardstick, we are in the recovery stage and we're in the bottoming phases on pricing,'' said Coral Gables-based real estate analyst David Dabby.
The market remains mired in a swamp of foreclosures and short-sales, however, and as long as there are still a sizable number of these distressed sales, it will continue to depress prices. As job losses mount and more homeowners enter foreclosure, such properties could continue to pour into the market.
Still, distressed sales are driving market activity.
Sales of single-family homes were up by 76 percent in Miami-Dade County and 47 percent in Broward County, compared to May of last year. Condo sales also rose by 36 percent and 25 percent in Miami-Dade and Broward, respectively.
As many as 60 percent of those sales, according to recent research from the Dabby Group Advisors, were foreclosures or short-sales that are sold for less than the mortgage owed against them. In some areas, like Homestead, the percentage of distressed sales is as high as 80 percent.
During the last market crash of the mid-1980s, distressed property sales accounted for no more than 15 percent of sales.
But now the low prices are spurring buying, which in turn is eroding the huge supply of homes and condos offered for sale.
The number of single family homes for sale in May fell from a year ago by 33 percent in Miami-Dade and 36 percent in Broward. The number of condos for sale dropped by 20 percent in Miami-Dade and 26 percent in Broward.
On the pricing front, median sale prices for single-family homes in May were down significantly from a year ago, dropping 39 percent in Miami-Dade to $194,700 and 36 percent in Broward to $190,000. The Miami-Dade median condo price slid 50 percent to $140,300 and 42 percent in Broward to $80,400.
The median price is the point at which half the homes sold for more and half for less.
Month-to-month figures, which are important to follow as market dynamics change, show pricing was essentially flat for homes and condos in Broward between April and May. In Miami-Dade, the median price actually rose by 10 percent for homes and 5 percent for condos.
A slowing of price declines and median prices that fluctuate only slightly from month to month is a sign that a bottom may be approaching.
The price of a Broward condo, for instance, has bounced between $85,000 and about $80,000 for the last five months. Similarly, the median home price has jumped between $219,000 and $190,000.
In Miami-Dade, Jenny Huertas, a real estate agent with Bal Harbour-based Condo Vultures, said more home buyers who can get financing are paying full list price for bank-owned properties in an effort to outbid investors with lots of cash.
''I have an investor from New York who wants to buy ugly houses and fix them up and sell them to first-time home buyers, but every time he gets outbid,'' Huertas said.
Consequently, these cash-laden investors are being pushed to the condo market where they can bully-down prices because average buyers are having a tough time getting condo loans.
When prices will start appreciating again is anybody's guess. ''Just because you reach the bottom, doesn't mean you are going to turn around and come right back immediately,'' said Andrea Heuson, a University of Miami finance professor who studies the real estate market.
If history is any gauge, home prices should come back sooner than condos. Until prices peaked in 2006, single-family home prices had fallen only one other time in the past 50 years. They dipped slightly after the real estate boom of the 1980s, but recovered in about a year.
Condos, on the other hand, have been an entirely different story. After the similarly overbuilt condo market crashed in 1984, the average price of a condo in Miami-Dade fell 47 percent and didn't recover its peak price of $86,479 until 14 years later, according to research from the Dabby Group.
It took even longer in Broward, though for different reasons. Condos there were mainly in retirement communities and there was less demand.
The current overstock of developer-held condos still vastly exceeds that of the 1980s, Dabby said. In the greater downtown Miami area alone, developers will still have roughly 10,000 unsold units on their hands by the end of this year.
First Post
Well this is my first venture into the blogging world, but it was the natural next step. I look forward to this opportunity to share my knowledge of and experience with the current real estate market and current news, especially those that affect the South Florida area.
Please feel free to comment on all posts.
Looking forward to a long relationship with all of you.
E.V.
Please feel free to comment on all posts.
Looking forward to a long relationship with all of you.
E.V.
Subscribe to:
Posts (Atom)