Condo.com Blog

Have We Hit Bottom Yet?

Sat, 05 Jul 2008 18:22:45 GMT

Now that most of the damage from the real estate “mortgage meltdown” has hit (although another round of mortgages will soon reset), many are starting to ask the question, “So now what?”

Recently PMI Mortgage Insurance Company did some research on the topic and published a risk ranking of the nation’s 50 largest metro areas.

The point of the publication was to cite markets where home prices have declined after the boom to a level where “there is less than 1 percent risk of home prices declining further,” or to say it another way, prices in those markets are ready to expand.

Betting that you’re champing at the bit to see if Phoenix was in that group I can tell you that neither Phoenix or Tempe are ranked in the lower price risk category, but I’ll get to that in a second.

Some of the notable metro cities that were cited as risk averse to future price declines were Milwaukee, Austin, Charlotte, San Antonio, Dallas, and Pittsburgh.

Now to add some perspective. The first thing to note is that of the 14 markets cited as ones where the bottom has been hit, none of them expanded during the boom the way Phoenix, Las Vegas, Florida, and California boomed. A possible exception is Austin where the condo market remained big even through the “mortgage meltdown.”

So, it should be no surprise that in markets where prices didn’t inflate relative to the rest of the country, it will take less time to “hit bottom” than markets like Phoenix, Las Vegas, Florida, and California.

And that brings me back to Phoenix. The very first thing I noticed when I read the PMI publication is they rank metro areas. The difficulty is that real estate is more local than that and making generalizations about a metro area are difficult at best. In our case Phoenix, Tempe, and Scottsdale make up much of the Valley but are very different markets from each other.

The real point I’d like to make about all this though is that here is a study published with the slant towards making the reader believe that cities that have already reached bottom are safe bets for the future, while those that made up much of the boom (especially the condo boom) carry more risk going forward.

I think there are a number of flaws in such an assertion, and instead if we want to prognosticate future hot markets I think the question we should be asking ourselves is “is it more likely for cities that didn’t boom in one of the greatest housing booms of recent times to now boom during a correction than it is for cities that led the boom to resume after the correction?”

The short answer is cities that boomed more than others did so largely because there was demand far greater than those cities that didn’t boom. And once the correction has normalized my bet is many of the same cities where demand was most strong will be the “safer” buys moving forward.

Jay Barker is a Realtor in Phoenix Arizona specializing in urban condo living. Find Phoenix and Tempe urban condo homes at phoenixcondocrush.com, and read more about the local markets at phoenixcondoblog.com and tempecondoblog.com.

limo service and rentals-limousine Dallas Limo and more- fedlimo

Fri, 04 Jul 2008 13:42:24 GMT

limo service and rentals-Dallas Limo has excellent transportation to customers. Get limo rental prices from limo services in Better Business Burea.limo service and rentals-Dallas Limo has excellent transportation to customers. Get limo rental prices from limo services in Better Business Burea.

Trump International Las Vegas In The NEWS Again

Thu, 03 Jul 2008 20:10:31 GMT

Trump International Las Vegas has recieved alot of attention in the media ever since it's first announcement about coming to town. Trump International Las Vegas has had it's ups & downs just like anyother development but it has gotten much more spotlight because of who the developer is "Mr. Trump". Watch the video below to see what the latest news coverage of Trump International Las Vegas is and who is squaking about what.

CLICK HERE to check out the video

Enrique Vilca Garcilazo Supervisor Inmobiliario de Coldwell Banker Perú

Thu, 03 Jul 2008 18:06:18 GMT

Estás buscando comprar, vender o inclusive mejorar tu propiedad? Has que todo el proceso sea mucho más sencillo poniéndote en contacto con:

Enrique E. Vilca Garcilazo
Supervisor

Oficina Coldwell Banker Chacarilla
Av. Primavera N° 120; Tda 14; C.C. Tambo de Monterrico
Chacarilla; Santiago de Surco - Lima - Perú

Teléfono Oficina : (+511) 372 5075
Telefax Oficina: (+511) 255 4595

Nextel Personal: (+511) 99 420*5484
Celular Personal: (+511) 99 556 6377

E-mail CB : enrique.vilca@coldwellbankerperu.com
MSN Personal: vilcagarcilazo@live.com

Web Site CB Perú: www.coldwellbankerperu.com
Blog Site CB Perú: www.coldwellbankerperu.blog.com
Web Site Personal: www.geocities.com/vilcagarcilazo

The Best Cities...You've Never Heard Of!

Thu, 03 Jul 2008 16:53:57 GMT

When you plan your next vacation, whether it be at home or abroad, consider cities that may be off the beating path. Traveling to cities less publicized can give you a more cultural experience and can actually be less expensive.

1. Toulouse, France

You don’t have to stop at the Eiffel Tower to experience the best of France. Toulouse, located in the Southern part of France, is a bustling cultural epicenter that most people have never heard of. You can take walking, boating and biking tours all over the city; to explore the beautiful public parks, gardens and waterways. Make sure you schedule time to visit the over a dozen monuments and museums as well. Some of the most popular monuments include The Capitole, Notre Dame Du Taur, and the Carmelite Chapel. Be sure to bring a camera!

2. Hamburg, Germany

If you never considered Germany to be on your list of places to see, you may want to think again. Hamburg is home to amazing sites including Alster Lake, The Port of Hamburg, The Fish Market and the Historical District. See the city via barges, boats and even hot air balloon tours during the day. At night, take advantage of one of the largest red light districts in Europe where you’ll see street walkers, shows, adult shops and a musical theatre district.

3. St. Petersburg, Florida

While Orlando tends to be the most popular vacation spot in Florida, St. Petersburg has just as much to offer. It is home to Caladesi Beach which was voted the number one beach to visit in 2008. The white sand beaches are perfect for sun bathers while the Gulf of Mexico is ideal for boaters and fishermen. The city itself is a melting pot of different cultures and is filled with bars, clubs, parks and galleries. What’s even better is that all of Florida’s most visited parks and attractions are within a thirty to ninety minute drive so you can experience all the best spots in Florida on your vacation.

4. Galway, Ireland

About 150 miles West of Dublin you’ll find the up and coming city of Galway. An ideal destination for art lovers, this city is filled with museums, galleries and even hosts an annual festival. Horseback riding, fishing and cycling are popular activities to explore the city during the day. At night be sure to visit bars and pubs to party with the locals, because Galway is one of the most popular entertainment destinations in Ireland.

5. Malaga, Spain

Anywhere you visit in Spain you will find lots of culture and history. Malaga is a Port city in Spain that is nestled along the Mediterranean Sea. Sites you shouldn’t pass up include the Cathedral, Roman Theater, and Picasso Museum. If you don’t want to museum hop all day you can take advantage of the miles of beaches and coastline. For dinner, stop at any number of authentic restaurant within the city. No matter how you spend your time in Malaga you will experience the perfect combination of modern city in Spain and a traditional fishing port.

6. Montevideo, Uruguay

In Montevideo, you are sure to find true South American culture. This city is becoming increasingly popular for young artists and designers looking for a fun vacation and inspiration. Montevideo is also known for its amazing architecture traditional museums that reveal a lot about the city’s roots. Make sure you stay the weekend so you can experience Mercado Del Puerto. Saturday afternoons the streets fill with grill stands, music, dancing and wine.

Happy Fourth of July !

Thu, 03 Jul 2008 16:45:53 GMT

Happy Fourth of July

July 3rd, 2008 12:29 PM

Come celebrate the Fourth of July in Wilminington NC !

Enjoy your day at Wrightsville or Carolina Beach NC

Friday 6:00 - 9:00 PM Downtown with music,food and fireworks.

Southport NC has a parade at 10:00 plus food,crafts,music and fireworks

Enjoy Oak Island Beach also

Visit anytime www.brendakingrealtor.com

Deerfield Realty June 20th-July 2nd 2008

Wed, 02 Jul 2008 20:25:45 GMT

Deerfield Realty

Single Family Homes

New Listings
551 LONGFELLOW AVE 3 Beds 2 Baths $299,900
638 Timber Hill RD 4 Beds 2.1 Baths $498,900
647 Ambleside DR 4 Beds 2.2 Baths $598,647
780 Marcie CT 5 Beds 3 Baths $649,900
30 SPENCER CT 4 Beds 3.1 Baths $940,000
915 Rosemary TER 5 Beds 3.1 Baths $998,900
1222 Dartmouth LN 5 Beds 4.1 Baths $1,395,000

Under Contract
464 Grove PL 2 Beds 1.1 Baths $329,000
458 LONGFELLOW AVE 3 Beds 2 Baths $345,000
646 PINE STREET 3 Beds 2 Baths $424,000
745 Carlisle AVE 3 Beds 2.1 Baths $485,000
644 Orchard 5 Beds 3.1 Baths $599,000
43 ESTATE DRIVE 5 Beds 3.1 Baths $859,000
1314 Hazel AVE 4 Beds 3.1 Baths $979,000
133 Birchwood 4 Beds 3.1 Baths $999,000
1420 CROWE AVE 4 Beds 3.1 Baths $1,274,000
1541 Hawthorne 5 Beds 6.5 Baths $1,699,000

Price Changes
1030 springfield AVE 3 Beds 2 Baths $395,000 to $299,000
857 JUNIPER CT 2 Beds 2 Baths $310,000 to $299,900
506 Longfellow AVE 3 Beds 2 Baths $378,000 to $349,000
737 DEERPATH DR 2 Beds 1 Baths $379,900 to $374,900
649 W Elder LN 2 Beds 1 Baths $389,000 to $379,900
814 Spruce ST 4 Beds 2.1 Baths $449,900 to $429,000
1760 Lake Eleanor DR 4 Beds 3 Baths $649,000 to $619,000
1222 CRABTREE LN 4 Beds 2.1 Baths $839,000 to $799,000
1128 DAVIS ST 4 Beds 3.1 Baths $879,000 to $839,000
1478 Berkley CT 5 Beds 5.1 Baths $1,250,000 to $1,199,000
195 River ST 4 Beds 3.1 Baths $1,130,000 to $1,200,000
880 Northwoods 4 Beds 2 Baths $750,000 to $695,000

Closed
813 JUNEWAY AVE 4 Beds 2 Baths $230,900 Closed for $208,000
429 Indian Hill RD 3 Beds 2 Baths $439,000 Closed for $408,000
1008 CASTLEWOOD LN 4 Beds 2 Baths $485,000 Closed for $440,000
150 Birchwood AVE 4 Beds 3.1 Baths $547,000 Closed for $520,000
235 Oakmont DR 5 Beds 3.1 Baths $699,000 Closed for $680,000
920 Summit DR 4 Beds 2.1 Baths $759,000 Closed for $710,000
142 Burr Oak CT 5 Beds 2.1 Baths $769,000 Closed for $725,000
1250 Linden AVE 4 Beds 3.1 Baths $1,250,000 Closed for $1,140,000

Attached Homes

New Listings
352 Redwing DR 2 Beds 2.1 Baths $209,900
432 SWAN CT 3 Beds 2.1 Baths $259,500
414 PINTAIL LN 3 Beds 2.1 Baths $320,000

Under Contract
426 Inverrary LN 2 Beds 1 Baths
459 Elm ST 1C 2 Beds 1.1 Baths
402 Kelburn ST 222 2 Beds 2 Baths
610 Robert York AVE 105 2 Beds 2 Baths

Price Changes
1216 Inverrary LN Unit # 1216 2 Baths 1 Baths $177,500 to $169,900
441 Elm Unit # 3B 2 Baths 2.1 Baths $192,900 to $188,900
433 WREN LN Unit # 433 2 Baths 2.1 Baths $254,000 to $249,000
874 SWALLOW CT 3 Baths 2.1 Baths $257,500 to $249,900
604 MARTIN LN 3 Baths 2.1 Baths $299,000 to $279,900
433 N SWAN BLVD Unit # 433 3 Baths 2.1 Baths $285,800 to $285,600
411 KELBURN RD Unit # 225 2 Baths 2 Baths $359,900 to $334,900
459 ELM ST Unit # 1B 2 Baths 2.1 Baths $199,000 to $189,000
1026 INVERRARY LN Unit # 1026 2 Baths 1.1 Baths $199,900 to $189,900

Closed
410 INVERRARY LN 3 Beds 1.1 Baths $180,000 closed for $171,000
381 Kelburn RD #111 1 Beds 1 Baths $196,666 closed for $185,000
838 Inverrary LN 2 Beds 1.1 Baths $199,900 closed for $190,000
1300 Barclay LN 2 Beds 1.1 Baths $234,000 closed for $223,000

Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com

Organic Escapes

Wed, 02 Jul 2008 20:14:31 GMT

You don’t have to sacrifice a healthy lifestyle when you go on vacation. Organic hotels have been sprouting up all over the world to provide travelers with organic meals, lodging and activities. Many of these places even grow their own produce and manage their own farms. There are over 40 countries that are currently offering lodging facilities that vary from partially to one hundred percent organic. Here are three that are worth noting:

1. Samadhi Nature Resort, Sri Lanka

Set in the jungle, this bed and breakfast is unlike any you have ever stayed in before. Meals are organic, freshly prepared and served outside in an open pavilion. Tranquil sounds of the surrounding rivers mixed with the delicious tastes of steamed manioc with grated coconut, gotukola mallun, and pumpkin set this retreat apart from others.

2. Porto Tango Hotel, Greece

If you are looking for relaxing organic accommodations that are less remote, take a look at the Porto Tango Hotel. This is the only class A resort on the exquisite island of Tinos that overlooks the bay of Aghios Giannis. otel is only 200 metres away from the beach and 5km away from the town of Tinos (courtesy transport). Inspired by the Cycladic architecture, and respecting the ecological balance of the area, all rooms at the Porto Tango overlook the Aegean Sea. Meals served at the hotel are both local and international dishes but are made with organic food so you can healthfully enjoy your stay.

3. Chez Ven, Massachusetts

The cottage which dates back to the 1700s provides 100% organic amenities such as sheets, flowers and food. This bed and breakfast is known for their homemade organic yogurt and granola. They also have a vast garden that boasts raspberry bushes, tomatoes, and potatoes. Set in a calm but populous area, the Chez Ven is set in the perfect place to hike, bike, swim and enjoy the sea shore.

The New 5 "World Wonders"

Wed, 02 Jul 2008 17:35:44 GMT

These unique spots all over the world feed the curiosity of millions and attract travelers from afar. Their beauty is the reason why they become destinations for tourists, but the logic behind them is still mysterious.

1. Curtain Of Fire, Hawaii

Found on the Mauna Loa volcano in Hawaii, the Curtain of Fire is something you can’t miss. The extreme pressure from the volcano, a fissure vent and lots of molten lava make this physical wall of fire a site to see. The fire that is actively shot into the air shows the unbelievable amount of power hidden beneath the earth.

2. Death Valley Moving Rocks

No one knows the mystery behind the moving rocks in Death Valley. Are they man made? Is someone moving them via air? Are they alive? Is there a magnetic pull on them? Whatever makes these rocks move, they leave behind a trail with no external footprints of who or what pushed them. Even local authorities have banned people from going near the rocks to prevent them from being stolen or moved.

3. Blue Holes In The Bahamas

Blue holes are circular, steep-walled depressions that are named for the dramatic contrast between the dark blue, deep waters of their centers and the lighter blue of the shallows around them. Their waters are unfavorable for most sea life, but can support a large number of bacteria. These ‘water caves’ are said to hold the details to about a hundred million years of history. Surprisingly, 90% of these caves have been left untouched making people wonder…what is at the bottom?

4. Banaue Rice Terraces

These layered rice plantings in the Philippines have been built by the native Ifugaos and are over 2000 years old. Not only do the plantings intricately designed but they incorporate a primitive irrigation system. The crops are watered from the top to the bottom by the lush rainforest areas that are located above them.

5. The Matterhorn, Swiss Alps

Even though it is not the tallest mountain, it is definitely worth noticing. The edges and four sides make this creation similarly shaped to a pyramid. What’s more interesting is that these edges are 40 million years old! When two sections of the Earth’s crust collided it shot up rocks into a chain of folded mountains. The end result, meaning the Swiss Alps, are nothing short of breathtaking.

DownTown Las Vegas (Are you ready ?)

Wed, 02 Jul 2008 00:56:53 GMT

Many of you may not be aware of whats taking place Downtown Las Vegas. There are many projects planned and underway that will add to our ever changing Sky line. Down Town Las Vegas is going through a huge revitalization process which will add more High/Mid rise condos,Fine dinning,shopping, Medical District, Jewelry Center and more. Over the last 5 years land prices have quadrupled down town and with New High End Loft Style residential offerings you can expect to see prices go much Higher in the coming years. Check out todays podcast at www.LetsTalkLasVegasHighRiseCondos.com to listen to todays show. I discussed more in detail about Down Town Las Vegas and some of the opportunities that are currently available. CLICK HERE to view some of the best deals available at Newport Lofts these condos are priced way below builder pricing and what they were originally purchased for. If you would like Information on other condos available Down Town or any where else in the Valley visit www.MakeaTurnercbw.com

Check out this video tour of Newport Lofts CLICK HERE

Xenex on 12th

Tue, 01 Jul 2008 21:16:38 GMT

Building Profile: The Xenex on 12th

The Xenex on 12th is nearing completion - a sure sign of that is they took the crane down on Saturday (see image taken from my balcony on the 10th floor of the Emerald Stone). Another sign is, well, they told me so… move-ins are scheduled to begin November-December of this year. ;o)

This building, built by Bucci Developments, features central air conditioning, titled single parking stalls, and non-titled storage lockers. One thing I like about this building, and I think they are fulfilling a niche demand here, is the units are larger than most newer highrises in Calgary - most of the 1 bedroom units are in the 700 sqft range, and the 2+dens are 1200 to 1500 sqft - these are not tiny condos!

But here is the real reason I am bringing up this building at this time… they are now offering to pay Buyer Realtor commissions, meaning you can be represented by a Realtor in the purchase of one of their remaining units. If you have been shying away from buying a new condo because the developer won’t pay Realtor fees, thus encouraging you to go unrepresented into a complex purchase then this building might be for you.

Why would you need a Realtor representing you in the purchase of a NEW condo you might ask? Well here is just one example. There is a new building in Calgary, which I won’t mention by name, which opened a year or 2 ago where each unit in the building, from the small, inexpensive 1-bed units near the ground floor, to the two 2,000 sqft penthouses, pays the exact same condo fee. So regardless of size, and value, each unit pays the same condo fee - in effect the small 1-bedroom units are subsidizing the heating bills of the penthouses which are 4 times the size and 6 times the value. Do you think this will eventually affect the value of those 1-bedroiom units? I would think so. Is this legal? Yes, in Alberta it is. Was this pointed out to the buyers of those 1-bedroom units in advance? I don’t know, but if they were my clients you bet it would have been pointed out to them as we poured over the condo docs together!

That is just one reason you might want a Realtor representing you when you buy a new condo. Other reasons include:

An assessment of the fair market value of the unit you are considering buying for comparison to the developers asking price.
An opinion on the neighbourhood and exact location of both the building and the unit within the building (is the garbage chute going to be beside your bedroom?!).
To point out things you may not otherwise think of such as noise and light considerations with the unit.
And help with a proper inspection/walkthrough when the developer turns over the unit to you.

Another interesting feature of this building is the layouts are very much oriented toward “work from home” people. Most of the 1+den and 2+den units have the large den by your front door so you can meet clients without them seeing your sink full of dirty dishes. Ideal for the increasing number of folks (like Realtors amd Mortgage Brokers) who meet clients at a home office.

Check out the official website for more details, and then contact me for a rundown of the floorplans/units left and asking prices.

Large Cap Commercial Project Funding

Tue, 01 Jul 2008 21:04:28 GMT

Large Cap commercial projects. The fund is at the 90 day LIBOR plus 1.5% on a 5 year program, as the rate.

Please contact:

Brynn Sorenson

A-new Mortgage

414-241-3100

brynn@a-newmortgage.com

www.a-newmortgage.com/

The standard terms of the loan based on future value are:

4.41% rate (note rate is based on the 90 day Libor rate) plus 8.25 total points, 5 year

term, with renewable five years option, if required and up to 90% loan to value,

and 10% of the requested loan to be placed into escrow. (Note:

bridge loans may be available for the 10%), minimum loans are required to begin @

ten million. Time of funding is 45 - 60 days with 30 days for the bridge loan.

We currently have over 80 projects ..... for about $15.5 billion in process!

Some are as follows:

1. $400 MM theme park

2. $50 MM line in Australia

3. $25 MM mixed use condo/business project in AZ

4. $15 MM condo project in San Francisco

5. $24 MM building purchase in Michigan

6. $180 MM residential project in UT

7. $78 MM residential project in SC

8. $30 MM hotel resort in Costa Rica

9. $25 MM diamond mine in Africa

10. $25 MM flag hotel

11. $650 MM casino

12. $10 Billion casino on the Vegas strip

Florida's New Condominium and Homeowners Association Laws Take Effect

Tue, 01 Jul 2008 19:49:35 GMT

July 1, 2008

Legislative Amendments Affect Chapter 718 (Condominium Act) and Chapter 720 of the Florida Statutes

Florida's legislature has just amended various provisions of state law relating to condominiums and homeowners associations. Effective July 1, 2008, these changes cover issues including director abstention, insurance for condominiums, repair and reconstruction of condominiums, condominium common expenses, estoppel certificates and the renaming of the Division of Florida Land Sales, Condominiums and Mobile Homes.

On June 30, 2008, Governor Charlie Crist signed House Bill 601, which amends, among other things, portions of Chapter 718 (Condominium Act) and Chapter 720 of the Florida Statutes. The following is a brief summary of some of the legislation included in HB 601.

Chapter 718, Florida Statutes (Condominium Act)

Director Abstention. This legislation modifies provisions of House Bill 995 and provides that a director who abstains from a vote is presumed to have taken no position with regard to the action.
Insurance. Some of the changes made to Section 718.111(11) include:

An association is required to obtain and maintain adequate hazard insurance that is based upon the replacement cost of insured property, with the full insurable value to be determined by an independent insurance appraisal made at least once every 36 months.
An association may provide hazard insurance coverage for a group of three or more communities provided the pooled policy or program has been approved by the Office of Insurance Regulation.
An association that is developer controlled or controlled by unit owners must use "best efforts" to obtain and maintain adequate hazard insurance. The failure to obtain and maintain adequate insurance during any period of developer control of the association is a breach of fiduciary responsibility by the developer-appointed directors unless such members can show that, despite such failure, they have used their best efforts to maintain the required coverage.
An association is allowed to obtain and maintain insurance policies with deductibles, but must comply with the statutory guidelines and requirements for deductibles, including a requirement that the amount of deductibles be determined at a board meeting that is properly noticed and open to all unit owners. All hazard insurance deductibles and losses in excess of hazard insurance coverage are common expenses.
A hazard insurance policy issued to an association must provide primary coverage for all condominium property as originally installed or replacements of like kind and quality in accordance with original plans and specifications, and all alterations or additions made to condominium or association property, but excluding all personal property within a unit or limited common elements; floor, wall and ceiling coverings; electrical fixtures; appliances; water heaters; water filters; built-in cabinets and countertops; and window treatments. Every hazard insurance policy renewed after January 1, 2009 must provide such coverage.
Insurance policies issued to unit owners after January 1, 2009, must contain a provision that the policy is excess coverage over the amount recoverable under any other policy and include special assessment coverage of at least $2,000 per occurrence. The association must be named as an additional insured and loss payee on all casualty insurance policies issued in the condominium. Unit owners are required to provide to the association evidence of hazard and liability insurance upon request (but not more than once per year) and if not provided, the association may purchase a policy of insurance on behalf of, and at the cost of, the unit owner. The association must be named as an additional insured and loss payee on all casualty policies issued to unit owners.
Those parts of the condominium that benefit fewer than all of the unit owners are to be insured by unit owners who have the use thereof, or may be insured by the association at the cost of those unit owners who have the use thereof.
The legislation provides for an allocation of repair or reconstruction expenses between the association and the unit owners, with unit owners responsible for the cost of reconstruction of any portions of the condominium property for which the unit owner is required to carry insurance, and with unit owners responsible for costs of repair or replacement of condominium property not paid by association insurance proceeds if damage is caused by negligence, intentional acts or failure to comply with the declaration or rules by the unit owner or his or her family members, unit occupants, tenants, guests or invitees. The association, upon majority vote of the total voting interests, may opt out of the statutory allocation of expenses by approval of a majority of all voting interests in the condominium and rely upon the allocation of repair or reconstruction expenses as provided by the declaration of condominium. The association is not obligated to pay for reconstruction or repair expenses due to damage to improvements installed by unit owners or the developer if the improvement benefits only the unit for which it was installed.
A multi-condominium may elect, by majority vote of the collective members of the condominiums operated by the association, to operate as a single condominium with respect to insurance matters.
An association may amend the declaration of condominium without regard to any requirement for approval of mortgagees to conform the declaration to the insurance coverage requirements of the legislation.

Common Expenses. Governmentally mandated improvements, such as fire safety equipment or master water and sewer utility meters, are deemed to be common expenses of the association.
Termination. The legislation clarifies Florida Statutes 718.117(17) to state that a purchase money lender's share of termination proceeds shall not exceed the unit owner's (mortgagor's) share of the proceeds.
Estoppel Certificates. The legislation provides that the authority to charge a fee for an estoppel certificate must be set forth by a written resolution adopted by the board or provided by a written management, bookkeeping or maintenance contract. The fee is payable upon preparation of the certificate and the amount of the fee must be included on the certificate. If the certificate is requested in connection with a sale or mortgage of a unit in which the closing does not occur, and within 30 days after the closing date for which the certificate was requested, the preparer receives a written request, together with reasonable documentation, that the sale did not occur from a payer that is not the unit owner, then the fee must be refunded within 30 days after receipt of the request. The refunded amount is the responsibility of the unit owner, which the association may collect from the unit owner in the same manner as an assessment.
Name and Powers of the Division. The legislation renames the Division of Florida Land Sales, Condominiums and Mobile Homes to be known as the Division of Florida Condominiums, Timeshares and Mobile Homes. The legislation also grants additional powers and rights to the Division for violations and enforcement of the Condominium Act.

Chapter 720, Florida Statutes

The bill creates new Section 720.30851 relating to estoppel certificates by homeowners associations. The bill requires a homeowners association to provide an estoppel certificate within 15 days after request by a parcel owner or mortgagee. The association may charge a fee for the certificate, which fee must be stated on the certificate. The authority to charge a fee for the certificate must be set forth by a written resolution adopted by the board or provided by a written management, bookkeeping or maintenance contract. The fee is payable upon preparation of the certificate. If a certificate is requested in connection with the sale or mortgage of a parcel in which the closing does not occur, and within 30 days after the closing date for which the certificate was requested, the preparer receives written notification and reasonable documentation from a payer that is not the parcel owner that the closing did not occur, then the fee must be refunded within 30 days after receipt of the request. The refunded amount is the responsibility of the parcel owner, which the association may collect from the parcel owner in the same manner as an assessment.

For the full text of House Bill 601, see http://www.myfloridahouse.gov/Sections/Documents/loaddoc.aspx?FileName=_h0601er.xml&DocumentType=Bill&BillNumber=0601&Session=

Have We Found The Bottom of the Market?

Tue, 01 Jul 2008 12:32:37 GMT

Bottom of Market Found? Or is this Just a Key Liquidity Event?

This week South Florida saw a significant transaction occur and there are more on the way. This transaction shows that there is liquidity in the market for opportunity oriented investors. Will it signal the bottom of the market? Probably not. However, it does give hope that we will see the bottom soon.

Last week a large block of units at Devonaire at Winston sold to Equity Residential. There are other pending bulk trades waiting to be announced. These trades are occurring in the southwest Broward sub market in modern garden apartment communities.

Why is this transaction important?

This is the first institutional quality developer that has decided to meet the market in a big way. It appears that it required the sacrifice of significant equity by the seller, but the decision was made and the property sold.
The market clearing price has been found.
A comparable sale is now available for the market to use in underwriting future transactions.
A formula to value properties has been created and institutional investors buy into it.
Like any other industry lenders, investors and developers are copy cats. Once something has worked for one, others assume it will work for them.
No one wants to miss the boat when the market comes back.

Why is all of this important?

Devonaire at Winston is a bread and butter garden style project in suburban Ft. Lauderdale, FL. It would be considered a “core” asset if it were a traditional apartment project. Until now no one could come up with a model that would show a financeable economic return to the investors. The transactions that are occurring in the market indicate that buyers have come up with a model (perhaps a low current return and a sale as condos in the future when the market firms) that appears to work for valuing and closing transactions. This sets the table for other groups to do the same.

By setting a value benchmark it also helps to create liquidity. Investors and lenders can now point to an institutional quality trade and use it as an indicator of value. Owners, buyers and lenders can understand property values better. With this knowledge they can make better decisions on purchase and sale offers and loan quotes. Lenders will cautiously return to the market and projects will begin to sell…or will they.

After hearing about the Devonaire and other creative transactions beginning to take place across the country I began my Saturday reading…the stock market is in bear territory and banks are cutting back.

Local banks are laying off loan officers and replacing them with “workout experts”. Banks recognizing the situation and raising capital thru stock sales and mergers. This is preparing the way for them to sell their REO’s and non-perfuming loans at market clearing prices. This will add to the velocity and excitement in the market.

But who will buy the individual units? How will they get financed? When will that increase in demand occur?

Condo.com sets a new activity record every day. The buyers are there.

The buyer of these former condo conversions knows this. They are counting on it.

How can condo.com add value to this process? We have a lead generation system to generate rental leads for a project’s buyer today and when they seek to sell their units into the market, condo.com can create a customized marketing program for them. We have current market statistics from markets across the US to assist in underwriting and our staff has over 75 years of experience managing the asset preservation and reo sales process.

We also have a proprietary list of qualified buyers seeking transations.

So while there is still a lot of concern and anxiety out there are also a lot of strong developers armed with a lot of cash chasing transactions. Liquidity is returning. Historic fundamentals are being followed. Will the market remain disciplined or will all the cash in the system come in and artificially inflate values again?

Stay tuned.

S. Florida Condo Resales Rise 4th Straight Month, Still Trails '07

Tue, 01 Jul 2008 00:41:40 GMT

Condo resales in the South Florida region and the state as whole increased by volume in May for the fourth consecutive month while median sales prices in the region fell slightly, according to a Condo Vultures® LLC analysis of industry data.

South Florida experienced 1,714 closed resales of condominium units in May, up from 1,576 closings in April in Miami-Dade, Broward, and Palm Beach counties. In March, there were 1,536 resale condo closings, 1,132 in February, and an additional 1,012 closings in January, according to data from the Florida Association of Realtors.

Statewide, condo resales reached 4,018 in the month of May compared to 3,900 closings in April. There were an additional 3,207 closings in March, 2,765 closings in February, and 2,252 closings in January for a total of 16,142 transactions in 2008. By comparison, there were 20,244 condo resales in the first five months of 2007, according to the Realtors association.

“Condo resales in 2008 continue to increase in volume on a monthly basis,” said Peter Zalewski, a principal with the Bal Harbour, Fla.-based consultancy Condo Vultures® LLC. “Some people are going to view these numbers as a clear sign of an improving condo market in South Florida and the state as a whole. Before jumping to any conclusions, we would remind everyone that the total number of condo resales this year, while up on a monthly basis, is still fewer than the total sales in 2007, which in turn is fewer than the total number of closed transactions in 2006.”

As South Florida condo resales pick up, the median sales price for closed transactions continues to fluctuate as many buyers pursue below-market pricing on short sales, foreclosures, and Real Estate Owned (REO) by banks which is dragging down the overall average.

The median sales price for a South Florida condo resale in May was about $193,133 compared to $193,800 a month earlier in April. The median sales price for a condo resale in March was about $183,167, in February $197,433, and in January $198,233, according to the report.

Statewide, the median sales price of a condo resale in May was $181,800, up from $179,200 in April, $176,300 in March, $175,600 in February, and $190,200 in January, according to the Realtors association.

On a county basis, Palm Beach County is experiencing the strongest activity in year-over-year total condo resales both in terms of quantity closed and median pricing. It is worth noting that much of the product closing in Miami right now was purchased directly from developers, and is not included in this report.

Closed resales in Palm Beach have steadily increased from 303 total transactions closing in January to 655 deals concluding in May. On a year-over-year basis, the number of closings in May 2008 was 7 percent greater than the 613 closings in May 2007.

Palm Beach condo pricing also continues to strengthen with the median sales price in May increasing to $159,800 compared to $156,400 in April. Palm Beach County’s year-over-year pricing, however, is down -26 percent compared to 2007 when the median sales price was $217,400.

Fort Lauderdale is the market in South Florida where the greatest number of condo resales have occurred. Between January and May 31, Fort Lauderdale has experienced 2,714 condo transactions out of the 6,970 total South Florida condo resales, which represents 39 percent of the regional deals. Palm Beach County experienced 2,652 condo transactions or 38 percent of the regional total. Greater Miami has had 1,604 condo resales close in 2008, which represents 23 percent of the regional total.

Miami's condo resales are the lowest by volume in the region, yet the area's number of transactions has increased in three of the last four months. In May, there were 420 condo resales in Miami compared to 318 transactions in April, 333 deals in March, 235 closings in February, and 298 sales in January, according to the Realtors association data.

According to the data, the median sales price of a condo in Miami has strengthened in four of the last five months. In May 2008, the median price of a Miami condo was $280,770, up 3 percent from $272,000 in May 2007.

In April, the median sales price of a Miami condo was $275,000, up 3 percent compared to $268,000 in April 2007. The median sales price in Miami was down in March by -11 percent, but up in February by 5 percent and in January by 11 percent, according to the Realtors association.

"The best explanation for Miami’s increasing median sales price is that many of today's buyers are opting to purchase only the best quality product, which tends to have a greater overall purchase price even with a discount,” Zalewski said.

Florida's Two Largest Banks Face Hurdles

BankUnited, Florida’s largest locally headquartered bank, is scrambling to raise capital to shore up its balance sheet as the real estate downturn begins to create havoc for the Coral Gables-based institution with $14.3 billion in assets. BankUnited is pursuing a plan to raise capital by issuing 500 million more shares of stock, up substantially from an original plan to issue 200 million shares.

Down the street at Ocean Bank, Florida’s largest state-chartered commercial bank, the leadership announced Friday that 104 jobs – including three executive positions - were being eliminated as part of a cost-cutting measure to strengthen the balance sheet. Ocean Bank, a Miami-based institution with $5.1billion in assets, lost $63.5 million in 2007.

Peter Zalewski is a principal with the consulting company Condo Vultures®LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com . Don't forget to sign up for our weekly Market Intelligence Report.

Copyright © 2008, Condo Vultures® LLC

The Moorings: Hawaii Kai MarinaFront Townhomes, 96825

Sat, 28 Jun 2008 23:57:59 GMT

Right next to Gateway Peninsula on the marina is the Moorings, a 64-unit marina-front development in Hawaii Kai completed in 1968.

The Moorings townhouses are all 3-bedroom/2.5 bath 2-story models, many on the marina with boat docks. They are just over 1,300 sq ft and have entrance courtyards and lanais at the back, so total about 1,900 sq ft.

The amenities include pool, clubhouse and resident manager. No sales took place in 2007. In 2008, two 3-bedroom homes sold for $589,000 and $675,000 respectively. Monthly association dues run $520-550.

Visit my Hawaii Kai real estate market analysis page on my web site for full details: http://www.movetohawaiikai.com/Hawaii_Kai_Market_News/page_1893904.html

The Honolulu Board of Realtors issues very complete statistics for monthly sales on Oahu. Contact me for a free copy:

Barbara Abe, Realtor for Hawaii Kai
barbara@barbarashawaii.com
808-226-2537

Seminole County Property Appraiser

Fri, 27 Jun 2008 18:23:30 GMT

Seminole County Property Appraiser

http://www.appraiserking.com/Seminole_County_property_appraiser_florida property appraisers_appraisals_real_estate

Residential Real Estate Appraisers

Orange County Property Appraiser

Fri, 27 Jun 2008 02:52:57 GMT

We appraise residential real estate all over central florida including Orange County

http://www.appraiserking.com/orange_county_property_appraiser_Florida_orlando_Fl appraisal_real_estate

Orlando Florida Appraiser http://www.appraiserking.com

Countrywide Tries To Dump 559 South Florida REO Properties

Thu, 26 Jun 2008 15:00:01 GMT

Countrywide Financial Corp, the nation’s largest home lender, is actively trying to unload 1,600 Real Estate Owned (REO) properties in Florida, including 559 in South Florida, at as much as a 40 percent discount, according to a bank source.

Countrywide needs to dump 252 properties in Miami-Dade County, 239 properties in Broward County, and 68 in Palm Beach County. The lender even has 15 REOs in the Florida Keys that need to be liquidated.

The sell off of bank-owned properties was already under way before Countrywide’s shareholders voted Wednesday to be acquired by Bank of America. The deal is expected to close on July 1, according to media reports.

Industry watchers expect Bank of America, which is acquiring Countrywide’s nationwide portfolio at a deep discount, to move aggressively and rapidly to sell off even more than the 1,600 troubled loans and assets in Florida in the upcoming months.

There is no word if Bank of America will act as aggressively with its own South Florida portfolio or simply continue to be unresponsive to short sale proposals.

Peter Zalewski is a principal with the consulting company Condo Vultures®LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report .

Copyright © 2008, Condo Vultures® LLC

Home Safety Tips For Vacationers

Thu, 26 Jun 2008 03:16:00 GMT

My New Blog

Home Safety Tips for Vacationers

June 25th, 2008 10:49 PM

Vacations should be packed with fun and not worry. Practical preventions can help keep vacationers and their home safe while away.

1. Pack all required medications

2.Convert cash to travelers checks or use credit cards

3.Pack child proof safety devices

4.Pack your cell phone and charger

5. Be familiar with local traffic laws

6.Get enough sleep before you go

7.Arrange for a neighbor to watch your house

8.Clean yard to prevent hide away spots,leave a car in the yard

9.Make sure inside and outside is well lighted

10.Forward home calls to cell phone

11.Give friends emergency phone numbers

12.Unplug all appliances except refrigerator and freezer

13. Turn off water to toilets,dish washer,showers,washing machines,hot water heater

14.Lock all doors and put rods in sliding glass doors

15. Check homeowner's insurance policy

16.Pack first aid kit,flashlight,flares,jumper cables,car jack,gloves,extra clothing,repair tools,water,paper towels,food,maps,blankets

17.Stay alert,wear seat belt,don't drink or eat while driving,use child restraints,be patient,obey speed limit,avoid in car distractions,Stop in a safe place to rest,take a break every 2 hours,pre program radio,cd channels,Designate a passenger to co pilot,avoid cell calls while driving,keep pets in a carrier,keep gas 1/4 full.

Visit anytime www.brendakingrealtor.com