Miami: Live it....Love it!

Full House: A Date-Friendly Cottage in Wynwood

2012-02-11T00:03:00.000-05:00

Say hello to Jean Paul’s House, a new bungalow for wooing, wine and expertly cured fish, soft-opening this Friday and fully open on Monday.

First, the name. That would be chef Jean Paul Desmaison—you might remember him from the Gables Peruvian spot La Cofradia. Now he’s resurfaced with this cottage in the middle of the gallery district, brimming with meticulously scuffed chairs, farmhouse tables and an L-shaped bar. Sort of like a Hamptons hideaway in the shadow of the skyscrapers downtown. Meaning: your date will love it.

So after Saturday night’s art walk, you’ll want to hit the outdoor patio, lined with flowerpots and fragrant with basil and rosemary plants, to refuel with small plates of flounder tiradito and veal meatballs. And bookmark this spot for a quick bite before a performance at the Arsht. Or just when you feel like treating someone to pork belly braised in pisco and a few bottles of Chilean syrah (and when don’t you).

In a few weeks, you’ll find the back room outfitted with an Italian pizza oven and a wine-tasting counter where you’ll come for thin-crust pies and tumblers of chianti.

Jean Paul’s House
2426 NE 2nd Ave
Miami, FL 33137
305-573-7373
official website

City 24 Developer Closeout!

2012-02-01T14:37:00.003-05:00

Only 61 units left. Trendy shops, restaurants, bars and clubs are minutes away. Jog, walk or bike across nearby historic, Venetian Causeway to easily reach Lincoln Road and South Beach and the spectacular white sand beaches and warm, crystal blue water of the Atlantic Ocean.

1BD start at 196K

2BD start at 282,744

Looking for a Great Cup of Joe? Check Out Moloko in Midtown!

2012-01-24T22:48:00.000-05:00

Yet another trendy cafe has come to Midtown: Moloko, the newest caffeine watering hole opened the morning of Friday, Jan. 13.

Moloko will specialize in what they call the “art of crepe” and coffee. Among their selections, they will feature sweet and savory crepes, as well as international and local coffee brews, according to press release.

On Saturday, Jan. 28 at 11 a.m. children can learn the art of “fake” crepe making and cap the day off decorating their own edible crepe.

Check out their Menu HERE.

Miami 2020: The $10 Billion Mile!

2012-01-05T09:48:00.002-05:00

With Miami's $10 Billion Mile, we will see a rise in Real Estate Prices...the time to buy is now! For information on available opportunities Contact Me.

November Real Estate Trend for Miami

2012-01-04T21:10:00.001-05:00

Miami Dade Small Business Grant Program

2012-01-04T13:19:00.001-05:00

I just saw the following ads in the January issue of Biscayne Times. If you are a business owner or are about to open a business, this might work for you. The grant is up to $10,000.

For additional information call: 305.636.2331 Attention Akeem Brutus or 305.694.2779 Attention Mac-Kinley Lauriston

JUST LISTED: Live and Play in South Beach

2011-12-19T16:51:00.000-05:00

Paramount Bay Update

2011-11-21T17:16:00.001-05:00

Paramount Bay Plaza, like the new owners called the front entrance of the buidling, is slowly coming to life. The picture below was taken this weekend:

This is a Developers renderingof how it should look like when done:

For exclusive previews and property information contact me.

Miami the country's top real estate "turnaround town": report

2011-11-18T23:14:00.003-05:00

Miami was the top "turnaround town" in the country in the third quarter, according to a report from Realtor.com. The rankings look at median price appreciation, reductions in age of inventory and inventory counts, along with unemployment rates. Miami has one foreclosure for every 407 homes, an improvement over the national rate of one out of every 213. Condo sales have also increased 79 percent in the first five months of the year. Six Florida markets were included on the list, with Fort Lauderdale ranked fourth. [Sun Sentinel]

Amazing Views from this Two Level 4BD plus Den PH at 1800 Club

2011-11-18T23:14:00.000-05:00

Miami Music Month

2011-11-16T15:30:00.000-05:00

Miami Live Music Month is Underway

Posted by Editor Lonny Paul for Downtown Miami News on November 12, 2011

The 2011 Miami Live Music Month is already underway in the Magic City, with a kick off event at The Stage on Thursday night as a Block Party Bash which runs through Sunday.

Friday night Nestor Torres performed at the South Miami-Dade Cultural Arts center, but there is much more to come… reaching its end with the one and only Ricky Martin at the Fontainebleau, Miami Beach.

November 17, 7-10PM

NASCAR Live Music Event

Blake Shelton

November 19, 2-Midnight

Bayside Rocks Music & Arts Festival

Bayfront Park

November 23, 6PM

Sun Life Stadium Music FestivalThe Black Eyed Peas and special guests

November 24-27

BleauLive Presents Ricky Martin
Fountainbleau Miami Beach

Amazing Bay Views from this Beautifully Furnished Studio at Quantum

2011-11-15T15:19:00.000-05:00

OPENED at Loft 1: Banana & Leaf: Grab & Go

2011-11-08T15:59:00.001-05:00

Banana & Leaf (Fusion & Fancy Sushi)

OPENED Wed, 19 October 2011
$2 Grab and Go for just this week!

This gorgeous hip, modern and very cool Sushi Fusion Indonesian is in downtown Miami. From the same owners at Little Lotus Tapas. Perfect lunchbox for busy lifestyles and the freshest sushi and sashimi at a great price!
There are a few bar seats and cozy couches with incredibly rich colors that immediately make you think of Indonesia! It’s inside a very posh building called The Loft.
Their concept is Grab and Go Lunch box for busy professionals, students and anyone who loves Asian food. All healthy and freshly made with everything priced around $5. How can you beat that? I didn’t have the menu at the time I was posting this but by the look of the photos Andi sent, they look like just what I’d enjoy eating for my lunch!
My husband and I were honored to be invited to their private party a couple of weeks prior to the opening. Wow, they made the BIGGEST sushi boat that was the length of the whole bar! Their eel was very fresh, so tender and tasty and quickly disappeared. There were mounds of seaweed salad, mayo seafood sticks that was very addictive, summer rolls, a very yummy seafood salad and mountains of salmon and tuna sushi. Funnily enough, I was the only Asian guest there apart from the seafood distributor, hmm. All the guests were loyal regulars at Little Lotus Tapas. I really enjoyed meeting these foodies.
I’ll leave you with a teeny secret, they’re expanding, can’t tell you where yet but Sari is a little empire builder. I so admire her passion for bringing good Asian food, especially Indonesian food to Miami in a clean, modern environment that you want to hang out at.
Grab & Go and tell them Wok Star sent you! And spread the word, share on Facebook, twitter, you know the drill. They deserve to be noticed.
Grab & Go, Dine In, Take Out & Delivery
234 NE 3rd Street Unit CU-1A, Miami, FL 33132
7 days a week from 11 am to midnight

Ready for Sleepless Nights?

2011-11-03T17:02:00.000-04:00

Sleepless in South Beach
By Kristen Spillane

Miami is a city internationally known for partying ‘till dawn. Night owls and revelers flock to South Beach for top-notch nightlife. Sleepless Night, a different kind of party, is taking over Miami Beach once again. The free event takes advantage of daylight saving time to pack in a full 13 hours of musical, theatrical and dance performances.

“We try to program for every possible audience, so there really is something for everyone,” said Gary Farmer, cultural affairs program manager for Miami Beach Tourism and Cultural Development.
Beachgoers will experience a feast of culture with art exhibits, interactive performances and full-length dramatic productions in both English and Spanish, along with powerful poetry, dance and comedy.

“The arts community at large loves the event,” said Stephen Di Benedetto, associate professor of theatre history and theory at the University of Miami. “It is great for our city.” Exhibits and performances are not only done by local artists, but also by national and international performers. Performers include The Carpetbag Brigade, a physical theater company from San Francisco that will debut their combined acrobatics, modern dance and circus-like performance “Callings” for the first time on the East Coast. Another act performing is The Dream Engine’s Heliosphere, an aerial dance that hangs hundreds of feet above the audience and creates the illusion of flying through acrobatic dance, colorful lighting and music.

“You can walk around the beach and see dance, comedy, art and music all over,” said UM senior Lyla Yaner, who attended the last Sleepless Night. “When you look at the schedule, there’s so much you want to do that looks amazing.”The event usually has a big turnout, but it also tends to have a relaxed atmosphere.

“As in previous years, we are expecting over 100,000 people, but because there are so many events and venues and hours, the crowd never seems overwhelming,” Farmer said. “The overall vibe is exciting, upbeat and chill – sort of like watching fireworks in a crowd on the Fourth of July.”
Although it is a popular event, the city has been unable to support it as an annual event due to its high operational costs. The last time Sleepless Night was held was in 2009. Sleepless Night is sponsored largely by the Knight Foundation, a group that seeks to raise cultural awareness of the arts in communities across the U.S., including Miami.

“This innovative event is exciting and important. It involves all ages and socioeconomic backgrounds and explores the varieties of cultures with one community,” theatre arts professor Patricia Dolan said. “We can always see something new and different through art, something we often miss in the confines of an ordinary day. Community events such as this are vital and valuable.”

Sleepless Night will take place in four different zones: North Beach, Collins Park, Lincoln Road and South Beach. Free shuttle service will be provided to move among the four performance zones.

If you go
When: Saturday at 6 p.m. through Sunday at 6 a.m.
For more info: visit sleeplessnights.org

Miami Casino would be Bigger than Vegas Competitors

2011-10-29T23:58:00.000-04:00

The proposed Genting resort is larger than what Vegas Strip hotels offer gamblers — but the developer says that’s the point.

By DOUGLAS HANKS

Can Miami handle the biggest casino in the world?
That was the question raised Wednesday as local leaders pored over a bill designed to bring three large casino resorts to South Florida, including one by Malaysia’s Genting Group. Genting is the only developer to detail its plans for the Sunshine State, proposing a $3.8 billion waterfront resort that will be larger than any hotel on the Las Vegas Strip and contain four times as much gambling space.
“When you look at the enormous size and scope of some of these projects, it just doesn’t make sense,’’ Phil Goldfarb, president of Fontainebleau Miami Beach, told Miami-Dade commissioners at a hearing on gambling Wednesday. “We’re most concerned about existing businesses.”

The massive scale of Genting’s proposed Resorts World Miami energizes both sides of the gambling debate in South Florida.

Critics see the urban resort scrambling downtown Miami’s ongoing revival and stealing customers from hotels and restaurants from nearby neighborhoods and Miami Beach. Supporters point to tens of thousands of construction jobs needed to build something so large, and the tens of millions in tourist dollars it would generate once open.

“The Genting resort will be a magnet for the city,’’ said Esteban Garcia, owner of Garcia’s Seafood Grille and Fish Market on the Miami River, which Genting says may open a second location at the planned resort. “This kind of resort would bring a lot of new jobs to our community.”
Tony Villamil, an economist hired by Genting, noted the company plans to let guests use casino debit cards at restaurants and other businesses off the Resorts World property. “It’s not a box where you simply put a casino,’’ he said. “It’s tied in and integrated to the rest of community.”

Legislation introduced Wednesday would allow three casino resorts as long as developers spent at least $2 billion to build them.

Genting expects to spend almost twice that amount. The company, Southeast Asia’s largest casino operator, ignited the gambling frenzy in May by paying $236 million for The Miami Herald’s downtown headquarters. Genting agreed to let the Herald remain in the building rent-free for two years, and then began buying up surrounding real estate, including the Omni retail and hotel complex.

Nearby in Miami’s Park West neighborhood, local developers and the Las Vegas Sands casino company reportedly are planning a gambling resort to rival Genting, and other large land owners, including the Fontainebleau, also want their sites considered. But only Genting has drafted renderings for its proposed resort: six undulating towers rising as high as 58 stories with a mix of apartments and hotel rooms, with an outdoor lagoon, artificial beaches, and 50 restaurants throughout the campus.

With 5,200 rooms, the proposed Genting complex would be as large as any hotel in Vegas, according to data available on casinocity.com, a leading industry site. The country’s largest hotel, the MGM Grand, has 5,044 rooms, and Mandalay Bay boasts 4,756.

Two casinos in the Genting complex would dwarf anything offered on the strip. Plans call for a primary casino measuring about 550,000 square feet in a tower on the Herald site, plus an additional 250,000-square-foot casino in a building on the Omni location, said Sergio Bakas, the Arquitectonica architect supervising the design. He said he expected Resorts World Miami to be the largest casino resort in the world if current plans are approved.

The combined 800,000 footprint is large enough to hold the combined casino floors of three of the biggest in Vegas: the Bellagio, Mandalay Bay and the MGM Grand. Current design assumptions call for about 8,500 slot machines, Bakas said, far more than the 2,500 found at the MGM Grand, the largest casino in Vegas. The 50 restaurants Genting plans for the site roughly doubles what is available in the typical Vegas Strip hotel.

“It certainly seems aggressive,’’ said Brian McGill, managing director for gaming and lodging for Janney Capital Markets in Philadelphia. “If a casino has 15 or 20 restaurants, that’s considered a lot.”
Genting executives point out that with dozens of casino hotels available in Vegas, no single location needs as much gambling space to satisfy visitors. By positioning itself as a self-contained destination, Genting plans to accommodate both hotel guests and tourists from other properties.

But Genting also sees its casino as a step above the Strip, where wealthier gamblers will have more elbow room while trying their luck.

“It’s a bit different from other casinos where other people may have visited, where you’re right next to your neighbor and it’s more of a factory-type feel,’’ said Jessica Hoppe, general counsel for Genting Americas. Nothing compares to the proposed Genting resort in South Florida. The 1,500-room Fontainebleau Miami Beach, is roughly a third of the size.

At Wednesday’s meeting of the economic committee for the County Commission, Miami Beach leaders warned that mammoth resorts like Genting are bound to siphon off customers from existing hotels and restaurants. “What is going to happen when those rooms can’t be filled by fat cats?’’ said Jorge Gonzalez, city manager of Miami Beach. “There is a huge threat.”

Brian May, a Sands lobbyist, told commissioners that casino resorts will bring jobs but he warned Miami’s gambling market could be “saturated” by more than one. “Miami should go slow,’’ he said. “You could always do more later if the high end destination model pans out.”

Paramount Bay Top 10 Deals of the Week

2011-10-28T21:25:00.000-04:00

Paramount Bay: Sophisticated Design & Amazing Views

2011-10-26T16:38:00.000-04:00

Amazing Views @ Paramount Bay Rental

2011-10-25T13:55:00.000-04:00

Wynwood Art Fair October 21-23

2011-10-14T12:49:00.000-04:00

www.wynwoodartfair.org

US Real Estate Cheap in Comparison with Other Countries

2011-10-12T21:27:00.000-04:00

Paramount Bay Model Unit

2011-10-05T17:08:00.001-04:00

Joaquin Cortes in Miami

2011-10-04T11:09:00.001-04:00

23 Biscayne: New Cosntruction, Bay Views, Great Prices

2011-09-30T18:52:00.000-04:00

La Bottega on the Bay: Italian Mini Market

2011-09-27T19:36:00.001-04:00

Just came from Pace Park and noticed that La Bottega is finally getting ready to open. My husband's friend is the owner so I know the italian dishes will be great! The concept is mini market, eat-in, coffee place, and they will have outside seating. Bottega means store in italian. The neighborhood needed this spot. Such a convenience to grab coffee, food or wine just an elevator ride away!!!

Kork Wine and Cheese: The New Kid in Downtown!

2011-09-25T11:25:00.001-04:00

Downtown Miami is spicing up things with its latest addition to the neighborhood! Finally a spot where wine, cheese, jazz and happy hours converge: Kork, love the name and check out those amazing doors! Living in the Bayshore neighborhood, downtown is 2 minutes away so this will sure become the place to hang out for me and my friends!

Kork is a wine bar, cheese shop, and underground cellar located in the heart of Downtown Miami.

With a hint of Medieval style decor and a bomb shelter turned underground cellar, Kork is a unique place for patrons to relax and enjoy a glass of wine from our collection, purchase a bottle to-go, or try one of our many varieties of cheese.

There is live music throughout the week, plus regularly scheduled happy hour mixers, wine tastings, and special events.

Fridays: Live Jazz
Saturday: Sangria Saturdays

For Additional info visit: korkwineandcheese.com

2011-09-25T10:12:00.001-04:00

9 am and the last batch o swimmers came in... Biking... Running and then its over! Loving the park, neighborhood and the view from my balcony!

Miami Triathlon Sunday September 25

2011-09-24T15:59:00.001-04:00

This morning the set up for the triathlon was already up and running in front of my building in Margaret Pace Park.

The Publix Escape to Miami Triathlon is viewed by many as one of the premiere triathlons in the state. This event sells out at 1,600 participants every year due to it's unique and intense course combined with great perks. Olympic distance participants depart on a ferry to our very own 'Escape Island' where they'll be welcomed by tiki torches and live music as they prepare for their open water swim back to the mainland. Prepare for your journey into the Public Escape To Miami Triathlon.

Why downtown Miami’s on the up

2011-09-24T15:27:00.000-04:00

By David Kaufman

The neighbourhood has recovered due to foreign investment and has grown into a true cultural destination

Getty

Downtown Miami, where new-build, full-service condos now cost around $380 per sq ft – 30 to 50 per cent less than before the 2008 economic crash

Of all the cities and all the neighbourhoods affected by America’s recent recession, few were hit harder than downtown Miami. An urban counterpoint to seafront South Beach, this 60-block swathe of city-centre property welcomed 22,500 new condominium units between 2003 and 2010. That’s almost double the number built during the preceding four decades combined, according to Condo Vultures, a real estate consultancy based in Bal Harbour.
The newcomers were spread over 80 new buildings across “greater downtown Miami”, which includes Brickell Avenue, the Biscayne Boulevard Corridor and downtown itself. Much like in Dubai or Las Vegas, most downtown apartments were purchased off-plan, and years from completion, during the development boom of the past decade. As prices rose in tandem with unfinished inventory, the resulting property bubble saw more than one-third of the new apartments stand empty and unsold during the depths of America’s financial crisis in June 2009.

Now, just over two years later, the downtown Miami market is once again on the move. Propelled by significant shifts in promotion strategies, price points and buyer types, a mere 11 per cent of newly completed condos remain unsold. It helps that tight credit lending has brought additional construction to a virtual standstill, allowing the market to absorb existing inventory. Equally key is downtown’s nascent maturity: over the past decade the area’s population has almost doubled to 70,000, according to the Miami Development Authority.

Serving the recent arrivals are important new civic landmarks, such as the American Airlines Arena and Adrienne Arsht Center for the Performing Arts, along with adjoining vibrant cultural quarters such as the Design and Wynwood Arts districts. Numerous restaurants and five-star hotels offering upscale nightlife, such as the Four Seasons, JW Marriott and the Epic Miami, have also boosted downtown’s status as a leisure destination in its own right.

“Downtown has evolved and finally grown up,” says Alicia Cervera Lamadrid, managing partner of Cervera Real Estate, which has operated in the Miami area for four decades. “Spearheaded by the annual Art Basel Miami fair, Miami now rivals other world-class cities as a true cultural destination.”

Lifestyle amenities may help attract downtown buyers but the neighbourhood’s main lure is price. Today, new-build/full-service condos hover at roughly $380 per sq ft – some 30 to 50 per cent less than before the 2008 economic crash, and less than half of South Beach’s current prices. Overall, house prices in greater Miami are down 51 per cent from their December 2006 peak, according to the Standard & Poor’s/Case-Shiller index.

While the downtown figures reflect a 25 per cent rebound from 2009’s market bottom, they should remain stable for the next few years, says Peter Zalewski, Condo Vulture principal.

Projects such as the 96-unit 23 Biscayne Bay, set to open next June, are deliberately pricing themselves at less than $250 per sq ft to ensure “the deepest pool of buyers”, says Zalewski. A 724-sq ft one-bedroom condo at 23 Biscayne Bay, for example, is priced at $160,000 or $220 per sq ft.
At the opposite extreme, much larger – and more deluxe developments, such as Paramount Bay, are devising new strategies to secure far higher returns. Built on a 2.7-acre (1.1ha) plot fronting Biscayne Bay, the 46-floor, 346-unit tower has faced bankruptcy, foreclosure and even the death of two workers during its five years of construction.

This June, Paramount Bay was fully acquired by iStar Financial, one of its main lenders, which has brought in musician Lenny Kravitz’s New York-based architecture company, Kravitz Design, to overhaul the project. While the choice of Kravitz is certainly unexpected, the musician comes to Paramount Bay after completing hospitality and residential projects at Miami’s Setai and Mondrian hotels. Anthony Burns, vice-president of iStar, concedes the choice of Kravitz was risky. “But you can’t accomplish great things without taking risk,” he says. “Kravitz’s team nailed the concept and what we are looking to achieve.”

Kravitz, who has been designing for more than a decade, says: “Downtown allows you to be in Miami, while still being able to walk to great restaurants and art galleries, which I appreciate as a New Yorker. Paramount Bay has a similar sort of urban quality; out front you’re facing the water, but from the back the city sprawls for miles. It’s a great juxtaposition.”

Kravitz’s input has already had an impact. Since hitting the market this spring, Paramount Bay apartments have sold for an average of $482 per sq ft, says Condo Vultures, more than $100 above the downtown average. Nonetheless, many Paramount Bay condos are far less costly, such as a 1,214 sq ft, one-bedroom unit for $400,000 (about $330 per sq ft). Similar prices can be found at other higher-end downtown developments, such as 900 Biscayne Bay, Marina Blue and 10 Museum Park.

About half of downtown buyers are foreigners, mostly Latin Americans. Cervera says Brazilians are among the strongest buyers, thanks to the real’s 45 per cent gain against the dollar since 2008, along with Venezuelans, Mexicans, Canadians and Egyptians.

Mexico City-based Sara Montiel and her husband bought a three-bedroom apartment near Biscayne Blvd this summer through Cervera Real Estate for roughly $900,000. “While we love the beach, we’re primarily city people and like that everything is so close,” says Montiel, an estate agent who plans to visit Miami every other month. “The prices actually felt ‘real’ and reasonable,” Montiel adds, “so my husband said it was finally time to buy.”

Paramount Bay Sales OPEN!

2011-09-13T22:39:00.000-04:00

Downtown Miami 1/1 UNDER 100K

2011-09-08T17:42:00.000-04:00

MANU CHAO this Friday September 9

2011-09-06T17:50:00.000-04:00

Friday, September 9th at 7:00pm

COST: $33.50

Bayfront Park Amphitheater
301 N. Biscayne Blvd
Miami, FL 33132

Grand Central Park coming to Downtown Miami

2011-09-06T16:17:00.000-04:00

Grand Central Park will transform nearly five acres of downtown Miami from an underused vacant lot into a temporary, multi-use recreation space that will activate and beautify a neighborhood on the verge of urban blight.

The Park will be located at the site of the former Miami Arena, just a short walk from Historic Overtown, Downtown Miami, the American Airlines Arena and Bayside Marketplace. The site is easily accessible from I-95 and I-395 and within walking distance to the Metrorail (Historic Overtown/Lyric Theatre Station) and several Metromover Stations.

The main feature of Grand Central Park will be a sloping plaza nestled within a berm and planted in 'no mow' microclover ecoturf. The planned park plantings evoke the native Florida habitat with an urban slash pine forest, palm groves and cypress bog gardens that harvest and purify rainwater. The subtle slope of the plaza and lawn affords multiple uses for festivals, parking, and wheelchair accessibility. The encircling berm forms an amphitheater shape that is oriented toward the sea breeze, bay view, and freedom tower (Miami's Statue of Liberty). READ MORE

Beach Living @ Terra Beachside Villas

2011-08-30T16:29:00.000-04:00

Terra Beachside Villas

Overview

Maps

Photos

Features

Description

Neighborhood

$465,000

New Construction

Main Features

2 Bedrooms
2 Bathrooms
Interior: 1700 sqft

Location

6000 Collins Ave
Miami Beach, FL 33140
USA

To get updates on open home dates and other property events, please click the "Like" button below:

Michelle Marie Pacheco-Gallo

Majestic Properties
(786) 525-6247
mpacheco@majesticproperties.com
http://www.michellemariepacheco.com

Listed by: Majestic Properties

Our recent listings

Nine45 Townhomes
IOS on the Bay
Terra Beachside Villas
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Spacious 2BD in Bayfront Building

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Nearby properties for sale

FORECLOSURE: 2BD @ The Grand @ 215K

2011-08-29T10:53:00.000-04:00

Super Deal to Sell!

2011-08-26T23:16:00.001-04:00

Foreclosure Just listed: Click below for more information

3BD at Cite with Direct Bay Views @ 213K

Epic Living in Downtown Miami: Only 45 Units Left!

2011-08-26T23:01:00.000-04:00

Latest N. Bayshore Happenings!

2011-08-26T16:52:00.001-04:00

This is my neighborhood! I love it, live it and sell it.....I look forward to all the new restaurants and shops around the area! I was mentioning a client how pleasant is to live here with the park and the water and everyone so friendly. Like so many parents that live here, I love to take my twins down for a ride in their radioflyer and let them loose at the kids park!

As for the neighborhoods latest happenings I can say there is a lot of things going on. A friend of my husband's is opening a place called La Bottega at The 1800 CLUB. Finally an authentic italian food take out place!! Its a cafe/mini market. It will have outside sitting so you can also stay in and eat your breakfast/lunch! Looking forward to their opening.

Also the PUBLIX on 17 street is coming along super fast! They built that so quickly....one day it was there. That's a great alternative to have near. I love walking distance retail and makes my life as a working mom easier! I can show property and buy the milk for the kids all in one outing without having to drive: sweeeeeet! Just take a look at the upcoming facility:

And the long awaited Paramount Bay started the renovations of the common areas around a week and a half ago. Prices are not being disclosed yet although reservations of units are taking place. I have the privilege of being one of the few realtors with early buying opportunities for my clients. So if you are interested in the building just email me. If you want to see a sneak peek at their model unit visit MY YOU TUBE CHANNEL

The latest DEALS in the area are very well priced:

Quantum 2/2 with waterviews @ 300K

The Grand 2 plus Den/2BA with waterviews @ 215K

The Grand 3/2.5 with waterviews @230K

Cite 2/2 High Ceilings @ 180K

You can also visit MY FACEBOOK page to search the MLS or MY WEB page to view the latest deals in the area. This is such a great neighborhood to live in!

Latest Irene Forecast

2011-08-23T13:32:00.002-04:00

The National Hurricane Center’s latest prediction removed the entire state from the forecast cone as computer models continued to shift the focus to a landfall for the large and dangerous storm to the Carolinas.

If the forecast path holds, Irene’s powerful core would remain over the Bahamas, though there was a chance that tropical storm level gusts could be felt along the South Florida coast - likely Thursday afternoon during Irene’s closest approach.

Read more: http://www.miamiherald.com/2011/08/23/2371014/hurricane-irene-tuesday-12am.html#ixzz1VsGIY0iQ

Quantum on the Bay Living: 1BD @ $1,500/month

2011-08-23T13:25:00.002-04:00

Miami Condo Prices Rise 8% in July, First Time Since 2008 Bust

2011-08-19T17:58:00.000-04:00

I found this article at World Property Channel and I'm very proud of my city: Who wouldn't want to invest here?

(MIAMI, FL) -- Based on the latest data from the Miami Association of Realtors, sales of existing single-family homes Miami Metropolitan Statistical Area (MSA) rose 47 percent in July, from 593 to 873. Sales of existing condominiums increased 33 percent, from 837 to 1,110, compared to July 2010.

Statewide sales increased 12 percent to 13,874 for single-family homes as well as 12 percent to 5,904 for condominiums compared to July 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 3.5 percent from June but were 21 percent above July 2010, according to the National Association of Realtors (NAR).

"Miami is a hotspot for tourists, the entertainment industry, and global corporations, generating attention from around the world and boosting the local real estate market," said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors. "While local housing inventory has declined dramatically over the last three years, the local market still offers opportunities for all types buyers and competitive pricing compared to many U.S. and international markets."

Cash Transactions

The percentage of cash transactions was unchanged from the previous month, 59 percent of closed sales were cash transactions. Cash sales accounted for 39 percent of single-family and 74 percent of condominium closings.

Condominium Prices Rise

The effect of short sales and foreclosures on the median and average sales prices for both single-family homes and condominiums has lessened particularly in some areas of the county. In June, 57 percent of all closed residential sales in Miami-Dade County were distressed, including REOs and short sales, compared to 65 percent a year earlier.

The median sales price of single-family homes in June decreased eight percent to $182,400 from a year earlier. The median sales price of condominiums increased eight percent to $118,800.

"We continue to experience strong sales activity despite declining distressed inventory," said 2011 Miami Association of Realtors Residential President Ralph E. De Martino. "July marks the first time since the boom that the median sales price has increased for condominiums. This is a positive sign because it is indicative of demand for non-distressed properties, which will result in future market strengthening and rising home values."

Statewide median sales prices increased four percent to $87,800 for condominiums and dropped one percent to $136,500 for single-family homes. The national median existing-home price for all housing types was $174,000 in July, down 4.4 percent from July 2010.

The average sales prices for single-family homes in Miami-Dade County increased 9.3 percent, from $278,589 in July 2010 to $366,448 in July 2011. The average sales price for condominiums increased 17.9 percent, from $210,870 in July 2010 to $248,682 last month.

Local Housing Inventory Continues to Decline

The inventory of residential listings in Miami-Dade County has dropped 39 percent, from 25,595 to 15,697 active listings, in the last year. Compared to the previous month, the total inventory of homes dropped 3.4 percent from 16,252. Since August 2008, existing housing inventory has decreased more than 64 percent, down from 43,100.

Total housing inventory nationally fell 1.7 percent at the end of July.

Miami Happenings!

2011-08-16T22:26:00.001-04:00

Miami Spice 2011 is a mouth-watering restaurant promotion showcasing the very best of Miami cuisine.

During August and September, Miami’s top restaurants offer three-course meals (Lunch $22, Dinner $35) featuring signature dishes created by world-renowned chefs. Discover the tropical fusion of ingredients that makes Miami dining so wonderfully out of the ordinary. An epicure’s paradise awaits you in Greater Miami and the Beaches!

For more information visit www.ilovemiamispice.com

Celebrate with us during July and August as we feature the fourth annual Miami Spa Month where you can enjoy special treatments for $99 at Miami's premier spas.

For more information visit www.miamispamonth.com

Foreclosure Stats for the week

2011-08-09T10:34:00.004-04:00

Foreclosure stats for the week

August 05, 2011 01:30PM

Source: Condo Vultures

As of today, the number of foreclosures in South Florida year-to-date is 17,968, down from 40,469 at the same time last year, based on the most recent data available from Broward, Miami-Dade and Palm Beach counties. The graph above shows foreclosure activity in South Florida's three counties. -- Katherine Clarke

Sneak Peek at Paramount Bay

2011-07-27T21:41:00.000-04:00

Paramount Bay Sales start in September 2011. The building will feature top of the class common areas by Kravitz Design. Each unit features its own private elevators, amazing views, spacious layouts, top of the line appliances and much more. This video features the model unit and the great views you can find @ Paramount Bay....ENJOY!

North Bay Shore Drive: You will LOVE this Neighborhood!

2011-06-14T23:14:00.003-04:00

Just minutes away from South Beach, Downtown, Brickell & the Miami Airport, the North Bayshore Drive neighborhood sits in front of Biscayne Bay. Also in front is Margaret Pace Park, This eight-acre waterfront park is beautiful, spacious, lively, and welcoming, becoming a hot-spot for active Miamians, and for those who like to stroll along and enjoy a picture-perfect day by the Bay. The area has undergone extensive redevelopment and is a sought after destination for luxury living. Notable surrounding areas such as Brickell, Wynwood Arts District, the Design District, and the city's cultural epicenter situated along Biscayne Boulevard are all easily accessible.

With new buildings such as 1800 Club, Opera Tower, Quantum on the Bay, Cite and the anxiously awaited Paramount Bay, North Bay Shore Drive is quickly becoming one of the most sought after addresses.

Real Estate deals including Short Sales and Foreclosures are still available in the area but going pretty fast. With the Omni and the Miami Herald just sold, this neighborhood will see an increase in condo prices in years to come.

Jorge Perez and The Related Group are the new owners of The Onmi. Plans for the space include 1.5 million square feet of office and retail space, as well as a 525-room Hilton hotel.

Asia’s third largest casino company paid $236 million for 13.9 acres of waterfront land owned by The Miami Herald, a landmark deal that would remake the northern edge of downtown Miami, where the North Bayshore Drive neighborhood starts. The owners are planning to built a hotel with convention center, casino & restaurants. Under terms of the deal, The Herald has until 2012 to move.

In Brickell a $700 million mixed-used development called Brickell Citicentre is set to break ground this year, and the Design District is poised for a multimillion-dollar makeover led by developer Craig Robins, who wants to model the area after New York’s Soho neighborhood.

Anchored by development projects downtown, the city of Miami is experiencing a multi-billion dollar facelift that will be mostly complete by 2014.

A deep dredging project will allow for larger cargo ships at the port of Miami and a new tunnel at the port is expected to accommodate additional shipping trucks by 2014. The Florida Marlins’ new $500 million baseball stadium will be operational next year, and the new Museum Park complex is expected to be completed by 2014. A Publix at Biscayne Blvd. and 18th Street is scheduled to open next year, and plans for a downtown Whole Foods grocery store have been announced as well.

With all the re-development in the area, the time to buy is now. Condo foreclosures are selling fast and short sales are moving in a moderate pace. I have visited the anxiously awaited Paramount Bay which will open its sales center in September and I am very excited to say it will deliver an outstanding urban lifestyle for primary and secondary home buyers as it becomes a landmark for first-class living in Downtown Miami.

For a detail list of foreclosed properties or short sales in the area please CLICK HERE. If you want more information on Paramount Bay or surrounding buildings email me at mpacheco@majesticproperties.com

Real Estate News

2011-06-14T11:01:00.000-04:00

Omni in $204M foreclosure

June 13, 2011 11:15AM The Omni Center and Hilton Miami is in a $204 million foreclosure, following last month's purchase of the property's note for $100 million. A joint venture between three firms, including the Related Group, purchased the note on the property and now stands to take the property, which is located at 1501 Biscayne Boulevard. The site has 15 million square feet of mixed-use space, including a 527-room hotel. It has undergone $66 million in capital improvements in the last three years. [SFBJ]

Strong performance for Miami high-end homes, condos

June 13, 2011 10:30AM By Alexander Britell

Just like its surging rental market, Miami's high-end residential sector has been showing significant improvement in the first five months of 2011.

"What's happened over the last 24 months is really kind of phenomenal," EWM President Ron Shuffield told The Real Deal. "When you think about what a deep, dark hole we were in, now to see this real sold activity we're having, we're fortunate to be where we are."

In the first five months of 2011, there has been an average of 51 condo sales over $1 million per month, and 41 home sales in the same price bracket, according to MLS data provided to The Real Deal by EWM. READ MORE

May E Newsletter

2011-06-08T17:01:00.000-04:00

	6 Tips for Choosing the Best Offer for Your Home Have a plan for reviewing purchase offers so you don’t let the best slip through your fingers. Read
	7 Steps to Take Before You Buy a Home By doing your homework before you buy, you’ll feel more content about your new home. Read
	Home Improvement Apps for iPhone, Android, and BlackBerry: Your Digital Toolbox Downloadable iPhone and Android apps offer ways to maintain, improve, and save money on your home. Read
	Foreclosure Alternative: The Short Sale A short sale is far from hassle-free, but it’s a better alternative than foreclosure. And now you’ve got a little help from your friends in D.C. Here are the facts about short sales and how to get started. Read
	How Fannie Mae and Freddie Mac Save You Money Homeowners who use Fannie Mae and Freddie Mac mortgages save thousands of dollars in interest payments each year. Read
Visit houselogic.com for more articles like this. © Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

For Rent: 1BR/1BA Apartment in Miami Beach, FL, $1,500/month

2011-06-07T18:18:00.000-04:00

For Rent: 1BR/1BA Apartment in Miami Beach, FL, $1,500/month

Miami Biennale invites you to Dialogues with Duchamp

2011-05-19T10:02:00.000-04:00

Miami Biennale invites you to the lecture/conversation Dialogues with Duchamp given by art critic Adriana Herrera and art historian Armando Droulers. An introduction to Marcel Duchamp,
his art and in turn the tremendous influence he exerted on both his and future generations.

Thursday May 26, 6 pm
Miami Biennale
2751 N.Miami Ave.
Miami, Fl 33127
Free and open to the public,
please R.S.V.P by May 24

“The individual, man as a man, man as a brain, if you like, interests me more than what he makes, because I've noticed that most artists only repeat themselves.”
Marcel Duchamp

Instant Message Your Real Estate Questions

2011-05-09T18:38:00.000-04:00

I have just installed the Instant Messaging application in my website and right here in the Blog....(see it on your right hand side) for your convenience. If you have any Real Estate inquiry about a property, we can communicate instantly. You can also use it when visiting MY WEBSITE

The wonders of technology!

MAY is Miami Museum Month:"Buy One, Get One Free Admission"

2011-05-06T11:51:00.000-04:00

BUY ONE, GET ONE FREE — During May, all visitors and locals will be offered "Buy One, Get One Free" admission at participating museums.

JOIN ONE, SEE THEM ALL — During this month-long program, membership at any one of these participating museums will work as a free pass to any of the other museums.

Whether you just joined or have been a member for years, this is an incredible opportunity to museum hop and experience the Miami cultural scene.
To join a museum, or with questions specific to a participating museum, please find their information on the participants' page and contact them directly.

The cultural scene in Greater Miami and the Beaches is unique and diverse. During May, celebrate Miami Museum Month. This is an incredible opportunity to experience the area’s inspiring museums.

For comprehensive information including attractions, events, clubs, accommodations and much more visit the Greater Miami Convention & Bureau's online Miami tourism guide at www.MiamiandBeaches.com.

2011 Participants:

¤ Ancient Spanish Monastery
¤ Art Center/South Florida
¤ Bass Museum of Art
¤ Black Police Precinct & Court House Museum
¤ Coral Gables Merrick House
¤ Coral Gables Museum¤ The Haitian Heritage Museum
¤ HistoryMiami
¤ Jewish Museum of Florida
¤ Lowe Art Museum
¤ Miami Art Museum
¤ Miami Children's Museum
¤ Miami Science Museum¤ Museum of Contemporary Art (MOCA)¤ The Patricia & Phillip Frost Art Museum¤ Wings Over Miami Air Museum
¤ The Wolfsonian—FIU

4 Signals It Might be Time to Buy (vs. Rent) Your Home

2011-04-28T12:16:00.000-04:00

To rent or to buy: what used to be a given – that you would buy a home as soon as you could afford to – has become an agonizing conundrum for many a would-be homebuyer, in the face of the housing market’s big bust and super-slow recovery. Low prices seem to create a wide-open window of opportunity, but they also create the concern that prices will keep falling after closing. And that Catch-22 has hundreds of thousands of buyers-to-be stuck on the fence.

Fortunately, there are handful of life, mortgage and local market signals which indicate that the time *might* be right to hop – scratch that – leap off the fence and into homeownership:

Mortgage rates are going up. Home prices have been low for the last several years, and in fact are currently looking like they’re heading back down to the same levels they were at the depths of the real estate recession. During this same time frame, interest rates have also been low – this one-two punch has created record-high affordability for the last four years running, causing buyers to believe that this window of opportunity won’t be closing anytime soon.

While prices don’t look like they’ll be skyrocketing anytime soon, interest rates are another story. Rates have been on a rollercoaster over the past few months, and with inflation and Fed rates set to spike later this year, today’s low interest rates might be as good as they’re going to get for a long time to come. And I mean a very long time – in the next few years, governmental intervention in the mortgage markets is likely to wind down, and that means higher mortgage interest rates are not only inevitable, they’ll probably be here for a long, long time.

Mortgage rates on the rise are one signal that now might be the peak of home affordability, and the peak of the opportunity to buy.

Rents are going up. Rental rates in many areas are also on the rise – in fact, the foreclosure crisis has acted created additional demand on many markets’ rental housing inventory in several different ways. First, former homeowners who lost homes to foreclosure now need to rent; as well, buyers in foreclosure hot spots have been hesitant to buy, many electing to stay renters far beyond when they would have otherwise. On top of all that, super-tight lending guidelines have stopped even some who would like to buy homes from doing so. As a result, rental homes are in high demand – and rents are rising.

Rising rents at a time when the prices of homes for sale are low and, in some places, falling? One more signal that now might just be the time to buy. (Of course, where foreclosures are high, the chances of continued depreciation are, too – to offset this risk, have a long-term plan, to minimize the possibility that you’ll owe more than your home is worth when you need to sell. Read on for more on how to plan for the long term and minimize your homebuying risk.)

Your income and career are stable for the foreseeable future. The smartest homebuyers look to their lives, not just the market, for signals about when the time is right to buy. Homebuying is a long, long-term endeavor these days. The goal is to be able to commit to staying in the same place, geographically-speaking, for 7 to 10 years before you buy (more in a foreclosure-riddled market, less in an area that has been more recession-resistant). Most lenders will require that you’ve been at your job – or in the same general field of work – for at least two years before you buy. But that’s the bare minimum – beyond that, you don’t want to be barely beginning a career in which you think you may need to move sooner than that, nor do you want to buy when you’re advanced in your career, but in an industry which is dying or downsizing the workforce in your region (unless you have a strong Plan B).

When you get to the spot in your career where you can realistically project a stable income 7 to 10 years out, life might be giving you a green light to move forward on your homebuying dreams.

You can reasonably predict the home you’ll need in the years to come. Since successful homeownership requires that you be ready to be in the place for a good number of years, best practice is not just to buy a home with the space and number of rooms you need right now – rather, you should aim to buy the home you’ll need 5, 7 or even 10 years down the road (to the best of your ability to predict, of course). You might be a newlywed with no kids now, but you plan to have them in a few years. Or maybe you’re a newly minted empty nester right now, but can project that you’ll want to retire - and might not want to climb two flights of stairs to get to and from your bedroom - 10 years down the road. Before you buy, you should be in a position to buy the home that meets your future needs – not just your current ones; and that requires that you have a reasonable idea of your life vision and plan for the future.

If you’re able to predict – and afford, at today’s prices – a home with the space, amenity and geographic location you’ll need 7 to 10 years from now, you might be in a good phase of life to get off the rent vs. buy fence.

With that said. . . buying a home is a massive decision and includes multiple, long-term financial and lifestyle obligations, so if one or more of these signals are present for you, that doesn’t mean you have the green light to run out and buy a home tomorrow – rather, it’s a good sign you should begin down that path, if you’re so inclined. You’ll still need to do the work to make sure your personal finances and holistic life picture are also in alignment before you buy, as well of the work it takes to ensure that your real estate and mortgage decisions are sustainable and smart, over the long-term.

It’s not overkill to check in with a mortgage pro, a tax pro, a local real estate broker or agent and a financial planner to make sure all your ducks – not just one - are in a row before you make your move

Rental: Amazing Sky Home @ 1800 Club

2011-03-02T22:19:00.001-05:00

Short Sales & Boat Show!!

2011-02-13T15:46:00.000-05:00

Take advantage of the prices for these great deals! Located in Miami Beach, there is no better location.

Also if you are in Miami the weekend of February 17-21 dont miss the International Boat Show. See what’s new at the Greatest Boat Show in the World! Florida's largest annual event spans three locations—the Miami Beach Convention Center, Sea Isle Marina and Yachting Center and Miamarina At Bayside—and features more than 3,000 boats and 2,000 exhibitors from all over the globe. There’s no better place to preview the new boating season!

You name it you’ll see it here—from the latest in powerboats, sailboats and engines to cutting-edge marine electronics and accessories to the best in nautical gifts, services and apparel. And there’s no better time to buy! The 5-day event is your once-a-year chance to compare makes and models, and gear up with the latest accessories all at one time!

Beyond the boats and booths special events, attractions and activities celebrate the boating lifestyle and offer entertainment for everyone. Launch your boating life at the Discover Boating Resource Center, with clinics, seminars and on the water activities to help you get started in boaring. The Big Game Room Sport Fishing Expo features everything for sport fishing, from boats and gear to seminars and clinics and the NEW Dive & Travel Harbor offers one-stop shopping for your dive and travel adventures, plus the chance to try scuba in a heated pool. And that’s just the start—visit the show highlight page for a complete listing.

If sailing’s your pasion, stop by Strictly Sail at Miamarina at Bayside. You’ll find sailboats, sailing gear and accessories from around the world—including an unbeatable selection of catamarans. Among the highlights— daily sailing seminars, FREE Discover Sailing sailboat rides, Latitudes & Attitudes Bash, featuring the Eric Stone Band on Saturday, Kids’ Aboard boat building workshops and more.

Making Short Sales Easier

2011-01-07T21:43:00.005-05:00

Welcome to 2011, it is going to be a great year and we're excited to see where it takes us!

Changing Short Sale Rules - The HAFA <http://www.makinghomeaffordable.gov> program has been a mixed bag, but last week the Treasury Dept. changed the rules to make short sales easier.

Here are the primary changes to HAFA:

- Those seeking a short sale must get an answer within 30 days
- Servicers are no longer required to verify a borrower's financial information
- Servicers are no longer required to determine if the debt-to-income exceeds 31%
- Second lien holders no longer must accept 6% of the unpaid balance - hopefully this will eliminate this fraud <http://www.homeflux.com/press/short-sales-bank-fraud-and-kick-backs-cnbc/> we exposed last year

Overall, these changes should help expedite short sales, which is good news for home owners, realtors, investors and ultimately the banks.

DEALS Under 200K in Downtown and Brickell!!!

2010-10-26T17:30:00.002-04:00

Today I was doing a search for a friend and found there are still great DEALS in 1/1 apartments in Brickell, Downtown and my neighborhood, the Performing Arts District.

Brickell is great! It has Mary Brickell Village with all the restaurants and lounges and lots of things happening around the area, so its basically an all inclusive package. You just have to walk everywhere and if you work there.....then, it is City Living at its best! After the busy week there is plenty to do: dinner at Lolita, Oceanaire, Rosa Mexicano, to name a few... drinks at Segafredo, Blue Martini or the Irish Pub and if dancing is what you like then Baru, Spazio Nero and other antros do the work. There are still great prices in the area so if you are interested in that neighborhood CLICK HERE for those deals.

Now, Downtown is another story. Downtown lives during the day, its great to go shopping, have lunch and visit Bayside. After 5 pm only few places are up like MIA but still, is great because its right in between Brickell and Performing Arts District plus there are new places opening up so it will "get there" soon. I found this list to be small, however if you love the downtown feel, CLICK HERE for those units.

The Performing Arts District is where I live and I LOVE IT! The neighborhood revolves around Margaret Pace Park, and after a multimillion dollar renovation its worth every penny. Residents love to walk their dogs, play soccer and other sports in the park, and those of us with children, take them down for a stroll or to the playground. When Art Basel starts, its installations are a few blocks from here and Midtown is super fast to get to. South Beach is just a causeway away: The Venetian Causeway so it is a this area is a great place to be. To view the available listings CLICK HERE.

I hope the information provided will be of help. Remember to click on the links to know more information about the neighborhoods. If you are looking into having a second home or investing in Miami, these are the places that will get you more for your buck...so go ahead and just do it....with the sun, the beaches, the weather, those views and lets not forget the beautiful people....its almost impossible not to.

P.S. For 2 or 3 BD units contact me.

Now in Miami

2010-10-14T22:58:00.000-04:00

So I decided to re-vamp this blog and make it more personal. I will include Real Estate news, links and deals but also I want to include things happening in this magical city. I love living here. Everytime I fly abroad it makes me love it more and more. Love the bay and the beach!

The other day I took my twin girls for a stroll in Pace Park and ran into my friend Karen. She was doing Real Estate with my company but decided to move into marketing sales, etc. Now she is in charge of LIVING SOCIAL which is a web site that offers one fantastic deal every day with discounts of up to 90% at local restaurants, bars, spas, theaters, and more. You have to check it out, I totally missed the opportunity of buying a 50% off voucher for Hakkasan in Fountainbleu Hotel. God knows they are expensive but ohhhh soooo good.

The cool thing is that after you buy the deal, you'll get a unique link to share. If three people buy the deal using your link, then your deal is free....or you can invite people to join in thru your account and you can get 5 deal bucks from every person who signs up. So go ahead and sign up, with the economy slowly getting better, this sure is a fabulous way to spend!

FOR RENT

2010-10-14T16:27:00.000-04:00

NORTH BAY VILLAGE: Renting 2/2 in Treasure Bay Club, a bayfront 4 story building that has been completely remodeled inside/out. The unit has a split floorplan and is very comfortable. The buidling has a waterfront pool and deck and the unit comes with one assigned parking.

Florida’s existing home, condo sales up in December 2009

2010-01-26T10:50:00.003-05:00

ORLANDO, Fla. – Jan. 25, 2010 – Florida’s existing home sales rose in December, marking 16 months that sales activity has increased in the year-to-year comparison, according to the latest housing data released by Florida Realtors®.

Existing home sales rose 33 percent last month with a total of 14,630 homes sold statewide compared to 11,013 homes sold in December 2008, according to Florida Realtors. Statewide existing home sales last month increased 4.3 percent over statewide sales activity in November.

Florida Realtors also reported a 91 percent increase in statewide sales of existing condos in December compared to the previous year’s sales figure; statewide existing condo sales last month rose 22 percent over the total units sold in November.....MORE

Thinking Abou Short Selling? I can assist you

2009-12-15T17:27:00.000-05:00

If you are behind in your mortgage payments or can't sustain your condo or home, contact Michelle Pacheco for a free consultation on Short Selling. Certified in Short Sales and REO's, she can help you by providing helpful information about the process. Mrs. Pacheco has sold more than 10 short sale properties in the past 3 months that have been listed with her.

Contact her by email at: info@michellemariepacheco.com

For Sale: 1BR/1BA Condo in Miami Beach, FL, $125,000

2009-11-03T16:23:00.000-05:00

For Sale: 1BR/1BA Condo in Miami Beach, FL, $125,000

Foreclosures rise 5 percent from summer to fall

2009-10-15T22:43:00.000-04:00

WASHINGTON (AP) – Oct. 15, 2009 – The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs.

The foreclosure crisis affected nearly 938,000 properties in the July-September quarter, compared with about 890,000 in the prior three months, according to a report released Thursday by RealtyTrac Inc. That puts foreclosure-related filings on a pace to hit about 3.5 million this year, up from more than 2.3 million last year.

Unemployment is the main reason homeowners are falling into trouble. While the economy is likely out of recession, the unemployment rate — now at a 26-year high of 9.8 percent — isn’t expected to peak until the middle of next year.

Mortgage companies sometimes allow unemployed homeowners to defer three to six months of payments while they are looking for a job. But there’s little else they can do.

“The sheer scale of the problem is preventing the loan modification programs from having the kind of impact we’d all like,” said Rick Sharga, RealtyTrac’s senior vice president for marketing.

Last week, the Obama administration hailed a milestone in its mortgage relief effort, reporting that 500,000 homeowners have received help since the program was launched in March. But new defaults are still exceeding the number of borrowers getting help.

Mortgage companies have slowed down the pace of foreclosures as they evaluate whether borrowers qualify for the administration’s program. Analysts, however, forecast that many of those homeowners won’t qualify, and foresee a new wave of foreclosed properties hitting the market next year. That’s likely to further depress home prices.

Some homeowners are in such a massive financial hole that it’s hard to design a modification that will actually provide lower payments. And some have avoided paying their monthly bills for a long time.

Carlos Estrada, 57, of Tulare, Calif., for example, hasn’t made a mortgage payment since February 2008. The construction jobs that kept him working more than 40 hours a week during the housing boom have all but vanished.

Earlier this year, he turned down a modification offer from Bank of America because it would have incorporated his unpaid balance and raised his monthly bill. But a bank spokeswoman said Wednesday that Estrada’s foreclosure sale had been postponed until late next month while the bank reviews whether he can qualify for help.

“I’m still here waiting for them to help me resolve this situation,” Estrada said in Spanish.

According to the RealtyTrac report, there were nearly 344,000 foreclosure-related filings last month, down 4 percent from a month earlier but still the third-highest month since the report started in early 2005.

It was the seventh-straight month in which more than 300,000 households received a foreclosure filing, which includes default notices and several other legal notices that homeowners receive before they finally lose their homes.

Banks repossessed nearly 88,000 homes in September, up from about 76,000 a month earlier.

On a state-by-state basis, Nevada had the nation’s highest foreclosure rate in the July-September quarter. Arizona was No. 2, followed by California, Florida and Idaho. Rounding out the top 10 were Utah, Georgia, Michigan, Colorado and Illinois.

Copyright © 2009 The Associated Press, Alan Zibel, AP real estate writer. AP Real Estate Writer Alex Veiga contributed to this report from Los Angeles.

UF economist: Real estate recovery has begun

2009-09-15T18:30:00.000-04:00

TALLAHASSEE, Fla. – Sept. 14, 2009 – Speaking to real estate executives on Friday, UF research economist David Denslow predicts even better times soon as the baby boomers retire.

The comments came during the University of Florida Center for Real Estate Studies’ annual Real Estate Trends and Strategies Conference. In addition to Realtors and property managers, attendees included bankers, investors and other industry professionals.

According to Denslow, the U.S. is headed for a rebound, in part, because other nations invested in relatively-secure U.S. treasuries. However, he also issued a warning: That won’t happen the next time unless the U.S. gets a handle on the national debt.

Denslow also pointed to retiring baby boomers as a salvation for the Sunshine State. He sees that number fueling state growth for the next 15 years, though many boomers must first recoup some of their wealth lost during the recession before they can sell homes and move south.

Denslow also posed a question: If an influx of baby boomers boost the real estate market that trickles down to other industries, will Florida once again put economic diversity on hold?

Most experts agree that Florida must expand its job base beyond real estate and tourism if it wants to avoid roller coaster changes in the economy, but growth and an appeal to retirees could hamper that growth. Denslow says that the amenities preferred by retirees – good restaurants, the arts, extensive airline service – also appeal to professionals. But retirees don’t generally support other functions necessary for a diversified economy, such as good schools or better roads.

“But (how we handle that type of growth) is in our own hands,” Denslow said. “All that’s subject to how you, the Legislature and others guide us.”

Many attendees shared information about growth in their community. In Jacksonville, two new shipping lines will add about 50,000 jobs. In Central Florida, a new medical school, two hospitals, the Burnham Institute and a University of Florida research facility will add high-paying jobs. In Southwest Florida, however, retirees will continue to create service jobs and remain the primary engine of growth.

In the meantime, attendees were encouraged to expand and diversify to focus on existing business opportunities until the full economic rebound arrives.

Source: Gainesville Sun, Friday, Sept. 11, 2009, Anthony Clark

© 2009 Florida Realtors®

Economy could rebound faster than expected

2009-09-02T19:46:00.001-04:00

WASHINGTON – Sept. 2, 2009 – Manufacturing grew in August for the first time in more than a year and a half, suggesting a broad, stronger-than-expected recovery from the worst recession since the 1930s.

The Institute for Supply Management reported Tuesday that its much-watched manufacturing index grew from July to August for the first time in 19 months, rising to 52.9, the highest level since August 2007. Anything above 50 signals that manufacturing is expanding.

The institute says the figure corresponds to an overall economy growing at an annual pace of 3.7 percent, about twice as fast as economists have been predicting.

“It’s very good news,” says John Canally Jr., investment strategist at LPL Financial in Boston. “And it wasn’t just autos.”

Economists had worried that recent signs of life in manufacturing may have been warped by the government’s cash-for-clunkers program, which ignited car sales in August. But 11 of 18 manufacturing industries surveyed reported growth last month.

“Investors should smile at this number,” says Joel Naroff of Naroff Economics Advisors.

But he cautions that the Federal Reserve may read the report as a sign it should reverse course and start raising interest rates to contain inflation as the recovery gains speed.

“This is a favorite report for many at the Fed, and if the members start believing the recovery story is real, then the decision to raise rates will not be too far behind,” he says.

Naroff expects the Fed to raise rates in December or January.

Factory inventories have fallen 40 consecutive months, suggesting that manufacturers will have to crank up production to meet rising demand for their goods. “You’re hearing anecdotal evidence of people walking into stores and not finding what they need,” Canally says.

The report’s only sour note: Manufacturing employment was still shrinking in August, though more slowly.

The National Association of Realtors reported Tuesday that its index of pending home sales increased for a record-setting sixth-consecutive month in July, hitting the highest level since June 2007.

Overall, the new reports suggest a surprisingly robust recovery, Canally says. “This was the deepest recession since the Great Depression. You’re bound to get a big snap back.”

Copyright © 2009 USA TODAY

Home construction up for fifth month in a row

2009-08-19T18:55:00.000-04:00

WASHINGTON – Aug. 19, 2009 – At least the market for new homes isn’t getting worse anymore, and that’s the first step to getting better.

In fact, the overall economy is actually getting a small boost as more buyers walk into model houses ready to sign contracts and builders hire workers to pour foundations and pave roads.

Construction of single-family homes rose in July for the fifth straight month, edging up almost 2 percent to the highest level since last October, the government said Tuesday. Building permits climbed nearly 6 percent.

Each new home built creates about three jobs on average and generates about $90,000 in taxes paid to local and federal authorities, according to the National Association of Home Builders.

With new construction up 37 percent from its low point this winter, the industry is expected to help the overall economy this quarter for the first time in three and a half years.

“Housing is no longer a drag,” said Mark Vitner, a senior economist with Wells Fargo. “That’s a good thing.”

Of course, the housing industry is coming back from the worst recession since the Great Depression, and construction is still more than 70 percent from its 2006 peak. So the impact from hiring and spending on materials like wood and concrete is modest.

In addition, hammers are silent at construction sites for apartment buildings. For developers, it makes little sense to build when there are so many vacant homes and condominiums for rent. Apartment construction fell 13 percent from June to July.

That pulled the combined construction rate for homes and apartments down 1 percent to a seasonally adjusted annual rate of 581,000 units, from 587,000 in June. Economists polled by Thomson Reuters expected 600,000.

There are still several threats to the recovery of the U.S. housing market.

The unemployment rate, now 9.4 percent, could surpass 10 percent, leaving more homeowners unable to pay their mortgages. Interest rates are still near historic lows but could rise, making homes less affordable. Foreclosures are still at record highs.

And July was the last month that most builders could start new homes and have first-time buyers qualify for a new tax credit. Buyers can save 10 percent on the price of a home, up to $8,000 in taxes, if they complete the purchase by the end of November.

Builders and real estate agents are pressing in Congress for that credit to be extended. If it isn’t, sales could easily slump again.

“I’m not seeing a tremendous amount of good news on the job or economic front, so I do think it’s important that the credit get extended,” said Richard Dugas Jr., CEO of Pulte Homes Inc.

On Tuesday, Pulte completed its acquisition of Centex Corp. for $1.53 billion in stock, becoming the largest homebuilder in the country.

One of the reasons for the purchase was Centex’s focus on more affordable homes. Since the housing bubble burst, many builders have shifted to smaller houses that can be sold at lower prices to woo first-time homebuyers. The median sale price for a new home was $206,200 in June, almost $30,000 cheaper than a year earlier.

More homebuyers also means more business to retailers like Home Depot Inc., which on Tuesday posted its first annual increase in quarterly sales transactions in five years. Better still, the retailer saw improvements in Florida and California, two of its most important – and troubled – markets.

Sales of new homes have posted monthly increases since April. The Commerce Department reports on July new home sales numbers Aug. 26. Sales are expected to rise roughly 2 percent, according to economists surveyed by Thomson Reuters.

Copyright © 2009 The Associated Press. All rights reserved.

Buyers shouldn’t wait on falling prices

2009-08-05T16:48:00.001-04:00

NEW YORK – Aug. 5, 2009 – Fear of overpaying for property is common these days, especially in places where prices continue to be unstable. If you encounter potential buyers afraid to commit based on a fear that they’ll pay too much, point out these factors:

• Waiting for the right time can be expensive. Some buyers would have more equity today, despite falling prices, if they had bought when they first considered it instead of continuing to pay rent.
• Financing is fickle. Some people who were highly qualified last year can’t find financing this year because the credit market has tightened or their personal financial situation now makes them an undesirable borrower.
• Interest rates are headed up. If prices decline by another 10 percent but interest rates increase by 1 percentage point, the monthly payment will be the same.

Source: The Wall Street Journal, Douglas Heddings (07/27/2009)

Reports show economy mending

2009-07-30T12:34:00.001-04:00

WASHINGTON – July 30, 2009 – Economic indicators keep saying what investors have known for months: Things are getting better.

The latest government report to reinforce a more positive view of the economy’s health was the Federal Reserve’s “beige book,” released Wednesday, which indicated many parts of the nation are seeing economic stability. Earlier in the day, President Obama told spectators at a town hall meeting in Raleigh, N.C., “We may be seeing the beginning of the end of the recession.”

And the July update of the USA TODAY/IHS Global Insight Economic Outlook Index predicts the economy will grow October through December, the first increase since September 2008.

“The evidence (of recovery) is building every day,” says Jim Paulsen of Wells Capital Management. “It’s settling and gives people more faith in what they’ve seen” from stock and bond markets.

The reports echo what stock prices have been predicting since March. The Standard & Poor’s 500 index has soared 44 percent from its March 9 low, despite falling 0.5 percent Wednesday.

While the latest pieces of economic data provide some comfort, they by no means signal a return to the boom times. Economic experts say they still are on the watch for information about:

• Clues on when a meaningful recovery is firmly underway. The beige book indicated the economy is still far from robust, because five of the Fed’s 12 regions – Boston, Philadelphia, Richmond, Atlanta and Dallas – were “subdued” or “weak” and Minneapolis was faltering.

“There may be a bottom, but where’s the bounce?” says Doug Roberts of Channel Capital Research. “There’s still a significant level of weakness in the economy.”

• Signs of health in the commercial real estate market. The beige book sounded concerns about the demand for office buildings, retail space and manufacturing facilities, says John Canally of LPL Financial. The fact commercial real estate remains soft could be a sign that employment, too, will be weak until early 2010, he says.

• Evidence of the federal stimulus kicking in. Much of the future hinges on how stimulus spending steers the economy, Roberts says, which won’t be known until next year. Some additional clues, though, will be released this week with reports on jobless claims today and GDP on Friday.

“There’s a lot of information that supports the idea we’ve turned a corner,” Paulsen says. “But there’s still a lot of doubt.”

Copyright © 2009 USA Today. All rights reserved.

New truth-in-lending rules effective July 30

2009-07-24T13:00:00.001-04:00

WASHINGTON – July 23, 2009 – Revised TILA (Truth in Lending Audit) disclosure requirements take effect this month. Under the new rules, lenders will be subject to new disclosure requirements for mortgage loans under the Federal Reserve Board Truth in Lending Regulation (Reg Z).

The new requirements apply to loan applications filed on or after July 30, 2009. For lenders, the new rules are complex and make compliance difficult, according to the National Association of Realtors® (NAR). While Realtors do not have to understand the full law, NAR says, they should understand the basics so they can advise clients of potential delays under the new procedures.

Key highlights of the change include:

• The new requirements apply to all mortgages secured by a borrower’s home, including primary and second homes and refinancings. Investor loans continue to be exempt.

• Lenders must give good faith estimates of mortgage loan costs within three business days after the consumer applies for a loan (early disclosure).....MORE

Lobbyist pushes to extend homebuyer tax credit

2009-07-14T16:31:00.001-04:00

LAS VEGAS – July 14, 2009 – Realtors’ lobbyist Jerry Giovaniello thinks he has better than a 50-50 chance of getting Congress to extend the $8,000 tax credit for first-time homebuyers past its Dec. 1 deadline.

He’s also pushing to raise the tax credit to $15,000 and expand it to all homebuyers, though that will take a lot more work, Giovaniello said Friday at Bally’s.

Giovaniello, senior vice president of government affairs for the Washington, D.C.-based National Association of Realtors, detailed three major bills on Capitol Hill and how they’ll affect the real estate industry for the Greater Las Vegas Association of Realtors.

The most important legislation is the energy bill, he said. It started at about 1,100 pages, including 50 pages on energy auditing for existing homes.

The legislation would require inspections to determine the energy efficiency rating of any home before it could be sold.....MORE

USING THE FIRST-TIME HOME BUYER TAX CREDIT AS DOWN PAYMENT ON A FHA-INSURED MORTGAGE

2009-06-30T15:00:00.002-04:00

USING THE FIRST-TIME HOME BUYER TAX CREDIT AS DOWN PAYMENT ON A FHA-INSURED MORTGAGE

On May 29, 2009, the U.S. Department of Housing and Urban Development (HUD) announced a
program that allows borrowers to use the first-time home buyer tax credit for a down payment
or closing costs on a FHA-insured mortgage. Since the announcement NAR has received many
inquiries from our members regarding how this impacts first-time homebuyers in their state.

HOW TO USE THE CREDIT

Currently, 11 state housing finance agencies (HFAs) offer a product buyers can use that will
effectively monetize the tax credit for down payment purposes. Generally, these programs offer
tax credit advances with second liens on the home being purchased. The second lien may be “soft”
(silent) or require monthly payments but may not result in cash back to the borrower and may not
exceed the total amount needed for the down payment, closing costs, and prepaid expenses. The
11 states offering these programs are Colorado, Delaware, Idaho, Kentucky, Missouri, New Jersey,
New Mexico, Ohio, Pennsylvania, Tennessee, and Virginia. Other states are developing programs
so members are encouraged to regularly follow up with their respective HFA.

STATES WITHOUT A HFA PROGRAM

For all other states where such HFA
programs do not exist the tax credit may
not be used to fund the 3.5 percent
downpayment required for FHA loans. As
always, the 3.5 percent down payment
may be a gift from a family member,
employer or nonprofit, charitable
organization. FHA-approved nonprofit
organizations and FHA-approved lenders
may monetize the tax credit for down
payments in excess of 3.5 percent, closing
costs and interest rate buy downs.
Mortgage industry leaders have indicated
that this type of product may not be
immediately available to consumers.

EXAMPLE OF TAX CREDIT IN USE
WITHOUT HFA PROGRAM

In conjunction with an IdaMortgage loan, a
subordinate loan will be offered to qualified
first-time home buyers a maximum of 5% of
the sales price up to $7,000, not to exceed
100% combined loan to value. A fee will be
charged of $250 with $150 refunded upon
repayment of the loan on or before the loan
due date. The loan will accrue interest at 3.0%
with a due date of July 1, 2010. The Tax Credit
Second Loan is expected to be paid off from
the borrower’s tax refund obtained through
the application of the federal tax credit.
Borrower must be a first-time home buyer
and qualify for an IdaMortgage loan.

“Welcome Home Idaho”. Idaho REALTORS®
will pay off the interest for first-time buyers
using IdaMortgage program.

For more information visit www.realtor.org/government_affairs

Florida’s existing home, condo sales up in May 2009

2009-06-24T15:48:00.003-04:00

ORLANDO, Fla. – June 23, 2009 – Florida’s existing home sales rose in May – the ninth month in a row that sales activity increased in the year-to-year comparison, according to the latest housing data released by the Florida Association of Realtors® (FAR). Statewide sales showed gains over the previous month’s sales level in both the existing home and existing condominium markets. Also, for the first time in many months, the statewide median sales price in May for existing homes and for existing condos rose over the previous month’s figure.
Existing home sales rose 16 percent last month with a total of 13,921 homes sold statewide compared to 12,044 homes sold in May 2008, according to FAR. Statewide existing home sales in May increased 6.2 percent over April’s statewide activity. Florida Realtors also reported a 21 percent rise in statewide sales of existing condos in May; existing condo sales last month rose 3.8 percent over the total units sold in April.

“The improving sales of existing single family homes and condos is a trend we have been seeing for several months in Florida. What is new in this month’s data release is that we are seeing evidence of prices beginning to firm,” says Dr. Sean Snaith, director for the University of Central Florida’s Institute for Economic Competitiveness. “While one month of data does not a trend make, it is the first green shoot we have seen in some time as far as prices are concerned. Until prices stop declining, we cannot state with confidence that the housing market has stabilized. Sales have risen to levels we have not seen since 2006, though the economy still faces headwinds. As credit markets begin to thaw this will help speed along this process of recovery in the housing market.”...MORE

Great Time to Buy in Biscayne Corridor: Sonesta Mikado Approved

2009-06-23T20:16:00.002-04:00

Sonesta Mikado Hotel to start work in June once $16 million rebate is in hand

By Yudislaidy Fernandez
Construction on the $100-plus million, 36-story Sonesta Mikado Hotel in the Omni area will start in June, says Miami developer Tibor Hollo — right after a city vote to give the hotel a $16 million tax rebate.
The mixed-use hotel comes before the Omni Community Redevelopment Agency next week, when Miami commissioners acting as the agency's board are to decide on the rebate of tax increment financing.
The Zyscovich Architects-designed hotel, at 1701 NE 4th Ave., is to have about 252 hotel rooms and 120 suites managed by Sonesta, said Mr. Hollo, chairman and president of Florida East Coast Realty.
Mr. Hollo said he hopes the luxury project — with amenities such as a 20,000-square-foot, full-service spa, upscale restaurant and about 40,000 square feet slated for medical offices — becomes a catalyst to jump start development downtown.
"Nothing is moving," he said. "You used to see hundreds of cranes and now you see none."
An estimated 300 people are to be hired in the hotel — to be completed in 22 months — and another 600 are to do construction, he said.
"For construction, we'll be hiring all local contractors. We are not hiring outside," he said.
The project's value and job creation are some elements that could make it eligible to receive a rebate from the Community Redevelopment Agency.
Executive Director Jim Villacorta said the agency has long thought of rebates as an incentive for developers to build within the agency's boundaries, encouraging them to build projects faster and get them on the tax roll....MORE

First Time Buyer? Take Advantage of the 8K Credit

2009-06-23T13:36:00.001-04:00

First-time buyers – A hot market segment

Historically low interest rates. Attractive home prices. Impressive inventory. And now an $8,000 tax credit for first-time buyers that can be used as a downpayment on a home.

What’s not to love about this unique scenario for first-time homebuyers in Florida? It’s no wonder this demographic is growing monthly.

Let’s look closer at why the first-time buyer market is so strong:

1. $8,000 tax credit. It’s hard to say “No” to free money, and that’s basically what the federal government is offering with very few strings attached. Better yet, the money can be used as a downpayment, thanks to FAR’s efforts to pass legislation in Tallahassee in April.

2. Other government incentives. The 2009 American Recovery and Reinvestment Act opens doors to affordable homeownership to people who had not been able to qualify for loans or hand over large downpayments.

3. Interest rates. Hovering around 5 percent, this means monthly payments are less than even last year for the same home.

4. A buyer’s market inventory. Nothing needs to be explained here. Everyone wants options and choices when making the most expensive purchase of a lifetime.

5. Price. Florida’s median sales price for existing homes in March 2009 was $141,300; a year ago, it was $201,700. Do the math.

6. Look who’s buying. In March 2009, first-time buyers accounted for more than half of all home sales nationally, with activity concentrated in lower price ranges, according to NAR.

7. Spending power. Many younger buyers have high starting salaries out of college. Talk about Bright Scholars!

8. Lifestyles. Many adults in their 20s are marrying, starting families and ready to purchase a home.

9. No contingent sales. First-time buyers don’t have to sell a current residence in order to complete the transaction.

“Given low home prices, plentiful supply, and affordable interest rates, it’s been an optimal time for entry-level buyers with a long-term view,” says Lawrence Yun, chief economist for the National Association of Realtors® (NAR).

An NAR practitioner survey in March showed first-time buyers accounted for 53 percent of transactions, based largely on contracts offered before the $8,000 first-time homebuyer tax credit became available.

NAR President Charles McMillan says first-time buyers are crucial at this stage of a housing recovery. “The housing market always heals from the bottom up, and with large numbers of first-time buyers entering the market it will become a little easier for sellers to trade up or down, according to their needs,” he says.

Another recent study, the CENTURY 21 Homebuyer Survey, shows that Generation Y buyers (born between 1979-1994) are purchasing first homes at a younger age than their Generation X (born between 1965-1978) and baby boomer (born between 1946-1964), counterparts.

Research also indicates that Generation Y consumers want to live close to where they work and socialize but also be near friends and family. Most prefer living in the city or at least in close proximity.

If potential homebuyers have never owned property, they typically welcome professional assistance during the purchase process. “When working with younger buyers, the most important thing is to educate them,” says Lynn Savits, a 25-year sales associate with Coldwell Banker’s Aventura office. “They need to understand the housing market, the process of getting a mortgage and all the steps in the transaction – and they want you to be there the whole way.”

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