ST. PETERSBURG, Fla. -- May 31, 2005 -- If you're about to embark on a remodel of your home, no matter how large or how small, it's important to do your due diligence before hiring a contractor. The following tips will help you ask the right questions, increasing the chances that your costs will stay in check and the quality of the job will remain high.

1. Don't make a hasty decision. Solicit at least two or three bids from contractors, check their references and investigate company reputations.

2. Ask contractors lots of questions. Important questions include: How long have you been in business? What kind of workers compensation and liability insurance do you carry? How many projects like mine have you completed? Can I go see them? Are you a member of a national trade association?

3. Talk to previous customers. Ask: Did the contractor communicate well and do a good job of listening to you? Did the crew show up on time? Was the job finished on schedule? Would you hire the remodeler again without hesitation?

4. The lowest bid may not be best. Consider other key factors, such as the feedback you receive from past customers and the contractor's reputation for professionalism and quality workmanship.

5. Put it in writing. Even if the contractor is a friend, make sure all oral agreements and promises appear in a written contract you both sign.

6. Set a budget. Before work starts, define your budget by selecting the products and materials you want. Include your selections in the contract to avoid confusion and needless change orders.

7. Avoid liens. After completion of a large job, withhold a portion of the payment (about 10 percent) for 30 days in case any liens emerge. If a contractor doesn't pay his or her subcontractors or workers, they may hold you responsible and place a lien against your home.

8. Know how to pay for the job. Aim for a down payment of 10 percent or less, and schedule payments at weekly or monthly intervals or after completion of each phase of the project. Never make final payment until you are satisfied with the work done and know that all subcontractors and suppliers have been paid.

9. Baby steps can be beautiful. Especially if this is your first remodeling project, you might want to begin with a smaller project first. Doing a larger remodel in stages is a good way to minimize your initial cash outlay.

10. Look into Title 1 loans. If you don't have much equity in your home, you can apply for a Title 1 loan to cover nonluxury home improvements. Banks and other lenders make these loans, and the Federal Housing Authority insures them against possible loss. The maximum loan amount is $25,000 for a single-family home, $17,500 for a manufactured home and $12,000 for a multifamily dwelling unit.

Miami Real Estate

AVENTURA, FL-Loft Marina Ltd., a joint-venture partnership between the Miami-based firms of Fortune International and Shefaor Development, obtained $15.7 million in financing for the acquisition of an 8.2-acre waterfront site here and pre-development funding for Artech Residences in Aventura. The plans call for a 251-unit condominium complex that includes a clubhouse, fitness center and boat slips among other amenities. Total construction costs are estimated at $100 million, as GlobeSt.com previously reported.

The Miami office of Keybank Real Estate Capital was the lender, and Orlando Gelpi, SVP, and Carlos Moore, VP, led the financing effort. Manuel de Zarraga, executive managing director, and Ike Ojala, director, of the Miami office of Holliday Fenoglio Fowler, arranged the loan from Keybank. Terms of the financing were undisclosed.

Carlos Ott, which heads the Uruguay-based architectural firm by the same name, designed the building, which Eduardo Imery, Fortune�s VP of finance, calls a �landmark state-of-the-art design.� He says a majority of the units are pre-sold. Pricing ranges from the $400,000s for a 913-sf studio, to the mid-$600,000s for a 1,556-sf one-bedroom, two-bath, plus den unit, and to more than $1 million for 2,814-sf penthouses, which contain three bedrooms, three baths and a half-bath along with a den.

Aventura Real Estate

Sunny Isles real estate resales
Condominium Name: Address: Price Range:
Acqualina 17875 Collins Avenue $1,180,000 - $7,500,000
La Perla 16701 Collins Avenue N/A
Marina Bay Club 18100 North Bay Road $410,000 - $475,000
Millennium 18671 Collins Av $1,195,000 - $1,800,000
Ocean Four 17201 Collins Avenue N/A
Ocean One 19333 Collins Av $749,000 - $1,899,000
Ocean Point 17375 Collins Avenue $409,900 - $929,900
Ocean Three 18911 Collins Av $759,000 - $6,550,000
Ocean Two 19111 Collins Ave $969,900 - $1,175,000
Oceania Towers 16425 Collins Av $109,000 - $2,495,000
Pinnacle 17555 Collins Av $769,000 - $3,750,000
Porto Bellagio 17100 North Bay Road $269,000 - $603,800
Sands Pointe 16711 Collins Av $650,000 - $798,000
Trump International Sonesta Beach Resort 18001 Collins Avenue $279,990 - $1,495,000
Trump Palace 18101 Collins Avenue $364,900 - $2,420,000
Winston Towers 210-290 71st Street $170,000 - $510,000

AVENTURA condo resales
Condominium Name: Address: Price Range:
Admiral's Port 183rd street $219,900 - $387,000
Atlantic I @ The Point 21200 Point Pl $149,000 - $1,999,900
Atlantic II @ The Point 21150 Point Pl $599,800 - $650,000
Atlantic III @ The Point 21050 Point Pl $699,000 - $1,275,000
Aventura Bay 18345 NE 30 th Place $595,000
Aventura Lakes NE 208 Street N/A
Bella Mare 6000 Island Blvd $479,000 - $2,599,000
Biscayne Cove 18151 NE 31 Ct $319,000 - $450,000
Bonavista 3375 N Country Club Drive $259,000 - $379,000
Commodore Plaza 2750 NE 183rd Street $182,500 - $424,900
Courtyard Homes at the Point 214 the Street $1,329,000 - $1,395,000
Del Prado 18051 Biscayne Blvd $225,000 - $338,800
Delvista 20355 NE 34 Ct $299,500 - $428,000
Flamenco 3731 N Country Club Drive $299,000 - $420,000
Hamptons South 20225 E Country Club Dr $849,000 - $1,350,000
Hamptons West 20281 E Country Club Dr $435,000 - $595,000
Harbor Towers 3598 Yacht Club Dr N/A
Hidden Bay 3370 Hidden Bay Drive $299,900 - $1,750,000
Mystic Pointe Towers 100 - 600 $330,000 - $1,599,999
North Tower at the Point 21205 Yacht Club Dr $535,000 - $2,950,000
One Island Place 3801 NE 207 St $674,900 - $889,000
Peninsula 3201 NE 183 rd Street $919,000 - $1,350,000
Porto Vita NE 38th Courth $849,000 - $5,300,000
South Tower at the Point 21055 Yacht Club Dr $575,000 - $739,000
Terraces of Turnberry 20191 E Country Club Dr $497,000 - $620,000
The Landmark 20185 E Country Club Dr $399,000 - $610,000
The Parc at Turnberry 19400 Turnberry Way $610,000 - $780,000
Turnberry Marina Tower 19500 Turnberry Wy $579,000 - $4,950,000
Turnberry North Tower 19707 Turnberry Wy $339,000 - $2,950,000
Turnberry on the Green 19501 West Country Club Drive $329,000 - $939,000
Turnberry South Tower 19667 Turnberry Wy $432,500 - $4,200,000
Turnberry Towers 19355 Turnberry Wy $374,500 - $2,000,000
Villa Dorada 20441 West Country Club Drive $323,000 - $340,000
Village by the Bay NE 183rd - 186th $1,700 - $579,000
Waterview 20505 E Country Club Dr $325,000 - $399,999
William's Island 1000 Building 1000 Island Blvd $495,000 - $640,000
William's Island 2000 Building 2000 Island Blvd $445,000 - $599,000
William's Island 2800 Building 2800 Island Blvd $449,000 - $1,150,000
William's Island 3000 Building 3000 Island Blvd $575,000 - $765,000
William's Island 4000 Building 4000 Island Blvd $265,000 - $279,000
William's Island 7000 Building 7000 Island Blvd $645,000 - $1,095,000
William's Island Med. Village 3500 Island Blvd $439,000 - $2,000,000
William's Island Residence Du Cap 2600 Island Blvd $2,000,000 - $2,100,000
Yacht Club 19801 East Country Club Drive $298,000 - $519,000

For all of Miami real estate resales

The owner and developer of the Aventura Mall, Turnberry Associates, has announced plans for three new major retail projects outside of the state.

LAS VEGAS - Buoyed by its success in Florida, Turnberry Associates is looking to become a major player on the national retail development scene. At the International Council of Shopping Centers annual convention this week in Las Vegas, the Aventura developer unveiled expansion plans that would double the size of its retail portfolio.

Turnberry announced plans to build projects in Myrtle Beach, S.C., and San Antonio, Texas. Turnberry also unveiled a three-dimensional scale model and the tenants for Town Square Las Vegas, a 1.5 million-square-foot center scheduled to break ground this month on the Las Vegas Strip.

That doesn't include what Turnberry has on the drawing board in Florida. Expansions are in the works for its flagship property Aventura Mall and its newest addition, Destin Commons, an open-air center located in the Panhandle. Plus, the developer is trying to win approvals for a Town Square open-air project in Davie.

''This is an indication of our future in retail,'' said Jim Gdula, director of retail development for Turnberry Associates. ``We're serious about growing our retail portfolio. We're going to be branching out and doing more.''

Founded in 1967, Turnberry has developed 20 million square feet of retail, which also includes two malls in Pittsburgh. But it's the reputation of Aventura Mall, considered one of the nation's more successful properties, that has given Turnberry the clout in the marketplace.

`RECORD FOR SUCCESS'

''We have a track record for success and we want to build on that record,'' Gdula said.

Turnberry's retail expansion follows what the company, owned by the Soffer family, has been doing in other areas of its business. Turnberry already has built condominiums in Las Vegas and this month announced plans to bring Miami Beach's famed Fontainebleau resort to Las Vegas, including a hotel, casino and condominium.

Industry experts say that Turnberry's growth makes sense given the explosive growth of the real estate market and the difficulty in finding opportunities for large new projects within Florida.

''It's gotten so hard to find dirt in Florida that a lot of people are looking elsewhere,'' said Patrick Duffy, the Tampa-based chairman of the retail services group for Colliers International. ``There is so much demand everywhere and so much capital, now is the time to do it.''

`LIFESTYLE CENTER'

Turnberry's new retail projects will feature an open-air, town center-type design known in the industry as a ''lifestyle center'' because it aims to cater to the surrounding community and provide a local gathering place. This type of projects have become one of the most popular designs, as developers have moved away from traditional enclosed regional malls.

''Our customers like to go places where they can see and be seen,'' Gdula said. ``People like to live, work, eat and play in one location.''

Miami Real Estate

A frenzy of condo-building will remake much of Miami in this decade. The likely result: a new skyline, more congestion and more wealth

In downtown, from Brickell Avenue north to the Edgewater neighborhood, up the Miami River and down historic Coral Way, great chunks of Old Miami are fast disappearing in a cloud of dust. In its place, the New Miami -- a dense, steel-and-glass forest of condo towers -- is rising from the rubble.

The scope, scale and speed of the transformation are breathtaking.

INTERACTIVE

More than 114 major projects, most of them high-rise condos, are under construction or in the planning stages in the urban core along Biscayne Bay.

Citywide, developers are proposing more than 61,000 new condominium units -- eight times the number built during the past decade.

The projects encompass the tallest skyscraper in Florida, a 74-story spire higher than any residential building south of Manhattan, almost four million square feet of new retail space (nearly as much as two Aventura Malls) and parking for more than 100,000 cars.

''You have a wave of development underway here in Miami that is unprecedented, bigger than anything, bigger than Hong Kong in the boom years of development,'' said former Portland, Ore., councilman Charles Hales, a transportation consultant working on a plan for a Miami streetcar line.

Not since the post-World War II housing boom that multiplied Miami-Dade County's population fivefold, to more than one million people, has the region experienced anything comparable. But that took almost 20 years.

''We are building an instant city; what should take 15 years will take three,'' said Michael Cannon, a Miami real-estate analyst.

The boom struck suddenly, unexpectedly, first a trickle of projects, then a torrent. Cash has poured in from Latin America, New York and, increasingly, Europe, the result of converging market forces -- slashed interest rates, a cheap dollar -- and a worldwide infatuation with Miami among the chic and moneyed.

It all amounts to a multibillion-dollar gamble, outdoing in risk and bravado the 1920s boom that made Miami a modern city: That given waterfront location, a sunny climate and a hip, international culture, intensive downtown residential development can catapult Miami into the first rank of world cities.

Elected officials, in particular Miami Mayor Manny Diaz and Miami Commissioner Johnny Winton, are counting on the boom to reverse downtown's long decline, to turn its seedy blocks and outlying neighborhoods into a scintillating, working urban hub with a vibrant street life.

''Just five years ago we were broke; we had zero development,'' Winton said. ``I'm going to bet you that when we're done -- I don't know when that will be -- historians will identify this as the most significant and rapid transformation of an American city.''

What precisely will the boom deliver? It's too soon to tell, experts say.

But this convulsion of development is already remaking not just Miami's skyline, but its streets and neighborhoods and likely its population, too.

If it stays on track, the boom promises a fundamentally different Miami -- more urban and congested, but also more cosmopolitan and, given the high prices the condos command, probably wealthier.

It also raises serious concerns. In the absence of a ready plan, how will the city cope with thousands of expected new residents and the traffic they will generate, given antiquated infrastructure, limited public transit and a shortage of parks and open space? Will Miami residents, among the nation's poorest urban dwellers, be displaced or priced out of new housing?

That is, if the planned condos actually get built, sold and occupied.

As the boom takes on the feel of a gold rush, real estate analysts, bankers and even some developers fear it's a mirage, a bubble fueled by speculators looking to resell condo units for a quick profit, and not by true buyer demand.

If developers build too much, and speculators can't find buyers for resale, the boom could bust, leaving Miami littered with vacant and bankrupted buildings or, worse, unfinished towers and bare lots.

SIGNS OF FUROR

For now, though, signs of the furor are everywhere.

Sales centers for multimillion-dollar condos that tout the merits of high-rise living sprout up across the city. Brokers push Miami condos in farflung locales, from Caracas and Bogot�o New York and France's Cte d'Azur. Lavish condo parties are thrown by developers several times a week, and advertisements for the high-rises fill the pages of local magazines and newspapers, including The Herald.

Downtown Miami is a thicket of construction cranes. Much of the landward side of Biscayne Boulevard has been razed, and the footings and columns of what will soon be a wall of six colossal condos, each more than 50 stories, are becoming visible.

''Where else are you near the water, 10 minutes from Miami Beach, 15 minutes from the airport and have access to public transportation?'' said Daniel Kodsi, chief executive of Boca Raton-based Royal Palm Communities, which plans a high-rise condo called Paramount Park across from AmericanAirlines Arena.

There is so much building that developers are struggling to find qualified contractors and subcontractors.

Sales and resales in the mid-six figures, and well beyond, have become commonplace. Towers of 300 units sell out in a day, with buyers coming in the main not from Miami, but from other parts of the country and the world.

''Miami, New York and Los Angeles have become the three cities in the U.S. where people want to be,'' said Joe Cayre, chairman of Midtown Group, which is building eight condo towers on the site of the old Florida East Coast Railroad yards in Wynwood.

They are people like Sal Loduca, who plans to leave Manhattan and his family's Long Island food business to open a brick-oven pizzeria at Cayre's Midtown Miami.

''Everyone's making the move to Miami. How could you not? It's a great opportunity. Miami's full of life,'' Loduca said.

NEW LANDMARKS IN THE MAKING? The venerable Freedom Tower, which was built in the 1920s, stands sentinel to the new construction along Biscayne Boulevard in Miami. The performing Arts Center, which is being built, can be seen in the background.

Miami Real Estate

» Continue reading "High-rises, high hopes"

Las Vegas Review-Journal (KRT) via News Edge Corporation

Three weeks after finding himself without a job, former Mandalay Resort Group President Glenn Schaeffer has landed back on the Strip following Thursday's announcement that he will help bring the name of a Miami Beach resort icon to the north end of the boulevard.

Schaeffer, 51, was named president and chief executive officer of Fontainebleau Resorts, a privately held company founded by Jeff Soffer, a principal with high-rise condominium developer Turnberry Associates. The company purchased the famed Fontainebleau in Miami Beach, south Florida's largest hotel. While based in Las Vegas, Schaeffer will oversee a $350 million remodeling and expansion of the 51-year-old property.

At the same time, Schaeffer will spearhead development of a 4,000-room Fontainebleau Las Vegas hotel-casino, a planned $1.5 million development that will be built on the Strip just north of the Riviera on 25 acres that once held the El Rancho and Algiers casinos.

Rumors had been circulating among industry insiders that Schaeffer would be hired by Turnberry to oversee the Strip project.

The land fronts the existing Turnberry Place high-rise condominium project that will house approximately 800 residential units once construction is completed on its fourth tower.

Schaeffer, whose two-decade tenure with Mandalay ended last month when MGM Mirage completed its $7.9 billion buyout of the company, said preliminary plans call for the Fontainebleau Las Vegas to open by 2008.

"If we're going to be open in 2008, then we better be coming up out of the ground by the middle part of next year, so we're going to be developing and obtaining financing for the project while we're doing the renovation of the Fontainebleau in Miami," Schaeffer said. "I look at this as creating two flagships, one in Miami and one in Las Vegas."

Fontainebleau Resorts is privately held, and Schaeffer, who collected more than $13 million in stock options when he left Mandalay, according to securities filings, said he is an investor in the company.

He speculated, however, that Fontainebleau would have to seek Wall Street financing for the Las Vegas project.

"Obviously, I have some familiarity in that arena," said Schaeffer, who served as Mandalay's chief financial officer throughout the company's run, including when it was known as Circus Circus Enterprises in the late 1980s and early 1990s.

Turnberry purchased the El Rancho site in 2000 and demolished the shuttered casino. The company had looked at building a London-themed casino on the site until a downturn in the economy brought about by the Sept. 11, 2001, terrorist attacks scuttled development plans.

Earlier this year, Turnberry purchased the site of the former Algiers casino from a rival high-rise condo developer, giving the company a contiguous 25 acres on the Strip to develop as a resort destination.

"The value of land on the Strip just kept on climbing, and the time is right for a project like this," said Soffer, who is based in Miami and spearheaded the purchase of the Fontainebleau in January. "With what is happening in Las Vegas, you look a that site and we can do a tremendous project."

While planning is still preliminary, Schaeffer said he expects the Fontainebleau Las Vegas to have designs similar to the Miami Beach resort that was once one of America's most famous hotels. From its circular ceilings and staircases, to its crystal chandeliers and signature lobby, the Fontainebleau was the backdrop for numerous Miami-based movies, including James Bond's "Goldfinger" and "Scarface," starring Al Pacino.

The hotel has since fallen in stature, replaced by smaller, upscale resorts in nearby South Beach.

"Fontainebleau Resorts will be identified by crisp aesthetics and an over-cool factor," Schaeffer said. "Fontainebleau is a tremendous brand that we will restore in Miami and translate to Las Vegas."

The Miami renovation is expected to be completed in 2007 and will increase the size of the Fontainebleau to 1,750 rooms.

Soffer said he and Schaeffer met in early January, soon after Turnberry purchased the Fontainebleau.

"I told him what we wanted to do in Las Vegas and Miami and he was really interested," Soffer said. "Glenn is well-respected on Wall Street and in the financial communities, so he will play a tremendous role in this company."

Schaeffer said about 30 former Mandalay Resort Group executives would join him at Fontainebleau.

"We'll be flush with Mandalay DNA," he said.

Miami Real Estate

Blue & Green Diamonds
4779 & 4775 Collins Avenue, Miami Beach

Water Front: Oceanfront
Type: Condominiums
Year Built: 2000
Architect: Robert Swedroe
Developer: Florida New Properties
Price Range: $750,000 to $7 Million
Condo Fees: $500 - $2,300
Bedroom Size: 1, 2, 3
Views: Ocean (East), Miami Beach and Intra-coastal (West)
Residential Units: 315
Residents Per Standard Floor: 8
Building(s) Height: 45 Stories
Rental Restrictions: Once per year 6 month minimum
Pet Restrictions: 20lbs and under
Elevator(s): 4 per building
Parking: 1 Reserved Space (per unit)
Amenities: 2 Lighted Tennis Courts, Media and Multi purpose Rooms, Billiard Rooms, 16000 sq. ft. Health & Fitness Center, Steam & Saunas, Private Beach Club, Storage Facilities, Valet Parking, Concierge & 24 Hour Security With Gate House & Monitored Perimeter Cameras, Direct Beach Access, Cabanas, Spa, Kids & Large Ocean Side Pool, Towel Service.

Blue Diamond Resales

Green Diamond Resales

The Blue and Green Diamond are located on over 500 ft. of beachfront and are currently the tallest ocean front condos in the USA. Located on Collins Avenue just north of the Fontainebleau Hilton and The Eden Roc Hotel, the Blue & Green Diamonds are minutes to South Beach and conveniently located for easy access to highway I-95 and the Miami International Airport. The Tower Suites feature a small private pool on the second level and are like townhouses in the sky. Although some of the rooms are slightly small, for a luxury development described as a "flawless gem" by the developers marketing, the Blue & Green Diamonds shall always be sought after and valuable with its spectacular views and good location.

Miami Real Estate

» Continue reading "Blue and Green Diamond"

WASHINGTON -- May 17, 2005 -- U.S. housing starts rose 11.0 percent in April, again surprising experts who continue to expect a slowdown in home sales. Building permits, an indicator of future housing starts, also rose. The change follows a slowdown reported last month.
Housing starts rose for both single-family homes and multifamily housing, according to the U.S. Commerce Department. April housing starts ticked upward to 2.038 million units, compared to March's 1.836 million units, which was revised downward. Economists on Wall Street had predicted a rise in home starts, but only by about 7.8 percent.
Single-family home starts rose 6.3 percent to 1.635 million, following a drop of 14.9 percent in March. Multifamily housing starts -- housing with two or more units -- surged 35.2 percent in April following a 29 percent drop in March.
Building permits rose 5.3 percent to 2.129 million units, a significant increase over Wall Street analyst predictions of a modest 0.6 percent increase.
The greatest strength in new housing came in the South, where construction rose 25 percent in April for its biggest monthly increase since July 1995 when it hit 29.5 percent. In the Midwest, starts rose 6.2 percent; in the West, they rose 2.5 percent. Housing starts fell in the Northeast by 17.8 percent.

Miami Real Estate

WASHINGTON -- May 13, 2005 -- The office, retail, industrial and multifamily commercial real estate markets can expect improvement over the next two years, according to a National Association of Realtors� (NAR) forecast. The announcement was presented Thursday at a commercial real estate forum during the NAR Midyear Legislative Meetings & Trade Expo.
David Lereah, NAR's chief economist, said there are pluses and minuses affecting the projection for the uptrend in the commercial market. "Corporate profits are strong, but business spending has been hesitant of late," he said. "On the other hand, jobs have been growing since the beginning of 2004."
Lereah added that some uncertainties could potentially impact commercial sectors. "The U.S. federal budget deficit poses a risk for the economy, as does the trade deficit and performance of the dollar," he said. Other concerns include high oil prices and the possibility of inflation.
So far this year, investment in office buildings has increased 30 percent over 2004, according to NAR, as ports and major distribution centers lead the industrial sector. Commercial lending is up, delinquencies are down, and construction levels have stabilized.

Office

Office vacancy rates have fallen along with slowing of new supply. The sector has benefited greatly from the growth in jobs, and rents are gaining traction, NAR said. "There's strong investor interest in the office market, both for real estate investment trusts [REITs] and foreign investors -- the strongest investment areas are in the West and Northeast," Lereah said.
Vacancy rates in the office sector should average 14.1 percent this year and 13.2 percent in 2006. Office rents are forecast to grow 2.3 percent in 2005 and 3.4 percent next year.
Net absorption of office space, which includes leasing of new space coming on the market as well as space in existing properties, is projected at 61 million square feet in 2005, and 56 million next year.

Retail

In the retail sector, merger activity continues while there's growth in retailers targeting the youth market. Rent gains are strong, as consumer spending growth is holding steady. Most new construction is in strip malls and power centers. "REITS also have been very active in the retail market, which offers the best long-term investment return," Lereah said.
The average retail vacancy rate is projected to average 6.3 percent this year and about the same during 2006; rent growth is forecast at 4.4 percent in 2005 and 4.0 percent next year. Net absorption of retail space is estimated at 34 million square feet in 2005, and 29 million next year.

Miami Real Estate

» Continue reading "Four major commercial sectors can expect improvement"

WASHINGTON -- May 13, 2005 -- A growing number of metropolitan areas showed double-digit annual increases in median existing-home prices in the first quarter, with an upward trend in overall price appreciation, according to the latest survey by the National Association of Realtors� (NAR), with three Florida metro areas -- Bradenton, Sarasota and West Palm Beach-Boca Raton -- registering the highest percentage increases in the nation.
NAR's first-quarter metro area home price report, covering changes in 136 metropolitan statistical areas, shows a record of 66 areas with double-digit annual increases in median existing single-family home prices and only six areas posting modest price declines. The previous record was 62 metros showing double-digit price appreciation in the fourth quarter of 2004.
The national median existing single-family home price was $188,800 in the first quarter, up 9.7 percent from the first quarter of 2004 when the median price was $172,100. The median is a typical market price where half of the homes sold for more and half sold for less. In the fourth quarter of 2004, the national annual rate of home-price appreciation was 8.8 percent.
David Lereah, NAR's chief economist, points to the tight supply of homes available for sale. "We simply don't have enough homes on the market to meet demand," he says. "Low mortgage interest rates are drawing new households into the market, but some are disappointed by their inability to find a home that meets their needs. We think the supply situation may improve next year when interest rates are expected to be higher -- that should result in a lessening of demand and cooler price appreciation."
According to NAR's statistics, the strongest price increase was in Bradenton, where the first-quarter price of $275,100 rose 45.6 percent from a year earlier. Next was Sarasota, at $326,300, up 36.0 percent from the first quarter of 2004. Third was the West Palm Beach-Boca Raton-Delray Beach area, with a first-quarter median price of $362,800, up 35.9 percent in the last year.
In the South, the typical existing single-family home price rose 6.6 percent to a median of $166,600 in the first quarter from a year earlier. After the Bradenton, Fla., area, Sarasota, Fla., and the West Palm Beach-Boca Raton-Delray Beach area, the strongest increase in the South was in the Orlando area, at $194,400, up 28.7 percent from the first quarter of 2004. Next was Miami-Hialeah, at $315,700, up 28.4 percent, and Ocala, Fla., where the first-quarter median price of $122,200 was 27.0 percent higher than a year ago.
Eighteen other Southern metro areas experienced double-digit increases in their median price, including the Ft. Myers-Cape Coral-Punta Gorda area of Florida; the Washington, D.C., area; Norfolk-Virginia Beach-Newport News, Va.; Richmond-Petersburg, Va.; and Tampa-St. Petersburg-Clearwater.
NAR President Al Mansell says buyers need to do their homework. "If homebuyers find themselves in a market where price-bidding is common, they need to have a handle on comparable market values and avoid the temptation to take shortcuts," he says. "It's especially important to understand loan terms -- a real estate professional can help you to avoid riskier products, in addition to walking you through the transaction process."
In the small number of areas with price declines, none had previously experienced rapid price growth. Generally, these are lower-cost markets experiencing one or both of the conditions necessary for price softness -- local economic weakness, mainly in jobs, or a large supply of homes available in the local market; typically, these are temporary in nature.

HansenHomesAventura.com

» Continue reading "Quarterly metro prices show exceptional growth"

WASHINGTON -- May 13, 2005 -- Rates on 30-year mortgages, after falling for five straight weeks, edged up a bit this week, reflecting in part indications that the recent economic slowdown would be short-lived.
Mortgage giant Freddie Mac reported Thursday in its weekly survey that rates on 30-year, fixed-rate mortgages averaged 5.77 percent this week, up from 5.75 percent last week.
It marked the first increase in rates since March 31 when the 30-year hit 6.04 percent, the high point so far this year.
Analysts attributed this week's increase to stronger-than-expected economic reports including news that the economy added 274,000 jobs in April. But analysts said they did not expect mortgage rates to rise quickly, given continued uncertainty about the economy's direction.
"The bond market isn't exactly sure how fast or slow the economy will expand in the long term and thus bond yields have remained remarkably low," said Frank Nothaft, Freddie Mac's chief economist.
The housing market has continued at a strong pace this year, reflecting the still historically low mortgage rates.
Analysts predicted that mortgage rates will rise in the months ahead but at a gradual pace that would leave the 30-year mortgage at around 6.5 percent by the end of the year.
Borrowing costs for other types of mortgages also rose this week, Freddie Mac reported.
Rates on 15-year, fixed-rate mortgages, a popular option for refinancing, rose to 5.33 percent, up from 5.31 percent last week while rates on one-year adjustable rate mortgages edged up to 4.23 percent, compared to 4.22 percent last week.
Rates on five-year hybrid adjustable rate mortgages rose to 5.21 percent, up from 5.16 percent last week. These hybrid mortgages have a fixed-rate for five years and then adjust each year after that.
The nationwide averages for mortgage rates do not include add-on fees known as points. The 30-year mortgage carried a nationwide average fee of 0.5 point while the other three mortgage categories carried an average fee of 0.6 point.
A year ago, 30-year mortgages averaged 6.34 percent, 15-year mortgages were at 5.72 percent and one-year ARMs averaged 3.90 percent. Freddie Mac does not have historical data on the five-year ARM which it began tracking this year.

HansenHomesAventura.com

Ocean Four

Another beautiful property has been added to Sunny Isles Beach with the proud addition of Ocean Four condo by The Related Group of South Florida. This superbly positioned condominium will be located at 17400 Collins Ave will offer astounding direct ocean and wide bay views. Ocean Four's floor plans have been designed to take full advantage of every corner of each private residence allowing for optimal views along with space and light.

With the eagerly anticipated unveiling of Ocean Four, South Florida's premier luxury developer has once again realized a dream. Coming on the heels of record setting sell-outs of Ocean One, Two and Three, The Related Group of Florida now can claim not one, but an entire collection of sensational Sunny Isles Beach properties.

Ocean Four is acclaimed equally for it�s flowing floor plans, panoramic ocean views and all-encompassing amenities, and Ocean Four also possesses a personality that is all its own.

Within the walls of their new homes, residents of Ocean Four will find finishes made of imported marble and granite, custom-designed Italian kitchens and spacious floor-to-ceiling windows offering incomparable, breathtaking views.

Ocean Four is located in the heart of Sunny Isles Beach directly on the ocean. Ocean Four offers a multitude of views and amenities to choose from. Units in Ocean Four range in size from 1300 to 3000 square feet and offer ocean, city and intracoastal views.

Ocean Four condo will sour from the sands of Sunny Isles Beach towards the sky standing tall at 45 stories. Consisting of 264 residences, do not take long in making your decision to be one of the few distinguished residents at Ocean Four. For showings, please contact Paul Hansen at 786-586-4778 or Carole Ramirez-Hansen 786-586-4780.

For a brochure and more information please click here.

Sunny Isles Real Estate

Miami Real Estate

East Side Aventura

East Side Aventura is scheduled to break ground on its 39 unit boutique property in the first quarter of 2004. Occupancy is tentatively scheduled in early 2006. East Side designed by renowned architect Kobi Karp, is being constructed by BBL Florida, a fully diversified construction management/general contracting firm that has been building quality projects in Florida for the past 15 years. To date, advance reservations have accounted for 60% of the buildings units as its unique design, style and location of the property has met great acceptance from the local community.

East Side Aventura will be conveniently located on 188th street. This is the hottest area for new construction with new developments such as Uptown Marina Lofts, Artech Residences at Aventura and The Atrium being built. East Side Aventura will help make 188th street one of the premier places to live in Aventura. For more information on East Side Aventura, please call Paul Hansen at 786-586-4778 or Carole Ramirez-Hansen at 786-586-4780. Click here to see floor plans.

Capture the soul-stirring spirit of waterfront living in the very heart of South Florida�s most vibrant city, Aventura. The affluent mini-metropolis of Aventura abounds in world-class shopping, landmark restaurants and exciting nightlife and boasts an eclectic collection of sophisticates from around the world. The city�s rhythm radiates via the sights and sounds of Aventura Mall, world-famous Turnberry Isle Resort and Country Club, the Aventura Community Center, Charter School, Founders Park, nearby Bal Harbour, Ft. Lauderdale, South Beach and more. Unsurpassed in culture, recreation and education, Aventura remains at the top of the list of the world�s most desirable places to live.�

Click here for more information

Aventura Real Estate

» Continue reading "East Side Aventura"