Privata Townhomes in Normandy Isle have recently begun presales on their new luxurious residences. If you have ever dreamed of living on the water next to the park and golf course with a two car garage, private elevator, rooftop terrace and be in the heart of Miami Beach, then Privata Townhomes is the place for you. Privata will feature 43 luxury townhomes with six different floor plans. Privata also has dock space to accommodate boats up to 40 feet with easy access to the intracoastal and ocean. For more information on the Privata Townhomes please call Paul Hansen 786-586-4778.

Fontainebleau II Condo Hotel # 3101/03
4441 Collins Avenue
Miami Beach, Fl. 33140

Hansen Homes brings you another great listing in the Fontainebleau II condo hotel in Miami Beach. This is a combination unit with 2 bedrooms and 3 full bathrooms with 1575 square feet under air and 1786 square feet with terraces. This unit is priced at $1,850,000 which is $550,000 below the same units in the line on the same high floors. Please call today for your private showing of this incredible deal at the Fontainebleau II condo hotel. The original Fontainebleau building is set to undergo major renovations in April which means the Fontainebleau II Tower will handle most of the hotel traffic. Once the renovations are complete, the Fontainebleau will be the premier hotel complex anywhere in Miami Beach. For more information please contact Paul Hansen 786-586-4778.

Sole on the Ocean in Sunny Isles has just announced it will be managed by Kimpton Hotels. Please read the following press release:

Sunny Isles, Florida - Wavestone Properties, The New York based property Company and developer of Sole on the Ocean, announces Kimpton Hotels and Restaurants as the operator of its Luxury Boutique Condo � Hotel Resort in Sunny Isles, Florida.
�We are thrilled about the prospect of Kimpton Hotels being the operator of Sole on the Ocean. As the leading boutique hotel company in North America, they provide the ideal level of expertise and vision for this type of project. We are confident in the successful combination of the stunning architecture and high end interiors of Sole with Kimpton�s tremendous reservation platform, great reputation, and operational experience� says Tom Feeley, principal and founder of Wavestone Properties.

Sole on the Ocean will offer 250 luxury guest rooms, and suites. All guestrooms will feature floor to ceiling windows with panoramic ocean views. All rooms will have private terraces and glass railings. The rooms will feature designer bathrooms, and guest suites will have European style cabinetry with high-end stainless steel appliances and stone floors. All rooms will be equipped with custom design furniture, high ceilings and a state of the art technology package � including 42� flat screen TVs, DVD, CD players and ipod docking stations.
Resort-style living will await guests at Sole. Entering the hotel, guests will be greeted with a two-story elegant lobby with landscaped entrance and water features.

A glass staircase will rise to the upscale restaurant bar and club. The restaurant and dining terraces will overlook the beach club, infinity edge pool, beach and Atlantic Ocean. The unrivaled chic designer lounge will include a high-energy bar, restaurant and private oceanfront dining rooms. �Our plans for the lounge, bar and restaurant, together with the Sole Beach Club will bring something very new to Sunny Isles. We are very excited to be working with Kimpton and a world renowned designer on our lounge concept - it�s going to be the perfect compliment to the Hotel,� says David Ceva, principal at Wavestone.

The luxurious Oceanfront recreational area will feature an infinity edge pool, beach cabanas, and Sole on the Ocean beach club.

Sole will feature a state of the art fitness center, a tranquil spa and treatment rooms. Guests will also be able to mix business with pleasure with over 5000 square feet of business and meeting space, flexibly configured for any size of meeting or convention.

Sunny Isles, Florida - Wavestone Properties, The New York based property Company and developer of Sole on the Ocean, announces Kimpton Hotels and Restaurants as the operator of its Luxury Boutique Condo � Hotel Resort in Sunny Isles, Florida.

San Francisco-based Kimpton Hotels & Restaurants is a unique collection of 38 boutique hotels coupled with chef-driven, destination restaurants. Featuring highly personalized guest services, comforting in-room amenities, and one-of-a-kind specialty rooms and suites, Kimpton Hotels provide travelers with welcoming atmospheres that embrace its signature elements of care, comfort, style, flavor, and fun.

As Kimpton sets its sights on the future, this �original� boutique hotel group and one-of-a-kind collection has stayed close to its roots and maintained its promise to offer a unique guest experience.

�With other Kimpton properties opening in West Palm Beach, South Beach and downtown Miami, as well as the re-launch of Mayfair Hotel & Spa in Coconut Grove, Sole further demonstrates our enthusiasm for development in south Florida. With each new Kimpton Hotel, we will redefine Miami�s reputation for the chic, design driven boutique hotel experience.� Says Troy Furbay, Senior Vice President of Acquisition & Development.

�In the past,� says Kimpton Chairman and CEO Tom LaTour, �most travelers were either on the road for business or pleasure. Today, however, many guests want to combine diverse elements of work and play into a single visit. Not a problem at Kimpton Hotels. Whether our guests need to take care of everyday matters � or satisfy an urge to splurge � our range of programs and services can help them do it all.�

Collectively, the programs and services that Kimpton Hotels (www.kimptonhotels.com)offer attract guests who are seeking an overall value and exceptional experience. For more information on Sole please call Paul Hansen 786-586-4778.

If all goes according to plan, future developments in the City of Excellence will be shorter, smaller and allow for more open space than what is currently permitted.

The Aventura City Commission, at a November 17 workshop meeting, took a step toward amending its land development regulations to include stricter limits on density and building heights and a greater emphasis on redevelopment. The mayor and commissioners are expected to enact the new Land Development Regulations (LDRs) on first reading in January, and then in a public hearing at their February meeting.

Maximum density for multifamily residential buildings in the RMF4 category will be reduced from the current 60 units an acre to 45 units an acre, and the maximum height of those buildings will be reduced from 40 stories to 25. Developers who seek to build up to 30 stories and up to 60 units an acre would be required to submit to conditional use approval in a public hearing before the City Commission.

In the Community Business (B2) district building heights will be reduced from a maximum of 20 stories to 12 stories. Buildings adjacent to Biscayne Boulevard would be restricted even further, to seven stories, unless developers requested and received conditional use approval from the City Commission at a public hearing, which would permit them to build up to 12 stories.

Structure parking will no longer count as part of a future project�s density but would still be used to calculate building height and number of stories.

The maximum lot coverage, or the maximum size of a building as a percentage of the property�s area, is being revised to 40 percent.

The maximum height of buildings in the Office Park (OP) district will be reduced from 176 to 100 feet.

Regulations for the Town Center district were revised to allow uses permitted in the B1 Business District but require conditional use approval from the Commission. Development standards were also proposed for the Town Center to ensure uniformity.

Redevelopment of existing structures will follow the same rules as those for new developments, but with the provision that the density and intensity of the existing structure cannot be exceeded: If a developer originally built less than permitted on a site, that existing level of density and intensity would then become the maximum allowed on that site. Exempted from this limit are properties in the Town Center, Hospital District, and along Biscayne Boulevard where parcels would not be capped at their existing levels, but could be redeveloped in accordance to the new LDRs. In addition, the proposed new LDRs include a rezoning of the Point East condominium complex, one of the oldest in the city, which would allow it to increase building heights, but not the number of units.

The move comes as some other, less-densely developed cities in Miami-Dade and Broward counties are considering and allowing increased densities as an incentive for redevelopment in selected areas such as in mixed-use centers and in downtown areas. City Manager Eric Soroka said, �What we�re proposing is pretty much in the opposite direction of where other cities are going.�

» Continue reading "Aventura Officials Discuss Reducing Building Densities and Heights"

To hold their value in the red-hot U.S. residential market, condominium units need to offer more than zero-entry swimming pools and personal Jacuzzis. High-tech amenities that will support emerging technologies in the coming years have to be part of the package.
A new wave of voice, video and data systems with names such as VoIP, WI-Fi and IPTV are creating a kind of alphabet soup that has to be carefully digested before a consumer can properly assess a condo unit's likely market value in the years ahead. In a climate where several kinds of high-tech systems are vying for the same consumer base, it's the buyer who must exercise caution to avoid acquiring an abode that simply won't make the cut within a few years.

If a developer doesn't install some of these amenities during construction, "it can be cost-prohibitive or even technically impossible to do it later," says Carl Lender, vice president of sales and marketing for CSI Consulting, a South Florida-based firm that advises builders on emerging technologies. That, in turn, can sharply reduce a unit's resale value.

The Condo Boom

Condos are hotter than ever in urban settings around the country. In places like Atlanta, Chicago, Washington, D.C., and Miami the numbers show that more people than ever before are buying condos -- and paying higher prices for them. According to the National Association of Realtors, or NAR, sales of existing condos in August 2005 -- the most-recent data available -- were up 14.3 percent over August 2004. And those figures don't include sales at new developments.

The most interesting change is the rising cost of acquiring a unit, says Kenneth Harney, managing director of the National Real Estate Development Center and a writer for The Washington Post whose column, "The Nation's Housing," is syndicated in papers across the nation.

"Condos," Harney says, "now have a higher median price than single-family, detached homes" -- an unprecedented phenomenon, he says, that remains startling even though high-priced units in the resort condo market pull the numbers up to some extent.

The median price for an existing condo sold in August this year was $226,800, NAR's research shows. Prices for units in new luxury buildings frequently top $1 million.

Buyers are no longer limited to young singles and empty nesters, the folks who dominated the market for years.

"We're seeing the beginnings of a baby-boomer shift from detached to attached living," Harney says. "Early boomers and pre-boomers are cashing in their equity from suburban properties for the conveniences of condo life."

Developers who say retirees don't care about technological bells and whistles are out of touch with the market, Harney says. While other factors such as price, location and security are bound to take precedence over high-tech features, he says, "a surprisingly large percentage of older people are very much tuned into communications technology.

"Any appraiser will tell you it adds not only marketing sizzle but actual value. So in a given price class, the building with no such amenities is in trouble."

Emilio Cardenal, president and broker in the Miami office of Interinvestments Realty, which has branches across Florida, says that these days, Cat-5 wiring for high-speed connectivity is a must, and new condo developments that have Wi-Fi -- short for "wireless fidelity," a wireless network component -- in common areas or throughout the building are very popular. "People are really starting to get educated about high-tech features," Cardenal says. "Most attractive to buyers are high-speed connectivity and Internet control panels -- after built-in cappuccino machines, of course."

» Continue reading "High-Tech Condos Attract Buyers"

The Residences at Atlantis
Paradise Island, Bahamas

The Residences at Atlantis has officially gone from reservations to contracts. The Atlantis condo hotel is the only project of its kind in the Bahamas. The Atlantis offers amenities that art truly second to none in the Bahamas with a 50,000 square foot casino 11 swimming areas and miles of beaches to name just a few. With the development team of Turnberry and Kerzner you know this will be an incredible condo hotel. If you have any interest at all in the Residences at Atlantis now is the time to buy before prices go up and availability goes down

King David Condo
17555 Atlantic Blvd
Sunny Isles Beach, Fl. 33160

The King David is one of the newest Sunny Isles Condos and is located one block west of A1A, steps away from the ocean. King David has units with 2 and 3 bedrooms with beautiful views of the intracoastal and some of the ocean. Sizes range from 1,414 sq.ft. under A/C to 1,938 sq.ft. Amenities include state-of-the-art health and fitness center, heated pool and spa, 24 hour valet parking and concierge/security. The residents of the King David also enjoy European style kitchen cabinets, granite countertops. The King David is the most affordable of all the new Sunny Isles Condos with pricing starting in the $500�s. For more information on the King David please call Paul Hansen 786-586-4778.

The Tides at Hollywood Beach

The Tides at Hollywood Beach has recently been converted from a rental community into condos. The Tides is located on the edge of Hollywood Beach and Hallandale Beach and offers affordable living in a prime location. Hollywood Beach has seen several condo conversions, but none as successful as The Tides. The Tides is comprised of three buildings with 1 and 2 bedroom units constructed in 1968 on 12.5 oceanfront acres. The Tides is conveniently located next to the Diplomat and Nikki Marina, and just minutes away from Aventura and Bal Harbour. Don�t worry if you missed out on the Tides condo conversion because there are still some great deals on the resale market. For more information on the Tides please CLICK HERE or call Paul Hansen 786-586-4778.

This is a recent article posted by Colleen Corley giving her views on the condo market in general. The outlook for a strong condo market to continue is very good even with rising interest rates. Rising construction costs and a lack of new land will help keep the Miami Real Estate market strong for years to com.
From condo developers to converters to speculators, everyone wants to know how fast the condo market will reach its inevitable slowdown. But as a panelist asked at the CPN Executive Summit 2005 yesterday, is the recent deceleration the beginning of the end, or just a hiccup?

In markets with supply constraints, job growth and solid fundamentals, the condo markets should be okay, said Arthur Nevid, managing director of investment and lending at Mountain Funding L.L.C. "(But) when you go to Miami and you know that 80 percent of the condos have been purchased by investors," he noted, "there has to be a slowdown in those types of markets."

Developer Enrico Plati said that a slight oversupply in the market, heightened construction costs and the anticipated rise in interest rates are all contributing to the slowdown. "(But) I was developing when rates were 18 percent--and I was selling," said Plati, who is president of Monaco Development L.L.C.

Plati added that he does more condo conversions than other projects now, but named the non-professional converters as responsible for a rise in condo prices. Co-panelist Louis Dubin, president & CEO of The Athena Group Inc., said that the market might experience a hiccup in 2006 as non-real estate professionals who have bought condos as investors--or, speculators--begin to see lower rates of return and exit the market.

"The professionals are going to take this industry back," Dubin said. "I look forward to the year of professionals getting back to their business." Dan Harrington, managing director of The Patriot Group L.L.C., and Dennis Russo, a partner with law firm Herrick, Feinstein L.L.P., also joined the panel.

The Beach Club Condo
1850 South Ocean Drive
Hallandale, Fl. 33009

The Beach Club located in Hallandale Beach has recently completed the first of the three towers in the project. The Beach Club has been a phenomenally successful project and has sparked a flurry of new construction and condo conversions in Hallandale Beach. The Beach Club now has resales that start in the mid $500,000�s and range and go well into the millions. The Beach Club condos offer 1 bedroom plus den, 2 bedrooms, and 2 bedrooms plus a den. The units at the Beach Club range in size from 1086 to 2078 square feet with larger penthouse units available. The Beach Club also has units for sale in the last two towers that are currently under construction. If you consider some of the pricing for oceanfront condos further to the south, the Beach Club is still a relative bargain. For more information on the Beach Club, please call Paul Hansen 786-586-4778.

According to survey results released by Radian Guaranty, more than half (52%) of all U.S. homeowners said they were not at all or only somewhat knowledgeable about the mortgage options available to them at the time they purchased their homes. Harris Interactive� conducted the survey on behalf of Radian Guaranty, a provider of mortgage insurance products and services and subsidiary of the global credit risk management company Radian Group Inc.

�These survey results suggest that lenders and others in the financial services arena have a real opportunity to help Americans by educating them about their personal finances, particularly the many mortgage options available to home buyers. A home is generally the largest purchase individual Americans will ever make, and they have a right to know how to find and negotiate the best deal they can make for themselves,� said Mark Casale, Executive Vice President, Mortgage Insurance.

According to the survey, two-thirds (66%) of Americans own their homes and nearly half (47%) have a home mortgage.

Among all homeowners, only 48 percent said they were knowledgeable or very knowledgeable about the mortgage options available to them when they were purchasing their homes. Those claiming to be knowledgeable or very knowledgeable about mortgage options are most likely to be homeowners over the age of 55 (55%), divorced, widowed or separated (54%) and have at least a college education (51%). In general, similar proportions of women and men homeowners said they were knowledgeable or very knowledgeable (49% and 46%, respectively).

Slightly larger proportions of homeowners in the Northeast (50%) and West (50%) consider themselves knowledgeable or very knowledgeable about mortgage options as compared to homeowners in the South (46%) and Midwest (45%).

Half of homeowners (51%) who had secured a mortgage on their primary residence within the last two years felt knowledgeable or very knowledgeable about mortgage choices, while a substantial number of homeowners (59%) who secured a mortgage three or more years ago felt not at all or only somewhat knowledgeable.

�In recent years, many more mortgage options and financing choices have been made available to home buyers. It makes sense that those who purchased or refinanced a home recently would feel more knowledgeable about their mortgage options than those who have not,� said Casale.

Advice to New Home Buyers

When asked what advice they would give to a prospective home buyer about the process to obtain a mortgage, homeowners said first and foremost home buyers need to understand just how much of a home they can afford to purchase (55% mention this as the first or second piece of advice they would give), followed by researching and determining the best mortgage options available that would suit their needs (45%), and getting pre-approved for a mortgage before searching for a home (36%).

�Homeowners in this survey have the right idea,� said Casale. �Those who are entering the market for the first time or who are looking to move up, need to first determine what they need in a home and how much home they can afford. Certainly, having the foresight to get pre-approved will help prospective buyers focus on the right price range for their home-buying search.�

As one of the largest U.S. mortgage insurance providers, Radian continually monitors the national housing market to ensure that home buyers alike make the best, most-informed decisions possible. To that end, said Casale, Radian views the survey results as a call to action for the company to continue to foster a more educated homeowner community.
�Researching mortgage options will help them determine how they can achieve their aspirations for a home that suits their needs, while managing their finances to ensure an affordable opportunity,� said Casale.

Methodology

Harris Interactive� conducted the online study on behalf of Radian Guaranty between October 25 and 27, 2005, among a nationwide cross section of 2,003 U.S. adults aged 18 or older, of whom 1,310 own their current residence. Figures for age, sex, race, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. Propensity score weighting was also used to adjust for respondents� propensity to be online.

In theory, with probability samples of this size, one can say with 95 percent certainty that the overall results have a sampling error of plus or minus 3 percentage points, while the homeowner results have a sampling error of plus or minus 4 percentage points. Sampling error for the various homeowner sub-samples is higher and varies. This online sample is not a probability sample.

The European Club is set to be the latest preconstruction project in Hallandale Beach. The European Club will be walking distance to the beach and Diplomat Country Club. The European Club is slated to be a mixed use project offering a combination of condominium residences, condo hotel units, and commercial space. The European Club in Hallandale will have incredible views of the Atlantic Ocean, Intracoastal and golf course. The structure of the European Club is set to rise 29 floors with one, two, three bedrooms plus den and penthouse floor plans available. The European Club will be within minutes of I-95 making it a very convenient location to access either the Fort Lauderdale or Miami International Airport. The European Club is sure to be a homerun, so please click here to be updated as more information is released.

Make way for progress! The W Hotel and Residences South Beach is getting ready to start demolition of the existing structure at the beginning of the new year in order to start construction on the new 19 story condo hotel. The W South Beach will be a welcome addition to South Beach bringing with it a beautiful new park and restaurants for its residents and guests to enjoy. The W Hotel and Residences will raise the bar for luxury hotels in South Beach. For more information on the W Hotel and Residences South Beach please call Paul Hansen 786-586-4778.

1 Seventy-two percent of refinancers are using the technique to fund consumer expenditures or investments, the highest level in more than five years.

It's an eyeball-grabbing number for anyone interested in real estate: Nearly three of four homeowners who refinanced through Freddie Mac between July and October ''cashed out,'' walking away with what was often thousands of dollars of tax-free money.

Cashouts are hardly new, but the proportion of refinancers now using the technique to fund consumer expenditures or investments -- 72 percent -- is at its highest level in more than five years.

One key reason for the trend: Compared with the spiraling costs of home equity credit lines, fixed-rate cashout refis into 30-year or 15-year mortgages now look smart. Some equity credit lines carried starting rates below 4 percent a year ago. Today, a typical ''prime-plus-one'' (prime bank rate plus 1 percent) credit line starts at 8 percent. If, as expected, the Federal Reserve Board keeps bumping short-term rates upward in the months ahead, equity lines could float into the mid-8 percent range or higher.

Contrast that with a fixed-rate cashout. Say you need $100,000 for a down payment on a second home or to fund a business venture. Say you've also got at least $300,000 in net equity in your house, cream puff credit scores, and you qualify for the lowest fixed rates. You should be able to find a 30-year fixed rate refi in the 6 percent to 6.25 percent range, or a 15-year fixed rate in the 5.5 percent to 5.75 percent range. Since you've got loads of equity, your lender should have no objection to a cashout yielding you the $100,000 you need.

BRILLIANT MOVE?

Refinancing with a cashout right now has another strong point: Long-term interest rates appear to be headed for a slow but steady rise. Locking in 6 percent money today may look like a brilliant move a year or two down the road, when rates could be significantly higher.

If you do opt for a refi rather than a floating-rate equity line, you will have lots of company. Freddie Mac chief economist Frank Nothaft predicts that homeowners will pull a stunning $204 billion from their properties this year alone through cashout refis of their primary mortgages. During the quarter from July to October, $60.4 billion in equity was liquefied into cash through refis, according to Nothaft.

What are the downsides of cashouts? A couple are obvious. By definition, they mean you carry more debt secured by your house, which puts your most important asset at greater risk if you lose your job, get sick or run into other financial difficulties.

» Continue reading "Refinancing homeowners `cashing out'"

When Bruce Tucker moves into his new $400,000 digs at the Ocean Marine Yacht Club in Hallandale Beach, the draw won't be the high-end appliances, the marble baths or even the balconies with ocean views.

Instead, the 33-year-old software developer plans to spend a lot of time inside his own private cabana next to the complex's pool, where he and his buddies will gather around a 50-inch plasma television set and toss back beers. The cabana's price: $43,000 -- or nearly 11 percent of the cost of his two-bedroom apartment -- and that doesn't include the dark wood floors, cushy sofa and bar that he plans to have his decorator install.

Cabanas, prime real estate for the hip set in boutique hotels such as the Delano in Miami and the W in Los Angeles, are the latest hot extra at condominium projects. While the hotel versions are rented out for a few hours or a day, and tend to be made of flimsy fabric or wood, the new condo varieties are deeded to owners like the condo apartments themselves and usually constructed of sturdy materials like concrete. Ranging in space from about 140 to 500 square feet, they may come equipped with bathrooms or even a tiny kitchen. Some cost as much as $500,000, and those with better views or more prominent locations command the highest prices.

"It's sort of like having a prime parking space," says Steven Zelman, president of Home of Fine Decorators, a Hallandale Beach interior-design company that just completed a $200,000 renovation of a Miami condo cabana. "It's about convenience and stature -- the guy who has that spot right in front, he wants everyone to see his car."

In addition to providing a new selling point, cabanas offer developers another plus: added profit. The poolside units typically occupy space that would have been filled by such nonrevenue-generators as deck chairs or shrubbery. Because the cabanas often are basic shells described as "decorator ready" -- blank slates without flooring, cabinetry or appliances -- they don't cost much to build. Lee Hodges, project manager for Related Group of Florida, estimates it cost his company a bit more than $16,000 to erect each of the 26 beachfront cabanas at The Beach Club in Hallandale Beach yet it sold them for $100,000 apiece -- a far higher markup than that of most condos.

The move to build pricey cabanas comes amid early signs of a slowdown in the booming real-estate market. In the last 10 years, condo sales have taken off as more baby boomers have downsized, purchased second homes or sought out apartments as investments. Last year, about 820,000 condos changed hands in the U.S., accounting for 12 percent of all residential real-estate transactions, according to the National Association of Realtors. That's up from 8.8 percent of the market in 1994, when 342,000 condos were sold. Some real-estate experts question whether the pace can keep up.

So far, condo buyers have been snapping up cabanas. Turnberry Ocean Colony in Sunny Isles sold 16 of its 19 beachside cabanas almost immediately when they first went on sale in January 2003 -- at $500,000 a pop. (Turnberry Ocean Colony condos themselves go for about $1.8 million to $5.5 million.) Only one cabana remains -- and it's being reserved for the buyer of the largest apartment in the development. Jim Cohen, Turnberry Ocean Colony vice president of sales, says he has 37 residents on a waiting list, should any of the cabanas come back on the market or the remaining one go unsold.

"They're paying half a million for 250 square feet," Mr. Cohen says. "Do the math -- I should have done the whole project in cabanas."

Eric and Helena Fordin say they didn't think twice about buying a cabana when they bought a $368,000 apartment at the Beach Club. "It was absolutely worth every penny," says Ms. Fordin, an events coordinator. "The blinds open up to have a full view of the ocean, so even when it's rainy we'll sit on the couch and watch a movie -- and we're still on the beach."

Demand is so robust that another Beach Club resident tried to buy the Fordins' cabana for several times the $100,000 the couple had just paid. "Right when I moved in, someone who was closing on their unit offered me $200,000," says Mr. Fordin, a real estate developer. "I said, 'No, thank you,' and then they said, 'Would you take $300,000? We can do an all-cash deal tomorrow."' The couple turned down that offer as well.

Realtor Silvia Jokalova says she's been envious of cabana people since she moved to the Beach Club six weeks ago. "I can see myself having barbecues down there, throwing parties for friends and family," she says. She has put her name on a waiting list and even is considering announcing her desire to buy one at an upcoming condo board meeting.

Yet cabana ownership comes with restrictions. Many condo associations have strict rules, such as forbidding people from staying in them overnight. "We didn't want people buying them for their maids or having their mother come live there," says Turnberry Ocean Colony�s Mr. Cohen. Owners who sell their apartments typically are required to sell their cabanas, too. Turnberry Ocean Colony also lists guidelines on cabana neatness: Pathways leading up to cabana entrances have to be clutter-free and spaces that can be seen from the outside should be kept tidy, too. Condo associations can issue a fine or reprimand if a cabana owner flouts the rules.

Developers say they are confident their cabanas will continue to sell because of the strong demand for waterside amenities, particularly in Florida. "A big part of why you're buying here is the pool or the beach," says James Helman, executive vice president of Tarragon's Southern Division, which is building 15 cabanas at its Las Olas River House project in Fort Lauderdale. The 250- to 300-square-foot cabanas are priced from $175,000 to $200,000, and the five the company has put on the market so far sold right away.

Fifield Realty hasn't even begun selling the 28 cabanas at its Allure Las Vegas project, but it says it already has at least 50 apartment owners on the waiting list for the $30,000-to-$50,000 poolside structures. "A lot of it is image," says Rick Cavenaugh, Fifield's president. "If you're going to live your life down by the pool, you want to be there, you want people to see you there."

Mortgage rates finally paused for a breath, following a nine-week run-up. The average 30-year fixed rate mortgage remained at 6.42 percent, according to Bankrate.com's weekly national survey of large lenders. The 30-year fixed rate mortgages in this week's survey had an average of 0.35 discount and origination points.

The average 15-year fixed mortgage rate inched higher, but remains a shade under 6 percent at 5.99 percent. The average jumbo 30-year fixed rate nudged higher from 6.6 percent to 6.61 percent. Adjustable rate mortgages were mixed, with the average 5/1 adjustable rate mortgage dipping from 5.94 percent to 5.93 percent, while the average one-year ARM increased from 5.44 percent to 5.5 percent.

Inflation concerns have pushed mortgage rates higher over the past two months, but those concerns eased somewhat this week. The release of both the Producer Price Index (PPI) and Consumer Price Index (CPI) calmed fears that inflation might be getting out of hand.

With oil prices easing from $70 per barrel to below $60 per barrel, the PPI and CPI showed only moderate increases compared to last month's jump higher. With bond investors no longer headed for the exits, yields on government and mortgage-backed bonds stabilized. Inflation scares off bond investors because it erodes the value of the fixed payments bondholders receive. News of moderate inflation was countered by stronger than expected retail sales, which underscores the Fed's case for additional interest rate hikes.

After defying predictions for so long, fixed mortgage rates have increased significantly in the past two months. The average 30-year fixed mortgage rate on Sept. 14 was 5.84 percent, meaning that the monthly payment on a loan of $165,000 was $972.35. With the average 30-year fixed rate now 6.42 percent, the same loan would now carry a payment of $1,034.25. Failing to lock in a mortgage rate two months ago results in a monthly payment increase of $61.90 per month, and would amount to additional interest costs of more than $22,200 over the loan term. RIS Media

The Beach House in Surfside (just south of Bal Harbour) will soon come down to make way for the new Beach House Condos. The Beach House will have 12 stories with 1, 2 and 3 bedroom available from 1233 to 3360 square feet. Units at the Beach House will all have floor to ceiling glass that make for light and bright homes. The Beach House offers 200 linear feet of ocean front property that gives it unparalleled views of the ocean. The Beach House ranges in price from $1 million to $4 million and will be finished in 2008. For more information on the Beach House please call Paul Hansen 786-586-4778.

Drift into 28 Unprecedented Oceanfront Residences that is South of Fifth
Once you enter South of Fifth you will not want to leave. Each open-plan residence is designer-ready, as a canvas to inspire a modern, comfortable home. Here, luxury is defined in part by private elevators, massive flowing spaces and innovative Smart living platforms, the integrating wireless lighting controls, custom home systems and reservations services access. South of Fifth represents architectural distinction and endearing lifestyle that will delight the most discerning buyer.

The South of Fifth two-story Beach Houses offers true beach-level living. The double-height area embraces beams of sunlight each morning. After nightfall, a moonlit glow radiates throughout. Now, step out your door in a moment, you can soak in the ocean-facing pool or sink your tired feet in the warm white sand.

South of Fifth, your personal retreat. Enter your calming bath of harmonious tones, balanced by light and shade. You can choose from the rich, dramatic hues of Wenge wood or the muted, clean aesthetic of Limed Oak, to translate throughout the kitchen and bath environments. Glass enclosed shower and toilet/bidet areas, Dornbracht fixtures, and limestone floors are a testament to the careful selection of materials; while the subtle finishes underline the elegant design.

Take a soothing dip in your private pool. Entertain with cocktails in the summer kitchen. On quiet nights, lie back. Watch the sun set against the still waters of the beach below. Your sky terrace provides a secluded space for creativity, tranquility and enjoying life to the fullest at South of Fifth.

Make a quiet entrance. Walk through the outdoor courtyard surrounded by local palm trees and luscious paintings. The private courtyard at South of Fifth presents an open-air space of contemplation when you want to enjoy a moment in a sea of green.

Location
At the end of South Beach lie the residences of South of Fifth. It joins this unique neighborhood where intimate residences meet innovative dining experiences. Apart from the neon lights and congestion at the heart of Ocean Drive, this set of living spaces gives you a balance of nightlife and private ocean front living. From charming cafes to notable restaurants, South of Fifth is a place we'd all love to call home. For more information on South of Fifth, please call Paul Hansen 786-586-4778.

Low interest rates have ensured that mortgage bankers had to do relatively little to attract new business in recent years. But this likely will change as borrowing costs rise and bankers now worry some lenders will make risky loans to keep their businesses alive.

Mortgage bankers processed close to $4 trillion of mortgages in 2003, a banner year. While business in the last two years has been exceptional -- twice the annual average in the 1990s -- it is expected to fall off some 18% in 2006 from 2005�s projected $2.78 trillion, according to the Mortgage Bankers Association (MBA), an industry trade group.
Much of that drop is expected because higher rates make home purchases more expensive and fewer home owners will have the incentive to refinance their home loans.

Rates for 30-year mortgages had been below 6% for much of this year, encouraging home buying and price appreciation. But these rates are half a percentage point higher than a year ago and they are expected to continue their climb. By next fall, rates for 30-year mortgages, now at around 6.21%, are seen hitting 6.65%, according to the MBA.

According to the MBA, 15% of American homeowners have adjustable rate mortgages, loans which reset once a year and are correlated to short-term interest rates such as Treasury bills. So a homeowner who borrowed $100,000 three years ago at a rate of 4% now pays 7% interest, thanks to recent interest rate hikes like the one announced recently by the Federal Reserve Board. That means payments initially set at $477 a month are now $650 and could rise again if there are future rate hikes.

The industry trade group estimated each quarter point increase in short-term interest rates means consumers with ARMs spent about $500 million more a month on loan payments.
The rise in borrowing costs comes at a time when home buyers are spending more of their income to buy a bit of the American dream.

According to data compiled by the National Association of Realtors, home buyers were spending close to 21 cents out of every dollar earned on monthly mortgage payments during the second quarter of 2005, up from previous years when mortgage rates were lower. The group�s housing affordability index -- a measure of consumers� ability to make monthly mortgage payments started in 1970 -- was at a low during the second quarter of 2005 not seen since 1991.

Ray Morris, director of business development at GMAC Mortgage Corp. predicted that more banks will lend to risky borrowers, or what is known as the sub-prime market, to keep their businesses going.

�Will there be some (risky lending)? I am sure there will be,� said Regina Lowrie, president and founder of Pennsylvania-based Gateway Funding. But she said this would be the exception and not the rule.

Lowrie said bad loans could be costly to her firm, so she has increased scrutiny of loan terms, property values and credit histories of borrowers.

Some of that aggressive lending to less-creditworthy borrowers, though, may already going on.

�People are getting in trouble by buying out of their price range. They are dreaming really big,� said Tina Smith, an executive with String Information Services, a company that provides back-office support to mortgage banks. �That could be a disaster later,� she said.

» Continue reading "Risky Home Loans Likely to Increase"

Though the four hurricanes that hit during the year-ago period make for less-than-stellar comparison quality, the median sales prices for homes in South Florida still show double-digit price increases.

Not only can hurricanes strip brokers of their main tools - telephones and computers - they can also lead buyers or sellers to back out of a deal as insurers hold off on writing policies and lenders demand re-certified appraisals.

But despite wind, rain and power outages, people do continue to buy South Florida homes.

The most recent numbers put the median sales price of a single-family, existing home in Fort Lauderdale at $383,900 in the third quarter, up 30 percent from $294,600 for the same period the year before.

For Miami, the price rose 27 percent, to $363,300 from $285,500.

In West Palm Beach-Boca Raton, the 24 percent increase put the median price at $399,900, up from $321,700.

Realtor sales were down 20 percent, though, in Fort Lauderdale, to 2,972 homes from 3,732 homes. The 2 percent decline in Miami lowered the number of sales to 3,070 homes from 3,147 homes.

The only boost in the number of sales came in West Palm Beach-Boca Raton, where a 5 percent rise put the number of homes sold at 3,802 homes, up from 3,636 homes.

Realtors have explained declining or slow sales as factors of not enough supply, not a lack of demand.

Helping to stoke sales: Interest rates for a 30-year, fixed-rate mortgage averaged 5.76 percent for the three-month period. That's lower than the 5.89 percent reported during the same quarter in 2004.

For the entire state, 64,978 homes changed hands during the most recent period, a 7 percent increase from the 60,462 homes sold in the third quarter of 2004.

The statewide median sales price for third quarter rose 31 percent to $248,600. A year ago, it was $189,900.

All the numbers are from the Florida Association of Realtors.

FAR's sales figures reflect closings, which typically occur 30 to 90 days after sales contracts are written.

Turnberry Ocean Colony in Sunny Isles Beach is very close to finishing the North Tower. January is the projected month for Turnberry Associates to begin closings on the units. The North Tower of Turnberry Ocean Colony is considered to be one of the finest condominiums ever built in Sunny Isles with only 130 units in the entire building. Turnberry is one of the only projects in Sunny Isles that offers a twenty four hour guard gated front entrance. This feature will provide the utmost privacy for Turnberry Ocean Colony residents, not to mention the private residents only club. For more information on Turnberry Ocean Colony please contact Paul Hansen 786-586-4778.

Jorge Perez, who has made a fortune selling condominiums in a
market flooded with high-rise projects, now sees room in another
crowded sector: luxury Miami hotels.

Florida's biggest condo developer plans to bring a hip West Coast
hotel to Brickell Avenue, where the Four Seasons, Conrad Hilton,
Mandarin Oriental and JW Marriott already compete for well-heeled
business travelers.

But Perez sees his Viceroy at Icon Brickell creating a new niche by
catering to younger, stylish executives eager for South Beach chic in
the city's premier financial district. The 129-room Viceroy will have
a rooftop pool and lounge on the 50th floor, a luxury spa, and
interiors by the designer behind the Delano, South Beach's iconic
boutique hotel.

"We want to be able to compete for the same market" as Brickell's
top-tier hotels, said Perez, chairman of Miami's Related Group. "We're
doing it with a totally different vibe."

When the Mandarin opened in 2000, it was considered Miami's first
top-tier hotel since the Grand Bay's slide below five stars in the
1990s. But the Mandarin quickly found company, with three
Ritz-Carltons and a Four Seasons opening within 15 miles. The Setai,
where rooms go for $1,000 a night, opened this year in South Beach,
and a luxury hotel is planned for Miami's Watson Island.

Surging room rates and a year of low vacancies have kept analysts and
developers bullish on the South Florida lodging market.

But the constellation of ritzy options (a Ritz-Carlton timeshare has
been announced for Miami Beach, too) have some wondering when that
market will be considered full. And, high gas prices, slipping
consumer confidence, and hurricanes are prompting worries about some
softness in the travel market, both here and across the country. And
for Brickell Avenue, a slower travel market could mean even tighter
competition for Viceroy.

"It's going to be tough, just because of what's going on in Brickell,"
said Scott Brush, a lodging consultant in Palmetto Bay. "You've got
the Four Seasons and the Mandarin and the JW Marriott. . . "

Last year Related signed a $94 million contract for the 598-room
Sheraton Biscayne Bay, which will be demolished to make way for the
Icon Brickell residential complex. One of the three Icon towers will
be named the Viceroy Resorts and Residences, and condos there will
have access to Viceroy perks like room service. Ninety of the 129
Viceroy rooms in the tower will be sold as condo-hotel units, Related
said in a press release.

This would be the first East Coast property for Viceroy, though the
operator behind the brand, Kor Hotel Group, also runs the Tides Hotel,
considered one of the hippest boutiques on South Beach.

Perez has tentative plans to build a second Viceroy -- this one
actually in South Beach, in parking lots surrounding the Taverna Opa
restaurant on the 100 block of Ocean Drive. The sister property would
give Viceroy's Brickell guests access to the ocean through the Nikki
Beach Club. Perez hopes that will also give his Brickell hotel a leg
up on the competition.

Robert Thrailkill, general manager of the Conrad, described the
Brickell hotel market as one that's seen steep revenue growth during
the last two years, but which still has plenty of down time.

"There's basically six months of great business, and six months of
business that we're all trying to get," he said.

He thinks the Mary Brickell retail village opening in the Brickell
area next year will draw leisure travelers. But with many Brickell