With foreclosures rising nationwide, prices falling, and inventories swelling to historic levels, investors with a discerning eye and knowledge of the foreclosure process can build a profitable portfolio of distressed properties. Here are some helpful tips to help you in the Miami real estate market.

- Know your market. The most important tool in your real estate investing toolbox is knowledge of the area where you plan to invest.

- Develop an appropriate investment strategy. Find an investment strategy that will work in your market, and then do what it takes to implement that strategy.

- Make the foreclosure process work for you. Decide what foreclosure buying technique works best with your investment strategy and your strengths as a person.

- Scrutinize each deal. Many real estate investors wrongly assume that if a home is in foreclosure it's a good deal.

- Rely on a trustworthy team. You'll be in over your head if you try to do all the work involved in foreclosure investing on your own.

- Network with banks and lenders. In a slow real estate market, banks and other lenders are saddled with larger inventories of foreclosed properties and will be more motivated to sell those properties at bargain prices.

- Act quickly, but don't be in a hurry. A slow real estate market gives you the upper hand as a buyer, but you'll still need to act quickly to get the best deals.

Keystone Bay Condo Rental
1 bed 1 bath
940 sq ft
$1,100 per month

This 1 bedroom apartment is for rent in Keystone Bay for $1,100 per month. This unit has brand new tile floors and is 940 square feet. It also comes with a covered parking spot and all access to the building is electronically controlled. Keystone Bay is located on 135th street East of Biscayne Blvd at the end of the street and the building has been completely remodeled. The building is located on the main canal leading to the bay and Intracoastal Waterway. For more information, please call Paul Hansen 786-586-4778.

Condo at Keystone Bay for Rent
$1,400 per month - 1-year lease
1 bed + Den, that will convert to a 2nd bedroom
1.5 baths
1,140 sq ft

Keystone Bay is a completely remodeled building located at the end of 135th Street just East of Biscayne Blvd is now available for $1,400 per month. This unit at Keystone Bay has been completely remodeled with a new kitchen that has granite counter tops with new appliances, tile floors in the living area, carpet in the bedroom and marble in the bathrooms. All of the windows have been replaced with hurricane rated glass, the lobby of the building has been completely remodeled, along with the hallways and pool area. The most amazing feature of this Keystone Bay condo is the view of the waterways pictured below. The view is of two separate canals with many boats passing by daily. For more information, please call Paul Hansen 786-586-4778. This is a must see if you are thinking of renting in the area!

Paul Hansen
Turnberry International Realty
786-586-4778

50 Biscayne is an awesome condo project in downtown Miami that is scheduled to start closings this year. Standing 54 floors in height, 50 Biscayne will be a landmark building on the Miami skyline for years to come. 50 Biscayne is a huge project with 523 condo units and many different types of floor plans to choose from. Because of its location just across the street from Bayfront Park, 50 Biscayne offers unobstructed views of Biscayne Bay and the Atlantic Ocean to the east and beautiful city views to the west.

50 Biscayne is developed by the Related Group and designed by Sieger Suarez, so you know it is a quality condo with top level amenities. There are only a handful of buildings that are taller than 50 Biscayne, and none of them offer the views you get here. To obtain more detailed information on 50 Biscayne and other Related Group projects, please contact Paul Hansen 786-586-4778. Paul Hansen is one of the top realtors in Miami and he will put his years of experience to work for you.

No expense has been spared on this completely remodeled Keystone Point home in North Miami. If you are looking for a home with old world Miami charm that has been impeccably improved and maintained then this is it. This Keystone Point home is located on one of the main canals and it is just minutes from the Intracoastal Waterway and ocean. With dock space at a premium in South Florida, having your boat behind your home is the ultimate luxury. Keystone Point has deep and wide canals which makes boating an absolute pleasure.
This Keystone Point home offers 2,800 square feet of air conditioned square footage and a brand new master suite addition that includes his and hers bathrooms and closets priced at $1,395,000. 5 bedroom 4 bathroom waterfront home in Keystone Point, a gated community. All of the windows have been replaced with hurricane rated glass, and every window is beautifully decorated with plantation shutters. The list of upgrades is extensive so please visit KeystonePointMiami.com for a full list along with multiple pictures and video or call Paul Hansen 786-586-4778. You can look, but you will not find a more perfect home in a better location.

Keystone Point Venetian Section
2085 Ixora Road
North Miami, Fl. 33181

I was just at Oasis on the Bay this morning with clients, and man do they have the best preconstruction pricing in all of Miami. Every time I go to the sales center, I cannot believe what a great project it is. You can buy a two bedroom condo with a bay view starting at $417,000. You cannot find that kind of pricing anywhere else in Miami or Fort Lauderdale. The amenities at Oasis on the Bay are incredible as well and include a very nice restaurant, smart touch screen technology in each unit, 24 hour security, water sport activities and an awesome infinity edge pool just to name a few! There are many great floor plans to choose from as well. The east building of Oasis on the Bay is just a few feet from the edge of the water and offers some tremendous views of Biscayne Bay. If you are looking for the best deals in Miami condos, look no further. Please call me for more details. Paul Hansen 786-586-4778

If Florida continues to grow at its current rate, by mid-century, a third of the land will be covered in roads, homes, and businesses. And the population will double to about 36 million, fueling sprawl across most of the peninsula, according to a study commissioned by the Metropolitan Center for Regional Studies at the University of Central Florida.

Such population growth in the next half-century could be accommodated, the study says, on far less land and for far less money if government officials consider the following:

- Construct a high-speed-rail system connecting Florida's large and midsize cities.

- Develop local rail routes serving each high-speed-rail stop.

- Change land-use regulations to allow developments that mix high-density housing with retail and office spaces.

- Buy 8.5 million acres of land critical for wildlife survival as well as aquifer and wetland protection.

- Conserve more water and encourage less use in the home.

These ideas come from the Olrando Sentinal and they reflect the kind of forward thinking that Florida needs in order to deal with population growth. It is our responsibility as residents to push these kinds of ideas and elect officials who can effectively deal with these issues. Florida is a great state and will only get better when we voice our opinions.

Fewer than 20 percent of all U.S. households are affluent, yet that group controls nearly half of all aggregate income, according to a new report from Packaged Facts, a division of MarketResearch.com.

A major component of their wealth? Residential real estate, thanks to the run-up in values in major metropolitan areas, where the affluent tend to live, according to the company.

Nearly 21 million households fall into an affluent category - singles earning at least $75,000 and households with more than one adult earning at least $100,000 - and wield an aggregate income of $3.6 trillion, an amount Packaged Facts predicts will grow by 27 percent over the next four years to $4.6 trillion in 2011.

Affluent Profile: Risk Takers, Workaholics

Eighty-seven percent of the affluent own their own home. And on average, households with an annual income of $150,000 or more live in a house worth more than $550,000, according to the report. They are likely to be married with comparatively large families and live in the Northeast and Pacific regions.

Compared with the general population, affluent households are more likely to depend on multiple wage earners. Also higher than the general population is the number of self-employed: 10.6 percent of all affluent households and 15.3 percent of the super affluent.

The affluent also tend to:

-Be risk takers

-Characterize themselves as workaholics who want to get to the top of their career

-Spend more than twice the average on home furnishings and appliances

Different Categories of Affluence

Packaged Facts divides the affluent market into three groups:

-Mass affluent: one-person households with an income of $75,000-$99,999 and/or adults with a household income of $100,000-$149,999

-Highly affluent: household incomes of $150,000-$249,999

-Super-affluent: household incomes of $250,000 or more

The two million households defined as super affluent have an average annual household income of $435,000. They account for only 1.2 percent of all households but generate 12 percent of U.S. household income

Governor Charlie Crist spoke in Orlando last night on the property tax reform. Here is a video post of what he had to say. As we all know, property tax reform is one of the biggest issues facing the state of Florida along with Insurance reform. This video consists of question and answer between Governor Crist and members of the audience. Governor Crist seems to really be pushing property tax reform, which is exactly what he said he would do. Please take a look at the video and post your thoughts.

Governor Crist Tax Reform Video

In 9 days, the face of Florida real estate could be forever changed. Here is the speech in 5 parts, each lasting roughly 10 minutes.

Are you looking for a great deal in the Miami condo market? If you are a serious buyer or investor, now is the time to start buying condos in over saturated areas. There are projects that have well over 20% of the building on the resale market. Areas like Aventura and South Beach are great places to start lookingThat gives the buyer all of the leverage. Imagine being able to buy a Miami condo at prices from 3 or 4 years ago, because the seller is just looking to get out of their financial obligation. That probably sounds pretty good.
The thing you need to remember as a buyer is that you will need to hold on to the property for some time in order to obtain the desired profits. Ideally you would need to rent out the property for at least two years, and longer if possible.
If you are looking for a primary residence then you are in the best possible situation. Please call today for more details on how to get a great deal on a Miami condo!

When a house you are trying to sell smells like a pet, some tactics can improve the odor situation.
Many of us have pets and unfortunately there will be accidents from time to time. Here are some simple solutions to getting rid of pet smells.

- Use a fluorescent black light to expose odor-producing spots on the carpet, couch, floorboards and even drapes.

- Remove as many solids and liquids as possible. Apply an appropriate odor neutralizer or cleaner according to directions.

- Never use ammonia, which takes on the smell of what it is supposed to be cleaning.

- Choose a product designed to remove the specific problem. On water-safe surfaces, try Simple Solution stain and odor remover. The problem area must be thoroughly soaked and left to dry.

- Bramtons Oxy Solution Pet Stain and Odor Destroyer can remove odors and stains from surfaces that will not withstand soaking, but test first in an out-of-the way place.

- One of the most effective and safest disinfectants for use around pets is Chlorhexidine, which is sold under such names as Nolvasan, Chlorasan and Chlorhex by veterinarians and medical-supply outlets. Use these for problems that demand deep cleaning.

- When all else fails, temporarily neutralize odors using a product such as Fresh Wave.

One out of every five U.S. households, or about 21.7 million, is considered affluent, according to an annual survey by Phoenix Affluent Marketing Service. The survey divides the affluent into four categories, based on liquid assets (not real estate):

- emerging affluent 2.7 percent with an income between $150,000 and less than $250,000 in investable assets

- mid-tier affluent 13.7 percent with $250,000 to $999,000 in investable assets

- millionaires 4.6 percent with $1 million to $4.999 million in investable assets

- and penta-millionaires 0.755 percent with more than $5 million

The survey also found that some states - including Florida - have more affluent residents than others. States with the highest percentage of millionaires in 2006 are: Hawaii (6.79 percent); New Jersey (6.46 percent); Maryland (6.21 percent); Connecticut (6.20 percent); Massachusetts (5.64 percent); Delaware (5.48 percent); Virginia (5.45 percent); California (5.40 percent); District of Columbia (5.33 percent); and Florida (5.19 percent). For more info, go to: www.phoenixmi.com

Miami - Fort Lauderdale makes the list of the top 10 fastest growing cities in the country. With this kind of growth excessive real estate inventory should be gobbled up within the next year or two and the Miami real estate market should return to a normal robust market along with Fort Lauderdale real estate.

10 U.S. Metro Areas with Highest Numerical Growth
April 1, 2000 to July 1, 2006

1. Atlanta-Sandy Springs-Marietta, Ga. - 890,211
2. Dallas-Fort Worth-Arlington, Texas - 842,449
3. Houston-Sugar Land-Baytown, Texas - 824,547
4. Phoenix-Mesa-Scottsdale, Ariz. - 787,306
5. Riverside-San Bernardino-Ontario, Calif. - 771,314
6. Los Angeles-Long Beach-Santa Ana, Calif. - 584,510
7. New York-Northern New Jersey-Long Island, N.Y.-N.J.-Pa. - 495,154
8. Washington-Arlington-Alexandria, D.C.-Va.-Md.-W.Va.- 494,220
9. Miami-Fort Lauderdale-Miami Beach, Fla. - 455,869
10. Chicago-Naperville-Joliet, Ill.-Ind.-Wis. - 407,133

Want to invest in rental real estate in Miami and surrounding areas? With the subprime lending crisis making it harder to get a mortgage, rental demand is increasing and many people are now exploring the potential financial return in becoming a landlord. Some new landlords enter the business because they cannot sell their homes; others deliberately acquire properties at below previous market prices. Here are some important tips for newbie landlords:

- Do not overpay for a property or expect to get back everything you have invested. A house will attract only so much rent. If you overpay, you can raise the rent only so much before your property starts sitting vacant.

- Hiring a property manager who can help you navigate local ordinances, price rent properly and find reliable tenants is often worth more than its cost.

- Run a credit check on potential renters and insist on references.

- Do not under-budget for repairs. Keeping the property in good condition helps attract quality tenants.

- Skimping on insurance can put a landlord in an expensive pickle.

- Aim for an annual return of 10 to 12 percent. Finding a good accountant who understands the dizzying array of tax breaks, deductions and write-offs is often critical to achieving this margin.

If you are interested in becoming a landlord, please give me a call to start your search.
Paul Hansen 786-586-4778.

While the 30 year fixed mortgage rate held at 6.16 percent this week, Freddie Mac reports a dip in the 15 year fixed rate to 5.86 percent from 5.9 percent a week ago.

The five-year adjustable rate fell to 5.88 percent from 5.91 percent, but the one-year ARM climbed slightly to 5.43 percent from 5.4 percent.

Freddie Mac chief economist Frank Nothaft says he does not expect the housing market to recover in the near future, citing conflicting reports about home sales. Nothaft points out that the annual pace of home resales hit a nearly one-year high of 6.69 million units in February, while the annual pace of new-home sales fell to a nearly seven-year low of 848,000 during the same month.

If you moved to take a new job in 2006, don’t forget to deduct these job-related moving expenses from your income tax return.

Jackson Hewitt Tax Service, which provides tax preparation services, offers the following guidance on what you can deduct:

- Timing Is Important. If you moved in 2006, you can probably claim moving costs that were incurred within a one-year period from the date of your first day of work at the new location. If you moved to a new city and then found a new job, you may also be able to claim deductions, provided that you began working within a one-year time frame following the move.

- Distance Requirements. The new location must be at least 50 miles farther from your former home than your old job location was from your former home.

- Moving Expenses. Deductible costs include packing, crating, and transporting household goods and personal effects. Also deductible: storing and insuring items within any period of 30 consecutive days after the items are moved from your former home and before they are delivered to your new home. And, you can deduct connecting or disconnecting utilities and shipping your car and your household pets to a new home.

With the subprime lending crisis making it harder to get a mortgage, rental demand is increasing.

That has spurred many people to explore the financial benefits of being a landlord. Membership in the National Association of Residential Property Managers in Virginia Beach, Va., has increased by more than 20 percent in the past year.

Some new landlords have entered the business because they could not sell their homes and needed to find a tenant, while others are deliberately acquiring properties at below previous market prices.

Here are some important tips for newbie landlords:

- Do not overpay for a property or expect to get back everything you have invested. A house will attract only so much rent. If you overpay, you can raise the rent only so much before your property starts sitting vacant.
- Hiring a property manager who can help you navigate local ordinances, price properly and find reliable tenants is often worth the 10 to 15 percent of the rent they charge.
- Run a credit check on potential renters and insist on references from previous tenants.
- Do not under-budget for repairs. Keeping the property in good condition helps attract quality tenants.
- Skimping on insurance can put a landlord in an expensive pickle.
- Aim for an annual return of 10 percent to 12 percent. Finding a good accountant who understands the dizzying array of tax breaks, deductions and write-offs is often critical to achieving this margin.

Source: The Wall Street Journal, Jeff D. Opdyke (03/17/2007)

That is a great question. Buyers have an advantage now in the South Florida real estate market today due to the high levels of inventory. The average person looks at the real estate market thinks they should wait to buy, but in reality they should be buying today for several reasons.

- Mortgage rates are still at all time lows and are projected to dip even further.
- Inventory is at all time highs so buyers can negotiate much easier today.
- New projects closing with investors willing to take a loss to get out.
- In certain projects you can buy today at prices from 2 to 3 years ago.

If you work with an experienced realtor who knows where the deals are, you can position yourself to be looking very good when the inventory levels off and the market comes back. Do not be the person that says I will wait until next year, because it may be too late. We have seen that happen too many times and you do not want to be that person. You can bet that the smart real estate investors are buying up the good deals already and planning for the future. For more information on South Florida real estate, please contact us today.

When a house you are trying to sell smells like a pet, there are some tactics that can improve the odor situation. Don Aslett, owner of Varsity Contractors, one of the countrys largest cleaning companies, offers up these tips for identifying the source of the smell and then eliminating it:

- Use a fluorescent black light (pet-supply stores sell them), to expose odor-producing spots on the carpet, couch, floorboards and even on drapes.

- Remove all solids and blot up as much liquid as possible with a clean towel. Apply an appropriate odor neutralizer or cleaner according to directions.

- Never use ammonia, which takes on the smell of what it's supposed to be cleaning, can trigger more accidents.

- Choose the best product to remove the problem. On water-safe surfaces, try Simple Solution stain and odor remover. The problem area must be thoroughly soaked and left to dry.

- Bramtons Oxy Solution Pet Stain and Odor Destroyer can remove odors and stains from surfaces that will not withstand soaking, but test first in an out-of-the way place.

- The most effective and safest disinfectant for use around pets is Chlorhexidine, which is sold under such names as Nolvasan, Chlorasan and Chlorhex by veterinarians and medical-supply outlets. Use these for problems that demand deep cleaning.

- When all else fails, temporarily neutralize odors using a product such as Fresh Wave.

Believe it or not, a change in the tax law gets a lot of credit for a recent boom in the number of Americans buying second homes. The change allows most home sellers to take up to $500,000 of profit tax free. Before 1997, sellers generally had to buy a more expensive home to avoid being taxed on profit from a sale. Now you can trade down to a less expensive house and use profit from the sale of the big place as a down payment on a second home.
A recent study found that more than one in five second home buyers were using equity from the sale of a primary residence to finance their purchase. There is no doubt that many baby boomers are in their peak earning years and therefore more able to afford a second home. And, rapid price appreciation of homes in many areas has certainly stoked demand for second homes as terrific investments. Here is a quick look at the tax rules for second homes.
Mortgage interest. If you use the place as a second home - rather than renting it out as a business property - interest on the mortgage is deductible just as interest on the mortgage on your first home is. You can write off 100% of the interest you pay on up to $1 million of debt secured by your first and second homes and used to acquire or improve the properties. (That's a total of $1 million of debt, not $1 million on each home.) The rules that apply if you rent the place out are discussed later.

» Continue reading "Buying a Second Home"

- What is the biggest complaint most home owners have today? High property taxes.

- In an attempt to solve one of the states highest profile problems the Florida House of Representatives this week proposed eliminating property taxes in favor of a higher state sales tax.

- The plan would leave millions of Floridians without a property tax bill, but would require everyone, including tourists, to pay a statewide sales tax rate of 8.5 percent, the highest in the United States.

- The increased sales tax would generate an estimated $7.78 billion in the first year and would be shared among local governments and school districts. A distribution formula has not yet been developed.

- Some government officials think the proposal will create financial problems on the local level. Even if this law does not get passed at least some kind of progress is being made to try and reduce property taxes in Florida. Stay tuned for more information.

Have you purchased a Florida home as a primary residence in 2006? If so, file for your $25,000 homestead exemption before March 1, 2007. Any Florida property owner with legal title to a home and who used it as a permanent, primary residence by Jan. 1 is eligible for the exemption. And exactly what is the homestead exemption? It is generally a $25,000 deduction from a homes assessed value as determined by the county property appraiser. Take the homes assessed value, subtract $25,000, and apply the local millage rate to calculate the property taxes due. Homeowners making their first claim this year should contact their respective county property appraisers office to find out how to file for the exemption. Many offices offer applications online or will mail one to residents. Homeowners may also file for a homestead exemption in person, bringing along the deed to their property or a property tax bill or something to prove they own the home. Most property appraisers offices will accept applications for homestead exemption until the March 1 deadline. Call your local county property appraisers office to find out more.

TALLAHASSEE, Fla. - Feb. 12, 2007 - Attorney General Bill McCollum issued a consumer advisory, warning Floridians of common mortgage fraud scams. Mortgage scams ranked among the top 10 categories of complaints received by the Attorney Generals office last year.
Home equity scams come in several variations. Equity stripping occurs when a lender encourages a consumer to manipulate their loan application in order to qualify for a greater loan amount. Loan flipping involves lenders who repeatedly encourage consumers to refinance their loans, which may require them to borrow more money and, as a result, accumulate higher fees.

» Continue reading "Florida Attorney General Warns Consumers About Mortgage Fraud Scams"

The preconstruction condo boom may not be over after all. With developers like the Related Group leading the way with new terms and incentives on their condo projects, you may see a surge in preconstruction condo sales. Oasis on the Bay 2 is selling units for only 5% at contract 5% at ground breaking and a final 5% at the topping of the building. The Viceroy at Icon Brickell is doing something similar with only 10% down on their remaining units with 5% now and 5% in December along with paying all of your closing costs up to 50k. With these kinds of incentives, it will be hard for buyers to pass up. These programs will probably not be around for long, so now would be a good time to take advantage of these great deals. To learn more about great preconstruction condo deal please contract us today.

Oasis on the Bay 2 is now taking reservations for its second tower a.k.a. Oasis on the Bay 2. This phase is the east building and it is the closest to the bay with the best views. With pricing starting at $175,000 these units will not last long. The deposit structure for Oasis on the Bay 2 is as follows:

-5% at contract
-5% at ground breaking and
-5% at the topping of the building

The developer will also be paying 4% to 5% interest on the deposits. The East tower offers the best views and is the closest in proximity to Biscayne Bay. True to its name, Oasis on the Bay is situated directly on Biscayne Bay and the developer is planning on taking advantage of this luxury to the max. The amenities will include an Aqua Club, which will allow residents to reserve watercrafts like jet skis and kayaks docked on-site at the marina. There will be a 4,200 sq ft waterfront restaurant on site, a poolside cafe, poolside cabanas and an Oasis Beach Club. If you have an interest in this project, please contact us today! At prices like this, Oasis on the Bay 2 will not last. Call Paul Hansen for more information. 786-586-4778

$1,595,000
Keystone Point
2085 Ixora Rd
North Miami, Fl 33181

Hansen Homes has just listed the most incredible Keystone Point home in North Miami. Keystone Point is a boaters paradise with deep wide canals and just a few short minutes from Haulover Cut that leads to the Atlantic Ocean. This Keystone Point home has been completely remodeled and also comes with a brand new addition. The addition includes a huge master bedroom with beautiful wood floors and his and hers closets and bathrooms. The bathrooms both have tumbled marble floors and the marble runs up the walls to the ceiling. All of the counters are granite tops, and both closets have built-ins. All of the plumbing and electrical have been updated, inside and out. A brand new tri colored barrel tile roof has just been installed, and two brand new tumbled marble driveways have also just been completed. All of the windows have been replaced with hurricane rated glass and every window has been outfitted with Plantation Shutters. The list of upgrades is extensive, so please call or email us for a full list! Paul Hansen 786-586-4778.

- 5 bedroom 4 bathroom
- 2,800 square feet
- 75 feet of water frontage
- 2 tumbled marble driveways
- 2 new 11,000 lb davits
- completely remodeled

Creative marketing goes a long way in a slow real estate market. One strategy that is working for many practitioners is hosting parties, thereby exposing a property to hoards of potential buyers and real estate practitioners.

Holly Barr is one example. When the real estate practitioner of Better Homes Realty in San Jose, California had trouble finding a buyer for a home, she joined forces with other real estate practitioners to hold a progressive open house.

It worked like this: 11 homes held open houses on the same weekday evening from 5:30 to 8 p.m. Each of the practitioners provided refreshments and chipped in to buy prizes such as Nordstrom gift cards for visitors who viewed all 11 properties.

The parties worked. Barr sold her listing for $555,000 - $10,000 less than the asking price. Another real estate professional who participated in the progressive open house found the buyer.

Similar social events also have worked for other area practitioners.

Brad Le of Coldwell Banker threw a cocktail reception at a town home he listed in San Jose. The $250 he spent on catered hors doeuvres paid off. The home got two purchase offers the following week, o