The South Florida Real Estate Specialist

News, pics, people, properties and gossip in Coconut Grove, FL

Sat, 16 May 2009 14:01:13 -0500

Coconut Grove is a fascinating place to live or visit. With a vast variety of architecure, inhabitants and places to go you will never be bored in the Grove. One of Miami's oldest communities, there is a place for everyone here in the Grove. See what all the fuss is about!

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Redland Tropical Trail and Redland Riot

Sun, 03 May 2009 11:54:59 -0500

If you are looking for some great spots to visit in Southwest Dade, whether you are a local or a visitor, you will be sure to find some great locations on the Redland Tropical Trail and The Redland Riot.

Orchids, Alligators, Wine, Fruit, Monkeys, Stickie Buns and Tea are just a few things you might expect on your trip. Keep an eye out for such oddities as pythons, peacoks and more as you drive through the scenic and lovely rural agricultural area of Southwest Dade known as Redland (or The Redland or Redlands depending on who you speak to).

Here are a few prime stop offs

Here's a handy map of Redland

Viist Redland Tropical Trail Site --------------------------------------------------->>>>

and Redland Riot Tour for more info on these and more great stops

More on Redland, including Redland real estate market reports and lisitngs at the Redland Website

Coral Gables Real Estate Market Update for April 2009

Sun, 03 May 2009 08:48:01 -0500

Coral Gables Active Listings - 561 (similar to last month)
    236 are "luxury listings" (ie over $1,500,000) (same as last month)
    52 are short sales (same as last month)
    10 are foreclosures (less than last month)
    Median List Price - $1,175,000 (up from last month)

Coral Gables Pending Sales - 80 (Way Up from 40 last month)
    6 are "luxury listings" (same as last month)
    19 are short sales (up from 15 last month)
    14 are foreclosures (up from 8 last month)

Coral Gables Closed Sales - 10 (down almost 66% from last month)
    3 were "luxury listings"
    1 was a short sale (down from 4 last month)
    0 were foreclsoures
    Average List Price - $2,388,000 (three times as high as last month)
    Average Sold Price - $2,082,000 (three times as high as last month)
    List price to Sold Price Ratio - 89% (same as last month)
    Higest Closed Listing - $12,900,000, a short sale (up from $2,500,000 last month)
    Lowest Closed Listing - $440,900 (up from $123,000 last month)

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings"). Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables May month in review!

Visit past Market Reports (scroll down once you click the link to see all)

Customized Monthly Market Reports delivered right to your email!

Bookmark with me your favorite listings on

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Free HOME VALUATION!

Free MLS Search!

Call Janie at 786-252-4970!!

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Redland, FL April Real Estate Market Report (Apr 2009)

Sun, 03 May 2009 07:31:30 -0500

Redland Active Listings -369 (similar to last month) 36 are NEW listings
    10 are "luxury listings" (ie over $1,500,000) -
    102 are short sales
    29 are foreclosures
    Median List Price - $399,000

Redland Pending Sales - 74
    0 are "luxury listings"
    21 are short sales
    35 are foreclosures

Redland Closed Sales - 10
    0 were "luxury listings"
    3 were short sales
    5 were foreclsoures
    Average List Price - $264,838
    Average Sold Price - $240,000
    List price to Sold Price Ratio - 95%
    Higest Closed Listing - $750,000
    Lowest Closed Listing - $177,500; a foreclosure

What does this mean to you?

If you have a listing in the market, there is stiff competition with over 1/3 of all listings in the Redlands being "distressed" properties, ie short sales or foreclosures. Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Redland Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Redland, FL May month in review!

Search for Redland Properties here

Bookmark with me your favorite listings on

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Call Janie at 786-252-4970!!

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Coconut Grove April Real Estate Market Report (Apr 2009)

Sun, 03 May 2009 06:27:05 -0500

Coconut Grove Active Listings -278 (similar to last month) 34 are NEW listings
    87 are "luxury listings" (ie over $1,500,000) - (similar to last month)
    31 are short sales (similar to last month)
    9 are foreclosures (fewer than last month)
    Median List Price - $812,500 (down from $899,000 last month)

Coconut Grove Pending Sales - 28 (up from 17 last month)
    3 are "luxury listings" (same as last month)
    7 are short sales (double to last month)
    8 are foreclosures (up from last month)

Coconut Grove Closed Sales - 5 (half as many as last month)
    1 was "luxury listings" (down from 4 last month)
    0 were short sales (down from 1 last month)
    2 were foreclsoures (same as last month)
    Average List Price - $2,309,000 (down from $1,850,000 last month)
    Average Sold Price - $1,720,000 (up from $1,311,000 last month)
    List price to Sold Price Ratio - 87% (same as last month)
    Higest Closed Listing - $6,000,000 (up from $3,700,000 last month)
    Lowest Closed Listing - $465,000; a foreclosure

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"),   Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coconut Grove May month in review!

Visit past Market Reports (scroll down once you click the link to see all)

Customized Monthly Market Reports delivered right to your email!

Bookmark with me your favorite listings on

FREE Customized Monthly Market Reports delivered right to your email!

Free HOME VALUATION!

Free MLS Search!

Call Janie at 786-252-4970!!

Want more news? Subscribe in a reader!

Quick Poll, where do YOU think the real estate market is now? Please Reblog to get as much info as possible!

Sun, 19 Apr 2009 09:22:19 -0500

VOTE here !!

Please reblog so we can get as many results as possible!

Free Short Sale Buyer Reprsentation Class

Sat, 18 Apr 2009 06:39:18 -0500

If short sales are popping up in your area or even dominate it, you don't have to show too many buyers before you realize that, as much as you have wanted to avoid them, it might no longer be possible. Working with buyers on a short sale can be extremely frustrating for both agent and buyer if you are not familiar and comfortable with the special nuances of a short sale, and especially those that effect the buyer.

Short Sale seminar for Realtors Listen to the session here!

If you would like to read the short sales series for Realtors here

Hope to see you on the call! Janie

"Sellers Beware" - Short Sale, Loan Modification and Foreclosure Rescue Scams cloud South Florida

Mon, 13 Apr 2009 08:12:21 -0500

The age old adage "buyer beware" has been turned upside down in South Florida. These days it's "seller beware". For the many thousands of homeowners who find themselves upside down in their mortgages and unable to either keep up their payments or sell their homes, the scammers have come out en mass as "loan modification specialists", "home savers" and more creative terms to try and trick you out of your money and, in the worst cases, your home!

Here are just a sampling of things our short sale seller clients were told by other "professionals" before they selected Papillon Real Estate, LLC to help them market, sell and CLOSE their short sale property(s):

"Just let me collect the rent for you as an "advance" on the expenses I will have selling your short sale". (Umm, excuse me, but what expenses would the Realtor have that they wouldn't have with a regular sale and isn't that what the commission is for?)
"Just pay me $X (insert $1,500 to $10,000) to procure a loan modification for you" (and bye bye money and many wasted months as foreclosure creeps ever closer.)
"I have an investor for your property, take it off the market and I will take care of everything" (this seller actually lost their home to foreclosure after the "investor" never materialized and the "professional" disappeared)
"Sure, I know how to market short sales!" (as the "professional" put absolutely ZERO photos or description in the MLS, just a bunch of disclaimers, yeah, that's going to entice a buyer to select your home out of 13,000 others on the market!

Don't let yourself fall prey to these South Florida scam artists. Remember, if it sounds too good to be true, it may well be. If the professional wants a large sum of money upfront, investigate them; see how long they have been in business by using www.Sunbiz.org and check the status of their license and make sure there are no complaints (www.MyFlorida.com is good for this). Are they an attorney? A Real Estate Professional? What did they do to earn their living before the this outbreak of Short Sales and Foreclosures? Hint: if it wasn't Real Estate Law or Real Estate Brokerage, that smells like an Opportunist, not a Professional.

If your property is even ONE payment behind, you do not have time to spend on snake -oil salesman, you need to find a professional who is truly out to help you navigate this tough time. If you intend to KEEP the home, you can likely try and work out a modification on your own, but if you choose to hire someone to help, interview THREE and really be comfortable with what they are telling you. If you just can't keep the home, give us a call, we are here to help you market, sell and CLOSE your South Florida Short Sale Property. We don't charge you a penny and we only get paid when the property SELLS, and that comes out of the proceeds to the lender from the sale, not your pocket! We are the Owners and Brokers of our real estate firm and we have the experience and knowledge to work on your behalf to sell your property and let you get on with your life!

FREE Customized Monthly Market Reports delivered right to your email!

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Call Janie at 786-252-4970!! Don't Wait another Moment!!

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Coral Gables Real Estate Market Update for March 2009

Tue, 07 Apr 2009 08:38:15 -0500

Coral Gables Active Listings - 601 (same as last month)
    238 are "luxury listings" (ie over $1,500,000) (same as last month)
    48 are short sales (same as last month)
    15 are foreclosures (same as last month)
    Median List Price - $996,000 (same as last month)

Coral Gables Pending Sales - 47 (same as last month)
    6 are "luxury listings"; one is a short sale (same as last month)
    15 are short sales (same as last month)
    8 are foreclosures (down from 1/4 from last month)

Coral Gables Closed Sales - 28 (up almost 50% from last month)
    5 were "luxury listings" (up nearly 50% from last month, 1 short sale)
    4 were short sale (up from 1 last month)
    9 were foreclsoures (up from 6 last month)
    Average List Price - $887,000 (up $100,000 from last month)
    Average Sold Price - $750,000 (up $75,000 from last month)
    List price to Sold Price Ratio - 90% (same as last month)
    Higest Closed Listing - $2,500,000, a short sale (up from $1,900,000 last month)
    Lowest Closed Listing - $123,900 (a foreclosure) (down from $189,000)

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings"). Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

Visit past Market Reports (scroll down once you click the link to see all)

Customized Monthly Market Reports delivered right to your email!

Bookmark with me your favorite listings on

FREE Customized Monthly Market Reports delivered right to your email!

Free HOME VALUATION!

Free MLS Search!

Call Janie at 786-252-4970!!

Want more news? Subscribe in a reader!

Coconut Grove March Real Estate Market Report (Mar 2009)

Tue, 07 Apr 2009 08:26:02 -0500

Coconut Grove Active Listings -287 (same as last month)
    86 are "luxury listings" (ie over $1,500,000) - (same as last month)
    36 are short sales (same as last month)
    14 are foreclosures (same as last month)
    Median List Price - $899,500 (same as last month)

Coconut Grove Pending Sales - 17 (up from 13 last month)
    3 are "luxury listings" (down from 4 last month)
    3 are short sales (similar to last month)
    6 are foreclosures (up from last month)

Coconut Grove Closed Sales - 11 (up from 8 last month)
    4 were "luxury listings" (up from 1 last month)
    2 were short sales (up from 1 last month)
    2 were foreclsoures (down from 4 last month)
    Average List Price - $1,580,000 (up from $650,000 last month)
    Average Sold Price - $1,311,000 (up from $623,000 last month)
    List price to Sold Price Ratio - 86% (down from 92% last month)
    Higest Closed Listing - $3,700,000; a Short Sale (up from $1,500,000 last month)
    Lowest Closed Listing - $123,000; a foreclosure

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"), This is UP from 1/4 in February. Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

Visit past Market Reports (scroll down once you click the link to see all)

Customized Monthly Market Reports delivered right to your email!

Bookmark with me your favorite listings on

FREE Customized Monthly Market Reports delivered right to your email!

Free HOME VALUATION!

Free MLS Search!

Call Janie at 786-252-4970!!

Want more news? Subscribe in a reader!

ALERT - Horse theft in Southwest Miami-Dade is a growing problem - and the reasons will shock you!

Fri, 03 Apr 2009 07:14:52 -0500

Horse theft is an age old problem, but the type we are experiencing here in Miami is not the what you'd expect. Horses are being stolen for their meat and hides! Pinto horses are especially sought after, I've heard the hides bring $500. When I wrote a blog two years ago about a stolen Pinto, it never entered my mind that this horrible trend could be behind the theft! Since then, more reports of missing horses, actual slaughter houses and found horse carcasses have been turning up.

Well over a year ago, my roaming dogs started to bring home pieces of animals from their daily outings that gave me suspicion that something horrible was going on. Then we stumbled across a horse carcass that had been cut up during one of our walks in the Everglades... Not too long after, a 10 AC site within walking distance from my home was busted for running a slaughter house! (read the story here) Pigs, cows, horses and more were being kept on the property and slaughtered for their meat! I helped the SPCA round up the pigs and will never recover from what I saw (and SMELLED) that day. In the back 5 acres, there were literally animal bones every 2 to 3 feet. It was horrendous. The stench and filthand theconditions the poor animals were kept in was unbelievable. I will never forget it, ever!

Here are just a few of the stories:

NetPosse's Commentary on the Horse Theft

NBC News Story Warning Disturbing Images

Miami Policeman looses Pinto

If you have animals, take good care and up your security. Guard dogs, a strong fence, good lighting and more might be a way to better protect them. If you can keep them away from street visibility even better. If you see anything suspicious, report it immediately, these thieves are brazen. I can only hope it is a small group and if we can catch them then the horror will be over, so keep a vigilant eye out!

South Florida’s #1 source for jumbo loan and luxury home news is Juicy Estates!

Sat, 21 Mar 2009 11:05:02 -0500

If you are looking for mortgage updates for luxury real estate in South Florida, you should visit Juicy Estates ! Created by James R. Venney, a top producing Private Mortgage Banker in the South East, Juicy Estates is a community built on passion.From exquisite homes that populate South Florida neighborhoods to trends in the luxury housing market to guest blogs by influential community memebers, Juicy Estates makes it easy to stay informed on what’s hot in real estate. James keeps you updated on all the latest new with jumbo and luxury financing, which is very important in these rapidly changing times.

James will be a guest blogger on Miami by Land and Sea, our real estate blog.

Visit James' blog here

Call him at 305-960-2671

Email him at James.R.Venney@homesvclending.com

If you are looking for a new home in Miami-Dade county or are considering selling you home, use any of our free tools below to assist you, or easier yet, just give us a call, 786-252-4970, we'd love to hear from you!

FREE Customized Monthly Market Reports delivered right to your email!

Free HOME VALUATION!

Free MLS Search!

Call Janie at 786-252-4970!!

Miami Real Estate Blog Want more news? Subscribe in a reader!

First Time Home Buyer Tax Credit Fact Sheet

Sat, 21 Mar 2009 07:42:13 -0500

Via James R. Venney CMP, CMPS (HomeServices Lending An Affiliate of Wells Fargo Home Mortga):

As most of you know my work is focused almost exclusively on providing financing for luxury homes and therefore first time home buyers are not my area of expertise but I am aware that many will have questions regarding the new Tax Credit that is being signed into effect today by President Obama. Below is a chart that describes the 2008 Tax Credit as compared to the revised 2009 Tax Credit.

FIRST-TIME HOMEBUYER TAX CREDIT

As Modified in the American Recovery and Reinvestment Act

Major Modifications Shaded

February 2009

FEATURE

CREDIT AS CREATED JULY 2008

APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008

REVISED CREDIT -

EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009

Amount of Credit

Lesser of 10 percent of cost of home or $7500

Maximum credit amount increased to $8000

Eligible Property

Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.

No change

All principal residences eligible.

Refundable

Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.

No change

Purchasers will continue to receive refund for unused amount when tax return is filed.

Income Limit

Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).

No change

Same income limits continue to apply.

First-time Homebuyer Only

Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.

No change

Still available for first-time purchasers only. Three-year rule continues to apply.

Revenue Bond Financing

No credit allowed if home financed with state/local bond funding.

Purchasers who utilize revenue bond financing can use credit.

Repayment

Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.

No repayment for purchases on or after January 1, 2009 and before December 1, 2009

Recapture

If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.

If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.

Termination

July 1, 2009

(But note program changes for 2009)

December 1, 2009

Effective Date

Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.

All revisions are effective as of January 1, 2009

I would like to thank the good people at the HomeServices Lending marketing department for preparing this very informative chart.

In memory of my friend Christina Williams...

Thu, 19 Mar 2009 20:08:59 -0500

Please help spread the word!

Via Kay Bennett, Realtor® MILLION $$ PRODUCER (First Realty Company):

Remembering Christina...

After battling Ovarian Cancer and three brain tumors, Christina past away last evening. Her battle was long and hard, and she never gave up living and smiling. The people who's lives she touched knows her determination and love for all that is with God's creation. Christina is a true inspiration to people as she always had a smile for everyone. When I first met Christina, I saw her here on Active Rain. It was Spring of 2007, and we were both on the Tennessee front page at 8,000 points. As I began to blog on Active Rain, I would read other's blogs and especially noticed hers. Her content was inspirational and quite informing about our area and interests. Then, after a few weeks, her company closed and remembering that my broker had mentioned wanting to open an office in our neighboring town, I called her...It went something like this..."Hey girl, I know you don't know me, but I know you from Active Rain." We both laughed and the friendship was on. I am so glad she came to work with us and we became friends. During her battle with Ovarian Cancer, she would tell me to spread the word. She wanted women to know that your regular yearly exam (pap smear) does not test for Ovarian Cancer, but only Cervical Cancer. As a fund raiser for her, I remembered her wishes and began to spread the word. I have never felt so good about a cause before. I know if we can reach at least one woman in time, our mission will not be wasted. Bringing together people in love and friendship is who she was as a person. She loved selling Real Estate for that very reason.

Some facts about Ovarian Cancer:

Ovarian Cancer is the fourth leading cause of death among women

A Pap Smear is used to detect Cervical Cancer, not Ovarian Cancer

There is NO consistent and accurate screening test, however, a blood test to determine the level of a tumor called a CA-125 is available.

Only 5-10 percent of Ovarian Cancer is the result of inherited susceptibility gene. Most Ovarian cancers are sporadic, meaning they occur in women who do not have a family history of Ovarian Cancer.

Many people incur these symtoms: Abdominal pressure, bloating, discomfort, nausea, indigestion, or gas, constipation, diarrhea, or frequent urination, abnormal bleeding, unusual fatigue, unexplained weight loss or gain, and shortness of breath. While these symptoms are often acute or intense, they are not silent. Many of us experience these symptoms from time to time, do not be alarmed..It's when they persist or seem unusual that you should see your doctor.

Early recognition is the best way to save lives. Without increased education about Ovarian Cancer, many women and their doctors will continue to ignore or misinterpret the symptoms. Remember, early detection can mean a 90% and over survival rate.

As she departs from this life, I will remember her as she would turn around and giggle, and as she walks away she gives a wink and a smile and says....Later tater....

I dedicate one of my favorite poems to Christina as this reminds me of her individualism and wisdom..

THE ROAD NOT TAKEN..

Two roads diverged in a yellow wood,
And sorry I could not travel both
And be one traveler, long I stood
And looked down one as far as I could
To where it bent in the undergrowth.

Then took the other, as just as fair,
And having perhaps the better claim,
Because it was grassy and wanted wear;
Though as for that the passing there
Had worn them really about the same.

And both that morning equally lay
In leaves no step had trodden black.
Oh, I kept the first for another day!
Yet knowing how way leads on to way,
I doubted if I should ever come back.

I shall be telling this with a sigh
Somewhere ages and ages hence:
Two roads diverged in a wood, and I--
I took the one less traveled by,
And that has made all the difference.

~ROBERT FROST

POSTED BY: Kay Bennett, Realtor®/Friend®

First Realty Company

116 S. Low Ave.

Cookeville, TN. 38501

Miami is home to 5 of the country's 100 Most Elite Neighborhoods - Miami; Luxury Living at it's Best

Thu, 19 Mar 2009 12:29:09 -0500

Miami has much to offer for those who like to live life well; award winning beaches, amazing nightlife and year round sun are just the beginning of a very long list of "Miami's Best". A beautiful home is often the keystone of a life well lived and America's elite know that Miami is just the place to find that home. Five of the country's 100 Most Elite Neighborhoods are in Miami-Dade Co based on Median Household Income, according to the Higley Report.

View Larger Map

Fisher Island - 19th most elite Neighborhood in the US

Median Income - $404,240
Properties Currently for Sale 116
Highest Priced Property - $30,000,000
Lowest Priced Property - $350,000
Average Price per Square Foot ($/sf) - $1,181/sf

Rockdale Estates in Cutler Bay (Pinecrest) - 26th most elite Neighborhood in the US

Median Income - $388,671
Properties Currently for Sale 4
Highest Priced Property - $3,000,000
Lowest Priced Property - $649,000
Average Price per Square Foot ($/sf) - $304/sf

Devonwood Bayridge Estates (Pinecrest) - 42nd most elite Neighborhood in the US

Median Income - $354,102
Properties Currently for Sale 5
Highest Priced Property - $3,750,000
Lowest Priced Property - $875,000
Average Price per Square Foot ($/sf) - $331/sf

Gables Estates (Coral Gables) - 60th most elite Neighborhood in the US

Median Income - $333,309
Properties Currently for Sale 8
Highest Priced Property - $22,000,000
Lowest Priced Property - $4,950,000
Average Price per Square Foot ($/sf) - $948/sf

Hammock Lakes at Snapper Creek Lakes (Coral Gables) - 81st most elite Neighborhood in the US

Median Income - $320,419
Properties Currently for Sale 12
Highest Priced Property - $12,900,000
Lowest Priced Property - $2,300,000
Average Price per Square Foot ($/sf) - $659/sf

If you are looking for a new home in Miami-Dade county or are considering selling you home, use any of our free tools below to assist you, or easier yet, just give us a call, 786-252-4970, we'd love to hear from you!

FREE Customized Monthly Market Reports delivered right to your email!

Free HOME VALUATION!

Free MLS Search!

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A LAWYER'S EXPLANATION OF THE FORECLOSURE PROCESS from Start to Finish

Thu, 19 Mar 2009 07:49:53 -0500

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

As an attorney I often consult with homeowners that are in distress along with the Realtors that represent them in trying to accomplish a short sale. Often a detailed explanation of the foreclosure process would be very worth while for my client to have a thorough understanding of what they may be facing as the lender seeks to enforce the promissory note and mortgage. We usually don't have enough time to explain the process in full, so here is an article that should help non-lawyers understand what is happening according to rules of procedure in the court system and what options lenders have for enforcing the money they loaned to the homeowner.

The Promissory Note - the obligation to pay back the borrowed money -

In the beginning there is a PROMISSORY NOTE. This is a promise to repay money that is being given by the HOLDER, usually a bank or LENDER. To be sure the promissory note is repaid the HOLDER wants some collateral. The collateral could be anything from your heirloom watch to your car, but for our discussion purposes it will be your house.

The Mortgage - the collateral of your promise to pay back the borrowed money -

The typical way to provide the collateral of your house to the HOLDER of the promissory note is to sign a MORTGAGE. The mortgage is not a promise to pay any money. It is merely the promise that if the promissory note is not paid according to its terms, the HOLDER of the promissory note has the option of selling your house and taking from the proceeds of that sale only enough money to pay back the promissory note, giving to you the balance of any excess money from that sale.

Why do I get sued if I don't pay the money to the Lender?

Understand that the HOLDER does not have to use the mortgage to collect on the payments unpaid on the promissory note as there are other collection methods. For example, the HOLDER can just sue on the promissory note and get a money judgment against you for not paying according to the terms of the promissory note. That money judgment can then become a lien upon all of your property, both real estate and non-real estate, and (with certain exceptions) the HOLDER can then have the Sheriff sell your real estate or non-real estate assets until the funds raised are enough to pay off the promissory note.

For the purpose of this explanation let's assume the other route of enforcing the obligation to pay the promissory note is used and that is the commonly used "Foreclosure" or more appropriately termed "Mortgage Foreclosure". In the mortgage foreclosure the HOLDER takes the option of using the collateral of your home (in the example above) and elects to have it sold at (in Florida and most other states) a public sale conducted by an officer of the court, usually the Clerk of the Court in the county in which your house is located. At the foreclosure sale there is the opportunity for the public and the HOLDER to bid on the house and the house is then sold by the Clerk to the person that bid the highest amount.

The Foreclosure Sale Bidding Process-

This bidding process is confusing because you often hear that the Lender (HOLDER) got the house at the public sale for just $100. The bid of $100 is usually the opening minimum bid at a public sale. The reason for this is that there was no public interest in the house, usually because the judgment in the mortgage foreclosure is higher than the value of the house being sold. To understand why the HOLDER then only bids $100 and no one else bids at the public sale, you need to understand that the HOLDER, having been awarded a foreclosure judgment against the house (not against you as the borrower) is entitled to bid on the house at the sale and the HOLDER can "credit bid" up to the amount of the foreclosure judgment. This makes sense because why should the HOLDER, who is already owed money, have to actually pay the Clerk for any bid it makes if the money would only go right back to the HOLDER? So the court rules allow the HOLDER to just bid any number up to the amount the judge set in the foreclosure judgment (being the amount owned to the HODLER under the promissory note). So if no one else bids on the house at the sale, the bidding starts and ends at the $100 and the winner of the bidding is the HOLDER, who then gets the title to the house.

The Meat of the Foreclosure Process -

Now that we have dealt with the very beginning and the very end of the foreclosure process, let's get into the middle of the foreclosure process.

1. Notice that you are Delinquent: The foreclosure warning letter is usually the first stage of the foreclosure sale. This letter is not the letter that you owe a late fee because you did not pay by the 15^th of the month. The foreclosure warning letter is usually after you are 60 or 90 days late on your payments. It usually precedes the filing of the complaint for foreclosure by 30 days, but currently that time period can be much longer. This letter could be written by the HOLDER or by the HOLDER's attorney and it usually demands the payment of the full amount of the delinquency and some letters could announce a full acceleration of the amounts due, including the principal amount of the promissory note. If you don't pay the money demanded to the HOLDER, the foreclosure complaint will likely follow. This letter may also include a suggestion that you contact the lender and see if a modification, deed in lieu, short sale or other assistance to your problem of paying the mortgage may be available and appropriate for you. Whatever you do however, understand that unless you pay the mortgage arrearage in full, the mortgage foreclosure process is likely going to continue!

2. The Foreclosure Complaint and Lis Pendens: The foreclosure complaint is a document that tells the court that you signed a promissory note and did not pay it, and you also collateralized the promise to pay the promissory note with a pledge of collateral (a mortgage) of real estate, in this case you house. Some people call this the "lis pendens". In reality the lis pendens is a document that is filed in the court file and also recorded ("filed" and "recorded" have different meanings) in the public records of the county where the real estate is located. The lis pendens mean literally "litigation pending" and it identifies who is involved and what property is involved. Some people think it is a lien on the house, but in a foreclosure litigation situation, the mortgage itself is the lien and the lis pendens is just a notice to the public that a lawsuit is filed, thus alerting anyone that would be buying or otherwise dealing with the identified real estate that its disposition is subject to a lawsuit. There are some issues of priority of liens that could be part of this discussion, but it is not necessary for the answering of your question.

3. Summons and Service of Process: The foreclosure complaint is provided to all of the defendants by "service of process" and usually that is accomplished by the delivery of a "summons" to each defendant. The summons says that you have a certain number of days to respond to the complaint filed in the court or a default will be taken against you. Let me mention a few things here:

a. If you are named a defendant in a foreclosure complaint it is because of one of three reasons: (1) you owe the money to the Holder; (2) you are owned money by the Borrower; (3) you are in possession or have a right of possession (like a renter) of the property described in the mortgage. If you are in category 2 or 3 you are not subject to owing money as a result of the lawsuit and the complaint is filed against you only so the mortgaged property can be sold free and clear of any claim you have or may have to the property named in the mortgage.

b. If you don't answer a complaint within the time period stated in the summons, a default will be entered by the court. The default is in effect an admission of the things stated in the complaint relative to your name and relationships in the complaint are all true. What this then means depends on what the complaint says concerning you. If you are a tenant for example, it means that the mortgage is a lien on the property superior to your right of possession. A discussion on foreclosure defenses is for another article unto itself, but they can include violations by the Lender of various regulatory rules. I have two caveats in regard to defenses: (1) don't confuse a defense with a defective foreclosure complaint. A lost note is not a defense, nor is a lack of an assignment of the mortgage. Both are defects in the complaint. (2) Defenses like Truth in Lending violations or RESPA violations require the transaction to be unwound and that means you have to pay back to the lender the money they loaned to you (less certain penalties and attorney fees). If you cannot return the money the defense becomes illusory. Congress is addressing this issue now that the housing market is upside down, but there are no solutions yet. Learn more at my article FORECLOSURE DEFENSE FALLACY.

4. The Timing of Pleadings: The HOLDER's attorney's procedure for a foreclosure is usually pretty much standard: file and serve the complaint, then wait for the statutory time to answer (usually 20 days), then file a motion for summary judgment of foreclosure with the necessary affidavits and schedule the hearing, then have the hearing with the judge on the motion for summary judgment of foreclosure (which hearing usually takes less than 10 minutes), then have the judge enter the order of final judgment of foreclosure and schedule the foreclosure sale date (sometimes the Clerk has to first give the date to the judge) which date is usually no less than 30 and no more than 45 days from the hearing; then the sale date comes and the public auction of the property occurs. It is this final event that ends the owner's ability to repay the loan.

5. Is the House Lost for Good? After the sale has occurred there is sometimes a period of redemption where you can still reacquire the house not withstanding it having been sold a public auction. This period of redemption varies from state to state. In Florida it effectively ends when the bidder at the foreclosure sale pays the full amount of the bid to the Clerk of the court. There can be legal objections to the sale based on irregularity or other technical infirmities and in Florida this must be brought to the attention of the Court within 10 days of the sale of the property at foreclosure. The judge then has a hearing on the issues and either sets the sale aside and orders a new sale or the judge confirms the sale and orders the Clerk of the Court to issue a deed to the successful bidder.

6. Attacking Errors in the Procedure: An appeal can be taken from a judgment of foreclosure but it must be timely. In Florida the time to take the appeal is 30 days from when it is rendered.

7. Deficiency Judgment or Surplus Funds? After the foreclosure sale, if the Lender got less than it was owed it can file a motion to have the court award a deficiency judgment against you as the borrower. How this amount of the deficiency is determined is usually the difference between the foreclosure judgment amount and the market value of the home at the time of the foreclosure public sale. An in-depth discussion on the procedure is covered in Foreclosure Deficiency Judgment Compared to Deed In Lieu and Short Sale Scenarios.

7.1 After the foreclosure sale, if the Lender got what it was owed there is probably more money left over. This occurs when the amount of the foreclosure judgment is less than the amount bid at the foreclosure sale. This excess money or "overbid" is called the "surplus" and it very well may belong to the borrower! To get this money the borrower must file a motion to the Clerk (sometimes the Court) to get the money. If there are other creditors that have judgments or liens on the house (like a second mortgage holder) those people could have a superior claim to the surplus money. Usually you can apply for these monies without an attorney, but if there are other claims or if you are uncomfortable with the process an attorney should be able to get the matter resolved with just a few hours of work.

This is a lot to digest and frankly I could have been much more detailed. You are probably asking yourself how long this whole process takes. Before the current deluge of foreclosures the courts and the attorneys were not that busy so things pretty much went about as fast in Dade County as they did in Flagler County. But today the whole system is over taxed with more cases than is humanly possible to process according the "fastest time" scenarios allowed by the Rules of Court. What was once typically a 100 day process can now easily be twice that or more.

Copyright 2008 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

SEE A TABLE OF CONTENTS OF MY ARTICLES AT Need Short Sale Information? - These Articles Probably Answer Your Question

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com. See our simple access to Short Sale and Foreclosure articles on Activerain at TABLE OF CONTENTS - RICHARD ZARETSKY SHORT SALE ARTICLES - 11/1/08

FORECLOSURE DEFICIENCY JUDGMENT or SHORT SALE PROMISSORY NOTE or BANKRUPTCY? - REVISITED

Thu, 19 Mar 2009 07:44:30 -0500

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

Whether to agree to a negotiated promissory note in a short sale or allow the house to go to foreclosure is one of the most discussed topics around. It deserves a simple comparison.

My previous article on this subject can be found at Negotiated Payback or Foreclosure Judgment Deficiency? Compared.

A negotiated promissory note is ALWAYS better than a deficiency judgment resulting from a foreclosure. Here is why:

Deficiency Judgment -

1. You have a foreclosure judgment against you and if you fill out most applications about your background you will have a question on if you had a property foreclosed upon you.

2. You have a deficiency judgment which is a money judgment against you which means ANYTHING you buy is subject to attachment by the creditor, be it a car, a toaster, or a new swing-set for your kids.

3. Your wages can be garnished.

4. Your bank accounts can be frozen and attached - without any notice in advance to you.

5. You will be subject to periodic depositions in aid of execution and have to provide copies of all of your financial matters - several times a year. If you repeatedly don't show up the court can hold you in contempt of court and even put you in jail (YES - JAIL!!) until you comply.

6. In Florida (check other states) you can enjoy each of the above for 20 full years before the judgment is no longer enforceable.

7. The judgment usually carries interest. Check your state for the rate. For judgments rendered in 2009 the Florida statutory rate is 8%.

8. FANNIE-MAE underwritten mortgages cannot be obtained until 5 years after the foreclosure judgment.

Negotiated Promissory Note -

1. You pay an agreed amount according to the promissory note, which is usually monthly and often at no interest.

2. If you no longer can pay you may be able to negotiate a new payment amount or abate payments for a period of time.

3. You may be able to re-negotiate the terms of the promissory note in the future.

4. The promissory note is not a judgment so it does not show up on the credit report.

5. If a foreclosure suit was entered, even if it went to a foreclosure judgment (but not a sale), the lender will likely dismiss the suit and vacate the judgment, clearing your record - even before you start paying on the promissory note.

6. If you stop paying on the promissory note the note holder can then seek a money judgment for the unpaid amount.

7. FANNIE-MAE underwritten mortgages can be obtained after a short sale in just 2 years.

8. Once you repay the promissory note the lender should remove degrogatory credit report postings regarding the payment of the mortgage for "less than the agreed amount", instantly repairing your credit score.

Bankruptcy -

Many people speak to me about Bankruptcy as the better option. It is an option - but when it should be used is a big issue.

Declaring bankruptcy is a LAST RESORT. In a chapter 13 (personal reorganization) you are effectively "betting the farm" that you can perform for the 5 or so years of planned payments. If you default you revert to either a dismissal or a chapter 7 total liquidation- and you cannot refilefor many years. Bankruptcy also is a final chapter so to speak. There are no further remedies available to you for protection from creditors. It is like one bullet in a pistol - you need to decide when is it absolutely, positively without any doubt necessary to pull the trigger. You need to expand your horizons to not just today, but tomorrow and maybe thousands of tomorrows (days) before you can walk back into bankruptcy court. Chapter 13 and Chapter 7 have their useful purposes but they must be used prudently and carefully. A bankruptcy is the worst hit you can give your credit report.

If a promissory note just does not work out and the lender is relentless and THEN gets a judgment for payment of the note amounts, you will then be in no worse situation than if there was a deficiency judgment. In my opinion you will be in a better position if you weigh the positive and negatives of each position and work your way slowly and methodically through the available remedies step by step. If at the end of the line it did not work out, then you have the bankruptcy alternative remedy. But without giving each step an opportunity to work for you makes no sense - don't throw your self overboard!

Copyright 2009 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com. See our easy to find articles at Need Short Sale Information? - These Articles Probably Answer Your Question

SHORT SALES PRIMER - BACK TO BASICS UPDATED

Thu, 19 Mar 2009 07:42:57 -0500

Via Richard Zaretsky, Florida Real Estate Attorney (Richard P. Zaretsky P.A. ):

Short Sale Primer For Brokers, Sellers and Buyers

A Primer -

Since I wrote the Short Sale Primer the short sale methodology used by lenders has morphed several times. It is a different animal than it was almost 10 months ago. The passage of time requires that the original article, which was very popular (thank you) be revised to reflect new policies by the lenders. I have also added several pertinent links to more detailed discussions on the various subjects in this article.

Short sales are nothing new. When I represented a few national lenders for all of their foreclosures in the State of Florida several years ago, we negotiated "loan workouts" which are now called "short sales". Since loan workouts have been around so long, I did some digging with my old pals that were the executives I worked with in the loan workout and REO department of these national lenders (one of the lenders has since been merged into Bank of America).

I found one in Atlanta, one in Texas and another in Washington. Our discussion about short sales showed that nothing was new under the sun - the formulations and decision making processes were unchanged from 15 years ago - and only some of the terminology had changed. Another executive of that lender was found in Florida and she now works with me in the client management and lender negotiation of our client's loan workout situations.

Short Sale Defined -

First, understand that there are two elements to a mortgage. The first is a promissory note. The promissory note is a financial instrument that is an of itself an enforceable contract to repay a debt for money loaned to the borrower. A mortgage is a security instrument. It acts as the security or collateral for the promise to repay the money loaned which is described in the promissory note. Usually it cannot be enforced if the promissory note is paid off or cancelled. We are seeing 2^nd mortgage lenders that whose mortgages have no equity value in the home skip foreclosing on the mortgage and instead just sue the borrower on the promissory note. For a more detailed discussion of this process and results see link A LAWYER'S EXPLANATION OF THE FORECLOSURE PROCESS.

Short sales are a process of "shorting" the debt (the mortgages) encumbering a parcel of real estate (the house or investment property). Shorting the debt means that the person holding the debt (the lender) agrees to release its lien on the real estate for less than the amount the lender is due according to the promissory note. Last week I sent a fax to the Associated Press because they keep writing that a short sale includes the forgiveness of the deficiency on the note and mortgage. That statement is completely false. A full explanation of the various types of short sale scenarios - some with and some without forgiveness of debt - is in my article link LENDER SHORT SALE ACCEPTANCE LETTER EXAMPLES - READ WITH CAUTION!

The explanation is simple. The execution and the details of a short sale are highly complicated. The chemistry of each short sale situation is not identical and quite often the goal you want to achieve is a moving target seemingly and frustratingly impossible to reach. More detail in some of the methodology to a short sale is in a previous article (see link - What do I do? - I can't pay my mortgage).

Who Qualifies - And Why A Lender Would Want The Loan Paid Off -

You can read discussions on who qualifies for a short sale in a previous article (see this link Some Sellers Think They are Entitled to a Short Sale and Economics 101). Technically, everyone can qualify for a short sale. To understand this we need to become more, well, "technical".

Logically, a lender is not going to want to keep a secured loan on its books where it has evidence that the security has decreased in value dramatically and the loan to value ratio under which the loan was originally made is now "upside down", meaning the current market value is less than the amount of the loan. The portion of the loan that is not in compliance with the original loan to value ratio is, for bank auditing purposes (or investment valuation purposes if the loan is not a portion of a mortgage backed collateralized security) a liability and therefore is not considered secured. That is bad since it makes the lender set aside reserves of cash for the lack of value in the loan. The lender needs to do something to change that situation.

Depending on the language in your mortgage or your promissory note, the valuations being upside down could be reason to put your loan into breach and accelerate the promissory note. I have not seen this done as of yet by any residential lender. But technically, if a property is in this upside down situation, the loan could already be technically in default even if it is "current" in payments.

Often, the desire to unload the upside down property is made based on economic calculations made by the owner of the property. Those calculations usually show that it is better to take a loss now of a known amount of money rather than continue to pay interest, insurance and taxes in excess of the income from the property for an unknown period of time until rental or property values increase so the economic cash drain is reversed. I call this "quantifying the economic cost of ownership of the property".

In any event, the lender would prefer to have the loan right side up or off its books. In some cases the property owner has excess cash laying around and can just sell the property (if that is their plan) and pay the amount to the bank that they are "short" at the closing so the loan is paid off in full. This is also a "short sale" but it does not involve the lender making any concessions - the property owner has to pay the shortage at the closing.

Financial Indigestion -

In other cases, usually where the borrower has become financially distressed but also where the borrower is asset rich but presently is lacking liquidity (I call it "financial indigestion" or "real estate rich - but cash poor"), other arrangements satisfactory to the lender can be accomplished.

These other arrangements usually come in two flavors: (1) providing alternative secured collateral to the lender, such as a first or second mortgage on another borrower owned property that has equity value, or (2) having the borrower sign a new or modified promissory note that is unsecured and payable over a fixed period of time, usually 3 to 10 years from the date of the short sale. Depending on the financial circumstances and the lender -borrower relationship, interest can be at market or even at zero.

Where the borrower is experiencing extreme financial hardship and there is no horizon (projected end) to that hardship a third alternative can occur - actual forgiveness of the unpaid amount due the lender.

Short But Important Reminder On The 1099 -

This leads us to the issue of the unpaid portion of the short sale. Many lenders will not provide a release of the balance due. This causes some good and some bad issues for the borrower. The good part is that without a final disposition of the unpaid portion, the borrower has not received any phantom income (i.e.: that 1099 stuff). This good news does not last forever. Once the statute of limitations on enforcement of the promissory note expires, then the borrower has that income to report to the IRS. The bad news is that the lender very well may sell the unpaid promissory note to some investor for 5 or 10 cents on the dollar and then that investor will definitely come after the borrower for as much as they can get above that 5 or 10 cents on the dollar. The small element of good news here is that as long as they are trying to collect on the unpaid portion, that unpaid portion is not income that the borrower has to report to the IRS.

As a short reminder, the big deal about 1099's is really an illusion. 1099 or no 1099, if the debt is forgiven the borrower has income to report to the IRS. No exceptions! Too many people come to me and say they want me to negotiate with the lender so that they don't get a 1099. I ask them why? They tell me that if they don't get a 1099, they don't have to report the income they would get on the debt they did not pay. The next question is why does the bank get to decide what the IRS usually has jurisdiction to decide? The answer is of course that the lender giving a 1099 means squat - unless the borrower is intent on committing tax fraud by not reporting income. There is relief available to the borrower are two opportunities to not recognize up to all of the income. These are discussed in detail in my article called (see link) Sellers Always Have Income and include the 2007 Mortgage Debt Relief Act.

Loan Modification -

Beginning in March 2009 a new government incentive involves "financial encouragement" to lenders to reduce the principal obligation of a mortgage under certain circumstances. This reduction in principal will trigger a 1099C cancellation of debt. However, since the program targets primary homes, those whose borrowing qualify under the 2007 Mortgage Debt Relief Act will be able to use the exemptions in that Act to exclude the income generated by the debt forgiveness.

Modification of a mortgage loan is a fast developing part of the housing recession resolution solution. Not everyone is entitle to a modification and even someone with a high interest rate that cannot refinance in this current financial market may not be qualified for a loan modification. Numerous factors are in play in determing if a loan modification is justified and chief among them is ability to pay - not desire to pay. Generally speaking, if your total housing expense is more than 38% of your household income, you should speak to a professional to discuss if you are a modification candidate. Yesterday an attorney who has a housing expense of $25,000 called me to modify his mortgage. He told me the $25,000 was about 10% of his household income, but the mortgage debt was about 110% of the value of the home. That lawyer is not a modification candidate.

Short Sale "Bookends" -

Note that these are the general parameters that we have seen over several years of dealing with loan workouts. There are always exceptions where the decision of the lender is simply without logic.

Illogical example #1 - The borrower is without a job, has moved out of the house and is living with one of the spouses' parents out of state. The house is now valued at $190,000 to $210,000 and the loan is at $350,000 and has been on MLS at $200,000 for 3 months. One quarter of the homes in the neighborhood are in some kind of pre-foreclosure or distress. The lender refuses to accept a contract at $178,000.

Illogical example #2 - The borrower owns two businesses and shows annual gross income of $500,000. Borrower has 4 homes all investment and lives in another (5 altogether). Lender accepts a short sale on one investment home at 10% under value, leaving $70,000 short on the mortgage payoff. Borrower asks for a letter of release from the lender that it will not pursue the shortage on the promissory note and the bank gladly provides that letter, letting the borrower off from every having to worry about the shorted promissory note.

I call these the "bookends" to the short sale definition of what fits the parameters of the banks. As you can see, even the bookends can be moving targets, since neither makes any sense. Fitting everything else in the middle leaves a really big gray area on the fringes of the middle! For more examples of how it is impossible to reliably predict the determination of the lender on the status of the shortage, see link SHORT SALE DEFICIENCY DEMANDS AND DEFENSES - The Interstate Highway Analogy

No Science To The Short Sale -

There is no set course to the successful short sale presentations to the lender. We have seen 5 page packages and 50 page packages get approved. Sometimes it takes 12 days (we have done it twice so far) and sometimes it takes 6 months (don't ask!). It depends on the lender. It depends on the borrower's situation. It depends on the property. It depends on the contingencies and price in the purchase contract. Notwithstanding, we find that the best opportunity for a short sale to be successful is to provide a simple yet complete package to the lender - keep it simple - but back up the assertions made in the presentation.

You have probably heard about the one, two or even three months to get the bank to even start to move on a short sale application. Again, this is hit and miss. This winter we made two presentations to the same lender, one in early March and one in mid April. Same neighborhood. The April package got a BPO call from the lender in only 2 weeks. We are still waiting on the March package! (Yes, we confirmed that the lender has it and they confirm that they are working on it).

Lender Overload -

When I first wrote this article it appeared that most lender loss mitigation department personnel are carrying 500 to 600 files per person. Some lender loss mitigation departments have cut that down to 200 files per person. We feel the best opportunities for success should be on the packages that are clear cut, summarized, and organized. But each package must be accompanied by someone that will call the lender to get status reports on the package at least weekly. I was amazed with one lender when we called them to ask why the lender had not even acknowledged that they received the package. Incredibly, the answer was that they take no action on any package received until someone calls to find out the status on the file!

Short sales have a long history of being in the arsenal of lenders for loss mitigation and loan workout issues. Used properly, the short sale can be a tool to the lender and the borrower and an opportunity for a buyer with patience to obtain a relative bargain in the marketplace.

Copyright 2009 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make. This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660

RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide! Shortsales@Florida-Counsel.com New Website www.Florida-Counsel.com. See our easy to find articles at Need Short Sale Information? - These Articles Probably Answer Your Question

The Miami Dade Luxury Home Market - where are the homes?

Mon, 16 Mar 2009 08:09:27 -0500

Miami is known for our luxury homes. From private islands with waterfront views to country estates we really have some beautiful homes. The Institute for Luxury Home Marketing classifies a luxury home as being in the top 10% of market, which in Miami-Dade is $1,500,000. We have over 1,000 of them actively listed in Miami right now, just in single family homes alone.

There are, of course, special features that come to mind when you consider what might make a luxury home. High end finishes such as venetian plaster on the walls, specialty moldings and imported flooring are a start, but luxury homes go far beyond just being beautiful on the surface. They have functionality that you just won't find anywhere else. Here are just a few upgrades that help set them apart from the pack:

Gourmet kitchens with appliances from Viking, Thermador, Sub-Zero etc.
Double appliances (two dishwashers, two refrigerators, etc.) to accommodate the entertaining the homeowners will undertake
Quarters for domestic help, sometimes multiple quarters
Media rooms including cutting edge media equipment and electronics
Loaded Gyms with spectacular views
Extensive closet space, especially within the master bedroom. I have seen "Christmas Closets", "Suitcase Closets" and many other specialty storage spaces
Wine coolers, china closets and other specialty storage
Safe or panic rooms for hurricanes and/or break-ins
Elevators, often very beautifully decorated with custom mill-work
Lavish outdoor living areas with summer kitchens

Our luxury homes are sprinkled across Miami-Dade county, but the Top 50 (+$13,000,000 list price) are clustered in the east, especially on Miami Beach and the other islands.

(click the above picture to see the top 50 listings)

The following cities house the current Miami Luxury Real Estate inventory (homes listed at over $1,500,000) - highest concentrations are in bold

Aventura - 10
Bal Harbor - 12
Bay Harbor Islands - 11
Coconut Grove - 37
Coral Gables - 225
Unincorporated Dade - 4
Doral - 2
Eastern Shores - 9
Fisher Island - 1
Golden Beach - 58
Hialeah - 1
Homestead - 2
Indian Creek - 5
Kendall - 1
Key Biscayne - 98
Miami (includes such areas as Bay Point, Hibiscus Island, Belle Meade, High Pines, etc.) - 225
Miami Beach - 245
Miami Lakes - 1
Miami Shores - 8
North Bay Island - 5
North Miami - 16
North Miami Beach - 18
Palmetto Bay - 8
Pinecrest - 131
South Miami - 8
Sunny Isles - 9
Surfside - 11

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Up and coming events at Miami's own winery, Schnebly Winery in the Redland

Sun, 15 Mar 2009 17:57:28 -0500

If you are looking for something fun and unique to do in Miami, take a drive over to Schnebly Winery, in the Redland. Schnebly is Miami's own winery with wines made from local fruits including mango, lychee, carambola (starfruit) and more. Wine tastings are offered which allow you to test 4 or 5 of Schnebly's wines. Onsite tours will provide you a first hand view of the winery and your guide will explain to you how the wines are made.

Live music is offered most Saturdays and the 4th Friday of each month has special events with music and gourmet food.

Hours of operation:

Mon - Fri: 10a - 5p
Sat: 10a - 6p
Sun: 12p - 5p

March 27th is the 4th Friday and wil offer live music and great food from Capri Restaurant, serving fine Italian and American food. Check back for every 4th Friday Event.

See Schebly in the news

Schebly is on the Redland Trail!

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Coconut Grove February Real Estate Market Report (Feb 2009)

Sat, 14 Mar 2009 15:49:26 -0500

Coconut Grove Active Listings - 304
    81 are "luxury listings" (ie over $1,500,000)
    35 are short sales
    15 are foreclosures
    Median List Price - $875,000

Coconut Grove Pending Sales - 13
    4 are "luxury listings"
    3 are short sales
    4 are foreclosures

Coconut Grove Closed Sales - 8
    1 were "luxury listings"
    0 were short sales
    4 were foreclsoures
    Average List Price - $696,999
    Average Sold Price - $643,000
    List price to Sold Price Ratio - 92%
    Higest Closed Listing - $1,500,000 -
    Lowest Closed Listing - $189,000 (a foreclosure)

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/4 of all listings in Coconut Grove in the top 10% of Miami-Dades' pricing ("luxury listings"). Listings in the upper price point are selling at a much slower rate than the lower price points and there is over 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coconut Grove Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

Visit past Market Reports (scroll down once you click the link to see all)

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Miami 2009 Single Family Market Report - Regular, Short Sales and Foreclosure Comparison

Sat, 14 Mar 2009 08:11:30 -0500

Take a look at the above graph. Anything jump out at you? Hmmm, perhaps the Jolly Green Giant? What is that you ask? It's the number of single family homes in the $100,000 to $250,000 that have sold in 2009 which were REOS (bank owned foreclosures). This is the overwhelming largest property type that has sold so far in 2009. Nearly 2/3 of all of the properties closed in 2009 have been foreclosure and of those, the largest majority by far closed for $100,000 to $250,000 sold price range. Although a few of these properties had Dade County appraised market values of up to $600,000, most had a Dade County market value of +- $250,000, still good deals, but not overwhelming steals.

This also shows that "regular" sellers in any of the price ranges up to $500,000 have to compete head to head with foreclosures and short sales, but those over $500,000, especially at the higher price points, do not. They do, however, still have buyers out there with the "I have to get a deal" mindset, but at least there are banks willing to feed them what they want (REOs) as readily as in the lower price brackets.

If you would like to further discuss how Miami's real estate market might affect your purchase or sale of a home, please contact us today, we'd love to meet you!

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Let's Send Brad Andersohn to Tahiti!

Fri, 13 Mar 2009 14:44:11 -0500

Come on! He deserves it don't you think?!

Via Mirela Monte, Your Myrtle Beach Real Estate Connection:

Ok, so he claimed to go to Tahiti, but the man has no intention of taking a vacation.

Brad, we love you! You are the Grand Master of our Active Rain Universe. You have always been there for us. Now we want to be there for you!

BRAD, STAY AWAY FROM THE INTERNET! YOU ARE GOING TO TAHITI!!!

Let's send Brad to Tahiti! I propose that we all donate to the:

"Let's Send Brad To Tahiti!" Cause.

Let's re-blog this and keep it circulating! Will someone put together some kind of donation site we can all go to and make good on our promise? I propose that we all pitch in to send Brad to Tahiti. I will start the ball rolling with the first $100! Care to join me?

Mirela Monte, Your Myrtle Beach Real Estate Connection Join The Optimist Group!

Coconut Grove's Mayfair Antique Market this weekend March 13, 14, 15 - 2009

Fri, 13 Mar 2009 07:06:12 -0500

Name

Mayfair Antique Market

Description

Monthly Indoor/Outdoor antique market featuring antiques, collectibles, furniture, jewelry, paintings, objets d'art & more.

Friday, March 13: Noon-8pm
Saturday, March 14: 10am-6pm
Sunday, March 15: 11am-5pm

Free Admission

Additional Dates : April 13-15 and May 8-10

Dogs on Leashes Welcome

Where

The Promenade at Mayfair, 2911 Grand Avenue, Coconut Grove, FL 33133

Website

www.antiquecollectiblemarket.com

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Coral Gables Real Estate Market Update for February 2009

Wed, 11 Mar 2009 17:49:13 -0500

Coral Gables Active Listings - 598
    227 are "luxury listings" (ie over $1,500,000)
    51 are short sales
    17 are foreclosures
    Median List Price - $995,000
    New Listings in Feb - 82

Coral Gables Pending Sales - 52
    7 are "luxury listings"
    16 are short sales
    12 are foreclosures

Coral Gables Closed Sales - 16
    3 were "luxury listings"
    1 was a short sale
    6 were foreclsoures
    Average List Price - $777,000
    Average Sold Price - $677,000
    List price to Sold Price Ratio - 90%
    Higest Closed Listing - $1,900,000 -
    Lowest Closed Listing - $189,900 (a foreclosure)

What does this mean to you?

If you have a listing in the luxury market, there is stiff competition with over 1/3 of all listings in Coral Gables in the top 10% of Miami-Dades' pricing ("luxury listings"). Listings in the upper price point are selling at a much slower rate than the lower price points and there are 6 years of inventory on the market (a sellers market is closer to 6 months). In order to be a viable listing, the price must be correct and the marketing top notch. Without both, listings are having a slow time moving.

If you are on the hunt for a "bargain", they are out there, but they go quickly. Most foreclosures sell quickly and close to, or above list price. In order to have the best chance of snatching one of these deals up, work with an experienced Coral Gables Broker who is comfortable with foreclosures (like me, hint hint ;-). They will advise you as soon as a new property comes on the market or drops in price to be within your price range. They will also knows the special ins and outs of purchasing foreclosures.

Check back next month for the Coral Gables March month in review!

Visit past Market Reports (scroll down once you click the link to see all)

Customized Monthly Market Reports delivered right to your email!

FREE Customized Monthly Market Reports delivered right to your email!

Free HOME VALUATION!

Free MLS Search!

Call Janie at 786-252-4970!!

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FEATURE	CREDIT AS CREATED JULY 2008 APPLIES TO ALL QUALIFIED PURCHASES ON OR AFTER APRIL 9, 2008	REVISED CREDIT - EFFECTIVE FOR PURCHASES ON OR AFTER JANUARY 1, 2009 AND BEFORE DECEMBER 1, 2009
Amount of Credit	Lesser of 10 percent of cost of home or $7500	Maximum credit amount increased to $8000
Eligible Property	Any single family residence (including condos, co-ops, townhouses) that will be used as a principal residence.	No change All principal residences eligible.
Refundable	Yes. Reduces (or can eliminate) income tax liability for the year of purchase. Any unused amount of tax credit refunded to purchaser.	No change Purchasers will continue to receive refund for unused amount when tax return is filed.
Income Limit	Yes. Full amount of credit available for individuals with adjusted gross income of no more than $75,000 ($150,000 on a joint return). Phases out above those caps ($95,000 and $170,000).	No change Same income limits continue to apply.
First-time Homebuyer Only	Yes. Purchaser (and purchaser's spouse) may not have owned a principal residence in 3 years previous to purchase.	No change Still available for first-time purchasers only. Three-year rule continues to apply.
Revenue Bond Financing	No credit allowed if home financed with state/local bond funding.	Purchasers who utilize revenue bond financing can use credit.
Repayment	Yes. Portion (6.67% of credit or $500) to be repaid each year for 15 years, starting with 2010 tax filing.	No repayment for purchases on or after January 1, 2009 and before December 1, 2009
Recapture	If home sold before 15-year repayment period ends, then outstanding balance of repayment amount recaptured on sale.	If home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased in 2009.
Termination	July 1, 2009 (But note program changes for 2009)	December 1, 2009
Effective Date	Purchases on or after April 9, 2008 and before January 1, 2009. Repayment to begin for 2010 tax year.	All revisions are effective as of January 1, 2009