How much uglier can it get ?

The "preconstruction blues" are not over yet. From both sides, trying to avoid responsibilities have become the accepted norm. In this particular case, partial refund of a deposit should be a "no-brainer", as stipulated in the contract. Not so fast said the attorneys. Should the judge side with buyers, or with developers?

I leave it to you to decide.

We read today in the DAILY BUSINESS REVIEW – FEB. 4, 2010

Judges join buyers’ frustration over litigation delays

ICON Brickell

For months, lawyers for condo buyers have complained that Related
Group is improperly delaying litigation over deposits, but judges have
joined the chorus accusing the giant developer of dragging its feet
and ignoring a court order.

Related, one of the largest condo developers in the country, is
defending lawsuits involving more than 1,000 purchase contracts. In
most cases, the buyers failed to close following the meltdown of the
condo market and they are trying to get their deposits back. Under
federal law, buyers in condos with more than 99 units are entitled to
any money they put down in excess of 15 percent of the purchase price.

In one recent order, Miami-Dade Circuit Judge Peter Adrien said
Related ignored his order to refund a portion of deposits to a group
of buyers in the 1,796-unit Icon Brickell project in Miami.

In another order, Judge Lynn Gerald Jr., a circuit court judge in Lee
County, cited Related’s legal delays.

“Through [the] entire case, the defendant has constantly missed dates
on which they were supposed to file and/or filed something at the last
minute just apparently to delay the proceeding,” Gerald wrote in an
order denying Related’s motion to vacate his ruling. “It is clear that
the defendant has failed to establish excusable neglect.”

Related is appealing both orders.

Betsy McCoy, vice president and associate general counsel for the
Related Group said she is “deeply offended” by the judges’ orders and
said the problems they cite are isolated cases.

“Do you think I would risk my reputation for the Related Group when
I’ve got 22 years of experience as an AV-rated lawyer?” she said.
“There are legitimate reasons for these defenses.”

Judge Gerald didn’t buy Related’s reasons for delaying responses and
then seeking to vacate a judgment in a case involving a dispute over a
$132,000 pre-construction deposit on a unit in the 240-unit Oasis
Tower 2, a Related project in Fort Myers.

Peter Huy, the attorney representing the two buyers in that suit, said
there is a pattern in Related’s actions.

“You can see a complaint is filed, then they file a notice of
appearance to avoid default, then they file motions for enlargement of
time, then the day before the hearing they file an answer or something
else to avoid a judgment,” he said.

“When they are hit with a judgment they file a motion to vacate and
even after that is denied they still don’t return the money.”

Huy said he has a hearing in two weeks to compel a title company
holding deposits in escrow to release the money to his clients.

Related has appealed the case and claims the money should remain in
escrow until the dispute is resolved. McCoy said this is an isolated
case caused by “service issues.”

“That case had to do with logistics,” she said. “We didn’t receive the
paperwork that was served by the council. The mail was going to the
wrong place. That order is outrageous. It was a procedural error on
our side and I think [the judge] went way overboard on his findings
and I don’t think the 2nd [District Court of Appeal] is going to agree
with him.”

‘STILL PLAYING GAMES’

Related has also “chosen to ignore and intentionally violate” orders
to release partial deposit refunds to buyers, according to an order by
Judge Adrien in the case involving Icon Brickell.

The court gave Related 10 days to return escrowed deposits exceeding
15 percent of the purchase price.

The contracts say buyers are entitled to refunds exceeding 15 percent
of the purchase price if they default on the contract.

Since the order was issued in December, Related has returned money to
about 41 buyers, said attorney Robert Cooper, who is representing the
buyers of 150 units in the case who have paid a total of about $23
million in deposits.

Cooper said Related refuses to return money to about 102 buyers who
received letters of default after August, claiming the order only
applies to buyers who defaulted before August. Related also said it
cannot return money to seven buyers because there are discrepancies in
the spelling of their names on the contract and the lawsuit.

“They are still playing games and are simply ignoring the court
order,” Cooper said.

The first order demanding that Related return money was issued last
August. Related contends that only buyers who received default letters
from the company before Judge Adrien issued the order have the right
to refunds. Last month, the judge amended the order to include all
buyers seeking refunds, but Related said the judge “did not have the
right to amend or alter” the order.

“You can’t decide to add buyers to an order,” McCoy said “That’s a
violation of Florida law — granting relief with no motion. He has no
jurisdiction to do this.”

PROTECTING BUYERS

McCoy claims she is protecting the buyers’ interests.

“Judge Adrien’s willingness to order the partial refund with no record
evidence whatsoever of who the buyers are and who may have contract
right of interest lead to a mess … [we have a duty] to be sure only
buyers having an interest in the escrowed deposits receive money from
escrow,” she said.

McCoy’s appeal and a motion to have Adrien removed from the case are
pending before the 3rd DCA.

She said a buyer is not in default until the developer notifies the
buyer of the closing date and the buyer fails to close.

Attorney Michael Schlesinger , who represents several buyers of units
at Related’s 500 Brickell, said that even when the buyers have letters
of default, Related’s attorneys still try to avoid returning the
partial deposit.

“Every single order that I have gotten requires them to pay back the
amount exceeding 15 percent,” Schlesinger said. “They have not
complied. Do I think this is intentional? I believe so. They are
holding the money and they are earning interest.”

He said Related has denied his 500 Brickell clients were in default.
And even after the letters of default were filed with the court,
Related refused to return the partial deposits.

“They delay everything. They fight everything. McCoy doesn’t return
phone calls or e-mails,” Schlesinger said. “I wonder if she is
exercising her diligence as an officer of the court by handling so
many cases by herself and in-house”

McCoy has asked for extensions in dozens of Related cases, citing the
overwhelming number of lawsuits the developer is facing. She said she
is not working alone and has some of the “top condo lawyers in the
nation” as co-counsel.

Boca Raton attorney Eric Neuman, who also represents buyers in
disputes with Related, said the company’s actions are frustrating.

“Whoever holds the money holds the power and the longer they hold on
to these deposits the better it is for them,” he said. “Plus, most
buyers have limited resources. How long can they go on paying a lawyer
to pursue a lawsuit that is continually being stalled?”

McCoy said many lawyers working condo disputes are paid on a
contingency basis, which makes them push for speedy resolutions.

“I suspect that many buyers’ lawyers became involved expecting easy
and fast pay offs. There is no automatic right of refund,” she said.

She said the lawyers’s claims are absurd.

“I take great exception to any suggestion that the Related Group has
delayed cases’ progress,” she said in a written statement to the Daily
Business Review. “Please be assured we are represented by very
competent counsel and not a one would compromise their own reputation
for the sake of one client.”

McCoy said she is being cautious in defending Related’s rights during
“unprecedented times in the real estate market of South Florida.”

“As the largest condominium developer in the United States, we have a
duty to defend these cases in a responsible and intelligent manner.”

Henry B. Nathan is a Real Estate professional at United Realty Group Inc.

Visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

Falling prices spur more tax assessment appeals

Did I write enough about property taxes, and their relationship with our cities and counties?

Here is some more.

Almost everybody in this country seems to be on the same page. Economy is not what it used to be. People make less money, get pay cuts, fall into the jobless class, or are just afraid of spending as they used to. Which in certain ways is beneficial in the long term for a sustainable economy, a society more focused on happiness, education, family and values than on consumption.

Everybody knows that we must reduce a bit our spending, and sacrifice some of our superfluous expenses.

Everybody, except our South Florida cities and counties.

Lower property values? lower assessments? Lower appraisals? How can our cities and counties live without their ever increasing income? They just raise the tax rate and like magic, everything is balanced again.

Except that this is reaching a level where we citizens cannot afford it any more.

I often talk to foreign buyers and once they compare the cost of ownership in Florida to what it is in their countries, they are outraged. Condominium costs, insurance costs, taxes, are just too high.

Our own Florida residents have now second thoughts about that "American Dream" of owning their home, when the costs go out of hand.

Or if they already own their home, they just give up, after trying to balance their own budget, against the constant flow of higher bills and increases for water, trash, insurance, sewer, taxes, you name it.

The solution? Perhaps we should give up our homes and condos, our gardens and pools, our bedrooms and bathrooms, and just go rent or get lost in another friendlier state.

Or perhaps send the message to our public officers that enough is enough.

That we have given them the authority to govern us, not to abuse us.

We can live without their dozens of departments, comptrollers, directors, managers, committees, boards, employees, pension funds, traffic cameras, and other niceties.

In reality we are ready to give up all these luxuries, that our elected officers seem to enjoy so much.

Because we want to keep our homes.

I got this thought when I was reading the following article from:

Daily Business Review - February 03, 2010

Property taxes and homeowner associations

Owners of apartment communities in South Florida have a message for
their county property appraisers: Get ready for a showdown over 2010
tax assessments.

A spate of recent apartment property sales in the tri-county area —
which followed more than a year of relative inactivity in the sector —
has established pricing levels for apartment complex owners, tax
consultants and appraisers. Armed with new data, they are mobilizing
for a jump in property assessment disputes.

Investors have been snapping up properties at significant discounts,
the result of distressed sales brought on by the collapse of the condo
conversion boom of 2004-2007. And the prices are so low that often
complexes were purchased for much less than the properties are
assessed for tax purposes.

Although the investors got the properties cheap, many are struggling
with soft occupancy levels and declining revenue, said Robert Given,
CB Richard Ellis’ executive vice president of investment properties.

“From 2007 to now, we have had on average anywhere from a 10 to 20
percent decrease in net operating income in [apartment] communities
from the peak,” Given said. “The decrease is from rental collections
being down from more vacancies and concessions being provided to
renters.”

That’s putting pressure on owners to cut costs, including taxes. And
property tax assessments, which are based on sales recorded in the
previous year, have not caught up with the latest values.

South Florida apartment complex owners have become “edgy” in
anticipation of lower assessments, said tax consultant Christopher
Bates of Wilton Manors-based Property Tax Consulting Services.

Taxes are always a major issue for apartment investors who factor
assessments into cost projections when considering a potential
purchase, said Carlos Berner, managing director of Acumen Real Estate.
Acumen has acquired two South Florida rental communities since
December: Coral Vista Apartments in Tamarac for $30.93 million on
Friday and Banyan Lake in Boynton Beach through an $18.8 million loan
assumption.

Berner said his company isn’t concerned about assessments for Coral
Vista ($23.48 million) and Banyan Lake ($17.01 million). But Acumen
has walked away from several recent prospective purchases because of
over-assessment fears.

“We have looked at different opportunities where tax issues did not
allow us to go forward at aggressive pricing,” he said. “You never
really know if it will become an issue but we err on the side of
caution.”

Property appraisers from Miami-Dade, Broward and Palm Beach counties
are aware of the decline in rental apartment values, Bates said, but
that doesn’t guarantee there will be a widespread reduction in
assessments this year.

Under pressure to reduce budgets during the recession, municipal
governments cannot afford to lose substantial property tax revenue.

Appraisers “are trying to hold their values to secure as much tax
[revenue] as they can,” Bates said. “Property taxes are becoming a
moving target. The counties recognize the huge downturn; they just
have a hard time keeping up with it.”

One appraiser, Broward County’s Lori Parrish, acknowledges apartment
complex owners are in line for reduced assessments this year.

Broward is set to start making mass appraisals of the county’s
properties today, Parrish said. The county had more commercial
property owners appeal their assessments in 2009 than ever before, and
this year is expected to be just as busy.

“Prices are going dramatically down,” Parrish said. “We run sales
assessment ratios monthly and see it keeps trending down. Hopefully,
[in addition to lower assessments] it will affect rents and those
folks who live in rental communities will see a reduction in rent, if
there is a reduction in [property] taxes.”

Palm Beach County has not begun appraising specific rental properties,
but the appraiser’s office anticipates lowering assessments across the
board, said senior appraiser Robert Samson, who handles multifamily
properties with 10 units or more.

“We haven’t reached decisions yet on 2010,” Samson said. “We do know
that most of the commercial submarkets took major hits last year. We
will be reducing values but are not sure by how much yet.”

In Miami-Dade, property appraiser Pedro Garcia has sent letters to
20,000 property owners — many of whom own rental apartment properties
— requesting information about rental revenue and expenses, Garcia
said. That information, along with comparable sales data, will be used
to determine whether to reduce assessments this year.

“With apartment buildings, you have to be careful” when appraising, Garcia said.

“There could be bad management, or a property is not kept in proper
condition,” he said. “We have to verify everything before making
decisions.”

Critical Evidence

Will the anticipated adjustments from appraisers satisfy the apartment
complex owners enough to keep them from filing appeals to already
swamped value adjustment boards?

Not likely, said Tal Frydman, vice president of investments at Marcus
& Millichap.

“Owners who are not selling right now are not too thrilled with prices
other properties are selling for in the area,” Frydman said. “And a
lot of my clients who closed [on purchases] are going in and trying to
get their taxes lowered significantly. Very few have been able to
successfully get [assessments] lowered ... a lot of buyers have been
frustrated.”

Several apartment complex sales completed late last year gave
multifamily experts evidence that the market is at or near a bottom.

“I can’t imagine values getting much lower,” Frydman said. “The only
way prices go down further is if more distressed deals hit the
market.”

The prices the properties sold for, compared to current assessments,
hint at battles ahead between owners and appraisers.

“If you look at values from November 2009 or before, assessments are
high because the appraiser didn’t have anything to prove values were
decreasing,” said Brad Capas, senior director of apartment brokerage
services at Cushman & Wakefield.

“Property appraisers [now] have better market data, and I would like
to think that would result in lower assessments,” Capas said. “If come
November appraisers haven’t dropped values to where the market is
believed to be, owners will be much better equipped when going into an
appeal.”

Recent Deals

On Dec. 31, Coral Gables investor Jose Milton bought the Colony at
Dadeland apartments in Miami-Dade County in a short sale for $21
million, a discount of more than $34 million from what seller Colony
RB-Gem paid in May 2006. Colony had planned to convert the 334-unit
complex into condos.

The complex was most recently appraised by the county at about $30
million, however. Calls to Milton were not returned.

Earlier in December, Aventura-based Advenir paid $17.6 million for the
280-unit Lakes of Margate complex at 5750 Lakeside Drive. That
property is assessed at $18.65 million by Broward County.

Advenir president Stephen Vecchitto did not return calls.

Click play to listen to Robert Given

While being overassessed by $1 million might not seem like much,
Advenir could have a strong case if it chooses to appeal. Adjustments
by property appraisers generally bring assessments down to “anywhere
from 70 to 90 percent of what the [sale price] was,” Given said.

Options for owners

Besides recent sales data, apartment complex owners should be
bolstered by a bill passed by the Florida Legislature last year.

The bill amended an existing law to lower the standard of proof for
taxpayers who challenge their assessments. Instead of requiring that
taxpayers present “clear and convincing evidence” their taxable values
should be reduced, the “preponderance of the evidence” is the new
standard.

In the past, appraisers, through the clear and convincing evidence
standard, were presumed to be correct. Taxpayers had to present
overwhelming evidence to value adjustment boards that the appraiser
overvalued the property.

Now, the taxpayer, through the preponderance of evidence standard,
only needs to show “substantial evidence” that the assessment is
wrong. Substantial evidence could be proof that a property was
incorrectly classified by the appraiser, that it qualifies for
exemptions that were not applied, or that a property was appraised
differently than a comparable property.

“Property appraisers statewide no longer have the presumption of
correctness,” Bates said. “Before, the most difficult thing to do was
prove that. [Appraisers] have lost their edge in appeal hearings.”

Meeting with Appraisers

Multifamily investors who do not want to wait for appeal hearings can
schedule a meeting with the appraiser’s office after the assessments
are initially made public, Parrish said. That policy also applies to
Palm Beach and Miami-Dade counties.

The first posting of assessments are generally around May 15.
Miami-Dade plans to release its preliminary assessments on June 1,
Garcia said.

Property owners have 25 days to file with the county from when Truth
In Millage (or TRIM) notices are mailed out in August. Palm Beach
County does not anticipate releasing assessments before the TRIM
notices are sent out, Samson said.

Owners seeking appeals can expect a wait. Broward County is just
starting to hold hearings for 2009 appeals, while Miami-Dade County is
still mired in 2008 hearings. Palm Beach County’s backlog could not be
determined.

A successful appeal of an assessment does not always result in lower
property taxes, Parrish warns.

“Last year we lowered assessments,” she said. “But many of the
governments [in Broward County] raised tax rates substantially. When
money gets tight that’s an issue.”

Henry B. Nathan is a Real Estate professional at United Realty Group Inc.

Visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

What will $150,000 buy you in Aventura today?

What about a three-bedroom in Aventura at Villa Dorada? This 1,380 sq. ft. of inside space is a Penthouse, with two full bathrooms.

Or a two-bedroom, two baths – 1,251 Sq. Ft. at The Del Prado ? You can choose more two bedrooms at the Coronado Towers, The Parc Central, the Bonavida, the Clipper, the El Dorado, the Ensenada Condos, The Venture, the Bravura, the Admiral Port, the Flamenco.

You could also buy a one bedroom townhomes at the Aventi or the Village by the Bay town homes, or at the Turnberry on the Green condos, the Venture or the Biscayne Cove.

Amazing! Who would have thought a couple of years ago! Because Aventura is one of the most "chic" locations in South Florida, with entertainment, great dining venues, the best shopping, and outstanding schools.

Of course, the inventory of these bargains is shrinking every day. Smart buyers from overseas, Europe, Canada, South America, and also from the Northeast, with cash in hand are gobbling the best deals.

Great investment opportunity. Just in case you were missing it.

I am a real estate professional at United Realty Group Inc.
You can visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

HALLANDALE BLUES

I just received the following news about the City of Hallandale, where I live. The City Commission's special meeting held on September 24, 2009, for the purpose of passing the 2009/10 budget decided:

1) A motion presented by a commissioner to keep taxes equal to last year was defeated.

2) The motion to increase tax millage rate to 5.9 from last year's rate of 4.9818 (19.72% increase in the tax millage) prevailed (3-2 vote). That is the percentage applied on the appraised value of our homes to calculate property tax. This was the recommendation of the City Manager. More interesting facts:

3) The City of Hallandale has approximately 429 employees (full and part time).

4) 152 employees are paid $100,000 or more in total compensation.

5) 39 employees are paid $ 150,000 or more in total compensation.

6) 6 employees are paid $200,000 or more in total compensation.

7) The yard waste recycling program for single family homes will be eliminated. Hallandale City Manager recommends that residents just throw their landscaping and yard waste in their normal garbage bins. This is clearly a backwards step in the recently affirmed goal of recycling. No more making mulch off yard waste. The city will just throw more garbage in the landfill, no problem. By the way, if you want to know how much I pay in water and trash removal every month, it'll make you cry.

8) A new position was created: The Director of Public Utilities with a total compensation package of about $146,000. Exactly what we needed. The City already has a Department of Public Works, which was perfectly handling this kind of duties. But apparently in these hard times, we really need to split a department in two so we can add $146,000 to city budget!

I don't think that I should mention commissioners by name here. Or say who voted what. This is not the purpose of these comments.

But next time you pay your higher property taxes, even though the value of your home has sharply dropped, remember the reasons. The City of Hallandale has stuck us with the doctrine that thousands of new condominiums were built so that "we can increase our tax base".

Did we wrongly understand that it implied a potential reduction of our taxes?
However, our traffic problems are worse than ever. Our quality of life is degrading by the day. Everything is going down, except our taxes.

How many employees, you said? How much they make?

Come on, is Hallandale becoming the new Paris, the new New York?



I am a real estate professional at United Realty Group Inc.
You can visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

The more it changes...

The more it changes, the more it looks the same!

In America, and especially in Florida we have lately be very well trained into accepting our destiny in complete silence and infinite patience. Like the lamb on its way to the slaughterhouse. In few words, just suck it up.

Remember how we were promised by our governor, backed by our State Congress, that our insurance, our taxes will "drop like a rock" ? Remember?

Here you go:

Read the news, fresh from FloridaRealtors.org

Florida home insurance rates on rise again
The respite from rapidly rising insurance rates is ending for Florida homeowners.
State regulators approved an average 19 percent statewide increase for Federated National Insurance. The insurer, a subsidiary of 21st Century Holdings in Lauderdale Lakes, has 30,889 policies in Florida. Northern Capital Group was approved for a 10 percent hike on the policies it has taken out of Citizens Property Insurance, the state-run insurer. Both companies said the rate increases will cover higher reinsurance costs and make up some of the revenue they’ve lost due to higher wind mitigation credits they must provide.
Nearly half a dozen companies have applied for rate increases or are working on filings. United Property & Casualty has asked for a 12 percent average statewide increase. Southern Fidelity and its sister company, Capitol Preferred, have requested a 7.2 percent average statewide increase. In July, Citizens began to submit its filing for its first rate increase in three years. Its rates have been frozen since 2007. Citizens is limited to a 10 percent increase, due to a new law passed in May. But its initial staff analysis found that some areas of the state could be due rate decreases.
“Insurance Commissioner [Kevin] McCarty told the governor and Cabinet last week that insurance companies now need to shore up their claims-paying abilities through modest rate increases,” said Lisa Miller, former deputy commissioner and consultant to many Florida-based insurance companies

From FloridaRealtor.org - Oct. 1, 2009

I am a real estate professional at United Realty Group Inc.
You can visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

What a ripoff!

I read the following article in a report from FloridaRealtors.org

Read it carefully. It looks like insurance companies which only sell the Flood insurance coverage provided through FEMA, (a Federal Agency) are keeping almost HALF of the money collected.

Let's analyze this: Agents of private insurance companies, who also sell hurricane insurance, and homeowner insurance, offer the flood insurance coverage as an additional and almost universally requested coverage. These insurance companies are basically order-writers. This service costs the government's insurance company almost 50% of the money collected. It's like you as a salesperson at a bakery's counter would keep fifty cents on every dollar collected! Believe me, selling these Flood insurances to people who must buy the other type of home insurance does involve any marketing effort.

But that is something that we have grown accustomed to. Insurance companies just keep feeding on our stupidity, our acceptance of their and our government's corruption. Because how else can we qualify the conduct of FEMA which for so many years has been condoning this ripoff!

Does this ring a bell?

Here is the report I read:

Criticism mounting over flood premiums


Congress is expected to extend the National Flood Insurance Program (NFIP) for another 12 months even though the program continues to be in debt and accused of lacking adequate controls. The NFIP, which is run by the Federal Emergency Management Agency (FEMA), also has been criticized for shifting too much money to the insurance sector. A Government Accountability Office (GAO) report revealed that FEMA does not have a system in place to track the profits earned by insurers in the program, nor a way to determine if those profits are appropriate. “There are certain things to be learned,” says Insurance Information Institute President Robert Hartwig. “If the price charged for the service rendered does not cover the cost, you will ultimately run a taxpayer-financed deficit.” NFIP earns about $2.3 billion in premiums per year, but insurers retain about $1 billion. Auditors discovered that FEMA does not examine insurers’ actual expenses when determining what share of the NFIP premiums they will receive. GAO also noted that the insurers involved in the program do not actively sell flood insurance, but merely offer the coverage only when policyholders ask for it. Auditors also note that FEMA has not done enough to prompt insurers to market flood coverage to a broader group of policyholders.

From FloridaRealtors.org - Oct. 1, 2009

I am a real estate professional at United Realty Group Inc.
You can visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

Opposing the Drilling

BRAVO!

Read in the Sarasota Herald Tribune - September 23, 2009

Sarasota County opposes drilling

Sarasota County commissioners voted unanimously to make stopping a proposed offshore drilling bill a legislative priority in 2010. Pristine beaches should trump oil exploration, Sarasota County leaders said Tuesday in opposing any oil exploration in Florida waters. Oil drilling promises to be a major issue in the upcoming state legislative session. Top legislators -- most from inland counties -- are pushing a plan to allow oil exploration within 10 miles of the shore. The County Commission voted unanimously to make stopping the oil bill a legislative priority in 2010. Commissioners even changed the language of the resolution to remove any ambiguity. It now reads: "Do not pursue offshore drilling in Florida waters." "I would support that," said Commissioner Nora Patterson. "Pretty straight," added Commissioner Shannon Staub. Instead of oil, the county's legislative agenda calls on state leaders to support alternative energy options like solar energy and to "build a green economy through aggressive energy policies." The Legislature did not pass a major renewable energy bill proposed by Gov Charlie Crist last year. Crist's proposal -- known as a renewable portfolio standard -- would force power companies to generate a percentage of their electricity from renewable sources such as solar energy.

I agree. Leave our beaches alone. Our oceans and water are already enough polluted. And our agonizing coral reefs are desperately asking for a break.

Henry B. Nathan is a Florida Realtor at United Realty Group Inc.
Visit my website: http://www.condo-southflorida.com
where you can search for Aventura Condos, Florida Condos, Sunny Isles Condos,

My cousin's internet shops in Israel

http://www.etsy.com/shop.php?user_id=7398267

My two cousins Mireille Simhon and Viviane Nathan are active on the internet with beautiful collections of clothes. It's BESOGRAIM Etsy Shop.

Besograim means "within parenthesis" (or between quotes). In French it is "entre parentheses"

My cousin Mireille had a great French restaurant in Jerusalem. A "parve" eatery, and that means that she couldn't serve meat or poultry. It was set up in a historical old house and it was a well-known landmark for many years. She had recently to close it for some landlord-related issue. I had some great meals there.

The two cousins have been living in Israel for many years. Viviane is a writer, and before moving there, she won some literary prizes in Latin America.

I just want to give them some support and wish them good luck.

I have another cousin who is in jewelry. She does great stuff. I will eventually post her link here.

Check Besograim now:

ISRAEL FREE SHIPPING FASHION INTERNET STORE

Whatever they do, they have always done it right.
Good luck, cousins.


I am a real estate professional at United Realty Group Inc.
You can visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

Home for Sale in Palma de Mallorca

Casa en Palma de Mallorca en Venta

la mansion de montebello esta situada en el area exclusiva del golf de son vida.... cjw2z

Hallandale Short Sales - SouthFloridaShortsales - Hollywood Shortsales Florida Short Sales

An update

It's been some time since I posted my outrage regarding a Bank overcharging their mortgage customer for an unnecessary flood insurance.
What happened next?
After about three months of phone calls with Bank's employees who kept assuring the customer that everything was fine, he hadn't yet received the refund for the insurance amount unduly charged to his account.
The last news I got was that the bank finally sent him a statement indicating that they would charge not charge him for the insurance. But no news about the refund of all these months of insurance charges.
He will keep calling the bank. I guess.


Henry B. Nathan is a Licensed Florida Real Estate Agent and Mortgage.
Visit my websites:
www.southflorida-shortsales.com
www.aventura-shortsales.com
www.miami-shortsales.com
www.miamibeach-shortsales.com
www.brickell-shortsales.com
www.sunnyisles-shortsales.com

Outrage

It was a Monday morning and I get a call from one my clients in France. A couple of years ago, he has bought a nice condo in a new building in South Florida.

He only financed about half of the value ($150,000) with one of the largest US banks at a fixed rate.

He is not complaining about the huge drop in the value of his property due to the terrible market. He pays in time his mortgage and the property taxes that the bank withdraws every month from his account. For the time being, he is renting his apartment since he can't travel. One day, he will eventually spend his vacations in Florida. I assist him in the rental , even though the rent hardly covers his taxes and condominium fees.

He calls me a week ago. All of a sudden, the bank is charging him about $550 more PER MONTH. He just noticed it from his statements, when he observed the dwindling balances. They have already charged him the extra amount for three months and he just found out.

I go through his file and find that the loan has a fixed interest rate for thirty years. So it can't be a rate adjustment. He pays directly his condominium fees, so I also discard a possible increase in these charges. Mystery!

I advise him to call the bank from France. I get another call from him the next day.

It appears that the bank claims to have sent him a couple of notices that they needed an update of his flood insurance policy and since he did not respond, they proceeded to contract a flood insurance which cost is what they were charging him on top of his usual monthly payment. He never received them, perhaps because he changed address in France a year ago.

$ 550 per month is about $ 6,600 per year, for Flood Insurance. The bank claimed that they had an insurance company issue a new flood policy covering any loss due to a flood in this new building.

The building policy actually covers this risk and it was exhibited when my client took the mortgage loan with this bank, and it was provided by the condominium association, as it is the usual procedure.

Apparently, the bank wants the condo association to provide them every year with the proof of renewal of the flood insurance.

Are they so careful with their stockholders' money? Are they so, but so attentive to every little detail that could avoid any loss to their bank?

Sure. So conscientious that the whole country's economy was almost busted by the mortgage crisis that these same great banks caused. So conscientious that billion after billion they lost most of their investors' money in "subprime" loans.

They are so diligent that, of all the delinquent borrowers, one of their few clients religiously paying his mortgage is suspected of negligence and summarily hit with this incredible charge.

I proceeded to call my own insurance agent to find out what it would cost for a similar condo to be insured against flood. He represents one of the largest insurance companies in the US. He quoted me an approximate cost of

$200 A YEAR.

Now, which is that company that the Bank chose to issue a flood insurance costing his customer 33 times as much as the normal premium?

Do I have a reason to suspect collusion and bad faith? Do I have a reason to be indignant as was my French customer?

In good mood he told me that French banks are not much better.

Of course he called the bank, and solved the problem. In a few minutes, the condo association faxed the bank their flood policy and the "problem" was cleared. I hope the bank will refund my client the abusive charges.

But the bottom line is that this kind of thing shouldn't happen in the first place.

Why? Why do we have to fight every day against these giants who are the beneficiaries of our business. These enormous corporations who get Federal money at unbelievably low rates, and pay ridiculously low interests to their depositors, only to lend it back to them, often at usury rates.

I asked my insurance agent if he knew an insurance company who would charge a $6500 premium to insure a small condominium. All I got was a hearty laugh and his suggestion that if I find out what insurer the bank is using to "protect his clients" please find him a job there; they must be making an awful amount of profit.

What a joke!

Outrageous?

No comments.

Henry B. Nathan is a Florida Licensed Real Estate Agent.

Please visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

Sales Activity at the Ocean Four Condos in Sunny Isles Beach

REPORT

LISTINGS AND SALES ACTIVITY AT OCEAN FOUR CONDOS IN SUNNY ISLES

OCEAN FOUR CONDOS

As of: July 7th, 2009

Units available for sale: 51

Model E - 1301 Sq. Ft. 2 bedrooms, 2 bathrooms 5 Units, priced from $495,000 to $650,700

Model B - 1396 Sq. Ft. 2 bedrooms, 2 bathrooms 2 Units, priced from $749,000 to $769,000

Model D - 1583 Sq. Ft. 2 bedrooms, 2 bathrooms 7 Units, priced from $650,000 to $1,320,000

Model B- Mod. 1644 Sq. Ft. 2 bedrooms + Den, 2 bathrooms 5 Units, priced from $604,900 to $995,000

Model D 1886 Sq. Ft. 2 bedrooms, 2.5 bathrooms 14 Units, priced from $649,888 to $1,050,000

Model A - 2755 Sq. Ft. - 3 bedrooms, 3.5 bathrooms – 9 Units, priced $1,390,000 to $1,695,000

Model F - 3018 Sq. Ft. - 4 bedrooms, 3,5 bathrooms - 8 Units, priced $1,165,000 to $1,950,000

PH 4101 - 5239 Sq. Ft. - 4 bedrooms, 5 bathrooms- 1 unit, priced at $4,190,000

These are the specifications of the Ocean Four different floor-plans.

Model	Bedrooms	Baths	Living Area	Balcony	Total Area
A	3	3.5	2755	256	3011
B	2	2	1396	186	1582
B Mod	2+ Den	2	1644	186	1830
C	2	2.5	1886	391	2277
C Rev	2	2.5	1886	391	2277
D	2	2	1583	287	1870
D Rev	2	2	1583	287	1870
E	2	2	1301	264	1565
F	3	4.5	3018	569	3587

Least expensive available: Unit 706 - 1301 Sq. Ft. - $ 495,000

Most expensive available: Unit 4101 – 5239 Sq. Ft. - $4,190,000

No MLS sales recorded in the last 3 months

2 units have been sold in the last 6 months

- Unit 909 - 1,301 Sq. Ft. $485,000

- Unit 806 - 1,301 Sq. Ft. $396,000 (REO)

This is an average of 1 sale every 90 days at the Ocean Four Condominiums.

There are 51 Active Listings for Sale at the Ocean Four Condos as of July 7^th, 2009

Total of apartments at the Ocean Four Condos: 281

Percentage of Ocean Four Condos for sale as of July 7^th, 2009: 18.15%

This report is provided by Henry B. Nathan, a Florida Realtor at United Realty Group Inc. and a Florida Licensed Mortgage Broker. The accuracy of any information in this report is not guaranteed. Information was drawn from the MLS and other sources.

Visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

Ocean Three Condos - Sunny Isles Beach -

SALES REPORT

LISTINGS AND SALES ACTIVITY OCEAN THREE CONDOS, SUNNY ISLES BEACH

OCEAN THREE CONDOS

As of: July 5th, 2009

OCEAN THREE Units available for sale: 25

Line 02 & 03 - 1591 Sq. Ft. - 2 bedrooms, 2 bathrooms - 4 Units, priced from $ 640,000 to $794,000

Line 4 - 1930 Sq. Ft. - 2 bedrooms, 2,5 bathrooms - 2 Units, priced from $80,000 to $799,000

Line 6 - 2136 Sq. Ft. - 3 bedrooms, 3 bathrooms - 7 Units, priced from $879,000 to 1,299,000

Line 05 - 2,864 Sq. Ft. - 3 bedrooms, 4.5 bathrooms - 4 Units, priced from $1,208,000 to $1,975,000

Line 07 - 2,649 Sq. Ft. - 3 bedrooms, 4.5 bathrooms - 6 units, priced from $998,000 to $1,350,000

Line 01 3,945 Sq. Ft. 3 bedrooms, 4.5 bathrooms - 2 Units, priced from $1,975,000 to $2,700,000

Least expensive available: Unit 1903 –1,591 Sq. Ft. - $640,000

Most expensive available: Unit 701 – 3,945 Sq. Ft. - $2,700,000

No sales in the last 3 months.

4 units have been sold in the last 6 months

Unit 2704 - 1,930 Sq. Ft. $700,000

Unit 506 - 2,136 Sq. Ft. $730,000

PH 3506 - 2,136 Sq. Ft. $850,000

Unit 2707 - 2,649 Sq. Ft. $1,000,000

This is an average of 1 sale every 45 days at the Ocean Three Condominiums.

Since there are 25 Active Listings at the Ocean Three Condos as of July 5^th, 2009

And the total of apartments at the Ocean Three Condos is: 215

The percentage of Ocean Three Condos for sale as of July 5^th, 2009 is: 11.63%

11.63% of the total apartments in this building are presently for sale. While higher than the optimal, it is still a healthy index and it is an indicative of the demand of Ocean Three Condos as a good value in Sunny Isles Beach.

Henry B. Nathan is a Florida Realtor at United Realty Group Inc. and a Florida Licensed Mortgage Broker.

Visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

Ocean Two Condos - Sunny Isles Beach - Activity Report

LISTINGS AND SALES ACTIVITY AT OCEAN TWO CONDOS

IN SUNNY ISLES BEACH

Report as of: July 5^TH, 2009

OCEAN TWO CONDOS

At this time there are 18 Units available for sale at OCEAN TWO CONDOMINIUMS

2 bedrooms, 2.5 bathrooms - Line 07 - 1900 Sq. Ft. - 3 Units, priced from $859,000 to $975,000

3 bedrooms, 3 bathrooms - Line 03 and 06 - 2,150 Sq. Ft. – 4 Units, priced from $820,000 to $910,000

3 bedrooms, 4.5 bathrooms - Line 04 and 05 – 2,440 Sq. Ft. – 9 Units, priced from $879,000 to $1,300,000

(Note: $879,000 listing is still unresolved short-sale.)

3 bedrooms, 4.5 bathrooms - Line 01 and 08 – 2,665 Sq. Ft. - 2 Units, priced $1,375,000 and $1,390,000

Least expensive available: Unit 203 –2,150 Sq. Ft. - $820,000

Most expensive available: Unit 908 – 2,665 Sq. Ft. - $1,390,000

In the last 90 days, only 2 sales have been recorded.

Unit 905 – 2,440 Sq. Ft. - $940,000

Unit 603 - 2,150 Sq. Ft. - $735,000

This is an average of one sale every 45 days at the Ocean Two Condominiums.

Only 18 Units are listed for sale at this time at the Ocean Two Condos.

The total of apartments at the Ocean Two Condos is: 254

The percentage of Ocean Two Condos apartments for sale as of July 4^th, 2009 is: 7.08%

Notes:

I read in the Miami Herald this week that the Ocean Two Condos were classified within Sunny Isles Beach and Dade County condominium buildings one of the best performing condominiums, as far as maintaining their values since the peaks of 2004/2005.

I understood from that article that Ocean Two Condos have not lost more than an average of about 10% since the highest values were registered at the peak of the market in 2004/2005.

That might right.

Looking at the statistics we are analyzing here, only 7% of the total apartments in this building are presently for sale. Quite a healthy index that says a lot about the high demand of Ocean Two Condos. Undoubtedly they represent one of the best values in Sunny Isles Beach.

Henry B. Nathan is a Florida Realtor at United Realty Group Inc. and a Florida

Visit my website: http://www.condo-southflorida.com/ where you can search for Hallandale Beach Condos, Sunny Isles Condos

Listings & Sales at The Beach Club Condos - Hallandale -

REPORT

LISTINGS AND SALES ACTIVITY AT THE BEACH CLUB CONDOS IN HALLANDALE

As of: June 29, 2009

BEACH CLUB ONE CONDOS

BEACH CLUB ONE Units available for sale: 54

Studios and One-bedroom - 4 units – Priced from $360,000 to $600,000

2 bedroom – 13 units – Priced from $335,000 to $729,000

More than 2 bedroom – 37 units – Priced from $425,000 to $1,775,000

Least expensive available: Unit 409 – 1,082 Sq.Ft. - $ 335,000

Most expensive available: Unit 4405 – 2500 Sq.Ft. - $ 1,775,000

BEACH CLUB ONE CONDOS sold in the last 90 days: 8 units from $290,000 to $720,000

*****

BEACH CLUB TWO CONDOS

BEACH CLUB TWO Units available for sale: 66

Studios and One-bedroom – 13 units - Priced from $200,000 to $467,000

Two-bedroom – 23 Units – Priced from $539,000 to $1,500,000

More than 2 bedroom – 30 Units – Priced from $649,000 to $2,000,000

Least expensive available: Unit 2705 – 800 Sq. Ft. - $ 250,000 (SHORT SALE)

Most expensive available: Town House – 4,020 Sq. Ft. - $ 2,000,000

BEACH CLUB TWO CONDOS sold in the last 90 days: 11 Units from $237,000 to $900,000

***

BEACH CLUB THREE CONDOS

BEACH CLUB THREE units available for sale: 77

Studios and One-bedroom – 9 units – Priced from $280,000 to $467,000

Two-bedroom – 22 Units – Priced from $328,000 to $1,250,000

More than 2 bedroom - 46 Units – Priced from $359,000 to $1,799,000

Least expensive available: Unit 2906 – 1,086 Sq.Ft. - $280,000

Most expensive available: Penthouse 4404 – 2548 Sq.Ft Living area – 5,008 Sq. Ft. total area - $ 1,799,000

BEACH CLUB THREE CONDOS sold in the last 90 days: 9 Units from $295,000 to $600,000

***

Our remarks:

28 total SALES have closed in the last 90 days at the Beach Club complex

This is an average of 0,311 closing per day at the Beach Club Condos complex

197 total Active listings at the Beach Club: as of June 29, 2009

Total of apartments at the Beach Club Condominum Complex (All three buildings): 1,258

Percentage of Beach Club Condo Units on the market: 15.66%

Henry B. Nathan is a Florida Realtor at United Realty Group Inc. and a Florida Licensed Mortgage Broker.

Visit my website: http://www.condo-southflorida.com/

where you can search for Hallandale Beach Condos, Sunny Isles Condos

My favorite Hollywood restaurant.

Sushi Blues Cafe

I discovered it around 1991. A narrow storefront, bar on the right, behind the musicians stand; tables aligned on the left, against the wall.
We hesitantly started ordering mainly their hot appetizers, with just one or two adventurous steps on sushi rolls. And a glass of white wine, or a bottle of their enigmatic Japanese beers.
And then there were the blues. We didn't even realize how good the food was till we got hooked. On the music and on the food. It was a different time in South Florida, and the options were limited.

This was sort of a little Chicago or New York corner, very friendly; where we would meet the kind of people we didn't suspect would be living in Hollywood, Florida: gentle, smiling, sometimes educated, and always happy.

It just became our favorite joint and we would take our out-of-town visitors every time to show them how life in Florida wasn't so boring after all. The fact is that, not only was this place our introduction to Sushi, it made us get a taste and an appetite for good jazz.
b
I still remember listening one night to this wonderful musician, a black kid on a mission, vibrantly playing all night, while his dad, for whom they have accommodated a chair on the side, kept vigilantly watching.

But things change.

A few years ago, the building on the Young Circle was boarded and the stores closed.

We eventually discovered the new Sushi Blues place. It was now on Harrison Street. Very different, beautifully decorated, modern, stylish. A "South Beach" look, if you mind.
We still found a couple of the original waiters; Yozo now known as a famous sushi expert, still smiles behind the counter. And Junko, the Japanese owner, who takes her chef occupation very seriously, still concocts wonderful inventions from time to time; sometimes stops at our table for a few seconds, because she has become sort of an old friend.

Even after the small fried fish tidbits have disappeared from the menu many years ago, and this menu has grown enormous, Sushi Blues is a sure bet when I just want a great dinner with some entertainment. Aside from the traditional sashimi and sushi, they have some very good fish plates. I can make it a big splurge or just a wine-and-appetizers affair.

Always close-to-perfect food.

I adopt restaurants where I am sure that I will never have a bad experience; where the quality is consistent, and the owners are proud of their profession. Sushi Blues Cafe is a good example.

They used to have music every night.

A few years ago, Ken Maslak, Junko's husband and co-owner of the restaurant, ruled that we would get music only on the weekends, starting Friday night. But they also started to present a wider musical variety. Ken knows how to choose good artists. He often joins them, but not always. He is a great saxophonist and plays a bunch of instruments, including the drums. Posters of his concerts in Europe and Asia cover one of the walls. One of their daughters is an international-class pianist and played sometimes in the past. Not any more.

I lately discovered that I could even invite some of these orthodox Jews friends, since the fish options are plenty. I am not at all religious myself, but that was one of the few places they would try, and they it's always love at first sight.

Where else can you dine while you enjoy concert-quality music for free?

Well, I am not a part-owner of this joint, nor am I on their advertising budget.

It's just something that I would like to share with my friends and customers. I had nothing better to blog about today.

Sushi Blues Cafe is on Harrison Street, a couple of blocks East of Dixie Highway.

Now Junko... how many more of these posts do I need to write, to get me a free dinner?

Market bottom and Real Estate Inventories in South Florida

With my limited resources, and as almost anybody in this country at this time, I try to get some feelings about where the market is at this time and where it is headed.

Since we hesitate to believe the assessments of the realtors main organizations, which historically tend to be overly optimistic, and inject some hope within its members and the public at large, one of the simple but effective tool that we can use is our access to the MLS.

The multi-listing system, while it does not cover the entire of real estate commerce, is however sufficiently inclusive that we can interpolate its results and get generally reliable information.
Of course, there are people who do not use an agent to buy or sell a property. There are properties which have been withdrawn from the MLS but are still available for sale; there are expired listings wating to be placed again on the system.
But these are factors that are permanents and should not affect specific findings, opinions, or judgments.

It is very simple. I just take a note at specifics times of the quantity of homes available for sale in my main areas of interest. I split them between condos and single family homes.

The comparison in the active listings for sale between certain dates should give us an idea about how the inventory of properties for sale is evolving throughout the last months.

The last time I had compared these inventories was May 15, 2009. I had evaluated the changes since March 19, 2009, a period of about 8 weeks, or 2 months. I saw evident signs of inventory reduction.

I had all but forgotten about the whole thing. But then, on June 10th, 2009, it occurred to me that it would be worth to do the same comparison one more time. So I just pulled out all active listings on the MLS in the same locations. And guess what? The same trend continues. Correct me if I am wrong, but except the Brickell Avenue area, there is not one neighborhood or city in South Florida where the inventory has not gone down. OK, I might be exagerating since I didn't really cover all locations. But whatever I looked at confirmed these findings.

So again, I am asking:

Is this the bottom of the market?

Does this constant reduction in the listings announce the long-due recovery?

Prices are still falling, but at a much slower pace. In many area they appear to be stable. Of course that some foreclosure sales are being made at surprisingly low prices, but these are not the whole market. And in some of the most desirable areas, (like the beaches which are my specialty areas), I can feel some pressure on the prices.

How can I explain this? Perhaps less available bargains than ever during the last year or so? Less "steals" to offer to my buyers?

We can't deny that new construction is at a standstill all over South Florida. In the last two years, only the completion of some projects has added new properties on the market. New projects are almost non-existent.

The flow of out-of-town buyers, investors, new first-home-buyers must have done its job of eroding the inventory. It will go on. The assistance that the Federal authorities are putting in place to help middle-class homeowners is starting to show. Prices have made real estate more affordable.

Perhaps not as affordable as we would hope. We can't forget that the real price is the price at which a buyer can afford it without getting in trouble. Sacrifices have always been done in order to achieve the American dream of home ownership. But you still have to feed your family, pay your water, electricity and a minimum of inescapable expenses. (let's not talk about health-related bills which for many people have become another unattainable dream). If you can pay your mortgage, taxes and maintenance fees after saving as much as possible on the rest, then the property is affordable.

Fannie Mae has traditionally ruled that housing expenses for a homeowner shouldn't exceed about 30% of his gross income. That should be the criteria to determine a reasonable market price.

But all this is not what we really want to talk about.

We are analyzing the inventories of active listings of properties for sale.

There is a factor that we cannot ignore. Foreclosures and short sales can and will increase in the immediate future, due to the end of banks "moratorium" on foreclosures but, so far, we haven’t seen a sensible effect on increasing real estate inventory. Or perhaps the acceleration of market normalization would be much more evident if these new foreclosures wouldn't be feeding the market.

This comparison is significant. Not a lot of economics and theories. Just cold facts. As much as 10% less homes for sale in less than three months.

Are we reaching bottom? I am starting to give it some serious consideration.

These are the inventories of condos and homes in some of the most important areas of South Florida.

	As of March 19, 2009	As of May 15, 2009	As of June 10, 2009
Aventura Condos	1864	1769	1724
Bal Harbour Condos	270	283	255
Brickell Area Condos	810	714	772
Hallandale Beach Condos	1320	1260	1202
Hollywood Condos	1477	1608	1554
Fort Lauderdale Condos	2903	2918	2870
North Bay Village Condos	304	303	298
Pembroke Pines Condos	1096	971	926
Sunny Isles Condos	1495	1401	1367
Surfside Condos	189	172	168
Weston Condos	331	309	278
West Palm Beach Condos	2732	2510	2470
Aventura Homes	54	47	47
Coconut Grove Homes	156	156	152
Coconut Creek Homes	231	172	153
Coral Gables Homes	607	555	535
Coral Springs Homes	720	568	503
Hallandale Beach Homes	124	114	111
Hollywood Homes	1477	1288	1199
Fort Lauderdale Homes	1902	1733	1676
Miami Beach Homes	492	469	454
Pembroke Pines Homes	837	654	609
Surfside Homes	70	73	67
West Palm Beach Homes	1841	1665	1601
Weston Homes	545	487	473

Explaining the $8,000 Tax Credit

Congress has passed legislation granting a tax credit of up to $8,000 to first-time home buyers.

Let's see what it's all about. To qualify, you need to be a:

a) First-time home buyer purchasing a home between January 1, 2009 and December 1, 2009.

Clock is ticking!

b) A“first-time home buyer” may not (or their spouse) have owned a residence during the three years prior to the purchase.

b) Tax credit is only applicable on primary residences, including: single-family homes, condos, town homes, and co-ops.

c) The maximum amount allowable is $8,000. It is determined by the price of the home . Maximum credit is 10% of the purchase price up to $8,000.

d) Only buyers with maximum incomes of $75,000 for single persons or $150,000for married couples are eligible for the whole credit of $8,000

e) Buyers with incomes between $75,000 and $95,000 if they are single or between $150,000 and $170,000 if they are married couples filing jointly, may receive the tax credit, but its amount will decrease as the income(s) approaches the maximum limit.

f) Incomes over $95,000 for singles and $170,000 for couples will automatically disqualify buyers from getting this tax credit. (God forbid you make more than $170,000 in 2009! )

g) Beneficiaries of the tax credit need NOT to pay it back, but (there is always a but!) they must occupy the home for at least three years. If they sell it during the first three years, they will have to give it back at the time of the sale.

h) The tax credit can be used to pay closing costs.

i) U.S. Department of Housing and Urban Development has ruled that, in FHA loans, the tax credit can be used upfront. Accordingly, FHA approved lenders can develop bridge loans that would allow the coverage of closing costs, or buy down their interest rate, or increase down payment over the minimum 5 percent.

j) These bridge loans cannot cover the minimum 3.5 percent down payment.

k) Of course, there are other sources of assistance for buyers needing help with the 3.5 percent down payment, including state and local government programs and nonprofit lenders.

Henry B. Nathan is a Florida Realtor at United Realty Group Inc.

and a Florida Licensed Mortgage Broker.

Call me: (954) 296-6741

Or visit my website: http://www.condo-southflorida.com/

where you can also search for

Hallandale Beach Condos, Sunny Isles Condos,

Aventura condos

Bal Harbour Condos

The following is a useful reference of names and addresses of the most important Bal Harbour Condo Buildings.

If you just want to review all available MLS condo listings in Bal Harbour, please visit my website and review

the information about the Village at Bal Harbour, at: http://www.condo-southflorida.com/balharbour.html

You will also be able to search for condos available for sale and rent in most buildings in that area.

Just go to: CONDO SEARCH

and choose in the top-left scrolling menu the city of Bal Harbour. All buildings will be shown with their respective listings.

BAL HARBOUR CONDOMINIUM BUILDINGS DIRECTORY AND ADRESSES

ADMIRAL APARTMENTS	10160 COLLINS AV - BAL HARBOUR
AVONDALE APT	10170 COLLINS AV - BAL HARBOUR
BAL BRIDGE CONDOMINIUM	10230 COLLINS AV - BAL HARBOUR
BAL HARBOUR 101 CONDO	10155 COLLINS AV BAL HARBOUR
BAL HARBOUR COURT CONDO	32 CAMDEN DR - BAL HARBOUR
BAL HARBOUR TOWER CONDO	9999 COLLINS AV - BAL HARBOUR
BELLINI CONDO	10225 COLLINS AV - BAL HARBOUR
BLAIR HOUSE CONDOS	9102 W BAY HARBOR DR - BAL HARBOUR
BALMORAL CONDOS	9801 Collins Avenue - BAL HARBOUR
BROWNSTONE CONDOS	10178 COLLINS AV - BAL HARBOUR
CARLTON TERRACE CONDOS	10245 COLLINS AV - BAL HARBOUR
CARAVELLE CONDOS	9111 E BAY HARBOR DR - BAL HARBOUR
EVENING STAR CONDO	1152 99 ST - BAL HARBOUR
FIFTY PARK DRIVE CONDOS	50 PARK DR - BAL HARBOUR
ISLAND POINTE CONDOS	10350 W BAY HARBOR DR - BAL HARBOUR
KENILWORTH CONDOS	10205 COLLINS AV - BAL HARBOUR
LONDON TOWERS CONDOS	9381 E Bay Harbor Dr - BAL HARBOUR
MAJESTIC TOWERS	9601 COLLINS AV - BAL HARBOUR
NEW HARBOUR HOUSE	10275 COLLINS AVENUE - BAL HARBOUR
ONE BAL HARBOUR	10295 COLLINS AVENUE - BAL HARBOUR
SOLIMAR CONDOS	9595 COLLINS - BAL HARBOUR
THE PALACE AT BAL HARBOUR CONDO	10101 COLLINS AV - BAL HARBOUR
THE PLAZA OF BAL HARBOUR	10185 COLLINS AV - BAL HARBOUR
THE TIFFANY CONDOS	10175 COLLINS AV - BAL HARBOUR
WATERS EDGE HOUSE CONDOS	286 BAL BAY DR - BAL HARBOUR

Bal Harbour is one of the top destinations in South Florida; well known for its discreet elegance, posh residences, attractive beach, and world-famous Bal Harbour Shoppes. The Bal Harbour shops, a sophisticated swath of design boutiques boast the best word collections of 'creme de la creme' : Armani, Prada, Cartier, Ungaro, Dior, Hermes, Tiffany Gianfranco Ferre, Louis Vuitton, Roberto Cavalli, Versace, Chanel, Jaeger, Valentino, Zegna, Bvlgari, Yves Saint Laurent, Gucci, Ferragamo, they are all here! Saks and Neiman Marcus upscale department stores add to the mixture.

Henry B. Nathan is a Florida Realtor at United Realty Group Inc.

and a Florida Licensed Mortgage Broker.

Call me: (954) 296-6741

Or visit my website: http://www.condo-southflorida.com/

where you can also search for Bal Harbour Condos

as well as

Hallandale Beach Condos, Sunny Isles Condos

Real Estate Statistics and Market Bottom

What I can read from South Florida Real Estate Statistics

Active South Florida MLS listings "FOR SALE"

Condominiums and Single Family Homes.

In the table below, I am comparing active inventories of homes and condos in the most important areas of South Florida.

In several areas, I notice a reduction in the listings of up to 5 and 10%. The tendency is evident in all locations analyzed.

Is this the bottom of the market? A continuous reduction in the listings would eventually mean a stabilization, in the continuous deterioration of prices.

Inventory of homes for sale is an important factor to analyze, and it is also true that practically no new construction has been added to this inventory in the last two or three years, except for some late completion of condominium building.

Affluence of out-of-town buyers and investors has been slowly eroding this inventory and it will continue.

However, foreclosures and short sales could increase in the immediate future, due to the end of some banks "moratorium" on foreclosures.

In all cases, the above comparison is significant. I don't think it is too adventurous to start thinking that we might be very close to the market's bottom.

Of course, I am not a trained economist. I just use the MLS statistical tools and they reflect what I have been feeling for some time now. The best properties are being sold; the most attractive opportunities are being grabbed. Of course, incredible offers and bargains are around every corner, but there are getting scarcer to find and this definitely not going to last forever. This is not a sales pitch, I promise.

Inventory - Units for Sale	As of March 19, 2009	As of May 15, 2009
Aventura Condos	1864	1769
Bal Harbour Condos	270	283
Brickell Area Condos	810	714
Hallandale Beach Condos	1320	1260
Hollywood Condos	1477	1608
Fort Lauderdale Condos	2903	2918
North Bay Village Condos	304	303
Pembroke Pines Condos	1096	971
Sunny Isles Condos	1495	1401
Surfside Condos	189	172
Weston Condos	331	309
West Palm Beach Condos	2732	2510
Aventura Homes	54	47
Coconut Grove Homes	156	156
Coconut Creek Homes	231	172
Coral Gables Homes	607	555
Coral Springs Homes	720	568
Hallandale Beach Homes	124	114
Hollywood Homes	1477	1288
Fort Lauderdale Homes	1902	1733
Miami Beach Homes	492	469
Pembroke Pines Homes	837	654
Surfside Homes	70	73
West Palm Beach Homes	1841	1665
Weston Homes	545	487