This question was asked on Trulia real estate search here and answered to my best ability below.

700 credit score but thinking of foreclosure and wondering how long will it take for my credit to recover?

Q: My 1/1,5 condo in NMB Fl was purchased for $137K in 2006 BUT the complex now has units selling for $17K-$24K. We also have about 25% units in foreclsoure and almost 65% of the owners are not paying HOA fees. I am thinking of sending the keys to the bank because the builiding will probably be shut down by the city because the HOA cant pay its monthly bills and it was already sitting on $180K in unpaid HOA fees at the start of 2009 . I hate to see my credit go in the toilet but I cant wrap my brain around holding onto a property that has decreased 85% in value in the last year. I am a responsible person and paying all other bills on time. I was never late with my mortgage payment in the 3 years since I purchased. The bank wont consider lowering the principle which in my opinion would be the TRUE way to help in part save the economy. But that is just my 2 cents which is now valued at -$5 due to depreciation. Thanks for any advice!

A: Whew, that’s a tough call. Where’s the Suze Orman of real estate when a good question like this one pops up!? It seems as though the association/condo board have failed at going after delinquent fees needed to maintain the building. Delinquent payments are very common in all condo buildings yet at this high level of 65%, it a surprise the water is still on. The new Fannie Mae guidelines from January 2009 would not allow financing so it would have to be geared to cash investors yet no investor would take on the liability of covering everyone elses slack with inevitable assessments on the horizon.

A Deed in Lieu of foreclosure may be the most viable option although speak to your bank(s) in all honesty on the current circumstances and be sure to negotiate DOWN the deficiency lien. Do not take no for an answer and keep climbing the peon ladder until the manager can help. I say this only because I’m afraid a short sale just won’t fly from lack of a ready willing & able buyer. IF you could find a buyer, then please jump on the short sale option making sure there are no deficiency liens or 1099′s if it’s an investment property. I assume this is your “home.” I also heard an interesting concept yesterday where it MAY be that FICO (credit) scores will be weighted in favor of owners such as yourself who are forced into foreclosure or hand over their properties between the years of let’s say 2005-2009. Meaning less likely to greatly “break” the FICO instead weighted and factored in favor on the years of trouble down the road when you feel it’s time to borrow again. Just an idea that may make sense in the future because of the current circumstances (not a fact but likely).

It’s been a tough battle over the last 4 years for a large majority of owners in similar circumstances as property values tumbled. This building WILL eventually turn around after a financial correction and an efficient condo board is established. Miami Dade residential sales are up 67% over this time last year and 20% over March! Stay positive & strong no matter how bad it gets and remember this simple (& odd) advice from my father when I’ve have hard problems to swallow… “they can’t kill you!”

I am open to more ideas & opinions and my answers can be wrong as a fallible sales associate.. This is only opinions and advice from today’s knowledge/understanding and I welcome any further insights I may be unaware of.

2 Story Tower Suite at the Prestigious Portofino Tower

Lifestyles of the Rich & Famous (Part 4) brings us to a very desirable 2 story home in the sky. This palace residence is #3105 at Portofino Tower South Beach located in SoFi (South of Fifth) at 300 South Pointe Drive and was just reduced by $1M USD this month for a motivated sale, to a new asking price of $4.9M  or $891 PSF.

With a recent purchase price of $5.250M (06/2007), this luxury South Beach condo residence is comprised of 4 large bedrooms and 4.5 baths with just under 5,500 interior square feet and boasting 270 degree views of the Atlantic ocean, Biscayne Bay and stellar South Beach real estate. The private elevator opens directly onto the second floor and into the living areas and kitchen with maids quarters and floor to ceiling windows encompassing all of South Beach. The stairs circle down into the master bedroom suite with his & hers bathrooms and massive closets. This one of a kind trophy property is for the buyer ready to enjoy their lifetime successes.

Portofino Towers South Beach

is the tallest luxury highrise built in 1996 and what a great year it was! Today there are 28 condos for sale (MLS derived) out of ~220 total or 13% as this is a well established “healthy” building with very happy residents. Statistics also show an average asking price per square foot at $895PSF, average selling price per square foot at $627 PSF, average days on market at 68 DOM and a sale to list price ratio at 87%. The average Portofino Tower list price is $2.3M (2,515 SF). Last year there were 10 closed sales at an average selling PPSF at $676 for a 7% depreciation so far. Portofino Tower full featured amenities include 24 hour concierge with valet service, 2 tennis courts, world class spa & fitness center, 2 pools, hot tub, sauna, billiards and community rooms.

Click here to preview all Portofino Tower condos for sale

Portofino Tower Condos for Rent

This is not my listing but worth proper exposure here and I’d appreciate earning your business if this is what suits your real estate desires. For more details or to schedule a showing call 1.888.383.7326

Ocean Drive Commercial Space at $250,000?!

Welcome to a premier Art Deco building on Ocean Drive called the Barbizon Beach Club with only 3 commercial zoned units. The Barbizon building was built by Henry Hohauser in 1937 and is extremely well maintained with a large reserve fund and new hurricane impact windows coming this year. This space is ideal for any start up company in the most sought after location of South Beach. The space is only 450 square feet but comfortable with a bathroom and desk space adequate for 4 people to make things happen in South Beach. High Productivity in the mix of it all…

This is a Commercial Condominium. Ideal for any type of office use or limited retail use, the property currently is being used as a real estate office with 4 large desks, a private bathroom and a separate area for a conference area and meetings. The Barbizon building has a manned front desk, security phone entry system and a large Art Deco lobby which serves well as a waiting room. The building also has valet parking, an owner who’s motivated hence the price and in my opinion, and excellent buy! That’s why I’m relaying it here…

Located right on World Famous Ocean Drive! South Beach commercial space is rare and typically very pricey for the location. For more information or to schedule a showing call 1.888.383.7326

In researching Miami Beach condo inventory Q109

including the Dade County entities of South Beach, Miami Beach, North Bay Village, Surfside, Bal Harbour and Sunny Isles Beach we have an inventory on March 29th 2009 at 6,073 total condos.

Out of those, how many would you guess are REO (Real Estate Bank Owned)?….  only 109 condos along the Dade County beaches or 2%. How many are short sales…? Miami Dade beaches short sales reflect 1,131 or 19% of total condo inventory. These figures are derived from the South East Florida MLS (Multiple Listing Service).

MLS STATS show the Average REO (Real Estate Owned) List price at $294,389 ~ Ave. per square foot cost at $226PSF “asking“ and average square footage at 1,072 SF.

These are the Best 20 MIAMI BEACH BANK OWNED DEALS.

I assure you I know local inventory and relay the very best… {REO Miami Beach Bank Owned Condos Here} Click on any photo to enlarge. Feel free to post a comment with insights or questions pertaining… You will see ‘Pending’ in the upper left corner as these desirable condos soon go under contract! First Time Home Buyers are taking advantage of the new affordable selection plus $8,000 tax credit while Miami Beach Investors Note 2 to 5% ROI when owned outright. 1.888.383.7326

Trump Palace Penthouse #5507 just sold in an unsurprising 10 days. This Trump Palace gem has a 915 Square Foot Terrace for that special “unique factor” required for a fast sale in today’s market. Another special unique factor is the spiral staircase leading to the private Master Bedroom and entertainment terrace with rooftop jacuzzi.  The asking price was set at $1.925M for a 3 bedroom, 4.5 bath  or $705 per square foot ($527 PSF including the terraces).

Trump Palace PH Entertainment Terrace

Trump Palace Penthouse Views South

An amazing price considering it was sold in 2007 at $2.8M!

BUYER UPDATE: #TS5505 is also a 2-story and is listed here for $1.890M, purchased in 2007 for $2.750M, this one’s sure to sell soon.. It was just listed (Exclusive Waterfront) on March 14th!!

Trump Palace condos were built in 2006 and is one of the more desireable developments found on Sunny Isles Beach today.  Great features of the Trump Palace condo development are the gated entryway with stellar security, resident privacy yet with access to the Trump Int’l Beach Resort next door, a private lap swimming pool, tennis courts,  child care facilities, restaurant and bars along with other luxury services found within this three tower development. Average days on the market from the last 90 days has dropped to only 63 DOM with an increase in inventory reflecting a high 21% of 275 total Trump Palace condos.. excellent deals are being made with 1 bedrooms as low as $400k! Other average sold values from the last 90 days reflect $510PSF with a $606PSF asking price. 2 bedroom deals are to be had with a turn key 2 Bedroom (1,600 SqFt) #1005 hovering the ocean here. Other great Trump Palace condos for sale can be found on MiamiDreamRealty.com along with other great Sunny Isles Beach real estate. 1.888.383.7326

Canyon Ranch Miami Beach has opened its doors to the long awaited North tower (6899 Collins Avenue) within this distinguished development. I’ve added some of today’s photographs for you to see the beauty in it…

Here’s the amazing SW View from the 22nd floor. Notice the historic Carillon hotel sign maintained with the Canyon Ranch project. Just below the Downtown skyline is La Gorce Island then the new NoBe on the Bay condos (which seems to have come to a standstill), Aquasol and the King Cole far off to the right.

The Canyon Ranch North tower pool was inviting with a large jacuzzi and beach access & services. There’s far less setback from the other tower and hotel. All amenities are included throughout this health conscience complex

The hallways were bright, elegant and spacious..

A slick uber modern Canyon Ranch kitchen with Miele & Sub Zero appliances

The lobby was classy and well done with beach accents including shell chandeliers along with modern bamboo style columns and a waterfall

The front entryway had valet with a great big smile and an immediate attention at the front from concierge. An Excellence in service..

Welcome home to Canyon Ranch Living Miami Beach. This great new development plus the addition of MEi Condos add a new dimension to this Miami Beach real estate market. To preview all Canyon Ranch condos for sale click here or Rent for details on updates & availability call me at 1.888.383.7326.

Lookout South Beach for the unveiling of South Pointe Park!! This Sunday at 3pm, the city of Miami Beach will be officially opening this exceptional park location again after a multi million dollar renovation. After 2+ years and over $22 million in renovations, this park will be a huge draw for locals and tourists alike. One of the countries world renowned parks, South Pointe Park consists of roughly 17 acres with a face lift including hundreds of new trees, grass that thrives on salt water, a boardwalk made of seashells, serpentine walkways, interactive water features and new public “playground” facilities with elevated promenades offering the very best views of Government Cut, South Beach & Fisher Island.

Come out to 1 Washington Avenue this Sunday from 3pm until dusk and see what all the excitement is about with free musical entertainment, refreshments and children’s activities! South Pointe Park will offer something for everyone~ It’s going to be a gorgeous day park so mark your calendars and don’t miss it.

View South Beach FL Condos for sale here or call 1.888.383.7326

Miami Cash Investors looking for Miami Beach Bank Owned Condo Deals under $100,000 with VIEWS… Here are the best 8 condo deals including REO’s (bank owned) with water views that I expect to sell within 90 days.

I encourage you to use the Miami Dade County Tax Estimator here.  These waterfront condos, when owned outright will return 2 to 5% (ROI).

This VIDEO has NOTHING to do with North Bay Village Real Estate although I liked it and thought you might also.. it must be watched in it’s entirety to make sense.

Have a wonderful Sunday! 1.888.38.DREAM(37326)

North Bay Village Western Sunset Views

Hello friends… I’m writing posting today regarding the luxury condo hotels along the Atlantic coastline from Sunny Isles Beach to South Beach. There are many great condo hotels along the Miami Dade Beaches to choose from with each having desirable characteristics such as the Trump International Beach Resort with excellent values and amenities including the lagoon pool, children’s play area  and waterfalls. Location plays a crucial role so I’ll be comparing to South Beaches exclusive condo hotels including the Setai and Bentley Beach Hilton. There are 2 new condo hotels coming very soon which may dominate all others for concierge “white glove” services and these include the St. Regis in Bal Harbour (2011) and the W South Beach Hotel (2009). These will each be a blog post in their own.. I’ll be relaying simple statistics on the very best oceanfront condo hotels in order of location below.

Sunny Isles Beach Condo Hotels

• Trump International Beach Resort | 18001 Collins Avenue | Price Range $170,000 (450 sf) to $1.090M (1477 sf) | Ave PPSF$535
• Le Meridian M Resort | 18683 Collins Avenue | Price Range $289,000 (688 sf) to $899,000 (PH 1497 sf) | Ave PPSF$502
• Acqualina Resort (Rosewood) | 17875 Collins Avenue | Price Range $700,000 (709 sf) to $12.9M (8081 sf) | Ave PPSF$830
• (Sonesta) Sole on the Ocean | 17315 Collins Avenue | Price Range $259,200 (644 sf) to $720,000 (1201 sf) | Ave PPSF$526
• Ocean Point Beach Club (DoubleTree) | 17375 Collins Avenue | Price Range $349,000 (960 sf) to $720,000 (1860 sf) | Ave PPSF$370
• Aventura Beach Club (Ramada) Marco Polo Resort | 19201 Collins Avenue | Price Range $74,000 (360 sf) $319,000 (440 sf) | Ave PPSF$403

Bal Harbour Condo Hotels

• One Bal Harbour (Regent) | 10295 Collins Avenue | Price Range $500,000 (510 sf) to $5.1M (4000 sf) | Ave PPSF$965
• St Regis Resort | 9701 Collins Avenue.. coming soon!

Miami Beach Condo Hotels

• Fountainebleau Hotel (II & III) | 4441&4391 Collins Avenue | Price Range $389,000 (516 sf) to $14.9M (5000 sf)  | Ave PPSF$958
• Canyon Ranch Living | 6801 Collins Avenue | Price Range $395,000 (960 sf) to $3.750M (2670 sf) | Ave PPSF$811

South Beach Condo Hotels

• Setai Resort | 101 20th Street | Price Range $1.199M (767 sf) to $7.785M (2354 sf)  | Ave PPSF$1861
• W South Beach | 2201 Collins Avenue .. coming soon!
• Bentley Beach Hilton | 101 Ocean Drive | Price Range $359,000 (365 sf) to $1.575M (1050 sf)  | Ave PPSF$1030
• Roney Palace (Gansevoort) | 2301 Collins Avenue | Price Range $140,000 (760 sf) to $995,000 (1488 sf) | Ave PPSF$445
• De Soliel Z Hotel South Beach | 1437&1458 Collins Avenue | Price Range $450,000 (500 sf) to $900,000 (500 sf)  | Ave PPSF$1124
• Shelbourne Hotel | 1801 Collins Avenue | Price Range $79,000 (280 sf) to $649,000 (940 sf)   | Ave PPSF$459

Condo Hotels offer an owner a care free lifestyle with everything awaiting your arrival from fresh linens to coffee filters, maid service to room service and the hotel income split is typically 50% to the hotel management in place. These conveniences allow certain yearly time usage at the owners request along with passive income and the potential for future appreciation unlike a timeshare. Miami is rated#2 in the Nation for hotel occupancy and even so the prices have been adjusted for the economy anywhere from 10-20% from last year. Business is still very good with an overall Miami Dade occupancy average at 68% and average room rate at $177 a night.

I welcome any comments you see useful and informative for the many readers. I welcome accurate information or interesting conversation on Miami Beach condo hotels…

Looking for an affordable Vacation Rental on Ocean Drive? Or do you need better management on your Ocean Drive condo ? Visit us at MiamiDreamRealty.com | 1.888.383.7326 (ext 2) and ask for Jennifer!

Shutterbugs and the passionate photographers, come and play on South Beach March 22nd for the 5th annual South Beach Photomarathon! This year the first clue is given out at 11am and the photographer can use their creativity to photograph related content. A clue will be given out meant to inspire interpretations of the subject. Last years clues were: Green, Refreshing, Wild, Style and Only on South Beach. Each hour a new clue will be given out and the event runs until 4pm that afternoon. The participants who register before March 13th get a discount on the entrance fee… read more here on the South Beach Photomarathon.

The competition allows amateurs and professionals a chance to show the sandy beaches, colorful characters and eclectic architecture in a different light. ”We want people to gain an interest in the art of photography and develop their creativity through the event. ‘Our main focus is creativity and we want people to have fun,” said Chendo Perez, president of Fotomission, the nonprofit organization that organizes the event.

Anyone from amateurs to professionals are asked to come out for a good cause supporting a portion of the proceeds go to Waiting Exhibition, which features artistic photos of foster children. Photographers may use any camera whether digital or film with participants having the chance to go around South Beaches culturally rich atmosphere and use there creativity.  Any type of transportation is allowed and the day concludes at The Miami Beach Botanical Gardens where you turn in your film or digital camera card at 4pm. You have the ability to share your story (or listen) on how you captured your images at the cocktail party that evening. Last year 100 people took part in this event with the top 25 entries featured in the Tropicolor Gallery in MAY. There will also be prizes for the top three contestants.

Expect a diverse crowd both young & old with an amazing day of photography! Register here. I thought of finding a video to represent the South Beach Photomarathon but decided it was an oxymoron. This blog post inspired by The Miami Herald here.

According to statistics recently released by the Greater Miami Convention and Visitors Bureau, people are still coming to Miami to spend their travel and leisure dollars. Although hotel occupancy and rates declined in January 2009, Smith Travel Research reports that for the month of January 2009, Miami ranked second in hotel room occupancy at 68.3%. Miami also ranked third in average daily room rate (ADR), at $177.50 among the Top 25 Hotel Markets in the U.S. despite declines in occupancy and room rate. Miami Is Still A Highly Desirable Destination For Today’s Traveler. (by RAMB)

During this same time period, all but one of the Top 25 Hotel Markets in the U.S. reported declines in occupancy and room rate. Due to high demand during the Presidential Inauguration, only Washington, DC experienced an increase in January.

Occupancy (January 2009) TOP 5 MARKETS:
% Full
% Change vs. 2008

1. Oahu Island
69.6%
-9.40%

2. MIAMI
68.30%
-11.20%

3. Orlando
60.60%
-7.80%

4. New York
59.50%
-16.10%

5. Houston
59.20%
-0.80%

I love old videos.. This one is from 1983!

For well priced Miami Beach Vacation Rentals directly on Ocean Drive, visit SouthBeachVacationRentals.us or call 1.888.383.7326 ext.2

flickr photo by zzzack

First time homebuyers have exactly 273 (Dec 1st) days to buy a home if they want to pocket $8,000 tax free. It’s not long. Unlike the tax credit enacted in 2008, the new credit does not have to be repaid. Every homebuyer has unique circumstances, however, and specific questions. The National Association of Home Builders (NAHB) has launched a consumer Web site with detailed information and an extensive list of common questions.

This homebuyer resource is found at: www.federalhousingtaxcredit.com

Fontainebleau II located at 4441 Collins Avenue, has a trophy Penthouse worth making it to the top of the luxury list of all time best properties on Miami Beach. Showcasing unobstructed Northern views of Miami Beach, this 4,500 interior square feet (4 bedrooms and 5 baths) luxury Miami penthouse is for sale today at $13.5M and was just recently reduced in February09 from $16M (16% reduction) coming with 5 parking spaces for your collection or guests. Maintenance fees are approximately $1 per square foot and covers everything including valet, high speed internet services, cable, phone, electric plus the owner’s lounge with daily breakfast and afternoon hors d’oeurves!

The Northern penthouse property was purchased new in 2005 for $3.6M and was completely renovated throughout for a turn key residence dominating the entire northern half of Fontainebleau II (Tresor) with high ceilings, an open floor plan plus windows and light throughout… Fit for a successful superstar looking for an amazing Miami Beach Penthouse residence.

Truly a celebrities trophy penthouse with an amazing skyline span over the blue skys of Miami Beach real estate. The terraces add an additional 2,500 square feet of outdoor living and entertainment area with complete Penthouse privacy. The Fontainebleau hotel & Spa services are are around the clock and essential with easy & private access to the 40,000 square foot spa, excellent restaurants, a nightclub, fitness center, tennis courts, multiple pools, waterfalls, children’s play room, owners lounge area all wrapped into the 22 acres of famous resort amenities including the enjoyment of the recent billion dollar renovation. Rent it with ease while away…

Fontainebleau II aka Tresor Building, was built in 2005 and consists of 37 stories and made up of 460 condo hotel units. Today, there are 57 units for sale or 12%as resales with 8 closed MLS sales in the last 6 months ranging from $315,000 to $700,000 for the average studio suites (520 SqFt) and 1 bedrooms (1,000 SqFt). Last year there were 14 sales with 12 in 2007 selling on an average price per square foot of $714 at 91% of list price.

Fontainebleau II Penthouse Views

Buyer’s, ready for a luxury Miami Beach Penthouse? This isn’t my exclusive listing but I’d love to represent you on the purchase. Call or email for the very best properties along Sunny Isles Beach, Bal Harbour & South Beach. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above each time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new condos here. South Beach to Sunny Isles Real Estate Sales & Marketing at MiamiDreamRealty.com.

First of all I want to say, it’s not about the agents double ending commission, it’s about the seller’s best interest = Selling.

I’ll give you a topic… High end luxury sales associates & broker’s do not prefer their listings be advertised by other agents. ie) Free additional marketing/property promotions from the real estate community in a strong buyer’s market where every source of promotion helps; “like butter.” Out of 1,550 South East Florida condos over $1M, only 55% of brokers allow advertising on their “exclusive listings.” Out of  90 luxury Miami Beach condos over $5M, 46% allow outside advertising. I’m getting a little vaklempt, talk amongst yourselves.

Edition #3 of the 2009 Sunny Isles Beach Condo Index. We will be comparing the luxury oceanfront market from the 1st Quarter Sunny Isles Condo Index to today’s updated 1Q 2009 Sunny Isles Condo Index including premier luxury towers such as Turnberry Ocean Colony, Acqualina, JADE Beach, Trump Palace, Trump Royale, Trump Towers I, II & III, Ocean 4, Sayan and a few select others. For various reasons, I’ve left out excluded other great residential oceanfront towers from this Index such as Ocean III, Ocean II, Pinnacle, Millennium and the oceanfront condo hotel properties including the Trump International Resort, Le Meridian (M Resort) and the newest Sonesta Sole.

I believe it best to analyze the local entities instead of feeding into the media’s fear of the National real estate market or even the reports on Miami Dade County. WHY? When you check the temperature outside, do you look at the National temperature or do you look at YOUR local temperature? That’s right and same with local real estate markets… not even Miami in general but instead, it’s dependant on the Sunny Isles Beach ”Local Market” and this is what I relay herein the Miami Beach Real Estate Blog so check back often for new condo updates in the entities of Bal Harbour, North Bay Village, Miami Beach & SoBe. Last year was a record year for business with luxury sales in Trump Palace (4806) and Turnberry Ocean Colony (2401), an invitation to the Million Dollar Guild (CLHMS) and the creation of JadeCondosSunnyIsles.com. Miami Dade seems to have set the National trend of a downward real estate market back in 4Q 2005 and we are now in the 4th year of a depreciating market seeing approximately 35 to 40% depreciated real estate values and in some buildings more. On the flipside, total entity inventory is decreasing month over month slowly since early 2008 (although in insignificant numbers).

On to the Sunny Isles 1Q 2009 Condo Index… As of today we are noting 1,469 total condos for sale in Sunny Isles Beach. This year, there have been 52 total closed sales (ALL figures are derived from the Multiple Listing Service MLS on February 24th, 2009). What we will be analyzed in this post are statistics and trends for the most desirable luxury towers along Sunny Isles Beaches.

Percentage Available Inventory, Average List Price & Average Price Per Square Foot for leading luxury condo towers currently listed & Active on the MLS.

• Acqualina- 17875 Collins Avenue | 29 of 247 or 12% | Ave List Price $2.470M | Ave PPSF $805
• JADE Beach- 17001 Collins Avenue | 26 of 248 or 10% | Ave List Price $1.428M | Ave PPSF $700
• JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No MLS records
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 24 of 130 or 18%| Ave List Price $2.185M | Ave PPSF $734
• Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 32 of 130 or 25% | Ave List Price $2.234M | Ave PPSF $749
• Trump Palace- 18101 Collins Avenue | 54 of 275 or 20% | Ave List Price $1.188M | Ave PPSF $635
• Trump Royale (Just Released NOV08) – 18201 Collins Avenue | 15 of 275 or 5% | Ave list Price $782,700 | Ave PPSF $513
• Trump Tower I- 16001 Collins Avenue | 37 of 271 or 14% | Ave List Price $1.267M | Ave PPSF $524
• Trump Tower II – 15901 Collins Avenue | 13 of 271 or 5% | Ave List Price $1.296 | Ave PPSF $575
• Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 with No MLS records
• Sayan- 16275 Collins Avenue | 20 of 88 or 23% | Ave List Price $983k | Ave PPSF $481
• Ocean Four – 17201 Collins Avenue | 69 of 281 or 25% | Ave List Price $1.056M | Ave PPSF $512
• La Perla- 16699 Collins Avenue | 47 of 326 or 14%| Ave List Price $636k| Ave PPSF $412

Ave. Price Per Square Foot on Condos SOLD within the last 6 months, Sale Price to List and # Days On Market

• Acqualina- 17875 Collins Avenue | 6 Closed Sales at $627 PPSF (6% decrease since 1Q 2008) | 94% SP/LP | 256 DOM
• JADE Beach- 17001 Collins Avenue | Just Released with No Closed MLS Sales
• JADE Ocean- 17121 Collins Avenue | Released 1Q 2009 with No Closed MLS Sales
• Turnberry Ocean Colony North Tower – 16051 Collins Avenue | 4 Closed Sales at $527 PSF (25% decrease since 1Q 2008) | 83% SP/LP | 224 DOM
• Turnberry Ocean Colony South Tower- 16047 Collins Avenue | 3 Closed Sales at $671 PSF (6% increase since 1Q 2008) | 90% SP/LP | 189 DOM
• Trump Palace- 18101 Collins Avenue | 12 Closed Sales at $555 PSF (4% increase since 1Q 2008)| 90% SP/LP | 85 DOM
• Trump Royale – 18201 Collins Avenue | Just Released in NOV08 with No Closed MLS Sales
• Trump Tower I- 16001 Collins Avenue | 1 Closed Sales at $399 PSF | 98% SP/LP | 127 DOM
• Trump Tower II – 15901 Collins Avenue | Just Released with No Closed MLS Sales
• Trump Tower III – 15850 Collins Avenue | Released 1Q 2009 w/No Closed MLS Sales
• Sayan- 16275 Collins Avenue | 1 Closed Sale at $389 PSF (10% decrease since 1Q 2008) | 78% SP/LP | 220 DOM
• Ocean Four – 17201 Collins Avenue | 5 Closed Sales at $387 PSF (20% decrease since 1Q 2008) | 93% SP/LP | 184 DOM
• La Perla- 16699 Collins Avenue | 5 Closed Sales at $360 PSF (13% decrease since 1Q 2008) | 91% SP/LP | 307 DOM

Executive Summary-

Taking only the above luxury oceanfront towers into account, we see an average selling price per square foot for Sunny Isles Beach real estate reduced to $489 ($524 1Q) psf “oceanfront” VS. an average asking price of $604 ($603 1Q) psf for a $1 psf increase since 1 Quarter 2008. Simply put, a 7% reduction in selling price per square foot since the previous 1st quarter 2008… we see an average ‘asking’ price per square foot at $604 with a  ’selling’ price per square foot for Sunny Isles Beach real estate at $489 psf for a $115 psf (19%) difference in selling price from the asking price.

Average Days On Market is showing an average closing time of 199 DOM or 6.63 months to sell compared to 170 DOM 1st Quarter 2008 or 5.68 months to sell an oceanfront condo for a 1 month increase. In looking at the health of a building we first look at available inventory. I typically relay a healthy inventory level of  less than 15%. We see unhealthy inventory levels in the majority of these new luxury oceanfront towers. Inventory has increased in the premier luxury towers of Sunny Isles including Turnberry Ocean Colony (both N & S Towers), Trump Palace, Sayan and Ocean 4. On a positive note, Trump Palace is still trading a lot of real estate with, in my opinion, the best building for the value (Gated. Established. Resort Access. Location.). Trump Palace also sells the fastest with an average of only 85 days on the market when priced correctly.

Any questions please ask and I am fallible although I went through MLS numbers over 5 times to confirm. Sellers, are you attempting to sell with little communication on values, marketing & progress…? Call me for a personalized market report for your condo and let’s get started. Buyer’s ready for a great buy? Call or email for the very best deals along Sunny Isles Beach, Bal Harbour & South Beach. The buyer advantage is selection & leverage. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above each time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new luxury condos here. South Beach to Sunny Isles Real Estate Sales & Marketing.

Although Florida does not contain naturally occurring asbestos, the substance still made its way to a large portion of the state. Located in the southern tip of Florida, Miami is home to a thriving financial and entertainment industry. Home to Kennedy Space Center and many shipyards such as the Port of Miami, asbestos was a major form of insulation and piping because of his heat, sound and flame resistant qualities. Shipyard workers, electricians and mechanics all have been likely to be exposed to asbestos.

Potential Miami Beach home buyers or those seeking to remodel older homes are in danger of asbestos exposure because many structures still may contain the toxic substance. There are now many healthy alternatives that completely replace the need for asbestos.

Although the non-disturbance of asbestos materials is not dangerous, the inhalation of airborne asbestos fibers can cause a rare lung-ailment known as malignant mesothelioma. This form of asbestos cancer is one of the most difficult diseases to diagnose due to a latency period which lasts anywhere from 20 to 50 years. Mesothelioma treatment varies, depending on the age of diagnosis and other individual health factors. If you have worked or have been exposed to asbestos, you should seek a medical checkup immediately. Manufacturers of asbestos knew of its harmful components, but continued shipping the product anyways.

It is recommended for home owners or remodelers to hire professional inspectors or abatement contractors who can determine the legitimacy of danger. The Florida Department of Air Resource Management administers an asbestos removal program in order to prevent the release of airborne asbestos fibers in places of work, public facilities and homes. A Daytona Beach Real Estate company reported that many citizens were affected as a result of the release of toxins and spills from asbestos damage. In November 2007, plans to implode the North Miami’s old Sheraton Bal Harbor Hotel were delayed as many in the community feared the demolition would send toxic asbestos dust into the surrounding area. The removal must be completed by professional abatement contractors who are trained in handling toxic materials.

Once the removal process is complete, green alternatives such as cotton fiber, cellulose and lcynene should be considered as friendly replacements to asbestos. These recycled building materials will lower your carbon footprint and produce a healthy lifestyle. These materials can also reduce energy costs in the home. According to the United States Environmental Program, the use of cotton fiber can lower annual costs up to 25 percent annually.

This article was contributed by jesse@asbestos.com at the Mesothelioma Cancer Center and I welcome any additional contributors with relevant material who are always welcome to contact me. Call or email for the very best deals along Sunny Isles Beach, Bal Harbour & South Beach. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above every time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new condos here. South Beach to Sunny Isles Real Estate Sales & Marketing.

flickr photo by cafemama

Successful for selling the majority of Miami Dade’s most undesirable foreclosed homes… There were over 300+ homes for auction with the majority selling to end users as a primary residence and possibly 30% as investors snapping up rental properties prior to the market turnaround. Average Miami home selling price may have been $150,000 with hundreds of people gathered for a long day on Sunday. The company hosting the auction is REDC who does an excellent job at creating “the frenzy” needed to sell properties and many which, in my opinion, were at or slightly above market value. What a lucrative business REDC has with 5% a buyer premium added to each auctioned property… In 2008, REDC auctioned over 32,800 US properties!

I went with a friend and customer looking to purchase at Blue Bay Towers of North Bay Village Real Estate. There were only a few other selected potentials as investment condos but each ended up selling for more than we expected.

Blue Bay Towers #1203 (3/2 at 1771 Sq Ft) Asking $299k Sold for $300,000

The Venetia PH-G (1/1 at 800 Sq Ft) Asking $135k Sold for $80,000

King Cole #321 (1/1.5 at 920 Sq Ft) Asking $109k Sold for $95,000

401 Blu #800 (2/2 at 1287 Sq Ft) Asking $302,650 Sold for $210,000

Grand Venetian #2941 (2/2 at 1496 Sq Ft) Asking $269k Sold for $170,000

Call or email for the very best deals along Sunny Isles Beach, Bal Harbour & South Beach. If you’d like to receive local Miami Beach FL real estate news via blog postings & updates, you can easily be notified by RSS feed (see upper right column) or by email above every time a new posting occurs. Visit JADECondosSunnyIsles.com website & Blog relaying all new information for JADE Beach & JADE Ocean! Have a great week and call any time toll free 1.888.383.7326 or view new condos here. South Beach to Sunny Isles Real Estate Sales & Marketing.

Hello friends. Today, I wanted to relay the 2008 South East Florida real estate trends (statistics & trends) showed for the zip code 33160 which includes Sunny Isles Beach and Aventura waterfront condos. These figures are based on a 12 month and 15 month snapshot ending December 31st 2008…

{Criteria: 33160, Waterfront Condos encompassing all price ranges}