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Does the Media Affect the Florida Housing Market?

July 7, 2008

The Smiths – Luxury Resort Portfolio

providing the latest real estate news in
Mizner Country Club


If you listen to the daily news reports, the housing market downturn seems like it has no end in sight. The real estate market like other financial markets is cyclical. Prices go up…Prices come down. However, the media storm of reporting on declining housing prices, increased foreclosures and our sinking economy has significantly affected Buyer confidence and the Buyer mentality in today’s market.

Unfortunately, the real estate market when it finally rebounds does not rebound at the same speed per say as the stock market. It takes many months if not years to regain its strength, because Buyers need to hear constant affirmation that its “safe” to make the investment. Media outlets do not get on the “positive band wagon” until they have weeks and months of positive housing statistics and proof that sales are moving along in an upward trajectory. Even though real estate professionals are reporting home sales and that there are Buyers in the market ready to make the deals at fair market values, all that GREAT NEWS will not get to the Buyers for a few more months. Let me ask you; when was the last time you turned on the evening news and all the reports for that day was happy, positive and optimistic??? According to the Florida Association of Realtors there is a lot of upside to purchasing a home in Florida, the association is expressing at least 20 opportunities and positive indicators on its website.

As a real estate professional the negative commentary makes your job even more difficult, because current Buyers have a heightened sense that the market is quickly declining and the attitude that they hold all the cards and all sellers are at their mercy. I came upon an article published back in May 2007 that directly addresses the issue of how media reports affect a Buyer’s purchasing habits. Please read below.

Fact or fiction: The media decides whether you buy or sell a home.

Sounds ridiculous, even insulting. But many real estate professionals insist there is a psychological component to buying a house – and that a lot of negative publicity about the Florida housing market can have an effect on whether consumers will buy, sell or sit.

Chances are when you are thinking about buying a home, factors such as your credit report, income, debt load, available houses in your market and prices are going to have more of an effect than what you read or hear.

But that’s not to say the broadcast and printed word don’t make some impression.

Many blame the media for the slowdown that hit the housing market in 2006. “What happened to us is the media,” says Ellen Renish, regional vice president for the National Association of Realtors.

Stories about a Florida real estate “bubble” and its potential to burst caused consumers to “not do anything,” she says. “And nothing happened. The bubble stories really stopped things for three months,” Renish says. “It was pretty scary.”

When it comes to sales, the biggest factor is “the local economy,” says Dick Gaylord, president-elect of the NAR. “But I can tell you that almost every buyer I talk to today thinks they’re going to get a phenomenal deal.”

Florida mortgage seekers should investigate on their own, especially since neighborhoods and price ranges in various areas of a region, state and town can be vastly different.

Meanwhile, real estate professionals say they would like to see more of the long-range perspective in real estate media coverage.

The real estate market is cyclical, says Ron Phipps, broker for Phipps Realty in Warwick, R.I. “For those of us who have been doing this for a while, this is a normal cycle,” he says of the buyers-market climate. “It’s not particularly bad.”

He worries that the media amplify “minor changes.”

Though talk of a real estate bubble “is great theater,” the fact is that most people buy a home to have a place to live, Phipps says. The price will differ according to what a buyer can afford, but that basic need is always there.

Real estate professionals have also seen a wide range of interest rates in the past two or three decades. And though nobody likes to see climbing rates and the bigger Florida mortgage loan payments that result, some agents remember when rates for a typical home were in the teens. And, they also remember that lower home prices added some balance to the equation.

“I sold houses when the rates were 16 [percent], 18 percent,” says Renish..

What part does the economy play?

From a practical standpoint, many of the areas of the country that are seeing depressed growth or declining prices can link it to one or more of several factors: a shrinking jobs market or faltering local economy (including a higher number of foreclosures); overbuilding; or speculators who bought to make income or quick profit and dumped the properties when interest rates started to rise or prices started to decline.

Mike Fratantoni, senior economist with the Mortgage Bankers Association, agrees that jobs are the No. 1 factor when it comes to the health of the home market.

“Absolutely, the job market is most important,” Fratantoni says. “And we think that the Fed’s successive rate increases have not quite worked their way through the economy yet. We do anticipate that as these work into the economy, we will see some slight increase in unemployment,” likely by the middle of 2007.

And while the media likely has “some psychological aspect” for the buyer and seller, says Fratantoni, “at the end of the day it’s the fundamentals” like affordability, a strong job market and income growth that signal buyers that “it’s a good time to get in,” he says.

SOURCE: Bankrate.com

For further information or if you wish to see your property featured here.
Please Contact:The Smiths – Luxury Resort Portfolio at (561) 445-2282

NOTE:

Remember to visit our corporate blog at
http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the Mizner Country Club – Real Estate News. They are two separate published newsletters. Please subscribe today and start receiving the latest updates in Real Estate News. Thank you again for all your support and best wishes!
Philip and Carla Smith
The Smiths – Luxury Resort Portfolio
The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Mizner Country Club: Activity

July 4, 2008

Happy Fourth of July!

Welcome Back! We wish everyone a wonderful and relaxing holiday weekend. Since we would like to enjoy our day as well, here is a quick review for the week.

Mizner Country Club as of today has (62) Active Listings, (2) Pending, and (9) Total Solds for the year. One (1) new listing also came on this week. Lets Begin!

Just Sold By The Smiths



The Smiths – Luxury Resort Portfolio, this week closed on 15975 Laurel Creek Drive (Model: Carrington). We had a successful sale on this property in only 137 days! (See Below)

Just Listed By The Smiths



16372 Braeburn Ridge Trail (Model: La Serena-Expanded)



List Price: $ 1,010,000

Magnificent golf fairway estate sited on a lush landscaped oversized lot with circular drive. Two story dining and living rooms, extensive millwork, expanded VIP Suite, French doors, tranquil pool and entertaining area with raised decorative tiled spa. 4 bedrooms, 5 full and 1 half baths, 5,120 +/- total square feet. (View Below)



Price Changes

8060 Laurel Ridge Court (Model: La Serena-Expanded)

Newly priced to $1,049,000 from their original list price of $1,139,000. Majestic customized Mediterranean estate sited on an oversized golf fairway lot with large side yard and expanded pavered driveway. Fabulous open floor plan with soaring 21ft ceilings, curved stair tower, gourmet kitchen, and extended VIP Suite. 4 bedrooms, 5 full and 1 half baths, 5,120 +/- total square feet. (View Below)





16208 Mira Vista Lane (Model: Carrington)

Newly priced to $1,149,000 from their original list price of $1,351,000. Statuesque mediterranean estate commands emerald vistas across the Arnold Palmer Signature links. Manicured tropical landscaping. Circular drive. Individual His/Hers master baths with gentlemen’s steam shower. 5 bedrooms, 5 full and 1 half baths, 5,588 +/- total square feet. (View Below)





16223 Andalucia Lane (Model: Segovia-Custom)



Newly Priced at $1,725,000. Magnificently customized and upgraded mediterranean estate with picturesque lake front and golf fairway vistas. Exquisite decorative travertine marble floors, box beam ceilings with inlaid crown molding and faux paint. Accordion hurricane shutters, gas back-up generator and fireplace. 5 bedrooms, 5 full and 2 half baths, and a 3-bay garage in 6,080 +/- total square feet. (View Below)





16217 Andalucia Lane (Model: Carrington)

Priced reduced to $1,579,999 from the original listing price of $2,199,000. The home was built in 2003. (View Below)



For detailed information on any of the above properties,

or if you wish to see your property featured here. Please Contact:

NOTE:

Remember to visit our corporate blog at

http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the Mizner Country Club – Real Estate News. They are two separate published newsletters. Please subscribe today and start receiving the latest updates in Real Estate News. Thank you again for all your support and best wishes!

Philip and Carla Smith

The Smiths – Luxury Resort Portfolio

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Making The Cut: 5 Signs That It’s Time To Cut Your Asking Price

June 30, 2008
Sluggish housing markets are filled with listings that are lingering on the market, prompting many home sellers to ponder a price cut

A seller’s reality check may often come to late. Usually after their listing produces very few showings or a prospective buyer is lost to a competing — and lower-priced — home just down the block.

In this very price driven market, no longer are buyers letting their emotions interfere when they decide to buy a home — they’re out there looking for deals! Most listing agents feel, “Many sellers whose homes are sitting on the market without a buyer in sight had unrealistic expectations from the start.” Most sellers don’t want to price their properties where they need to be to result in a completed sale of their home.

How can sellers tell if their homes are overpriced? Look for the following signs:

Not Enough Showings

A home is likely overpriced if it doesn’t get any showings in the first couple of weeks it’s on the market. Even more proof a price cut is needed: Buyers and /or Agents are interested enough to call the listing agent for information on the home but still aren’t scheduling showings.
Seasoned Agents feel, if a home doesn’t make a buyer’s “showing cut,” and people don’t think it’s worth the time, hassle or gas to deserve a look, it’s likely overpriced. Worse yet, if other real estate professionals fail to bring their buyers to the property because of the list price… now you have the real estate community rejecting the asking price. If you can’t get people into your home, it’s highly unlikely that it will sell.

Some Showings, But Still No Contract, No Offers

Perhaps the number of showings isn’t a problem, you have great agents (most likely… The Smiths) that have brought a number of prospective Buyers through your home, and yet there still have been no offers. If you’re getting showings but not getting a contract, that means you’re still not quite low enough in your asking price. Most likely it means, you’re close, but there’s so much competition out there. You have to be priced with along the lines of the homes that ARE SELLING. Don’t make the mistake of wanting to stick at the current List Price with the homes that are also sitting there on the market and NOT SELLING. A basic guideline that real estate professionals use is: 10 showings and no offer or two consecutive weeks with no showings, you are most likely overpriced for the current market. This is true especially in this very competitive market.

Similar Homes Are Now Selling For Less

In markets where the median price keeps falling, it’s important to regularly monitor what homes are selling for. Your Real-estate agent should provide you with up-to-date information on the market to determine whether the home is still priced correctly. When you start off at the wrong number to begin with its called “chasing the market”. Sellers have no issue with increasing their list prices when the market is going up… However, when the market starts to soften they have difficult issues with adjusting their list prices. Historical data isn’t quite so powerful anymore. You have to look at what is selling now, and what it is selling for. That’s what your property is worth today. Forget about what things sold for 3 months or even 6 months ago… Take a look at what the last sale was, and that is what the new number will be. Don’t “chase the market down,” be priced right and get your house sold.

Repeated Negative Feedback

If buyers who do walk through the home have the same negative reactions to it, that could be another red flag that the price needs to be dropped. Buyer feedback, collected from your real-estate agent, may reveal what the other houses in the same price range have different from your listed property. Listen to your listing agent, they sell homes for a living. They do this everyday and have professional knowledge of what today’s Buyers like and dislike in their home search. Sellers are thinking from an emotional point of view, they are emotionally invested in their home and sometimes can’t see the deficiencies in the property because… lets face it, “IT’S THEIR HOME!” But once you put your home on the market it no longer is your home, it is inventory on the market. Be open to the cosmetic changes or areas that might need a remodel, that might be the one thing needed to attract buyers. To address the disparity, sellers can either make the needed remodel or cut the price. Buyers are extremely fussy these days and the least they see to “un-do” in a property the better position a seller will be in. Remember that the Buyers out there do not necessarily like all that you have done in your home. Don’t become sensative when you hear the feedback. Embrace it! Fix it! Then you can Sell it! Remember…You can sell anything anywhere. If the price is right it will sell.

You’ve Cut the Price, But Not By Enough

If a price cut is in order, don’t cut by small increments. Several smaller decreases could make a seller look desperate, but a larger decrease will generate more interest. A small price reduction is nothing in the grand scheme of things. Again, a big mistake is pricing the home too high from the start, real-estate agents say. Not only could overpricing lengthen the time on the market, but it could also cause the home to sell at a greater discount in the end. That’s because prospective buyers often get the impression that there’s something wrong with stale listings or, worse yet, buyers assume the seller is desperate and willing to accept a much lower price.

The Smiths say, “Your first three weeks are critical — you’ll have your most showings with the most potential, qualified buyers, those that are out there waiting for something that matches their needs to come on the market. Don’t blow it by overpricing.”

Please Visit Our Latest Addition ans Subscribe Today:
Mizner Country Club – Real Estate News

For Information on Searching For a Property in South Florida
or Listing Your Home, Please Call:
The Smiths – Luxury Resort Portfolio at (561) 445-2282


The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

South Florida Market Update

June 24, 2008
The South Florida Real Estate boom is just a memory…as one of the nation’s hardest hit real estate areas, South Florida is witnessing properties linger for vast periods of time on the market. What used to be only a little over a couple of months on the market, has turned into quite often double digit numbers of months and even years to sell a property.

According to an article published in Sunday’s Sun-Sentinel, 1 in every 10 homes have been on the market for more than one year, and by their estimates, that results in 9,828 homes. At least 1,058 of those properties have been on the market more than 2 consecutive years! However, industry experts claim that even those figures are quite conservative estimates, because the numbers do not reflect properties that were pulled off the market and put back on when Sellers switched agents, made home improvements, or let their listing expire and entered it as a new listing to avoid appearing as stale inventory and to wipe clean the days on market.

Agents have noticed over the past couple of years that sellers are “overly optimistic” when they initially list their home thinking that the market has been slightly unchanged since the bygone days of the boom. They have a “hard time accepting or adjusting their mind to the new value of their property” and are reluctant to adjust their list prices in time with the current market. Resulting in always being “behind the eight ball” and languishing on the market for way too long.

In National news, home prices posted a record 15.3% steep decline. The S&P/Case Shiller Home Price Index has fallen for 21 months straight, based on a twenty city index that has been tracking data for 19 years. What is more alarming, recent drops have been particularly steep. Home prices plunged in areas like Miami (South Florida), seeing 26.7% drops from one year ago, and an additional loss of 4.1% in property values in April 2008.

Most sellers claim they will “ride it out” and hold onto the property for a couple of years until the market recovers… However, what most sellers don’t realize is that the real estate market does not change as quickly as the financial markets. Based on our recent fledgling economy, the mortgage crisis, the astronomical amount of homes facing foreclosure, the war, and upcoming presidential elections… This market is not turning around anytime soon. Most people forget that in the 1970’s it took the real estate market more than 14 years to rebound.

Seasoned agents claim it will take a few variables to start changing the market; home prices have to become affordable once again, inventory has to decrease, and the foreclosure mess has to be resolved.

The plummeting prices are causing a whole other problem for homeowners…NO HOME EQUITY! As home prices are continuing to fall, homeowners are left with no equity in their homes to tap for emergency purposes or are having their HELOC’s (Home Equity Line of Credit) frozen by their lenders. As listing agents we hear quite often from our Sellers, “We need X-Amount of dollars to walk away from this house to be even,”… Unfortunately, what Sellers fail to realize is that “what they need financially and what a Buyer is willing to pay these days for their home is two completely different scenarios”. The result is often leaving homeowners underwater and owing mortgages than are more than the home is worth.

Philip and I, as agents ourselves see these exact problems affecting our clientelle. Unfortunately, we do not create the market, we as real estate professionals interpret the market and facilitate transactions. We have noticed that once both the Buyers and Sellers are willing to buy/sell a property for today’s current market value…a deal can be achieved! A real estate agent is quoted in Sunday’s piece; “You’ve got to face the market…You have to give it what it wants”. It’s all numbers people! It’s ALL NUMBERS!

Please visit our latest addition:
The Mizner Country Club – Real Estate News
click on this link: http://MiznerCountryClub-RealEstateNews.blogspot.com

Note: If you are currently subscribed to our Luxury Resort Portfolio Blog you are NOT subscribed to the Mizner Country Club – Real Estate News Blog. Please click on the link today and subscribe to receive all the latest updates of real estate transactions happening at Mizner Country Club. Thank you for all your continued encouragement and support!!!

-Philip and Carla Smith

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

In Celebrity Real Estate News

June 20, 2008
Since I don’t want to soon be known as the “Princess of Doom & Gloom News”, I thought this Friday I would send all my loyal readers off for the weekend on a lighter note. I’ve decided on Celebrity Real Estate News! Admit it! You know we are all curious where they are living? What they are buying? And how much did they pay for their digs? So I did my research today and came up with a small list of transactions that occurred over this past week in the land of “Celebrity-ville”. Enjoy Everyone!

Cindy Adams celeb gossip columnist (New York Post) reported today about the Honorable Judge Judy and Judge Jerry Sheindlin’s insanely large 24,000 square foot manse in the back country of Greenwich, CT. Being that Ms. Adams is friends with the Sheindlins and has been to the house, went on to describe how Judge Judy is not living “too shabby” for a civil servant who’s TV Show went into syndication. The Builder, Mark Mariani says that the Sheindlin’s kitchen/family room is the largest in the entire state of Connecticut! Not bad for someone who sits on the bench and listens to nonsense for a living. Adams is claiming, her good friend “Your Honor” makes over $40 Million a year! What?!?! Exactly how much do judges make these days?

Britney Spears (Pop-tart Princess) has received the “A-OK” from the L.A. County Court Commissioner to put her mansion on the market. Being that Britney is a “few fries short of a Happy Meal these days” and her dad Jaime Spears is in charge of her finances, Britney and Poppa Spears had to get court permission for them to list the house. Ms. Spear’s home is located in the very posh gated community of “The Summit” it has 6 bedrooms and 6 full and one half baths. Her neighbors claim that the presence of the paparazzi outside of the community’s gates is the reason why her neighbor Ed McMahon has not received a single offer on his home. God knows he has “Real Estate Troubles” of his own! Surely he does not need the “Spears Crazy Train” to add to the mess he’s going through.

Lenny Dykstra (Baseball Outfielder) is selling his Lake Sherwood estate located behind the gates of Sherwood Country Club for $24,900,000!!! The house is said to be 12,360 square feet, has 8 bedrooms and 7.5 baths, situated on 7+/- acres. Apparently, Dykstra did not amass that entire pile of money playing outfield for the Mets & the Phillies. Mr. Dykstra became somewhat of “Stock Market Genius”, author, and motivational speaker after he retired from baseball at the age of 35. Go figure. He purchased the home from Ice Hockey great Wayne Gretzky in August 2007 for $18,500,000 and looks like the Dykstras have changed their mind and are ready to move less than a year later.

In New York City, Heather Mills (Famous for once being married to a Beetle)has just purchased a $5,000,000 West Village apartment. Thanks a lot to Sir Paul McCartney’s hefty divorce settlement! Carly Simon (Singer) also listed her West Village duplex for $3,800,000 and thinks nobody will sell it better than her sister Joanna Simon, Broker/Vice President of Fox Residential Group. Finally, Rachel Ray (Celebrity Chef) and husband John Cusimano have closed on their 6.2 acre compound in Southampton for $2,900,000.

Well that’s all I have for this Friday! Enjoy your weekend and see you back here on Monday.

Don’t forget to take a look at the “Mizner Country Club – Real Estate News” blog! There was NEW information posted today about a new listing and price reductions in Mizner Country Club.

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Introducing A New Feature: The “Mizner Country Club – Real Estate News”

June 17, 2008

Good Morning Luxury Resort Portfolio Readers,

In an effort to satisfy all our loyal subscribers’ requests, Luxury Resort Portfolio has recognized your recent comments and suggestions. That is why we are very proud to introduce a new feature on the Luxury Resort Portfolio Blog. We have created the “Mizner Country Club – Real Estate News” Link. A Newsletter completely devoted to providing you the “Luxury Resort Portfolio Scoop” on the Real Estate transactions happening in Mizner Country Club. This community newsletter is an added tool for all our friends, neighbors and clients to have access to the latest and most accurate real estate information on transaction activity happening within our lovely gated walls. We have compiled the information based on MLS and Palm Beach County Property Appraiser Information.

The Mizner Country Club – Real Estate News Blog will work in direct partnership with our corporate Luxury Resort Portfolio Blog. You could access the Mizner Country Club community information through a designated link on the Luxury Resort Portfolio Blog or directly at http://MiznerCountryClub-RealEstateNews.blogspot.com. If you are interested in the real estate activity at Mizner Country Club, subscribe to Mizner Country Club – Real Estate News…and receive community updates vie email automatically when new data is posted!

The Smiths – Luxury Resort Portfolio always welcomes your suggestions and input on what we could do to improve our website and blogs, so please feel free to let us know what you would like to see featured!

There have been only 8 sales in Mizner Country Club since January 2008. Properties’ final sales prices ranged from $615,000 to $3,600,000. The following is the breakdown:

Address

Sales Information

15934 Laurel Creek Drive

(San Marino)

Model: Carrington-Expanded

Original Purchase Date: 10/00

List Price: $1,249,000

Sold Price: $1,110,000

Sold Date: 01/25/2008

16252 Andalucia Lane

(Andalucia)

Model: Segovia

Original Purchase Date: 12/02

List Price: $1,790,000

Sold Price: $1,395,000

Sold Date: 02/08/2008

8584 Valhalla Drive

(San Sebastian)

Model: Monte Verdi-Expanded

Original Purchase Date: 12/05

List Price: $974,000

Sold Price: $900,000

Sold Date: 02/29/2008

8376 Del Prado Drive

(Del Prado)

Model: Madeira (Furnished Model)

Built: 11/01

List Price: $2,950,000

Sold Price: $2,800,000

Sold Date: 02/29/2008

16008 Double Eagle Trail

(Valencia)

Model: Largo Mar

Original Purchase Date: 08/01

List Price: $750,000

Sold Price: $615,000

Sold Date: 04/07/2008

8047 Laurel Ridge Court

(Encantada)

Model: Montecito-Expanded

Original Purchase Date: 12/05

List Price: $975,000

Sold Price: $900,000

Sold Date: 04/21/2008

15864 Double Eagle Trail

(Valencia)

Model: El Solano

Original Purchase Date: 06/01

List Price: $749,000

Sold Price: $650,000

Sold Date: 04/28/2008

8430 Del Prado Drive

(Del Prado)

Model: Majorca Grande

New Construction – Spec

List Price: $4,595,000

Sold Price: $3,600,000

Sold Date: 05/16/2008

There is 1 property pending in Mizner Country Club. 8681 Valhalla Drive (San Sebastian) in “Pending” status.

Mizner Country Club currently has 62 Active listings on the market. These properties are ranging in List Prices from $619,000 to $3,295,000.

Enclave

Number of Listings

Andalucia

6

Capri

0

Cordoba

4

Del Prado (Custom)

6

Encantada

14

Marbella

3

Palma

8

San Marino

6

San Sebastian

10

Valencia

5

View links of the active listings at Mizner Country Club:

Mizner Country Club – Homes Under $ 1 Million

Mizner Country Club – Homes $1 – $2 Million

Mizner Country Club – Homes Over $2 Million

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Featured Property of the Week

June 16, 2008
Mizner Country Club
Delray Beach, Florida

16223 Andalucia Lane
Offered at $1,725,000

(please click image to view additional photos/virtual tour)

Location: Andalucia Lane, Delray Beach, Florida. A luxurious new golf course community, Mizner Country Club captures gracious Palm Beach style centered on an 18-hole Arnold Palmer signature golf course. The award-winning Grande Clubhouse is accompanied by world-class fitness, tennis, and swimming facilities.


Property: Magnificent custom features and upgrades complement this lakefront Mediterranean estate capturing picturesque views over the lake and golf course. Hosting al fresco entertaining with an oversized lanai summer kitchen, a Chicago brick patio frames the Pebble Sheen 40-foot lap pool with hand-painted tile and waterfall spa.


Residence: This expanded Segovia villa presents meticulous detailing, from the custom exterior stonework and corbels to the Travertine Gold marble floors, elaborate ceiling treatments, and faux finishes refining the elegant interior décor. Five bedrooms, 5 full and 2 half baths, and a 3-bay garage are included in 6,480± total square feet along with myriad luxuries including the back-up generator, accordion hurricane shutters, surround-sound system, security surveillance, whole-house water filtration, and Aprilaire anti-allergen heating/cooling system. All bedrooms have custom-fitted closets and individually designed baths.


First Floor: The view-filled formal living room is dramatized by a 22-foot domed and coffered ceiling, double-height window wall, and an intricate coquina stone fireplace. An arched colonnade sets off the 2-story tray-ceilinged formal dining room. The handsome office is finished with custom built-ins and floors of Brazilian cherrywood. A view-filled bay window illuminates the dine-in gourmet kitchen offering antiqued custom cabinetry and granite counters. The family room with coffered ceiling opens to the pool through stylish French doors. Gracious elegance and luxury define the private master suite featuring tray ceilings, a view-filled bay-windowed sitting area, plantation shutters, poolside access, custom-fitted cherrywood closets and an opulent spa-style bath with Jacuzzi tub, frameless shower, granite counters, and Italian porcelain tile floor. A separate guest/staff suite, powder room, and cabana bath complete this level.


Second Floor: Highlighted by tray ceilings, this level features a dramatic loft with ironwork-embellished arches, plus three additional private bedroom suites, two with herringbone-patterned Brazilian cherrywood floors.


Inspection by appointment only.


MLS# R2808658


For further details on the “Featured Property of the Week” or if you wish to have your property prominently featured please contact:
Philip Lyle Smith (561) 445-2282
Carla Ferreira-Smith (561) 445-2299

Visit Our Website: LuxuryResortPortfolio.com

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Is The Trump Name Really Worth What People Think?

June 13, 2008

In local news, Buyers are wondering how much is the “Trump” name really worth.

In a lawsuit filed on Tuesday in Miami/Dade Circuit Court, the Plaintiffs (Buyers of luxury condominiums) claim that condos they purchased and that bear the Trump moniker are worth 36 percent more than similar units in buildings that do not carry the Trump name. Damn it! They want to keep it that way!


The lawsuit was filed against the developers of the Trump Towers I, II, and III buildings located in Sunny Isles, Florida. Approximately 80 condo buyers, named in the lawsuit claim that the developers, The Related Group and Dezer Development used the Trump name to attract buyers to the project.


Law.com reveals that Trump’s name can only be used temporarily and could be changed once the buildings are completed. (Hmm? Bait & Switch?) The wealthy Buyers fear that their condos will lose significant value without the cache of the Trump brand associated with their investment. I’m asking…who in the world is still buying condos in Miami? Are these people suicidal investors? So much money sitting in their pockets, they have enough to burn it? God Bless Them!!!


The Plaintiffs are asking to cancel their sales contracts that currently total over $100 million and their deposits returned to them that total over $20 million. Seems to me…like some people caught a serious case of “Buyer’s Remorse” and are trying to “wiggle out” of some poor real estate choices! Good Luck! Let us all know how that works out for you? The unhappy investors are also claiming that the Trump name appeared on promotional materials of the project but not on any of their condo documents or purchase contracts.


Then there is the other issue, allegations that the developer “operated a fraudulent and misleading resale program by manipulating” asking prices in Tower I to support the inflated prices of the units in Tower II & III.


The Donald, who is not named in the lawsuit, and is in Scotland this week (was getting a chilly response from the Scottish locals on his proposal of a future golf course project amid environment concerns that the project would bring to the Aberdeen area), was quoted as saying that he was “honored” by the lawsuit.


Well I’m glad that he’s flattered…This just supports his decades-long crusade of turning his name into one of the world’s most valuable brands and commodities. I agree with Mr. Trump…branding is everything! Loyal subscribers remember the “Luxury Resort Portfolio” name!!!


Thank you for all your support. View our website: www.luxuryresortportfolio.com


The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Buy One Home…Get One Free?

June 10, 2008

In San Diego, Buyers can buy one home, get one free. No… I’m not making this up! Who makes this stuff up? I just enjoy reporting it!


My brother-in-law, who lives out in San Diego County, California saw the advertisement in the local paper and couldn’t believe it himself. A San Diego developer frantic to clear inventory has come up with a scheme to lure potential buyers into purchasing his product.

Southern California much like South Florida, is a market that is out of control with foreclosures and plunging sales. Michael Crews Development will give away a “Row Home” valued at $400,000 in Escondido with the purchase of a $1.6 million, two acre “Luxury Estate Home” built in Royal View located in San Pascqual Valley. “We are targeting a niche market of investors who are interested in the opportunity to buy a new home for themselves and get a free rental property or second home for family members,” developer Michael Crews said in a statement.

The clever developer claims the row homes are not shoddy townhouses that are being given away with luxury estate homes. He claims the two-acre Royal View luxury homes that offer four bedrooms, four baths, up to six car garages, swimming pools would be paired with 2,000 square-foot upscale row houses. (Yeah right!)

“People don’t expect to get what they are getting with the row-homes,” said marketing director Dawn Berry. “These are well appointed luxury houses.”

It seems the Michael Crews planned to run the offer for only two weeks in May but the developer decided to extend it through June to give potential buyers more time digest the idea of buy one get one free.

Since the first advertisement went up nearly two weeks ago, they claim one man has made an offer to buy a Royal View estate home, but chose not to take the free row-home. My suggestion Buyers: Ask for a $400,000 credit off the Luxury Estate Home list price and tell the developer “Thanks, But No Thanks…Keep the row home, I’ll take the money!” (Who likes or wants to pay for property taxes on two homes???) However, the developers have a solution for that as well. “If you don’t know what to do with your free home, you could always give it away,” Berry said. My thought: Looks like someone is really desperate to clear inventory!

View Article: Local Developer Offers Two Homes For The Price of One



Home sales in San Diego County were down 18 percent in April from a year-earlier, while the number of homes going into foreclosure rose 130 percent in the first quarter from a year earlier, according to DataQuick Information Systems.
The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Rental vs Purchase? What’s A Buyer Going To Do?

June 10, 2008

Hope everyone had a great weekend and enjoyed the fabulous weather that stretched all the way from the Northeast down to sunny South Florida. Temperatures were not the only thing on the rise. Philip and I have experienced a slight increase in the number of showing requests in the past 4-5 days. We are noticing a trend that people viewing property are more interested in rentals these days than purchasing a home. Almost every showing we did over the weekend was for either seasonal or yearly rentals.

People seemingly want to “test drive” the property these days before they take the plunge and purchase. With so much inventory at their disposal, and so many sellers willingly renting their listed homes, people are holding off on making a commitment on buying a home and renting with much less risk. I surveyed a few of the people this weekend by asking them “What is the main factor stopping them from purchasing a home at this time?” Overwhelmingly, they all said the same thing…”Prices continue to drop…so why buy now”?

They all want to have the South Florida experience, but most were genuinely concerned with making the investment. A few want to make sure they even like the area before they purchase their second home here, another couple we worked with wanted to be certain the community they were renting in was going to be the right fit for their family, and the rest just want the lifestyle without the financial risk. All betting that home prices will continue to decline, and that is when they will make their move.

We also see steady traffic coming from our neighbors to the north. Canadians continue to flock to Florida, predominantly into Palm Beach County. Our colleagues in the Miami/Dade area report that they are seeing an increase in European and South American Buyers/Investors in their market due to the weak dollar. Taking advantage of the currency situation, overseas buyers are mostly interested in making their purchases in America’s most “Trendy” and “Hip” cities such as Miami, New York, and Los Angeles. This year, brokers in the Hamptons claim that a majority of this season’s coveted summer rentals were booked by Europeans. Seems like the majority of these investors want only the “big-city”areas that offer them world renowned fine dining, luxury shopping, arts & culture, and an active nightlife. I’m guessing… it might be safe to assume, that it will be a while before they discover the suburbs!!!

Visit Our Website: www.luxuryresortportfolio.com



The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale.

All information is derived from the Palm Beach County Property Appraisers website and the MLS.

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