Category Archives: Broward County

Boca Raton and Delray Beach Luxury Real Estate Listings and Home Sales

If you are interested in previewing any of the prominent Boca Raton or Delray Beach luxury real estate listing comprising our unprecedented Palm Beach County Luxury Resort Portfolio, receive additional information for any listed property in South Florida or gain maximum Global Marketing Exposure for your residence… Luxury Resort Portfolio would welcome the opportunity to be of service to you.

It is with great pride that we
"Invite You To Experience Our Expertise"

Page 

4 Pelican Isle | Ft. Lauderdale

Newly Under Construction
Las Olas Seven Isles
4 Pelican Isle | Ft. Lauderdale, FL 33301
List Price: $8,900,000 US 
MLS Number R3141024
Extraordinary Three Story Water Front
Masterpiece Reminiscent Of A Grand European Style Of Living


Resort Inspired Entertainer’s / Yachtsman’s Paradise

That Will Certainly Raise The Bar In High-End Water Front Residential Design

Marvel at the Old World influences and experience an unparalleled sensation of grandeur, as the architectural splendor of this three story European Estate will certainly raise the bar in high end waterfront residential design. A new to be built extraordinary Water Front Masterpiece offering the lucky people who call this estate home every luxury reminiscent of a Grand European style of living. Revel in a resort inspired Entertainer’s / Yachtsman’s Paradise that conjure an unforgettable ambiance in an idyllic haven of luxury, leisure and lifestyle. An architectural and sensory delight infused with a superior reign of regal sophistication. 

Please accept this invitation to explore Luxury Resort Portfolio and discover the myriad of Florida luxury real estate opportunities available on this sunny, scenic and incomparable slice of South Florida’s Gold Coast. From vastly sought after luxury real estate on the green, an elite Boca Raton country club home, or a magnificent South Florida oceanfront estate along the Palm Beach coastline, there’s something for every taste and lifestyle in South Florida.

Please contact Luxury Resort Portfolio for more information and let their luxury real estate professionals know how they can be of further assistance to you.

The Smiths are enthusiastic and profoundly knowledgeable of the exclusive South Florida communities they serve, trusted for the advice and guidance they offer, and respected for their exceptional ability to maximize the profit potential of properties they represent.

Luxury Resort Portfolio has earned a roster of achievements that include an extraordinary quantity of record-breaking transactions for their clients in the elite Delray Beach and Boca Raton country club homes of Mizner Country Club, St. Andrews Country Club, Woodfield Country Club, Addison Reserve Country Club and the Royal Palm Yacht & Country Club as well as in the Boca Raton exclusive gated estate enclaves of The Oaks at Boca Raton, Long Lake Estates, Stone Creek Ranch, Le Lac and the Sanctuary.
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.
Main: 800-644-5616
Fax: 800-644-0059
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.

Fourteen Percent of Florida Facing Mortgage Crisis


By Alan Zibel
The Associated Press
September 6, 2008

WASHINGTON – More than 4 million American homeowners with a mortgage, a record 9 percent, were either behind on their payments or in foreclosure at the end of June, as damage from the housing crisis worsened, the Mortgage Bankers Association said Friday.

Meanwhile, Florida leads the nation with 13.68 percent of homeowners late on their house payments or facing foreclosure, according to a survey from the Washington D.C.-based trade group. Mississippi was second at 12.42 percent, and Nevada was third at 12.17 percent.

Palm Beach and Broward counties, in particular, became foreclosure hot spots after the housing boom of 2000 to 2005, when escalating home values caused many buyers to overextend themselves. Many took out short-term, adjustable-rate mortgages that now are resetting with much higher interest rates.

But the source of trouble in the mortgage market has shifted from subprime loans made to borrowers with poor credit to homeowners who had solid credit but took out exotic loans with ballooning monthly payments.

“The problem that policymakers and Wall Street once assured us was ‘contained’ to subprime mortgages has proven to be anything but,” Mike Larson, a real estate analyst with Weiss Research in Jupiter, said in a research note.

The trouble is concentrated in a handful of states, the worst being Florida and California, which had some of the riskiest lending practices and rampant speculation.

“We are unlikely to see a national turnaround until we see a turnaround in the two largest states,” with the most outstanding home loans, said Jay Brinkmann, the mortgage association’s chief economist.

The latest quarterly figures broke records for late payments, homes entering the foreclosure process and for the inventory of loans in foreclosure. The trade group’s records go back to 1979.

The percentage of loans at least one month past due or in foreclosure was up from 8.1 percent in the January-March quarter, and up from 6.5 percent a year ago, using figures that were not adjusted for seasonal factors.

New foreclosures rose dramatically in eight states: Florida, Nevada, California, Arizona, Michigan, Rhode Island, Indiana and Ohio, but actually declined in Texas, Massachusetts and Maryland.

Almost 500,000 homeowners, or about 1 percent, entered the foreclosure process in the second quarter. But for the first time since the mortgage crisis started, delinquencies on subprime adjustable-rate loans declined. While more than one out of every five homeowners with a subprime ARM is still in default, that portion dipped 1 percentage point from the first quarter to 21 percent.

What’s driving the delinquency rate up now is the number of homeowners with risky, adjustable-rate prime loans made with little or no proof of the borrowers’ income or assets.

More than one out of 10 borrowers with a prime adjustable-rate loan is now delinquent or in foreclosure. That portion, 11.3 percent, was up from 9.7 percent in the first quarter and is expected to continue to rise as more homeowners see their monthly payments spike.

Many of these loans allowed the borrower to pay only the interest on the loan for a fixed period. Others gave the borrower the option to “pick-a-payment,” adding any unpaid interest to the principal balance.

Defaults on these mortgages, which earned the nickname “liar loans,” are costing Fannie Mae and Freddie Mac billions of dollars. The Treasury Department has even pledged to bail out the mortgage finance companies if necessary.

With home prices plummeting, particularly in Florida, California, Nevada and Arizona, many borrowers with these exotic loans now owe more on their home than it is worth. Worse still, these loans reset to higher monthly payments when borrowers reach maximum debt limits — typically around 10 percent to 25 percent more than the original loan balance.

Those resets can increase the borrower’s monthly payment by more than $1,000 a month on average, Fitch Ratings said in a report this week.

_________________________________________________________________

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

Luxury Resort Portfolio
A Transaction Brokerage Representing Both Buyers And Sellers

NOTE:

Remember to visit our corporate blog at https://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.

South Florida Market Update

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: https://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.

Negotiating Tactics In Today’s Crazy Market!

Can you believe this crazy real estate market? How did we get to this point? Everyone is at a stand-still…and each side is waiting for the other to crumble! Both Buyer and Seller are refusing to accept the other’s position. No wonder deals are not happening!

How I long for the days of the not so distant past when inventory was low, demand was high, and homes were not on the market for very long. Buyers were anxious to purchase their South Florida dream home, and felt confident and elated in their purchase. Our Sellers were getting stratospheric prices for their homes and laughing, skipping and nearly pinching themselves all the way to the bank. Realtors were superstars! These days not so much, no matter how hard we work, no matter how much we do, we are told we can’t do anything right! How quickly they turn on us. Boy! Talk about a 180.

That is why Realtors, Buyers and Sellers have to come up with new innovative ways of getting a deal done. This week I was pleased to receive from one of our loyal subscribers a great article from the New York Times, written by Ron Lieber, on what might be the “new tactic” from Buyers and Sellers trying to at least get a deal started. After reading the article, I came to the conclusion that these days it’s not all “Dollars & Cents” that will get you to the closing table. It is all about “Wooing the Other Side”. Go figure? Love Letters they call them (I personally would say they are letters with a lot less love written into them and a little more of a bitter dose of reality). I am talking about a letter addressed to either side delivered by the Realtor, to start a dialogue!

Buyers these days have to finesse the Seller, plead their case by complimenting the sellers’ home but also stating the cold hard facts of the current market and the dreary news of what is yet to come. Sellers on the other hand, have to respond to these so called “Dear Seller Letters” with a lot of restraint, be gingerly in their use of words, respond strategically to keep their potential Buyer interested without scaring them away from the deal and appearing not to look as uninformed, unrealistic, stubborn people.

So, Philip and I have decided that this might be the most effective tool when submitting an offer. The Realtors always get yelled at when the Seller sees a low offer. People don’t shoot the messenger! We suggest you read the letter…see why the Buyer put in the offer at that number, listen to their reasoning. Let the letter speak for itself. The Sellers then should respond with their counterpoints and suggestions. Who knows? Maybe, just maybe…when everyone is miserable, moody and agitated and both sides give in and compromise a little…we all just might have a deal!

Please view The New York Times article (05/31/08) : https://www.nytimes.com/2008/05/31/business/yourmoney/31money.html?_r=3&ref=business&pagewanted=all&oref=slogin


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.

10 Markets Set For Steep Losses

Five of the top ten markets that are projected to see further property value losses into 2009 are in Florida… that’s disturbing news folks. According to Money Magazine this market has not bottomed out and we can expect to see further negative numbers into 2009-2010. I came across this article and wish to share it you.

The worst isn’t over for Miami, Phoenix, and hard hit areas of California, which are forecast to see big price drops in the next 12 months, according to Money Magazine.

View link: https://money.cnn.com/galleries/2008/moneymag/0805/gallery.resg_losers.moneymag/10.html

Miami, Florida
12-month forecast: -24.9%
Median home price: $329,000
One year price change: -9.8%
Five year price change: 94.8%
Prices forecast to hit bottom: April-June, 2010
Change in foreclosure rate: 370%

Fort Lauderdale, Florida
12-month forecast: -22.2%
Median home price: $309,000
One year price change: -17%
Five year price change: 56.1%
Prices forecast to hit bottom: April-June, 2010
Change in foreclosure rate: 450%

Orlando, Florida
12-month forecast: -21%
Median home price: $245,000
One year price change: -13.1%
Five year price change: 62.5%
Prices forecast to hit bottom: July-Sept., 2010
Change in foreclosure rate: 399%

Phoenix, Arizona
12-month forecast: -18.3%
Median home price: $237,000
One year price change: -15.2%
Five year price change: 60.9%
Prices forecast to hit bottom: Oct.-Dec., 2009
Change in foreclosure rate: 9%

Las Vegas, Nevada
12-month forecast: -18.3%
Median home price: $277,000
One year price change: -15.7%
Five year price change: 60.8%
Prices forecast to hit bottom: Jan.-Mar., 2010
Change in foreclosure rate: 2%

West Palm Beach, Florida
12-month forecast: -17.6%
Median home price: $305,000
One year price change: -18.7%
Five year price change: 46.1%
Prices forecast to hit bottom: Oct.-Dec., 2009
Change in foreclosure rate: 435%

Tampa, Florida
12-month forecast: -17.1%
Median home price: $200,000
One year price change: -12.8%
Five year price change: 52.1%
Prices forecast to hit bottom: Jan.-Mar., 2010
Change in foreclosure rate: 281%

Riverside, California
12-month forecast: -16.9%
Median home price: $340,000
One year price change: -26.3%
Five year price change: 49.9%
Prices forecast to hit bottom: April-June, 2009
Change in foreclosure rate: 299%

Tucson, Arizona
12-month forecast: -16.9%
Median home price: $217,000
One year price change: -7.6%
Five year price change: 54.5%
Prices forecast to hit bottom: Jan.-Mar., 2010
Change in foreclosure rate: 14%

Stockton, California
12-month forecast: -16.8%
Median home price: $341,000
One year price change: -31.9%
Five year price change: 17.8%
Prices forecast to hit bottom: April-June, 2009
Change in foreclosure rate: 379%

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.

Page