Category Archives: Miami-Dade

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

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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.

Is The Trump Name Really Worth What People Think?

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.

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%

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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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