Setai Penthouse in Miami sells for record price

The Setai
Miami, FL

A buyer has plunked down a staggering $27,000,000 or $3,800/psf for a penthouse at the Setai building in Miami Beach.  The 7,107 square foot residence features 4 bedrooms, 4 bathrooms and 2 half bathrooms.  The Setai penthouse occupies the entire 40th floor and has a 4,000 sq ft terrace that overlooks the ocean and intracoastal.

Ft Lauderdale Apartment Building sells for more than $100 million.

Port Royale Apartments
Fort Lauderdale, FL

Port Royale Vistas apartments have sold to a private trust in the amount of $117 million or $159,000/unit.  The waterfront apartment buildings located in Northeastern Fort Lauderdale, consist of 737 units.  This expensive real estate transfer is yet another indicator of the strong rebound of the local market.

Ft Lauderdale may lift ban on alcohol on beach

Ft Lauderdale Beach
 

Fort Lauderdale is exploring the possibility of lifting the ban on alcohol on its beaches.  Fort Lauderdale Beach currently has a ban on alcohol consumption and hotels and tourists are lobbying for its dismissal.  This service would add a great perk to visitors as they would receive food and beverage service on the beach in front of their establishments. Under the proposals, food and beverage service would be permissable from 11:00am to 5:00pm in certain beach zones.  Nearby Fort Lauderdale Cities offer a similar service and it is a win-win-win for Cities, businesses and tourists.

Real Estate Inventory shrinking in Fort Lauderdale

Fort Lauderdale Real Estate

According to statistics complied by our local MLS, inventory continues to decline in the Fort Lauderdale real estate market.  New single family listings are down 23% as of November 2012 compared to the same time last year. In the condo-townhouse market in Fort Lauderdale, new listings are down 25% compared with the same time last year.

The lack of inventory in Fort Lauderdale is creating a sellers market....again.....as buyers are experiencing multiple offer situations in certain price ranges.  This could have a negative effect on certain buyer populations such as the first time home buyer.  First time home buyers can feel a sense of frustration, as they see their chance at home ownership slip by due to a multiple offer scenario. 

Ensuring that buyers are pre-qualified and educated about the real estate process including ensuring that offers are submitted expeditously are basic strategies to ascertain that you, the home buyer, have the winning bid.

Financing Options: Buy a home with as little as 3.5% down

South Florida Real Estate

Don't let the continuing appreciation of real estate in South Florida pass you by.  Purchase a home with as little as 3.5% down with a minimum credit score of 640.  You can even finance repair items within the loan.  The financing program is called the FHA 203k and it's not just for first time home buyers.

 

The FHA 203k Streamline is an all-in-one loan used for homes that need minor repairs. It allows borrowers to finance the purchase of an existing home and make improvements or upgrades of up to $35,000. There are no minimum repair costs.

Work that is typically available for an FHA 203k loan:

• Repair, replace, and upgrade roofs, gutters and downspouts • HVAC systems (heating, vacuum, and AC) • Plumbing and electrical systems • Flooring, exterior decks, patios, and porches • Minor remodeling that does not involve structural repairs • Interior and exterior painting • Weatherization, including doors, windows, insulation, stripping, etc

• Appliance purchase and installation (ie kitchen appliances, washer, dryer) • Lead-based paint removal and stabilization • Exterior wall re-siding • Other improvements that are a PERMANENT part of the real estate* *Luxury items are not permitted to be included in the financing.

Fort Lauderdale Beach

Fort Lauderdale has been experiencing a warm "winter" season so far.  Temperatures have been in the 70's & 80's for much of the season.  This weather reminds me of the reason I relocated to South Florida.  Check out todays beach conditions.

Fort Lauderdale Beach Conditions (courtesy of City of Fort Lauderdale)

CURRENT CONDITIONS AT FORT LAUDERDALE BEACH
Date/Time:	Wednesday, January 16th, 2013 at 8:30 A.M.
Weather Forecast:	Mix of sun and clouds. Air temperature: 69-85°. Winds will be East @ 5-15 mph.
Current Weather:	Partly cloudy. Temperature 73°. Wind out of the East at 10 mph.
Marine Forecast:	East winds @ 5-15 MPH.
Ocean Water Conditions:	The seas will be 3-4 ft.
Intracoastal Water Conditions:	A light chop.
Air Temperature:	69-85°
Water Temperature (Ocean):	73°
High Tide:
Low Tide:	5:25 P.M.
Wind Direction/Speed:	Winds will be east @ 10-15 mph.
Sea Pests:	Man of war- Jellyfish.
Current Warning Flags:	Yellow and Purple Flags. Please consult your lifeguard on duty before entering the ocean. Thank you for visiting our page and have a safe day.

South Florida housing recovery ranks among nation's best

Broward County Real Estate

South Florida was one of the country's hardest-hit housing markets, but now it's among the most improved.  According to recent data,  Broward Countys median price last month was $127,000, a 21 percent jump that ranked ninth in terms of year over year increase nationwide.

Condo Profile: Las Olas Grand Condo Fort Lauderdale, Florida

Las Olas Grand Condo
Fort Lauderdale, FL

Las Olas Grand is a luxury high-rise condominium located in Downtown Fort Lauderdale, along the New River.  Built in 2005, Las Olas Grand towers 39 stories and features 213 units.  Prices generally range from $850,000 for a 2 bedroom to over $1.5M for a 3 bedroom.  Las Olas Grand is one of Fort Lauderdale's premier buildings and it offers its fortunate residents access to amenities such as valet parking, a billiard room, a card room, a lushly landscaped pool deck and a state of the art fitness center. Las Olas Grand also permits small dogs up to 30lbs.  Las Olas Blvd is a short distance away along with Broward Center for the Performing Arts, Musuem of Science & Discovery, as well as fine dining on Himmarshee Street.

New Boutique Hotel on Fort Lauderdale Beach

The development surge that has been stirring south florida residential real estate has now spilled over to commercial real estate. A Miami real estate firm has announced plans to build a boutique hotel on Ft Lauderdale Beach adjacent to a local favorite dining spot Casablanca Cafe. 

Vintro Hotel
Fort Lauderdale Beach

Vintro Fort Lauderdale is a proposed boutique hotel located at 3029 Alhambra Street.  Plans include 67 spacious rooms plus 3 suites.  Since the hotel is located across from Fort Lauderdale beach, units are sure to have direct ocean as well as intracoastal views.  Amenities are to include a rooftop pool, a top floor dining location, fitness center & a concierge.  No word yet as if the developer has secured funding for the project but the building will surely bring a Miami architectural twist to Fort Lauderdale Beach.

Mortgage Forgiveness Debt Relief Act extended

Mortgage Forgiveness Debt Relief Act extended to January 1, 2014.

Mortgage Forgiveness Debt Relief Act

In place since 2007, the act provided a tax break for homeowners who struggled through financial hardship such as a foreclosure, and were granted mortgage debt forgiveness. In the past several months, National Association of Realtors (NAR) issued numerous calls to action urging its million-plus Realtor members to ask lawmakers to extend the tax break for another year. More than a quarter of all transactions involve distressed properties, the NAR said in its plea. "Homeowners shouldn't be forced to pay a tax on money they've already lost with cash they never received."