Condo.com Blog

Sky Las Vegas High Rise Condominums BEST Deals Above 1100sqft

Fri, 16 May 2008 02:22:44 GMT

Is there still good deals in the Las Vegas High rise condo market? You better believe it quick and jump all over them because the boom is on it's way back! There is still a definitely demand for luxury High Rise Condos here in Las Vegas. We have seen projects flop and watched others make it to the top. One of the most successful developments that was completed was Sky Las Vegas. Sky offers an array of amenities to their residence while providing some of the BEST views Sin City has. I was searching through the MLS today and picked out the most exciting and impressive deals at Sky Las Vegas. The deals range in square footage from 1100 to over 5000. Please keep in mind these were the cream of the crop picks ladies and gentleman not just average deals that our laying around out there waiting to be found. These DEALS are such a tremendous value and provide so much I can definitely say people won't be seeing these types of deals in the near future once projects like MGM City Center & Fountianbleua open their doors. Ok enough of me blabing about the BEST Deals at Sky Las Vegas check them out for yourself by clicking here

Real Estate Hawaii Kai - Consider Kalele Kai

Fri, 16 May 2008 00:43:31 GMT

Prestigious Kalele Kai, in Hawaii Kai, East Oahu, is a gated luxury community on the marina in the center of Hawaii Kai. . This is a gated luxury community on the marina in the center of Hawaii Kai. There are 227 deluxe 2 and 3 bedroom apartments in three 6-story towers and ten 3/2.5 townhouses on the waterfront. All units have luxury baths, designer kitchens with state-of-the-art appliances and huge lanais providing grand indoor-outdoor living. Amenities include pool, spa, barbecue area and clubhouse. Sales in 2007 ranged from $590,000 for a 2-bedroom to $1,400,000 for the largest 3-bedroom home.

Visit my market analysis page on my web site for full details: http://www.movetohawaiikai.com/Hawaii_Kai_Market_News/page_1893904.html

The Honolulu Board of Realtors issues very complete statistics for monthly sales on Oahu. Contact me for a free copy:
barbara@barbarashawaii.com
808-226-2537

What Condo.com Is All About

Thu, 15 May 2008 20:03:25 GMT

When I first got here on Monday, I didn’t know much about what Condo.com actually did. After speaking with Max yesterday, I now have a much better idea. Here is how it breaks down:

The purchase of a home is the single largest investment made by most individuals residing within the United States today. One of the largest issues with investing in a home is the lack of liquidity, which can be defined as the rate at which you are able to sell your home and reconvert your accumulated equity back into cash. People sometimes go months or even years without being able to complete this crucial step within the home-selling process using conventional methods (such as local classified ads or real estate professionals within their area). This is where Condo.com comes into play to serve your Real Estate needs. In today’s world, 85% of all potential homebuyers use the internet to assist in their Real Estate purchase. Within this collection of related Real Estate websites (~54 million related websites), Condo.com is ranked #1 across the board. From search rankings on prominent search engines to the quality and capacity of the website and staff, Condo.com brings buyers and sellers together across the globe. Additionally, Condo.com is the largest Condo marketplace on the World Wide Web (including over 500,000 condo listings), and currently has an international presence in France, Germany and the United Kingdom. As the world continues to become smaller as technology progresses, Condo.com’s impact on the worldwide condo market will only continue to grow.

For the average individual (such as myself), this all equates to an easier purchasing experience and a faster sale.

technocrati

Thu, 15 May 2008 20:01:44 GMT

<a href="http://technorati.com/claim/fkapn22me9" rel="me">Technorati Profile</a>

Beachfront vacation rental Riviera maya mexico

Thu, 15 May 2008 19:53:18 GMT

Casa Toscana was designed to please your senses in absolute harmony with the environment and the breathtaking Caribbean Sea, all sheltered by a number of 5 star resorts and private homes in the gated community of Playacar. This home embodies charming luxury and creative design captivating the Mexican flavor with every amenity you may think of.

Casa Toscana is located just 45 minutes from Cancun there is an exclusive ocean front gated community retreat.

Casa Toscana will come professionally furnished and ready to move into including all high quality linens, dishes, art work and everything else you would need to begin your vacation stay. A spectacular model home, with quality finishes, and beautiful interior design. The kitchen is fully equipped and has new appliances. It comes with, two 42 Inch Plasma Televisions, Satellite Television, Bose Home Theater System and Speakers Throughout. Casa Toscana is situated on a corner lot with an easement for easy beach access across the street. It is a low traffic area due to a dead end at the end of the block. The home is designed as a Mediterranean Villa that blends interior and exterior space to maximize the temperate climate of the region. There is also High Speed Wireless Internet Connection and a Maid Service is provided 6 days a week.

Amenities

Beachfront
3 Bedrooms
1 Studio
Living Room
Dinning Room
Air Conditioners with Remote Controls or Central A/C
2 King Size Beds
2 Twin Beds + 1 Sofa bed
7 Bathrooms
Fully Equipped Kitchen
LCD Flat Screen Televisions in bedrooms
Bose Home Theater System and Speakers Throughout
Jacuzzi Outside
Laundry Facilities
Satellite TV
Access to the beach
Private Swimming Pool
Maid Services 6 times a week

Rates

Start Date*** End Date*** Daily*** Weekly

2008-01-06 / 2008-08-31*** N/A ***$8,500 USD

2008-09-01 / 2008-12-21 ***N/A *** $6,800 USD

2008-12-22 / 2009-01-05 ***N/A*** $12,750 USD

ALSO AVAILABLE FOR SALE $2.2 million USD

FOR MORE INFO VISIT OUR WEBSITE www.procorprealestate.com OR CALL US TO SPEAK WITH ONE OF OUR VACATION RENTAL PROFESSIONALS @
TOLL FREE USA: 1-866-331-4022
TOLL FREE CANADA: 1-866-374-1919
MEXICO: 52-998-883-3833

Green Light

Thu, 15 May 2008 15:46:43 GMT

The enactment of new laws and public demand for more energy efficient homes is likely to start a major movement toward retrofitting the existing supply of older matriculated condo buildings.

By Jay Barker

The Palace Pier condominium in Humber Bay Shores (Toronto, Canada) is going green, but it is not a new condo tower.

The Palace Pier represents tens of thousands of existing condo buildings built before there was an environmental commitment in the UK or Asia, and before LEED standards were adopted by US developers.

While it is now considered cutting edge to develop new condo buildings with the latest green technologies, there is an incredible amount of conversion and retrofitting of existing older condos to new standards that could become the next wave of sustainable building.

Even though older buildings may not structurally be energy inefficient often the technology for heating, cooling, and lighting is based on products that didn’t previously need to consider energy savings.

The Palace Pier condominium in Toronto is one such building. Built in 2003 the tower is not old by most comparisons, but still did not use the latest most energy efficient products. That fact alone exemplifies just how fast the latest green build movement has evolved new technologies, and how receptive the building industry has become to using them.

The Old New Green
Today, a condo building that can say “we’re green” as it is being built is encouraged to turn this into a marketing advantage and not just list it as a placid fact of construction. This means older buildings who still need to compete will be forced to examine and discover ways to update energy sources so they can make the same or at least similar environmentally conscious claims.

And this trend won’t end soon. Professor Arthur Nelson has predicted in a report published by the Brookings Institution that by the year 2030 the US will have rebuilt almost half of its entire built environment. While this report is not just about condo towers, the current demand for urban housing ensures that today’s new buildings will always be playing catchup with tomorrows newer technology.

LED Your Way To Savings
In the case of Palace Pier 44 residential hallways are getting new lighting from LED’s that use almost 90 percent less electricity than the original halogens lamps. The major lighting retrofit of Palace Pier is the first of its kind in North America. The building was motivated to update to the newer technology as a way of saving the building’s condo owners more than $180,000 in maintenance and electricity over the next five years.

LED’s are much more efficient because they use computer chips rather than typical filaments as a way to convert electricity into light. The increased efficiency of LED’s is dramatic with each lamp in the Palace Pier retrofit using just 4 watts, compared to the 31 watts used by the original halogen lamps.

Is The Cost Too Great?
As you have probably guessed by now there is a significant cost to retrofitting an entire building with newer technology, but Mark Porter the general manager of Palace Pier takes a long-term view of the savings rather than focusing on the initial capital outlay of $80 per LED. And Ontario’s chief energy conservation officer Peter Love likes his way of thinking, “I want people to think about electricity, which is a challenge because it’s invisible…most importantly I want people to act.”

There are a lot of reasons for inefficient condo buildings to upgrade their energy sources to newer green technologies, but whether they do it as a result of a government mandate, for long-term savings, or just to stay relevant with younger more environmentally conscious home buyers, this is a trend likely to get more attention in the coming months.

To view photos of Palace Pier and read additional stories about international condos, architecture, design and urbanity visit CondoCrush.com Jay Barker is a Realtor in Phoenix Arizona specializing in urban condo living, and is founder of CondoCrush.com, a condo lifestyle "blogazine."

Who wants to service rental leads?

Thu, 15 May 2008 04:02:58 GMT

Hi. We have a great problem at Condo.com - too many leads. Based on the market fundamentals and our marketing :), we have more leads for rental properties than we can handle as a brokerage company.

If you are a licensed Broker or Agent and would like to help service rental leads in your local market, please drop me an email with your details and we'll be in touch to discuss.

Thanks!

Rich

City Center Vdara Condo Hotel Today

Thu, 15 May 2008 01:00:08 GMT

Great News for MGM's City Center Vdara Condo Hotel topped off today. I read a article on the Las Vegas Review journal today about MGM City Center Vdara topping off which is great news that means its just that much closer to completion. City Center is estimated to be completed in November 2009. Click here to read full Article

Interning at Condo.com

Wed, 14 May 2008 15:30:24 GMT

Wednesday, May 14th, 2008

This week marks the beginning of my summer interning with Condo.com. I am currently a third year Real Estate student at the University of Florida, and will be here until early August. Over the next few weeks, I will be posting an overview of my experiences here.

Feel free to check in and see what I have to say!

Expert Claims U.S. Housing Market Already At Bottom

Tue, 13 May 2008 13:24:55 GMT

Chances are most people aren’t even aware that the U.S. real estate market has already reached the bottom, according to a hedge fund manager who wrote a May 6 opinion column that appeared in the Wall Street Journal. “How can this be?” the Wall Street Journal quotes Cyril Moulle-Berteaux, managing partner of Traxis Partners LP in New York, stating in his “The Housing Crisis Is Over” column.

Condo Vultures® - Market Intelligence Report

Can U.S. Real Estate Market Really Be At Bottom As Expert Claims?

“How can this be?” the Wall Street Journal quotes Cyril Moulle-Berteaux, managing partner of Traxis Partners LP in New York, stating in his “The Housing Crisis Is Over” column.

“For starters, a bottom does not mean that prices are about to return to the heady days of 2005. That probably won't happen for another 15 years. It just means that the trend is no longer getting worse, which is the critical factor.”

Moulle-Berteaux goes on to elaborate how and why the U.S. real estate market in general is unlikely to get any worse in the future.

Even if this New York fund manager is proven correct, how and why would any reasonable person realistically realize the bottom is upon us?

After all, the latest data nationwide shows that median sales prices still appear to be falling, inventory keeps growing, year-over-year sales data continues to tumble, new housing starts are way down, and corporate write-offs are a weekly occurrence.

In South Florida, foreclosures are spiking, and bank repossessions are up 255 percent in the first quarter of 2008 compared to a year earlier. Banks are taking title on average 52 properties a day, including weekends, as borrowers forsake their properties, according to a recent Condo Vultures® LLC report .

Contributing to the pessimistic outlook on housing is the lack of financing available in the market, especially for condos.

This lack of available financing is not limited only to subprime borrowers but also to primary users who have a 25 percent down-payment and an above-average credit score.

With these bleak circumstances, the pundits declare that no one in good faith would think that this is the time to buy.

Buyers are opting to purchase today because no one else is doing it. Remember that for many qualified buyers, the credit crunch, and not a disdain for real estate, is really what is keeping many individuals on the sidelines against their will.

“Even if the trumpets were sounding and the fireworks were exploding to signify the bottom of the market, many people still couldn’t buy real estate right now because of the lack of financing available on the street,” said Peter Zalewski, a principal in Condo Vultures®LLC, a Bal Harbour, Fla.-based consultancy. “That being said, we are dealing with a steady flow of all-cash buyers, both bulk funds and individual purchasers, who are in the market. These all-cash buyers realize the window of time before credit returns to the market won’t be long given the efforts by the federal government and central bank.”

Several buyers looking to purchase today have decided to acquire properties for a variety of reasons that goes beyond real estate. Some of the most cited external factors spurring a desire to buy today are the weak U.S. dollar, the inevitable change in the presidential administration, record high prices for precious metals, and low interest rates.

In South Florida, two other factors – new product coming online and the quieter summer season - are contributing to a growing sentiment that the time to buy is quickly approaching if not already here.

The bulk of the new condominium product in Greater Miami is scheduled to be finished within six months. As buyers scour the market looking for discounts, many are getting a chance to see each tower in person, rather than just studying the architectural renderings and floor plans.

“People are realizing that the overbuilding in the condo market has created in effect a bad sector that still has good buildings,” Zalewski said. “Today’s buyers are quickly figuring out which buildings are superior, and actively working to purchase units in these condominium towers at attractive prices. The inferior buildings are having a difficult time with closings as buyers are deciding to walk away from their 20 percent deposits rather than be stuck with a difficult resell in the future."

The other South Florida factor influencing today's buyers is the seasonal transition from the bustling winter tourism season into the quieter summer season when real estate transactions typically tail off. Many buyers see the summer stretch between May and September as the right time to get in before the market begins to head back into the winter tourism season that begins in November.

This particular November is of particular interest to bulk buyers and individuals with foreign currencies as a new president will be elected this year. Many of the bulk buyers and foreigners seem to think that the U.S. dollar is poised to strengthen heading into next year for a variety of reasons including a change in presidents.

The buyers reason that purchasing discounted South Florida property with a strong foreign currency offers an opportunity during the next several years to realize a gain not only from real estate but a strengthening U.S. dollar.

“No one knows where the bottom is, or when the right time to purchase really is,” Zalewski said. “All a buyer can try to do is determine a comfortable price point and then let the market come to them. If the market never gets to that buyer’s comfort level, the buyer then has to decide whether or not to revisit his or her strategy.”

Peter Zalewski is a principal with the consulting company Condo Vultures®LLC and a licensed real estate broker with Condo Vultures® Realty LLC. Peter can be reached at 305-865-5629 or by email at peter@condovultures.com. Be sure to check out Peter’s blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report.

Deerfield Real Estate May 9-11

Mon, 12 May 2008 01:35:17 GMT

Single Family Homes

New Listings
1252 Carlisle PL 4 Beds 2.1 Bath $479,900

Under Contract
720 Jonquil TER Deerfield 7 Baths 3 Bath $345,000

Price Changes
201 FORESTWAY DR 4 Beds 2.1 Baths $474,900 to $444,900
1020 Summit DR 4 Beds 2.1 Baths $699,900 to $665,000
1128 DAVIS ST 4 Beds 3.1 Baths $899,000 to $879,000
195 River ST 5 Beds 4.1 Baths $1,450,000 to $1,150,000

Closed
20882 N ASH ST 4 Beds 2 Baths $300,000 closed for $287,000

Attached Homes

Price Changes
422 Kelburn RD Unit # 323 3 Beds 2 Baths $539,900 to $519,900

Closed
347 Milford RD Unit # 347 3 Beds 2.1 Baths $498,900 closed for $470,000
739 Central AVE Unit # 0 3 Beds 2.1 Baths $519,999 closed for $490,000

Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com

Brickell Avenue Condos

Sun, 11 May 2008 17:21:58 GMT

Brickell Avenue is the financial gateway to South America and the Brickell Avenue condominiums that have been added in recent years to the Miami skyline are located in the heart of this financial district. Formally known as "millionaires row", businessmen and entrepreneurs worldwide choose condos along Brickell Avenue and Brickell Key as their South Florida headquarters. Minutes from downtown, a condo on Brickell has exquisite, panoramic views of Miami Beach, Coconut Grove, Key Biscayne, and the downtown skyline. With so many condos for sale and more becoming available everyday, the professional at Avant Realty International can assist you in finding a condominium in this exclusive district that is perfect for your needs. There is plenty of entertainment and dining in the areas surrounding the condominiums on Brickell. Bayside Marketplace with shopping, concerts, food and fun is literally down the street. Connected to Bayside is the American Airlines Arena, which is the home of the Miami Heat, concerts, and special events.

Ten minutes east of your Brickell Condo, you can have dinner at the famous Joes Stone Crabs on South Beach, and ten minutes south is Coconut Grove with all the fun and culture that it has to offer. Miami International Airport is not far and the Sunny Beaches of Key Biscayne and its annual ATP tennis tournament are just over the bridge. Many condos on Brickell Avenue are also for rent. Condo owners who keep their Brickell Avenue residence as a second or third home are constantly placing their units on the rental market and the rental department at Avant Realty International has the knowledge of which units are available and when. Whether you are looking for a long-term or short-term lease, our expert staff has developed personal relationships with many of the Brickell Avenue condo owners and managers and will work to find the rental unit that fits your business or social needs.

If you are currently a Brickell Avenue condo owner and wish to sell or lease your condominium, please allow one of our condo specialists assist you. Condos on Brickell Avenue are perfect for business people and their families. Safety is a priority and people can feel secure as they walk, jog, and enjoy the outdoors that the Brickell area offers. There is easy access to The Metro-Mover and Metro-Rail and when the family is ready for a vacation, The Port of Miami, a mere ten-minutes away, is where the cruise ships depart. With all of the convenience and luxury that Brickell Avenue condominiums have to offer, it is no wonder that so many international business people choose this exclusive locale as their South Florida residence.

Can't Close Escrow on your High Rise Condo? What Can You Do? Find Out Here

Fri, 09 May 2008 23:50:38 GMT

Over the last month or so i have received an increasingly large amount of phone calls from High rise Condo buyers who are not in a position to close escrow on their vertical property's for one reason or another. I have encountered people who can't qualify for the loan and people who can qualify but don't want to close. There are so many different situations that people are in that it just doesn't make sense. I have had people call and tell me one thing and others tell me the complete opposite. If you are in this situation you first need to read your sales contract thoroughly, then contact the sales department at what ever development you have a property under contract at. In my experiences the developers are more than happy to help people out in these types of situations to the best of their ability. Once you have talked about your situation with a development representative you will have a clearer understanding of what your options are. After you understand what options you have it will make things easier on yourself and you can work on things from there. The #1 problem that i have been hearing from people in these types of situations is that they either can't close escrow or they can close but don't want to pay a high down payment. One solution that some developers are allowing people to do is to do a contract transfer or assign their contracts to someone else. This is only an option for people who have been specifically told by their developer that they can do this and if you haven't been told this then your not allowed to do so. I have helped several people who have gotten the OK from the developer to do a contract transfer but the task has not been easy. People who can't close on their High Rise Condo need to understand the quicker they take action and speak to the developer about their situation the easier it makes it on everyone. Now on the positive side of this equation if you are able to close and don't have a problem with paying a little higher of a down payment than a traditional style loan then you are in a great position. The reason you are in a great position is that you can pick up property's at 2005 &2006 prices which means instant equity for you. This is only a good idea if you want to buy a High rise Condo and don't want to pay 2008 prices and also you have the opportunity to pick up some very prime unites with some of the best views in town. Like i mentioned earlier i am currently working with several people who can't or don't want to close on their Condos so if your interested in this type of deal i can be of help to you. I have access to Palms Place and Trump International Condos that are way below what the developer is selling their Condos for because like i said these property's were put under contract a few years back during pre construction phases of the developments. Contact me today to learn more about how you can pick up a High rise Condo at 2005 prices in 2008:)

Colony at the Peninsula Hawaii Kai - Real Estate Opportunities

Fri, 09 May 2008 20:14:22 GMT

The newest condominium in Hawaii Kai, the Colony consists of four low-rise towers containing one, two and three bedroom air-conditioned apartments, 208 in all. It is in the gated community of the Peninsula, which also has single family houses and town houses, two swimming pools, large exercise room, recreation room and park. Resales were very good in 2007, as 35 homes changed hands, with prices ranging from $450,000 for a 1-bedroom to $750,000 for the largest 3-bedroom unit.

Visit my market analysis page on my web site for full details:

http://www.movetohawaiikai.com/Hawaii_Kai_Market_News/page_1893904.html

The Honolulu Board of Realtors issues very complete statistics for monthly sales on Oahu.

Contact me for a free copy:
barbara@barbarashawaii.com
808-226-2537

Deerfield Realty April 29th-May 8th

Fri, 09 May 2008 16:10:39 GMT

Deerfield Illinois Realty Report

Single Family Homes

New Listings
20742 ASPEN CT 3 Beds 1 Bath $244,900
1313 Holly LN 4 Beds 2 Bath $369,900
926 Rosemary Terrace 4 Beds 1.1 Bath $437,000
1233 WOODRUFF AVE 3 Beds 1.1 Bath $439,000
1563 Hawthorne PL 4 Beds 3.1 Bath $865,000
924 FOREST AVE 4 Beds 3.1 Bath $869,000
561 Brierhill RD 6 Beds 6.5 Bath $4,495,000

Under Contract
920 Summit DR 4 Beds 2.1 Baths $759,000
1133 Elmwood 4 Beds 4.1 Baths $1,049,900
1156 CHERRY ST 5 Beds 4.1 Baths $1,399,000

Price Changes
813 JUNEWAY AVE 4 Beds 2 Baths $254,900 to $234,900
720 Jonquil TER 3 Beds 2 Baths $369,000 to $345,000
1003 N WILMOT 3 Beds 1.1 Baths $369,700 to $349,900
909 Holmes AVE 3 Beds 1 Baths $364,500 to $349,900
1248 Hackberry RD 4 Beds 2.1 Baths $445,000 to $425,000
1016 Sheridan RD 3 Beds 1.1 Baths $439,000 to $429,000
1055 Forest 4 Beds 2 Baths $479,000 to $465,000
150 Birchwood AVE 4 Beds 3.1 Baths $589,000 to $547,000
61 ELLENDALE DR 5 Beds 3.1 Baths $649,000 to $648,000
676 Pine ST 4 Beds 3.1 Baths $799,000 to $775,000
442 Amberley LN 3 Beds 2.1 Baths $868,900 to $839,900
195 River ST 5 Beds 4.1 Baths $1,450,000 to $1,175,000
1327 Somerset ST 5 Beds 4.1 Baths $1,450,000 to $1,298,000
775 Summit DR 5 Beds 5.2 Baths $2,295,000 to $2,150,000

Closed
849 Appletree AVE Deerfield 3 2 3910 $425,000 closed for $409,250
1118 Gordon TER Deerfield 4 2.1 3910 $649,900 closed for $576,000
231 Gladys CT Deerfield 4 2.1 3640 $695,000 closed for $645,000
909 WESTCLIFF AVE Deerfield 4 4.3 3910 $1,499,000 closed for $1,425,000

Attached Homes

New Listings
442 Kelburn RD 121 1 Beds 1 Baths $195,900
914 INVERRARY DR 914 2 Beds 1.1 Baths $209,900
519 Hummingbird LN 519 2 Beds 2.1 Baths $289,500

Under Contract
714 Inverrary LN 2 Beds 1.1 Baths $169,000
1300 Barclay LN 2 Beds 1.1 Baths $234,000

Price Changes
1032 INVERRARY LN # 1032 2 Beds 1 Baths $168,000 to $166,000
463 ELM ST # 1I 2 Beds 1.1 Baths $189,500 to $185,500
382 Kelburn # 322 2 Beds 2 Baths $289,900 to $278,000

Closed
297 Tanager ST # 297 3 Beds 2.1 Baths $274,500 closed for $260,000
821 Fountain View DR # 821 3 Beds 2.1 Baths $699,000 closed for $647,500

Eric P. Egeland
RE/MAX United
847.337.7090
DeerfieldsAgent.com

55 Merrick Condo

Fri, 09 May 2008 12:49:31 GMT

Developer: Dayco
Description: Residential, Retail, Office
Type: Mix-Use Building
Floors: 8
Units: 167 residences
Number of Bedrooms: 1, 2 & 3
Unit Sq. Ft. Range: 848- 1,854
Price Range: $ 300,000's - $ 800,000's
Amenities: Temperate Controlled Pool, Fitness Center, Valet, Concierge, 2-story Clubhouse, security

Empty Condo? Opportunity to do a good deed.

Fri, 09 May 2008 11:03:28 GMT

Hello,

Caroline Turns is 8 years old. She was diagnosed with pancreatic cancer and has been at St. Jude's hospital in Memphis since last August. St. Jude's has said that they can do no more for her. St. Jude's told the family they don't have enough experience with her particular case and referred her to Holtz Children's Hospital in Miami. Caroline is due to arrive with her family from Memphis the first of June.

She will be undergoing a 5 organ transplant and this will be the last hope for her to become a healthy child again. Caroline's family is in need of a small apartment or guest house. They anticipate that if Caroline survives the surgery they will need to be in Miami for 6 months. A last resort is a stay at the Ronald McDonald house. However, since Caroline has a 5 year old brother, her parents would prefer not to have him in a dorm type environment surrounded by other families going through similar experiences. Caroline's father had to quit his job, her mother continues to work only to hang on to their life insurance. They have already had to downsize their home in Memphis due to the medical expenses.

We are looking for anyone that might have a small vacant furnished apartment, condo, guest house, or home that would be willing to provide a place for this family of 3 to reside in during this trying time. Or perhaps your corporation would like to sponsor this family with housing while they are in Miami.

I am posting this on our blog in hopes that someone out there has a vacant condo unit and would be willing to provide housing for this family for a few months. If you can help or know anyone who might be willing to help, please send me an email.

All the best,
Rich
Condo.com

Q&A with CEO of Condo.com

Thu, 08 May 2008 21:37:02 GMT

Q&A with CEO of Condo.com: "We Foresaw the Market Bust Coming in South Florida"
Published: May 08, 2008

Richard Swerdlow, CEO, founded Condo.com (formerly US Condo Exchange) in 2005 and is responsible for the company's strategic direction and operations. Previously, he founded Everything Wireless, the first consumer cataloger and Internet retailer, which provided national distribution of wireless phones and accessories. The company grew to $100 million in revenues.

Richard has an extensive background in real estate development, has been personally involved in selling over 10,000 condo units and exited his real estate projects prior to the real estate bubble bursting in South Florida.

He talks to Anuradha Kher, online news editor at MHN, about the Florida condo market, the economic downturn and the real estate hotspots to invest in.

MHN: You exited the Florida condo market before the bubble burst? How did you know what was coming?

Swerdlow: It was apparent for many months before we exited the space that the number of units being delivered over the next two to three years could not possibly be absorbed by end-users or investors that had fueled the market through the purchase of units during the pre-sales phase. The swelling of the glossy magazines with condo ads, the billboards up and down the highways and the excessive spending on project launch parties and other marketing schemes were telltale signs. It felt like late 1999 again in the tech bubble and you knew there was a problem coming.

MHN: How do you expect the condo market in Florida to repair itself?

Swerdlow: Florida is very resilient. As the gateway to Latin America and a state of net migration, it always recovers quickly from real estate down cycles. The condo market will repair itself based on a variety of factors. First, there is still flight capital coming out of South and Central America looking for more financially and politically stable regimes. Most of the flight capital ends up in Miami due to the large Spanish-speaking population and proximity. Secondly, the continued strength of foreign currencies, specifically the Euro enable foreign buyers to purchase units at relative discounts to other countries. Next, the aging population of baby boomers is leading to a significant number of empty-nesters migrating south to Florida. In the next decade, it is projected that over 1.2 million 65+ people will relocate to Florida. Lastly, the pricing on units will have to be reset in the next 12-18 months. As developers give projects back to the banks, there will be the ability to wipe out equity and mezzanine debt, allowing for the resetting of prices on many units around the state.

MHN: What are your thoughts on the rate cuts that have taken place in recent months and how they will they affect multifamily financing?

Swerdlow: The current rate cuts have fueled consumer mortgage applications in Q2 2008 amid declining homes prices as consumers seek to take advantage of an abundance of ‘deals’ in what is considered an increasingly buyer-friendly residential real estate market. Lenders however have enacted stricter guidelines for residential lending. The multifamily financing sector will likely bear the brunt of the increasingly stricter residential lending guidelines. Several top lenders have placed several of the MSA’s and states on a restricted lending list and will not loan to consumers in these areas, as the loans cannot be sold in secondary finance markets.

Due to the fact that a substantial majority of multifamily housing is located within these restricted MSA’s, there will be a steep decline in the financing available to consumers looking to finance multifamily homes.

MHN: With the dollar dropping, and the economic downturn, where does real estate in the US stand?

Swerdlow: With the dollar dropping, strong foreign currencies have continued to encourage foreign investment in the domestic real estate market. We believe that real estate in the U.S. remains a strong and stable long-term investment and these foreign direct investments in domestic real estate investments are consistent with this fact.

Prices may fluctuate and in some sectors re-set themselves as the economy weathers the storm in the wake of the sub-prime credit market collapse for the next 12-18 months. However the fundamentals of real estate in the U.S. as an asset class remain strong over the long term.

MHN: What are the hottest places to invest in real estate in the U.S. and why?

The “Green” movement probably represents one of the hottest sectors to invest in today’s market. The focus on decreasing carbon production and the creation of environmentally sustainable technologies represents a win-win situation for consumers as well as investors. Real estate developers are likewise following this trend with the creation of "green" projects that appeal to this consumer-driven environmentally friendly and responsible movement.

The Assisting Living Facility (ALF) sector is also hot. With the aging population of baby boomers, we are seeing high-end ALF’s being developed in major markets around the U.S. Units in these facilities are being rented and sold as condos.

In terms of locations, there is continued migration into Florida and the Carolinas. Both North and South Carolina have been consistently good real estate markets and have not been experiencing the same downturn that we have seen in other markets. Seattle and other markets with job creation continue to be strong as well. In several markets, the creation of “Green Collar” jobs, or jobs associated with renewable energy, organic living and conservation are helping local economies.

Do you think we are headed into a recession?

I think that the residential real estate and finance sectors of the economy are experiencing a correction and have been experiencing the correction since the end of 2005. We may technically be in a recession now, but the U.S. economy as a whole remains strong and there is significant investment dollars inside the U.S. and abroad that are looking for opportunities, which will re-energize the economy.

Makati, Manila Philippines Condominium

Thu, 08 May 2008 16:24:58 GMT

The Gallery at Salcedo Makati, Philippines…

Dreaming of living in Makati? Stop dreaming… and start living, open up your eyes and… Awaken from your luscious realty and begin living your life in MAKATI.

Makati is bagged to be the country’s major financial, economical and commercial hub. Makati is noted for its highly cosmopolitan culture, also being a major cultural and entertainment hub in Metro Manila. Many expatriates live and work in the city. Makati is also home to many first-class shopping malls.

At the center of the city is the Central Business District (CBD) where many companies in the Philippines have their office or headquarters. This is where many of the country’s tallest skyscrapers are located. The Makati skyline is one of the most impressive sight in Metro Manila.

The Central Business District (CBD) is where most of Makati’s financial resources are connected. It mainly encompasses Legaspi Village, parts of Bel-Air and SALCEDO VILLAGE.

Salcedo Village is the home to many business and commercial establishments giving this area the reputation as one of the city’s elegant and sophisticated landmark.

It’s tremendous beauty and value will then be comparable to the world’s key cities and with the continuous progress of Makati it is no wonder that this place will only spell out a lifestyle full of class, elegance, style and sophistication.

Isn’t it that Makati makes your life worth living?

Crown Asia would like to present to your our latest projects in Makati… The Gallery @ Salcedo…

Crown Asia joins the vertical players and conquers Makati with a fresh new take on condo living located in highly coveted Salcedo Village in Makati. At the center of work and leisure places.

NEW CITY STYLE… each room unit is a masterpiece stylish, airy and bright. Raw. Urban. Edgy. Close proximity to Ayala Ave. and Buendia, Shopping heaven, Mecca for bars and restaurants.

Building Features:

Grand Lobby
Security counter for 24-hours security check
Condominium Administration by experienced Property Manager
Swimming pool, Gym, Function rooms, Garden Area
High-speed elevators
Podium and Basement Parking
Provision for raceways for internet connection, cable TV and Telephone
CCTV Camera located in the lobby and key areas of the building
Centralized Deep Well and Overhead Water Tanks
Standby Generator for common Areas
Fire protection and automatic fire sprinkler and alarm system
Retail Outlets / Commercial Area

Available units:

1 Bedroom Standard / Floor Area – 27.20sqm to 27.84sqm

1 Bedroom De Luxe / Floor Area – 31.96sqm to 32.36sqm

1 Bedroom Premiere / Floor Area – 31.65sqm to 36.34sqm

2 Bedroom Executive / Floor Area – 50.98sqm to 51.11sqm

3 to 5 Bedrooms is available upon request.

Combine units is also allowed for bigger floor area…

Price Points:

Starting Packages is 2.3M for Standard 1 bedroom unit.

2.6M – 1 bedroom De Luxe

2.8M – 1 bedroom Premiere

5M – 2 bedrooms Executive

The Financing Schemes:

Reservation Fee – 25,000php for 1 bedroom units

50,000php for 2 bedrooms unit

Option 1

40% payable 48 months 0 interest
60% upon turn over or Financing (Bank or In-house)

Option 2

10% spot payment with discount of 8%
30% payable in 48 months 0 interest
60% upon turn over or Financing (Bank or In-house)

Sample Computation:

Base on 1BR Standard Unit

Total Contract Price – 2,322,241
25,000 Reservation Fee

40% - 48 months – 18,832

60% - Financing 20 years – 13,447 monthly

Note: Our computation is indicative, the bank will do your monthly amortization schedules with "Diminishing Balance" terms. This computation is for the first year only your 2nd year amortization and onwards will be progressively lower with the succeeding years. As of this time bank rate is 8.75%.

If you have questions please don't hesitate to call: 632-7476589 / Mobile 63917-8347626 anytime. Or email me at: anc.realty@yahoo.com / YM: anc.realty.

Hope to hear from you soon...
Anabel Chiyuto

Crown Asia Properties, Inc.
Philippines

More Indicators Suggest South Florida Lending Not Getting Easier

Thu, 08 May 2008 15:31:41 GMT

The first quarter results of South Florida banks and a new Federal Reserve national survey of lenders provide more evidence that the slow market for residential lending could continue through the rest of this year.

More Indicators Suggest South Florida Lending Not Getting Easier

By Jim Freer
Senior Contributor
CondoVultures.com

The first quarter results of South Florida banks and a new Federal Reserve national survey of lenders provide more evidence that the slow market for residential lending could continue through the rest of this year.

One key indicator of continued caution is that several South Florida-based publicly traded banks and several out-of-state banks with large branch networks in the region made large addition to their loan loss reserves during the first quarter.

Those provisions, which are subtracted directly from earnings, led to a quarter in which many banks profits were lower than the first quarter of 2007.

A review by CondoVultures.com of first quarter results also shows that numerous banks with South Florida operations reported increases in non-current loans – those 90 days or more delinquent or no longer accruing interest. Banks will have to restructure terms of these loans to help borrowers become current or take charge-offs that must be subtracted from their loss reserves.

As of May 7, some but not all South Florida-based publicly traded banks had released first quarter results.

An upcoming CondoVultures.com report, using information from banking analysts, will review the results and the implications for South Florida’s real estate market.

“Most analysts had predicted this would happen, with earnings and problem loans worse than in the fourth quarter,” said Ken Thomas, a Miami-based banking consultant with KH Thomas Associates.

During the first quarter, more banks began reporting increases in non-performing mortgages to “prime” borrowers and on home equity loans. During 2007, the banking industry’s increase in non-current loans was primarily in subprime residential mortgages and loans to homebuilders and condo converters.

One positive sign for the banking industry, in Florida and nationally, is that most banks continue to have capital well above levels that regulators consider “adequately capitalized” if not “well capitalized,” Thomas said.

This capital grew as most banks reported several years of strong earnings through 2006.

One key measure is the ratio of core capital – basically equity – to total assets. Federal regulators require banks to have a ratio of at least 4 percent to be adequately capitalized and at least 5 percent to be well capitalized.

For the composite 317 Florida-based banks, that ratio was 9.25 percent at the end of 2007, which was basically unchanged from a ratio of 9.24 percent on Dec. 31, 2006.

That composite number could drop sharply for this year’s first quarter, said Thomas, who advises banks in Florida and several other states on branch location and community lending strategies.

Some banks that keep adding reserves for several more quarters might have to shift money from their capital base if provisions are higher than a quarter’s net income.

The extent won’t be known until late May, when the Federal Deposit Insurance Corp. releases first quarter data for the banking industry and all banks.

Most South Florida-based banks are privately held. These banks usually announce little more than net income and quarter-to-quarter changes in assets and loans in quarterly releases they send out for use by daily newspapers.

“If capital ratios get weaker, it will be another reason why the credit crunch will get worse and banks will become more reluctant to lend,” Thomas said.

He said evidence of how that is happening is provided in the Fed’s “Senior Loan Officer Opinion Survey on Bank Lending Practices” for April.

The quarterly survey, released May 5, was based on responses from officials of 56 U.S. banks and 21 foreign banks with U.S. offices.

The Fed did not identify any banks, or provide information on lending trends by state.

In one discouraging sign, the majority of domestic banks reported they had tightened their lending standards on prime, traditional and subprime mortgages since January 2008, when the Fed’s most recent survey occurred.

“About 60 percent of respondents--a somewhat higher fraction than in the January survey--indicated they had tightened their lending standards on prime mortgages,” according to the report.

Prime mortgages, to borrowers with good credit histories, are a major source of funding for prospective buyers of South Florida condo units.

The Fed’s report comes as CondoVultures.com continues to see more banks in South Florida tighten that lending.

The Fed also said that about 70 percent of domestic respondents, somewhat higher than in January, indicated they had tightened standards for approving home equity lines of credit over the past three months.

In addition, the Fed said about 80 percent of domestic bank respondents and about 55 percent of foreign bank respondents reported they had tightened standards on commercial real estate loans between January and April.

The Fed said these numbers are similar to a previous survey that showed a tightening between October 2007 and January 2008 on commercial real estate.

That category includes loans for construction of single-family housing projects, condo buildings and commercial buildings. It also includes loans for condo conversions and for purchases of apartment buildings, office buildings and other commercial real estate.

Jim Freer is senior contributor to Condo Vultures.com who writes a weekly column that appears every Thursday. Freer is a veteran financial journalist in South Florida and a consultant to the financial services industry. He can be reached at JimFreer@aol.com. Be sure to check out the Condo Vultures® blog at CondoDump.com. Don't forget to sign up for our weekly Market Intelligence Report.