Apparently the Atlanta-based developer has been encouraged to join major players in the real estate industry in the area due to declining home inventory and a recent increase in sales and prices of homes in Sarasota. Ashton Woods is already active in Tampa and Orlando, and sold 480 homes in these markets in 2012.

The Whitaker Park project is located at Richardson Road, and is an 18 acre property purchased by the developer for $3.35 million. Ashton Woods is planning to build 91 single-family homes with floor areas measuring between 1700 ft.² and 3000 ft.², and between three and five bedrooms. Prices are expected to be from $200,000 upwards, and construction of two model homes is scheduled to begin this spring. It’s a great location as there are lots of nearby communities and it’s in an established neighborhood.

The Sarasota downtown area is easily accessible, and the retail centers of Merchant Pointe, Colonial Village, and Northeast Plaza are all nearby. There are a number of sports and recreational facilities nearby including the Bobby Jones golf club, a 45 whole public and semiprivate golf facility. Tatum Ridge is an 18 hole semiprivate, Scottish style golf links which is just a short drive away. The Ed Smith Stadium which is the location for the spring training camp of the Cincinnati Reds, and how much of the Sarasota Reds is just a short distance away.

The area surrounding Whitaker Park has some of Sarasota’s most established neighborhoods. These neighborhoods do have affordable options for sale, one of which is in the Glen Oaks Estates. The asking prices for homes in this neighborhood typically start in the low $100,000’s for a two-bedroom property with a floor plan of approximately 1,500 square feet.

Sarasota Bay Real Estate is a full-service real estate brokerage in Sarasota, Florida. It’s owned by Sarasota real estate broker, Christine Miller, and marketing professional, Roy Hunter. Their website receives more than 1,000 visits a day from prospective homebuyers, something which is largely due to the wealth of local community information available on the site. Sarasota Bay Real Estate has a direct feed from Sarasota MLS and publishes the most current real estate information for the local market.

Image courtesy OnyxMiami.com

Lead selling agent Dean Bloch, and his team partner Chad Carroll said:

“While recent sales of Miami penthouses have hit multimillion dollar levels, the cachet and convenience of owning a penthouse here comes at a surprisingly reasonable price point. The residences in this great building overlooking Biscayne Bay come with all the amenities at a low starting price of $615,000.”

Both Douglas Elliman agents are penthouse and premium property experts and currently have more than 70 listings valued at over $100 million, and jointly closed over $65 million worth of real estate in just one year, including a record-breaking sale on Brickell Avenue, so they certainly know what they’re talking about. They are the exclusive sales agents for four of the Onyx on the Bay’s penthouses and have an in-depth knowledge of the Miami market. The agents were handpicked by developer Hyperion Group, even though the company has its own sales team.

The largest penthouse for sale is PH 1, a 3,335 square-foot four-bedroom property that includes a rooftop balcony and hot tub. The price is $1.95 million. PH2 has three bedrooms, a rooftop balcony and hot tub and a price tag of $1.9 million.

Image courtesy OnyxMiami.com

Onyx on the Bay is a small boutique style building of 118 units with just five units per floor. It has a number of amenities including a fully equipped gym with a 1,500 square-foot yoga room and a movie room. The terrace surrounding the swimming pool overlooking Biscayne Bay is furnished with stylish outdoor furniture and has two barbecue stations. There’s even a dedicated dog park on the eighth floor. Onyx on the Bay is located at 665 N. East 25th Street in the Edgewater neighborhood. It’s fast becoming an alternative to Brickell and downtown Miami. Dean and Chad think these penthouses are ideal for the upwardly mobile, allowing luxurious living without a huge price tag.

Douglas Elliman has 4,000 real estate professionals and 70 offices in South Florida and New York, including Fort Lauderdale, Miami, Boca Raton, Long Island, New York City, and the Hamptons and Westchester. Douglas Elliman is also the exclusive partner to Knight Frank, a leading European luxury brokerage, a partnership that allows its reach to extend globally. More information on Douglas Elliman can be found here.

Image courtesy www.engelvoelkers.com

The new brokerage made its debut with more than 75 listings, including a $26.9 million private horse stable in the Grand Prix Village. Engel & Völkers also represents numerous private residences in the Wellington area that have a combined total value of more than $100 million. Properties in Wellington include high-end farms and stables and luxury homes designed to cater to those whose lives center on equestrian sports. The area attracts thousands of spectators every year who are keen to watch top riders complete for well-known trophies.

Sollak, who co-owns the new brokerage with Amy Carr, formerly of Westwind Realty, offered the following comments:

“Many of the international buyers in Wellington are coming from Europe and South America and include some of the best equestrian competitors, as well as owners of the sport’s top horses. Engel & Völkers is an international luxury brand offering specialized services and opportunities for all of my buyers and sellers. I look forward to expanding our services and to further meet the needs of my clients.”

Amy Carr has an extensive knowledge of equestrian life which gives her a unique insight into buying and selling equestrian properties:

“We joined Engel & Völkers not only because of its commitment to higher standards in real estate services but because the brand represents a lifestyle shared by many in the Wellington community. We now have a great opportunity to reach an international audience for the properties in our market.”

Engel & Völkers, an international real estate firm, is rapidly expanding within the top US real estate markets. The company currently operates in more than 34 countries throughout Europe, Asia, Africa and North America. Engel & Völkers has been introducing its distinct quality of service throughout the US, but especially in Florida, and it has offices in Miami, Naples, Clearwater and Key West.

Image courtesy nwtransplant

As 2012 drew to a close, there were successive sales of two mansions at Westway Drive in the Lido Shores area involving deals worth a total of nearly $10.4 million, while in May SBRE sold a Ritz-Carlton condo near the Golden Gate Point Peninsula area, a transaction that was worth nearly $1.2 million. Although the firm feels the outlook is encouraging, it still thinks there is a largely untapped growth potential within this sector.

At the end of the year there were 700 luxury homes listed for sale, representing a 20 month inventory. The overall market has an inventory of just four months.  SBRE is in agreement with other realtors, in that enticing more foreign buyers, particularly European investors would add more excitement to the Southwest Florida luxury home market.

In 2012 there was a 15% increase in the number of foreign visitors in the area, and real estate agents feel additional gains could be achieved if more direct flights from points of origin overseas are accommodated at the Sarasota Bradenton international Airport. At the moment this airport only has a Canadian air linkage. Some of the larger realty firms are already spending substantial sums to try to stimulate interest in affluent overseas buyers, particularly those from Canada, Latin America and Europe.

Lake Club, an upscale gated community in the master-planned development of Lakewood Ranch is just one property that has already seen significant success in attracting overseas buyers. Approximately 11% of the residents in this neighborhood are from foreign countries including Canada, Poland, Spain, France and the UK. This particular development was named as being the best master-planned community in the US in 2011, but still has around seven years of construction before it is completely built out.

© photoblink – Fotolia.com

It seems that the entire process of reviewing mortgages for evidence of fraud, with the intention of making restitution of as much as $125,000 to homeowners who were fraudulently foreclosed on has now been terminated in favor of this broad-brush approach to paying everyone a little, instead of making wronged borrowers whole.

Critics of this plan say that it is nothing more than a victory for banks, whitewashed to look like a “win” for consumers. The regulators say that the whole process, involving over 300,000 loans targeted for review, would take many months to complete and is very costly for the banks. So, to speed things along, this settlement benefits consumers by making payments available immediately, instead of months or years later. But the rules for paying out this money are not clear, no schedule has been set, and there is no way to actually know who will get what amount, or whether banks can even locate foreclosed borrowers to send them a payment.

The reaction has been strong on both sides of the issue. This article, on the Naked Capitalism blog is titled “Yet Another Loss For Homeowners Touted As A Victory“. gives details highly critical of the settlement, saying that at most, borrowers can expect around $2,200 in benefits, depending on how the banks decide to divvy up the funds. Their point is that any borrower who was defrauded out of their homes has little to be happy about, while the banks get off the hook for what should be a criminal offense.

Indeed, NO bankers have been prosecuted as a result of any banking actions related to foreclosure fraud. Is this because there has been no fraud? If a person gets behind on their mortgage payments, and a bank forecloses, even if someone has to fabricate some of the required documents, is it really fraud if the borrower is actually delinquent and not paying their mortgage?

Daniel Fisher of Forbes Magazine, writes on the finance industry and legal matters, and how the two interact. He asks in this article “In the past 5 years, has there been one single case of a bank fraudulently foreclosing on a home owner who was current on their mortgage?”

Fisher points out that foreclosure fraud is not in a banks best interest, as it costs money. It is not an economic benefit to a bank to foreclose. That’s true, but I’ll also add that FHA insured mortgages are a possible exception to this rule. With FHA insured loans it may actually be possible for a bank to profit more from the insurance, in areas where home values are below the face value of the mortgage. But that being said, even with FHA loans, does anyone know of a documented case where the borrower was NOT in default on the mortgage prior to the foreclosure?

Another point raised by Fisher is that the real fraud is often perpetrated against desperate borrowers by attorneys who operate foreclosure rescue firms that advertise that they can save your home from foreclosure for a fee. I have first hand experience with these gimmicks, and have saved a number of home owners from this scam and tried to save others who paid a foreclosure service thousands of dollars in up front fees, only to lose their home and their money.

The only thing that’s been done to clean up these foreclosure rescue scammers is to pass laws saying that only attorneys may charge up front fees for foreclosure services. But the attorneys can be as bad as the original scammers. The fact is, if a borrower is in default on their mortgage, there are few things that can be done to stop a foreclosure, short of either paying the back payments, refinancing or getting the loan modified to bring it current.
And since attorneys are involved, there is no liability for fraud if they fail to stop the foreclosure after charging thousands in fees.

And I have to agree, I’ve personally seen a lot more fraud of this nature, while I’ve seen no documents at all that clearly indicated that a bank deliberately foreclosed on a borrower who was current on their mortgage. I’m sure there may be a few cases of this, because of bank errors, but assuming that all foreclosures are fraudulent because of paperwork issues is somewhat of a misnomer, because it wasn’t the bank employees doing most of the actual fraud, but rather foreclosure attorneys coming up with creative ways to get things done for their clients.

To wit, there is this article, written by Chip Parker a Florida attorney, writing on Bankruptcy Law Network, pointing out that lawyers are the ones perpetrating most of the actual fraud where the robo-signing scandal is concerned. And it was the robo-signing scandal that started this whole foreclosure fraud mess. His article provides a lot of insight into how foreclosure documents are created and processed by attorneys in Florida, one of the states most impacted by the robo-signing scandal.

It seems to me, when you consider the range of issues involved in this very complex situation, there is plenty of blame to go around. And the banks are certainly a popular target because of their own incompetence. But, one thing is for sure, the real estate and foreclosure attorneys getting paid by the banks and the borrowers continue to profit from foreclosure in a variety of ways. They are supposed to be the gate keepers for the complicated legalities of real estate. Yet they are the ones who stand to realize significant financial benefit from the housing market crash, not the banks themselves. The banks may be guilty of gross mismanagement, but it’s the attorneys who, by all accounts, have been busy benefiting from the whole foreclosure mess.

The foreclosure fraud settlement may make eligible borrowers feel like something was done to bring the banks to justice, but one has to wonder whether the real criminals have gotten away.
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Donna S. Robinson is a real estate investor, author and residential market analyst in Atlanta, GA. Follow her on twitter at donnaconsults. Her latest book “Basics Of Real Estate Investing” is now available on Amazon.com

Multi-Family homes set to grow in popularity © slavun – Fotolia.com

Nowadays construction companies are aiming at buyers who are able to purchase a home below the $250,000 level. The unit costs of multifamily homes are far more affordable and more can be accommodated on to residential acreage. Construction costs are rising which has in turn pushed up the price of a single family home in the area. Levels of home inventory in Sarasota were reported to be close to their 10 year lows in November. There were 4.1 months of supply of single-family homes, and 6.1 months’ supply of condos.

Jill Meeks, sales and marketing vice president for homebuilder D.R. Horton, has confirmed the fact that it’s difficult to find a single family home for less than $250,000. D.R. Horton’s portfolio currently includes carriage homes which have four residences per building, and town homes which have 6 to 8 homes per building. These homes are priced between $150,000 and $250,000, with floor plans ranging from 1,300 ft.² to 1,950 ft.². D.R. Horton began building and marketing townhomes and carriage homes in Southwest Florida two years ago as it anticipated the rising demand. According to Meeks it fully expects to build more, and is looking for sites for future multifamily housing developments.

Lennar Homes is another developer keen on developing multifamily residences, with 122 permits for multifamily homes in the 12 months ending last September. Homes for sale by this developer include condos in Riverstrand’s maintenance-free Terrace condo in Bradenton. According to Sarasota Bay Real Estate, Neal Communities is another developer actively looking for land to purchase for multifamily homes.

Sarasota Bay Real Estate Internet assets receive more than 1,000 visits from prospective buyers each day, and the website contains a wealth of local community information.

The purchaser had an FHA loan, but the sale was nearly in jeopardy due to problems with the roof. The roof needed replacing, and the lender refused to fund the loan until this happened. The Sarasota Suncoast Team was able to renegotiate the contract and broker a deal that was satisfactory to all parties’ just days before closing.

The Sarasota Suncoast Team specializes in helping sellers and buyers looking for homes in Sarasota, Bradenton, Lakewood Ranch and Venice, Florida, and uses the latest technology such as Market Leader, Market Insider and MFRMLS multiple listing service market condition reports to keep clients informed. The team calls customers after taking on new listings, but also uses a variety of search engines to send out alerts to clients. In addition they provide home buyers and sellers with customized market reports on the latest market trends. They’ll even make video tours of homes for customers who are unable to view the property personally.

Anyone retaining the services of The  Sarasota Suncoast Team will find they have access to a complete network of real estate professionals including attorneys, mortgage bankers, home inspectors and other individuals who are committed to helping customers achieve their aim, whether that’s buying or investing, or selling a home in Sarasota, Venice, Bradenton, or Lakewood Ranch.

John and Anja Buetergerds of The Sarasota Coast Team can be reached on the 941-894-4063, or you can visit their website.

The project included interior detailing, interior design and specifications and furnishings for this new $40,000,000 multifamily project. Designers from Beasley & Henley have ensured the luxury one and two bedroom apartments have all the latest amenities. These include finishes of quartz and granite, stainless steel energy-saving kitchen appliances and custom cabinetry, and floating countertops. Many of the homes in the complex are one-bedroom apartments as these are in particularly high demand.

The design specification also covered the community spaces of Steel House. These include the clubroom, leasing areas and the ‘Steel Lounge’ which is located at the top of the ‘House,’ and which has spectacular skyline views. The interior styling is upscale-urban and very sophisticated. It includes the use of bold colors and eclectic artwork. A particular focal point is a large wall painting in the leasing area by Andrew Spears of Metro Finishes. Additional amenities include a fitness center, business center, a pool, fountains and gallery space.

The four-story project was developed by Pollack Shores Real Estate Group of Atlanta with architecture by Poole and Poole Architects. Beasley & Henley Interior Design has worked on upscale multifamily projects across the United States with the aim of achieving high rental rates and world-class designs.

Images via steelhouseorlando.com

Assuming there is no agreement forthcoming for avoiding the “fiscal cliff”, real estate investors should be giving some serious thought to how your real estate investments, rental houses and commercial buildings might be impacted. For some there will be little change, but for others who have properties located in or near markets that will be directly impacted, the changes could be swift and severe.

According to reports concerning analysis of the impact, one of the most significant aspects of the sequestration bill would be large cuts in various types of defense related spending. If you own rental real estate in an area near a major military base, chances are you could see a local impact that would potentially reduce demand for rental housing, and could lead to an increase in tenants who would lose their jobs.

One such area that would be dramatically impacted is Fayetteville, North Carolina, home of Fort Bragg. The required automatic cuts in new defense contracts, reductions in personnel, and budget cuts dictated by the sequestration process are designed to reduce government outlays. And as painful as this will be, something has to be done to avoid an even worse situation somewhere down the road. But some communities will experience dramatic changes in their local real estate market, at least for a few years. Unemployment among veterans will rise. Communities where military and defense related jobs are concentrated will see a relatively fast impact that will quickly bleed over into the local housing market.

The government posturing over sequestration is getting somewhat tiresome, as everyone is merely jockeying for position, and no detailed terms for an agreement have yet been identified. Here is a list of the general cuts that would be implemented. Your challenge is to determine how this list might impact your real estate investments, or any investments for that matter.

My guess is that falling off of this particular fiscal cliff might be less painful that waiting for a higher fiscal cliff to arise, so in some ways perhaps we’ve got a better chance of long term survival if we go ahead and accept these cuts now. I get that. But as real estate investors, this is a classic example of a looming change in the fundamentals that will come quickly in some markets. Therefore, it’s important to know whether your properties are located in a market that will be sensitive to these changes.

Other states most vulnerable to military and defense cuts are Virginia, Texas, California and Florida. Virginia has a major concentration of military and defense related jobs and industries. And there will be specific local areas within each state that will be most affected.

Investors located near military and defense related installations or businesses should take careful note as to how the approaching changes might impact your local market. It would appear that a reduction in demand is a very likely outcome if the planned cut backs begin to take hold. The military-defense sector would be one of the first, and would be big enough to have a significant impact on local markets in a variety of areas.

In today’s challenging market, it pays to remain alert and vigilant to follow your local market fundamentals, and be aware of how any negative changes in those fundamentals could impact your properties and your cash flow.
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Donna S. Robinson is a real estate investor, author and residential market analyst located in Atlanta, GA. Follow her on twitter at donnaconsults. Her latest book, Basics Of Real Estate Investing is now available on Amazon.

© NinaMalyna – Fotolia.com

Conventionally, foreign interest in US property has proved to be a boost for the overall American economy; and, the trend of declining foreign interest in South Florida’s properties had befuddled, and frustrated, Miami real estate brokers, considerably.

1. Miami’s Real Estate Market Has Finally Improved

If the findings, discussions, and the turnout, at a recent conference for Miami real estate brokers is to be any indicator, the aforementioned real estate crisis has resolved to some degree. The housing market of Miami seems to have recovered itself, as – for the first time in years – potential buyers are facing a shortage of properties for sale.

Owing to a discrepancy in demand and supply, the prices of the existing properties have risen by double digits, since the December of 2011.  This means that brokers can finally claim good money for that Fisher Island real estate for sale, or any other estate listings, for that matter. In such a market, prime properties like Surfside Miami Florida condos can demand a very hefty price. 

2. South America Has Large Stakes in Miami’s Estate Market

Coinciding with an overall improvement in the real estate market of Miami, there has also been a steady increase in foreign interest in South Florida’s properties. The official reports divulge that South Americans have proved to be very open about investing in residential properties, as well as vacation homes, in Miami.

According to Geovania Heller, a Brazilian real estate agent, who was present at the Miami International Real Estate Congress, prices of property in South Florida are better than that in Brazil.

Real estate dealers from other South American nations are also unanimous in their opinion that Miami happens to be a very friendly and unique market for South American purchasers.

Of all foreign nationalities that have stakes in South Florida’s real estate, Argentineans claim 15 percent share, while Brazilians are entitled to 14 percent stakes. Consequently, Latin Americans compose 70% of the overall foreign real estate deals in Miami.

In the light of the current real estate scenario, real estate brokers are now focusing on making their properties more attractive for the Latin American buyers. Subsequently, there has been an increase in listings of Miami properties in the real estate websites of South America. Along with this, the brokerage phenomenon of schmoozing, and rigorous mobilization of the social networks, has also contributed to an increase in Miami realtor’s overseas visibility. 

3. Venezuelans at the Top of Miami’s International Real Estate Occupants

Of all foreign buyers, Venezuelans buy the most properties in Miami. The official share that they have, in the list of South Florida’s overseas purchasers, amounts to a whopping 16 percent.

In fact, it is being projected that Venezuelans will continue to be the foremost buyers of Miami’s properties, for many years to come. The main reason for this is the unstable political condition of their native land.

It can be only hoped that such favourable trends will continue to bring more and more rewards for Miami’s real estate market.

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Brenda Lyttle is an enthusiastic custom home builder. She loves her job as she helps people frame out their dream homes from their imaginary canvas into reality.