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How Consumers Use Real Estate Blogs
2007-06-18 14:50:44
When I started thinking about who would be best able to offer consumers the most insight on the use of Blogs , I immediately thought of Brad Carroll. Brad is the owner of Dakno Marketing and is a marketing consultant to some of the top Agents, Speakers and Coaches in the real estate industry. Since Brad eats, breathes and lives real estate web design and blogs, he brings a unique perspective on how consumers can get the most out of real estate blog sites. Kevin: What can consumers get out of a blog that they can’t find on a standard real estate website? Brad: I think a big thing is fresh information. Since most standard websites don’t timestamp their articles, it can be hard to determine the age of the article (and more importantly, if it’s still accurate). Blogs on the other hand usually focus on the here and now. In addition, most blogs allow visitors to comment on specific blog post. This gives consumers a chance to connect with the agent. Kevin: Can you go into a
Read more: Estate

Florida Tax Reform: Tell Me How Much Already!
2007-06-16 09:00:44
  Forget all those news articles trying to explain what it means to you.  Here is a tax-plan calculator, which attempts to give an idea of your possible savings.
Read more: Florida , Reform

Florida Tax Reform: Just as unenthusing as Insurance Reform?
2007-06-15 21:04:15
  Over the last few months, I have been mildly following the tax reform see-saw.  In the very beginning, it was “thought” (or more likely, hoped for) that Florida property taxes were going to be completely eliminated.  Many people jumped on the “no more property tax” bandwagon.  E-mails were sent, initiatives were started.  I, for one, did not get caught up in the ying and yang of it all.  No mass e-mails from me! You know why?  I have common sense.  Who in their right mind realistically believed that property taxes, being as astronomical as they are, would be COMPLETELY eliminated. So, here we are with a really complicated and IMPOSSIBLE to figure out tax-reform proposal that in no way resembles the initial hoopla of the “Florida to completely eliminate property taxes” SLOGAN. Hmmm…feels a lot like the insurance reform we were promised, no?  
Read more: Reform

Danny DeVito’s Restaurant Opens for SoBe ‘A’ listers
2007-06-13 23:18:46
Tonight I went to Danny DeVito’s VIP opening of his new restaurant in South Beach on Ocean Drive.  The paparazzi were out in full-force,  it was a scene!  DeVito South Beach is in the old Joia Restaurant space that was owned by Chris Paciello & Ingrid Casares adjacent to the Century Hotel in the trendy SoFi neighborhood. Brooke Hogan on the red carpet.  I felt like a complete dork taking this picture.  I heard many people commenting that the rack of lamb was “delicious”. The scene &lsquo ;al fresco’ was convivial.  The red murano chandeliers are hot, hot, hot & expensive! Decor is very over the top and sumptuous.  The white leather banquettes gave the place a very 40’s/50’s glamour. Paparazzi were everywhere!  This lobster was incredible.  I had first pick! Brooke Hogan ‘working’ it! These were “salmon shots” with caviar.  Enough said. The “usual suspects” were in attendance. All t


Clients are sometimes surprised when your advice isn’t SELL NOW!
2007-06-10 22:58:42
  Recently I had a conversation with a client with regard to a condo-hotel unit that he purchased, pre-construction, at a resort which is nearing completion. The reason for his call, being an investor, was to basically get my opinion on what he should do with his unit. It was clear that his first thought was to put the unit up for re-sale when it closed. As our conversation progressed, I offered him some other options to consider with regard to his investment. Some of his options are: Price the unit VERY aggressively and to try to line up a buyer prior to closing. Since what he owns is basically an option to purchase, and he has owned that option for more than two years, the profits would be taxed on a long-term capital gains basis. That would allow my client to sell quickly, for a lower price, and limit his exposure and holding costs. Knowing that he has an extremely desirable unit, close on the unit, wait a specified time period (less than one year) and then sell at a much higher p
Read more: Clients

“As-Is” vs. “Warranted Sale” Contracts & Open Permits
2007-06-10 22:55:44
Today my friend and colleague, Beth Butler, COO of EWM Realtors and I, discuss one of the recent changes to the Florida Association of Realtors contract. Hopefully this discussion will shed some light on how these changes may impact the consumer with regard to open building permits, and the rights and obligations of both parties in as-is vs. warranted contracts. Beth: Kevin, how would you describe an as-is sale from the standpoint of the seller? Kevin: Well Beth, very simply put, in an as-is sale, the seller is not contractually obligated to repair any items. Beth: From the buyer’s standpoint, what happens if the buyer finds something, as a result of the inspection that they can’t live with? Must they proceed with the sale on an as-is basis? Kevin: No, the buyer has a few choices, including: 1. Accept the property in it’s as-is condition 2. Negotiate the finding with the seller 3. Cancel the contract. Beth: Ok, so in short, the buyer does not lose the opportunity to discuss any n
Read more: Contracts , ldquo , rdquo

Friday Nite Linkage
2007-06-09 00:13:55
In Miami, Buyers and Sellers Will Have To Rethink Their Strategies. [Miami Herald] Miami’s Building an Instant City Downtown, will it backfire? [Miami Herald] Florida lawmakers release tax cut details [Miami Herald] Maps, Charts & Graphs [PDF] [Miami Herald] 
Read more: Friday

Villa Magna: Another Condo Bites The Dust?
2007-06-07 00:38:30
  Rumor has it that Villa Magna has decided NOT to move forward, and will be returning deposits.  Some say it’s because they decided not to build, others say it’s because there is a high-roller interested in the land.  Either way, I think the decision not to go forward in an already saturated Brickell condo market is an excellent decision.     One down, how many others not going up?  Villa Magna is/was being developed by Florida East Coast Realty.  The project was to have approximately 750 units in two 55 story towers located at 1201 Brickell Bay Drive. 
Read more: Condo

BREAKING NEWS: Two more condos bite the dust!
2007-06-20 17:56:17
Rumor has it that Vitri South Beach - just north of the “SoFi” neighborhood (ICON, Murano Grande, Apogee) is returning deposits and considering a change of use to a hotel. From what I know the units on the lower end of the price range sold well, but the penthouses, which were priced @ $1100 p.s.f., were not moving. The 66 residence low-density development is being developed by Leviev-Boymelgreen (Marquis in downtown Miami and many other projects in the New York City area). Pricing started in the $600Ks and up. It has been confirmed that the developers of the Savoy South Beach, located at 455 Ocean Drive in SoFi, have decided NOT to go forward with the project. The 112 unit project which called for 30 oceanfront residences, 57 condo-hotels and 24 lofts (at another location) will be renovated and continued to be run as a hotel. The developer is CMA companies and Broker was Elliman Florida, who brought on NYC power-house broker Dolly Lenz to help market the project.
Read more: BREAKING NEWS

Guided Floating Tour of North Beach
2007-06-28 21:45:56
Every Friday at 5:30 p.m. in the summer; 4 p.m. in the winter; a 90 minute boat tour highlighting Miami Beach ’s history and architecture departs from 65th Street and Indian Creek Drive. The tour started by the North Beach Development Corporation, a  nonprofit that promotes the North Beach neighborhood of Miami Beach, cruises along the Indian Creek Waterway, Biscayne Bay, Surprise Waterway, Surprise Lake and the Flamingo Waterway. During the cruise you’ll get to see the incredible mix of architectural styles that make Miami Beach as interesting as it is.  This is a great way to learn more about where we live and the history behind facades and see it from a new perspective, the water! The tour is $30 per person.  For reservations call North Beach Development Corp., at 305-865-4147 or www.gonorthbeach.com.
Read more: Floating

Coming Soon: Canyon Ranch Living Hotel, Spa & Condos Miami Beach
2007-06-28 14:11:30
Today I went to a presentation by the Canyon Ranch developer. To give you a little background on me and my history of this project, I have been a fan of this project since BEFORE the project was launched over three years ago. The project consists of three towers on OVER 6 acres of oceanfront property which encompasses 1100 linear feet of prime Miami Beach ocean frontage. The 21 story south tower, which are condo residences only, has 143 units, the 16-story center tower, which is the historic Carillon building, has 151 condo-hotel units (floors 2-10) and 80 condo residences (floors 11-16). The north tower, which is the tallest building at 35 storys, has 207 units including 7 direct oceanfront townhomes Canyon Ranch: More Than Just Real Estate Since the inception of this project, my focus has been on the real estate side of the project for the obvious reasons. After today’s presentation, I am even more excited about this project and what it brings to Miami Beach because it is SO
Read more: Coming Soon , Hotel , Living

Madonna to buy in Miami?
2007-07-10 10:53:08
Lesley Abravanel from the Miami Herald reported in her blog that Madonna is house-hunting in Miami. While reading her article today , I felt that a couple things did not make sense: If Madge was looking for privacy, Golden Beach would be the LAST place she would consider because the oceanfront homes are on a VERY public thoroughfare (A1A) and though beach is not private you CANNOT stop on the beach in this town. I would have known about it. So I made some calls. Madonna is in LONDON. No plans to buy in Miami—-NADA. You can tell it is summer in Miami—rumors and hearsay make their way to the front pages of newspapers and BREAKING NEWS on websites. I remember like a year or so ago when it was “reported” that Britney Spears was buying in Miami Beach, I received calls from media all over the country; and the girl never toured a single property. Actually she wasn’t even IN TOWN when it was reported that she was looking. AHH summertime in Miami! Almost f


Carlos Justo unloads Batchelor Estate on North Bay Road, but is it too late?
2007-07-13 00:03:39
June 13th, Joan Fleischman chronicled the financial distress of Sol Sotheby’s Broker Carlos Justo . Sources have said that the former home of George Batchelor was sold this week for around $12M. Terms were undisclosed except that it would be a quick closing. The parcel consists of two properties: one consisting of a 9,476 home on a 43,988 sq. ft. lot (2940); and one empty lot with 52,360 sq. ft. of land (2920). Both properties combined enjoy over 340 linear foot of waterfront. Here comes the interesting stuff. The combined list price for both parcels was $22.8M. Rumor has it; the properties are under contract for well below the $22.8M list price, around $12M. The owner of the property is North Bay Properties Group, L.L.C. The address of the owner is 1548 Brickell Avenue (Sol Sotheby’s corporate office) Carlos & Co. paid $13.6M for the properties in June 2006. Share This
Read more: Estate , North Bay

Miami Herald’s coverage of real estate market creates self-fulfilling prophecy
2007-07-19 14:00:51
I have to admit, I rather enjoyed this story from the Miami Herald website. Basically it reports that the parent company of the Miami Herald, McClatchy Co., reported a 9.5 percent decline in their second-quarter profits and they have attributed the loss to a “sharp falloff in real estate advertising…”.  For the past two years the Herald has reported on, and seemed to hope for the meltdown of the South Florida real estate market. Now while I’m all for transparency in real estate, it felt and read as if the Miami Herald went out of its way to CREATE the real estate downturn. As a real estate professional, I know that the only people who look at the real estate section of the newspaper are the sellers, NOT the buyers. It is common knowledge that over 70% of the BUYERS of real estate start their search on the net. It would seem that the Miami Herald asked for, AND got, what they deserved. Share This


Hulk Hogan Lists Miami Beach Estate for $18.9M
2007-07-19 10:45:28
Terry Bollea, aka Hulk Hogan , listed his home on prestigious North Bay Road. The home, built in 2006 and seen on the VH1 series, Hogan Knows Best, has 17,339 square feet, 6 bedroom main house with 2 full guest apartments for a total of 11 bedrooms! No word on why he is selling or where he is going next.  Hogan purchased the estate for $12M in April, 2006. Share This
Read more: Beach , Estate , Lists , Miami

Does Miami Need Another Real Estate Broker?
2007-08-07 20:33:21
Rumor has it that a former executive and co-owner of a now-defunct high-end brokerage,  which merged with Coldwell Banker in 2002, is planning to start his own firm now that his non-compete clause is coming to an end. Share This
Read more: Broker , Estate , Miami , Real Estate

SBCB Scoop: Miami Beach’s $29M Setai Penthouse Under Contract
2007-08-09 18:25:18
I remember when I got into the real estate business about 15 years ago that agents who primarily sold condos were considered second-class brokers. How times have changed. Word on the street (or in my ear) is that the penthouse at Setai South Beach , located at 101 20th Street in Miami Beach, is under contract. Penthouse Villa B encompasses the entire 40th floor of the high rise and is 6,200 interior sq. ft. with a 4,000 sq. ft. roof terrace and private pool. While this rumored sale would be newsworthy on its own, the magnitude of this potential sale is staggering. If the unit closes at or above $22.5M (which I heard…), here’s what it would mean: Real Estate Records Broken in Miami-Dade & Broward Counties It would be the second highest-priced residential property (condo or single family home/land) ever to be recorded in Miami-Dade and Broward Counties. If the closed price is at $22.5M, or above, that would mean a price of $3,624 p.s.f., which would beat the previously-report
Read more: Miami Beach , Scoop

$18.5M Penthouse at 1500 Ocean Drive Goes Under Contract
2007-08-13 18:06:51
That’s right. Four combined penthouse units at Michael Graves’ 1500 Ocean Drive went under contract Friday. The unit is comprised of 11,940 interior sq. ft., 8,200 sq. ft. of private roof terrace (unfinished) and 1,624 sq. ft. of balconies. The unit was listed in May for $18.5M and was on the market for about two months. Buyer is rumored to be Dallas-based Headington Oil Company owner, Tim Headington. Headington has been investing in high-end condominiums in such buildings as Il Villaggio, Setai, AQUA Allison Island and Continuum. According to the Daily Business Review: Since 2000 until October 2005, the oil company has poured at least $36.85 million into South Beach real estate buying up residential and retail condos, according to public records. It has resold a third of that inventory, raking in a $7.79 million in gross profit. Headington has resold some of his condos to high-profile buyers. For example, movie and TV producer Jerry Bruckheimer and his wife, Linda, boug
Read more: Penthouse

Luxury Property Fire Sale in Key Biscayne; Scarface Home on Market for $38.5M
2007-08-24 08:44:26
It seems that Key Biscayne  hedge fund manager John Devaney, CEO of United Capital made a bad decision by investing in the mortage market right before it collapsed.  According to TheStreet.com, Devaney put “…one of his most prized possessions-a 142–foot Trinity yacht dubbed Positive Carry— up for sale along with his $16.5 million second-home in Aspen, CO.  The house, called Sardy House, is the site of the nations’ largest living Christmas tree.” Well it seems Mr. Devaney is at it again.  He has listed a large collection of ultra-luxury estates on the tony Isle of Key Biscayne.  The combined list prices of the seven properties total $78.8M. The properties went on the market on Wednesday and have created pandemonium.  These parcels are said to be some of the most prime pieces of Key Biscayne real estate. The most notable property for sale is the Scarface estate where Michelle Pfeiffer descends into the living room to greet “Tony” in the glass elevato
Read more: Luxury , Market

Apogee South Beach Luxury Condo- Update-August 28, 2007
2007-08-28 16:18:29
I hear that Apogee is to be delivered before the end of the year. I know a lot of readers have been asking me about construction updates so here it is! What was even more fun was that I went out to check out the $12M penthouse at Murano at Portofino for a client and I was treated to a birdseye view right into the penthouses of Apogee. So I’m doing my best to get my readers on the “inside” first!                 The penthouses are two-story units with roof-top balconies and summer kitchens (what’s with that term?) The west-facing penthouse is owned by Tom Daly of Related Group; the center penthouse was purchased by a well-known sports figure for a local team; the east-facing penthouse was purchased by Peter Fine.   Here is the pool area at Apogee South Beach . It is really cool and has these “pod-like” beds that extend into the pool. It is for those priveliged enough to be in the pool without getting wet. Now that’s liv
Read more: August , Condo , Luxury , Update

Platinum Miami Condo Auction: Why Do Market Fundamentals Still Not Matter?
2007-09-23 16:16:12
Ok, so everyone is talking about this Platinum auction thing like it is some bellwether of things to come.  I did not attend. Reading all the “coverage” on the event was humorous, to say the least.  From all accounts, it was the same old feeding-frenzy that has captivated Miami real estate for the last five years.  Here is the down and dirty: The media running around like moles looking for the next doom-and-gloom story Developers looking to “outsmart” the current market by pulling a fast one “Vultures” or whatever the new term is for former “condo flippers,” looking to rape the market of a quick $100K —speculators just love the new Maserati Bystanders on the sidelines waiting, and hoping, for lots of blood–just for the fun of it; kind of like “rubberneckers” on I-95 Are Bad Real Estate Decisions an Airborne Illness? I’d have to say that the greed and the need to out-smart or out-maneuver the com
Read more: Auction , Condo , Fundamentals , Market

Regent’s Out, Hilton’s In, and What’s Up with The Gansevoort?
2007-09-15 15:00:19
According to the Miami Herald, the Regent Hotel has left as operator of the new hotel at 1458 Ocean Drive in South Beach.  The new hotel operator is Vincci, a Spain-based hotel chain.  The 80–unit property opened nine months ago were sold as condominium hotels. If I were a owner of a unit, I would be pretty annoyed.  That is one of the risks of buying a condo-hotel unit.  It would be like the equivalent of buying a unit at The Ritz Carlton and ending up with a Super 8 operator, or worse yet, a Nicky O! Speaking of Nicky O’Hilton The Bentley Beach, a 109–room condo-hotel located at 101 Ocean Drive in South Beach, will become a Hilton next week.  The Hilton was famous for operating The Fontainebleau Hotel on Collins Avenue up until 2005.  Since 2005 Hilton has not operated a hotel on Miami Beach. What’s Up With Paradiso Condos/Gansevoort Hotel? It seems that the Chetrit Group, L.L.C., has sold the project to the owners of the Gansevoort Hotel in NYC.  Gansevoort H


Waterfront Home in Foreclosure in Miami Beach-Sunset Islands
2007-09-14 21:24:14
Foreclosure at 1440 W. 23rd Street, Miami Beach It is very rare for a home in a neighborhood like this to be in foreclosure.  The home has four family bedrooms and one maids room, 6,121 interior square foot and a 18,813 square foot lot. Built in 1957, the home was completely renovated approximately seven years ago by Wallace Tutt, whose credits include Cher and Gianni Versace’s Miami residences.  Unassuming style and understated elegance resonate throughout the one-story waterfront home. For boaters, the house has 107.5 feet of water frontage and an oversized dock with lift. The Sunset Islands are gated islands popular for their proximity to South Beach and Lincoln Road.  This home has always been a favorite of mine because of its high ceilings, voluminous rooms, and quality of finish.  Click here for more info on 1440 W. 23rd Street ‘Voice this! Share This
Read more: Miami Beach , Waterfront

“I Have the Most Perfect Amount of Botox”
2007-09-12 20:15:46
said Jeff Lewis last night on Bravo TV’s Flipping Out, when the host of the show began reading viewer’s questions about Mr. Lewis’ alledged plastic surgeries. Gotta love a guy who prides himself on having just the “perfect amount of botox.”  Anyways, Mr. Lewis stated it is “all about the trough sink.”  So, if JL says it, it must be true. The trough sink is the must have basic for the upcoming season here in South Beach. So, for my readers in advance of Fall Fashion Week here in South Beach, I give you the TROUGH SINK: Share This
Read more: Amount , ldquo , Perfect , rdquo

Heinous MLS Photo of the Week
2007-09-03 23:10:00
  You know what they say, “Sex Sells!”  Notice the Realtor taking the picture in the mirror.  Makes you wanna live in this condo, huh! Photo courtesy of the Southeast Florida Regional MLS Share This


Miami Beach Real Estate Market Reports for Luxury South Beach Condos- Absorption Rates-33139
2007-09-28 19:46:27
With the real estate market in a state of flux, absorption rates are increasingly used as an indicator to assess how long it would take to sell ALL the existing condos in each condominium, assuming the rate of sales stays constant and no new listings are added to the inventory. Additionally, absorption rates are the best way of tracking market performance. They are usually used to indicate “overall real estate market performance,” or how an entire market is doing. To calculate monthly absorption rate, I have taken all the condos that are currently on the market in each building in the South of Fifth Street (SoFi) neighborhood of South Beach , and divided them by the number of listings that have sold in their respective condo in the past six months and divided that number by six. Many people compute absorption rates by using the number of sales in a one month period, but I use a six month sales average so it “smoothes” the seasonal “peaks and valleys” to gauge the true overa
Read more: Absorption , Estate , Luxury , Market , Miami , Miami Beach , Rates

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