The Golan Team launches new South Florida Luxury Foreclosure Website

The Golan Team at Keller Williams Realty are proud to announce the launch of a new luxury focused foreclosure website.

If you are specifically interested in luxury foreclosures in Dade, Broward or Palm Beach counties (that from just above the Keys to Port St Lucie) click on www.southfloridaluxuryforeclosures.com and sign up for your own personalized free foreclosure mailing list that you can customize to whatever type of property you are interested in. You will receive a weekly list of all foreclosure condos or homes (you specify choose one or the other or choose both!!!) in Southeast Florida.

Foreclosures or REO (Real Estate Owned) are properties that have gone through the entire foreclosure process and are now wholly owned by the bank. We are able to negotiate these properties directly with the bank through their representatives.

As we all know banks are definitely not in the Real Estate business but the money business. Therefore some of these properties can give you the absolute best opportunity to buy at rock bottom dollar.

We urge you to visit www.southfloridaluxuryforeclosures.com and get started on purchasing that great home, vacation condo or investment property today.

Please note this service is being offered to you as a valued subscriber of southfloridacondosblog.com absolutely FREE. At the Golan Team we believe in Helping a Client realize their vision is paramount to our Success.

Inside Word on Oceanfront Foreclosures in Sunny Isles Beach, Florida

For the last 4+ years, Paramount Beach has been trying to sell condos in its prime oceanfront location in Sunny Isles Beach, Florida. It had purchased 2.2 acres of oceanfront property at 16901 Collins Avenue. The plan was for a 47 story building consisting of 232 units. The sales office showed elaborate models, brochures and floorplans. No construction was started at the property location.

In February this year, iStar FM Loans sold the delinquent mortgage to Sunny Isles Property Holdings, which is managed to Carlos Mattos. This past Tuesday the group won a $26.2 million judgement. According to sources, this will give Mattos’s company the inside track at taking the property at the public sale on Sept 4 in the Miami-Dade County Courthouse.

You may recognize the Mattos name. He has been very active in Miami Real Estate recently. On June 17, 2009 a company affiliated with Mattos paid about $6 million for 31 units at 1060 Brickell Avenue, in Miami. Another company affiliated with his business partner, Jorge Mattos recently paid $5.7 million for 21 units at Marina Blue in Marina.

This is not the only foreclosure on the beach in Sunny Isles Beach, Florida.
BankFirst has also filed an $11.7 million foreclosure lawsuit against the developer of the proposed Regalia condominium in Sunny Isles Beach.

The Minneapolis-based bank filed the foreclosure action on June 15, 2009 against Aventura-based Regalia LLC and company members Jerold M. Kaufman, Abraham Cohen, Paul C. Murphy and Avra J. Jain, according to Miami-Dade County Circuit Court records. The action targets the vacant 1.14-acre beachfront site at 19505 Collins Ave. in Sunny Isles Beach.

Regalia got approval to build the 43-story, 40-unit condo, but construction never got under way. The preconstruction prices were from $6.3 million to $14.5 million for the 5,515-square-foot units with 2,100 square feet of balcony space.

BankFirst’s lawsuit also names British Virgin Islands-based Kannon Investment Business, which gave Regalia a $5 million second mortgage.

Regalia bought the site in 2001 for $9 million.

First Time Homebuyers Credit - $8000 you can use now to purchase a property.

July 4th has come and gone and I hope you all enjoyed the festivities and fireworks. Personally here in Aventura, Florida we had lovely fireworks though the weather was a little sticky and humid!!!

Well now that we’ve caught up on the festivities, thought I would share some more good news to all the first time home buyers out there (or the ones you may know). First off, let’s recap the definition of a “First Time Home Buyer”. These are classified as individuals who have not owned a “principal” residence in the last 3 years. This means that even if you own a vacation place or investment property you can still qualify. We first wrote about this in our blog on May 4th, 2009 (Do you want $8000? Buy a house and it’s yours!!!)

When this program first rolled out you needed to purchase your property and close by Nov 30, 2009. Then when you filed your taxes for the year you could apply for the credit. The credit went up to a maximum of $8000.

Last week on July 1, 2009 a new program names Florida Homebuyer Opportunity Program (FLHOP) was created to help First Time Homebuyers get their federal tax credit early and allowing them to use up to $8000 toward a downpayment. This bridge loan is created so that the new homeowner can effectively borrow the funds from the State of Florida and then pay them back after they receive the new tax credit.

For us as local Realtors we think this is going to healthily encourage purchasing of property with quick closings. We anticipate an upsurge of sales as more lenders and Realtors will educate their clients of this wonderful opportunity.

If you qualify for the First Time Home Buyer Credit or know of someone who does please send us information to info@golanteam.com or call us at 786-333-6200.