Breaking News: House extends Homebuyers Tax Credit

HOT OF THE PRESS!!!!

The Golan Team has just heard and wanted to pass it along to you ... In a last minute effort to help first time homebuyers, the House has passed a stand alone bill that would extend for three months Wednesday’s deadline for closing on a home purchase in order to claim the First Time Homebuyer’s Tax credit.

The Senate could vote as early as tomorrow on Bill, HR 5623. To read the full story click here

Aventura - City Park Development in Foreclosure

The Golan Team have learned that City Park project located at the corner of Waterways Boulevard (207th St) and Northeast 30th Avenue, just east of U.S. 1 is headed for the auction block.

City Park Aventura was to include 53 townhouses, 51 apartment units, 156,921 square feet of office space, a 194-seat restaurant, a bar/cocktail lounge, 19,352 square feet of retail space, a 198-room hotel, a 5,087-square-foot health spa/gym, and an 18-lane bowling alley, according to a development proposal submitted to Miami-Dade County.

The Development headed by Sky Development was meant to break ground in 2007. However the project never took of. The Developer, CEO Yitzhak Toledano assembled the parcels in two separate deals in 2006. One purchase was from HRCBJS Partners who offered seller financing on the sale. Now they have won the foreclosure judgment on a $18.3m mortgage plus interest and fees against Sky Development. The site is scheduled for auction on August 13th.

If you drive by the site you will see it is completely fenced up and the grass looks more like a marsh than a field. It was an ambitious project but potentially could have bought a large source of revenue to the City of Aventura.

We will keep you informed as to what happens to this parcel of land.

2010 Semi Annual Report for Condo Sales Miami Beach - Hollywood

Our last posting on www.southfloridacondosblog.com covered sales for the first six months of the year with regards to single family homes. Now The Golan Team presents you an analysis on condo and townhome sales since the beginning of the year.

The numbers are outstanding. In the areas that we cover and specialize in: Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, North Miami and North Miami Beach, Eastern Shores, Aventura, Golden Beach, Hallandale and Hollywood East, there have been a total of 2837 units sold just this past six months.

Here is the breakdown according to area: (ranked highest to lowest no. of properties sold)

1) Miami Beach – 927 units sold so far this year ranging in price from $16,000-$15,000,000
2) Aventura – 458 units sold so far this year ranging in price from $42,500-$2,350,000
3) Hallandale Beach – 452 units sold so far this year ranging in price from $26,555-$865,000
4) Sunny Isles Beach – 346 units sold so far this year ranging in price from $42,000-$4,700,000
5) Hollywood East – 308 units sold so far this year ranging in price from $30,625-$1,225,000
6) North Miami Beach – 114 units sold so far this year ranging in price from $16,500 - $399,000
7) North Miami – 104 units sold so far this year ranging in price $17,400 - $385,000
8) Bal Harbour – 48 properties sold so far this year ranging in price from $97,500-$8,700,000
9) Bay Harbor Islands – 40 properties sold so far this year ranging in price from $65,000 to $465,000

The market is definitely picking up. If you are interested in knowing today’s value of your condo or home, contact The Golan Team at info@golanteam.com or call us at 786-333-6200.

2010 Semi Annual Home Sales Statistics - Strong Numbers for Homes from Miami Beach - Hollywood

If you have been reading the press, you know this year has been a very busy one with regards to Real Estate and a lot of properties have exchanged hands. The Golan Team primarily specializes in Real Estate in Miami Beach, Surfside, Bal Harbour, Bay Harbor Islands, Sunny Isles Beach, North Miami and North Miami Beach, Eastern Shores, Aventura, Golden Beach, Hallandale and Hollywood East. Looking at these areas only, there have been 362 closed Single Family Homes just this year.

Breakdown:

Miami Beach: Tops the list with 98 closings ranging from $102,500 to $16,000,000
North Miami Beach – Second with 86 closings ranging from $25,589 to $1,240,000
North Miami – Third with 59 closings ranging from $28,599 to $1,060,000
Hallandale – Fourth with 45 closings ranging from $36,000 to $1,425,000
Surfside – Fifth with 22 closings ranging from $271,000 to $550,000.
Aventura – Sixth with 18 closings ranging from $160,000 to $2,300,000
Hollywood East – Seventh with 14 closings ranging from $44,600 to $1,840,000
Sunny Isles Beach – Eighth with 9 closings ranging from $325,000 to $2,400,000
Bay Harbor Islands – Ninth with 3 closings ranging from $421,000 to $620,000
Bal Harbour – Tenth with 2 closings ranging from $2,800,000 to $3,000,000

Our next blog will features summaries of condo sales this year in the same areas.

The Golan Team specializes in waterfront property or homes and condos close to the Ocean from Miami Beach to Hollywood. If you are interested in purchasing a home please contact us with your wishlist at info@golanteam,com or call us at 786-271-1235.

Miami Beach La Gorce Island – 2 ultra-luxury sales in the past 2 days!!!

LA GORCE ISLAND - 2 ULTRA LUXURIOUS SALES IN THE PAST TWO DAYS!!!

Last week, The Golan Team in our blog, covered the sales of uber luxurious condos in the last 60 days. Today we are covering the sales of the two luxury property sales on Miami Beach. They both closed in the last couple of days. The first is the highest recorded sale since the sale of Shaquille O’Neals pad

A German businessman has just purchased this magnificent custom built 10 bedroom 12 bath waterfront on the super private and gated La Gorce Island. La Gorce Island is located at the northern tip of North Bay Road in Miami Beach and is home to many celebrities, business tycoons and musicians.

To see more pictures of this property click: 88 LA GORCE CIRCLE

The other sale which also closed Friday is also located on La Gorce Island. It was on the open bay. Remarkably in another sign that if a property is priced right and gives value to a Buyer it will sell... This property was only on the market for 6 days.

40 LA GORCE CIRCLE: This 6 bed 8.5 bath at 8,284 sf was listed at $7,900,000 and sold for $7,400,000.

To view all homes currently for sale on La Gorce Island click : LA GORCE ISLAND HOMES FOR SALE

To view all waterfront homes currently for sale on North Bay Road click: NORTH BAY ROAD HOMES FOR SALE

If you are interested in previewing any of these homes please call Eyal Golan at 786-271-1235 or drop us a note to eyal@golanteam.com

Do you currently own a home or condo and want to know its value call Debra Golan at 786-333-6200 ir drop us a note to debra@golanteam.com

Super High End Condos Sales are Up in South Florida

Even though the Federal Tax Credit ended in April 2010, South Florida home buyers still signed contracts at a great pace in May, catapulting the number of pending home sales up 54 percent in Miami-Dade and 51 percent in Broward, compared to the same month last year. This month proves again what THE GOLAN TEAM (786-271-1235) has been saying,

We are at the bottom of the curve and Buyers are jumping off the fence to grab properties before the prices and inventory are not there anymore.

The figures reflect the surge of international buyers taking advantage of low real estate prices and favorable exchange rates, as well as first-time and existing buyers benefiting from record-setting affordability conditions.


How do all these numbers translate for our local communities where The Golan Team specializes and services their clients needs in the luxury Real Estate Market:

In the past 60 days 29 condos have closed in excess of $2.5m selling price, proving the luxury condo market is healthy and strong. Of these 29 properties the uber-luxury market is extremely healthy...

9 Uber-luxurious condos have closed in the past 5 weeks!!!

Setai condo PHB in South Beach - asking price $19,999,999 (4 bed 4 bath in 6208 sf) sold for $15,500,000

Santamaria Condo 4901 in Brickell - asking $12,900,000 (3 bed 5 bath in 10,000 sf) sold for $11,000,000

One Bal Harbour PH 2108 in Bal Harbour - asking $12,000,000 (4 bed 4.5 bath in 6200 sf) sold for $8,700,000

Fontainebleau II Condo PH-NO in Miami Beach - asking $9,800,000 (5 bed 5 bath in 4500 sf) sold for $9,000,000

Apogee Condo 904 in South Beach - asking $6,850,000 (4 bed 4.5 bath in 4,154 sf) sold for $6,550,000

Apogee Condo 1801 in South Beach - asking $6,795,000 (4 bed 3 bath in 4,154 sf) sold for $5,900,000

The Ocean Club (Tower 1) Unit 501 in Key Biscayne - asking $6,250,000 (4 bed 5.5 bath in 5403 sf) sold for $5,200,000

The Ocean Club (Tower II) Unit UPH4 in Key Biscayne - asking $5,500,000 (4 bed 6 bath in 5110 sf) sold for $4,800,000

Acqualina Condo PH4601 in Sunny Isles Beach - asking price $4,799,000 (5 bed 5.5 bath in 5735 sf) sold for $4,500,000

We will cover single family homes in our next posting.

If you are interested in purchasing or selling luxury condos or homes, please contact Eyal Golan at 786-271-1235 or write to us at info@golanteam.com.

New law could cause an influx of Bulk Buyers to Miami

This week, Florida Governor Charlie Christ signed a new law into effect that significantly changes current Florida condominium statutes and may give Bulk Buyers a leg up.

First things first: What qualifies an Investor as a Bulk Buyer?

Answer - Believe it or not, according to Regulators a Bulk Buyer is any investor who owns or leases out seven units or more.

Prior to the passing of this new law, the Distressed Condominium Relief Act, deemed Bulk Buyers with the same responsibilities of Developers such as construction warranties as well as other responsibilities in association control. This new provision which will go into effect July 1, 2010 has a limited two year time window but removes the responsibilities of the Developer on the Bulk Buyer.

"Condominum law defines a developer as anyone who creates a condo, but also creates or offers units for sale or lease in the ordinary course of business," says Mark Grant, a partner at Ruden McClosky law firm in Fort Lauderdale. He helped draft the Bulk Buyer provision. "With the new law, it is very clear that a bulk buyer does not fit into the definition of a developer --- they're exempt."

The Golan Team who have been involved with and following closely Bulk Sale purchases in Miami feel this is added bonus to Bulk Buyers who have been deliberating when to enter the market. "We have spoken with Buyers who were interested in making big purchases but were very worried about the potential liabilites or future liabilities that would fall on their shoulders if they were to burden the responsibility of the Developer" says Debra Golan, Managing Partner of The Golan Team, Keller Williams Realty. She continues, "Our Buyers were willing to pay for the units and manage the responsibility of holding, leasing and reselling of those units but did not want to be part of the running of the building or association." Another benefit to the new law is that Bulk Buyers no longer have to budget for possible litigation.

Two other major provisions of the new law include:

a) A provision that doubles the amount of condo assesments that Lenders will have to pay when they take title to in foreclosure, from six months to 12 months. Payments to condo associations have been one reason that some Banks have been relunctant to foreclose on condo units.

b) A provision that now Condo associations can suspend uses of common area facilities when owners fail to pay their assessments.

Golden Beach gets $25 million makeover

Last week we (The Golan Team - 786-271-1235) were working with a Buyer that asked us about property in Golden Beach. He referred to the area as the Malibu of the East Coast. What a true statement!

Golden Beach is a small private oceanfront community of just 374 homes and lots. There are no multifamily buildings, no commercial enterprises and the number of residents are just over 900. This city which has its own police force and mayor has always been a magnet for the incredibly rich and famous. It has boasted such past celebrity residents as Eric Clapton and more recently Ricky Martin who paid $16.25 million for his oceanfront residence in 2007.

So what did they spend the $25m on?

Originally this almost 2 mile long city had no sidewalks on Ocean Blvd (A1A) so the city has now installed sidewalks, cleaned up the ragged street edges, planted fancy palms in the median of the street, installed fountains at both ends of the city and built parks as well a complete renovation to the Beach pavilion. The most ambitious project of all is that they spent $6.4m to replace to bury every pipe and electrical utility under ground in waterproof conduits which now include cable, power and power lines. thus rendering all power storm proof. (This has only ever been done in one other city - Jupiter Island). This process took three years to complete. It came about after years of residents complaining that after a storm they would have to wade through ankle-deep water to get into their $10m+ residences.

To protect the privacy of their oceanfront residents, the City is also installing new infrared cameras and motion detectors along the shore. According to long legal convention the homes on the oceanside also have the private rights to the Beach (the water though is public so if you stroll along Golden Beach make sure you keep your feet wet!!!). This has come about due to the paparazzi that hung around the beach behind Ricky Martin's House perhaps to get a glimpse or two at his new twins and snap a photo or two for the tabloids!

Golden Beach is one of the wealthiest enclaves in Miami -Dade County. Except for a small section (2 blocks) in mid-Miami Beach there are no other single family homes directly fronting the beach with private sand. The average homeowner pays $95,000 in annual property taxes. It is made up of an almost 2 mile stretch along the ocean and three man-made islands fronting the Intracoastal. Most homes in the community are waterfront with boat docks.

The town financed the project by agressively going after State Grants, collecting a $4 million Federal Emergency Management Agency (FEMA) grant after suffering extensive storm damage as well as enacting spending cuts as well as a $14 million bond issue. The residents and owners were not assessed anything for the renovation.

"We've come up with a great little machine here," says three term Mayor Glenn Singer. "It did not cost taxpayers an extra penny, and we're right on time and under budget."

The Mayor feels that the city of Golden Beach is already feeling the benefit of the changes. There are currently 13 homes under construction or renovation in spite of the current recession.

Current Golden Beach Listings:

There are 68 homes/homesites for sale in Golden Beach. They range in price for a 1600+ sf 2 bed home asking $499,900 to a double lot fronting 250 feet of the ocean asking $19,950,000

To see all listings click here and use the arrows on the top left to scroll between the listings

For Sale click: Golden Beach listings for Sale

There are currently 28 properties in Golden Beach for rent ranging in price from $299/mth - $50,000/mth. To view these listings -

For Rent click: Golden Beach listings for Rent

If you want to schedule an appointment to view any of these properties please call us at 786-271-1235 or drop us a note to info@golanteam.com