St. Regis Bal Harbour, Officially Opens

Yesterday marked the opening of the most luxurious brand new 5 Star hotel Bal Harbour has ever had, the magnificent St Regis Hotel.


“It was clear to us and the research we did that this was a very special location — very affluent local suburb, attracts a very affluent international audience,” said Paul James, global brand leader for St. Regis, part of Starwood Hotels & Resorts. “It was among the best beachfront locations we had in our portfolio anywhere.”
The $1 billion development, which includes a 243-room hotel and two residential towers, took six years of planning, demolition and construction. Starwood, a global company with a market capitalization of nearly $1.8 billion, financed the project and owns the finished product.
The hotel brings the region’s first restaurant from star chef Jean-Georges Vongerichten, J & G Grill, and its signature butler service. About two dozen butlers will serve on a staff of 500.Their jobs include everything that make a guest feel at home, unpacking or packing luggage, drawing shades, delivering coffee.

The location, right across the street from the famed and exclusive Shops of Bal Harbour, a pedestrian shopping centre that boasts the Who’s Who of Couture Fashion and accessories.

For those who want to do more than visit, the St. Regis development includes 255 condo units in two residential towers, ranging from two to five bedrooms at prices between $1.9 million and more than $10 million. Over 70% of the project is sold out but there are still some amazing properties left for sale. The bulk of these are residences but there are few condo-hotel units for those interested in obtaining an income in their absence. If you are interested in knowing more about the St Regis project, please send us a note here.

For those who have a discerning lifestyle with a focus on fashion, culture and food, the St. Regis is the ultimate address.

About The Golan Team: The Golan Team is a team of Realtors focusing on Luxury Waterfront and Oceanfront Properties. With over 17 years of combined experience, we are here to help you purchase, sell or lease condos, single family homes or investment properties. The Golan Team has successfully listed and sold luxury properties and specialize selling in Miami Beach, Bal Harbour, Sunny Isles Beach, Aventura and Hollywood Beach. To contact us please call (001) 786-333-6200 or email us at info@golanteam.com

Southeast Florida Home Prices Lowest Since Crash

It’s been a long time since we last blogged but it is not because we haven’t been thinking of you, it is because we have been really busy!!!

Real Estate in South Florida has taken off again and Buyers are back. In fact over the last week we were out with two new buyers and it was almost impossible to find them a house to show. This time last year, we would have had 7 or 8!!!

Inventory of houses on Miami Beach are at a low…hey SELLERS if you have a property to sell on Miami Beach, give us a call at 786-333-6200 or shoot us an email to debra@golanteam.com (saying thanks in advance!)

But don’t just take our word for it…

South Florida home prices in March hit their lowest level since the real estate crash!

Prices for Palm Beach, Broward and Miami-Dade counties were down 6 percent from the previous year and a staggering 51 percent from their peak in December 2006, according to the Standard & Poor's/Case-Shiller price index, which was released Tuesday

You can read the full article in the Palm Beach Post . Whatever the news you read, the truth is in the numbers…Buyers are out, properties are selling and inventory is lowering.

Over the next several blogs we will discuss inventory stats in closer detail.

Meanwhile, we wish you a wonderful and happy july 4th holiday and we will back at the blog next week.

Miami Spa Month

All work and no play makes the ….

Remember the expression!!! Well have no fear, The Golan Team is pleased to give you the remedy for those stiff shoulders, tired hands or cramped legs!!!

It’s Miami Spa Month !!!

Take a break and indulge yourself with a massage, facial or one of many other treatments at just a fraction of the normal price..

Ever wondered what the inside of some of the world’s most beautiful spas look like..well now you can be pampered just like royalty.

Visit http://www.miamispamonth.com/ and see which hotels, spas and facilities are participating. But remember the specials end August 31st , 2010 so treat yourself today!

And remember when you are all relaxed and want to look at Real Estate, count on The Golan Team and contact us at 786-271-1235 or drop us a note here to info@golanteam.com

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.

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.

First Time Homebuyer Credit - The Golan Team (786-271-1235) shows you how to take advantage of it

This week The Golan Team (786-271-1235) worked with two First Time Homebuyers. They had a lot of questions regarding the first time homebuyer credit that is due to expire on April 30, 2010.

We thought if Buyers we are working with have these questions so to must a lot of Buyers out there.

Here is a terrific website that we hope will answer all your questions.

http://www.federalhousingtaxcredit.com/

Industry insiders are suggesting that the Home Buyer Tax Incentives will not be extended again when they expire at the end of April.

Remember that this credit not only applies to First Time Buyers but also for current owners if you meet certain guidelines.

If we can help you on your property search in Aventura, Sunny Isles Beach, Bal Harbour, Bay Harbor Islands. Surfside, Miami Beach, Hallandale or Hollywood area please do not hesitate to contact us at 786-271-1235, visit us on the web at http://www.golanteam.com/ or shoot us an email to info@golanteam.com

Happy New Year from The Golan Team

From our home to yours, and to those who celebrate, The Golan Team wishes you a Happy and Healthy New Year.

We thank you for all the business and support you have given us in the past and we look forward to continuing to work with you and your friends and family in the coming years as your Real Estate Agents.

Shana Tova (Happy New Year)
Eyal & Debra Golan
THE GOLAN TEAM
Keller Williams Realty
786-271-1235
786-333-6200
http://www.golanteam.com/

Do you need to appeal your property tax bill?

By now, everyone who owns property in either Miami-Dade county or Broward county should have received their Property Tax notice last week. Did your taxes go down? Did your taxes go up? With property values declining across the board, how is it possible that your property taxes have gone up?

There are two components to your Property Tax Notice. First is the ASSESSED VALUE and the second is MILLAGE RATE. The ASSESSED VALUE is where the counties base their tax bills on the “market value” which is the value of comparable properties in your neighborhood as of January 1, of this year. That means if there was a phenomenally low sale last month on a comparable property near yours that closed last month, it will not count until next year. Note that because foreclosure prices closed much lower than “traditional” home closings, the County Appraiser’s office has decided not to include them in their equation. If you want more information on this click http://www.miamidade.gov/pa/exempt_homestead.asp
or if you own property in Broward county go to http://www.bcpa.net/

The MILLAGE RATE – is how the county Property Appraiser determines the value of the property for tax purposes, the local taxing authorities (school board, commissioners, etc.) decide how much money is required to provide services and establish the millage rate . The Property Appraiser’s office does not determine the amount of taxes you pay. The taxes can increase or decrease depending on the millage rate set by the school board, commissioners, cities and other taxing authorities. The assessed value provides the base for this equation.

Therefore even if your property values have gone down (you should check on your notice the market/assessed value columns 2008 vs 2009) the millage rate could have gone up and that would cause an increase in your taxes due.

If you feel your taxes have been assessed wrong you must make a complaint by SEPTEMBER 18, 2009 latest.

In Dade county – click here to appeal
Or in person visit please visit one of their two Offices:
111 NW First St., 8th Floor, in downtown Miami

OR

10710 SW 211 St., 2nd Floor, in Cutler Bay

In Broward County - visit http://www.bcpa.net/ for information

If you own a House – call 954-357-6831
If you own a Condo – call 954-357-6832
If you own Commercial Property – call 954-357-6835

Remember the deadline is only 19 days away so do not delay if you want to appeal.

This blog has been provided as a free service from THE GOLAN TEAM. For all your Real Estate needs whether residential, commercial or investment. Contact us at 786-271-1235 or visit us at http://www.golanteam.com/. Interested in foreclosures – sign up for a free list of foreclosures at http://www.southfloridaluxuryforeclosures.com/ . Interested in subscribing to our blog – visit http://www.southfloridacondosblog,com/ and look for the subscribe box on the right hand side.

SOUTH FLORIDA REAL ESTATE BULK DEALS

For the past two years the two buzz terms in Real Estate in South Florida have been “Foreclosure” or “Short Sale”. Buyers looking for deals or to buy below current market value were constantly looking for these two “adjectives” or what The Golan Team calls “qualifiers”. It was amazing there were Buyers out there that literally would only want to see properties with these criteria and then would decide of the choices they saw which one to take.

Now these buzz terms have taken a back seat to the newest buzz in the Real Estate world “BULK SALE”. A Bulk Sale is defined as an investor lead individual or group that purchases a group or Bulk of units ranging in numbers from a low quantity such as 10 units to 500+ units at a discounted rate. They are usually purchasing from the Developer units that either were never sold or were sold and not closed (due to lack of financing) and returned to the Developer. Some of these Bulk Deals are also being negotiated directly with Lenders who are looking to Foreclose on other Developers or on complexes that are in default. The Bulk deals are almost always "ALL CASH" scenarios. After the deal closes there are opportunities to obtain some financing.

According to our research over 1700 units have exchanged hands in the past year to year and a half as “Bulk Sales” in our local area (Dade, Broward, Palm Beach counties). Other smaller deals if included (smaller we classify as 10 or less) can take this number even higher.

Some of the highlight deals include:

1) July 2008 - 50 Biscayne (Downtown Miami, FL) – 146 units sold to a group of investors from Philadelphia (Lubert-Adler Partners LP) who joined Related group (the Developer) in this bulk sales @ $246/ft. ($36.4m) Shortly after closing they sold 10 units $367/ft.


2) January 2009 - Harbour House, Bal Harbour – a consortium of Related investors paid $277/ft for 101 units. Total purchase price was $27m. (Note the Related Group was said to have raised $1 billion in a consortium just to buy Bulk Sale Condo opportunities).

3) July 2009 - A South Florida private equity group, Elcom Condominium LLC paid $2.6 million to purchase 51 new, oceanfront condo-hotel units in the luxury One Bal Harbour complex – Regent (now called Bal Harbour Hotel) and another $12 million for 67,031 square feet of hotel common areas and land. (This equates to approximately $135/ft average for the common area and hotel compared to the average selling price of $1100/ft that the Developer WCI Communities charged Buyers for preconstruction pricing at the One Bal Harbour Regent Hotel project.) Interesting to note, the day after this Bulk deal went through, the Regent Hotel chain pulled out of their contract to run the hotel. There are a total of 124 hotel condo units in the Regent/Bal Harbour Hotel.


Now there are two Bulk deals arising that are of interest

1) WCI Communities – the builder of the One Bal Harbour/Regent Bal Harbour project, is seeking court approval to hold a September 22, 2009 auction for its Pompano Beach condo complex. Currently a New York based company, Chetrit Group LLC is bidding $46.7 million. According to the Miami Herald , WCI Communities and it’s chairman, billionaire investor, Carl Icahn wants this $46.7m bid to be the opening bid at an auction A September 2, hearing has been requested for court approval of the auction proceedings. The Chetrit Group have been huge players in the Real Estate world and have been linked to bids and purchases of such iconic structures as the Sears Tower in Chicago ($840m sale), Roney Palace in Miami Beach (bid was $150m) and various iconic buildings in Manhattan.

2) The Related Group of Florida (whose iconic Condo King head is Jorge Perez easily the most recognizable name in South Florida Real Estate) associate company, New York Developer, Related Cos and the Lubert-Adler Partners LP of Philadelphia (you will recognize their name from the purchase of Bulk units at 50 Biscayne in Downtown Miami) have teamed up to bid on the assets of condo lender Chicago based, Corus Bank. A sale could be weeks away though according to the Wall Street Journal there are up to three other key bidders for these assets. Some of the most prominent condo projects in South Florida: Jade Beach and Jade Ocean Condominiums in Sunny Isles Beach, FL, the Trump International Hotel and Tower in Fort Lauderdale and Edge Condominium in West Palm Beach. All in all the assets could be as high as 6,400 condo units in South Florida.

The Golan Team are working with investors interested in purchasing Bulk Deals particularly on Oceanfront properties and Downtown Miami/Brickell area. We have identified several key opportunities for purchase. If you are interested, please contact us at 786-333-6200 or send an email with your requirements and preferences to debra@golanteam.com

Buying a Property in South Florida - Weighing your options

There are so many Real Estate topics to write about that a blog can be a full time job!! With the information technology that exists whether you are a Realtor, a Buyer, a Seller or an Investor, there are literally thousands of articles, blogs, comments or sources one can turn too to educate or confuse (LOL) you more!!!

Real Estate is definitely changing and in my opinion, becoming more and more accountable. Buyers are not just buying “what they like” they are using more “scientific” methods to determine which property to purchase.

Case in point, we have been working with a Buyer over the last few weeks who came to Florida with his wife on a “property buying trip”. We spent two days appealing to their “senses” and showed them a variety of oceanfront condos from Bal Harbour across Sunny Isles Beach and up to Hallandale Beach. During this time all their decisions and comments were based on what they saw and what appealed to their physical senses. We needed this process to occur as it helps us determine where they want to live. At the end of this search, we finally settled on one particular building that answered their needs vis a vie to location & amenities. Now we reached the point of selecting a unit to make an offer on.

In the past at this point of beginning the process of making an offer, is when I am used to hearing all about the various aspects of one particular unit that wins over another unit. It could be the choice of flooring, a custom closet, particular lighting etc etc etc. Again, it is a continuation of the process of using their "senses" to purchase. However, in this situation and we are finding the same with a lot of the Buyers we are working with, this is not the case.

It has come down to Price per Square Foot or (PSF). The Price per Square Foot is calculated by taking the asking price and dividing it by the interior (under air) square footage of a property. For example if a property is asking $1,000,000 and is 2,000 sf under air (balconies or garages do not count in this equation), the PSF is $500/ft. I want to add two caveats here. The first is when one is getting ready to buy Real Estate you should look at not only the asking price/foot but also the closed sales prices/ft. Many times this number can be vastly different. The second point that I want to make is regarding quality and finishes. You will pay more PSF for a finished condo on the Ocean then a “Decorator Ready” unit (one that needs flooring, paint etc) and this should be factored in to your PSF. Always make sure you are comparing “like” properties in your analysis.

You should be aware of this especially if you are purchasing a property including financing. An appraiser only uses comparables of sold properties. So even if a property looks like “a great deal” and is priced much lower than competitive ones, check and ask what the sold comparables are and then judge if you have found that “great deal”. The properties that are moving and selling in this market are the ones that have priced themselves correctly against recent closed sales.

Foreclosure properties – those owned by the bank are mostly always priced below the last closed sale comparable. If you are interested in receiving a weekly list (for free) of all luxury foreclosures please subscribe here http://www.southfloridaluxuryforeclosures.com/

Sunny Isles Beach, Florida - Ocean III Unbelievable Buying Opportunity

The Golan Team (786-271-1235) are proud to present for sale at Ocean III in Sunny Isles Beach, Florida, this 3 bed 4.5 bath Oceanfront flowthrough residence on the 23rd floor with Direct Ocean & Intracoastal Views. From a private elevator enter directly into your private foyer. A separate laundry room is located just off this entrance. A double door entry leads into this magnificent residence that is almost 2700 sf under air. This condo features 3/4" mahogany floors throughout the living areas and bedrooms + marble in the kitchen and baths. The master suite includes his and her outfitted custom closets, his and her baths and a bedroom with direct ocean views. The kitchen features Miele and Subzero Appliances. The owners of this unit are the original owners but only used the apartment for a few months so you will see even the oven is brand new and never been used!!! Each bedroom has stunning views of the Ocean or the Intracoastal. They are all very spacious size rooms and feature en-suite bathrooms. Enjoy sunrises and sunsets from two very spacious balconies that can fit table, chairs, outdoor beds and lounge chairs. The views are magnificent and unobstructed. Just check out the pics below!!!

Ocean III is located on the upper end of Sunny Isles Beach. It is a beautiful building and amenities include a 2 story lobby, concierge, valet, gym, pool, full beach service, café restaurant, roof top spa and sun deck, party room, billiards and an Oceanside tennis court.

This residence was just reduced to $991,350 and is an excellent buy in this market. It is also not a short sale, so you can be rest assured for a quick response from the Seller and a quick closing if you desire.



Enjoy Roof Top Jacuzzi & Party Room

Living Room with Stunning Ocean Views Stunning Bay Views from Dining

Room, Kitchen & 2nd Bedroom


Elegant 2 story lobby & Concierge

IF YOU ARE INTERESTED IN SCHEDULING AN APPOINTMENT CALL 786-271-1235

SNOWBIRDS - BEWARE OF SCAM ARTISTS TARGETING RENTAL PROPERTY LISTINGS

Are you a snowbird looking to rent an apartment in South Florida for the winter?

If so, you must read this article….

BEWARE OF SCAM ARTISTS TARGETING RENTAL PROPERTY LISTINGS

According to the Florida Association of Realtors® (FAR), there are
scam artists out there targeting rental property listings. This scam is happening statewide. “This is happening everywhere, including Canada and in many different countries,” writes Jon Lioncourt, an administrative assistant with a Property Management company in Jacksonville, Florida. “Our listings have been copied onto Craigslist for quite some time. It is reported to IC3, a government Internet watchdog that forwards info to the proper authorities, such as the CIA and FBI.”

In the scam, criminals fraudulently lift legitimate rental property data from listings, change the contact phone numbers and/or email addresses, and advertise the rental on Craigslist. The criminals charge below-market rates and require one month’s deposit and one month’s security. Consumers, attracted by the low rate, complete the deal online even without access to the property.According to Lioncourt, the fraudulent ads sometimes list his name and ask the “renters” to send their money oversees.

"It’s not unusual, he says, for these people to later contact the rental agency and demand a refund of their money, even though the agency had nothing to do with the deal. “After all, Realtors are being scammed too,” Lioncourt says.

Donna Fries, a Panama City Beach Realtor, says the scam operates in her area too. She says the fraudulent ad uses the real owner’s name or the Realtor’s name, but a contact method that goes only to the criminals.She offers the following suggestions for detecting the scam: "The Craigslist ad is a carbon copy of the original ad with correct spelling, good English and a photo. Follow-up email responses, however, usually have incorrect spelling and awkward English."

She continues, "Scammers offer rental prices up to 40 percent below actual value, making it an attractive deal. If potential renters see identical ads in different locations with different prices, the lower-priced one is probably a scam. Criminals ask for deposit and rent money to be sent by Western Union or another method that works like cash, and it usually can’t be tracked or refunded. Many times, they use a foreign phone calling card that cannot be traced."

According to Lioncourt, criminals usually have an excuse for not showing the home’s interior, such as a sudden overseas assignment that is keeping them out of the country. Lioncourt offers one more word of warning, "Criminals may ask to see a rental and while doing so, make a copy of the key. After that, they might go so far as to show the property and even offer fake documents for the potential renter to sign. Phone calls are made from a pay-as-you-go cell phone that the criminals can throw away after they receive the money."

People who discover a potential scam can contact the local sheriff’s office and file a report, the IC3 (Internet Crime Complaint Center) (http://www.ic3.gov), or any other law enforcement office.

If you are looking on line at a winter rental, we urge you to contact a Realtor you know in the area where you want to rent, and work with them. If you don't know one, ask friends for a reference. If you see one of these types of ads that sound too good to be true, think twice and check it out. You can verify any Realtors name by clicking here - verify a Realtor's license (just make in the License Category you click - Real Estate).

You can also go to http://www.realtor.com/ and check out the listing directly with the listing agent to verify if the information (including contact name and number) you found is correct. Please do your due diligence as if you do fall for this scam, you will never see your deposits again and worse not have a place to spend the winter. If you are looking for winter rentals (minimum 4-6 months) in South Beach, Miami Beach, Bal Harbour, Sunny Isles Beach, Aventura, Hallandale, Hollywood or Fort Lauderdale contact the Golan Team at 786-271-1235.

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.

Buyer revealed for Shaq's House

We were one of the first to break the news of the sale of Shaq's house. Final sales price was $16,000,000 (a couple of million loss for Shaq who bought the house for $18,800,000 in 2004).

The buyer was none other than Supermodel Naomi Campbell's boyfriend billionaire Valdimir Doronin.

Keep posted to http://www.southfloridacondosblog.com/ for updates on Southeast Florida Real Estate news.

Shaq's Star Island house sold!!!

What a week of news here in Southeast Florida...

Earlier we reported about the sale of the Regent Bal Harbour. Now after 4 years on the market with asking prices reaching $32,000,000, the magnificent Mediterranean estate of Shaquille O'Neal has sold.

This is so hot of the press that if you ask any Realtor to check the local Multiple Listing Service, the property still shows as Available!!!

I have heard from a trusted colleague that after 4 years on the market for sale, Shaq’s house at 26 Star Island has sold. It is a very confidential deal (lots of anonymity with Corporation names etc) but it is sold for under the asking price of $22,500,000.

I have personally had the opportunity to tour the house and I can tell you it is magnificent. Sitting on 2.5 acres with the most stunning open water views, the house is breathtaking. Amenities include an indoor basketball court (of course remember whose house it is!!!), a full size tennis court, a large infinity pool (emblazoned with Shaq’s famous Superman logo), a 2 bedroom guest house, workout room, huge great room, dining room, kitchen and a master suite fit for a king…The main house has 7 bedrooms, 8 full baths and 2 half baths and occupies 19,440 sf. Got a car or two - no problem here with a 6 car garage and huge driveway to park at least a dozen more.

About a year ago when the price of the house was $32,000,000 my partner, Eyal and I showed the property to a wealthy client of ours. It wasn’t easy to arrange the showing, as you must imagine the confidentiality and background checks we had to go through. In my opinion and I have had the honor and pleasure of viewing many of the most beautiful properties in Southeast Florida, this house was unique. On Star Island it ranks as one of the top properties in size, land and positioning on the Island.

Star Island is home to many personalities including Gloria Estefan, P Diddy, Rosie O Donnell, Tommy Motola, Philip Frost (formerly of pharmaceutical giant IVAX) and more. It is located just south of South Beach. There are three island that form this cluster. The other two are Hibiscus Island and Palm Island.

Currently there is only one other property available on Star Island, a 10 bedroom 9 full bath and 3 half bath home with an asking price of $15,500,000 on over an acre of land. Click to see photos of 45 Star Island.

If you are interested in viewing this home or want to see other great waterfront home or condo opportunites here, contact us at info@golanteam.com or call us at 786-271-1235 or 786-333-6200.

IRA accounts - a great way to invest in South Florida Real Estate

Buying Real Estate with your IRA account.

With the current instability of the stock market, many individuals are wondering what to do with their IRA accounts.

Investing in real estate through an IRA is one of the hottest new areas of investment.

Why invest in Real Estate now?

1) The stock market has tanked. Stock portfolios on average are down 30-50% and even more in certain instances.

2) Real Estate prices are dramatically lower than just two-three years ago creating a tremendous upside through both a higher further resale value and current return on investment (rental revenue).

3) There are a tremendous amount of foreclosures and auctions where you can pick up properties at 20-40% of their original values.

4) By purchasing real estate through your IRAs you are not changing your retirement plan funds, which was to build tax-free value for a later date, you are simply changing the type of investment you are investing in.

How to purchase Real Estate with an IRA account:

There are a couple of technical requirements that allow people to purchase Real Estate in an IRA. (Note always consult a tax professional as well as a Realtor for all the conditions you must meet). The most important of these requirements is that you must have a separate investment account with the required documentation and not commingle this account with any other funds. i.e. if you buy a property for investment then the rent money must be paid into that account. Also if you need to do repairs on improvement on the property you must use funds from this account, not your personal account.

If you are interested in learning more about purchasing property with your IRA send us an email to info@golanteam.com.

Foreclosure properties available for sale:

If you want to search foreclosure properties in Aventura, Sunny Isles Beach, Bal Harbour and Miami Beach click on the following resources.

Current Foreclosures Available for Sale in Aventura

Current Foreclosures Available for Sale in Sunny Isles Beach

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Current Foreclosures Available for Sale in Miami Beach

THE GOLAN TEAM ANNOUNCES ITS NEW LOCATION

THE GOLAN TEAM ARE ON THE MOVE

The Golan Team, which has long been associated with the selling, purchasing and leasing of luxury Oceanfront and Intracoastal front Real Estate in Miami Beach, Bal Harbour, Sunny Isles, Aventura and Hollywood are pleased to announce their new affiliation with Keller Williams Realty.

“The Keller Williams Belief system of

Win-Win - Or no deal
Integrity - Do the right thing
Customers - Always come first
Commitment - In all things
Communication - Seek first to understand
Creativity - Ideas before results
Teamwork - Together everyone achieves more
Trust - Starts with honesty
Success - Results through people

exactly mirror and matches that of the Golan Team.” Debra continues, “our clients have come to expect that extra level of service and attention and we found that same approach in Keller Williams.”

To contact the Golan Team please call 786-333-6200 or 786-271-1235 or visit us at www.golanteam.com.

Aventura, Miami Beach & Sunny Isles

Forget about shopping for a condo, now you need to shop for a building!!!


Sitting down with a cup of tea in hand I opened the Miami Herald Saturday morning, to see a blaring headline…”New rules raise bar for condo mortgage”

I got to thinking about the gist of this article and how was it going to impact our already suffering values of property. The new Fannie Mae guidelines in essence say that in order to qualify for new financing:

1) At least 70% of the units in a new condo building must be presold
2) No more than 10% of units can be owned by a single entity
3) No more than 15% of units can be more than 30 days past due on association fees.
4) No more than 20% of a condo can be devoted to commercial space
5) All condos new and old, must have fidelity insurance, which protects the association funds from fraud.
6) The seller is not allowed to help with down payments or offer other perks like deductions of association unless they are disclosed.
7) Condos must have hazard insurance
8) When investors buy in established projects, at least 51% of units must be owner occupied.

The article continued to debate whether this is good or bad. (Most contributors and Realtors quoted were saying it was disatrous) . Are we being a little too strong a little too late? After all it was not the condo buildings that got the market into this mess. It was the practice of easy lending that allowed buyers to purchase properties way beyond their means.

Now when a buyer is interested in purchasing a condo they first have to sort out which buildings are even viable options. It is very important that a Buyer work with a Realtor who is current with their market knowledge and knows the financial conditions of neighborhood buildings.

For those of you cash buyers, this news is like winning the lottery as your buying power has just exponentially gone up and you will have great power when it comes to negotiation.

Written By
Debra Golan
The Golan Team
EWM Realtors
786-333-6200