Archive for the ‘Distressed Property’ Category

The Contessa – Unique Luxury Estate – Davie, FL, at Grand Oaks Estates
Price reduced close to half – $2,375,000

The beautiful and prestigious equestrian community of Davie, FL, offers serenity and security only a short distance from the culture, dining and nightlife of both Miami and Fort Lauderdale. This 34-estate enclave is the last gated community in Davie. Neighbors include a professional athlete and entertainer.
This extraordinary, and the ONLY brand new Mediterranean Luxury Estate in Broward, features grand architecture, high-quality finishes, luxurious appointments and impeccable attention to detail throughout. Walk through your own Triumphal Arch just like the Arc de Triomphe in Paris and celebrate your success every day of your life! This estate home must be seen to appreciate its grandeur. Close to golf, tennis, and exclusive shops, as well as international and private airports.
This masterpiece was originally priced at $4,200,000, now its only $2,375,000 (firm).
Owner financing is available.
This is the Perfect Gift for your significant other. Treat yourself, act before its too late!

- 11000 sq ft (8,600 air conditioned)
- One-acre lot abutting aesthetic canals
- Stunning Master Suit Bath a must see!
- 6 large en-suite bedrooms
- Salt filtration heated pool
- Extensive outdoor spaces
- 4-car garage
- Elevator
- Wine closet

Highlights
- Triumphal Arch just like the Arc de Triomphe in Paris
- 35 feet high ceilings in entrance hallway and formal living room with stunning crystal chandeliers and Romeo and Juliet balconies, custom railings overlooking the grand living room decorated with Jerusalem stone.
- Master Suite Bath
- Custom designed Onyx and granite floors, vanity and wall covering, mirrored walls, custom lighting
- Jacuzzi with extra jets and lights
- Oversized five head shower and steam room with Onyx seats
- His and her private powder rooms
- Stunning custom kitchen with spacious Butler pantry, Thermador appliances and many extras (must see )
- Lanais, covered deck with tile floor across the back of the house, overlooking the pool and canals, with fans and Minka Lavery Lighting
- Sound insulated Theatre Room prewired for projector, 14 feet wide ceiling mounted screen and 7.1 Dolby TrueHD sound system.
- Whole house Russound Distributed Audio and Multiroom Entertainment Systems, stereo speakers in every room, Patio and balcony.
- Smart House, wired for computer network (LAN), telephone, cable for DirecTV, TV and radio, home automation
- The largest elevator allowed with safe electro hydraulic system.

Amenities
- First grade (Select) 3/4 inch thick Rosalia marble floors through out
- First grade (Select) Brazilian Cherry floors in master suit
- Climate controlled wine closet and Humidor next to library
- Upstairs bedrooms have custom oak floors
- Wainscoat tile in all bathrooms with light in showers
- Laundry room with oversized LG washer and dryer, complete cabinetry
- Minka Lavery Lighting on columns around driveway and walkways
- Concrete trim molding around exterior doors
- California walk-in closets in all bedrooms
- Crown moldings, coffered ceilings in every room
- Concrete stairs with granite finish
- Granite gas self-vented fire place
- Columns throughout the estate
- Four car garage with side entry
- Set up for outside kitchen
- Central Vacuum System
- Four zone central air, and heat
- Alarm system, Smoke detectors
- Hurricane windows throughout
- Casa Blanca fans through out

Ivan Farkas, LLC, Realtor
CDPE, REOS, e-PRO, TRC, C-Rep
(CIPS, ALHS, CLHMS candidate)
The Keyes Company
17900 NW 5th St, Suite 106
Pembroke Pines, FL 33029, USA
+1 (954) 364-7925; Fax: +1 (866) 740-4296
Ivan.Farkas@FL4SaleLive.com
www.FloridaLuxuryDistressedProperties.com

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Technorati Tags: bargain, commercial, distressed, Foreclosure, luxury, Luxury Distressed Property, property, real estate, REO, residential, Short Sale, South Florida

Unique Capital {LLC|Commercial Lending}remains to lend on commercial {real estate|mortgages} despite the recent credit {difficulties|crisis} in the marketplace. With {conventional|standard|correspondent} programs that go up to 75% {LTV|Loan-To-Value} and govnernment SBA / FHA programs exceeding 90% {LTV|Loan-To-Value}, Unique Capital {Commercial Lender|LLC} remains a {firm|strong} source of commercial real estate loans. Apartment, Multifamily, Office, Retail, Industrial, Mixed-use, self-storage and {hotel/motel|hospitality} {financing|lending} is still being {cultivated|delivered}. Even in this tough environment, Unique Capital is actually able to structure SBA 7a and FHA/HUD loans up to 100% depending on the equity and collateral used for financing. A list of programs can be found on the unique-capital website with specific program parameters.

Unique Capital is also involved in the {acquisition|purchasing} of distressed or discounted commercial mortgage notes. Due to a lack of liquidity in the market, many lenders (banks, insurance companies, pension funds, portfolio companies) are having to sell off assets to improve leveraged ratios. With a limited amount of money in the marketplace and an ever growing amount of assets available, the supply is greater than the demand; thus the ability to purchase assets at a {substantial|sizeable} discount.

As regulators and experts through 2007 and the beginning of 2008 advised that the credit crunch would lighten up towards the end of 2008 or early 2009; speculation now arises that the markets may not cool off and adjust properly until 2010 or 2011. Hedge Funds, Private {Equity Groups|Equity Funds} and Private Investors are attempting to {re-liquidate themselves|raise capital} in order to take advantage of near future opportunities. Where the trading of commercial mortgage notes previously that were performing didn’t offer heavy yield components, they now do. The uncertainty in the credit markets have {displayed|shown} the possibility of an increased risk in the upcoming months and further discounts on performing as well as distressed {assets|notes}.

Unique Capital’s website is designed to give an abundance of information in regards to the commercial lending world, including glossaries, mortgage calculators for multifamily / apartment properties, office properties and retail properties, loan program information and commercial {loan|mortgage} news.

Unique Capital has also chosen a construction partner for renovation projects on acquisitions or financing requests to help facilitate an efficient and reasonably priced scope. Genesis Environmental Construction, www.genesisec.com, is capable of providing renovation, new construction and environmental remediation for commercial properties. This joint-venture helps to ensure that issues don’t rise up during the process which could hold the property owner hostage in any {form|capacity} of negotiation.

The commercial loan process is typically around 45 days. Documents to consider that are {needed|required} for the initial loan process would include, but not limited to, the following items:
Last 3 years of tax returns
Last 3 years of P&Ls
YTD {P&Ls|Profits and Losses}
Financial Statement on Borrowers
Balance Sheet on Business / Property
Pictures of the Building
Recent Appraisal if available
Executive Summary detailing details of structure
Application

Gen Wright
http://www.articlesbase.com/credit-articles/unique-capital-still-actively-lending-693171.html

(www.cdpe.com/10000)
CDPE stops to reflect on what 10,000 members really means for the company, for the movement and for homeowners across the country. For the first time ever, meet some of the crew that works hard everyday to adapt and improve the CDPE to ensure you have the right tools to solve the foreclosure crisis, one homeowner at a time.

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Technorati Tags: 10000, arm's length transaction, cdpe, Designation, Distressed Property, Foreclosure, growing, member, Mortgage Modification, movement, nationwide, organization, real estate, real estate education, Realtor, Short Sale, Short Sale Training

www.hottestsandiegohomes.com
John Noveras explains what is a Short-Sale. A Short-Sale is a sale where the mortgage lender of the seller agrees to a loan pay off of less than the balance owed. This can be a great opportunity to get out of a bad loan or to find a great deal for home buyers.

Real estate
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san deigo real estate
foreclosure
Foreclosures
Distressed Property
distressed homes
homes for sale in san diego
bargain real estate
good deals in san diego
sell my house
buy a home
reo real estate
short sale
loan modification

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Technorati Tags: Century 21, Century 21 award

Foreclosure “Backs” to a major street. What does this do to value?

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Technorati Tags: Buying distressed property, Buying foreclosures, Coto de Caza Foreclosure, Flip a property, Foreclosurere, Foreclosures in Laguna Niguel, foreclosures in orange county, Great buy in Orange California, Hills, Laguna, Laguna Beach Foreclosure, Laguna Niguel foreclosures, Laguna Niguel Short Sales, Mission Viejo Foreclosure, Orange County Foreclosure, Orange County Short Sales, San Clemente Foreclosure

Here are several steps to take in order to properly determine whether the fixer-upper house that has caught your attention deserves a seal of approval or a thumbs-down sign:

“Location, Location, Location” is Still the Mantra

It doesn’t matter if you’re investing in an apartment, a condominium unit or in this case, a fixer-upper home. When it comes to real estate property, the mantra you still have to recite to yourself is “location, location, location”. Continue to base your decision on location factors: Is it a corner lot? Is it near important establishments? Is it in a well-ordered or peaceful neighborhood?

Make a Thorough Search

Not all fixer-uppers are advertised as such. It’s important for you to make the most extensive search possible. Besides encircling properties listed in the classifieds that fit your budget, drive around the city as well and be alert for “For Sale” signs stuck on posts. Let your friends and acquaintances know about your interest in buying a house as they may be able to point you to the right direction. Be sure to consider foreclosed properties as well.

Hire an Inspector for a Day

If you’ve found a fixer-upper that makes your wallet feel it has found its soul mate, hire an inspector to accompany you for a tour of the house. Make sure that you give him sufficient time to explore every inch of the house; this will enable him to give you a full evaluation and a thorough appraisal of the property later on.

How Much Do You Plan Buying It For?

The great thing about fixer-uppers is that their presently distressed conditions enable investors to buy them for a lower price than what’s usual. Experts advise investors however to purchase fixer-uppers only up to 20% below its future market value (once everything has been renovated) and no more than that.

How Much Do You Plan on Spending?

Now that you’ve bought your dream investment, you can start making changes around the house. But first, plan each change thoroughly. Browse online for contractor listings and have several contractors provide you with their estimates on the house. Check with the appropriate agencies about zoning requirements and other laws that may affect your plans for the house.

How Much Do You Plan Selling It For?

Now that all repairs and remodeling have been completed, you can finally compute the probable selling price of the fixer-upper once everything that needs repairing has been fixed. Again, keep in mind that fixer-upper homes are usually priced at affordable rates.

Lastly, be ready to negotiate. Only billionaires tend to accept the initial purchasing price of any item.

Caroline Miller
http://www.articlesbase.com/management-articles/fixerupper-investment-fix-it-or-dump-it-61128.html

Options for Distressed Property owners

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Technorati Tags: (NOD), (NOTS), Connie, Default, Foreclosure, loan, Martin, mod, Modifcation, notice, of, sale, trustee

1) Get pre-approved by a reputable lender- Be sure you have a pre-approval letter in hand and present it with your offer to assure your strongest bargaining position.

2) Sell your present home first- Contingency offers are not at all appealing to most sellers. The seller has to typically wait until your house sells before he gets his money. Therefore, the seller is not willing to negotiate with you. So, either wait for your home to sell or get preapproved for a bridge loan in the event your home does not sell. Chances are pretty good that you may sell your present home before your closing on the new home.

3) Hire a top notch buyer’s agent- You need a knowledgeable Realtor with local expertise in the market place. You Realtor will work on your behalf and negotiate the best price and terms for you. In addition, your expert Realtor will assist with the home inspection, appraisal, and closing details.

4) Decide where you want to live- Remember the old saying “location, location, location, well it still remains high on the home buying list. You really need to study the neighborhoods, schools, proximity to work etc before making the final decision on your favorite neighborhood. Again, your buyer’s agent is a valuable asset in gathering information for you.

5) Search for homes online. There are many websites now that potential home buyers can search all homes on the market by price, neighborhood, schools, zip code, and maps. If you do your own preliminary searching it will save you a lot of time. You can actually ride by the homes that you like and take a look at the neighborhood to see if that is really where you would like to live.

6) Look at vacant and distressed Properties- Vacant properties often signal a motivated seller. The seller has probably moved out of town and often times is carrying two mortgages. Often properties that are in need of repair are overlooked because most buyers can not appreciate the potential. Maybe all it needs is a little paint and carpet. We call these properties a “diamond in the rough”.

7) Foreclosures and Short Sales- Have your buyer’s agent research all the foreclosures and short sales in your price range and location desired. Again, these can sometimes be bargain priced. Typically, they are Bank Owned and these days banks are pretty motivated to get them off the books.

Do your research-Ask your buyer’s agent for detailed information on the properties that you are interested in. You want to request a history on each property to see how long they have been on the market, price reductions, sold data, tax data, survey, and covenants and restrictions for the neighborhood. And be sure to get sold information for all properties in each neighborhood that you have interest in.

9) Don’t make your first offer the best one- Leave yourself some negotiating room in the event the seller counters your offer, which is typically what takes place. Determine the maximum amount that you are willing to pay to calculate your first offer. Again, your Realtor can advise you.

10) Meet the Sellers closing date- Many sellers have various personal reasons for a particular closing date and if you are willing to work with them, you may get a better price.

Kay Baker
http://www.articlesbase.com/real-estate-articles/top-ten-ways-to-get-the-best-home-buy-713670.html

Dana Point Foreclosure. Is it too good to be true?

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Technorati Tags: Buying distressed property, Buying foreclosures, Coto de Caza Foreclosure, Flip a property, Foreclosures in Laguna Niguel, foreclosures in orange county, Great buy in Orange California, Laguna Beach Foreclosure, Laguna Hills Foreclosure, Laguna Niguel foreclosures, Laguna Niguel Short Sales, Mission Viejo Foreclosure, Orange County Foreclosure, Orange County Short Sales, San Clemente Foreclosure

South Florida’s commercial and residential real estate markets suffered in 2008, and the New Year doesn’t figure to offer much relief. Continued Foreclosures and weak economy will continue having an impact on prices and number of properties available with only aggressive sellers disposing of properties.

Although home sales started picking up this summer, the beleaguered housing market has been hammered by foreclosures and falling prices. Meanwhile, the sputtering economy has local businesses retrenching and cutting jobs, dealing a blow to the retail, office and industrial sectors. All this carnage creates an opportunity for those positioned to take advantage of the adjustment in prices, and higher expected returns.

What follows is an outlook of the region’s residential markets as 2009 approaches:

Residential Real Estate

The three-year housing slump may ease by this time next year, but the real estate market in Florida, particularly the Miami real estate market almost certainly will still be in decline. After a five-year boom, South Florida’s housing market began to tumble in 2006.

People who stretched to buy properties they couldn’t afford have been forced into foreclosure over the last two years. Homes have lingered on the market for months as prices are driven down and as tightening credit makes it difficult for buyers to get financing.

But, although it might seem that we must be almost finished, there’s still a lot of pain to come in terms of write-downs and losses that have yet to be recognized.

The trouble now is that the insanity didn’t end with sub-prime mortgages. There were two other kinds of exotic mortgages that became popular, called “Alt-A” and “option ARM.” The option ARMs, in particular, lured borrowers in with low initial interest rates – so-called teaser rates – sometimes as low as one percent. But after two, three or five years those rates “reset.” They went up. And so did the monthly payment. Now the Alt-A and option ARM loans made back in the heyday are starting to reset, causing the mortgage payments to go up and homeowners to default.

With defaults at unprecedented levels and no evidence that the default rate is tapering off, it will lead to further foreclosures, homes being auctioned, and home prices continuing to fall.

Analysts that have looked back at what was written in ‘05 and ‘07, the reset dates and the current default rates, predict the beginning of a second wave. Billions of dollars in sub-prime mortgages reset last year and this year, but what hasn’t hit yet are Alt-A and option ARM resets, when homeowners will pay higher interest rates in the next three years. The damage is substantial if one considers that the sub-prime is approaching $1 trillion, the Alt-A is about $1 trillion and then option ARMs are probably another $500 billion to $600 billion on top of that.

To get a sense from where we have come Broward County median price for existing homes declined by 35 percent from November 2005, Dade County by 33%. The overbuilt South Florida and Miami condo market has taken an even bigger hit. Median prices on existing condos have fallen more than 40 percent in the two counties since 2006.

Home sales in South Florida started increasing in July, bringing a hint of optimism, but the upswing was caused by months of falling prices in a market still flooded with homes for sale. Rates on 30-year, fixed-rate mortgages have been low and last week hit 5.19 percent, a 37-year low, contributing only slightly to the uptick at best.

However there is a sense that the opportunity may be arriving for some. First, individual buyers that have been on the sidelines renting property suddenly feel that foreclosures are closer to what their incomes allow them to purchase. Also, corporations such as Lennar, a large South Florida multifamily developer that like all others has been hurting is positioning itself to take advantage of the market. First, Lennar’s strategy includes hoarding cash — it had $1.09 billion in reserves as of Nov. 30 — and second, it is establishing a fund aimed at buying distressed residential properties.

Mike Smith
http://www.articlesbase.com/real-estate-articles/south-florida-and-miami-residential-real-estate-outlook-2009-715726.html