Palm City Homes - Murano

Murano Homes in Palm City, Florida offers three and four bedroom homes ranging in size from 1,614 to more than 2,500 square feet. There are six home styles to choose from, all with two car garages. Homes start in the low $200,000's . . . and if you use Morgan Florida Real Estate as your broker, you will receive $2,000 towards closing, upgrades or cash-back after closing. But you must register with Morgan Florida Real Estate before registering with Murano, and this offer only applies to new homes from the developer.

There will be a total of 118 homes at Murano, featuring a resort style pool, cabana and sun deck, as well as walking paths and a park like setting. For families with children, Murano is located in a district with some of the finest A-rated schools in the State of Florida - Bessy Creek Elementary, Hidden Oaks Middle School and Martin County High School.

Murano is located just off Martin Downs Boulevard with easy access to 95 and the Turnpike, and just minutes to some of the finest beaches in the world.

Call us for additional information and to register for your $2,000 bonus. Mike Morgan at (772) 260-5448 - Morgan Florida Real Estate or email me Mike@FloridaHomes.PRO

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Homeowners Worse Off After Modifications

There was a recent article in USA Today about the Obama Administration's $75 billion loan modification initiatives. What's happening?

Lenders are slamming on excessive late fees, penalties and expenses. And then there are back taxes and other costs that have piled up to the point the payments become impossible. This is why so many modifications fail within a few months.

It's nothing more than another way for the Banksters to skim off as much of that government $75 billion as they can stuff in their pockets . . . without having any meaningful effect on mortgage modification. Once again, another Obama giveaway to Wall Street Banksters.

The best advice for many homeowners is to simply walk away from these homes. Yes, that may mean bankruptcy, but if you owe $300,000 on a home now only worth $100,000 . . . in most cases you are better off with bankruptcy and a fresh start.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a house or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Sign Up for Mike's Florida Real Estate Blog - Click Here

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Finally - An End to Corus Banks

I still can't believe it took so long for the FDIC to shut down Corus. This bank was still making condo loans when condo projects were starting to go belly up, but with no regulators questioning Corus' activities and non-performing assets, the Glickman family continued to make sweet heart deals with friends, family and associates . . . and to reward themselves with bloated paychecks and special dividends.

For this disaster alone, Sheila Bair and her entire executive staff should be fired and prosecuted for gross negligence or worse.

Now the FDIC is stuck with billions of dollars of condos that no one wants at prices that even approach 20 cents on the dollar for some. Moreover, before the FDIC made their move, Corus made a few last minute sweetheart deals.

The FDIC thinks they will take a $1.7 billion dollar hit on Corus. Obviously the FDIC is still refusing to face the facts about Corus and what they did in the condo world throughout the United States. The FDIC will be lucky to walk away with a $3 billion hit from Corus, and it could be much higher if this drags on and on and on. And it will.


Their will be huge winners in this game. In fact, the biggest winners will be some of the same condo developers that reaped huge rewards for putting up these towers at the expense of the American taxpayer. C'est la vie.

Condo Buyers Beware - For most Florida condo projects it is still too early to start buying, whether for personal use or investment. There are some tremendous deals, but there are still more traps than deals. And I can tell you . . . the traps are being sold real hard with all the bells and whistles you can dream of. If you're interested in condos, call me. I'll steer you around the traps and show you where the deals are.

Mike Morgan, J.D., CRS, GRI
Morgan Florida Real Estate Team
(772) 260-5448

Mike@FloridaHomes.PRO

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Chinese Drywall Nightmares - Long Term

The nightmare continues as the court system works its way to a settlement. The big issues will be who is going to pay and then . . . who is going to do the work.

Years ago the polybutelene pipe class action resulted in a huge class action fund that homeowners could apply to for replacement of their polybutelene pipes. There were a lot of hoops to jump through, and then there was the problem of who to do the work.

This work involved cutting holes in the walls, then cutting out the poly pipe and replacing with copper or other composite pipes. After the pipes were replaced, the walls had to be repaired. I was an executive of a large company that did the best work in the country. We were often called in to fix other contractors' mistakes.

Chinese drywall can be even worse. Now we're talking about ripping out ALL of the drywall in a home. That means all of the kitchen cabinets must come down and all of the molding, frames, etc. Basically, to do it right, you must de-contstruct the interior of a home and then put it back together. There is also the unknown danger of the remediation and disposal process. And no one knows what long term effect Chinese drywall has already placed on these homes.

Most of the big contractors are not interested in this work. There are too many risks in doing the work, and too many long term unknowns. The big question will be . . . who is going to do the work, and will insurance companies insure these homes once they are "repaired."

There is another answer. Bulldoze these homes and build new ones or just leave the lots empty until the inventory glut is eaten away. Bulldozing toxic homes is not that bad of an idea if the insurance industry, the home builders and the manufacturers are going to fund it. It would kill two birds with one stone.

The downside would be entire developments stripped to the ground. And maybe that is not such a downside in this market. I still believe the home builders have far more liability than they are accepting. They knew there were problems with these homes, but they refused to properly investigate. They were too busy building homes for flippers that are now standing empty or being foreclosed by the millions.

My advice to clients thinking about buying a home with Chinese Drywall or a home where the Chinese Drywall has been replaced . . . is to run the other way. Don't even think about it because you have no idea what the long term effects will be, and there is now a standard disclosure form for Chinese Drywall so when you go to sell the house, you may also have a problem.

My advice to clients that have homes with Chinese Drywall is to find new attorneys. You need to go back and look at what the builders new and when. Not only that, but what the builders should have known when they were seeing the corrosion that the drywall created.

I can tell you one thing. The sharks are going to clean house on this one. I look at some of the attorneys involved in these cases and just have to laugh. They're main concern is their cut and how fast they can cut themselves loose from this case. OR . . . how long they can stay on the payroll of this case as the fund disburses remediation monies. Either way, it is ugly for the consumer and rosy for the sharks and the builders that made hundreds of millions on these homes.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Sign Up for Mike's Florida Real Estate Blog - Click Here

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Miami Condo Auction - 97 Units at Cynergi

As the Florida Condo Con unravels, I will be posting some of the more interesting foreclosures, auctions and cons. Cyngergi is a 100 unit building at 2700 N. Miami Avenue where the developer is on the hook for $30.57 million. Actually, the developers are probably off sipping cocktails on a beach in the Islands. The Banksters are on the hook for the $30.57 million of their clients' money they foolishly handed out like candy.

Just four of the 100 units have been sold, leaving 97 units set for auction on September 30th. Here's the rub. I expect the high bidder to walk away with the 97 units for somewhere around $12 million, leaving the Banksters on the hook for another Florida Condo Con to the tune of $18.57 million.

These are ugly numbers that are just beginning to ooze to the surface. It will get a lot more stinky as thousands and thousands of units are forced into the market.

If you're interested in bidding - I'd welcome the opportunity to assist you and make sure you understand the pros and cons of this property. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Sign Up for Mike's Florida Real Estate Blog - Click Here

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Florida Condo Lending Gone Wild - The Florida Condo Con

BankUnited recently filed a $34.9 million foreclosure suit against the developers of the Latitude Delray, a 47 unit condo/townhome project. Only nine of the units were ever sold for prices ranging from $450,000 to about $600,000. Think about that for a moment. Even if they sold all of the units at the high end that would have only come up to $28 million, about $7 million short of the money BankUnited gave the developers!

And here's the real rub. Where did the $35 million go? It didn't cost anywhere near that to develop this project, but with developers able to pay themselves and their friends and relatives whatever they wanted in fees and bonuses, it's obvious just how profitable the Condo Con was for developers from Miami to Seattle.

This is not a lone example. Corus Banks loaned out billions of dollars on condos that would be lucky to sell for 50% of what the developers pocketed. I have said for several years, that the loans did not make sense. If you've been on any of my conference calls, I put it like this:

1 - Developers were razzle-dazzling bankers with fancy projects that looked great on paper.

2 - The banks were courting developers to take their money.

3 - The developers took the cash and hired as many friends and family as they could find. The skim from these deals made the early days of Las Vegas look like child's play.

4 - The Banksters were happy because they were earning bonsues based on making deals, even if they were bad deals. The Glickman family at Corus Banks are perfect examples of how the game was played at the top.

5 - Once the units were built, the developers didn't care if the projects failed, because they had already skimmed their money, and the Banksters didn't care because it wasn't there money that they were loaning out. The losers are you, me and taxpayers that will be paying for this circle of fraud for the next 10, 20 maybe 30 years.

By the way, BankUnited went belly up and was seized on May 21, 2009 by the FDIC. The developers got fat and happy. The execs at BankUnited got fat and happy. And we get stuck with project worth 10-30% of what was loaned out on them. Even if the Latitude Delray project could sell out the remaining units today, the best they could hope for would be a total of $18 million on a project that gobbled up $35 million. This is just one small of example of what is yet to come as the Florida Condo Con unravels.


Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Sign Up for Mike's Florida Real Estate Blog - Click Here

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Florida Foreclosure Deal in Gated Golf Community

Foreclosure Bargain at $159,900
3 Bedrooms, 2 Bathroom, Pool
On a Lake - In a Private Golf Community

You know I am very careful when I recommend buying a home, but I am recommending you jump on this one if you are looking for a home in a gated, golf community in Florida as a primary home, second home or even as an investment home. This one is in the PGA Country Club Estates in Port St. Lucie West. We just listed it for the bank today, so I expect to start receiving offers this afternoon. For more details visit our Featured Home page - http://www.floridahomes.pro/OurFeaturedHomes

If you're interested in this home or others like it, please call me Mike Morgan at (772) 260-5448. Or email me Mike@FloridaHomes.PRO. If you buy this home using Morgan Florida Real Estate as your Selling Broker, you will receive a one year home warranty through American Home Shield.

GREAT Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here


Sign Up for Mike's Florida Real Estate Blog - Click Here

Foreclosure Bargain at $159,900
3 Bedrooms, 2 Bathroom,
Pool On a Lake - In a Private Golf Community

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Publix Taking Advantage of Commercial Real Estate Disaster

Until recently most all Publix shopping centers were owned by real estate investment trusts or private investor groups. With the glut of commercial real estate going belly up, Publix has two very attractive options.

First, they can purchase shopping centers from their landlords that are strapped for cash. And they can purchase at distressed prices.

Second, they can build their own shopping center and manage complimenting tenants accordingly.

Either way it is another Win-Win for Publix. In fact, Publix can issue bonds at 4-5% and build their own shopping centers, while most landlord REITs need 2-3 times that rate of return, and these REITs depend on Publix for the lion's share of that return.

Let's hope Publix continues to be a great corporate citizen with superb stores, excellent customer service and community involvement. Personally, I hope the community involvement gets cranked up a notch.

Looking for a home or investment property in Florida? - I'd welcome the opportunity to assist you. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

Sign Up for Mike's Florida Real Estate Blog - Click Here

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Susan Craft, CRS - Alexandria, Virginia Real Estate Agent

When I am asked for out of area referrals, I think hard and rarely make a referral. Recently, I was asked for a referral in Alexandria, Virginia. That was easy, and I'd like to share that referral with my blog followers here, just in case you or a friend also need real estate assistance in Northern Virginia. And if you need a referral in another area, please feel free to email me. I will do my best to find the perfect agent for you, and I will post the results here as well.

Alexandria, Virginia - If you are looking for a real estate agent in Alexandria, I highly recommend Susan Craft. She is well prepared, organized, diligent, attentive and responsive. Susan will listen to what you say, and put together a buying or selling plan to fit your needs.

You can reach Susan at:
McEnearney Associates
109 S Pitt Street
Alexandria, VA 22314

703-216-4501
Email: Susan@SusanCraft.com
Website: http://www.susancraft.com/

And here is some information from Susan's Welcome Page on her website:

Welcome!

I enjoy calling Old Town Alexandria home. Max, my Cavalier King Charles Spaniel, enjoys walking around town with me visiting the many shops that offer Max water and treats!

For the past 20+ years, I have lived and worked in the Washington area. My childhood was spent in Maple Glen, PA, just outside Philadelphia, and I graduated Gettysburg College in 1981 with a BA in Business Administration. While in Washington, I have worked for Delta Air Lines, Hertz Corporation and The Washington Post in sales and marketing. During my 18-year career in advertising sales for The Post, I worked with many local businesses: Ryan Homes, NV Homes, Safeway, CVS, Carpet One of Alexandria and Maid Brigade.

My clients appreciate my professionalism and the strategy and organized process that I bring to every transaction. Follow-through has been the key to my success. It's the only way to build trust, confidence and a referral based business! How fortunate I am to be associated with McEnearney Associates, Inc. Founded in 1980 by John McEnearney, this firm has a solid foundation of professionalism, integrity and market knowledge.

McEnearney Associates continues to out perform all other offices for listings and sales in Old Town and the City of Alexandria.

Whether you are investing, nesting or downsizing an empty nest, you can count on my dedicated, excellent service.

Professional Designations & Awards:
NVAR $10 Million Plus Club
NVAR Top Producer
NVAR Multi-Million Dollar Sales Club
Member VAR, NVAR
Licensed REALTOR ® since 2003

Specialties Relocation Specialist, Buyers Agent, Sellers Agent. Serving Northern Virginia

Susan Craft, CRS

McEnearney Associates

109 S Pitt Street

Alexandria, VA 22314

703-216-4501

Email: Susan@SusanCraft.com
Website: http://www.susancraft.com/

Florida Homeowners' Insurance to Increase

Even though Florida has been hurricane free for a couple of years, 102 of the 190 insurance companies in Florida had losses. The state's largest insurer, State Farm Florida, is still planning to pull out from the state. State Farm has about 700,000 policies. The State of Florida is now the largest insurer of homes through its Citizens Insurance, but this is a risky business for Florida to be involved in.

The good news is the 16% drop in rates during the past 36 months, so when you see the headlines about rate increases, they must be measured against the past three years.

One of the first questions we get from potential home buyers moving to Florida is about homeowners' insurance. Some people read headlines and think there is no insurance available. There are still 190 companies writing policies, even though State Farm and others have pulled out. Moreover, the State of Florida will write the policy through Citizens Insurance if no one else will.

Another issue for newcomers is hurricanes. Most of the damage done is to older homes in low lying areas or areas on the beach. Needless to say, insurance is more expensive in these areas and for older homes. And it is not like we get hit by hurricanes every year in every city. For example, here in Martin County, we went almost 40 years without a major hurricane.

We educate all of our clients about the risks of hurricanes and what can be done to prepare properly.

Subscribe to Mike's Florida Real Estate Blog - Click Here

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Casinos in Florida - Gambling in the Sunshine State

Our dear Governor quietly signed another gambling agreement with his friends at the Seminole Tribe. The last time he signed a deal, it was a big media event, and the deal was eventually invalidated by the Florida Supreme Court. But that doesn't stop our well tanned Governor from trying again with a deal that will keep slots and blackjack at Seminole casinos, while turning over $150 million a year to the State.

A few of the concerns that Governor Charlie failed to press negotiations on include the ability of the tribe to operate card games at all seven casinos, instead of the three the Legislature had agreed upon. Oh? You didn't even know we have seven casinos in Florida? We do.

Another glitch is what department will be the oversight. Such a silly matter as oversight shouldn't hold things up. Just take your lead from what the Feds do with the Bansters.

There is also the issue of what happens if the State decided to allow horse and dog tracks to cross the tribal line of slot machines. That's a biggie.

Here's another glitch. The tribe wants a monopoly on Florida gambling. The Legislature suggested a monopoly within a 100 mile radius of the seven casinos . . . which covers most of the state. But the tribe said no to this. They want it all.

This is truly a convoluted situation where the Seminole leaders obviously have the edge in negotiating skills, money, power and support from an army of top notch attorneys and former political big shots.

Who wins? The Seminoles?

Who loses? The suckers that throw their money away in the casinos.

It would be nice if he State of Florida could get their act together when it comes to gambling. Just think about a row of high style casinos in Miami or on the Gulf Coast or in some of the areas that the home builders have devastated with homes that no one wants to live in. In any event, the Seminoles are up the creek with all the paddles.

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

Floridians Support Offshore Drilling - So Let's Drill

A recent poll commissioned by those in favor of drilling showed that 75% of Floridians are in favor of offshore drilling when asked the open ended question, as to whether drilling should be allowed.

But . . . when asked if drilling should be allowed anywhere, those in favor dropped to 15%.

Why even bother with drilling polls. We have three options:

1 - We continue to let oil rich countries suck our bank accounts dry.

2 - We drill here and also let oil rich countries suck us dry, because we just don't have enough oil.
3 - We get serious about wind, wave, solar, burning garbage and other yet to be dreamed up alternative fuel sources.

Do you really think we have much of a choice? Unfortunately, we keep putting off the inevitable, so by the time we are forced to develop alternative fuel sources, we will not have the financial resources to do so . . . but the oil rich countries will!

So instead of giving a trillion dollars to King Henry and his Bankster Buddies, whey didn't we take half of that and develop fuel sources and half of that to rebuild America's infrastructure. The job creation alone would have heated up everything from our economy to our pissed off oil rich partners.

Let me close with a thumbs up to Florida Power & Light (FPL) our countries all around leader in alternative sources of energy from water to wind to solar.


Stock Alert - Yes, we own FPL for our clients. It's one of my favorite stocks and we've been buying it for more than 20 years. It also pays a very nice 3.5% dividend.

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Palm City Foreclosure - From $600,000 to $225,000

We generally don't post our listings on this Blog, but I thought this one was worth posting. This is a foreclosure that was listed for $600,000 just two years ago. The bank that owns it had us list it at $339,000, even though we believe a more realistic price is $225,000. Why the difference? Most banks use inexperienced, part-time agents to do Broker Price Opinions. The banks pay $50-75 for the work that takes 6-8 hours to do, as well as the expense of gas, auto and data services. Banks are relying on agents earning $5 an hour for price opinions. As a note of reference, we have come in within 10% of the final selling price on all of our Broker Price Opinions, but we never do them for $50-75. We charge $375 for a BPO when we do not get the listing. If we get the listing, the BPO is included.

This house still needs quite a bit of work, but eventually, the bank will lower the price until the phone starts ringing with showings. We have not received a single call since listing it yesterday. That's not good. For a well priced listing, we will receive 10-20 calls within hours of the listing hitting the MLS. But banks have their hands tied, and this one will not drop the price for 30 days. To show you how that can snowball, but the time they decide to drop the price, the price I set of $225,000 will most likely be even less. Then it becomes a game of catch-up, and the banks always lose. Eventually, this house will sell for $225,000 or less, but it might take the bank months to realize . . . other brokers are not showing the house becuase it is overpriced for the market. Sadly, by the time the bank finishes all the work needed on this house, and then pays all the maintenance and selling costs, their loss will exceed 80% of the mortgage. So for those of you thinking we've seen the bottom of the Financial Crisis, think again.

Trade Tip - Watch Fifth Third Bank, Wells Fargo, Bank of America, Suntrust and Regions as banks that still have a lot of trouble to admit. I'd like to include JP Morgan in that group, but Jamie Dimon is one of Obama's puppeteers.

In any event, this is a great home in an absolutely magnificent area. So here goes . . .

Step into Old Florida Charm. Beautiful and serene Rustic Hills area with old growth oak and banyan trees. This 2 Story, CBS pool home, with a Key West metal roof has 5 bedrooms, 3 bathrooms and a wonderful open-air front porch. The kitchen is an open plan into the family room. Wood floor in main area. Master bedroom includes a sitting area and office/study. Master closet is HUGE! Master closet is HUGE! Master bedroom terrace offers a scenic view. Great private pool with wooden deck. Palm City A-Rated schools. Buyers MUST have solid pre-approval letter with only contingency for appraisal and inspection. All other verification must be completed. Easy access to 95 and Turnpike. Minutes to Martin County's magnificent beaches.

Buy this home from Morgan Florida Real Estate and you receive a two year Home Warranty from American Home Shield and 10% Lowe's Coupon on appliances and upgrades.

Priced at $339,000

Call today for showing - Mike (772) 260-5448
Mike Morgan, J.D., CRS, GRI, SRES
Morgan Florida Real Estate Team

Visit our website www.FloridaHomes.PRO

Call Today - 772-260-5448

Email - Mike@FloridaHomes.PRO

Florida Outlet Mall Facing Foreclosure

When investor Irwin Tauber and his wife first announced they were buying the Vero Fashion Outlets in 2007 for $38.2 million, I thought it was either a scam in the works or Tauber was dumber than a box of rusty nails. It looks like the latter is true, because the note holder on the property just filed a foreclosure lawsuit in Indian River Circuit Court. I could not understand then, and I cannot understand now why so many "formerly" astute businesspeople are chasing deals . . . simply because there are other fools lined up with dumb money chasing similarly dumb deals. Unfortunately, for the very big deals, that dumb money is institutional pension fund money chasing big condo projects and big office projects that have busted out.

I was always told that Outlet Malls would survive. Why? What makes them any different? The same held true when we shorted the publicly traded outlet malls.

In closing, rest assured that the fall out in commercial real estate has not even begun to heat up. The government has done a tremendous job in pumping out money that has been flowing into the commercial vaults, only to be twitted away in losses and huge bonuses. Who's the loser? You, your pension funds and taxpayers that will never see the return on the money pumped into these losing commercial real estate deals . . . from outlet malls to high rise ritzy office towers.

Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid. The piece was written about residential property, but it applicable to the knuckleheads making big condo deals just because they have pension fund money thrown at them - Click Here

Low Paying Jobs are the new Reality in Florida

The Sun-Sentinel recently wrote a front page piece about Florida residents becoming under-employed. Of course, that's just a Florida problem, right? NOT

You'd never even know it's a problem from what we hear from the Administration or the GE (bailout recipient) talking heads on CNBC and MSNBC (GE owned) or even from what main stream media is writing and talking about. After all, most newspapers are in dire straits, so the last thing they want to do, is write anything that would upset Obama.

Under-Employed - It's not just that unemployment is knocking on the door of 10%, it's also the fact that people are making less when they can find a job. The example in the Sun-Sentinel article was about a man earning a six figure income, who now is grateful to be earning less than $25,000 a year as a receptionist at an insurance company.

Survival - With a bleak picture growing bleaker by the day, jobs are now a matter of survival. But what happens when there are no survival jobs or when $500 a week is not enough to pay health insurance, rent and feed a family? That's when survival becomes a matter for the State and the Federal Government . . . and that means those of us with jobs pay more to help those without jobs . . . which in turn jeopardizes the survival of those on the edge.

11% or 16% or 20%+ - The official unemployment rate in Florida is at 11%, but if you calculate those that have give up looking for a job, the rate jumps to 16% . . . and if you calculate those that have fallen off the unemployment rolls, the number spikes to 20%. Those are Depression level numbers and they are getting worse.

Population Declining - For the first time since records were kept, Florida's population has declined. So my first question is . . . what are we going to do with hundreds of thousands of homes and condos that are still empty? For the past six years, Florida's economy relied on construction, housing and the mortgage game. That's over now, and worse yet, our agricultural industry is taking it on the chin with cheaper product from South of the Border.

Banks Dumping Property - For years I told clients not to buy. I told them to rent. Now I am telling them to buy, when the property is being dumped by a bank that wants out. AND when the bank is selling at below market. AND when it makes sense on cash flow or the buyer is going to live in it. However, in some markets, like Miami condos, I would not be buying until the fourth wave of flippers has been burned . . . and they decide to dump properties at 10 cents on the dollar.

Market by Market - If you are considering buying a home, condo or investment property in Florida, think about why you want it now and what your 3-5 year plans are . . . and beyond. But also pay careful attention to each market, as well as the neighboring market. And above all, look at the competition. You have some big shots in the institutional game that are throwing around OPM (other people's money) simply to make deals and pocket huge commissions. By the way, that is your money . . . pension funds money, state money and remember . . . TARP and TALF have back stopped all these gamblers . . . with your future.

Banks Will Drop Like Coconuts - When banks finally are forced to sell non-performing assets - homes, condos, commercial strips, etc., we will see hundreds of banks fail. Sheil Bair will leave the FDIC in shame and be replaced by another ObamaRamaLama Czar. And you, the taxpayer will have another $5 trillion tacked on to your $12 trillion.

Now What? - If you want a better feel for what we see in different Florida markets, and markets within markets, feel free to call me. Better yet, if you are a serious investor, institutional investor or hedgie, I suggest you get off you butt and fly down for a 2-3 day tour.

Mike's Florida Real Estate Blog - Click Here

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Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Stop Florida Real Estate Speculation

.The Palm Beach Post came out with an editorial about the recent comments Governor Crist and his beach buddies made, regarding how it was time to invest in Florida real estate. Remember . . . they just lost $250 million in a New York real estate deal, so these guys are not the best to decide on investing in Florida real estate.

And this is the same group that lost $682 million in the mortgage fiasco with Lehman. All told, Governor Crist and his beach buddies lost more than a BILLION dollars. The Palm Beach Post points out that too many of these "deals" are made with friends of friends, and made by chumps like Crist who will not be around when things fall apart.

In closing the editorial, The Palm Beach Post notes that it would be wrong for Crist and his beach buddies to artificially pump up Florida's real estate market.

I will take the flip side for a moment. I think there are deals to be made, but I don't think the State of Florida or their Bankster advisors have any clue or any interest in making good deals. They simply want to make deals that will benefit other Banksters in the club . . . as is evidenced by the BILLION they lost on just two deals.

And no one goes to jail!

Mike's Florida Real Estate Blog - Click Here

Mike's Financial Blog and Hot Links - Click Here

Mike's Reading and Music List

Great Time to Buy? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

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Mortgage Scammer Gets 20 Years

Mortgage scammer in Martin County, Florida gets 20 years, while his wife gets 10. Rodney McGill duped straw buyers into signing falsified documents. It seems like there is enough blame to go around to everyone, and unfortunately, this guy is small potatoes compared to what some of the big boys got away with.

If the State of Florida or the Federal Government really wanted to go after mortgage fraud, they could start at the top with executives of Countrywide, Wachovia, Bank of America, as well as the home builders that owned mortgage companies. Sadly, the big boys get to enjoy their mansions and yachts, while little punks like Rodney make headlines.

If we put a handful of executives away for 20 years, I'd think the rest of them would line up to make a plea deal. Let's start with Hank Paulson.

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St. Lucie County Commissions Growth Study

Even though St. Lucie County is well known as one of the most overbuilt counties in the United States, the commissioners have learned from the Housing Bubble disaster. County Commissioners retained the University of Florida to provide a comprehensive report on what to do with more than 200,000 acres of land in the Western section of St. Lucie County.

This will have a huge impact on land owners and taxpayers as property rights are balanced with what is best for the public. We'll follow this important study, as we expect to see a wonderful master plan developed that will include a community of the future.

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Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here

State of Florida to Invest in Florida Real Estate

After losing $250 million in a Manhattan real estate investment, the State of Florida has decided to invest at home . . . in Florida real estate. Governor Crist wants to invest more of Florida's pension fund money in Florida real estate, even though the Governor has never owned a home. Personally, I think Governor Crist spends too much time working on his tan and worrying about his run for the empty Senate seat.

On the flip side, investing in Florida real estate can be a very rewarding investment if done properly. But when you consider the $250 million loss the State just suffered, I hope they have some responsible folks doing the investment research. By the way, the $250 million loss was a 100% wipe out on that investment.

As I have written before, there are great deals in Florida real estate, but there are more traps than deals . . . so be careful.

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Great Time to Buy Real Estate? - Yes, No, Maybe. I suggest you read this piece I wrote about how to find a Great Buy and what traps to avoid - Click Here
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Jensen Beach High School to Add Chinese Course

I happen to live within walking distance to the Jensen Beach High School, and I can tell you that it is one of the most magnificent high schools in the country. So before we allow Washington to give billions to Banksters to pay themselves huge bonuses for raping America, let's build more high schools like this one.

If all goes well, students at Jensen Beach High will be the first in Florida to start taking an advanced level Chinese language course. The school already offers Chinese 1 through 4. This is a huge star for Jensen Beach High School. Congratulations!

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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The Lyric Theatre's 2009-2010 Season - Stuart, Florida

Here is the 2009-2010 season line-up for the Lyric Theatre in Stuart, Florida. This is one dynamite line-up for a sleeply little town tucked away in Martin County.

October 9 - Nestor Torres
October 16 - The Neville Brothers
October 18 - FOGHAT
October 24 - Cadillac Bratz Reunion

October 28 - November 1 - 3 Redneck Tenors "Broadway Bound"
November 4 - November 8 - 3 Redneck Tenors "Broadway Bound"

November 9 - American Big Band
November 16 - iO Theater -Whirled News Tonight
Nobemver 17-18 - Dave Mason
November 19 - Vienna Chamber Orchestra
November 21 - Elivis as performed by Darrell Dunhill
November 22 - The Bacon Brothers
November 28 - Chuck Leavell

December 14 - Chad Hoopes
December 15 & 15 - It's a Wonderful Life: A Live Radio Play
December 17 - That's Amore - Dean Martin & Friends
December 21 - The Kingston Trio Christmas
December 26-30 - BARRAGE
December 27 - An Evening of Standup Comedy with Steve Solomon

January 2 - Ann Hampton Callaway
January 4 - Capitol Steps
January 7 - The Bronx Wanderers Show
January 10 - Aspects of Webber
January 11-12 - Lilly Tomlin
January 13 - Terry Myers Orchestra
January 14 - Richie Havens
January 15 - Shalom
January 16 - Dogs Gone Wild Tour
January 19 - Mel Tillis
January 21 - Paula Poundstone
January 23 - Leo Kottke

February 2 & 3 - Dixie's Tupperware Party
February 6 - Julie Budd - "I'm In The Mood For Love"
February 7 - 13th Van Cliburn Competition Gold Medalist
February 8 - Marilyn McCoo & Billy Davis Jr.
February 9 & 10 - Jack Hanna
February 13 - The Irish Rovers
February 14 - Doc Grober and the Mudcats

March 1 - Chamber Orchestra Kremlin
March 3 - A Night of Samba and Salsa
March 5 - Roy Clark
March 6 - Over the Rhine
March 9 & 11 - Mark Russell
March 13 - The Legends of Doo Wop
March 15 & 16 - Arlo Guthrie Family Reunion Tour
March 19 - Sasha Cooke
March 20 - American Bluegrass Masters Tour
March 21 - Janis Ian
March 23 - Peter Lemongello
March 25 - Stepcrew
March 27-29 - Til Death Do Us Part: Late Nite Catechism 3
March 31 - Xiayin Wang

April 15 & 16 - Chita Rivera - My Broadway
April 17 - Thunder From Down Under

May 9 - Constantinos Jaferis

Tickets only available at the Lyric Box Office of by calling 772-286-7827

The Lyric Theatre
59 SW Flagler Avenue
Historic Downtown Stuart

Need to Book a Flight or Hotel? . . .

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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5,000 Jobs Coming to Boca Raton

Database guru, Hank Asher is at it again. His non-compete with Reed Elsevier just ended. Hank sold them his Seisint company for $775 million in 2004. Now he's ready to rock n' roll.

Hank has created TLO, a data company based in 143,000 sqaure feet at the Boca Corporate Center, where he is expected to hire 5,000 employees. If he pulls it off, that will certainly be a boost to the local housing market. And if he plays his cards right, he'll be able to offer his new hires some terrific deals on housing.

My advice . . . get out there and buy up or contract for a few hundred homes, before the market starts to spike up. And then use that as an enticement for new hires. There are a number of banks and developers that would love to have his bulk business. Speaking of which, we'd love to serve as his Broker to negotiate and manage the deals. :)

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Tax Break for Chinese Drywall

We've heard rumors that the Fed is going to step in and provide homeowners with some kind of tax break, bailout, handout or gimee for Chinese Drywall, but nothing yet. However, local taxing authorities are taking Chinese Drywall into consideration when they value your property. To qualify for an adjustment to your taxable value, you must contact your local Property Appraiser for the city or county you live in. Some are participating in this, and some are ignoring it.

I guess the next question becomes, how do you manage this once the repairs are made? So once again we are rushing into another quick-fix or bad-band aid for something that should be resting on the shoulders of the builders and manufacturers of the Chinese Drywall, as well as the insurance companies that insure these homes. Unfortunately, the class action attorneys will walk away with more than half of whatever the builders, manufacturers and insurers cough up . . . and that could take years.

For now, I suggest you check with your local taxing authority to see if you are entitled to a lower value for tax purposes. You don't have much time for the coming tax year, as most municipalities wrap things up late September or early October.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website FloridaHomes.PRO

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Some Homeowners Cancel Insurance

With the economy cutting deeper and deeper into savings and incomes, some families simply cannot afford insurance. This includes health insurance AND homeowners insurance. For homeowners without a mortgage that is an option, but if you have a mortgage, your lender will require you to maintain homeowners insurance.

For those homeowners without insurance, they are just one hurricane or one fire away from being totally wiped out. A smarter choice would be to take small mortgage out on their property so they could pay for homeowners insurance. And if that is not an option, they are better off selling their home and renting until things change.

But owning a home without homeowners' insurance is only something for the very wealthy that can effectively self insure themselves.

Unfortunately, we are seeing more and more families dropping health and homeowners insurance. When tragedy strikes the burden of the uninsured is placed on the shoulders of the taxpayer through social services. So my final advice to those that are going without homeowners insurance is to consider a small mortgage or selling the home. You could lose your entire life's savings in one storm or fire.

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Florida Building Permits Slow to a Crawl - GREAT News

For some, this might be bad news. But for homeowners and the economy, this is actually great news. The last thing we need in Florida are more homes. Personally, I think we should stop all home builders from putting up another home until our inventory is reduced to acceptable levels. What's an acceptable level? That's the million dollar question.

But right now in many communities, relatively new homes are selling for less than what a builder can put them up for. Despite this, the builders are still building because the banks and pension funds are still lending them money. So the builders can take huge salaries and obscene bonuses at the expense of our banks and pension funds. That's criminal.

On the flip side, if you are looking for a home, you can now by a home for less than it cost to build it.

However, on the dark side of that are the millions of homeowners who already own a home. For you, the value of your home has shrunk by 20-50% depending upon which area you are in. For millions of Americans with a mortgage, they owe more on their homes than their homes are worth . . . and it gets worse everyday another builder puts up another home.

BUYERS' MARKET - Never in the history of home buying has their been a better time to buy a home . . . if you can afford it. For an explanation of why this is such a great time to buy a home, read one of my posts about Great Time To Buy and Why - Click Here

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Catfish Cleaning Pools and Cat Burglars Stealing Appliances

A record number of mortgage defaults and foreclosures has lead to thousands of homes that owners and lenders are not maintaining. Sometimes this means the house fills with mold that can be highly toxic. Unfortunately, some idiots simply paint over the mold and sell the home As Is. That's illegal, but it happens here in Florida. One lender actually replaced the carpet in a home, but refused to turn the electricity on. Without air conditioning, it only took a month for black mold to grow on all of the walls . . . but the carpet looked great. Bottom line . . . they save a couple hundred buck on the electric bill, and it cost them $2o,000 in mold remediation!

Catfish - On the sometimes funny side of the default and foreclosure problem are swimming pools, where local communities are placing catfish in the pools to control the algae. Actually, it's not very funny because these swimming pools become mega-sized breeding pools for mosquitos. What is not funny is . . . the catfish will clean up the algae in the pool, but that does nothing for the mosquitoes breeding in these pools. At least the pools look good, and one shot of chlorine will take care of the mosquitoes. The catfish they are using are commonly known as "plecos" or "plecostomaus" but they don't eat mosquito larvae. To control the mosquitoes local officials might want to think about the mosquito fish in Florida, a guppy type fish. In any event, what I am trying to point out is . . . the problem with abandoned homes is out of control and there is no serious effort to manage these homes properly.

Cat Burglars - Stealing appliances from foreclosed homes is now almost a hobby for some. A team of 2-3 guys can have a refrigerator, range, washer and dryer out within 20 minutes. One problem are homes that are simply not secured properly. Another problem are the banks refusal to use electronic lock boxes. We still don't know why, but banks insist we use cheap $25 combo boxes. The only problem is once the code is out, anyone can get in. Now to show you how dumb these banks are. They often use the same combination on all of their properties. So once you know a half a dozen combo codes, you can get into a fair share of the foreclosed properties. Even if you don't know the code, you can usually call the listing agent and get the code with nothing more than telling them you are a real estate agent showing the property to your client.

Cat-ostrophic - This is the cat we will be talking about when the banks finally realize they are toast because they are seeing 70-90% losses on their mortgages. Ouch.

Looking for a home in Florida? - I'd welcome the opportunity to assist you with a purchase of a home or condo. For additional information please call me 772-260-5448 or visit our website http://www.floridahomes.pro/

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