I was invited to a presentation breakfast this weekand listened to the descriptions of the units and this is what I came away with.

For those of you who need an exclusive, boutique style building with only 70 residences, this 24 story building is for you!!

These apartments are large, 2300 square feet to 2700 square feet, each with 3 bedrooms and 2 1/2 or 3 1/2 baths.

The top two floors will have extraordinary penthouses that will each encompass nearly 5000 square feet.

Poggenpohl kitchens and marble in baths and granite counters in kitchens, private elevators and 10 foot ceilings and hurricane-rated impact resistant glass,

SO many amenities….24 hour concierge, 2 story lobby, fitness center, media room, Kid’s game room, beautifully landscaped sundeck with resort style pool and spa and a large cabana area, all overlooking the Williams Island Marina.

Bellini will be a wonderful addition to Aventura with completion scheduled for 2013.  Remember the best apartments will be sold first, so if this seems interesting to you, call me as soon as possible to see the property floor plans.

Mortgages

First, let me define MERS….Mers is an innovative process that simplifies the way mortgage ownership and servicing rights are originated, sold and tracked.  Created by the real estate finance industry, MERS eliminates the need to prepare and record assignments when trading residential and commercial mortgage loans.

NOW THAT WE HAVE DEFINED IT…LET’S UNDERSTAND THE UNDERLYING CONDITION THAT LED TO THIS PROCESS.

The mortgages that are written to this day, are sold to service providers (these are the banks that collect the payments) who ultimately sell them to other service providers.  All this in the effort to make money on these sales.  Finally, these loans are sold to Wall Street firms that package them and sell them as investments.

When homes sales began declining and some were worth half of the original price, many banks could not even locate the original loan in order to make modifications or to prove how much was owed in back payments.  Paper, paper, everwhere and not a piece that was the right one.

MERS COMES IN….THIS IS AN ELECTRONIC  SYSTEM OF TRACKING THE ORIGINAL MORTGAGE NO MATTER WHERE IT WINDS UP. 

Until this system becomes the only way of doing mortgages, we will not get out of the lengthy foreclosures still waiting to be finalized.  Once these mortgages are dealt with and either saved or completely foreclosed and back on the market for sale, the housing slump will hang around for a long time.

The U.S. government would have to make this a mandatory way of doing business for all l banks and mortgage lenders for this to be effective.  Let’s hope this happens!

Just thought you should know.

So many times, I have seen the carefree faces of people sitting in the cafes of Europe enjoying the food, the air, the wine and the time to be human.  They take long paid for vacations.  They leave worries behind.  Once, while staying in Paris, my husband caught the flu.  A doctor was called by the hotel and in 15 minutes he arrived, gave an exam and medicine and voila!, he was better the next day.  No waiting in an emergency room.

Not so much in the U.S.  We work hard, and until now, we worried about what would happen if we lost that job.  How would we take care of our health?  Thoughts like these take the joy out of life.                                                 

We are closer to the day when we can lie in the sun and truly have peace of mind.

Enjoy our fabulous Monthly Mailer, first time, ever in an internet edition.  Flip through the pages to see our terrific properties.  Call ME for any you would like to view…

If you list with us, your property will appear in this mailer which is also mailed to many thousands of contacts.  A very successful marketing tool and that works for YOU…

December 1, 2009 is the cut off date for first time homebuyers to take advantage of the $8000 tax credit offered by the federal government.

This also applies to anyone who has not owned a principle residence in the 3 year period prior to purchase.  SO IT IS NOT JUST FOR THE FIRST TIME HOMEBUYER!

Single taxpayers with incomes up to $75000 and married couples with incomes up to $150,000 qualify for the full tax credit.

IT IS A FREE GIFT FROM THE GOVERNMENT that you never have to pay back as long as the house remains your primary residence for 36 months after purchase.

Please check out my post of  July1, 2009, “Attention Homebuyers“… with further details. 

It is already September, it takes time to look and make a decision.   Time is awasting!!

 Don’t miss this chance.  Click on my home search link and find a home for you!

To homeowners who are current on their mortgage payments, this is an excellent opportunity to modify your mortgage to 31% of your  income with an interest rate of 2% for five years. These loans have to have been made before January 1, 2009.  The Loan Modification Plan will be in existance until December 31, 2012.

There is an incentive of $1500 to each homeowner who modifies his or her loan.  Every year for five years, the homeowner will receive $1000.

The government wants to avoid more foreclosures.  It is encouraging any mortgage holder who is struggling, to see a loan officer, as soon as possible to discuss loan modification.

This is good news!   There will be those who say this is too expensive for the government to do, and they have already began saying it as soon as the news broke.  But, I believe it is a good thing for the housing market.  For every foreclosure there is a loss of value in the adjacent homes.  If this plan avoids more foreclosures, property values will have a chance to recover.

Contact me with remarks or questions…I will be glad to discuss this or offer guidance.

1. Lower interest rates for mortgages
2. Greater ability to get financing through FHA, Fannie Mae and Freddie Mac in high cost areas.
3. A true Tax credit incentive to buy a home NOW
4. Foreclosure negotiation and short-sale standards

All this will help our market and will make getting loans easier.  As you know, getting financing at this moment until these new features go into effect, has been almost impossible for condos, in particular.

As they say, Help is on the Way!!

Call me with any questions.

Now for the story I have been hearing over and over again.  A working single mother, was very disheartened to learn that her apartment located in the Aventura Real Estate market,  had decreased in value over 50%  since she bought it and her mortgage was more than the unit was worth.  Her maintenance had gone up 30% to make up for the owners who were not paying theirs.  Maintenance increases are becoming more and more common in the Aventura Real Estate market.

She called the bank every week for several weeks asking to speak to a loan officer.(By the way, it was Countrywide).  It was important to try and reduce her interest rate and change her payments.  Her credit card debt was mounting and she had trouble paying her bills.

The bank never returned her calls.  She stopped making payments. Then the  bank  called.  They offered her new terms, her payments would be less.  By now, her credit cards were maxed out.  She couldn’t pay the maintenance even with the new mortgage plan.  It was too late for her.  She is letting the bank foreclose.

This is a story I hear every week from different people in all walks of life.  Hopefully, under the government’s new plan the banks will start to help before it is too late to stem the flow of foreclosures.

Do you have a story?  Let me hear from you.  I will publish the best ones.

1. The deduction is worth 10 percent of a home’s value up to $8000. which means all homes worth more than $80,000 could qualify for the maximum amount.
2. There is an income limit to qualify.  A married couples’ modified adjusted gross income (MAGI) should be under $150,000 and single filers’ MAGI should be less than $75,000.
3. It is a tax credit, not a deduction.  That means the entire amount goes back to the first time homebuyer unlike deductions, such as mortgage interest, that are substracted from gross income before tax is calculated.  If qualified for $8000, the buyer gets $8000 even if they would not owe that much in taxes otherwise.
4. The tax credit does not have to be paid back, providing the homebuyer keeps the property for at least 36 months and resides in the home.
5. To qualify as a first time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.
6. The tax credit applies to homes purchased between January 1, 2009, and December 31, 2009 

Obviously there are more details to this new law.  Please contact me, if you have questions.   But, basically, it is a grand incentive to buy, this year, while home prices are very low and there is a bonus in buying.

From Aventura, it is only a fifteen minute drive to this fabulous resort.  The restaurant is open to the public and if you like everything you see, there are some great buys to be had in the condos.

Anytime, you want a tour of Canyon Ranch and a chance to see what is available for sale, please call me and I will enjoy taking you around.  Let me hear from you, soon.  Contact me, here.