Boca Raton Real Estate Talk

OCEANSIDE - POMPANO BEACH

OceanSide Pompano Beach is the new luxury hi-rise from WCI Communities, Inc., located at the corner of A1A and Atlantic Boulevard in Pompano Beach, Florida.

MLS#R2889805 Soon to be finished this magnificent wrap-around corner unit with breathtaking ocean and intracoastal views features 2,035 square feet of luxurious living. Asking Price $1,875,000. For more information contact me at 561 703 6311.

New Employment opportunities at the Boca Raton New Library

Click on City of Boca Raton info on my Blog and get up to the minute information on the new job opportunities for the New Library.

ISLAND LAKES AT LOGGERS'S RUN BOCA RATON

THE VERY BEST LAKE WATERFRONT LOT IN ISLAND LAKES.

This home features a split floor plan with 4 bedrooms, 3 full baths a 2 car garage and 2,933 feet of living space under air. Enjoy magnificent sunsets from the pool area overlooking the lake. Island Lakes is a guard gated community located on Glades Road just west of SR441. Location, location, location great value at $449,000. For more details or to schedule a private showing call me at 561-703-6311.

STABLE EXISTING HOME SALES EXPECTED IN EARLY 2008

BOCA RATON FLORIDA Stable Existing-Home Sales Expected in Early 2008, then Gradual Rise WASHINGTON, January 08, 2008 - Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®. Lawrence Yun, NAR chief economist, said there is a pull and tug exerting itself on the market.  “On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline,” he said.  “On the other, consumers continue to wait for additional signs of market stabilization.  There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase.  As a result, the exact timing and the strength of a home sales recovery is a bit uncertain.  A meaningful recovery in existing-home sales could occur as early as this spring, or it may be further delayed toward late 2008.” The Pending Home Sales Index,* a forward-looking indicator based on contracts signed in November, fell 2.6 percent to a reading of 87.6 from a strong upward revision of 89.9 in October, but remains above the August and September readings and indicates a broad stabilization.  The index was 19.2 percent below the November 2006 level of 108.4.  “Although there could be some minor slippage in the first quarter, existing-home sales should hold in a narrow range before trending up,” Yun said. The PHSI in the South rose 2.3 percent in November to 100.7 but is 19.8 percent below a year ago.  In the West, the index slipped 2.1 percent to 86.6 but is 18.5 percent lower than November 2006.  The index in the Midwest fell 4.1 percent in November to 82.1 and is 18.6 percent below a year ago.  In the Northeast, the index dropped 13.0 percent in November to 70.1 from a spike in October, and is 19.1 percent below November 2006. Existing-home sales for 2007 will probably total 5.66 million, the fifth highest on record, then edge up to 5.70 million this year and 5.91 million in 2009, compared with 6.48 million in 2006.  Existing-home prices for 2007 are likely to be down 1.9 percent to a median of $217,600, hold even this year and then rise 3.1 percent in 2009 to $224,400. “Rising home prices in the affordable midsection of the country are likely to offset declines in some of the previously hot markets,” Yun said. There are wide variations in housing market conditions around the country, with nearly two-thirds of the metropolitan areas showing price gains.  Healthy increases in metro prices are occurring in places such as Pittsburgh; Beaumont-Port Arthur, Texas; San Jose, Calif.; and Bismarck, N.D. “Our consumer survey shows buyers today are in it for the long-haul, planning to stay in their home for a median of 10 years.  This is a wise approach to housing because the data shows the longer you own, the better your investment,” Yun said. New-home sales are projected at 773,000 for 2007, and declining to 669,000 this year before rising to 730,000 in 2009, but well below the 1.05 million 2006.  With an appropriate slowdown in production, housing starts, including multifamily units, are forecast at 1.36 million for 2007 and 1.09 million this year before edging up to 1.10 million in 2009; starts totaled 1.80 million in 2006.  The median new-home price should drop 2.1 percent to $241,400 for 2007, and then rise 0.4 percent to $242,200 this year and gain another 5.9 percent in 2009. “Some policy changes, such as raising the loan limit on conventional mortgages, would provide a significant boost to home sales, increase liquidity, strengthen home prices and lessen foreclosures, but it is unclear as to if and when the measure will be implemented,” Yun said.  NAR strongly supports raising the Government-Sponsored Enterprise loan limit to at least $625,000 from the current $417,000 so that more consumers will have access to lower interest rates on safe conforming mortgages.  “NAR estimates that raising the GSE loan limit will result in interest rates savings for an additional 330,000 homeowners,” he said. NAR also encourages the Fed to make a single lump-sum cut in the Fed funds rate to 3.5 percent at the January Federal Open Market Committee meeting, rather than a series of modest cuts throughout the year.  “Consumers are also looking to market-time interest rates, and the expectations of further rate cuts are pushing some home buyers to delay.  Monetary policy will be much more effective with a one-time large cut, rather than a series of small cuts,” Yun added. The 30-year fixed-rate mortgage is expected to rise slowly to the 6.3 percent range by the end of this year, but an additional cut in the Fed funds rate would lower short-term interest rates. Growth in the U.S. gross domestic product (GDP) is seen at 2.1 percent in 2007, below the 2.9 percent growth rate in 2006; GDP growth will probably be 2.0 percent this year. After averaging 4.6 percent for both 2006 and 2007, the unemployment rate is estimated to rise to 5.3 percent in the second half of 2008.  Inflation, as measured by the Consumer Price Index, is projected at 2.9 percent for 2007 and 3.1 percent this year; it was 3.2 percent in 2006.  Inflation-adjusted disposable personal income is forecast to grow 3.1 percent for 2007, the same as in 2006, and then grow 1.6 percent this year. The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1.3 million members involved in all aspects of the residential and commercial real estate industries. # # # *The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales.  In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity from 2001 through 2004 parallels the level of closed existing-home sales in the following two months.  There is a closer relationship between annual index changes (from the same month a year earlier) and year-ago changes in sales performance than with month-to-month comparisons. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined as well as the first of five consecutive record years for existing-home sales. Existing-home sales for December will be released January 24; the next Forecast / Pending Home Sales Index will be released February

News Release from the National Association of Realtors Jan 2008

Favorite Mexican restaurant in Boca Raton

Yesterday I had lunch with a friend at my favorite Mexican restaurant in Boca Raton "Sr. Burritos" if you have not tried do yourself a favor and go it is located on Federal Highway and 20th Street. One of the most popular dishes is the Mole Verde burrito for under $10 dollars.

About Conserve Art, Inc.

To provide final additions to the brand new luxury facility, AutoNation, America's largest automotive retailer, sought out a reliable company that could seamlessly carry forward the design concept of a new facility and had a performance record of delivering quality products on short notice and within budget. ConservArt, Inc., master frame makers and art conservators, was selected as the best company for the job. All parties were pleased by the major transformation created by the installation.

Boca Raton, FL (PRWEB) January 14, 2008 — ConservArt, Inc., master frame makers and art conservators, has recently put the finishing touches on AutoNation's newly constructed Lexus of Palm Beach store with the addition of nearly 200 pieces of art.

"Driven to be the Best," AutoNation built their newest facility preserving their ideals of style and luxury associated with the Lexus brand. The ambiance created by the designers of the Lexus of Palm Beach facility provides an exceptional and memorable experience for visitors and clients, distinguishing this dealership from any other Lexus location.

To provide final additions to the brand new luxury facility, AutoNation, America's largest automotive retailer, sought out a reliable company that could seamlessly carry forward the design concept of a new facility and had a performance record of delivering quality products on short notice and within budget. ConservArt, Inc., master frame makers and art conservators, was easily selected as the best company for the job.

"We took just over a month from the time of the preliminary discussion until the completion of final installation." said George Schwartz, Director of ConservArt. "It was a treat to work with the seasoned professionals at AutoNation who allowed me to draw on my experience and gave me the freedom to present and implement my vision for this exceptional facility."

All parties were pleased by the major transformation created by the installation. The modern, non-representational abstract artwork adorned with simple, yet elegant black and silver frames added color and sophistication to the already lavish environment. Paying homage to the rich historical heritage of the Palm Beach area, home to Lexus of Palm Beach, a collection of vintage photographs of of the area were located, enlarged and framed to add geographic context and a hint of the "old world" to the inviting interior.

"Having worked on countless projects over the years, Lexus of Palm Beach will always stand out as an example of what can be achieved with decorative artwork." Schwartz said. "The polished marble floors, the opulent dark woodwork and the granite wainscoting trimmed with stainless steel, appeared to be even more luxurious after all the artwork was installed."

The installation may be viewed by following this link: http://www.conservart.com/autonation.html

About ConservArt, Inc.
Founded in 1951, ConservArt has an extensive background in the design, fabrication and installation of artwork for corporations, hospitality clients, and consumers and has delivered quality and reliability through both their Montreal, Canada and Boca Raton, Florida locations. ConservArt's expertise benefits architects, interior designers and decorators by providing the perfect setting for their clients' artwork and collections. ConservArt provides conservation and restoration services for fine and decorative art, cleaning, refurbishing and refinishing of existing frames and alterations. The company provides curatorial assistance for corporate and private collections, as well as surveys, condition reports and photographic documentation. They also consult with architects in the design of museums, art exhibit and storage facilities, lighting, HVAC systems and other aspects as they pertain to the housing and exhibition of artwork. Former clients and projects include…

Via Rail Canada, CN Hotels, Ritz Carlton, Lynn Insurance Group, JM Family Enterprises, Boca Raton Museum of Art, Miami Museum of Science, Boca Raton Historical Society, Orange Bowl Committee, Miami Historical Museum, Bonnet House Museum, Rolls Royce, Pratt & Whitney, Bombardier, Sony and countless others.

CONTACT INFORMATION
George Schwartz, Director
ConservArt, Inc.,
Tel.:(561) 482-7292
Fax: (561 482-6787
http://www.conservart.net

See Also

• Foreclosure Company Prepares for the New Year With New Site Features
• Reverse Mortgage Company now Offers Alternatives to Lower Home Loan Payments
• Woodbridge Group Closes Trade Supply Group/Water Mill Lumber Deal

Source: PRWeb: Business Real Estate

HARBOUR OAKS - Palm Beach Gardens

Harbour Oaks in Palm Beach Gardens is a two years new community within walking distance to the Gardens Mall the new downtown and Legacy Place. Just a few miles from the ocean and only twenty minutes from the Palm Beach airport. The community features state of the art fitness center, resort style pool and jacuzzi overlooking the lake surrounded by beautiful landscaping. This luxury Mediterranean style townhouse has a fabulous floor plan, possible 3rd bedroom or den on the 1st floor, huge walk-in closets and tons of upgrades. The asking price recently reduced to $398,000.

FBR Subprime Unit to File for Bankruptcy

FBR Subprime Unit to File for Bankruptcy

By Zachary A. Goldfarb

Washington Post Staff Writer
Saturday, January 12, 2008; Page D01

The Arlington investment firm Friedman, Billings, Ramsey Group said that its subprime mortgage subsidiary would file for bankruptcy protection and that it was likely to lose all of its investment in the firm, another blow to a company that already has been battered by the meltdown in the industry.

First NLC "will liquidate its assets as a result of the continued deterioration of the non-prime market," a statement by FBR Group said.

FBR made a $550 million bet on the subprime market in 2005. Much of that investment has been lost.

FBR bought First NLC, a mortgage originator in Florida, in the winter of 2005 for $101 million. At the time, FBR's profit was surging, partly because of investments in subprime mortgages.

But when the subprime market collapsed last summer, FBR announced it would restructure First NLC. Sun Capital Partners, a firm in Boca Raton, Fla., invested $60 million in First NLC while FBR invested $12 million. Had the deal closed, Sun Capital would own 80 percent of First NLC, while FBR would own 20 percent.

But yesterday FBR said the agreement to restructure First NLC would not close and the subsidiary would never officially be sold. The companies have already invested the money, however, and FBR said it did not expect to recover its $12 million. Sun Capital Partners could not be reached after business hours to comment on whether it expected to lose its investment.

FBR Group, structured as a real estate investment trust, invests in mortgage securities and other assets. It is also the majority owner of FBR Capital Markets, an investment bank and a separate public company.

Isles of Boca Dunes

Take a look at this beautifully upgraded 2bedroom, 2bath condo for only $179,900, it has crown moldings, faux painted walls, wood laminate floors, granite counter tops and backsplah in the kitchen, truly a great buy at this price. No age restriction in this building, located on Lyons Rd just south of Powerline in Boca Raton. For more details contact Manny

RENTALS ARE HOT

A couple of days ago I received a call from someone that saw one of my listings for rent on Realtor.com the caller wanted to know what was the rental amount for the property ($1500 per month) a brand new 3 story townhouse with 4 bedrooms 3.5 bath and a 2 car garage. The property is located in Boynton Beach at a new development called Renaissance Commons, we set up a time to meet and we met at the time we had agreed. They liked the property and decided they wanted to take it, I explained to them that in order to secure the property I would need a check for $1500 as a security deposit and $200 for the application fee payable to the management company. They seemed surprised that I would require a deposit and proceeded to tell me that they would not be willing to give a deposit until they moved in. For all the people that are looking to rent and don't know the process the requirements vary from place to place but it is standard procedure to ask for 1st, last and security. For more information contact Manny Reynaldo