Forbes ranks the most expensive ZIP codes for 2006.

Former basketball star Earvin “Magic “Johnson was approved for a special building permit by the Miami City Commission to develop a $171 million condominium project in Little Havana.

The Canyon-Johnson Urban Fund plans to build a two-tower, 19-story development in Little Havana called Intown Village.

As more and more International visitors and other tourists from outside the U.S. are inquiring about Miami real estate/condo purchases, the need arises to produce a quality product for our valued Resident Aliens, Non-Resident Aliens and Foreign Nationals.

Some lenders avoid makng a loan to a Non-Resident Alien or Foreign National. But there is a large mortgage market for folks who don’t meet the standard guidelines.  Resident-Aliens, and most Non-Resident Aliens are candidates for the entire product mix of certain lenders.

Since mortgage debt is often the largest debt owed by the debtor, mortgage lenders and banks run title searches of the real property to make certain that there are no mortgages already registered on the debtor’s property which might have higher priority.

The real estate developers behind Caribbean, a 103-unit condo complex located in Miami Beach, have obtained $124.7 million in construction funding and are breaking ground this month.

Countrywide is my favorite conforming mortgage lender; I will share my impressions about a few of the products they offer and maybe you will understand why I rate them tops.

I was shocked on the final day of my mortgage broker training classes to have a fellow student approach me and tell me that although his credit score is tops and that his wife is a real estate broker, that they were offered a “bad mortgage product”. The kicker is, the mortgage broker that offered them the product is supposed to be a friend andcolleague.

Buyer Beware: when comparing mortgage products, make sure you understand all the costs and read the fine print.

High cost loans, sometimes referred to as “Hard Money Loans” are not usually made by institutional investors (banks).  Normally, there are too many additional risks which most institutions walk away from leaving only the “hard money” private lenders to accomodate.

The State of Florida’s Office of Financial Regulation has laws which govern certain procedures for “high cost loans”.

Have you ever wondered who are the real companies which provide the capital to fund your mortgage.  Let’s take a moment to learn what different type companies are in the business of real estate mortgages.

You can now buy and sell real estate on Google.

Some real estate brokers are worried. For agents to compete, they must learn to know and love Google Base.

I discussed a few months ago the wholesale side of the mortgage business. For you to understand my visions for our mortgage company, it is important that you understand the difference. The reason brokers offer wholesale is that institutional lenders (banks) provide wholesale rates to BROKERS and only BROKERS.

The trick is: how to get the broker (me) to give the borrower (you) the best and lowest cost mortgage…I have the answer. Let me share it with you.

When I first heard the word “homestead” it was probably in a cowboy movie, and I thought it had to do with cattle drives and rodeos and saddles. What a “homestead” really is, is just what it says. It’s the place you call “home”. It’s the house you occupy.

The South Beach nightlife channel, A3TV, is launching a new real estate TV show called “Domistyle”. Similar to “MTV’s Cribs” this local real estate show will feature virtual tours of pre construction projects, interviews with architects, designers and developers, and local real estate listings.

A3TV broadcasts every night to households from Key West to West Palm Beach on Comcast and Dish Network Channel 8 as well as on Miami Beach’s Atlantic Broadband Channel and 98 from 11pm to 6am.

For more information, contact Buster at (305) 801-7658.

Great news—Miami Real Estate is becoming a buyers market, and as time goes on it will only become more of a buyers market.

Even the most optimistic real estate experts agree, that South Florida’s housing boom is fading. What is questionable is the magnitude of the adjustment the market will go through.

The housing forecast for South Florida is typical of what’s happening in many other cities, such as Las Vegas and San Diego.

Thankfully, it looks like we are coming back to a more normal market

Here are five key indicators:

1. The Florida Association of Realtors show sales are down. Whether you’re comparing December to the same period in 2004 or looking at the past six months of 2005, the number of home sales across South Florida has dropped by roughly 40 percent.

2. Listings are up. There are more for-sale signs in front yards. The number of homes and condos on the market more than doubled in Broward County from July through December. Listings rose more than 81 percent in Palm Beach County and more than 64 percent in Miami-Dade.

3. Prices have flattened. As demand wanes, sellers are losing leverage, and some are cutting their asking prices. There’s virtually no sense of urgency, and buyers can take their time considering multiple properties.

4. Incentives for buyers and real estate agents are increasing. Some builders are offering free upgrades on appliances, countertops and cabinets, as well as offering to pay points and closing costs worth thousands of dollars that the new-home buyer normally would pay.

The environment is going to get highly competitive this year. Already, Developers are trying to lure real estate agents. At the Legacy Place condominiums in Palm Beach Gardens, for instance, agents who referred buyers received 4 percent commissions rather than the standard 2 or 3 percent.

5. Interest rates are rising and credit requirements tightening. Thirty-year fixed mortgage rates are near 6 percent, and analysts predict they could inch closer to 7 percent in 2006. While still reasonable, that’s enough to keep some people from qualifying for mortgages.

And as interest rates increase, homeowners with adjustable-rate notes will see their monthly payments rise. That’ll mean more foreclosures and distressed sales, experts say.

My advice for home buyers is to sit tight for 12 months and wait for the fruit to ripen.

A Florida man has been convicted of charges related to a scam in which he sold swampland to several Miami residents for vastly inflated amounts.

Dudley Cohn was convicted of one count of organized scheme to defraud, a first-degree felony, by a Miami-Dade jury after a two-week trial. In the late 1980s, Dudley Cohn sold vacant land to 13 individuals in an area known as the East Everglades. Cohn charged the victims $15,000 for the 1.25-acre lots that were later appraised by the federal government as being worth about one-tenth of that amount.

Victims testified they were mislead by claims the land was suitable for building and that roads would be built to their property. Cohn did not disclose that the County had determined that no roads would be built and the land was unsuitable for development

Sentencing for Cohn is set for April 10. He faces up to 30 years in prison and must make full restitution to his victims.

Via: Inman