Falling prices for Palm Beach County condos present a real opportunity this spring for many consumers wanting to find that perfect vacation property.

Overall, median home prices fell 7.7% in 2007, according to the S&P/Case-Shiller index. Domestic and international buyers in markets with a strong vacation home component as experienced with Sarasota and Boca Raton FL real estate were down more than most.

Real estate experts tell us that the market is soft. And mortgage rates are down to 2004 levels. Even better. Is now the time to buy? Could be. There may be more economic and psychological questions that come with a Florida second home purchase than with a primary one.

For piece of mind, and for a boost to your future net worth, always do a rough cash-flow comparison of buying a Florida vacation home or condo. Look at how much it’s going to cost to pay off the mortgage and pay for taxes and maintenance vs. the cost of renting. If you’re not planning on being in your house for at least seven to 10 years, you probably won’t recoup your investment. You could be better off renting for a few weeks (or months) every year.

Looking for a home in Boca Raton FL Real Estate? Visit the Boca Raton Information Guide, then call Realtor® Caesar Parisi when you are ready to buy your dream property.

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Florida’s Attorney General Bill McCollum has sued a South Florida-based foreclosure rescue company, alleging the firm defrauded dozens of homeowners. McCollum is now seeking legislation to strength protections for those facing foreclosure.

The civil suit, filed in Broward County Circuit Court, charges that the firm and multiple affiliates violated the state’s deceptive and unfair trade laws. The suit claims the foreclosure rescue firm or its affiliates defrauded at least 80 homeowners of about $1.7 million in home equity.

According to the filings, the company offered to hold the homeowners’ property titles for a year, and refinance the debt while allowing the homeowners to stay in their houses. But in many cases the rescue firm would sell the home to an investor or straw buyer who would lease the home back to the homeowner at an inflated rental rate, the suit contends.

Looking for a home in Boca Raton FL Real Estate? Visit the Boca Raton Information Guide, then call Realtor® Caesar Parisi when you are ready to buy your dream property. (more…)

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Complaints from home and Florida condo owners have resulted in Florida leading the nation in mortgage fraud in 2007. This dubious distinction also occurred in 2006, making Florida a leader in mortgage fraud for the past two years. The competition to be first in fraud is becoming more significant as the housing downturn persists and Florida condo foreclosures become more prevalent. Consumer advocates nationwide report more suspect mortgages, according to recently released mortgage data.

FBI statistics showed 46,700 mortgage fraud reports in 2007, a more than 30 percent increase from the year before and twice as many than in 2000. Federally insured lenders are required to report fraud to the government. According to the Mortgage Bankers Association, mortgage fraud has represented about $1 billion in losses over the past decade.

Another disturbing consequence of the Florida condo downturn is with consumer schemes to defraud mortgage lenders, which include borrowers misrepresenting their income. Additionally, with property values falling, there are more instances of fraud committed by borrowers who were simply stretching to buy bigger homes and condos and are now stuck with properties they can’t afford.

Real estate agent Caesar Parisi stands ready with effective advice on buying or selling a Boca Raton Luxury Home.

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Condo and single family residence buyers from around the U.S. and abroad are descending on Palm Beach County Florida to buy properties that have suffered sharp price drops, rising inventory, and subprime-mortgage problems. Prospective buyers are searching for Boca Raton iinvestment properties and are that confident home and condo prices will eventually rebound. Others are hunting for vacation or retirement homes.

However, pitfalls are many, and experts warn that prices could dip even further. Boca Raton Florida is a microcosm of what’s happening across the country. As the price of condos take a dive in many once-hot markets, buyers are emerging to grab properties on the cheap. They’re finding plenty to choose from.

Because of Florida’s perennial popularity among real-estate investors and vacation buyers, many areas were flooded with new projects in recent years. Now, amid the downturn, Florida condo sales are sharply down, off an average of 27% in 2007 from the year before.

One area hard-hit is Palm Beach County, where thousands of condos are currently for sale, according to Multiple Listing Service statistics, In many parts of South Florida, foreclosed properties tend to be priced near the mortgage amount. Given the run-up in prices before the shakeout, that means foreclosure buyers could pay inflated prices at the auction block and buyers need to proceed with caution, enlisting the aid of a knowledgeable Florida real estate agent.

Looking for a home in Boca Raton Real Estate? Realtor® Caesar Parisi is ready to help you buy your dream property.

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The December, 2007 issue of South Florida CEO, The Business Magazine of Miami-Dade, Broward and the Palm Beaches, featured an article about Merrill-Stevens’ Miami River expansion and the future growth of the company. Merrill-Stevens CEO Fred Kirtland was interviewed for this article written by Jennifer LeClaire.

The Miami-Dade County Commission recently approved plans for a $55 Million expansion of Merrill Stevens Boat Yard that will facilitate yacht re-fits and repairs for luxury mega-yachts.

The yard located along the Miami River was pending approval from the Florida department of Environmental protection and two other government agencies. The shipyard has been on the river since 1923 and will soon be breaking ground for this expansion project set to begin in 2009. The firm is still waiting for final approval for the project.

This newly expanded facility is said to bring 500 + high paying marine trade jobs to South Florida. The state-of-the-art facility will refit yachts up to 250 feet, helping South Florida remain one of the most important regions for the global industry.

Facilities like this will continue to service existing boats since there is already such a high demand for new yacht builds. The overflow of those on the waiting list to have a yacht built will bring older vessels to refit shipyards and have them serviced to be put back into the water, will even draw additional revenue to South Florida if the yacht is chartered. The typical maintenance costs per year for a luxury yacht range from about 10-15% of the original cost of the boat.

By public officials working together with marine industry professionals, marine maintenance, dock master and miami yacht charter services will also be attracting new high paying jobs to South Florida and revenue back into the local economy. If Fort Lauderdale can follow suit by approving new dockage projects, the marine industry will greatly benefit.

Looking for the perfect Boca Raton Luxury Real Estate home? Realtor® Caesar Parisi is ready to help you buy your dream property.

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