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South Florida Real Estate : Miami, Miami Beach, Coconut Grove, Cocoplum
Short Sale Nightmare at 575 Bay Point Road
I bet my experience with short sale is not unique and uncommon. I thought I would share with you to raise some awareness…
I executed an offer with the owners of the house at 575 Bay Point Road. I represent the buyer in this transaction and we offered full price. The bank took 30 days to approve the sale and when they did, the seller changed his mind and decided to file for bankruptcy!!!
Can you imagine?! these people and many others, took these loans that they can’t afford and when they had the opportunity to get out in a dignity they found another angle to cheat the system! the worse part is that once they declare bankruptcy, they get to live in the house for free for another year or so and there is nothing anyone can do about that… No wonder why the banks are not lending. There are so many people taking advantage of this fiasco that no one can differentiate between the real victims and the thieves… who pays the price?
WE ALL DO.
Lifestyle price tag
I was stunned when I heard that a Russian billionaire broke a world record by buying out the most sumptuous villa on the French Riviera for 500,000,000 Euros last month from Lily Safra, the widow of Edmond Safra. (read the full story)
How about Donald Trump who sold his Palm Beach mansion (Maison de l’Amitier) in May, 2008 for $125,000,000 making it the most expensive home in the U.S. according to Ultimate Homes Magazine
It’s hard to believe that with all the current news spread out all over the Media, targeting the housing market and the economy in general record braking sales of this magnitude are actually occurring.
It made me wonder what drives someone to spend that much money for housing in this environment.
To answer that question I went to Fisher Island, a private island community accessible only by Ferry, helicopter or yacht about 7 minutes from South Beach by ferry.
I found that sales on the island are frequent despite the high maintenance fees and the astronomical club membership dues. There are about 730 units on the island with about 140 available on for sale with sales of about 25 units within the last 12 months maintaining prices between $1,300 to $1,600 per Square foot on larger desirable units (per MLS).
Why?
To me, I think it’s all about the LIFESTYLE.
For example, Fisher Island offers a newly renovated Golf course, a private beach club, tennis club, marina and a sumptuous spa. All combined in a beautiful surreal island setting.
The privileged islanders name their price and wait to for the buyer to come up with the price tag for this unique lifestyle.
Let’s not underestimate the waterfront homes in Miami Beach. The number of houses sold over $5,000,000 between January, 2008 and August, 2008 is about 20 (per MLS) that’s over 2 houses sold per month.
In conclusion, to understand why record braking sales still occur in this market one should look no further than the unique lifestyle a property can offer.
To find out more about Fisher Island and the unique lifestyle South Florida offers, please go to my website www.miamilifestyle.com
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