Can a loan modification save your home?

The Making Home Affordable Program was started by the Obama Administration to help deal with the home foreclosure crisis brought about by the recession and dropping home values. The central part of the program is the Loan Modification program designed to help struggling home owners. The loan modification program is designed to permanently change the terms of a mortgage loan in order to create a payment that the mortgagor can still afford.

For more information on how this program can help save your home please read the pr-inside.com article.

Could you or someone you know benefit from this program?

The $64,000 question

By Guest Contributor Carlos Lobato, Sales Associate, Coldwell Banker Residential Real Estate Miami Lakes office

How's the market? I'm asked this question at least 6 times a week, and I can honestly say that I've yet to give the same answer twice. "How can that be', one might say. Well, it stems from a fact that most people already know, yet readily forget. That is, that all real estate is ultimately local. So when one hears that sales are down, or maybe that prices are slipping, the "gut" reaction may be to decide that it's not a good time to sell a home. An easy decision, right? Yet it may not necessarily be the right one. Market conditions are dictated by what's currently happening in your subdivision, in your neighborhood, even what's happening on your block! The macroeconomic, well-intentioned headlines you may read or hear do not necessarily apply to your situation.

For example, I had a homeowner say to me last week that they would put off selling their home because of the "glut" of homes on the market, as reported by our local newspaper. Through an in-depth analysis of the supply and demand trends in the neighborhood I was able to unequivocally demonstrate not only that homes in their area were selling at 94% of their asking prices, but also that they were selling considerably faster then the rest of the market. Needless to say, we brought the home to market and have had multiple showings since!

In short, when you ask a real estate agent "The $64,000 question", take note of how the they answer. It'll give you some insight as to how they work.

News from the Green Agent

Coral Gables City Commission - Green Task Force

By Guest Contributor Jenny May, Sales Associate, Coldwell Banker Residential Real Estate Coral Gables San Remo office

The Coral Gables City Commission made a strong commitment for a more sustainable city by unanimously voting on Tuesday, July 13, 2010, in favor of a new ordinance creating a Green Task Force. Commissioner Maria Anderson worked diligently over the past year to get the ordinance passed, with the assistance of two local residents, Ms. Jenny May and Ms. Irela Bague, as well as working with the City Manager’s office.

Although the city has made many ongoing improvements toward a more sustainable community, the creation of the Green Task Force further validates its commitment to conservation and our city’s future environmental health.

The Green Task Force will be responsible for making recommendations for improving environmental sustainability of city programs; will create a plan to increase environmental awareness with residents and businesses; and provide incentives, as well as review “green” building practices.

The makeup of the Green Task Force includes a variety of professions and interests. To serve on the task force, one must be either a resident or business owner within the city of Coral Gables.

The city should seek the most qualified and experienced professionals with “green” backgrounds for this group in order to make significant and realistic recommendations.

Many thanks also goes out to Mayor Donald Slesnick who has provided strong leadership on the U.S. Conference of Mayors' Climate Protection Center and throughout the year with his continued support of sustainability

The Carefree Condo Lifestyle in Miami

From Modest to Magnificent, Miami Beach Has Them All

Many Floridians know the joys and benefits of living in a condominium residence, as opposed to a single-family home. Even those who never thought of themselves as “condo people” are now converts. That big, rambling house they left behind up north – the one they said was perfect for their lifestyle – is now just a memory of yard work, exterior maintenance and upkeep hassles.

One of the best advantages to condo life is the freedom and flexibility to pick up and take off at a moment’s notice. No need to find someone to watch the house, stop by and pick up the mail or the papers in the driveway, or just check and make sure everything is secure. Just lock your front door and off you go, with the secure feeling that your home and your belongings are safe.

Another factor that makes condo living so appealing is the convenience of having so many amenities at your fingertips. Some condominium buildings offer owners the ability to hop on the elevator to enjoy a meal in the restaurant right in the building. An invigorating workout in the private gym, dropping your dry cleaning off with the building concierge and requesting your car be delivered right to the front door are all reasons people opt for living in a condominium. Of course, a cooling splash in the sparkling swimming pool is much more enjoyable when you know you don’t have to worry yourself with keeping the water clean and chemically balanced!

In Miami Beach, the choices available in condominium sizes and styles are as widely varied as the grains of sand on the beach. Whether you are looking for an affordable winter retreat in a small, intimate building or an opulent penthouse 25 floors above the Atlantic Ocean vista, you are sure to find exactly the right condominium to match your needs.

Here are a few examples of the huge variety of condos that are currently available on the market:

The condominium market in Miami Beach has something for every price point, and for every lifestyle desire. From the budget-minded looking for a winter getaway residence or someone seeking a soaring high-rise palace in the clouds, the Beach is condominium central.

Pros & Cons of Deed-in-Lieu of Foreclosure

During these economic conditions, with an almost bottomless supply of mortgage defaults, we can expect to see an increasing number of cases in which mortgage lenders and borrowers may consider a deed-in-lieu of foreclosure as a way out of the foreclosure process.

A deed-in-lieu of foreclosure can have significant benefits for both parties. For lenders, it helps avoid or reduce the delay, expense and possible uncertainty of going through the foreclosure process. For borrowers, it can eliminate or reduce the embarrassment of a public foreclosure sale and provide a resolution of personal liability and guarantee issues with respect to the debt.

On the other hand, deed-in-lieu transactions pose risks to the lender and will have tax consequences for both parties. Therefore it is important that both parties consult experienced legal counsel and tax advisors in connection with the transaction.

For valuable information for both sellers and lenders to consider, as well as situations to avoid, read the full story by C. Geoffrey Mitchell, Contributing columnist for national Real Estate Investor.

Is Your Business Prepared for a Hurricane?

Taking proper precautions could save your business in the event of a hurricane. Proper steps could save business owners from losing everything in an instant and having to close shop if a storm bears down on South Florida this season,

Living in South Florida offers many advantages over other places, but the possibility of storms and the damage they can cause is the price we must be willing to pay for the privilege.

For a list of websites that offer invaluable tips and to find get some very important precautions every business should take to protect itself from paying too high a price in the event of a storm read a recent Miami Herald article by Toluse Olorunnipa.

Is your company prepared?

Travel Along the Key Biscayne Heritage Trail

By Guest Contributor Susie Abell, Manager, Coldwell Banker Residential Real Estate Key Biscayne office

From Crandon Park to Bill Baggs Cape Florida State Park there are a series of markers which form the Key Biscayne Heritage Trail. It follows along paths where prehistoric Indians and early settlers traveled.

Highlights include a protected fossil reef carbon dating to about 60 A.D. Scientists describe the reef as “Key Biscayne’s petrified forest.” It was formed from ancient roots of the black mangrove.

Another marker points to the former dwellings of Tequesta Indians, who built homes prior to the arrival of Juan Ponce de Leon in 1513. On one site, one of several fishing camps was discovered by archeologists in 1992; other sites run the length of the Crandon Boulevard median, protected as part of the Archeological Preservation Zone.

Another site, Hacienda Canal and Basin, was an early landing spot for work boats. The canal was dredged from bay to interior in order to transport plantation goods. Tropical fruits, plants, Hacienda honey and coconuts were shipped to local and northern markets.

In total, the Heritage Trail has 36 markers.

(Information provided courtesy of the Key Biscayne Chamber of Commerce.)

If you would like to enjoy the unique Key Biscayne lifestyle and be able to travel the Key Biscayne Heritage Trail often, below you can find a few properties that are currently being offered for sale:

445 Grand Bay Dr. #210

180 Buttonwood Drive

791 Crandon Blvd. #202

Simplifying closing-cost customs

A common question when it comes to closing costs is:

How do I know what is "customary" when it comes to what the buyer pays vs. what the seller pays in a transaction? How and why did these local "customs" originate, and is it taboo to request to bend or break them? Also, how can consumers know if their agent is just feeding them a line about the existence of these customs?

The answer, according to Tara-Nicholle Nelson on Inman News is:

When it comes down to the standard practices in an area with respect to how closing costs are allocated between buyer and seller, customs definitely exist everywhere. A couple of the normal fees incurred in a transaction are allocated according to custom pretty much the same everywhere.

For some examples of customary practices, fees and transactions read the full story in Inman.

Fannie Mae and Freddie Mac sued for opting out of PACE

California State Attorney General Jerry Brown has filed a lawsuit against controversial mortgage companies Fannie Mae and Freddie Mac, and the Federal Housing Finance Agency, for opting out of a program that encourages residential solar installations.

The initiative, called Property Assessed Clean Energy, or PACE, lets local governments loan money to homeowners through property-tax assessments so that they can afford to install solar panels and energy-efficient heating systems. Local governments raise the money by selling municipal bonds, and are repaid by homeowners over the next 15 to 20 years.

The House of Representatives banded together today to pitch a bill that would protect the PACE program . The bill would force corporations that took bailout money to stay afloat -- like Fannie and Freddie -- to support PACE despite their opposition.]

For more information on the implications of this suit, read the GreenBeat article by Camille Ricketts.

An inexpensive and safe way to eliminate weeds

Everyone who has ever had a garden shares a common enemy…weeds. There are many options for trying to get rid of these pesky growths.

For a quick, easy and inexpensive solution using a safe, non-toxic material please read the Miami Herald article by Terri Bennet, from McClatchy News Service.

This is a great way to recycle your newspaper. If you have any other great newspaper recycling ideas, please let us know.

Need Help With Your Down-payment & Closing Costs?

By Guest Contributor, Melanie Dawn Wood, Sales Associate, Coldwell Banker Residential Real Estate Pinecrest North office

Since 1995, the Miami Dade Economic Advocacy Trust has assisted homebuyers who are qualified for any of a variety of fixed-rate loan programs by providing up to $7,500 (or 4% of the purchase price, whichever is less) towards the down-payment and/or closing costs on the purchase of a Miami-Dade County home. Funds are available on an “as-needed basis” in the form of a zero interest zero payment loan; and if the buyer lives in the property for at least 10 years, the entire loan is forgiven.

The program is available to low-to-moderate income buyers. A family of four can earn up to $98,420 while a single person can earn up to $69,020. Buyers with low to median income according to the guidelines will need to contribute 1% of the purchase price, while moderate to moderate/middle income earners will contribute 3%. These buyer contributions may come from other assistance programs.

The buyer must not have owned any real property within the past three years, and must be a current resident of Miami-Dade County. There is an exception to the “three year rule” for the “displaced spouse” in a divorce situation.

Eligible properties include single-family homes, town homes and condominiums up to a $423,750 purchase price. The property must be immediately livable so 203(k) or Fannie Mae Rehab qualified properties are not allowed.

Each buyer is required to attend a 6–8 hour Home Education Seminar that will include information about this and other assistance programs. In addition, a buyer must use a MMAP-HAP approved lender, title agent and real estate agent. These professionals have been trained by the administrator of the program to ensure that we are guiding you through the process correctly.

Be sure to call your APPROVED MMAP-HAP real estate agent for more detailed information about the Miami-Dade County Homeowner Assistance Program. Funds are available right now to help you fulfill your American Dream of Homeownership.

Melanie Wood is currently marketing the following property for sale:

888 Biscayne Blvd Unit 5405

Evaluating a neighborhood… before you move in

If you are looking to move into a new neighborhood, you must do your homework to make sure it will be a good fit for you and your family. For families with school aged children, this can be particularly important. Some of the things to find out about are:

• Schools
• Crime
• Public Records
• Property Values
• Public utilities in the area

For more information on what to look for and where to find it, please read the homefinder.com article by Mark Nash.

What are some of the other things to evaluate when choosing a neighborhood?

Banks differ in response to new federal regs on overdraft fees

All banks this summer are required by new federal Regulation E to allow customers to opt in to any program that charges them a one-time fee for overdrawing a checking account with an ATM or debit card. Overdraft fees can no longer be an automatic component of basic checking accounts. The new regulation is being imposed after consumers complained about banks preying on struggling account holders with a range of fees.

Bank of America Corp wants to be the leader in eliminating overdraft fees on checking accounts. But its competitors aren’t following. Instead of dropping such fees as BofA has done, many banks are mounting outreach campaigns that pitch overdraft service as an option for consumers.

Charlotte-based BofA announced in February it would one-up the new rules. Instead of asking customers to opt in, BofA polled its account holders and decided to eradicate the fees altogether. Starting July 1 for new customers and Aug. 15 for existing customers, BofA will no longer charge overdraft fees. Instead, customers can choose to link a savings account or credit card to their debit card to guard against getting caught with insufficient funds when making a purchase. Or they can choose to have their cards declined at the point of sale if the account balance is too low.

For more information on the effects of the new federal regulation and the reactions by other banks, read the full story at Charlotte Biz Journals

What do you think? Are you more or less likely to bank with Bank of America in the future?

Real estate deals around the world

By Guest Contributor Michael Mangold, Manager in the Coldwell Banker Residential Real Estate Ft. Lauderdale SE & Las Olas offices

Here and there, including South Florida, the luxury market is showing signs of increased buyer interest, to wit;

In Beverly Hills, Ca., Coldwell Banker Residential Brokerage (Joyce Rey and Stacy Gottula) were listing agents for Le Belvedere, a chateau-sized estate in Bel Air recently sold for a price rumored to be in the neighborhood of $50 million!

In Palm Beach, Fla., Jimmy Buffett’s Midtown estate has sold for $18.5 million, according to a recent report. The buyer is a Delaware company located in New York.

Tim Elmes in Ft. Lauderdale Fl. SE office of Coldwell Banker has already closed a property for $10.8 million and reportedly is close to several more luxury closings.

Interesting properties on the market and celebrity deals include the Calabasas Estate on Thousand Peaks Rd in Calabasas California, once the wedding site for Jennifer Lopez. Reportedly, Lady Gaga is in the market for something in the Hampton’s area on Long Island. And, in an announcement that will surely bring even more luxury property to the attention of the US market, Coldwell Banker has now expanded to their 50th foreign country, France & Monaco. Based in Paris, the company will be led by Laurent Demeure, President and Chief Executive Officer of Demeure S.A.

While the general real estate market continues to improve very gradually, the luxury market seems to respond to drivers that aren’t attributable to the general economy. Entertainment, sports figures, and business owners are seemingly making property choices based on location, amenities and privacy; factors that have always been true.

A Stranger in Paradise

By Guest Contributor, Kelly Madden, Marketing Coordinator, Coldwell Banker Residential Real Estate Miami Beach Office

If someone had suggested to me that I would ever be living and working in Miami Beach a year ago, I would have thought them delusional. Yet, after selling my house in Fort Myers – my home for 40 years – here I am, and I’m loving every sun-drenched minute of it.

In the short time I have been here, I have already discovered why so many people want to call Miami Beach ‘home’. A truly cosmopolitan melting pot of multicultural diversity, the Beach is a vibrant mix of just about anything anyone could ever want out of life. The performing arts, world-class dining, plazas and promenades packed with shops – if you need it, you can find it here.

Sit back on Lincoln Road and watch the world go by – and here, I mean that quite literally. Need help translating what the foreign visitor seated next to you is asking? Just give it a minute – chances are your server will be able to help you out. Craving some smooth jazz? Pop upstairs at Van Dyke on Lincoln Road on Tuesday evenings and drink in the cool vibe. For a brilliant beachside brunch, kick it up a notch at Emeril’s, (yes, that Emeril), at 1601 Collins. Miami Beach literally has something for everyone.

The same holds true for the real estate scene here. Whether it’s a moderately priced condominium for an international buyer seeking a vacation home or a Miami-based CEO moving up to a Star Island estate, we’re able to present the Beach’s best real estate opportunities.

As of March 2009, there were 5,289 properties listed for sale in our market area, as opposed to 3,903 as of May 2010. Our average days on the market went from 151 to 136 for the same period. In March 2009, there were 212 sales of Miami Beach properties of all types, whereas in May of this year there were 273, a 28.8% increase. For that same period, pended sales rose by 40.2%, from 296 to 415. Sellers are recognizing the need to adjust their asking price downward, and buyers from around the world are discovering some exceptional bargains here.

When it comes to locating the right residential property to suit almost any lifestyle, Miami Beach offers a world of options. While we are known as the leader in marketing luxury properties and continue to dominate the market with over $342 million in total sales over the last 12 month period, (representing 11.4% of all Miami Beach firms), our Agents serve a vast array of buyers and sellers in all price ranges.

Bring your sunscreen and some comfortable footwear, and dive into life on Miami Beach – home to celebs, hot new trends and some of the world’s most desirable real estate.

A Sampling of Our Listings:

This Green Diamond 42nd floor penthouse features stunning views of the Intracoastal, the Bay, South Beach and Downtown Miami. Offered by Claudia Whitechurch & Laura Curson at $1,850,000.

Classic Miami Beach single family home with 4 bedrooms, 2 baths on prestigious Normandy Shores Country Club. Offered by Hiro Sumida at $470,000.

What Works Now: Smart homebuying moves

When it comes to buying a home, one thing's for sure: Today's housing market is truly confusing. Every day consumers are bombarded with new information, sound-bites like "historically low interest rates," "it's a buyer's market," "home values are at bottom," mixed with statistics that seem to say home sales are up or down -- even at the very same time. How can anyone make sense of this?

After collecting questions from consumers around the country and hearing their desires for more clarity and guidance, we gathered a couple of experts to answer some of the most common queries about buying a home.

Click here to read the full article.

To get even more answers and watch the AOLRealEstate video “What Works Now – Smart Moves When Buying a Home” with AOL Consumer Advisor, Regina Lewis please go to .

Did you find this information helpful? Please send us your comments.

Large solar plant plans announced – no new state subsidies

A renewable energy start-up was unveiled on June 28 to build what will be the Sunshine state's largest solar panel plant today at the Clean Energy Congress. Energy Farm Inc., announced plans to build a solar panel plant on 550 acres in Walton County that produces 74 megawatts of energy -- enough to power 12,000 homes. Construction on the plant will be started by the end of the year and the project should be complete sometime next year, according to Energy Farm.

For more information please read the article posted by Julie Patel in the Sun-Sentinel.

What are your thoughts?

Signs that an investment opportunity is really a scam

Everyone is always looking for the sure fired investment opportunity, but sometimes it’s hard to tell if the investment opportunity is legit or not. If only there were signs to help you decide when something’s just too good to be true? Find out the 10 signs that an investment is a scam in an article by Shane Borer in ripple.us.com

Do you know someone who has been taken in by any of these schemes?

Your home is not selling…are you the reason why?

Many home sellers are losing money daily, and it is happening because they're determined to do the opposite…not lose money. So then, why is it that your home is not selling?

For some tough questions and answers, please read the Bankrate.com article by Marilyn Kennedy Melia on the questions you need to ask yourself in order to have a realistic chance at selling your home.

What else do you think homeowners do that could be sabotaging their chances at making that sale.

How to sell your home in any market

Even in summer, which has traditionally been a busy season for home sales, attracting home buyers is still an ongoing struggle. Long gone are the days of putting up a “For sale” sign and finding a buyer. Would-be homebuyers might find themselves ready to take the plunge as home prices begin to rise gradually.

For tips on how to make your property stand out in the housing crowd, please read Elizabeth Blackwell’s article in The Street.

Can you think of some other ideas that would lure would-be buyers?