Florida Real Estate and Community News by MMD Realty

Fall Luxury Portfolio is live for viewing - Bonus, Glengary Glenn Ross snippet for motivation!

Just returning from our trip to Manhattan and the Hamptons. What a productive week it was! Melissa Johnson and I met with top producing agents throughout the city and the Hamptons, as well as buyers and we were able to get a property under contract! Take a look and see the magazine we distributed, which highlights our properties.

Can't wait for Ocean Reef this weekend, and London next month. As in Glengary Glenn Ross, ABC.... "Always Be Closing" Check out a classic video of Alec Baldwin in GGGR - Always Be Closing.

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Underwater mortgages have fallen dramatically across South Florida, despite slowed increases in home prices.

 

In the second quarter of this year, 22 percent of all mortgages in the South Florida metropolitan area were considered underwater, down from 34 percent a year ago, according to Zillow data cited by the Sun-Sentinel. Zillow predicted that negative equity will fall even further to at least 19 percent over the next year.

Underwater negative mortgages were at their peak in the fourth quarter of 2011, when nearly half of the mortgages homes in South Florida were worth less than what was owed.

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The median existing home price in Broward County hit $285,000 last month, a 3 percent increase, year-over-year, the Greater Fort Lauderdale Realtors announced.

And in Palm Beach County, the median price for a home reached $280,000, a 4 percent jump from July 2013.

Even though prices went up, the increases have shrunk considerably in recent months, according to the Sun-Sentinel.

Demand remains strong, however, with 1,516 Broward homes trading in July, 3 percent gain over last year. In Palm Beach County 1,515 homes sold in July, a 15 percent increase.

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Downtown Boca Raton, which has traditionally limited building heights to 100 feet, isn’t known for its skyscrapers. But that could soon change.

A proposed luxury condo project called “New Mizner on the Green” would rise 30 stories, or close to 300 feet, making it by far the tallest structure in downtown Boca. The development would replace 244 town houses at 210 SE Mizner Boulevard.

Developer ELAD National Properties claims that the 500-unit tower would nearly double downtown Boca Raton’s tax base, adding $5 million to tax rolls, according to the Sun-Sentinel.

“Downtown Boca Raton needs high net worth households to attract and sustain luxury retailers and high quality restaurants,” the developer argues in a statement. “The disposable income

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Mom-and-Pop landlords are winning big in South Florida. According to Zillow, the region is the country’s second-best market for individual residential landlords, who are not professional investors.

Zillow looked at those home owners who have one property, which they rent out as a side business.

Since June last year, rents in the tri-county area have increased 5.8 percent.

Nationally, the average is 2.5 percent. In Palm Beach, Broward and Miami-Dade couties, average monthly profit is about $515, right behind Oklahoma City, where the monthly profit is $536

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Back to School 2014

Just returned home from orientation at Gator Run Elementary, where my son is entering the fourth grade. We met the teacher, who seems very nice and has a great reputation for not giving too much homework (a pure delight for my son)! We learned that they did away with FCAT tests this year....cheers filled the room! Then we heard the other news, the new standardized testing requires more higher-learning and more explanations of the work.....sighs filled the room. Gator Run Elementary Weston

Funny to listen to a nine year-old, what they feel and look for in a new class. My son had some anxiety and excitement as he was looking around the room for familiar faces. His pointed complaint as we were leaving the classroom, "There are so many girls in my class."

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The multifamily market in South Florida posted more sales in the first 6 months of this year than it has since 2006, a new report from CBRE shows.

The report tracks sales in the $1 million to $20 million range and reveals 172 multifamily sales totaling more than $515 million. This is the most sales in 8 years.

In 2013, there were 9,558 net units absorbed in South Florida, according to CBRE’s report. In the previous four years, the region averaged around 4,500 net absorbed multifamily units each year.

Over half of multifamily investment properties transactions in South Florida over the last year involved foreign buyers. The firm reports foreign investors, who are more prevalent than at any previous time in South Florida, are increasingly

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Some of the biggest homebuilders in the industry are constructing large residential developments in northwest Broward County’s Parkland.

Lennar, Standard Pacific, Toll Brothers and WCI Communities are building more than 1,500 homes in Parkland, which is known for having strong public schools and being one of South Florida’s last communities with land available for major housing projects. Miami-based Lennar reports that about one-third of its homes and townhomes at the 738-residence Mira Lago development are sold. Prices at Mira Lago range from $350,000 to nearly $700,000.

 

Toll acquired Parkland Golf & Country Club from WCI four years ago. It has 58 homes under construction now, with another 220 homes left to building, according to the

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Uber has its eyes set on conquering the rest of South Florida outside of Miami with plans to launch in Fort Lauderdale and West Palm Beach.

The application-based software allows users to hail the company's nearest driver and pay for the service with their smartphones.

Fares from Fort Lauderdale-Hollywood International Airport to South Ocean Drive start at $14 and rides from East Sunrise Boulevard to Fort Lauderdale Beach Park start at $7.

In West Palm Beach, fares from downtown West Palm Beach to Southend are about $12. UberX fares fluctuate based on demand.

The controversial service's first South Florida launch was in Miami-Dade County on June 4, which led to officials ticketing drivers and impounding vehicles associated with the app.

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UPDATE as of August 12, 2014: The 'Flag of Gratitude' will rise 450, taller than previously reported. The proposal calls for the flag to be built on Parcel B, a vacant taxpayer-owned plot of land that was expected to become a park after the American Airlines Arena was built.

Healthcare billionaire Mike Fernandez wants to build the tallest flagpole in North America in downtown Miami, according to the Miami Herald.

Fernandez visited several sites in and around Downtown Miami today with a city commissioner and the city manager to scout potential locations. His preferred site is somewhere between American Airlines Arena and the Perez Art Museum Miami along Biscayne Bay. 

"It's a gift that I'd like to consider giving to our country and to our

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