Miamism

Miamism Fridays

A Manta Ray off of South Beach....now THIS is a rare site. All I can say is that I'm glad I bought Rick that waterproof camera for his birthday.

...another MIAMISM!!

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Miami Real Estate Bottom or Creativity at its best?

Signs of the Miami Real Estate Bottom? Good news from the media about Miami Real Estate? Pinch me please, this can't be true!

Check out this article by none other than Bloomberg: Florida Real Estate Bottom Signaled by Sale of Distressed Condo

What I find fascinating is the creativity behind these bulk purchases. Jorge Perez from The Related Group has been very heavily criticized, but you be the judge:

Perez made the bulk purchase, the largest in condo-glutted downtown Miami, in the 50 Biscayne Blvd. tower with Lubert-Adler Partners LP, a private equity firm headed by Dean Adler. The two firms raised $1 billion to buy condos, mortgages and land in Florida, according to a Feb. 13 news release. The price was $30.3 million, about half the cost of individually sold units.

Bulk Purchase

Perez's partnership bought the condos from his own development company and a partner, Atlanta-based Cousins Properties Inc., which built the 54-story tower.

In an earlier bulk purchase at 50 Biscayne, Perez and Cousins sold 26 units in May to 50 Biscayne Suites LLC for $6.1 million. Perez and Cousins paid off their construction loan with LaSalle Bank with the proceeds, according to Zalewski of Condo Vultures.

Paying off the loan allowed Perez to do the recent 120-unit bulk transaction at below-market prices, said Bruce B. Baldwin, a partner with the Miami-based Mase & Lara PA law firm who was not involved in the deal.
Construction lenders require developers to sell condos at a minimum price, he said. Once the developer's debt to the bank is paid, the developer can discount the units, he said.

Perez may follow a similar strategy at the Plaza on Brickell development, two downtown towers with a total of 1,000 units, and other developers may too, Zalewski said.

Rumors in The Miami Luxury Condo Market don't stop there though, just last week I heard that the Royal Family of Dubai had purchased Midtown Miami. Although it is only a rumor and I have not been able to confirm it, it leaves you thinking that if big dogs are investing in Miami Real Estate.....there may be an end to the madness after all.

Mojito - Miamism Style

Mojitos! Mojitos!! It's not always about Miami Beach Real Estate. Time to revive an old post that has gotten awesome feedback!

There is nothing like celebrating a special occasion than with a good Mojito. Whether it's a birthday, an anniversary or New Year's Party. (or Labor Day)!

Did you know that The Mojito is the official drink of Miami?

Rick and I decided that it would be a good idea to show you how to make a Mojito from scratch.....not store bought....and you could even show off with your friends when they come visit.

Before we start, please remember to drink responsibly and we do not condone underage drinking. Please Don't drink and drive.

Mojito Ingredients

12 fresh mint leaves
1/2 a line (ooops) lime
1/2 part sugar
1 part Rum
3 parts club soda

Mojito Instructions

Place mint leaves, sugar and lime in a mixer or glass. Muddle well with a pestle or "muddler". Add rum and top off with club soda. Stir well and garnish with sprigs of mint and lime wheel.

Drink up!

In this video, you will find hands-on instructions from Rick himself - showing you how to make a Mojito - if you cannot see the video, please click HERE.

Here's the fun part. Jeff Turner of Real Estate Shows gave me the idea to bring this Mojito post back to life but with a twist (no pun intended) - he said:

You should give Mojito alternatives for those of us that are not as "adventurous" and a bit "lazy" and don't feel like making mojitos from scratch

Rick and I did some research and this is what we came up with:

Please know that we don't endorse any of these products and will have to do a follow-up video giving you our opinion of each one of them- they are in no particular order:

Mojito Alternative Number 1 - Smirnoff Mojito Cocktail - here's a Vodka Mojito (don't know how happy that makes me) - it's made with Smirnoff No. 21, Kaffir Lime Liqueur and mint - all you do is serve in tall glass over ice and garnish with fresh mint or lime wedge. (can see more at www.smirnoff.com)

Mojito Alternative Number 2 - Bacardi Silver Mojitos - these are pre-made bottled malt beverages that come in original, mango and pomegranate flavors - I personally can only drink one of these....the whole malt taste doesn't do much for me. (can get more info at bacardisilver.com)

Mojito Alternative Number 3 - Roses Traditional Mojito Mix - all you have to do here is add rum and ginger ale (I have not tried these either) - the mix also comes in traditional, mango and passion fruit.(more info at www.rosesmojito.com)

Mojito Alternative Number 4 - Bacardi Mojito Mixers found in the frozen section of your grocery store - all you do is add rum and club soda. Not only have we tried this option, but we use it as a quick alternative when we are boating and cannot make mojitos from scratch - if you doc them up a bit with mint and more lime....they are delish! (more info at www.instantparty.com - and it has a really cool interactive virtual dance party)

Thanks Jeff for the awesome idea - go give these a taste and let us know if you like them or not (and look forward to the third part of Miamism Mojitos when Rick and I actually taste the alternatives on live video) - but for now, remember that there's nothing like the real thing!

Enjoy your mojitos!

The Vagabond Embraces Positive Change for Miami

I just finished reading the Biscayne Boulevard Times' article on The Vagabond Hotel in Miami's Upper East Side and all kinds of thoughts started racing through my head. Can you tell me why in a world of negativity, we can't get ourselves out of the hole and want to bring everyone around us down with us?

Between the recession, down Miami real estate market, gas prices, the war.......can't we see a little color and start appreciating those people with a vision, the dreamers, the ones with positive attitudes and give them a pat on the back?

The Power of Intention is one of my all time favorite books (and concepts) because it tells you that you attract what you are. So here's my take:

For all of you that think Silverman is a bit out there with his ideologies and his vision for bringing back the 50's splendor of The Vagabond when Sinatra used to visit - how about dropping the skepticism just one tad and opening yourselves to the possibility.

We will always be surrounded by negative people, but it is so refreshing to find romantics and idealists, non-conformists that are always reaching beyond the normal frame of potential and have a vision for change and progress. Look around you and find those people, they exist, they are our friends and it wouldn't hurt to open yourselves to the possibilities. They are the ones that make a change in our world, that improve our cities and lives.....you can choose to be one or to at least listen.

(note: I will add the Vagabond article link as soon as it is updated on the BBT's website)

Miami Mortgage Rates Report - August 29, 2008

by: Brian Brady

Weird things are happening in the mortgage-backed securities market. Strong buying, in the 30 year-fixed rate loans, has dropped rates .25% since my last report, The ARM rates, however, have RISEN. A weird phenomenon, indeed. I'm only quoting two loan programs (the others make no sense):

Mortgage rates for August 29, 2008. Loan amounts up to $417,000:

5/1 ARM 5.750%

30 Year Fixed 6.125%

All rates offered to the borrower with 1 point cost. Rate quotes assume a purchase transaction with a 20% down payment, 720 credit score, and full income qualification. Rates are subject to fluctuation. Custom rate quotes and rate lock advice are available by calling (858)-777-9751.

Short-term, this is about as good as it gets. I think we'll see some higher rates, in the next 7-10 days, with rates coming back down to this level by the end of September. I'm befuddled for the 3 month trend so I'll stay neutral.

MORTGAGE RATE TREND:

Next 7 days: Higher

Next 30 days: Neutral

Next 3 months: Lower? (I'm stumped)

Originally posted on MillionaireRealEstateLender.com