EWM Realtors » Michael P. Schnabel, CIPS, GRI, TRC

Are Hedge Funds just as illiquid as real estate is traditionally?

Michael P. Schnabel, CIPS, GRI, TRC — Thu, 10 Apr 2008 13:18:11 +0000

I encourage you to read the article published by Wall Street Journal today April 10th, 2008 with the title “Hedge Funds make it hard to Say Goodbye”

The article starts with the following comments:

“If you thought getting into a hedge fund was tough, try getting out of one.

With the markets sputtering, some high-profile hedge funds are rejecting withdrawal requests, with some telling investors that it could be years before they will see all their cash again. And it isn’t just big institutions and the wealthy that are getting rebuffed. Some smaller investors who took advantage of lower minimum investments by putting their cash into so-called funds of funds, which invest in numerous hedge funds, are also getting blocked.”

And it goes on to conclude and I quote… “As more funds block the door to investors, there seems to be less of a stigma attached to it, some say, potentially encouraging others to do the same.”

Efforts to lower property taxes in Miami-Dade county catch a second wind!

Michael P. Schnabel, CIPS, GRI, TRC — Thu, 10 Apr 2008 00:52:16 +0000

Thanks to the “Florida Tax Budget Reform Commission” (TBRC) which was created by the “Florida Constitution Article XI Section 6″ - commission meets this year and every 20 years thereafter - with the objective to examine the tax and spending policies of the state, and if deemed necessary, make recommendations for change to the Florida Legislature. In addition, with a two-thirds vote of the full 25 member commission, the TBRC can also take its proposals directly to the voters through proposed constitutional amendments.

Of particular interest to me are a couple of proposals/recommendations - keep in mind these proposals can change before they reach the ballot next November - which relate to property taxes. READ MORE!

$6,500,000 marks the highest priced condo listings in the Brickell Area of Miami FL

Michael P. Schnabel, CIPS, GRI, TRC — Mon, 07 Apr 2008 13:04:04 +0000

The Asia in Brickell Key and the Jade in Brickell share the top spot for the highest priced condos for sale in the Brickell Area as of Sunday April 6th, 2008. READ MORE

Mortgage Forgiveness Debt Relief Act of 2007

Michael P. Schnabel, CIPS, GRI, TRC — Sun, 06 Apr 2008 13:17:39 +0000

The Mortgage Forgiveness Debt Relief Act of 2007 (MFDRA07) allows exclusion of income realized as a result of modification of the terms of the mortgage, or foreclosure on your principal residence. READ MORE

Bath Club Villa #4 sold for 24.7% discount to its original listing price!

Michael P. Schnabel, CIPS, GRI, TRC — Sun, 06 Apr 2008 13:16:44 +0000

The second sale for 2008 and also in March.

Are 24% plus discounts attracting Buyers to the Bath Club?

Villa #4 at The Bath Club in Miami Beach sold last 28th March 2008 for $6,700,000 or $1,175 Sq Ft. after being listed for sale for approximately 430 days or 14.3 months. The selling price represents a discount of 24.7% from the original listing price of $8,900,000 set on 1/29/07 READ MORE

Lowest priced highest floor Condo in Santa Maria on Brickell Ave. Miami FL

Michael P. Schnabel, CIPS, GRI, TRC — Sun, 06 Apr 2008 13:15:32 +0000

The lowest priced highest floor Condo in the Santa Maria building is selling for $1,495,000 or $686/SqFt. This 2/2/1 recently converted to 3/2/2 offers 2,180 Sqft (202.5 SqMtrs) of living area with an additional 439 SqFt or 40.1 SqMtrs of terraces facing Biscayne Bay. READ MORE

$419/Sf for lowest priced Condo at the Bath Club, Miami Beach FL

Michael P. Schnabel, CIPS, GRI, TRC — Sun, 06 Apr 2008 13:14:27 +0000

The price for Condo unit #908 with 2 bedrooms, 2 1/2 baths on 1,904 SqFt has been reduced to $797,000.00 or $419/SqFt. As of April 3rd, 2008 the unit has been in the market for 84 days (almost 3 months) and has been discounted 10.45% from the original listing price of $890,000.00 READ MORE

Bath Club condo sold for a 27% discount to its original listing price!

Michael P. Schnabel, CIPS, GRI, TRC — Sun, 06 Apr 2008 13:13:07 +0000

The Bath Club in Miami Beach saw its first condo sale of 2008 with unit #1105 which closed on March 25th for $2,400,000 or $630 Sq Ft. after being listed for sale for approximately 804 days or 2.3 years. The selling price represents a discount of 27% from the original listing price of $3,290,000 set on 1/17/06. READ MORE

Two new investment funds target real estate market opportunities!

Michael P. Schnabel, CIPS, GRI, TRC — Sun, 06 Apr 2008 13:11:16 +0000

Business Wire reported recently that ARE Asset Management, a Miami-based company, has launched two offshore investment funds targeting the commercial and residential real estate markets in the US. READ MORE

Update on The Ocean Club, Key Biscayne, FL

Michael P. Schnabel, CIPS, GRI, TRC — Sun, 06 Apr 2008 13:07:45 +0000

During a recent conversation with a client who is considering buying a condo at The Ocean Club, he mentioned that the Ocean Club had plenty of listings and some were selling at aggressive discounts. Although I was not surprised by his comments, I decided to update my database on the Ocean Club. READ MORE