Monday, July 21, 2008

Mizner Country Club: Community Activity Report


Welcome Back to the Mizner Country Club-Real Estate News:

Let's get started since there is a lot to cover this week! Mizner Country Club currently has (62) Active Listed Properties for sale, (2) Pending Properties awaiting closing and a total of (9) Properties that have Sold Year-to-Date in 2008.

If we take a look at the same time frame last year in 2007, Mizner Country Club had (17) Year-to-Date (January thru July) sold properties as opposed to only (9) properties sold so far in 2008. It is quite evident that our community has greatly been affected by the current state of the national and local real estate market.

Performance for the community is way off from last year's sales numbers. Pricing is still the main issue as to why so many homes have lingered on the market for so long in Mizner. We notice as Real Estate Professionals, that when a property is well priced from the inception of the listing, a sale is much more quickly achieved than those that remain at higher list prices. Buyers are out there! But they are refusing to negotiate and enter into contracts with Sellers that are holding firm at 2005 prices.



2007 January-July Breakdown of Closed Properties in
Mizner Country Club:


July '07: (3 closings in the enclaves of Valencia, Encantada, and San Sebastian)
June '07: (2 closings in the enclave of Marbella)
May '07: (5 closings in the enclaves of Encantada, San Marino, Palma, Valencia and San Sebastian)
April '07: (3 closings in the enclaves of Encantada, Palma and Capri)
March '07: (3 closings in the enclaves of Encantada, Capri and Palma)
February ' 07: (No Properties Closed)
January '07: (1 closing in Cordoba)


Current Activity for the week starting July 21, 2008, please see the following:
(click on photos to view additional property information)


The Smiths - Just Listed

16372 Braeburn Ridge Trail (MCC-Encantada)
Model: La Serena - Expanded Lot
List Price: $1,010,000
MLS: R2938991



16223 Andalucia Lane (MCC-Andalucia)
Model: Segovia-Custom
List Price: $1,725,000
MLS: R2808658




The Smiths - Back On The Market


8131 Valhalla Drive (MCC-Palma)
Model: La Serena
List Price: $1,070,000
MLS: R2862357




The Smiths - Price Changes

16208 Mira Vista Lane (MCC-Cordoba)
Model: Carrington
New List Price: $1,149,000
Old List Price: $1,351,000
MLS: R2862852


8060 Laurel Ridge Court (MCC-Encantada)
Model: La Serena
New List Price: $1,049,000
Old List Price: $1,139,000
MLS: R2862001



Additional Activity in Mizner Country Club

  • 8724 Valhalla Drive located in the enclave of San Sebastian has been reduced to $750,000 from the original list price of $990,000. The model is a Playa Riente-Courtyard (one-story) built in 2004.

  • 16217 Andalucia Lane located in the enclave of Andalucia has been reduced to $1,549,999 from their original list price of $2,199,000. The model is a Carrington (two-story) and was built in 2003.

  • 8975 Valhalla Drive is located in the enclave of San Sebastian has been reduced to $1,279,000 from the original list price of $1,439,000. The model is a Monte Grande (two-story) completed in 2005.

  • 15951 Laurel Creek Drive is located in the enclave of San Marino and has been reduced to $1,595,000 from the original list price of $1,795,000. Built in 2000 this home is a Carrington model (two-story)


Currently Pending Properties

  • Pending: 8681 Valhalla Drive is located in San Sebastian with a List Price of $1,085,000 (Model: Montecito-Custom)
  • Pending: 8363 Del Prado Drive is located in Del Prado with a List Price of $2,799,00 (Custom Home-Majorca)


For further information on any of the above properties, or if you wish to see your property featured here. Please Contact:
The Smiths - Luxury Resort Portfolio at (561) 445-2282


NOTE:

Remember to visit our corporate blog at
http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the Mizner Country Club - Real Estate News. They are two separate published newsletters. Please subscribe today and start receiving the latest updates in Real Estate News. Thank you again for all your support and best wishes!
Philip and Carla Smith
The Smiths - Luxury Resort Portfolio


The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Thursday, July 17, 2008

If Only... We Should All Be This Lucky!


While the rest of the entire country is having a difficult time selling their properties in this tough real estate market, it seems that life for those who live and sell property on Palm Beach island is a bit rosier and more surreal than ever. Palm Beach has experienced record breaking sales in 2008. Making it an extremely lucrative selling year for both the Sellers and the Realtors on the island.

Recently, the Addison Mizner-designed "Casa Nana Estate" has been put on the market for an astounding $72.5 Million! Not to shabby... since it was purchased back in 2003 for a then record price of $30.25 Million. It seems this property has a bit of a lucky streak, it has set three sales records in its history. Casa Nana's beauty has often been compared to another magnificent property on Palm Beach, "Mar-a-Lago" owned by Donald Trump.

Speaking of Mr. Trump, take a look a yesterday's Palm Beach Daily News:



Donald Trump closed the deal Tuesday on his record sale of 515 N. County Road, the former Abe Gosman estate, to Russian fertilizer mogul Dmitry Rybolovlev. The sale of the six-acre estate was announced in May. Palm Beach attorney Paul Rampell represented Trump in the transaction.

Though Trump calls it a $100 million deal, the deed lists the sale price as $95 million. Trump, in a call from his office in New York, said the higher figure includes closing costs. The document stamp for the deed is $665,000.

The slightly shaved price still sets the record for a Palm Beach property and possibly the United States. It demolishes the recent record, $81.5 million, paid in April for 1236 S. Ocean Blvd.

Trump said he was not sure whether reports indicating Rybolovlev purchased the property as an investment, rather than a personal home, are true.

"I really don't know for what purpose," Trump said. "I'd imagine it'd be for a home but I don't know, other than I know he made a great deal. I think time will prove that out."

The real estate developer and reality show star said reports that he spent $25 million to renovate the mansion are false.

Construction permits issued since Trump bought the property in 2004 have a listed value of $502,470, according to Jackie Kervey, records manager for the Town of Palm Beach.

"I always looked at it as a teardown," Trump said.

In any event, Trump said, the size of the sale is positive news for Palm Beach. "It's good because of the times," he said, referring to the nation's economic downturn.

Wednesday, July 16, 2008

By: David Rodgers
Daily News Staff Writer



For further information on any of the above properties, or if you wish to see your property featured here. Please Contact:
The Smiths - Luxury Resort Portfolio at (561) 445-2282


NOTE:

Remember to visit our corporate blog at
http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the
Mizner
Country Club - Real Estate News. They are two separate published newsletters.
Please subscribe today and start receiving the latest updates in Real Estate News.
Thank you again for all your support and best wishes!

Philip and Carla Smith
The Smiths - Luxury Resort Portfolio


The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.

Monday, July 7, 2008

Toll Brothers Reports $93.7 Million Loss


The Smiths - Luxury Resort Portfolio

providing the latest real estate news in
Mizner Country Club

PHILADELPHIA — Luxury-home builder Toll Brothers Inc. on Tuesday posted a second-quarter loss that was smaller than Wall Street expected, as a hefty write-down driven by joint ventures was offset by other income.

Shares of Toll Brothers rose 64 cents, or 3.1 percent, to $21.60.

Chief Executive Robert Toll said demand continues to be weak in most markets as buyers stay skittish in the face of continued home price declines.

In a conference call with analysts, Toll also noted that investment funds have been showing interest in buying distressed properties. They're willing to partner with people in the housing industry in these purchases, providing even 80 to 90 percent of the capital.

But Toll said if their investment doesn't perform, then they might try to dump the homes _ and in so doing prolong the housing downturn.

"We've been outbid by the players that have raised the funds for this specific purpose. I hope everything works out for them," Toll said. "But if it doesn't, you may see this (investment) prolongs for quite a bit of time the problems that we've got."

Toll Brothers itself will continue to offer incentives to get people to buy homes _ a concession uncharacteristic of the builder that speaks to the severity of the housing market.

But Deutsche Bank analyst Nishu Sood said the builder should more aggressively discount because "by holding prices the company is just delaying the inevitable as prices are unlikely to revisit boom time levels for a prolonged period."

The company hasn't written off as much as other builders, and as such has a higher share of these charges to come, he wrote in a research note.

For the period ended April 30, Horsham, Pa.-based Toll reported a loss of $93.7 million, or 59 cents per share, compared with a year-ago profit of $36.7 million, or 22 cents per share.

The quarter included a pretax write-down of $288.1 million, which included $85 million from joint ventures with other builders on land development.

Toll also posted $40.2 million in gains from a property condemnation process, in which municipalities compensate landowners for taking their parcels to develop parks and other projects.

Without these charges and gain, Toll earned $81.3 million, or 49 cents per share, compared with $109.6 million, or 66 cents, a year ago.

Revenue fell 30 percent to $818.8 million from $1.17 billion last year.

Analysts surveyed by Thomson Financial expected a loss of 89 cents per share including charges on sales of $818.5 million.

Net contracts, an indication of future business, fell by 58 percent to $496.5 million in the quarter from a year ago. Cancellations totaled $234.1 million, down from $274.7 million last year.

The average home price on net contracts fell to $534,000 from $710,000 in 2007's second quarter.

Geographically, sales fell 45 percent in the southern states of Florida, Georgia, the Carolinas and Texas. The mid-Atlantic, covering Pennsylvania, Delaware, Maryland, Virginia and West Virginia, declined by 39 percent. The west, comprising California, Arizona, Colorado and Nevada, was down 28 percent.

Toll's northern region of New Jersey, New York, Connecticut, Rhode Island, Illinois, Massachusetts, Michigan and Minnesota fell 3.3 percent.

Net contracts fell 79 percent in the north, 62 percent in the west, 44 percent in the mid-Atlantic and 31 percent in the south. But the housing meltdown isn't affecting Manhattan, where Toll said homes have temporarily sold out.

The company said the quarter's backlog of homes ordered but not yet delivered totaled $2.08 billion, down 50 percent year-over-year.

-Deborah Yao
The Huffington Post
Posted: June 3, 2008


For further information or if you wish to see your property featured here.
Please Contact:
The Smiths - Luxury Resort Portfolio at (561) 445-2282


NOTE:

Remember to visit our corporate blog at
http://LuxuryResortPortfolio.blogspot.com

If you are subscribed to our corporate blog, you are NOT automatically subscribed to the Mizner Country Club - Real Estate News. They are two separate published newsletters. Please subscribe today and start receiving the latest updates in Real Estate News. Thank you again for all your support and best wishes!
Philip and Carla Smith
The Smiths - Luxury Resort Portfolio

Disclosure

The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.