The Smiths | 2009 4Q Newsletter

Attention: Mizner Country Club - Real Estate News Subscribers

The article below was originally posted on the The Luxury Resort Index site on February 25th 2010. In an effort to consolidate our many and well received blog posts regarding the luxury real estate market in South Florida, all future Luxury Resort Portfolio blog posts will originate from our The Luxury Resort Index site.

This site is only for Mizner Country Club related news and is only updated when articles are pertaining to Mizner Country Club real estate. We suggest that you follow the links above and please subscribe for continued updates on current real estate news, South Florida luxury real estate updates and local news about the exclusive country clubs and estate enclaves of the Palm Beaches.

Thank You

The Smiths

Luxury Resort Portfolio

4th Quarter | 2009
Newsletter

Specializing in properties of distinction on South Florida’s Gold Coast, Luxury Resort Portfolio provides the highest level of customized service, matched and exceeded only by the highest level of performance exemplary of the exceptional real estate our firm represents.

Please accept this invitation to explore Luxury Resort Portfolio and discover the myriad real estate opportunities available on this sunny, scenic and incomparable slice of South Florida’s Gold Coast. From vastly sought after real estate on the green in an Elite Boca Raton Country Club to a Luxurious Ocean Front Estate along the Palm Beach coastline, there’s something for every taste and lifestyle in South Florida. Please contact Luxury Resort Portfolio for more information and let our professionals know how they can be of further assistance to you.

Luxury Resort Portfolio
"The Definitive Source For Luxury Real Estate In South Florida"

Main | 800.644.5616
Fax | 800.644.0059
Philip Lyle Smith | 561.445.2282
Carla Ferreira-Smith | 561.445.2299

or email us at TheSmiths@LuxuryResortPortfolio.com

A Transaction Brokerage Team Representing Both Buyers And Sellers

____________________________________________

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.

Estates and Fine Homes LLC
7700 Congress Avenue
Boca Raton, FL 33487

Main: 800-644-5616
Fax: 800-644-0059

Mizner Country Club-Real Estate Round Up

Andalucia Property Is The First To Sell in
Mizner Country Club in 2009

The Smiths - Luxury Resort Portfolio
Recent Sales



"Just Sold" by The Smiths - Luxury Resort Portfolio
Mizner Country Club - Andalucia
16223 Andalucia Lane
List Price $ 1,695,000
(Click On Image To View Details)

The Smiths have successfully sold & closed on 16223 Andalucia Lane on April 16th, 2009. Surprisingly enough to note, this property was the first property to sell in Mizner Country Club so far this year. We wish to congratulate our newest neighbors, wishing them many years of wonderful memories and much happiness in their new home! Welcome to Mizner!

For the Real Estate Round Up the following is MLS data for Mizner Country Club as of today:

Currently there are (70) active "Listings for Sale" in Mizner Country Club, with (3) pending for sale, and (1) sold property year-to-date that has been featured above. If you wish to get the detailed listing report, please email us at TheSmiths@luxuryresortportfolio.com and we will gladly forward it onto to you.

Mizner Country Club- Homes For Sale

________________________________________________________

Preview All of Our Listed Estates
(Click Below)

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


Inquire about "The Property Organizer" Feature we exclusively provide at Luxury Resort Portfolio.
It is an organizing tool that makes it easy to search for properties and to keep track of properties you are interested in. Whenever you see property listings that you like, you can save them for future reference and for sharing with family members and friends. "The Property Organizer" also allows you to easily manage your Email Update service and save your search criteria for later use.


click link below to view:
"The Property Organizer"

If you have any questions on how to set up specific community searches
or for your Mizner Country Club Real Estate Update
compliments of The Smiths - Luxury Resort Portfolio,
please call or email Philip at (561) 445-2282 or Philip@LuxuryResortPortfolio.com
for assistance.
We can set up your customized search and you will receive instant email updates
directly to your inbox.


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

Mizner Country Club - Real Estate Round Up

Happy Holidays!

We sincerely thank you for your wonderful support and
business during the past year and offer our warm wishes
of happiness, health and prosperity in the coming new year!
Hoping 2009 will bring us all greater fortunes...
especially in Real Estate!

-The Smiths
Philip & Carla Smith

Mizner Country Club - Real Estate Round Up

The numbers in Mizner Country Club keep increasing...unfortunately we are not talking about the Home Prices. The number of homes actively for sale in Mizner Country Club is at the highest level of available inventory in our community's history.

Mizner Country Club currently has (70) properties "Listed for Sale". These properties range in "Asking Prices" of $581,900 to $3,300,000. The community had (17) properties Sold Year-to-Date and the properties sold in 2008 ranged from $615,000 to $3,600,000. Currently there are two (2) properties "Pending Sale". To view detailed information, please click on the links below.

Mizner Country Club - Homes For Sale
Mizner Country Club - Homes Sold 2008
Mizner Country Club - Homes Pending Sale

_____________________________________________________

The Smiths - Luxury Resort Portfolio
Recent Sales

"Just Sold" by The Smiths - Luxury Resort Portfolio
Mizner Country Club - Cordoba
List Price of $1,149,000
(Click On Image to View Details)

We are pleased to announce
The Smiths - Luxury Resort Portfolio
Just Listed

Mizner Country Club - Cordoba
Offered at $1,049,000
(Click On Image to View Details)


Preview All of Our Listed Estates
(Click Below)

_____________________________________________________

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


Inquire about "The Property Organizer" Feature we exclusively provide at Luxury Resort Portfolio.
It is an organizing tool that makes it easy to search for properties and to keep track of properties you are interested in. Whenever you see property listings that you like, you can save them for future reference and for sharing with family members and friends. "The Property Organizer" also allows you to easily manage your Email Update service and save your search criteria for later use.


click link below to view:
"The Property Organizer"

If you have any questions on how to set up specific community searches
or for your Mizner Country Club Real Estate Update
compliments of The Smiths - Luxury Resort Portfolio,
please call or email Philip at (561) 445-2282 or Philip@LuxuryResortPortfolio.com
for assistance.
We can set up your customized search and you will receive instant email updates
directly to your inbox.



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.

The Smiths - Listing and Selling Mizner Country Club Trophy Properties

The Smiths - Luxury Resort Portfolio
"The Definitive Source for Luxury Real Estate in South Florida”

We are pleased to announce
The Smiths - Luxury Resort Portfolio
Just Listed
A Collection of Mizner Country Club's
" Trophy Custom Estates "



Classic Mediterranean design is touched with the relaxed ease of Santa Barbara style in this magnificent custom residence. Completed in 2007, created by nationally renowned builder Tuscan Harvey Estate Homes.

"New To Market"
Mizner Country Club - Del Prado
Offered at $2,395,000
(Click On Image to View Details)



Beauty and elegance in this premier estate overlooking double fairways. Masterfully upgraded, this designer decorated showplace was created by award-winning builder Courchene Development.

"New To Market"
Mizner Country Club - Capri
Offered at $2,585,126
(Click On Image to View Details)


Country Club living reaches the pinnacle of luxury in this Tuscan-Harvey Estate Home. Custom built Santa Barbara-Style Estate presiding over a premier over sized lot, presenting panoramic triple fairway views.

"New To Market"
Mizner Country Club - Capri
Offered at $2,675,000
(Click On Image to View Details)


The Smiths - Luxury Resort Portfolio
Recent Sales

"Just Sold" by The Smiths - Luxury Resort Portfolio
Mizner Country Club - Del Prado
List Price of $2,799,000
(Click On Image to View Details)

Preview All of Our Listed Estates
(Click Below)

______________________________________________

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

Inquire about "The Property Organizer" Feature we exclusively provide at Luxury Resort Portfolio.
It is an organizing tool that makes it easy to search for properties and to keep track of properties you are interested in. Whenever you see property listings that you like, you can save them for future reference and for sharing with family members and friends. "The Property Organizer" also allows you to easily manage your Email Update service and save your search criteria for later use.


click link below to view:
"The Property Organizer"

If you have any questions on how to set up specific community searches
or for your Mizner Country Club Real Estate Update
compliments of The Smiths - Luxury Resort Portfolio,
please call or email Philip at (561) 445-2282 or Philip@LuxuryResortPortfolio.com
for assistance.
We can set up your customized search and you will receive instant email updates
directly to your inbox.



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.

Luxury Resort Portfolio proudly presents our Newest Feature ... "The Property Organizer"

Luxury Resort Portfolio


The Smiths
proudly present our latest addition to the
Luxury Resort Portfolio Website
the
Luxury Resort Portfolio-Property Organizer
with
"Hot Sheet Updates"


Now you can get the newest listings in your Email Box!
Sign up for the Luxury Resort Portfolio -"Hot Sheet Updates"
and get the latest property reports and photos
as they come on the market!

Customize Your Search!
Customize How Often You Wish To Be Updated!

Simple to Sign Up & Free !!!

Compliments of The Smiths-Luxury Resort Portfolio


How Do You Sign Up? It's Quick and Easy!

1. Click on the image above
2. Click on "Sign Up For Free Service"
3. Complete the 4 Easy Steps!

Welcome to Luxury Resort Portfolio-Property Organizer

The Property Organizer is an organizing tool that makes it easy to search for properties and to keep track of properties you are interested in. Whenever you see property listings that you like, you can save them for future reference and for sharing with family members and friends. The Property Organizer also allows you to easily manage your Email Update service and save your search criteria for later use.

If you have any questions on how to set up specific community searches,
please call or email Philip at (561) 445-2282 or Philip@LuxuryResortPortfolio.com
for assistance. We can set up the customized searches for you

___________________________________________________

For further information or if you wish to see your property featured here.
Contact:The Smiths - Luxury Resort Portfolio
at (561) 445-2282 or (561) 445-2299


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.

Luxury Resort Portfolio - Representing both Buyers and Sellers in Mizner Country Club

Mizner Country Club

Luxury Resort Portfolio - Real Estate Activity Report


click on images to view detailed information


Just Sold by The Smiths

The Smiths-Luxury Resort Portfolio this week closed on
8363 Del Prado Drive (Model: Custom Home)
List Price: $ 2,799,000


Just Listed by The Smiths

Custom Built Tuscan-Harvey Mediterranean Estate Triple Golf Fairway Panoramic Vistas

Mizner Country Club-Capri

15956 D'Alene Drive (Model: Custom Home)
List Price: $2,675,000

The Jewel of Mizner Country Club. Magnificent triple fairway custom built Tuscan-Harvey Mediterranean Estate replete with: Chicago brick and cypress tree lined arrival, fountain courtyard entry with fire pit, hurricane impact glass, elevator, temperature controlled wine cellar, pecky cypress wood beamed ceilings, Brazilian walnut and terrazzo floors, sauna, authentic barrel tiled roof, billiard loft, pub room, resort style beach entry / lagoon inspired pool with rock waterfall and spa.

The Smiths - Active Listings For Sale
Mizner Country Club-Andalucia
16187 Andalucia Lane (Model: Casa Del Sol)
List Price: $1,999,000

One of Mizner Country Club's premier cul-de-sac settings gives this magnificent lakefront European-inspired estate commanding panoramic views across the shimmering lake to the emerald fairways and palatial clubhouse. Featured in Florida Design magazine (Volume 6, Number 1), this lavish villa showcases signature interiors by Roz Shuster Design. A lushly landscaped circular drive sets the tone of Old World elegance with a trickling fountain back dropped by a frescoed mural. Stretching across the lakefront, multi-level Loggias with an open-air Kitchen are perfect for outdoor entertaining by the stately formal Pool and Spa graced with groomed tropical gardens.

Mizner Country Club-Andalucia
16223 Andalucia Lane (Model: Custom Segovia)
List Price: $1,725,000

This expanded Segovia villa presents meticulous detailing, from the custom exterior stonework and corbels to the Travertine Gold marble floors, elaborate ceiling treatments, and faux finishes refining the elegant interior décor. Five bedrooms, 5 full and 2 half baths, and a 3-bay garage are included in 6,480± total square feet along with myriad luxuries including the back-up generator, accordion hurricane shutters, surround-sound system, security surveillance, whole-house water filtration, and Aprilaire anti-allergen heating/cooling system. All bedrooms have custom-fitted closets and individually designed baths.

Mizner Country Club-Cordoba
16289 Mira Vista Lane (Model: Carrington)
List Price: $1,750,000

Elaborately custom appointed, this Mediterranean masterpiece is perfectly set amid luxuriant tropical greenery capturing expansive views across the fairway. A stately circular drive introduces the villa which opens onto a spectacular resort-style outdoor entertainment area hosting memorable social gatherings. The sumptuous heated pool is beautifully designed with a raised spa and a dolphin design embellishing the bottom. Serving the poolside lanai, a tiled summer kitchen with dual grills, refrigerator, sink, and tumbled marble bar opens by a charming lighted tiki hut alongside an enchanting rock waterfall.

Mizner Country Club-Cordoba
16208 Mira Vista Lane (Model: Carrington)
List Price: $1,149,000

Emerald fairway vistas take center stage in this majestic Mediterranean estate's premier golf course setting. The circular drive and lush tropical landscaping heighten the villa's grand presence. An entertainment loggia with summer kitchen opens by the sun-splashed pool centered on a waterfall spa in a resort-inspired theme. Artisan craftsmanship and stylish aesthetics hallmark this casually elegant, extensively upgraded Carrington residence built in 2003. Five bedrooms, 5½ baths, and a 3-bay garage are included in 5,588± total square feet. Custom mill work, elaborate tray ceilings, diagonally laid Saturnia marble floors, and art niches accentuate the luxurious living environment.

Mizner Country Club-Palma
8131 Valhalla Drive (Model: La Serena)
List Price: $1,070,000

This stunning Mediterranean estate is perfectly set on the golf course in a verdant and picturesque landscape. Lush tropical foliage carries from the formal entry to the view-filled patio surrounding the free-form pool graced by a soothing rock waterfall. This resort-style alfresco entertainment area includes outdoor speakers and is ready for a summer kitchen. Fine craftsmanship and designer finishes enrich this impressively elegant residence in a light neutral palette brightened by dramatic window walls bringing the outdoors inside. Diagonally laid customized floors and crown-molded double-tray ceilings refine the interior décor in a generous floor-plan offering 5,120± total square feet with 4 bedrooms, 5½ baths, custom-fitted closets, plus an oversized 2-car garage replete with golf cart storage. Special features include the surround-sound speakers
and sophisticated security system.

Mizner Country Club-Encantada
8060 Laurel Ridge Court (Model: La Serena-Expanded)
List Price: $1,049,000

In the Encantada enclave, this elegant Mediterranean estate enjoys tranquil privacy while capturing lush vistas overlooking the golf courses 4th green. The oversized lot gives ample room for expanded guest parking. Hosting outdoor entertaining, the view-filled loggia is also perfect for relaxing amid the gentle sounds of spouting fountains flowing into the beautiful Romanesque pool, surrounded by tropical landscaping with accent lighting. Meticulous architectural detailing and numerous upgrades are combined throughout this gracious residence in a warm neutral décor. Crown moldings and decorative, diagonally laid ceramic tile floors unify the main level. The spacious floor-plan of 5,120± total square feet includes 4 bedrooms, 5½ baths, and a 2-car garage with additional golf cart storage.

Mizner Country Club-Encantada
16372 Braeburn Ridge Trail (Model: La Serena-Expanded)
List Price: $ 1,010,000

A choice, over-sized golf course lot and designer upgrades add to the appeal of this beautiful La Serena estate. Luxuriantly landscaped grounds feature an expanded side yard plus an outdoor entertainment area with luxurious pool/spa, summer kitchen, and lush fairway vistas. Residence: Intricate hand-crafted wall moldings, crown molded tray ceilings, art niches, and designer window treatments adorn this warmly elegant residence totaling 5,120± square feet with 4 bedrooms, 5½ baths, and over-sized 2 1/2 bay garage.

The Smiths - Luxury Resort Portfolio
Active Listed Estates in other Neighboring Communities
Preview Our Luxury Resort Portfolio

_____________________________________________________________________________

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


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.

Today's Offer is Going to be the Best Offer!

Housing Prices Have Hit 2004 Levels

The offer you receive today is most likely going to be the best offer you are going to get for a very long time. Michelle Meyer, an economist at Lehman Brothers Holdings Inc. in New York, said in an interview with Bloomberg Television "In terms of prices, we don't think we'll see a bottom until the end of next year."

The number of closed transactions are slightly up from 2007 to 2008. According to the Florida Association of Realtors press release on Monday, Palm Beach County had 652 sales in July, that number is up 8 percent from 605 sales a year ago. The median price of home in Palm Beach County is currently $291,300 falling 22 percent from $372,200 a year ago.

South Florida Sellers are having an extremely difficult time coming to terms with the hard reality that their properties are no longer valued at what they thought their properties should be. Buyers actively searching for a home are aware the market is in their favor and are quite verbal that there is a massive amount of inventory to select from and that price is their motivation!

In the Luxury Real Estate Market, Sellers are slowly and painfully accepting that what is happening elsewhere at lower price points is also "trickling up" to their unique market. Fewer Buyers are purchasing second homes in this volatile economy, financing is harder to secure, purchasing homes for cash is a thing of the past, and rising country club dues and fees are becoming less and less attractive. We are noticing that the younger, wealthier Buyers are choosing to go into more moderate priced homes or gated communities to gain "more house for their money". The appeal of moving into the fancy, very expensive gated golf community has lost a lot of its luster in the last couple of years.

Mike Pappas, head of The Keyes Co. in Miami, said Palm Beach County's price plunge shows buyers are demanding bargains. "The only way you're going to move a property today is because of price," Pappas said. "You're seeing that reflected in the numbers."

Pappas and others say property owners shouldn't expect the value of their homes to rise much more than the rate of inflation, which hovered at about 3 percent a year during the boom. "The market is taking the excesses out and penalizing us to get back to the normal, historic appreciation trend," Pappas said. "It's a painful process."

For months, Realtors have been noticing that that their phones are beginning to ring with calls from eager buyers and the number of showings have also increased. Realtors have all been hoping that the end might be in sight soon. But more skeptical observers say prices have further to fall before they're affordable and attractive to Buyers. "We've been saying prices were going to go back to 2003 levels," said Jack McCabe, a housing analyst based in Deerfield Beach. "Now, I'm starting to think it may be even worse than that." McCabe pointed to the glut of homes on the market, and he said prices remain out of reach.

What's more, he expects the flood of foreclosures to continue to hurt home values. "We've probably seen only 30 percent of the foreclosures we're going to see over the next few years," McCabe said. The number of sales in Palm Beach County rose slightly to 652 in July, up 8 percent from a year ago but down 12 percent from the previous month.

Home prices in Palm Beach County have plunged to a four-year low in July, only to raise new questions about just how much farther can property values fall. The last time the median home price in Palm Beach County was $300,000 it was May 2004, when property values were in the middle of their stratospheric rise. Late 2005, when Palm Beach County real estate was the hottest investment this side of Google, home prices have dropped 30 percent. "It's a massive dip over the past couple years, there's no two ways about it," said John Mike, president of the Realtors Association of the Palm Beaches. "The buying public is unnerved about what's been happening in the general economy."

The median condo price in Palm Beach County was $152,300, down 15 percent from a year ago. The number of sales jumped 16 percent.

The national housing market continued to struggle, too, the National Association of Realtors said Monday. The national median existing-home price was $212,400 in July, down 7.1 percent from a year ago, when the median was $228,600. Home sales, however, rose 3.1 percent.

Sales of existing homes in the South tumbled 18 percent in July from a year ago, while the median price fell 3.5 percent to $179,300.

________________________________________________________________

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

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.

Featured Property of the Week

Mizner Country Club - Capri

Custom Built Tuscan-Harvey Mediterranean Estate

Double Golf Fairway Panoramic Vistas


The Smiths- Luxury Resort Portfolio

A Transaction Brokerage Representing Both Buyers And Sellers

"Featured Property of the Week"


For Information: (561) 445-2282

New to Market and Just Listed

click on image to view details

Mizner Country Club - D'Alene Drive
Delray Beach, Florida

The Jewel of Mizner Country Club. Magnificent double fairway custom built Tuscan-Harvey Mediterranean Estate replete with: Chicago brick and cypress tree lined arrival, fountain courtyard entry with fire pit, hurricane impact glass, elevator, temperature controlled wine cellar, pecky cypress wood beamed ceilings, Brazilian walnut and terrazzo floors, sauna, authentic barrel tiled roof, billiard loft, pub room, resort style beach entry / lagoon inspired pool with rock waterfall and spa.

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

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.

Home Sellers Suffering Huge Losses

25% of home sales result in loss

Values have fallen so far in many cities that sale prices don't cover what sellers originally paid. That means more hard times before markets recover.

NEW YORK (CNNMoney.com) -- More homeowners than ever are selling at a loss, propelling the real estate market deeper into crisis.

In the 12 months that ended June 30, nearly 25% of all homes sold nationwide fetched less than sellers originally paid, according to real estate Web site Zillow.com.

While the nation's double-digit decline in home prices has been well documented, the new report underscores the economic force of those price declines. Homeowners are walking away with much less in their pocket when they sell. And that affects more than the real estate market.

"It's stunning what's happening out there," said Stan Humphries, Zillow's vice president of data and analytics, who looked at statistics that date back to 1996. "The numbers are the worst we've seen and it's not just the magnitude of the problem but the scope - so many markets are affected."

In Merced, Calif., 63% of homes sold during the past 12 months brought in less than what the owner paid. Prices there have fallen 40% over the past 12 months and 56% from their 2006 peak.

About 63% of sellers in Stockton, Calif., lost money during the same period, 60% in Modesto, Calif., 55% in Las Vegas and 38% in Phoenix.

And the trend has worsened in recent months. In Merced, 74.9% of sellers took a loss when they sold during the three months ended June 30 compared with just 28.7% during the same period in 2007.

The experience of one would-be seller in Cape Coral, Fla., illustrates the kinds of losses sellers are suffering. The homeowner, who asked not to be named, paid $147,000 in 2003 for a three-bed, two-bath ranch. Prices have dropped there more than 22% in the past 12 months.

He said he made a 10% downpayment and spent big on upgrades, including two renovated baths. The house was appraised at $279,000 two years ago. Two months ago: $140,000. He has been trying to sell it for more than a year and has dropped the price to $129,900.

"It's terrible," he said. "I'm taking a major loss. I'll probably have to bring a check to the closing."

The short-sale solution

Many sellers are so underwater that their only solution is a short sale. Elsa Bell, a claims adjuster, bought her Riverside, Calif., house in 2006 for $330,000, using a no-down-payment loan. In April she put the house on the market for $275,000, but it hasn't sold.

"The bank is willing to do a short sale, and we have an offer of $170,000 on the house, but we believe the bank will turn that down," Bell said.

A short sale is when a lender agrees to take less than the amount it is owed on a mortgage and forgives the remaining debt.

For Bell, whatever the sale brings, it's going to be a lot less than what she paid.

The good news is that she should get out of the deal fairly clean. Since she has little invested, she has little to lose. The bad news is that a short sale may mean a hit to her credit score.

Nationwide, nearly a third of all homeowners who bought since 2003 owe more on their homes than the homes are worth. And those that, like Bell, put little or none of their own money into the home purchases, are more likely to try to sell short or simply abandon their homes.

"They hand over their keys and walk away from the homes," says Danielle Babb, a real estate investor, instructor at the University of California Irvine and author of "Finding Foreclosures."

That adds to foreclosure rates. Zillow reported that nearly 15% of U.S. existing home sales during the last 12 months involved foreclosed homes.

That trend will almost surely continue.

In Stockton, Calif., 2006 buyers now owe a median of nearly $171,000 more than their homes are worth. In Salinas, Calif., 2006 buyers now have median negative equity of $161,000, and in Merced, the figure is nearly $160,000.

Broader impact

A plethora of sellers taking losses can have a chilling effect on people's lives, says Dean Baker, co-director of the Center for Economic and Policy Research in Washington.

People don't want to sell at a loss, so they put off their plans, whether it's a move for a better job opportunity elsewhere or trading up to a larger home.

"That will delay the [market correction]," said Baker. "It takes time for people to recognize that [these losses] are real."

A quick turnaround is not likely. More than $200 billion in adjustable rate mortgages are scheduled to reset during the second half of 2008, according to the National Association of Realtors, and loans of all types defaulting at high rates. There is also about 11 months of inventory at the current rate of sales.

"With $3.9 million unsold homes on the market, prices will have to come down even more before the market stabilizes," said Zillow's Humphries

Source: CNNMoney.com
By: Les Christie

Last Updated: August 13, 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

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.

Featured Property of the Week

Mizner Country Club's Trophy Cul-De-Sac Lot
Premier Golf and Lakefront Panoramic Views

The Smiths - "Featured Property of the Week"

(click on image to view more pictures)

Mizner Country Club
Delray Beach, Florida
16187 Andalucia Lane
Offered at $1,999,000

Location

Andalucia Lane, Delray Beach, Florida. A luxurious new golf course community, Mizner Country Club enjoys a lush lake-studded landscape centered on an 18-hole Arnold Palmer signature golf course. Other world-class amenities include the magnificent Grande Clubhouse and state-of-the-art fitness, tennis, and swimming facilities. Beautiful Gold Coast beaches and exclusive shopping, dining, and entertainment are close by.

Property

One of Mizner Country Club’s premier cul-de-sac settings gives this magnificent lakefront European-inspired estate commanding panoramic views across the shimmering lake to the emerald fairways and palatial clubhouse. Featured in Florida Design magazine
(Volume 6, Number 1), this lavish villa showcases signature interiors by Roz Shuster Design. A lushly landscaped circular drive sets the tone of Old World elegance with a trickling fountain backdropped by a frescoed mural. Stretching across the lakefront, multi-level Loggias with an open-air Kitchen are perfect for outdoor entertaining by the stately formal Pool and Spa graced with groomed tropical gardens.

Residence

Meticulous attention to detail is evident in the stylishly elegant interiors of this extraordinary home replete with rich millwork and elaborate trompe l’oeil and faux-painted details.
Also notable are the soaring ceilings, Schonbek chandeliers and sconces, and dupioni silk draperies. With French doors flowing onto the lakefront loggias, 6,425± total square feet offers
5 Bedrooms, 5 full and 2 half Baths, and a 3-bay Garage.

First Floor: An elegant marble Gallery Foyer steps down to the formal Living Room dramatized by soaring 24’ ceilings, a stone fireplace, and an executive bar with temperature-controlled wine storage. A columned entry presents the formal Dining Room illuminated by a crystal chandelier below the elaborately molded ceiling. Rich mahogany paneling appoints the wood-floored Office along with intricate moldings, plantation shutters, and a wall-mounted
large-screen television. The gourmet island Kitchen offers furniture-grade cabinetry, granite counters, and stainless steel appliances. Soaring to a beamed ceiling, the Family Room focuses on an elaborate built-in entertainment center with surround-sound system.

Second Floor: A circular marble staircase ascends to the upper level featuring a mahogany-paneled Billiard Loft with wet bar and hammered copper sink Sumptuous elegance is the theme of the grand Master Bedroom Suite featuring elaborate tray ceilings, Sitting/Exercise Area, Morning Bar, mahogany fitted closets, and opulent Bath with spa tub, Roman shower, and custom-etched windows. Four additional Bedrooms all have en-suite Baths.


Inspection by appointment only
MLS# R2945004

For further information on the "Featured Property of the Week", or if you wish to have your property prominently featured here.
Please Contact:
The Smiths - Luxury Resort Portfolio at (561) 445-2282

View Our Website: www.luxuryresortportfolio.com

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.