Monthly Archives: July 2016

Fort Laudedale Real Estate Prices Rise But Fort Lauderdale Realtor Sees Bumps Ahead

Fort Lauderdale area real estate prices are on a huge upswing and you can see the news just about everywhere you look. From the Real Estate section of the local Fort Lauderdale newspaper that for year has spent many pages on gloom and doom, to the signs in front of local real estate offices that are covered with positive accolades about the local real estate market. It appears that on many levels the bottom has passed and happy days are here again for the sellers of Ft Lauderdale Real Estate… but maybe, not so fast!

Just like there was a perfect storm of events that burst the bubble on the real estate boom. There appears to be some events that have fueled a quick reversal in prices that simply may not last. I want to get to the point of this Fort Lauderdale Real Estate article before I even explain my theory further.

I don’t expect the exuberant price increases to continue, I expect to see a leveling off and a return to a stable market!

It’s a great time to be a buyer of South Florida Real Estate, and if you are a buyer its time to come to grips with the fact that you missed the bottom. Now maybe the time to start working closely with a Fort Lauderdale Realtor to find a great deal before the next rise in prices, prices you out of your dream home.

Now that we got right to the point, let’s talk about why the quick upswing in prices and somethings that could slow down the dramatic shift. To begin I need to quote Gary Keller, not sure of it was original but it was from him that I heard it, ” the pendulum swings fastest at the bottom”, and that has certainly happened. Large hedge fund investors in the Fort Lauderdale market have been buying property at a feverish pace, and often paying over market value driving prices up? The rumors are they are not renting these homes as quickly as they thought and are slowing down on these purchases. I do not think this will hurt the market in itself as there are many smaller investors ready to buy all the distressed homes that come to market and bidding wars will remain a norm.

Fort Lauderdale Real Estate force #2, the cranes are moving again over the City of Fort Lauderdale. You still can’t sell a condo or a home for what it will cost to build but the gap is closing quickly. In Fort Lauderdale where vacant land is in short supply we have seen the return of the individual home owners willing to build. There are people building their personal dream homes at all levels of the local real Estate market. In addition 1000’s of new rental properties are currently under construction in the city. These can slow down the market by causing a drop in rents, forcing smaller investors to drop their sale prices and creating a chain reaction to help level the playing field. Certainly this is not a good or bad thing; it is just another one of the forces facing our market.

Last but not least in Broward County we still have approximately 40,000 properties at some point of foreclosure. Based on some new laws the banks have had to regroup in order to be successful in their foreclosure actions. But as they do come back to court and these actions do start to move forward, and property does become available it will certainly cause some downward pressure on pricing.

As I see it, great days are ahead for the Fort Lauderdale Real Estate market, but at this point is was time for a little reality check! This is not the time to allow a market very short on inventory to cause you to become a reactive buyer. Its time to identify what you are looking for and wait for the perfect home to come your way.It is thetime to be diligent and watch prices and interest rates so you can make a decision that is right for you and your family.

Treasure Hunting For Turquoise

Turquoise is possibly the most valuable, non-transparent mineral used in jewelry. It has been mined since at least 6000 BC by Egyptians. Like other opaque such as coral, turquoise is commonly sold by the size in millimeters rather than by weight.

Turquoise is usually found sandstone layers and can be seen as splotches or as a network of brown or black veins running through the sandstone. There are many small-scale mining operations that are worked by hand. Only one mine in Apache Canyon California operates at a commercial capacity today.

With a hardness of just under 6, about the hardness of window glass, this gemstone takes a good polish. It comes in white, blue, green, brown, yellow and all of the shades in between. The value of the turquoise you will find is determined by the richness of color. Robins egg is usually the most valuable. The more of a green hug or lightening of color will decrease the value. Turquoise should never be soft or chalky in color.

Turquoise is typically found in the arid regions of the world and some high quality gemstones have been found in the Southwest United States such as Arizona, California, Colorado, New Mexico and Nevada.

More that 120 mines have produced significant quantities of gem quality turquoise in Nevada. Nevada mines are primarily worked for the gemstone as apposed to other mining areas where turquoise is usually the result of the by product of other mining activities. The geological formation of Nevada turquoise, it is hard and dense and usually does not require any treatment or enhancements to be used in jewelry.

The Royston mining district located near Tonapah, Nevada conducts tours of the mining facility Wednesday through Saturday excluding holidays. For $100 per person you will get a bucket to fill up by picking through the tailing piles. You will need to bring gloves, hat, sunscreen, water, and a good pair of shoes.

The mines in Royston have been in operation since 1902 and by 1915 over $5,000,000 worth of turquoise has been removed from the mines. It was believed to have been the largest single producing turquoise mine in America at that time.

The Ottesons Mine also offers mine tours, Wednesday through Friday excluding holidays. For $50 per person you will get a bucket to fill up by picking through the tailing piles.

Turquoise is found throughout the Southwest United States. Always contact the states Bureau of Land Management for any fees or permit requirements before treasure hunting on public land. Also get permission from any land owners before hunting on private property.

In Arizona turquoise has been found near Albuquerque, Bisbee, Cave Creek, Globe, Kingman, Turquoise and Birdeyes mountains.

In California turquoise has been found in San Bernardo, Imperial, and Inyo counties.

In Colorado, search Conejos, Lake, El Paso and Saguache Counties.

In Nevada, search Clark, Elko, Esmeralda County, Eureka, Lander, Mineral County and Nye counties.

New Mexico, Eddy, Grant, Otero, and Santa Fe counties.

Tools you will need to hunt for turquoise; Pick Axe, rock hammer, gloves, safety glasses, bucket. Remember you are searching arid regions of the world so proper clothing is a must. Wear clothing in layers because weather can change very rapidly in these areas. Water, hat and a good sunscreen is a must.

Happy Treasure Hunting.

The Commercial Mortgage Litigation Time Frame

Many business owners facing foreclosure are often concerned with how much time they will have to spend avoiding foreclosure if their case goes to trial. Various factors come in to play when determining an approximate commercial mortgage litigation time frame. Those factors include:

Value of the property: The value of the property is a good determination to how hard the lender will fight to keep their investment. Foreclosure on a high value property could potentially yield more profit at auction than low value property. This is not to say that the task of fighting to avoid foreclosure will be made any easier for owners of low value property, only to say that borrowers may notice more of an effort from their lenders to foreclose on a property if potential profits appear larger.

The amount of evidence presented by each party: The beauty of the court system is that both sides can take as long as they want to present evidence relevant to their case. If both parties have a substantial amount of evidence to present, the length of the trial will be extended accordingly.

The court schedule: If the courts become back logged with cases, it could take up to several months before a trial can even begin.

There are other factors that will affect the commercial mortgage litigation time frame, but the above are examples that generally apply to each case. A foreclosure attorney should be consulted for more information regarding the specific circumstances of each borrower, as each borrowers case will be different.

Even though foreclosure is often described as more expensive for a lender than providing assistance to the borrower, the arguments made above are made with the assumption that the lender has already refused or failed to provide assistance.

The amount of time that will be invested in a commercial mortgage litigation case should be treated just like the amount of money that will be invested in the case. While it may seem like a burden to the business owner to invest any amount of time in order to save their business from foreclosure, failure or a lack of desire to make the investment could cost the property owner more in the long run than it would cost to fight to keep the property.

It is important that property owners also realize that a lack of funds is no reason to deny oneself expert legal representation in court. Most foreclosure attorneys who can help a struggling business owner avoid foreclosure will offer some kind of payment plan to ease the burden of paying for legal services. Foreclosure attorneys specialize in helping people who are facing financial burdens so extreme that the repossession of their home or business has become a very real possibility in their lives. If foreclosure attorneys only represented people who could afford to pay for their services up front, there probably wouldnt be too many foreclosure attorneys in business.

The business owners best bet is to contact a foreclosure attorney in their area to determine what kind of payment plan the attorney would be willing to work out that would allow the borrower a fair chance at avoiding foreclosure and maintaining ownership of the property in question.