Sunday, May 31, 2009
The property, located at 5005 Lakeview Drive in Miami Beach, consists of a charming Mediterranean house with 6,000 square feet of interior living space, that is situated on a lot measuring 47,540 square feet, with 200 linear feet of frontage on the intracoastal waterway. The large family home was purchased in March of 2004 for $3,100,000, according to the Dade County Property Records, and is presently being offered as a short sale for $3,000,000.
The estate has been on the market for sale since September 2007, when it was listed for $6,500,000. Five subsequent price reductions brought the price down to the $3,000,000 being asked today. The property is unlikely to be sold at auction, because most luxury home buyers are still sitting on the sidelines waiting to see how the real estate market plays out. Literally hundreds of luxury homes are presently for sale on Miami Beach, and the buyers are few.
Home owners who really want to sell are going to have to come to grips with a very different reality, the one that exists today, not the one that existed yesterday. Prices of luxury homes on Miami Beach are still inflated, and sellers are reluctant to admit that they may have to accept 30% to 50% less for their property than they originally anticipated. For those who doubt, there are some interesting statistics that appeared on Friday in the Miami Herald.
According to figures released by the Mortgage Bankers Association, in the first 3 months of this year, Florida ranked first in the country in foreclosures, with 11% of of its mortgage loans in foreclosure. In addition, one of four borrowers in Florida were either late on their mortgage payments or in foreclosure during the first quarter of 2009. A report just released by Zillow.com, a web based real estate service, states that approximately 71% of home owners who purchased a home or condo in Miami in the past 5 years, are "underwater", meaning that the amount they owe on their mortgage exceeds the present value of their home.
For home buyers, luxury or otherwise, all of this is good news, because a buyer can practically have his/her choice. "Low-ball" offers which were once frowned upon by both sellers and realtors, have become commonplace in today's market. As Donald Trump recently said on Larry King Live, "There has never been a better time to buy".
Saturday, May 30, 2009
You'll know your on the right carriage to "Ride the Rails" when you see Williamsburg Valley Railroad, named after the owner of this bedroom. Be sure to check the schedule first though – it's posted on the blackboard right beside.
Thursday, May 28, 2009
Wednesday, May 27, 2009
It is really heartening to see Indian and Asian influence on international design and products. Things that are used on a daily basis, or some that have been forgotten as 'old style' or 'traditional', are now being feted in international boutiques as the latest in chic home possession. Take a look at the latest catalogue of Toast to re-discover Indian utilitarian items - from the ubiquitous dibba (lunch box) to colorful lanterns to the humble madras checks to steel dinnerware :)
(All images: Toast catalogue)
On another note, also sharing with you a quick dose of goodness from the hammams of Turkey, brought to us by Tad'e Pays du Levant. This mouthful of a boutique has a range of products inspired by ancient traditions of hammam (Turkish bath), keeping in line with ethical and ecological trade. Take a look at Tad'e Pays du Levant for its delicious sounding products and lovely pictures...
[Read more on Hammam...]
Monday, May 25, 2009
Here are several Italian luxury interior bedroom design, created and designed by Mauro Pezzotti, an Italian architect, he got his high school diploma from an architect and home design school that specialized in science subjects. Organizing space specially for bedroom design is one of his talents, and it profed by these picture.
The 7,374 square feet, 5 bedrooms, 7.5 bathrooms condominium, on the 40th floor of the Continuum South Beach, boasts 360-degree views of the Atlantic Ocean, Biscayne Bay, and the city. The residence features 13 feet high ceilings, and a 26 feet high ceiling in the dining room, its own private elevator, and smart house touch panels that allow you to operate everything from the lighting to security to high-end audio and video systems. This most luxurious apartment in the sky is truly state of the art.
The Continuum is situated on 13 acres of some of the most prized real estate in the world, featuring 3 pools, 3 tennis courts, and 2 restaurants. Birkenstock bought the condo from Howard and Lilly Steinberg, who, according to the Dade County property records, purchased it in June 2003 for $7 million.
The Steinberg’s had been trying to sell the penthouse since March 2007, when they listed it for $25 million. In December 2007 they reduced the price to $21 million, and when they were unable to secure a buyer, they again lowered the price to $14.5 million at the end of November 2008.