October / November Issue

REAL ESTATE

BEIGE BOOK OCTOBER / NOVEMBER 2014

TEN MINUTES WITH DAVID MARTIN

GET TO KNOW

SPENCER CROWLEY, AKERMAN LLP LISTING DIRECTORY MIAMI AREA MAP INSIDE

DAVID MARTIN

President and Co-Founder, Terra Group

PEDRO MARTIN

CEO and Owner, Terra Group

AIL #1: Classic Daiquiri 2 oz ATLANTICO Platino oz.

M I N T E D P O M E1G R A Nfresh AT E lime juice C L A S S I C DA I Q U I R I 2 OZ ATLANTICO RESERVA 2 OZ ATLANTICO PLATINO .5 oz Simple Syrup

R U M O L D FA S H I O N E D 2 OZ. ATLANTICO RESERVA OR PRIVATE CASK

1 OZ POMEGRANATE JUICE (MONIN)

1 OZ. FRESH LIME JUICE

4 DASHES BITTERS

6 MINT LEAVES

.5 OZ SIMPLE SYRUP

1 SUGAR CUBE

WITH EDIBLE FLOWER.

CHERRY

.75 OZ FRESH LIME

Add ingredients to a shaker filledTOwith ice.

Shake and strain into cocktail iatkcoc otni ADD INGREDIENTS A SHAKER FILLED WITH ICE. ADD INGREDIENTS TO A ROCKS GLASS. STIRlAND glass. Garnish with edible SHAKEflower.

AND STRAIN INTO COCKTAIL GLASS. GARNISH GARNISH WITH ORANGE WHEEL AND MARACHINO

1 OZ SIMPLE SYRUP (OR .5 OZ AGAVE NECTAR) .5 OZ PERRIER ADD ALL INGREDIENTS (EXCEPT PERRIER) TO A

SHAKER FILLED WITH ICE. SHAKE AND SERVE IN A HIGHBALL GLASS. TOP WITH SPLASH OF PERRIER OF CLUB SODA. GARNISH WITH A MINT SPRIG.

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C O N T E N T S 08

MIAMI’S URBAN RENAISSANCE, HOLLAND & KNIGHT

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TUTTO IL GIORNO

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GET TO KNOW

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SPENCER CROWLEY, AKERMAN LLP NEWS CORP BETS ON REALTORS

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H3 HOLLYWOOD MIAMI CULTURE

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10 MINUTES WITH

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LISTING DIRECTORY

DAVID MARTIN, TERRAGROUP 34 35 36 37 38 39 40 41 42 43

AVENTURA BRICKELL / DOWNTOWN COCONUT GROVE CORAL GABLES DORAL KENDALL MIAMI MIAMI BEACH PINECREST SUNNY ISLES

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ECONOMIC INDICATORS

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MIAMI NEW CONSTRUCTION SHOW

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LENNAR GROUND BREAKING

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FLORIDA TITLE AND TRUST

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HOME BUYERS GLOSSARY

SOCIAL SCENE

INTOWN ASTOR

HOME DESIGN AND REMODELING SHOW

NEW

DECORATED MODELS COMMUNITIES MOVE-IN READY HOMES

REALTOR® PARTICIPATION

WELCOME

SPECIAL INCENTIVES AVAILABLE ON IMMEDIATE MOVE-IN READY HOMES FOR A LIMITED TIME! Lennar continues it’s tradition of being South Florida’s #1 homebuilder with new, professionally decorated models, ready to tour, at many of their beautiful communities in the most desirable locations from Homestead to the Treasure Coast. Find the perfect home for your family, plus save thousands on included home features. With many communities featuring homes available for immediate move-in, your new Condo, Villa, Townhome, Single-Family or Estate home priced from the mid $100s to the upper $800s is waiting for you today!

For a list of communities with available Move-In Ready homes please visit us online at

LENNAR.COM/FloridaDeals or call a New Home Consultant at 855-325-2822 Pictures are conceptual in nature and are merely an artist’s rendition. These pictures are solely for illustrative purposes and should never be relied upon. It is not uncommon that the development can change without notice to you. You should never rely upon the accuracy of these pictures when making any decisions relative to purchasing any property. Features, amenities and designs vary per plan and community and are subject to changes or substitution by Lennar without notice. Prices subject to change without notice. Home prices include a standard location, subject to availability, and are subject to change without notice. Consult a Lennar New Home Consultant for information on premium locations. In order for Cooperating REALTOR to receive a commission in connection with the sale of real property in the Community, Cooperating REALTOR or Sales Associate must register a prospective buyer (the “Customer”) in person at the sales office for the Community (phone or fax registrations will not be accepted). Cooperating REALTOR or Sales Associate must accompany the Customer during Customer’s initial visit. Financing available through Universal American Mortgage Company. Mortgage Lender Service License MLD549, NMLS #1058. Copyright © 2014 Lennar Corporation and Universal American Mortgage Company, LLC. All rights reserved. Lennar, the Lennar logo, Universal American Mortgage Company and the UAMC logo are registered service marks of Lennar and/ or its subsidiaries. CGC 62343. 10/14

M A S T H E A D

P U B L I S H E R L E T T E R

PUBLISHER MARTA GONZALEZ-PASOS CONTRIBUTING WRITERS LYNDA FERNANDEZ CLAUDIA BERNAL PABLO ALVAREZ FABIOLA PENALOZA PRODUCTION MANAGER CLAUDIA BERNAL

H e l l o S o u t h F l o r i d a !

CREATIVE DIRECTOR STACEY COON

FOR SELLERS, FOR BUYERS AND FOR DEVELOPERS, 2014 HAS BEEN A GOOD YEAR.

SALES AND MARKETING FABIOLA PENALOZA KERRI TRAPANI JOSE TREJOS

As we draw near the end of year, the latest reports from these trade associations, Miami Association of REALTORS速 and the National Association of Homebuilders, show the real estate market is healthy overall. For sellers, August marked the 33rd month of consistent price increase for single family homes, while condominium owners have enjoyed 38 months of consecutive price increase.

Despite the unbroken price increases, prices remain at affordable 2004 levels. Buyers have also reason to celebrate. Freddie Mac just released the results of its Primary Mortgage Market Survey速 (PMMS速), showing average fixed mortgage rates falling back near their lows for 2014. Mortgage rates fell for the third straight week making it more affordable to borrow money to buy a home.

SALES AND MARKETING ADVERTISING@BEIGEBOOKS.COM LETTERS TO THE PUBLISHER FEEDBACK@BEIGEBOOKS.COM MAILING ADDRESS 3390 Mary Street, Suite 116 Coconut Grove, FL 33133 MAIN OFFICE 786.762.3030 Real Estate Beige Book is published bi-monthly by One World Media, LLC. No portion may be reproduced in part or full by any means, without the written consent of the publisher. One World Media, LLC, assumes no responsibiliy for loss, damage, or any other injury as to unsolicited artwork, photographs or any other unsolicited material. One World Media, LLC, is not liable for the content of advertisements.

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30-year fixed-rate mortgage (FRM) averaged 4.12 percent with an average 0.5 point for the week ending October 9, 2014, down from the previous week when it averaged 4.19 percent.

A year ago at this time, the 30-year FRM averaged 4.23 percent. The Washington based National Association of Homebuilders reported the Homebuilder Confidence in the U.S. increased to a nine-year high, showing the industry is gaining ground and will be a source ofmomentum for the economy.

Builder confidence in the market for newly built, single-family homes rose for a fourth consecutive month in September. This latest gain brings the index to its highest reading since November of 2005. So, for people who have waited to sell their home, to buy or to refinance their mortgage, this is good news.

H a v e a b l e s s e d T h a n k s g i v i n g D a y !

Marta

Where are Global Buyers searching in the United States?

The below data reflects the top countries (outside the U.S.) where consumers were the most engaged on realtor.com速 & realtor.com速 International and the top U.S. markets in which they were searching.

Canada

United Kingdom

Australia

Brazil

Germany

Detroit, MI

Los Angeles, CA

New York, NY

Miami, FL

Los Angeles, CA

Las Vegas, NV

Orlando, FL

Los Angeles, CA

Orlando, FL

San Antonio, TX

Los Angeles, CA

New York, NY

Detroit, MI

Los Angeles, CA

Colorado Springs, CO

Fort Lauderdale, FL

Kissimmee, FL

Las Vegas, NV

New York, NY

Miami, FL

Naples, FL

Houston, TX

Houston, TX

Boca Raton, FL

Cape Coral, FL

Mexico

India

France

Italy

Japan

San Diego, CA

New York, NY

Los Angeles, CA

Miami, FL

San Diego, CA

San Antonio, TX

Los Angeles, CA

Miami, FL

New York, NY

Honolulu, HI

Laredo, TX

Chicago, IL

New York, NY

Los Angeles, CA

Fort Scott, KS

El Paso, TX

Las Vegas, NV

San Francisco, CA

Miami Beach, FL

Los Angeles, CA

Chula Vista, CA

San Jose, CA

Miami Beach, FL

Detroit, MI

San Antonio, TX

Source: Omniture Discover - June 2014

MIAMI’S

URBAN

RENAISSANCE COURTESY OF HOLLAND & KNIGHT

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MIAMI REAL ESTATE ATTORNEY VIVIAN DE LAS CUEVAS-DIAZ EXPLAINS WHERE THE OPPORTUNITIES ARE.

It’s a good time to be a real estate lawyer.

Miami’s revived and robust real estate sector is creating non-stop action for advisors behind the scenes, like attorney Vivian de las Cuevas-Diaz.

Vivian is a real estate attorney with the firm of Holland & Knight, representing developers and lenders with their transactions. She is a former president of the Cuban American Bar Association and is active with the Latin Builders Association and Commercial Real Estate Women (CREW) of Miami.

She believes that Miami is experiencing a renaissance of sorts, bringing the city closer in character to New York City. During the last real estate boom, she says, the focus was on pushing the urban boundary lines with development in Homestead and other far-flung areas, however, now the most interesting opportunities can be found in urban redevelopment.

“Some of the best opportunities for developers and investors today can be found within Miami’s urban core, in places that seemed nonviable before,” Vivian said. “The key is creativity. Smaller spaces and repurposed buildings aren’t as easy to use as new, perfectly square, suburban buildings, but it’s what the market is demanding.”

Vivian’s experience working with lenders also gives her insight into what type of projects they are looking for. “There is lots of cash, however, getting money from traditional lenders can still be difficult.

The banks are competing for work from the same clients, all of which have a track record of success,” she said. In the end, “the viability and timing of the project is everything.”

The area is seeing larger and more expensive projects than ever, but many of those are being financed by a mix of traditional and nontraditional lenders, such as equity investors, investment bankers and real estate funds. “Those transactions can be more difficult,” she said.

Some of the most exciting changes are happening in Midtown, Wynwood, Downtown and Brickell, where Vivian sees “true communities” taking shape. “It’s exciting to see new neighborhoods coming to life. People are beginning to live and work in communities that are increasingly dynamic, offering restaurants, shopping and arts in one place.” In that way, she believes Miami is becoming more like New York City, incorporating several fully-realized communities with their own unique identity.

“It will be interesting to see what happens in the next ten years,” she says. “Will families be content living in apartments, if it means shorter commutes and a better quality of life?” It’s clear that local developers and investors are betting big on that vision of the future.

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TUTTO IL GIORNO

TO OPEN MIAMI RESTAURANT AT FIRST LOCATION OUTSIDE OF NEW YORK

Famed New York eatery slated to debut fourth restaurant at Miami’s Biscayne Beach condominium in the City’s East Edgewater district.

MIAMI, FL – Tutto Il Giorno, the Hamptons-famous Italian dining celebrity hotspot, will add a fourth location to its roster of eateries with the opening of a new restaurant in Miami.

Tutto Il Giorno’s first location outside of New York is slated to open at the Biscayne Beach condominium, a 51-story luxury residential tower currently under development at 711 NE 29th Street in Miami’s East Edgewater neighborhood.

The brand’s current lineup of Tutto Il Giorno locations include eateries in Sag Harbor and Southampton in the Hamptons, and a newly-opened TriBeCa location in New York City.

Executive Chef and Managing Partner Maurizio Marfoglia, industry veteran of Manhattan’s renowned Coco Pazzo, will wield his culinary expertise in adapting the Tutto taste to 10

the Miami menu, continuing the tradition of excellence that has been the gastronomic foundation of the restaurants’ success.

Having studied under the inspiration of her mother Donna Karan, Gabby Karan De Felice, the creative director and designer of the Tutto Il Giorno brand, will apply her family’s design sensibility to the new Miami installment. As she has done with the restaurants’ Southampton, Sag Harbor and TriBeCa locations, Gabby will be in charge of conceptualizing and executing the look and feel of the space in into an environment that’s chic, comfortable and intimate.

As one of the founding partners with her husband Gianpaolo De

Felice, Gabby oversees every detail in the creative environment, balancing the architectural overview, furniture to the aesthetic feel throughout the brand. “My vision for our next venture is to bring the Hamptons and New York to Miami, creating a space and a place where family and friends will find their second home,” says Tutto Il Giorno Partner Gabby Karan De Felice.

Tutto Il Giorno’s Miami location will combine its signature style with more of a European-chic feel, with simple southerninspired Mediterranean cuisine. “Tutto is known for creating an upscale yet relaxing setting with signature lounge and banquets areas, as well as intimate rooms for private dining,” says Tutto Il Giorno Partner Larry Baum. “The overall design palate of our South Florida location will have similar elements to our New York restaurants, but with its own Miami flair. The same goes for our menu selections, which will include dishes from the sea and the Caribbean.”

While an opening date for Tutto’s Miami location has not yet been set, construction of the Biscayne Beach tower is currently underway and is slated for completion in early 2016.

Boasting a prime waterfront location and designs by celebrity interior designer star Thom Filicia, the 399-unit Biscayne Beach tower will bring the beach to the Miami’s downtown urban core with a private members-only Beach Club overlooking Biscayne Bay. The development’s resortstyle amenities will include two zero-entry pools, an outdoor bar and lounge area, and an elevated sandy beach with private cabanas – all set against the backdrop of sweeping bay views and a public bay walk providing access to the water – complete with bay-side piers for swimming, kayaking, paddle boarding and more. Preconstruction condos start in the $400,000 range to multi-million dollar penthouses.

Biscayne Beach is being developed by a joint venture between Eastview Development, a South Florida-based real estate development firm with residential projects across the country; and GTIS Partners, a global real estate investment firm headquartered in New York with more than $2.3 billion in assets throughout the U.S. and Brazil.

ABOUT TUTTO IL GIORNO In keeping with Italian tradition, Tutto il Giorno is a family business. In the modern world, family takes on a new meaning. The Tutto family not only includes our relatives, partners and friends, but anyone who joins us in our appreciation for good food, good wine and a good life. The Tutto family of partners includes founders Maurizio Marfolglia and his wife Holly Zierk Marfoglia; Gianpaolo De Felice and his wife Gabby Karan De Felice; Larry and Maria Baum; and David and Gally Meyer.

ABOUT BISCAYNE BEACH Biscayne Beach is a 399-unit luxury condominium being developed in the heart of Miami’s East Edgewater district by a joint venture between West Palm Beach’s Eastview Development and New York-based global real estate investment firm GTIS Partners. Featuring designs by celebrity interior designer Thom Filicia, the 51-story tower will bring the beach to the city’s urban core with a private membersonly Beach Club overlooking Biscayne Bay. Located at 711 NE 29th Street, construction of Biscayne Beach began in the second quarter of 2014, and is slated for completion in 2016. Learn more at WWW.BISCAYNEBEACHRESIDENCES.COM ABOUT EASTVIEW DEVELOPMENT Eastview is a real estate development firm whose principals have combined over 120 years of experience in developing, financing and marketing residential and commercial real estate projects across the United States. Eastview’s development portfolio spans projects across the country, including condominium and multifamily developments in Florida, as well as office and multifamily projects in New York State. Eastview Development is based in West Palm Beach, Florida. Learn more at WWW.EASTVIEWDEV.COM ABOUT GTIS PARTNERS GTIS Partners is a global real estate investment firm headquartered in New York with offices in Los Angeles and São Paulo. GTIS Partners has 58 employees and currently manages approximately $2.3 billion of committed equity with 39 residential projects across 11 states in the U.S., and more than 20 residential developments completed and underway in Brazil. The firm’s principals have over 90 years of real estate development, investment, management, and operationsexperience, which spans all major property types and geographies. Learn more at WWW.GTISPARTNERS.COM

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Top

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reasons to Visit & Buy in Miami

1.

Affordable Real Estate – The local market offers record affordability, amenities, & seller incentives; 50% more affordable in the last five years; weak U.S. dollar gives greater discounts for foreign buyers

2.

Top Market for Int’l Buyers – Florida is the top state in the U.S. & Miami is the top market for int’l buyers; & is expected to outperform other U.S. markets long into the future

3.

Enviable Weather – The only major “subtropical” city in continental U.S.; average temp. 75 ºF / 23 ºC

4.

Beautiful Beaches – Greater Miami has 84 miles of Atlantic Ocean coastline & 67 square miles of inland waterways & more than 15 miles of world-famous beaches

5.

Water Sports & Activities – Enjoy snorkeling, sailing, boating, kayaking, swimming, diving & other water sports all year around

6.

Exciting Lifestyle for All – young adults, families, baby boomers, retirees, celebrities, & visitors - museums, performing arts venues, art galleries, professional sports, & amazing places to shop

7.

Fabulous Nightlife – Ocean Drive & more - top restaurants, night clubs, bars, world famous hotspots

8.

Restaurants – In Miami you can savor worldwide cuisine unlike in any other city in the U.S.

9.

Entertainment Industry – Major fashion center, top modeling agencies in the world, Fashion Week & more than 2,400 motion picture & video businesses

10. Commercial & Investment Real Estate – Vacancy rates for all commercial sectors in Miami are below the national average; retail & multi-family are outperforming most major markets in the U.S 11. “Gateway to the Americas” – Strategic location between Latin America & Europe; “Capital of the Americas” - perfect for business or pleasure 12. The Most Int’l City in the U. S. – nearly 50% of population is foreign born & speak over 100 languages 13. Global Business Center – for business, finance, commerce, media, entertainment, arts & international trade; no state income tax; home to nearly 1,200 multinational companies from 56 nations; more than 100 international consulates, trade offices & bi-national chambers of commerce 14. Hotels – ranks fifth in US in occupancy after New York, Oahu Island, San Francisco, & Boston 15. Top Tourist Destination – 12.6 million overnight guests – with 6 million of them int’l visitors 16. World Aviation Hub – 3rd in the U.S. with 33.5 million passengers a year; Over 80 airlines to 120 destinations – top freight airport in the U.S. with 1.8 million tons - $19 billion in business revenue/year 17. Port of Miami – “Cruise Capital of the World” with more than 4 million passengers a year; Also serves 240 seaports; 9 million tons of sea cargo; top markets: China, Italy, Hong Kong, Honduras & Brazil 18. Educational Institutions – 4th largest U. S. school district; 5 colleges & universities; 3 law schools 19. Hospitals – 33 hospitals; Jackson Memorial is one of the top 25 hospitals in the U. S. & Miami Children’s Hospital is rated the top pediatric hospital in the country 20. Top Rankings

n Miami has the largest concentration of international banks in the U.S.

n Miami’s skyline ranks third in the U.S. behind New York City & Chicago & 18th in the world (Almanac of Architecture & Design.)

n Miami is the only major city in the United States bordered by two national parks, Everglades National Park on the West, & Biscayne National Park on the East.

It’s great to live, work & play in Miami!

MIaMIre.coM

! e f i L e t a r

b e l Ce

At Susan G. Komen® Miami/Ft. Lauderdale, we’re always thankful for your continued support – support that saves lives! Did you know that one in eight women will be diagnosed with breast cancer in their lifetime? But you can help change that because just $100 will pay for one woman’s mammogram in our community, one woman with nowhere else to turn.

Please visit www.komenmiaftl.org/donate today, and help us continue to celebrate life!

Remember, October is Breast Cancer Awareness Month.

Please be sure to schedule your yearly breast exam. Early detection saves lives!

SPENCER CROWLEY

T

he akerman Real Estate Practive Group offers comprehensive and fully integrated project counsel services to clients across the United States and in Latin America. With substantial industry experience and prominent local presence, Akerman LLP represents clients in complex real estate transactions and financings, development and redevelopment projects, public private initiatives, and litigation. Recognized as national tier one law firm for Real Estate Law by U.S. News Best Lawyers, the group advises investors, developers, builders, lenders, retail owners and corporate end users, often in high profile matters.

Spencer Crowley, Partner at Akerman LLP, tells us about the progress in real estate as a topic of great interest.

photos_dan forer

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G E T T O K N O W

WRITTEN BY_PABLO ALVAREZ

YOU PARTICIPATED IN THE $1.05 BILLION BRICKELL CITY CENTRE PROJECT, THE FIRST “SPECIAL AREA PLAN” UNDER THE MIAMI 21 ZONING CODE. HOW WILL THE DEVELOPMENT’S IMPACT CHANGE THE COMMUNITY AND LOCAL ECONOMY?

The development will change the way people think about living and working in the downtown environment. It is really the first truly integrated, mixed use project – containing significant retail, office, hotel and residential - in Miami’s downtown urban core. Additionally, its integration into the transit system will encourage people in the community, as well as developers, to think more about the benefits of true transit oriented development. It will change the local economy by providing residents of downtown with much needed retail space and will benefit the city of Miami immensely by retaining all of that disposable resident income that is now spent in other areas of the county.

MIAMI 21 ZONING CODE ESTABLISHES A PROGRAM TO ALLOW BONUS BUILDING CAPACITY IN EXCHANGE FOR THE DEVELOPER’S CONTRIBUTION INTO THE MIAMI 21 PUBLIC BENEFITS TRUST FUND. WHAT HAPPENS TO THE FUNDS ONCE THEY ARE RECEIVED BY THE CITY?

When collected, the public benefits funds are generally dedicated to two different sources – affordable housing and parks. Regarding parks, the city is supposed to use those funds to purchase land for parks, and Miami 21 was recently amended to authorize use of those funds for park improvements.

THE DEVELOPMENTS IN MIDTOWN MIAMI AND THE DESIGN DISTRICT ARE EXPECTED TO CATAPULT MIAMI ONTO THE RADAR SCREEN AS A PREMIER SHOPPING CAPITAL OF THE WORLD. DO YOU ANTICIPATE A NEED FOR FURTHER ZONING CHANGES IN THE CONTIGUOUS AREAS?

We are already seeing an interest in rezoning applications for some of the surrounding areas. For example, in Wynwood a BID has been established and they are considering potential zoning changes, which would clarify the definition of live/ work, in addition to creating shared parking and open space reservoirs so that the final result is greater than the sum of its individual parts. There is some nascent interest in the little Haiti area as well. The interesting thing is that the neighborhoods north of downtown are all evolving and developing distinctive but complimentary identities – Midtown has developed into a lifestyle center with the convenience of residential in close proximity to big box

stores and great restaurants; Design District will become an upscale shopping and dining destination; Wynwood is a center for innovation, art and artisan/craft work; and now the Biscayne corridor is developing its own unique identity with the redevelopment and restoration of the MiMo motor lodges. So it is really an exciting and transformative time for the area north of downtown Miami.

THE ABSOLUTE NUMBER OF NEW PROJECTS (HOUSING STARTS) IS AT ITS HIGHEST SINCE 2008, OVER 1 MILLION NEW RESIDENTIAL CONSTRUCTIONS. MIAMI HAS OVER 200 NEW TOWERS PLANNED, UNDER CONSTRUCTION OR COMPLETED. IS THERE SUFFICIENT DEMAND TO ABSORB ALL THESE UNITS? WHERE ARE THESE BUYERS COMING FROM?

Miami’s advantage is its intrigue and allure, which brings capital from all over the world. Argentina, France, Russia, Hong Kong, Malaysia, Canada – all of these areas are sending significant amounts of investment capital to Miami. No matter what happens in the short term, one thing that Miami has consistently demonstrated over time is resilience in the face of what seem to be insurmountable odds.

Spencer Crowley is a partner at the national law firm Akerman LLP and he helps manage the Land Use & Development Practice in the Miami office. The Miami Land Use team has been at the center of transformational projects across South Florida including Brickell City Centre, Design District, Midtown Miami,Wynwood Art District and the revitalization of Miami Beach, among other largescale projects. Contact Crowley at 305.982.5549 or SPENCER. CROWLEY@AKERMAN.COM.

The Akerman Real Estate Practice Group offers comprehensive and fully integrated project counsel services to clients across the United States and in Latin America. With substantial industry experience and prominent local presence, Akerman represents clients in complex real estate transactions and financings, development and redevelopment projects, public private initiatives, and litigation. Recognized as a national tier one law firm for Real Estate Law by U.S. News - Best Lawyers, the group advises investors, developers, builders, lenders, retailers, owners, and corporate end users, often in high profile matters.

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NEWS CORP BETS ON REALTORS® NEW YORK COMPANY WITH GLOBAL REACH AGREES TO ACQUIRE MOVE INC., VOWS TO ‘TURBO-CHARGE’ MOVE’S TRAFFIC GROWTH.

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The global media and information services company that owns such venerated titles as The Wall Street Journal and Barron’s announced Monday its intent to purchase Move Inc., operator of realtor.com®.

The company is News Corp, a top-in-class media and publishing business with experience in real estate through its newspapers and its majority ownership of the REA Group Ltd, the leading Australian residential property website, which also has a presence in Europe and Asia. With Monday’s announcement, News Corp made clear its intent to plant a major stake in the U.S. online real estate space. And the company is putting its considerable weight behind the REALTOR® brand.

“This partnership will help shape the future of real estate,” said National Association of REALTORS® President Steve Brown. “News Corp’s ability to reach and engage consumers, combined with realtor.com®’s quality content and the real insights REALTORS® provide will transform the current landscape.” In 2013, News Corporation separated into two distinct, publicly traded companies—News Corp and 21st Century Fox. Rupert Murdoch is executive chairman of News Corp, a multinational news and information company headquartered in New York. The company reported more than $8.5 billion in revenue in the fiscal year ending June 30, 2014.

“We intend to use our media platforms and compelling content to turbocharge traffic growth and create the most successful real estate website in the U.S.,” said Robert Thomson, Chief Executive of News Corp. “We are building on our existing real estate expertise and expect to leverage the potential of Move and its valuable connections with REALTORS® and consumers around the country.” Move, Inc. draws nearly 35 million visitors each month to its network of real estate sites for consumers and real estate professionals. The company’s flagship site is realtor.com®.

“We provide people with the information, tools and professional expertise they need to make the best and most informed real estate decisions, and we work to uphold the indispensable role of the professional in the real estate experience,” said Steve Berkowitz, chief executive officer of Move.

“News Corp shares our vision, which is one of the many reasons this combination is such good news for our customers, consumers and the industry as a whole.”

The realtor.com® domain is owned by the National Association of REALTORS®, and the site is operated by Move through an agreement between the REALTORS® Information Network, a NAR subsidiary, and RealSelect, a Move subsidiary. NAR leadership and the RIN board, meeting over the weekend, voted to approve the acquisition, which is subject to the satisfaction of customary closing conditions, including regulatory approvals. News Corp and Move are both traded on the NASDAQ. On Monday, September 29, Move’s stock closed at $15.29 and News Corp closed at $16.80.

NAR has posted an FAQ at realtor.org and will continue to communicate with its members as information becomes available. But one thing is certain, according to NAR CEO Dale Stinton. This change in ownership will only strengthen realtor.com®’s core mission: to serve consumers with the best, most accurate real estate data while keeping REALTORS® central to the real estate transaction.

“Throughout the 20th century, NAR worked to ensure that REALTORS® were indispensable to consumers and the real estate transaction,” Stinton said. “This partnership is yet another 21st century example of this effort.

NAR will continue to seek opportunities such as this for REALTORS® to flourish in today’s marketplace by remaining first and foremost in the consumer’s mind.”

_Stacey Moncrieff VICE PRESIDENT OF BUSINESS-TO-BUSINESS COMMUNICATIONS FOR THE NATIONAL ASSOCIATION OF REALTORS®. COPYRIGHT NATIONAL ASSOCIATION OF REALTORS®. REPRINTED WITH PERMISSION. beigebooks.com

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H3

HOLLY WOOD

PROJECT The H3 Condominium is located in the heart of downtown Hollywood, in close proximity to Hollywood Circle and all its restaurants, wine bars and boutiques. H3 is a modern and artful residential tower with 247 luxury residences which are a reflection of the vibrant surroundings within the neighborhood. The 15 floors of studios, one, two and three bedroom residences are just minutes away from award winning beaches and ten minutes south of Ft. Lauderdale Hollywood International Airport. The H3 condominiums range in size from 594 to 1,579 square feet. Completion is scheduled for Winter 2015.

DEVELOPER Team Real Estate Development (TRED) is managed by principals with more than 35 years of experience in the real estate industry, having built, sold and designed commercial and residential buildings throughout Florida, as well as Argentina.

MARKETING/SALES Fortune International Realty and Finka Realty Group have partnered to present the vision of H3 Condominium to the South Florida Community. Fortune International Realty is led by Walter Defortuna, CEO/Chairman and features a team of 800 experienced realtors and brokers handling residential and commercial real estate throughout South Florida. Finka Realty Group was established in the late 1990’s. As leaders in residential and commercial real estate both companies deliver personalized realty services to the South Florida market.

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ARCHITECT Kobi Karp Architecture and Interior Design (KKAID) has been headquartered in Miami for more than two decades.

Kobi Karp, principal of the firm is a recognized member of the American Institute of Architects, honored for his award winning designs and buildings. Kobi Karp has garnered international acclaim and has been selected to spearhead numerous projects around the world. The firm has participated in the completion of more than $10 billion in commercial, residential, and mixeduse properties.

BUILDER General Contractor: LB Construction of South Florida, Inc. has an established reputation within the Development and Construction industry as a full service turn-key company, and through its successful track record it has demonstrated its ability to perform and execute projects beyond client’s expectations.

LBCSF has completed a broad range of product types, not limited to; Multi-Unit High Rise Residential, Commercial and large scale mixed-use developments. Company principal, Lorris Boulanger prides its firm’s accomplishments through teamwork and commitment to pave the way for a continued working relationship with all our clients.

PARTNERS Christian Finkelberg; Diego Besga; Alex Nahabetian LOCATION 2165 Van Buren Street Hollywood, Florida 33020

H3 AMENITIES

LANDSCAPED POOL AREA HIGH SPEED CONTROLLED ACCESS ELEVATORS STATE OF THE ART FITNESS CENTER SECURITY SYSTEM BUSINESS CENTER CONFERENCE/EVENT ROOM COVERED PARKING GRANITE COUNTER TOPS IN THE KITCHEN

EUROPEAN STYLE CABINETRY STAINLESS STEEL APPLIANCES AIR CONDITION STORAGE PORCELAIN TILE FLOORS VANITIES IN BATHROOMS GLASS SHOWER ENCLOSURES SOAKING TUB WASHER AND DRYER

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MIAMI

MIAMI CULTURE

THIS TIME OF YEAR HAS MUCH TO OFFER IN THE BEAUTIFUL CITY OF MIAMI. TAKE A LOOK AT SOME SELECT HAPPENINGS IN OCTOBER AND NOVEMBER — DON’T FORGET TO CARVE YOUR PUMPKINS!

Turkey Day Run Be part of this family holiday tradition hatched in 1989 in downtown Minneapolis. Since then, the Turkey Day Run has grown to host upward of 15,000 fun-loving walkers, joggers and runners every Thanksgiving morning.

With more events nesting in fun-loving hotbeds like Boise, Chicago, Miami and Phoenix, flock to your local event and make the Turkey Day Run part of your family’s holiday tradition.

The Turkey Day event will take place in Tropical Park 7900 SW 40th St, Miami Florida.

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Halloween Sundowner On Saturday, October 25, 2014, from 8:00 p.m. to midnight, the 28th Annual Halloween Sundowner will take place at the Vizcaya Museum and Gardens. Dress in your most creative and outlandish halloween costume, and enjoy an unforgetable night of food, drinks, music and a beautiful view of Biscayne Bay. Tickets are all-inclusive and 100% of the proceeds benefit the promotion, protection and preservation of Vizcaya Museum and Gardens.

For more event information, please visit: www . vizcaya . org

Terror in the Jungle Mutated animals and zombiesque Aztec Indians will take over Jungle Island this season from Thursday to Sunday all of October - 20 nights of gut-turning, chilling scares.

From the creator of Festival of Souls, voted Florida’s Scariest Haunted House by Hauntworld.com, Terror in the Jungle will feature a petrifying Toxic Zombie Jungle Entrance leading guests through five acres of terrorizing jungle paths and a 10,000 square-foot ancient Ruins Pyramid Haunted House. Get ready for the haunt of your life this Halloween!

For additional information, please follow #terrorinthejungle on social media, or visit: www . terrorinthejungle . com

Madama Butterfly Kelly Kaduce and Martin Nusspaumer co-star in a lovely opera based on a true story. In this performance, a Japanese geisha catches the eye of a American naval officer. A clash of cultures does not keep her from becoming his bride, but does present her with a critical conflict while devotedly awaiting his anticipated return. “Puccini’s tale of tradition, romance, sacrifice, and yearning is one of the world’s most beloved operas,” states Karl Hesser. Don’t miss out on this one of a kind show running through November and a tad bit of December.

For more information, please visit: www . fgo . org

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photo_florida grand opera

4U Lighting & Design

Jewelry for your home

16103 Biscayne Blvd., north MiaMi Beach, Fl 33160 | www.4ulighting.coM sales@4ulighting.coM | Fax: (305) 947-1888 | tel: (305) 947-1222

TEN

MINUTES WITH WRITTEN BY_FABIOLA PENALOZA

David Martin, co-founder of Terra Group, tells us in detail, the importance of urban revitalization, and the fundamentals of sustainable economy.

Currently focused in the development of world-class projects, such as Grove at Grand Bay, Park Grove and other projects in Weston and Doral.

Terra Group’s mission is to satisfy the demand for todays sophisticated and demanding buyers. Mr. Martin explains how to keep these historic icons alive with upcoming luxurious projects.Â

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10 MINUTES WITH

David Martin PRESIDENT & CO-FOUNDER OF TERRA GROUP

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what’s your take on the miami downtown resurgent?

The resurgence of Downtown has been a catalyst for the change and growth of Miami into a true global city. Urban revitalization is critical to a sustainable development industry.

Transportation/ Mass transit and walkability are essential to urban revitalization. What we’re seeing is shift from investors from South America to an influx of people that are embracing the new sophisticated culture of the city and that want to live in it full time. what will the bonaventure county club site include once its development is completed?

Weston will be a collection of design driven homes that will provide a distinct way of living, sanctuaries for families. The homes are designed with an outdoor/indoor inspired layout and the most high end finishes. The customization of each lot will allow for great diversity in landscape and architecture. We are building a new kind of suburban residential community on 121 acres including 125 waterfront homes on 20,000 SF lots. are you working on many projects right now?

This is an exciting time for Terra Group. We’re currently focused on developing Coconut Grove with world-class projects like Grove at Grand Bay and Park Grove, and now going vertical with Glass in Miami Beach. We’re also working on projects in areas like Weston and Doral for the next wave of gamechanging developments to meet the demand of today’s sophisticated and discerning buyer. have you obtained the

LEED

silver certification

for park grove?

We are LEED GOLD Certified. will the

$1,000

per square feet bring more foreign buyers

than locals?

At Grove at Grand Bay, we’re seeing over 17 nationalities.

The buyers see the immense value of acquiring a piece of an architectural icon versus focusing on price per square foot. At the same time half of the buyers are local.

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you are very passionate about your coconut grove

masterpieces as well as develop a natural low dense

projects.

community that is anchored in honesty and design.

growing up in the grove ignites that passion?

I have a personal connection and passion for Coconut Grove. The authenticity of the people and retail allow for a community filled with activism and education. The park system and schools are of the best in the world.

We’re focused on keeping the iconic and rich history of the neighborhood in tact while bringing in the type of world-class architecture that the rest of the city has been receiving for some time now. what is your vision of the grove?

We want to see an evolved Coconut Grove that is still true to itself and its intellectual and artistic history yet introduces a new wave of luxury and architectural

are you planning any projects internationally?

Possibly, we are an entrepreneurial firm and if presented with the right opportunity, we would be eager to expand our practice beyond South Florida. would

you

build

in

your

parent’s

homeland

if

conditions improve?

Yes what is your favorite destination for family vacation?

The Caribbean and eventually I would like to tour the world with my children once they are older.

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IVES DAIRY RD

NE 163 ST

441

NARANJA RD

SW 248 ST

SW 112 AVE

SW 117 AVE

SW 157 AVE

MOODY DR

SW 280 ST

SW 288 ST SW 296 ST

A’S ID KE CAMPBELL DR OR PI FL RN TU SW 328 ST

NE 4 RD

HOMESTEAD AIR RESERVE BASE

SPEEDWAY BLVD

NW 8 ST

SW 268 ST

SW 280 ST

TALLAHASSEE RD

NEWTON RD

SW 167 AVE

SW 182 AVE

SW 177 AVE

BISCAYNE DR

KROME AVE FL AG AV LER E

SW 187 AVE

N CANAL DR

11

SW 137 AVE

TENNESSEE RD

SW 344 ST

3

SW 27 AVE

BISC AYNE

A CS RTH WA UR Y

L EL ICK VE A

1

4

395 M AC

RE

HO

IVE

DR

RED ROAD

13

COL L I N S AVE DR

SW 22 AVE

SW 12 AVE

441

BR

S AY SB

DE DA VD BL

VENETIAN CSWAY

SW 8 ST

SW 25 ST

ARTHUR GODFREY RD / 41 ST

JULIA TURTLE CSWY

SW 57 AVE

DOUGLAS RD

LEJEUNE RD PONCE DE LEON BLVD SW 37 AVE

SW 67 AVE LUDLAM RD

O TL LD ER RD CU

SD HW IXIE Y

SW 77 AVE

Y

6

SW 264 ST

REDLAND RD

RICHARD RD SW 376 ST

1

E PALM DR

SW 192 AVE

COUNTRY CLUB RD

SW 202 AVE

SW 147 AVE

SW 197 AVE

SW 207 AVE

SW 217 AVE LOVELAND RD

CAMPBELL DR

W PALM DR

SW 217 AVE

L

AI

QU

SW 186 ST

HAINLIN MILL DR

SW 232 ST

AVOCADO DR

23

SW 184 ST

R

TD

OS RO

SW 220 ST

WALDIN DR

SW 152 ST

HW RICHMOND DR

22

HOWARD DR SW 136 ST

SD IXIE

SW 117 AVE

KROME AVE

SW 167 AVE

SW 184 ST

SW 216 ST

SW 72 ST

SW88 ST

KILLIAN DR

GALLOWAY RD

12

EUREKA DR

BAUER DR

SW 97 AVE

SW 137 AVE

SW 112 ST

CORAL REED DR

SW 158 ST

COCONUT PALM DR

PAMETTO EXPWY

SW 102 AVE

1

FLORIDA’S TURNPIKE

SW 147 AVE

SW 104 ST

SW 152 ST

SW 200 ST

5 24

SNAPPER CREEK EXPWY

NORTH KENDAL DR

SW88 ST

TAMIAMI AIRPORT

SILVER PALM DR

SW 56 ST

SW 40 ST

SUNSET DR

SW 120 ST

HAINLIN MILL DR

SW 72 AVE

SW 117 AVE

SW 127 AVE

SW 157 AVE

SW 72 ST

NORTH KENDAL DR

QUAIL ROOST DR

BIRD RD

MILLER DR

ALHAMBRA CIRCLE

SW 24 ST

SW 87 AVE

SW 97 AVE

SW 40 ST

SW 56 ST

RICHMOND DR

SW 8 ST

CORAL WAY

SW 42 AVE

SW 137 AVE SW 147 AVE

SW 177 AVE

BIRD RD

CALLE OCHO

TAMIAMI TRAIL

41

N MIAMI AVE

NW 20 ST

W FLAGLER ST

SW 16 ST SW 26 ST

NW 36 ST

15

195

OCEAN

NW 107 AVE

27

DOLPHIN EXPWY

W FLAGLER ST

16

7

AIRPORT EXPWY

MIAMI INTERNATIONAL AIRPORT

DOLPHIN EXPWY

JOHN F KENNEDY CSWY

ALTON RD

MILAM DAIRY RD

NW 36 ST

69 ST NE 62 ST

NE 71 ST

ND BLV ON D

E 1 ST

DR

NE 41 ST

NE 79 ST

19

CRA

ER

MARTIN LUTHER KING JR. BLVD

95

NE 96 ST

N MIAMI AVE

SR

IV

NW 25 ST

NW 37 AVE

NW 58 ST

LEJEUNE RD

NW 97 AVE

8

18 ST W 9 ST

NW 95 ST

E 25 ST

NW 74 ST HIALEAH DR

NW 103 ST

NW 22 AVE NW 12 AVE

E 11 AVE

E 8 AVE

PALM AVE

10

NW 27 AVE

NE 103 ST

W 29 ST

NW

NE 96 ST

NW 7 AVE

NW 119 ST

2

NE 123 ST

NE 125 ST

EB LV D

W 4 AVE

W 12 AVE

W 49 ST

NW 87 AVE

14

NE 135 ST

E 65 ST

RED ROAD

RD

W 68 ST

LUDLAM RD

EE

PALMETTO EXPWY

NW 122 ST

OB

20

NW 135 ST

BIS CA YN

W 84 ST

CH

SUNNY ISLES CSWY

167 ST NE 151 ST

27

EE

25

21

NE

AIRPORT NW 138 ST

NE 192 ST

OCEAN BLVD

MIAMI GARDENS DR

9

1

NW 22 AVE

NW 2 AVE

95

441

NW 154ST

OK

NE 203 ST

BLVD

PALMETTO EXPWY

MIAMI GARDENS DR

NW 22 AVE

NW 47 AVE ST

NW 27 AVE

18

NW 183

HONEY HILL RD

17 DOUGLAS RD

75

NW 42 AVE

NW 170 ST

NW 57 AVE

NW 67 AVE

NW 199 ST NW 186 ST

INTERNATIONAL AIRPORT BROWARD COUNTY

COUNTY LINE RD

FLORIDA’S TURNPIKE

listing directory PROPERTIES: NEW DEVELOPMENTS AND LISTINGS DIRECTORY As one of the country’s largest, most diverse cities, living in Miami definintely has its fait share of benefits. Miami stretches over 2,000 square miles of diverse and vibrant communities ranging from rural and suburban to urban cities and municipalities.

1

Aventura

14 Medley

2

Bal Harbour

15 Miami

3

Brickell/Downtown

16 Miami Beach

4

Coconut Grove

17 Miami Gardens

5

Coral Gables

18 Miami Lakes

6

Cutler Bay

19 Miami Shores

7

Design District/Edgewater

20 North Miami

8

Doral

21 North Miami Beach

9

Golden Beach

22 Pinecrest

10

Hialeah

23 Palmetto Bay

11

Homestead

24 South Miami

12

Kendall

25 Sunny Isles Beach

13

Key Biscayne

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AVENTURA

4 BED 4.5 BATH MEDIA ROOM LUXURIOUS FINISH MARBLE FLOOR INCREDIBLE VIEW

$172,000

2 BED 2 BATH CANAL VIEW FITNESS CENTER QUIET SECURITY

$549,000

3 BED 3 BATH OCEANFRONT CORNER UNIT VALET PARKING SECURITY

$1,499,000

20201 E COUNTRY CLUB DR # 2401 NOAH LEWINGER — 305.610.3199 NOAHLEWINGER@GMAIL.COM

21055 YACHT CLUB DR #2207 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

1830 S OCEAN DR #4501 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

2 BED 2.5 BATH DEN GRANITE COUNTERS MARBLE FLOOR SPACIOUS TERRACE

$568,000

1 BED 1 BATH OCEAN FRONT GRANITE COUNTER HEATED POOL HUGE GYM

$449,000

3 BED 2 BATH REMODELED NEW DECK BAY VIEW DOCK ACCESS

$475,000

3131 NE 188 ST # 1-606 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

1830 S OCEAN DR #4512 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

3745 NE 171 ST #12 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

LISTING DIRECTORY

$2,187,000 200 BISCAYNE BLVD WY # 4205 JODY LAPORT — 786.508.2055 EPIC4205INFO@GMAIL.COM

4 BED 2 BATH NEW ROOF UPGRADED HUGE KITCHEN HUGE YARD

$300,000

2 BED 2 BATH CENTRAL AC SKYLINE VIEW MIAMI RIVER DOCK ACCESS

$189,000

490 E 10 ST ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

1700 NW N RIVER DR #1007 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

2 BED 3.5 BATH 2 STORY UNIT BEAUTIFUL VIEW 3 PARKING SPOTS GREAT AMENITIES

$2,085,000

1 BED 1 BATH BEAUTIFUL VIEW STAINLESS STEEL OPEN FLOOR PLAN BALCONY

$230,000

2 BED 2 BATH 3 DENS EUROPEAN STYLE STAINLESS STEEL FTNESS CENTER

$399,000

BRICKELL / DOWNTOWN

1 BED 1.5 BATH LUXURIOUS MANY CLOSETS INCREDIBLE VIEW VALET

2127 BRICKELL AV # 1803 ELIZABETH PEREZ — 305.984.6344 EPEREZHOMES@GMAIL.COM

2600 SW 27TH AV #1002 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

7350 SW 89 ST #7215 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM beigebooks.com

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COCONUT GROVE

4 BED 4.5 BATH CONTEMPORARY BRIGHT AND SPACIOUS HIGH END FINISH LUXURIOUS

$1,775,000 2275 OVERBROOK ST PIPER ROTHAN — 305.310.9831 PIPER_ROTHAN@TOPPRODUCER.COM

3 BED 3 BATH NEW CONSTRUCTION HISTORIC DISTRICT TWO STORY HOME LARGE AND SPACIOUS

$449,000

3 BED 3 BATH CORNER HOME TILED NEW KITCHEN LARGE FENCED YARD

$140,000

106 FLORIDA AVE PIPER ROTHAN — 305.310.9831 PIPER_ROTHAN@TOPPRODUCER.COM

10041 NW 6 AV ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

3 BED 2.5 BATH AMAZING VIEWS CLOSE TO SHOPS OPEN FLOOR PLAN SOLD FURNISHED

$1,100,000 3 GROVE ISLE DR # C610 GLORYS COVO — 305.323.1457 GLORYSMARIA@KEYES.COM

3 BED 3 BATH SPANISH STYLE HOME CUL-DE-SAC STREET WALK TO TRANSPORT MOVE-IN READY

$350,000

2 BED 1 BATH GREAT POTENTIAL HUGE YARD LARGE STORAGE WILL GO FAST

$185,000

2637 SW 31 AV JESSICA LOMONACO — 305.606.6003 JESSLOMONACO@BELLSOUTH.NET

121 NE 6 AV ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

LISTING DIRECTORY

CORAL GABLES

4 BED 3 BATH SPANISH STYLE LARGEST LOT OPEN KITCHEN NATURAL LIGHT

$499,000

3 BED 2 BATH BRIGHT FOLIAGE YARD GREAT LOCATION

$150,000

3 BED 2 BATH SPACIOUS BOAT DOCK PICNIC TABLE FRUIT TREES

$115,000

18490 SW 83 PL ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

20121 SW 115 AV ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

10090 W FERN ST ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

4 BED 2 BATH SPACIOUS LIVING TILE FLOOR UDATED BATHROOM NEW ROOF

$439,000

2 BED 2.5 BATH CENTRALLY LOCATED CLOSE TO HIGHWAY WASHER/DRYER 2 STORY

$179,900

4 BED 3 BATH PATIO HOME SPACIOUS AREA LARGE ATIRUM REMODELED BATH

$349,000

16902 SW 86 AV ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

365 NW 84 CT #903 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

11339 SW 74 TE ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM beigebooks.com

37

DORAL 7 BED 8.5 BATH LAKE / GOLF COURSE WOODEN FIRE PLACE HUGE KITCHEN POOL / JACUZZI

$3,375,000

3 BED 2 BATH TENNIS COURT POOL CLOSE TO HIGHWAYS GREAT LOCATION

$235,000

5 BED 4 BATH LUXURIOUS HOME AUTOMATION MARBLE FLOORS RETRACTABLE AWNINGS

$925,000

9424 NW 52 DORAL LN ELIZABETH BETANCOURT — 786.326.2612

ELIBET0207@YAHOO.COM

9300 FONTAINEBLEAU BL #E212 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

8340 NW 157 TE ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

3 BED 3 BATH 2 DENS POOL MARBLE FLOORS WALK IN CLOSETS

$5,000 4424 NW 93RD DORAL CT ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

4 BED 3 BATH HIGH CEILING BREAKFAST NOOK SIDE TERRACE COVERED BACK PATIO

$409,000

4 BED 3 BATH 3 CAR GARAGE SPACIOUS KITCHEN UNIQUE BACKYARD BBQ CENTER

$575,000

18032 NW 87 CT ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

9997 NW 130 ST ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

LISTING DIRECTORY

KENDALL

7 BED 8 BATH 5 ACRES WINE CELLAR HOME THEATER FIREPLACE

$1,275,000 18840 SW 156 ST ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

4 BED 2 BATH HIGH CEILING LARGE POOL HUGE GARAGE REMODELED KITCHEN

$344,000

4 BED 3.5 BATH OPEN AMBIANCE GREENHOUSE BACKYARD REMODELED

$799,000

10434 SW 142 CT ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

21075 SW 232 ST ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

5 BED 3 BATH SPACIOUS NEW ROOF OVER 1 ACRE LOT LARGE KITCHEN

$999,999

3 BED 2 BATH TILE FLOOR PAVED BACKYARD ALARM SYSTEM GREAT LOCATION

$235,000

3 BED 2 BATH LARGE MASTER FORMAL DINING PRIVATE ATMOSPHERE HIGH CEILINGS

$150,000

11301 SW 95 ST ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

16629 SW 79 WAY ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

6634 SW 114 PL # C ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM beigebooks.com

39

MIAMI

1 BED 1 BATH BAY VIEW UPGRADES SHUTTLES SECURITY

2 BED 2 BATH FIRST FLOOR PORCELAIN FLOOR UPDATED KITCHEN WASHER/DRYER

2 BED 2 BATH WASHER/DRYER INVESTMENT OPP LOW MAINTENANCE POOL & GYM

$1,750 150 SE 25 RD #7L ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

$149,999 10440 SW 156 CT #7111 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

$82,900 15480 SW 284 ST #2304 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

2 BED 2 BATH BALCONY SOUTH BEACH GREAT LOCATION RENT AS 1/1 & STUDIO

3 BED 5 BATH OCEAN VIEW LARGE SPACE POOL SPA

2 BED 2 BATH GRANITE COUNTERS VIEW CITY OR BAY STAINLESS STEEL CUSTOM CLOSETS

$829,000 100 LINCOLN RD #911 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

$4,900,000 6899 COLLINS AV #2006//7 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

$399,999 1750 N BAYSHORE DR #2614 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

LISTING DIRECTORY

MIAMI BEACH

STUDIO 1 BATH BALCONY OCEAN VIEW FURNISHED UTILITIES INCLUDED

$2,600

1 BED 1 BATH OCEANFRONT BALCONY FURNISHED PARKING

$1,800

3 BED 2 BATH LARGE PATIO FULLY RENOVATED OPEN FLOOR PLAN EQUIPPED KITCHEN

100 LINCOLN RD #1529 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

5401 COLLINS AV #1222 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

$350,007 863 MICHAEL ST # N/A ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

STUDIO 1 BATH BALCONY UTILITIES INCLUDED FREE VALET SECURITY

$1,600

1 BED 1 BATH OCEANVIEW BALCONY UTILITIES INCLUDED SECURITY

$4,300

1 BED 1 BATH OCEAN VIEW BALCONY VALET PARKING SECURITY

100 LINCOLN RD #627 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

100 LINCOLN RD #1244 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

$650,000 100 LINCOLN RD #1141 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM beigebooks.com

41

PINECREST

4 BED 3 BATH UPGRADED BEAUTIFUL PATIO LARGE LOT BOAT DOCK

$479,950

3 BED 2 BATH PRIVATE COURTYARD WOOD CABNITRY BEAUTIFUL YARD GREAT LOCATION

$449,000

2 BED 2 BATH OPEN FLOOR PLAN LARGE KITCHEN 2 PARKING SPACES GREAT LOCATION

$135,000

12440 SW 21 LN ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

9716 SW 92 TE ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

2238 W 74 ST #202-26 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

4 BED 3 BATH 3 CAR GARAGE SPACIOUS KITCHEN UNIQUE BACKYARD BBQ CENTER

$575,000

4 BED 3 BATH READY TO MOVE IN SCREENED PORCH FRUIT TREES UPDATED BATHROOMS

$380,000

3 BED 2 BATH CORNER UNIT GREAT LOCATION OPEN FLOOR PLAN UPGRADED KITCHEN

$160,000

9997 NW 130 ST ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

10235 SW 130 CT ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

4525 W 20 AV #229-C ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

LISTING DIRECTORY

SUNNY ISLES

2 BED 2.5 BATH CORNER UNIT OCEANFRONT IMPACT WINDOWS 24 HR SECURITY

$1,150,000 16699 COLLINS AV # 2903 DAVID SANMARTIN — 954.549.0801 DAVIDSANMARTIN@KEYES.COM

2 BED 2 BATH SPANISH STYLE MOSAIC TILE GREAT LOCATION BEAUTIFUL YARD

$369,000

4 BED 3 BATH POOL UPDATED KITCHEN FENCED YARD GREAT LOCATION

$369,900

1369 BIARRITZ DR ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

6975 W 10 CT ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

2 BED 2 BATH FURNISHED OCEAN VIEW UTILITIES GYM

$425,000

2 BED 2 BATH PORCELAIN TILES GRANITE COUNTERS WALK TO BEACH PET FRIENDLY

$525,000

3 BED 4.5 BATH OCEAN VIEW FULLY FURNISHED FITNESS CENTER SEASONAL RENTAL

5225 COLLINS AV #810 ALEJANDRO ALVAREZ — 305.788.0148 ALVAREZ222@AOL.COM

17100 N BAY RD # 1905 CLAUDIA SWANES — 305.978.8685 CLAUDIASWANES@YAHOO.COM

$7,500 253 NE 2 ST # 317 WINNIE URICOLA — 305.915.7721 WINNIEURICOLA@KEYES.COM beigebooks.com

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indicators GDP

HOUSE PRICE INDEX

Gross domestic product, a measure of economic activity in a country. it is calculated by the adding the total value of a country’s annual output of goods and services.

The HPI is a weighted, repeat sales index, meaning that it measures average price changes in repeat sales or refinancing on the same properties in 363 metropolises.

FEDERAL HOUSING FINANCE AGENCY

WORLD BANK

CONSUMER SENTIMENT How good consumers feels about their economic prospects. Measures of average consumer confidence can be a useful, though not infallible, indicators of how much consumers are likely to spend.

UNEMPLOYMENT RATE The number of people of working age without a job is usually expressed as an unemployment rate.

U.S. BUREAU OF LABOR STATISTICS

THOMPSON REUTERS

AVERAGE 30-YEAR MORTGAGE RATE

For more than 30 years, Freddie Mac’s Primary Mortgage Market Survey “R” (PMMS”R”) has informed consumers on the trends in conventional, conforming mortgage rates offered by FREDDIE MAC hundreds of lenders nationwide.

CONSUMER SPENDING

What consumers do. The more resources a society consumes, the less it has to save or invest, although, paradoxically, higher consumption may encourage higher investment.

U.S. BUREAU OF ECONOMIC ANALYSIS

UNITED STATES GDP BILLIONS OF U.S. DOLLARS

16800 16244.6 15533.8

14480.3

14720.3

14958.3 14417.9

13857.9 13095.4 12277 2004

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2006

2008

2010

2012

2014

UNITED STATES UNEMPLOYMMENT RATE PERCENTAGE OF THE LABOR FORCE

7.3 7.2 7

6.7

6.7

6.7

6.6

6.3

6.3 6.2 6.1

OCT 2013

JAN 2014

APR 2014

6.1

JUL 2014

UNITED STATES CONSUMER SPENDING BILLIONS OF U.S. DOLLARS

10910.4 10844.3 10831.5 10744.2 10644 10541

10691.9

10584.8

10496.8 10447.8 10373.1 10311.9

JUL 2011

JAN 2012

JUL 2012

JAN 2013

JUL 2013

JAN 2014

JUL 2014

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ales

Avg. Percent of Original List Price Received

95.2%

96.1%

-0.9%

Pending Inventory

4,432

5,297

-16.3%

6,181

5,123

20.7%

5.6

4.9

14.0%

Inventory (Active Listings) SINGLE FAMILY HOMES Months Supply of Inventory

MIAMI-DADE COUNTY 2010

1,400

2011

2012

2013

2014

Closed Sales

1,300 1,200 1,100 1,000 900 800 700 600

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Median Sale Price

$280K $260K $240K $220K $200K $180K $160K $140K J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

Total Inventory

10,000 9,000 8,000 7,000 6,000 5,000

4,000 Monthly Market Summary - July 2014 J F M A M J J A S O N D J F M A M J J A Single Family Homes 2010 2011 Miami-Dade County

S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

2012

2013

2014

Produced by Florida REALTORS速 with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

July 2014

July 2013

Percent Change Year-over-Year

1,229

1,227

0.2%

491

531

-7.5%

New Pending Sales

1,602

1,725

-7.1%

New Listings

2,076

1,948

6.6%

Median Sale Price

$255,950

$230,000

11.3%

Average Sale Price

$486,820

$406,532

19.7%

43

35

22.9%

Avg. Percent of Original List Price Received

95.2%

96.1%

-0.9%

Pending Inventory

4,432

5,297

-16.3%

Inventory (Active Listings)

6,181

5,123

20.7%

Months Supply of Inventory

5.6

4.9

14.0%

Data released on Thursday, August 21, 2014. Next data release is Monday, September 22, 2014.

Closed Sales

Cash Sales

Median Days on Market

1,400

2010

1,300 41,200 6 1,100

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2011

2012

2013

2014

Avg. Percent of Original List Price Received

93.5%

97.1%

-3.7%

Pending Inventory

4,231

5,706

-25.8%

10,986

8,452

30.0%

7.8

6.0

31.7%

Inventory (Active Listings) TOWNHOUSES AND CONDOS Months Supply of Inventory

MIAMI-DADE COUNTY 2010

1,900

2011

2012

2013

2014

Closed Sales

1,700 1,500 1,300 1,100 900 700

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

$220K

Median Sale Price

$200K $180K $160K $140K $120K $100K $80K J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J 19,000

Total Inventory

17,000 15,000 13,000 11,000 9,000

y 2014

7,000

J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J A S O N D J F M A M J J

2010

2011

2012

2013

2014

Produced by Florida REALTORS速 with data provided by Florida's multiple listing services. Statistics for each month compiled from MLS feeds on the 15th day of the following month.

2014September 22, July2014.

2013 Data released on Thursday, August 21, 2014. Next data release isJuly Monday,

Percent Change Year-over-Year

1,403

1,538

-8.8%

942

1,132

-16.8%

New Pending Sales

1,722

2,158

-20.2%

New Listings

2,738

2,838

-3.5%

Median Sale Price

$190,000

$180,000

5.6%

Average Sale Price

$345,610

$323,338

6.9%

59

45

31.1%

Avg. Percent of Original List Price Received

93.5%

97.1%

-3.7%

Pending Inventory

4,231

5,706

-25.8%

Inventory (Active Listings)

10,986

8,452

30.0%

Months Supply of Inventory

7.8

6.0

31.7%

Closed Sales

Cash Sales

Median Days on Market

2011

2012

2013

2014 beigebooks.com

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ECONOMIC INDICATORS

UNITED STATES CONSUMER CONFIDENCE 84.1 82.5 81.2

81.6

81.9

82.5

82.5 81.8

80

77.5 75.1 73.2 OCT 2013

JAN 2014

APR 2014

JUL 2014

UNITED STATES HOUSE PRICE INDEX MOM CHANGE 0.8 0.7 0.6

0.6

0.5 0.4

0.4

0.4 0.2

0.2 -0.1 OCT 2013

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JAN 2014

0 APR 2014

JUL 2014

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SOCIAL SCENE

INTOWN ASTOR THE ASTOR COMPANIES NAMES TOWER REAL ESTATE GROUP AS EXCLUSIVE REAL ESTATE AGENT AND CELEBRATES INTOWN The Astor Companies and Tower Real Estate Group announce their alliance and celebrate InTown. The Astor Companies, a privately held real estate development company based in Miami, has named Tower Real Estate Group as its exclusive real estate agent, announced Peter Torres, vice president of The Astor Companies. The firm will oversee sales for three key projects including InTown, Merrick Manor and Nordica.

Tower Real Estate Group is led by 20-year real estate veteran Adriana Vargas-Hernandez who serves as the vice president of sales and marketing. Ms. Vargas-Hernandez is joined by a staff of 10 agents who will represent the newest additions to the portfolio of Astor Companies developments - InTown, Merrick Manor and Nordica.

“We are pleased to announce our relationship with Tower Real Estate Group,” said Torres.

“Adriana brings a wealth of local and international sales knowledge to our projects and we look forward to working with her and her team on our latest developments.”

InTown, a $95 million condominium project slated to break ground at 1900 S.W. 8th Street later this year, will deliver upscale comfort, luxury amenities, and the conveniences of urban living. Located just three miles west of Downtown Miami’s Brickell Financial District, the 14-story, two-tower development will feature 320 luxury residences. Prices start from the $200,000s.

For more information, including pre-construction sales opportunities for both developments, please contact Tower Real Estate Group at (305) 779.5672 ABOUT THE ASTOR COMPANIES

The Astor Companies is a privately held real estate development firm based in Miami, Florida with experience in all facets of the industry, including the development, construction, leasing and management of multifamily properties. With an eye for detail, Astor incorporates exceptional architecture, interiors, and amenities into each of its projects. With father-and-son team Henry and Peter Torres at the helm, the company has successfully delivered numerous residential developments throughout South Florida valued at more than $500 million, including Merrick Manor, InTown, Brickell Vista, Nordica, Gateway to the Grove and Valencia. The corporate headquarters is located at 2601 South Bayshore Drive, #1800, Miami, FL, 33133. Additional information can befound by calling (305) 858-6911 or visiting WWW.ASTORCOMPANIES.COM.

SOCIAL SCENE

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SOCIAL SCENE

MIAMI NEW CONSTRUCTION SHOW

THE MIAMI NEW CONSTRUCTION SHOW IS A PREMIER REAL ESTATE EVENT FOR BUYERS AND INVESTORS, BRINGING TOGETHER ALL THE STAKEHOLDERS IN THE MARKET OF NEW DEVELOPMENTS, LUXURY CONDOMINIUMS AND HOUSING PROJECTS IN SOUTH FLORIDA For three days, real estate developers, buyers, investors, real estate specialists, agents, brokers, architects, journalists and other related professionals will come together under one roof to satisfy their business, networking needs.

Visitors of the show will have an overview of the South Florida Real Estate market, focused on the new construction segment, opportunity to view scale models of each project, meet the sales team, collect brochures with floor plans, and analyze prices.

For three consecutive days, not only will you have access to detailed project information and real time exposure to exciting new construction projects and world class exhibits, but you’ll also have the chance to meet some of the most prolific developers in South Florida and ask their teams any questions or inquiries about current and upcoming projects.

Also, more than 80 independent, exclusive and unique service providers will be sharing their products and services with you, your guests and clients; you can receive free consultations on property acquisition, immigration services, insurance, home inspection, design and remodeling. Star Keynote speakers and Panel meetings are organized to educate and entertain visitors.

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SOCIAL SCENE

onsultant at 855-325-2822

change without and are subject onsult a Lennar g REALTOR or Associate must © 2014 Lennar of Lennar and/

ground breaking

The event occurred on August 28, 2014 from 10 to 11:30 a.m. Luigi Boria, Doral’s Mayor as well Vice Mayor, Christi Fraga and the Council were all present for the groundbreaking ceremony.

Central Park is Doral’s newest master-planned community featuring Astoria with two-story luxury townhomes. This impeccably designed community’s townhomes feature up to four bedrooms, three baths, garage, and stylish interior features such as wood cabinets with wraparound

granite countertops and stainless steel appliances. Master planned communities created around Doral’s largest natural preserve area. Central Park is just minutes from A-rated schools, world-class shopping and dining, and luxurious entertainment, including the Trump National Doral Miami golf resort. Community amenities will include a grand Clubhouse with ballroom, billiard room, resort style pool, oversized fitness center, sauna, steam room, tennis courts, basketball court, volleyball court, children’s water park, playground, and so much more!

#1 BUILDER OF NEW HOMES IN SOUTH FLORIDA!

WE’RE HIRING

CONTRACTORS Lennar Homes is growing faster than ever and is hiring licensed and insured building partners to join our professional home building team!

Lennar must continue to expand our trusted building partners in Palm Beach, Broward and Miami-Dade counties to help us build hundreds of homes throughout Southeast Florida.

We are aggressively seeking all licensed and insured building contractors such as: -

Roofing Electrical HVAC Trusses Pool

-

Shutters Drywall Windows Landscape Plumbing

-

Floors Cleaning Stucco Paving Cabinets

-

Millwork Fence Painting Shell Contractors Interior + Exterior Finishes

Lennar also needs great construction managers who are ready to begin or continue their career in the home building industry! Come and apply today!

Ask to Speak with a Purchasing Manager TODAY! LEARN MORE:

Lennar.com/Hiring

CALL

305-559-1951

REALTOR® PARTICIPATION

WELCOME

Pictures are artist’s concept, for illustrative purposes only and should never be relied upon when making any decision relative to purchase any property. It is not uncommon that the development can change without notice to you. Features, amenities and designs vary per plan and community and are subject to change by Lennar without notice. Home prices subject to change without notice and include standard location, subject to availability.

Consult a Lennar New Home Consultant for information on premium locations. Financing available through Universal American Mortgage Company. Mortgage Lender Service License MLD549, NMLS #1058. Copyright © 2014 Lennar Corporation and Universal American Mortgage Company, LLC. All rights reserved. Lennar, the Lennar logo, Universal American Mortgage Company and the UAMC logo are registered service marks of Lennar and/or its subsidiaries. CGC 62343. 10/14

SOCIAL SCENE

florida title and trust “FIRST LOOK” INDUSTRY EVENT

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Florida Title & Trust LLC is transforming the real estate industry. One of our many anticipated events such as ‘First Look’ is held the last Tuesday of every month. This event entails investors with non-listed properties and links them with possible buyers and realtors. The event is designed as a meet and greet to showcase properties in a more intimate & personal atmosphere.

“The First Look” is held monthly to offer our high profile clients new ways to expand their revenue streams by not only showcasing new upcoming areas but also to ensure success by introducing the latest industry trends in the changing landscape of the Miami’s real estate market.

Florida Title & Trust LLC has developed over the years their trademark “Pre-Closing and Post-Closing Online Platforms” enabling both realtors and their clients cutting edge technology to provide exceptional customer service and most importantly, a clear title.

Our next event will be held on Tuesday, January 27th, 2014 at 6:30 pm with the First Look At 7:15 pm for location or to Rsvp and more information, please call us 305-615-2768 or visit our website www.Fltitletrust.com

Join us ON THE

RED CARPET FIRST LOOK

REAL ESTATE INDUSTRY EVENT

HOSTED BY FLORIDA TITLE & TRUST, LLC DATE TUESDAY // NOVEMBER 25 DOORS @ 6:30PM FIRST LOOK @ 7:15 SHARP

LOCATION CHOP HOUSE 305 300 S BISCAYNE BLVD MIAMI, FL 33132

RSVP @ WWW.FLTITLEANDTRUST.COM // 305.615.2768

HOME DESIGN AND REMODELING SHOW THE HOME DESIGN AND REMODELING SHOW HAS BEEN BRINGING THE MOST SUCCESSFUL HOME SHOWS TO SOUTH FLORIDA FOR OVER 40 YEARS. THE SHOWS BRINGS TOGETHER VENDORS OFFERING SUPERIOR PRODUCTS AND SERVICES FOR HOMEOWNERS LOOKING TO RENOVATE, DECORATE, OR SIMPLY ENHANCE THE APPEARANCE OF THEIR HOMES. With four sold-out shows, two at the Miami Beach Convention Center and two at the Broward Convention Center each year, The Home Design and Remodeling Show is the only place for professional vendors for the home to interact with home owners.

For three consecutive days, not only will you have access to detailed project information and real time exposure to exciting new construction projects and world class exhibits, but you’ll also have the chance to meet some of the most prolific developers in South Florida and ask their teams any questions or inquiries about current and upcoming projects.

Also, more than 80 independent, exclusive and unique service providers will be sharing their products and services with you, your guests and clients; you can receive free consultations on property acquisition, immigration services, insurance, home inspection, design and remodeling.

Star Keynote speakers and Panel meetings are organized to educate and entertain visitors.

amelirozas

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vgm decorators

sire design

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HOME BUYERS GLOSSARY HOME BUYERS GLOSSARY

ARM? GPM? PITI? You’d have to be a cryptologist to figure out some of the terms buyers encounter during the home buying process. Doing research on how to buy a house before beginning the process can greatly improve your experience and prepare you for the exciting course ahead. And with this glossary of home buying terms at your side, you can rest easy that your new home won’t get lost in translation.

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A

203(B) FHA’s single family program which provides mortgage insurance to lenders to protect against the borrower defaulting; 203(b) is used to finance the purchase of new or existing one to four family housing; 203(b) insured loans are known for requiring a low down payment, flexible qualifying guidelines, limited fees, and a limit on maximum loan amount.

203(K) FHA mortgage insurance program enables home buyers to finance both the purchase of a house and the cost of its rehabilitation through a single mortgage loan.

“A” LOAN OR “A” PAPER credit rating where the FICO score is 660 or above. There have been no late mortgage payments within a 12-month period. The best credit rating to have when entering into a new loan.

ACCELERATION the right of the lender to demand payment on the outstanding balance of a loan.

ADDITIONAL PRINCIPAL PAYMENT money paid to the lender in addition to the established payment amount used directly against the loan principal to shorten the length of the loan.

ADJUSTABLE-RATE MORTGAGE (ARM) a mortgage loan that does not have a fixed interest rate. During the life of the loan the interest rate will change based on the index rate. Also referred to as adjustable mortgage loans (AMLs) or variable-rate mortgages (VRMs).

AMERICAN SOCIETY OF HOME INSPECTORS the American Society of Home Inspectors is a professional association of independent inspectors.

(800) 743-2744 AMORTIZATION a payment plan that enables you to reduce your debt gradually through monthly payments. The payments may be principal and interest, or interest only. The monthly amount is based on the schedule for the entire term or length of the loan.

ANNUAL PERCENTAGE RATE (APR) measure of the cost of credit, expressed as a yearly rate. It includes interest as well as other charges.

Because all lenders, by federal law, follow the same rules to ensure the accuracy of the annual percentage rate, it provides consumers with a good basis for comparing the cost of loans, including mortgage plans.

APR is a higher rate than the simple interest of mortgage.

APPRAISAL a document from a professional that gives an estimate of a property’s fair market value based on the sales of comparable homes in the area and the features of a property; an appraisal is generally required by a lender before loan approval to ensure that the mortgage loan amount is not more than the value of the property.

APPRAISER a qualified individual who uses his or her experience and knowledge to prepare appraisal estimate.

ARBITRATION a legal method of resolving a dispute without court.

AS-IS CONDITION the purchase or sale of a property in its existing condition without repairs.

ASSESSED VALUE the value that a public official has placed on any asset (used to determine taxes).

B

BALLOON LOAN OR MORTGAGE a mortgage that typically offers low rates for an initial period of time (usually 5, 7, or 10) years; after that time period elapses, the balance is due or is refinanced by the borrower.

BALLOON PAYMENT the final lump sum payment due at the end of a balloon mortgage.

BRIDGE LOAN a short-term loan paid back relatively fast. Normally used until a long- term loan can be processed.

BROKER a licensed individual or firm that charges a fee to serve as the mediator between the buyer and seller. Mortgage brokers are individuals in the businessof arranging funding or negotiating contracts for a client, but who does not loan the money. A real estate broker is someone who helps find a house.

BUILDING CODE based on agreed upon safety standards within a specific area, a building code is a regulation that determines the design, construction, and materials used in building.

BUY DOWN the seller pays an amount to the lender so the lender provides a lower rate and lower payments many times for an ARM. The seller may increase the sales price to cover the cost of the buy down.

C

“C” LOAN OR “C” PAPER FICO scores typically from 580 to 619. Factors include three to four 30 day late mortgage payments and four to six 30 day late installment loan payments or two to four 60 day late payments.

One to two years since bankruptcy. Also rknown as Sub Prime.

CASH-OUT REFINANCE when a borrower refinances a mortgage at a higher principal amount to get additional money. Usually this occurs when the property has appreciated in value. For example, if a home has a current value of $100,000 and an outstanding mortgage of $60,000, the owner could refinance $80,000 and have additional $20,000 in cash.

CHARGE-OFF the portion of principal and interest due on a loan that is written off when deemed to be uncollectible.

CLOSING COSTS fees for final property transfer not included in the price of the property. Typical closing costs include charges for the mortgage loan such as origination fees, discount points, appraisal fee, survey, title insurance, legal fees, real estate professional fees, prepayment of taxes and insurance, and real estate transfer taxes. A common estimate of a Buyer’s closing costs is 2 to 4 percent of the purchase price of the home.

A common estimate for Seller’s closing costs is 3 to 9 percent.

CLOUD ON THE TITLE conditions that affect clear title to real property.

COMMON STOCK a security that provides voting rights in a corporation and pays a dividend after preferred stock holders have been paid. This is the most common stock held within a company.

COMPARATIVE MARKET ANALYSIS (COMPS) a property evaluation that determines property value by comparing similar properties sold within the last year.

CONDOMINIUM a form of ownership in which individuals purchase and own a unit of housing in a multi unit complex. The owner shares financial responsibility for common areas.

CONFORMING LOAN is a loan that does not exceed Fannie Mae’s and Freddie Mac’s loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

CONSTRUCTION LOAN a short-term, to finance the cost of building a new home. The lender pays the builder based on milestones accomplished during the building process. For example, once a sub-contractor pours the foundation and it is approved by inspectors the lender will pay for the service.

CONTINGENCY a clause in a purchase contract outlining conditions that must be fulfilled before the contract is executed. Both, buyer or seller may include contin\gencies in a contract, but both parties must accept contingency.

CONVENTIONAL LOAN a private sector loan, one that is not guaranteed or insured by the U.S. government.

CONVERSION CLAUSE a provision in some ARMs allowing it to change to a fixed rate loan at some point during the term. Conversions are allowed at the end of the first adjustment period. The new fixed rate is generally set at one of the rates then prevailing for fixed rate mortgages.

There may be additional cost for this clause.

CONVERTIBLE ARM an adjustable-rate mortgage that provides the borrower the ability to convert to a fixed-rate within a specified time.

COOPERATIVE (CO-OP) residents purchase stock in a cooperative corporation that owns a structure; stockholder is entitled to live in a unit of the structure and is responsible for paying a portion of loan.

COVENANTS legally enforceable terms that govern the use of property. These terms are transferred with the property deed.

Discriminatory covenants are illegal and unenforceable. Also known as a condition, restriction, deed restriction or restrictive covenant.

CREDIT COUNSELING education on improving bad credit and how to avoid having more debt than can be repaid.

CREDIT ENHANCEMENT a method used by a lender to reduce default of a loan by requiring collateral, mortgage insurance, or other agreements.

CREDIT LOSS RATIO the ratio of credit related losses to the dollar amount of MBS outstanding and total mortgages owned by the corporation.

CREDIT REPAIR COMPANIES Private, for-profit businesses that claim to offer consumers credit and debt repayment difficulties assistance with their credit problems and a bad credit report.

D

DEBT SECURITY a security that represents a loan from an investor to an issuer. The issuer in turn agrees to pay interest in addition to the principal amount borrowed.

DEDUCTIBLE the amount of cash payment that is made by the insured (the home owner) to cover a portion of a damage or loss. Sometimes also called “out-of-pocket expenses.” For example, out of a total damage claim of $1,000, the homeowner might pay a $250 deductible toward the loss, while the insurance company pays $750 toward the loss. Typically, the higher the deductible, the lower the cost of the policy.

DEED-IN-LIEU to avoid foreclosure (“in lieu” of foreclosure), a deed is given to the lender to fulfill the obligation to repay the debt; this process does not allow the borrower to remain in the house but helps avoid the costs, time, and effort associat- ed with foreclosure.

DEFAULT the inability to make timely monthly mortgage payments or otherwise comply with mortgage terms. A loan is considered in default when payment has not been paid after 60 to 90 days. Once in default the lender can exercise legal rights defined in the contract to begin foreclosure proceedings DELINQUENCY failure of a borrower to make timely mortgage payments under a loan agreement. After fifteen days a late fee may be assessed.

DEPOSIT (EARNEST MONEY) money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer’s satisfaction.

DERIVATIVE a contract between two or more parties where the security is dependent on the price ofanother investment.

DISCLOSURES the release of relevant information about a property that may influence the final sale, especially if it represents defects or problems.

“Full disclosure” usually refers to the responsibility of the seller to voluntarily provide all known information about the property. Some disclosures may be required by law, such as the federal requirement to warn of potential lead based paint hazards in pre-1978 housing. A seller found to have knowingly lied about a defect may face legal penalties.

DISCOUNT POINT normally paid at closing and generally calculated to be equivalent to 1% of the total loan amount, discount points are paid to reduce the interest rate on a loan. In an ARM with an initial rate discount, the lender gives up a number of percentage points in interest to give you a lower rate and lower payments for part of the mortgage term (usually for one year or less). After the discount period, the ARM rate will probably go up depending on the index rate.

DOCUMENT RECORDING after closing on a loan, certain documents are filed and made public record. Discharges for the prior mortgage holder are filed first. Then the deed is filed with the new owner’s and mortgage company’s names.

DUE ON SALE CLAUSE a provision of a loan allowing the lender to demand full repayment of the loan if the property is sold.

E

EARNEST MONEY (DEPOSIT) money put down by a potential buyer to show that they are serious about purchasing the home; it becomes part of the down payment if the offer is accepted, is returned if the offer is rejected, or is forfeited if the buyer pulls out of the deal. During the contingency period the money may be returned to the buyer if the contingencies are not met to the buyer’s satisfaction.

EASEMENTS the legal rights that give someone other than the owner access to use property for a specific purpose. Easements may affect property values and are sometimes a part of the deed.

EEM: Energy Efficient Mortgage; an FHA program that helps homebuyers save money on utility bills by enabling them to finance the cost of adding energy efficiency features to a new or existing home as part of the home purchase.

EMINENT DOMAIN when a government takes private property for public use. The owner receives payment for its fair market value. The property can then proceed to condemnation proceedings.

ENCROACHMENTS a structure that extends over the legal property line on to another individual’s property. The property surveyor will note any encroachment on the lot survey done before property transfer. The person who owns the structure will be asked to remove it to prevent future problems.

ENCUMBRANCE anything that affects title to a property, such as loans, leases, easements, or restrictions.

EQUAL CREDIT OPPORTUNITY ACT (ECOA) a federal law requiring lenders to make credit available equally without discrimination based on race, color, religion, national origin, age, sex, marital status, or receipt of income from public assistance programs.

ESCAPE CLAUSE a provision in a purchase contract that allows either party to cancel part or the entire contract if the other does not respond to changes to the sale within a set period. The most common use of the escape clause is if the buyer makes the purchase offer contingent on the sale of another house.

ESCROW funds held in an account tobe used by the lender to pay for home insurance and property taxes. The funds may also be held by a third party until contractual conditions are met and then paid out.

ESCROW ACCOUNT a separate account into which the lender puts a portion of each monthly mortgage payment; an escrow account provides the funds needed for such expenses as property taxes, homeowners insurance, mortgage insurance, etc.

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FICO SCORE FICO is an abbreviation for Fair Isaac Corporation and refers to a person’s credit score based on credit his- tory. Lenders and credit card companies use the number to decide if the person is likely to pay his or her bills. A credit score is evaluated using information from the three major credit bureaus, usually between 300 and 850.

FAIR CREDIT REPORTING ACT federal act to ensure that credit bureaus are fair and accurate protecting the individual’s privacy rights enacted in 1971 and revised in October 1997.

FAIR HOUSING ACT a law that prohibits discrimination in all facets of the home buying process on the basis of race, color, national origin, religion, sex, familial status, or disability.

FAIR MARKET VALUE the hypothetical price that a willing buyer and seller will agree upon when they are acting freely, carefully, and with complete knowledge of the situation.

FANNIE MAE Federal National Mortgage Association (FNMA); a federally chartered enterprise owned by private stockholders that purchases residential mortgages and converts them into securities for sale to investors; by purchasing mortgages, Fannie Mae supplies funds that lenders may loan to potential homebuyers. Also known as a Government Sponsored Enterprise (GSE).

FHA: Federal Housing Administration; established in 1934 to advance homeownership opportunities for all Americans; assists homebuyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults; this encourages lenders to make loans to borrowers who might not qualify for conventional mortgages.

FIRST MORTGAGE mortgage with first priority if the loan is not paid.

FIXTURE personal property permanently attached to real estate or real property that becomes a part of the real estate.

FLOAT the act of allowing an interest rate and discount points to fluctuate with changes in the market.

FORBEARANCE a lender may decide not to take legal action when a borrower is late in making a payment. Usually this occurs when a borrower sets up a plan that both sides agree will bring overdue mortgage payments up to date.

FREDDIE MAC Federal Home Loan Mortgage Corporation (FHLM); a federally chartered corporation that purchases residential mortgages, securitizes them, and sells them to investors; this provides lenders with funds for new homebuyers. Also known as a Government Sponsored Enterprise (GSE).

FRONT END RATIO a percentage comparing a borrower’s total monthly cost to buy a house (mortgage principal and interest, insurance, and real estate taxes) to monthly income before deductions.

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GINNIE MAE Government National Mortgage Association (GNMA); a government-owned corporation overseenby the U.S. Department of Housing and Urban Development, Ginnie Mae pools FHA-insured and VA-guaranteed loans to back securities for private investment; as With Fannie Mae and Freddie Mac, the investment income provides funding that may then be lent to eligible borrowers by lenders.

GLOBAL DEBT FACILITY designed to allow investors all over the world to purchase debt (loans) of U.S. dollar and foreign currency through a variety of clearing systems.

GOOD FAITH ESTIMATE an estimate of all closing fees including pre-paid and escrow items as well as lender charges; must be given to the borrower within three days after submission of a loan application.

GRADUATED PAYMENT MORTGAGES mortgages that begin with lower monthly payments that get slowly larger over a period of years, eventually reaching a fixed level and remaining there for the life of the loan. Graduated payment loans may be good if you expect your annual income to increase.

HECM (REVERSE MORTGAGE) the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM. HAZARD INSURANCE protection against a specific loss, such as fire, wind etc., over a period of time that is secured by the payment of a regularly scheduled premium.

HELP Homebuyer Education Learning Program; an educational program from the FHA that counsels people about the home buying process; HELP covers topics like budgeting, finding a home, getting a loan, and home maintenance; in most cases, completion of the program may entitle the homebuyer to a reduced initial FHA mortgage insurance premium-from 2.25% to 1.75% of the home purchase price.

HOME EQUITY LINE OF CREDIT a mortgage loan, usually in second mortgage, allowing a borrower to obtain cash against the equity of a home, up to a predetermined amount.

HOME EQUITY LOAN a loan backed by the value of a home (real estate). If the borrower defaults or does not pay the loan, the lender has some rights to the property. The borrower can usually claim a home equity loan as a tax deduction.

HOME WARRANTY offers protection for mechanical systems and attached appliances against unexpected repairs not covered by homeowner’s insurance; coverage extends over a specific time period and does not cover the home’s structure.

HOMEOWNERSHIP EDUCATION CLASSES classes that stress the need to develop a strong credit history and offer information about how to get a mortgage approved, qualify for a loan, choose an affordable home, go through financing and closing processes, and avoid mortgage problems that cause people to lose their homes.

HOMESTEAD CREDIT property tax credit program, offered by some state governments, that provides reductions in property taxes to eligible households.

HOUSING COUNSELING AGENCY provides counseling and assistance to individuals on a variety of issues, including loan default, fair housing, and home buying.

HUD the U.S. Department of Housing and Urban Development; established in 1965, HUD works to create a decent home and suitable living environment for all Americans; it does this by addressing housing needs, improving and developing American communities, and enforcing fair housing laws.

HUD1 STATEMENT also known as the “settlement sheet,” or “closing statement” it itemizes all closing costs; must be given to the borrower at or before closing. Items that appear on the statement include real estate commissions, loan fees, points, and escrow amounts.

HVAC: Heating, Ventilation and Air Conditioning; a home’s heating and cooling system.

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INTEREST RATE SWAP a transaction between two parties where each agrees to exchange payments tied to different interest rates for a specified period of time, generally based on a notional principal amount.

JOINT TENANCY (WITH RIGHTS OF SURVIVORSHIP) two or more owners share equal ownership and rights to the property. If a joint owner dies, his or her share of the property passes to the other owners, without probate. In joint tenancy, owner- ship of the property cannot be willed to someone who is not a joint owner.

JUDGMENT a legal decision; when requiring debt repayment, a judgment may include a property lien that secures the creditor’s claim by providing a collateral source.

JUMBO LOAN or non-conforming loan, is a loan that exceeds Fannie Mae’s and Freddie Mac’s loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

LEASE PURCHASE (LEASE OPTION) assists low to moderate income homebuyers in purchasing a home by allowing them to lease a home with an option to buy; the rent payment is made up of the monthly rental payment plus an additional amount that is credited to an account for use as a down payment.

LIABILITY INSURANCE insurance coverage that protects against claims alleging a property owner’s negligence or action resulted in bodily injury or damage to another person. It is normally included in homeowner’s insurance policies.

LIEN a legal claim against property that must be satisfied when the property is sold. A claim of money against a property, wherein the value of the property is used as security in repayment of a debt. Examples include a mechanic’s lien, which might be for the unpaid cost of building supplies, or a tax lien for unpaid property taxes. A lien is a defect on the title and needs to be settled before transfer of ownership. A lien release is a written report of the settlement of a lien and is recorded in the public record as evidence of payment.

LIEN WAIVER A document that releases a consumer (homeowner) from any further obligation for payment of a debt once it has been paid in full.

Lien waivers typically are used by homeowners who hire a contractor to provide work and materials to prevent any subcontractors or suppliers of materials from filing a lien against the homeowner for nonpayment.

LIFE CAP a limit on the range interest rates can increase or decrease over the life of an adjustable-rate mortgage (ARM).

LISTING AGREEMENT a contract between a seller and a real estate professional to market and sell a home. A listing agreement obligates the real estate professional (or his or her agent) to seek qualified buyers, report all purchase offers and help negotiate the highest possible price and most favorable terms for the property seller.

LOAN ACCELERATION an acceleration clause in a loan document is a statement in a mortgage that gives the lender the right to demand payment of the entire outstanding balance if a monthly payment is missed.

LOAN FRAUD purposely giving incorrect information on a loan application in order to better qualify for a loan; may result in civil liability or criminal penalties.

LOAN OFFICER a representative of a lending or mortgage company who is responsible for soliciting homebuyers, qualifying and processing of loans. They may also be called lender, loan representative, account executive or loan rep.

LOAN ORIGINATION FEE a charge by the lender to cover the administrative costs of making the mortgage. This charge is paid at the closing and varies with the lender and type of loan. A loan origination fee of 1 to 2 percent of the mortgage amount is common.

LOAN SERVICER the company that collects monthly mortgage payments and disperses property taxes and insurance payments. Loan servicers also monitor nonperforming loans, contact delinquent borrowers, and notify insurers and investors of potential problems. Loan servicers may be the lender or a specialized company that just handles loan servicing under

contract with the lender or the investor who owns the loan.

LOAN TO VALUE (LTV) RATIO a percentage calculated by dividing the amount bor- rowed by the price or appraised value of the home to be purchased; the higher the LTV, the less cash a borrower is required to pay as down payment.

LOCK-IN since interest rates can change frequently, many lenders offer an interest rate lock-in that guarantees a specific interest rate if the loan is closed within a specific time.

LOCK-IN PERIOD the length of time that the lender has guaranteed a specific interest rate to a borrower.

LOSS MITIGATION a process to avoid foreclosure; the lender tries to help a borrower who has been unable to make loan payments and is in danger of defaulting on his or her loan

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MARGIN the number of percentage points the lender adds to the index rate to calculate the ARM interest rate at each adjustment.

MATURITY the date when the principal balance of a loan becomes due and payable.

MEDIAN PRICE the price of the house that falls in the middle of the total number of homes for sale in that area.

MEDIUM TERM NOTES unsecured general obligations of Fannie Mae with maturities of one day or more and with principal and interest payable in U.S. dollars.

MERGED CREDIT REPORT raw data pulled from two or more of the major credit reporting firms.

MITIGATION term usually used to refer to various changes or improvements made in a home; for instance, to reduce the average level of radon.

MODIFICATION when a lender agrees to modify the terms of a mortgage without refinancing the loan.

MORTGAGE ACCELERATION CLAUSE a clause allowing a lender, under certain circumstances, demand the entire balance of a loan is repaid in a lump sum. The acceleration clause is usually triggered if the home is sold, title to the property is changed, the loan is refinanced or the borrower defaults on a scheduled payment.

MORTGAGE-BACKED SECURITY (MBS) a Fannie Mae security that represents an undivided interest in a group of mortgages. Principal and interest payments from the individual mortgage loans are grouped and paid out to the MBS holders.

MORTGAGE BANKER a company that originates loans and resells them to secondary mortgage lenders like Fannie Mae or Freddie Mac. MORTGAGE BROKER a firm that originates and processes loans for a number of lenders.

MORTGAGE LIFE AND DISABILITY INSURANCE term life insurance bought by borrowers to pay off a mortgage in the event of death or make monthly payments in the case of disability. The amount of coverage decreases as the principal balance declines. There are many different terms of coverage determining amounts of payments and when paments begin and end.

MORTGAGE INSURANCE a policy that protects lenders against some or most of the losses that can occur when a borrower defaults on a mortgage loan; mortgage insurance is required primarily for borrowers with a down payment of less than 20% of the home’s purchase price.

Insurance purchased by the buyer to protect the lender in the event of default. Typically purchased for loans with less than 20 percent down payment. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is maintained on conventional loans until the outstanding amount of the loan is less than 80 percent of the value of the house or for a set period of time (7 years is common). Mortgage insurance also is available through a government agency, such as the Federal Housing Administration (FHA) or through companies (Private Mortgage Insurance or PMI).

MORTGAGE INSURANCE PREMIUM (MIP) a monthly payment part of the mortgage payment paid by a borrower for mortgage insurance.

MORTGAGE INTEREST DEDUCTION the interest cost of a mortgage, which is a tax deductible expense. The interest reduces the taxable income of taxpayers.

MORTGAGE MODIFICATION a loss mitigation option that allows a borrower to refinance and/or extend the term of the mortgage loan and thus reduce the monthly payments.

MORTGAGE NOTE a legal document obligat- ing a borrower to repay a loan at a stated interest rate during a specified period; the agreement is secured by a mortgage that is recorded in the public records along with the deed.

MORTGAGE QUALIFYING RATIO Used to calculate the maximum amount of funds that an individual traditionally may be able to afford. A typical mortgage qualifying ratio is 28: 36.

MORTGAGE SCORE a score based on a combination of information about the borrower that is obtained from the loan application, the credit report, and property value information. The score is a analysis of the borrower’s ability to repay a mortgage loan and manage credit.

MORTGAGEE the lender in a mortgage agreement.

MORTGAGOR the borrower in a mortgage agreement.

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NATIONAL CREDIT REPOSITORIES currently, there are three companies that maintain national credit reporting databases. These are Equifax, Experian, and Trans Union, referred to as Credit Bureaus.

NEGATIVE AMORTIZATION amortization means that monthly payments are large enough to pay the interest and reduce the principal on your mortgage. Negative amortization occurs when the monthly payments do not cover all of the interest cost. The interest cost that isn’t covered is added to the unpaid principal balance. This means that even after making many payments, you could owe more than you did at the beginning of the loan. Negative amortization can occur when an ARM has a payment cap that results in monthly payments not high enough to cover the interest due.

NO CASH OUT REFINANCE a refinance of an existing loan only for the amount remaining on the mortgage. The borrower does not get any cash against the equity of the home. Also called a “rate and term refinance.”

NO COST LOAN there are many variations of a no cost loan. Generally, it is a loan that does not charge for items such as title insurance, escrow fees, settlement fees, appraisal, recording fees or notary fees. It may also offer no points. This lessens the need for upfront cash during the buying process however no cost loans have a higher interest rate.

NONPERFORMING ASSET an asset such as a mortgage that is not currently accruing interest or which interest is not being paid.

NOTE a legal document obligating a borrower to repay a mortgage loan at a stated interest rate over a specified period of time.

NOTE RATE the interest rate stated on a mortgage note.

NOTICE OF DEFAULT a formal written notice to a borrower that there is a default on a loan and that legal action is possible.

NON-CONFORMING LOAN is a loan that exceeds Fannie Mae’s and Freddie Mac’s loan limits. Freddie Mac and Fannie Mae loans are referred to as conforming loans.

NOTARY PUBLIC a person who serves as a public official and certifies the authenticity of required signatures on a document by signing and stamping the document.

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ORIGINAL PRINCIPAL BALANCE the total principal owed on a mortgage prior to any payments being made.

ORIGINATION the process of preparing, submitting, and evaluating a loan application; generally includes a credit check, verification of employment, and a property appraisal.

ORIGINATION FEE the charge for originat- ing a loan; is usually calculated in theform of points and paid at closing. One point equals one percent of the loan amount. On a conventional loan, the loan origination fee is the number of points a borrower pays.

OWNER FINANCING a home purchase where the seller provides all or part of the financing, acting as a lender.

OWNERSHIP ownership is documentedby the deed to a property. The type or form of ownership is important if there is a change in the status of the owners or if the property changes ownership.

OWNER’S POLICY insurance that protects the buyer from title defects.

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PITI Principal, Interest, Taxes, and Insurance; the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner’s and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.

PITI RESERVES a cash amount that a borrower must have on hand after making a down payment and paying all closing costs for the purchase of a home. The principal, interest, taxes, and insurance (PITI) reserves must equal the amount that the borrower would have to pay for PITI for a predefined number of months.

PMI Private Mortgage Insurance; private companies that offer standard and special affordable mortgage insurance programs for qualified borrowers with down payments of less than 20% of a purchase price.

PARTIAL CLAIM a loss mitigation option offered by the FHA that allows a borrower, with help from a lender, to get an interest free loan from HUD to bring their mortgage payments up to date.

PARTIAL PAYMENT a payment that is less than the total amount owed on a monthly mortgage payment. Normally, lenders do not accept partial payments. The lender may make exceptions during times of difficulty.

Contact your lender prior to the due date if a partial payment is needed.

PAYMENT CAP a limit on how much an ARM’s payment may increase, regardless of how much the interest rate increases.

PAYMENT CHANGE DATE date when a new monthly payment amount takes effect on an adjustable rate mortgage (ARM) or a graduated payment mortgage (GPM). Generally, the payment change date occurs in the month after the interest rate adjustment date.

PERILS for homeowner’s insurance, an event that can damage the property. Homeowner’s insurance may cover the property for a wide variety of perils caused by accidents, nature, or people.

PLANNED UNIT DEVELOPMENT (PUD) a development that is planned, and constructed as one entity. Generally, there are common features in the homes or lots governed by covenants attached to the deed. Most planned developments have common land and facilities owned and managed by the owner’s or neighborhood association. Homeowners usually are required to participate in the association via a payment of annual dues.

POINTS a point is equal to one percent of the principal amount of your mortgage. For example, if you get a mortgage for $95,000, one point means you pay $950 to the lender. Lenders frequently charge points in both fixed-rate and adjustable-rate mortgages in order to increase the yield on the mortgage and to cover loan closing costs. These points usually are collected at closing and may be paid by the borrower or the home seller, or may be split between them.

POWER OF ATTORNEY a legal document that authorizes another person to act on your behalf. A power of attorney can grant complete authority or can be limited to certain acts or certain periods of time or both.

PREDATORY LENDING abusive lending practices that include a mortgage loan to someone who does not have the ability to repay. It also pertains to repeated refinancing of a loan charging high interest and fees each time.

PRE-FORECLOSURE SALE a procedure in which the borrower is allowed to sell a property for an amount less than what is owed on it to avoid a foreclosure. This sale fully satisfies the borrower’s debt.

PREPAYMENT any amount paid to reduce the principal balance of a loan before the due date or payment in full of a mortgage. This can occur with sale of the property, the pay off the loan in full, or a foreclosure. In each case, full payment occurs before the loan has been fully amortized.

PREPAYMENT PENALTY provision in some loans that charge a fee to a borrower who pays off a loan before it is due.

PRE-FORECLOSURE SALE allows a defaulting borrower to sell the mortgaged property to satisfy the loan and avoid foreclosure.

PRE-QUALIFY a lender informally deter- mines the maximum amount an individual is eligible to borrow. This is not a guaranty of a loan.

PREMIUM an amount paid on a regular schedule by a policyholder that maintains insurance coverage.

PREPAYMENT PENALTY MORTGAGE (PPM) a type of mortgage that requires the borrower to pay a penalty for prepayment, partial payment of principal or for repaying the entire loan within a certain time period. A partial payment is generally defined as an amount exceeding 20% of the

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original principal balance.

PRICE RANGE high and low amount buyer is willing to pay for a home.

PRIME RATE the interest rate that banks. charge to preferred customers. Changes in the prime rate are publicized in the business media. Prime rate can be used as the basis for adjustable rate mortgages (ARMs) or home equity lines of credit. The prime rate also affects the current interest rates being offered at a particular point in time on fixed mortgages. Changes in the prime rate do not affect the interest on a fixed mortgage.

PRINCIPAL the amount of money borrowed to buy a house or the amount of the loan that has not been paid back to the lender. This does not include the interest paid to borrow that money. The principal balance is the amount owed on a loan at any given time. It is the original loan amount minus the total repayments of principal made.

PRINCIPAL, INTEREST, TAXES, AND INSURANCE (PITI) the four elements of a monthly mortgage payment; payments of principal and interest go directly towards repaying the loan while the portion that covers taxes and insurance (homeowner’s and mortgage, if applicable) goes into an escrow account to cover the fees when they are due.

PRIVATE MORTGAGE INSURANCE (PMI) insurance purchased by a buyer to protect the lender in the event of default. The cost of mortgage insurance is usually added to the monthly payment. Mortgage insurance is generally maintained until over 20 Percent of the outstanding amount of the loan is paid or for a set period of time, seven years is normal.

Mortgage insurance may be available through a government agency, such as the Federal Housing Administration (FHA) or the Veterans Administration (VA), or private mortgage insurance companies (PMI).

Promissory Note: a written promise to repay a specified amount over a specified period of time.

PROPERTY (FIXTURE AND NON-FIXTURE) in a real estate contract, the property is the land within the legally described boundaries and all permanent structures and fixtures. Ownership of the property confers the legal right to use the property as allowed within the law and within the restrictions of zoning or easements. Fixture property refers to those items permanently attached to the structure, such as carpeting or a ceiling fan, which transfers with the property.

PROPERTY TAX DEDUCTION U.S. tax code allows homeowners to deduct the amount they paid in property taxes from there total income.

PUBLIC RECORD INFORMATION Court records of events that are a matter of public interest such as credit, bankruptcy, foreclosure and tax liens. The presence of public record information on a credit report is regarded negatively by creditors.

PUNCH LIST a list of items that have not been completed at the time of the final walk through of a newly constructed home.

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QUALIFYING RATIOS guidelines utilized by lenders to determine how much money a homebuyer is qualified to borrow. Lending guidelines typically include a maximum housing expense to income ratio and a maximum monthly expense to income ratio.

QUITCLAIM DEED a deed transferring ownership of a property but does not make any guarantee of clear title.

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RESPA Real Estate Settlement Procedures Act; a law protecting consumers from abuses during the residential real estate purchase and loan process by requiring lenders to disclose all settlement costs, practices, and relationships RADON a radioactive gas found in some homes that, if occurring in strong enough concentrations, can cause health problems.

RATE CAP a limit on an ARM on how much the interest rate or mortgage payment may change. Rate caps limit how much the interest rates can rise or fall on the adjustment dates and over the life of the loan.

RATE LOCK a commitment by a lender to a borrower guaranteeing a specific interest rate over a period of time at a set cost. Real Estate PROPERTY TAX DEDUCTION a tax deductible expense reducing a taxpayer’s taxable income.

REAL PROPERTY land, including all the natural resources and permanent buildings on it.

RECORDING the recording in a registrar’s office of an executed legal document. These include deeds, mortgages, satisfaction of a mortgage, or an extension of a mortgage making it a part of the public record.

RECORDING FEES charges for recording a deed with the appropriate government agency.

REFINANCING paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate).

REHABILITATION MORTGAGE a mortgage that covers the costs of rehabilitating (repairing or Improving) a property; some rehabilitation mortgages - like the FHA’s 203(k) - allow a borrower to roll the costs of rehabilitation and home purchase into one mortgage loan.

REINSTATEMENT PERIOD a phase of the foreclosure process where the homeowner has an opportunity to stop the foreclosure by paying money that is owed to the lender.

REMAINING TERM the original amortization term minus the number of payments that have been applied.

REPAYMENT PLAN an agreement between a lender and a delinquent borrower where the borrower agrees to make additional payments to pay down past due amounts while making regularly scheduled payments.

REVERSE MORTGAGE (HECM) the reverse mortgage is used by senior homeowners age 62 and older to convert the equity in their home into monthly streams of income and/or a line of credit to be repaid when they no longer occupy the home. A lending institution such as a mortgage lender, bank, credit union or savings and loan association funds the FHA insured loan, commonly known as HECM. RIGHT OF FIRST REFUSAL a provision in an agreement that requires the owner of a property to give one party an opportunity to purchase or lease a property before it is offered for sale or lease to others.

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SALE LEASEBACK when a seller deeds property to a buyer for a payment, and buyer simultaneously leases the property back to the seller.

SECOND MORTGAGE an additional mortgage on property. In case of a default the first mortgage must be paid before the second mortgage.

Second loans are more risky for the lender and usually carry a higher interest rate.

SECONDARY MORTGAGE MARKET the buying and selling of mortgage loans. Investors purchase residential mortgages originated by lenders, which in turn provides the lenders with capital for additional lending.

SECURED LOAN a loan backed by collateral such as property.

SECURITY the property that will be pledged as collateral for a loan.

SELLER TAKE BACK an agreement where the owner of a property provides second mortgage financing. These are often combined with an assumed mortgage instead of a portion of the seller’s equity.

SERIOUS DELINQUENCY a mortgage that is 90 days or more past due.

SERVICER a business that collects mortgage payments from borrowers and manages the borrower’s escrow accounts.

SERVICING the collection of mortgage payments from borrowers and related responsibilities of a loan servicer.

SETBACK the distance between a property line and the area where building can take place. Used to assure space between buildings and from roads for a many of purposes including drainage and utilities.

SETTLEMENT STATEMENT a document required by the Real Estate Settlement Procedures Act (RESPA). It is an itemized statement of services and charges relating to the closing of a property transfer. The buyer has the right to examine the settlement statement 1 day before the closing.

This is called the HUD 1 Settlement Statement.

SPECIAL FORBEARANCE a loss mitigation option where the lender arranges a revised repayment plan for the borrower that may include a temporary reduction or suspension of monthly loan payments.

SUB-PRIME LOAN “B” Loan or “B” paper with FICO scores from 620 659. “C” Loan or “C” Paper with FICO scores typically from 580 to 619.

An industry term to used to describe loans with less stringent lending and underwriting terms and conditions. Due to the higher risk, sub-prime loans charge higher interest rates and fees.

SUBORDINATE to place in a rank of lesser importance or to make one claim secondary to another.

SURVEY a property diagram that indicates legal boundaries, easements, encroachments, rights of way, improvement locations, etc. Surveys are conducted by licensed surveyors and are normally required by the lender

in order to confirm that the property boundaries and features such as buildings, and easements are correctly described in the legal description of the property.

SWEAT EQUITY using labor to build or improve a property as part of the down payment THIRD PARTY ORIGINATION a process by which a lender uses another party to completely or partially originate, process, underwrite, close, fund, or package the mortgages it plans to deliver to the secondary mortgage market.

TITLE a legal document establishing the right of ownership and is recorded to make it part of the public record. Also known as a Deed.

TITLE 1 an FHA-insured loan that allows a borrower to make non-luxury improvements (like renovations or repairs) to their home; Title I loans less than $7,500 don’t require a property lien.

TITLE COMPANY a company that special- izes in examining and insuring titles to real estate.

TITLE DEFECT an outstanding claim on a property that limits the ability to sell the property. Also referred to as a cloud on the title.

TITLE INSURANCE insurance that protects the lender against any claims that arise from arguments about ownership of the property; also available for homebuyers. An insurance policy guaranteeing the accuracy of a title search protecting against errors. Most lenders require the buyer to purchase title insurance protecting the lender against loss in the event of a title defect. This charge is included in the closing costs. A policy that protects the buyer from title defects is known as an owner’s policy and requires an additional charge.

TITLE SEARCH a check of public records to be sure that the seller is the recognized owner of the real estate and that there are no unsettled liens or other claims against the property.

TRANSFER OF OWNERSHIP any means by which ownership of a property changes hands. These include purchase of a property, assumption of mortgage debt, exchange of possession of a property via a land sales contract or any other land trust device.

TRANSFER TAXES State and local taxes charged for the transfer of real estate. Usually equal to a percentage of the sales price.

TREASURY INDEX can be used as the basis for adjustable rate mortgages (ARMs) It is based on the results of auctions that the U.S. Treasury holds for its Treasury bills and securities.

TRUTH-IN-LENDING a federal law obligating a lender to give full written disclosure of all fees, terms, and conditions associated with the loan initial period and then adjusts to another rate that lasts for the term of the loan.

TWO STEP MORTGAGE an adjustable-rate mortgage (ARM) that has one interest rate for the first five to seven years of its term and a different interest rate for the remainder of the term.

UNDERWRITING the process of analyzing a loan application to determine the amount of risk involved in making the loan; it includes a review of the potential borrow- er’s credit history and a judgment of the property value.

UP FRONT CHARGES the fees charged to homeowners by the lender at the time of closing a mortgage loan. This includes points, broker’s fees, insurance, and other charges.

VA (DEPARTMENT OF VETERANS AFFAIRS) a federal agency, which guarantees loans made to veterans; similar to mortgage insurance, a loan guarantee protects lenders against loss that may result from a borrower default.

VA MORTGAGE a mortgage guaranteed by the Department of Veterans Affairs (VA).

VARIABLE EXPENSES Costs or payments that may vary from month to month, for example, gasoline or food.

VARIANCE a special exemption of a zoning law to allow the property to be used in a manner different from an existing law.

WALK THROUGH: the final inspection of a property being sold by the buyer to confirm that any contingencies specified in the purchase agreement such as repairs have been completed, fixture and non-fixture property is in place and confirmthe electrical, mechanical, and plumbing systems are in working order.

WARRANTY DEED a legal document that in- cludes the guarantee the seller is the true owner of the property, has the right to sell the property and there are no claims against the property.

ZONING local laws established to control the uses of land within a particular area. Zoning laws are used to separate residential land from areas of non-residential use, such as industry or businesses. Zoning ordinances include many provisions governing such things as type of structure, setbacks, lot size, and uses of a building. beigebooks.com

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O. (305) 274.9898

WWW.A1TITLESERVICES.COM

8501 SW 124th Avenue Suite 315 Miami, FL 33183

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