SATURDAY, OCTOBER 30 , 2010
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RESIDENTIAL AND COMMERCIAL REAL ESTATE LISTINGS INSIDE
The 10,001-square-foot residence, a combination of contemporary architecture and ultra chic design, showcases its oversized rooms with the finest of cutting-edge finishes and luxurious appointments.
HOUSE OF THE WEEK
Architecturally sleek, smart home on Sunset Island II Architecturally sleek, technologically smart and visually dazzling. This is a concise description for a home that begs for a more vivid portrayal. Located on a 22,192-square-foot point lot on Miami Beach’s coveted Sunset Island II, the property offers a visual feast of shimmering sunlight and quiet moonlight dancing upon Biscayne Bay. The 10,001-square-foot residence, a combination of contemporary architecture and ultra chic design, showcases its oversized rooms with the finest of cutting-edge finishes and luxurious appointments. Large windows and glass doors, which span the entire house and are all impact glass, allow the interior to be bathed in sun-kissed warmth. The seven bedrooms, eight baths, high ceilings, chef’s kitchen, gym with full bath and expansive social areas, both inside and out, come together to create an exquisite living environment. It’s all complemented by
125 feet of water frontage, deep-water dockage, easy access to the ocean, a bayfront pool and breathtaking views — all of which provide a private paradise for avid boaters and water lovers. For a private showing, please contact “The Jills,” Jill Eber or Jill Hertzberg, broker associates at the Coldwell Banker Residential Real Estate, Miami Beach office. They can be reached at 305-672-6300, 305-788-5455 or 305-915-2556. To view additional photos of this exceptional property, visit www.TheJills.com.
The residence boasts 125 feet of water frontage, deep-water dockage, easy access to the ocean and a bayfront pool.
Lush landscaping, stylish interiors, smart technology and highly appointed features and amenities are what South Floridians can expect with the launch of ST Residential,
ST Residential brings peace of mind to South Florida ST Residential, a powerful consortium of handpicked private equity groups Starwood Capital, TPG Capital, WLR LeFrak and Perry Capital, is entering the Miami market and rethinking everything, a company official says. ST Residential was created with the goal of taking a fresh look at condominium living through attention to detail, unique offerings and unparalleled service, says the official. The company accomplishes this by managing its properties as if they lived there themselves, adds the official. ST Residential’s private equity investors are the firms behind brands, such as W Hotels, St. Regis, Ducati and Neiman Marcus, the official says. The company will be re-branding many of its assets to be consistent with the ideals and principles of the ST Residential brand: design-driven residences with unmatched level of detail, quality, amenities, services and dependability, says the official. To accomplish that, ST Residential is investing millions to enhance a compelling portfolio of upscale condominiums in some of the best locations around South Florida. “We are providing a wonderful experience for our homeowners and providing a stable environment, backed
by a world-class team of talented financiers,” says Victor Ballestas, regional managing director. “Everything ST Residential does is about the feeling you get when you first step inside – the feeling of home,” added Ballestas. Lush landscaping, stylish interiors, smart technology and highly appointed features and amenities are what South Floridians can expect with the launch of ST Residential, says Ballestas. Whether it’s an urban high-rise or suburban retreat, there’s something for every taste. Now South Floridians can choose from six new luxury communities to call home: Infinity – Located in the heart of Brickell, the 52-story luxury condominium offers infinite possibilities where residents can feast on fine dining and shopping at the nearby Mary Brickell Village and later enjoy the nightlife at some of the hottest bars in Miami outside their door. The building features loft-style residences commanding captivating views in every direction. Infinity’s studio, one-, two- and three-bedroom lofts and condominium homes are priced starting at under $200,000 and range from 642 to 3,155 square feet. Tao – Situated in the heart of TURN TO ST RESIDENTIAL, 2
Marquis residences hit the mark with myPad concept The Marquis myPad model residence has caused a stir in downtown Miami, says a spokesperson for the developer. The myPad concept was first introduced to downtown Miami via a 50-by-70-foot building banner on Marquis’ west façade facing eastbound traffic on 836. The banner features the legs of a reclining individual, feet propped on a balcony railing before the spectacular view enjoyed from a Marquis residence. Drawing from Apple’s innovative iPad marketing campaign, the myPad banner alludes to Marquis’ hip, dynamic culture and unique lifestyle.
Marquis residents can enjoy unrivaled views while relaxing in a vibrant, upbeat setting. This fall, Miami residents were wowed by the newly created myPad model residence, says the spokesperson. Designed exclusively for Marquis by Tui Lifestyle, the Marquis myPad model residence epitomizes innovation and style featuring the unique pebbles chandelier in the dining room and a King Euro Bed in the master bedroom. Best of all, consumers can purchase a residence at Marquis with the exclusive “Marquis myPad” two-bedroom, two-and-a-
The model residence features a complete luxury furnishings package for all rooms. The two-bedroom package is priced at $60,395.
half-bathroom furniture and design package priced at $60,395. The design package can be completely installed in just 72 hours. The Marquis myPad model residence received rave reviews at the fall launch event – more than 400 guests viewed the new model, which features a complete luxury furnishings package for all rooms including such items as designer leather chairs and 400thread-count Frette linens in the bedrooms. Tui Pranich was on hand for the unveiling and gave insight into the design ethos and inspiration for the exceptional myPad model. Every Marquis buyer receives a free design consultation with Tui Lifestyle, valued at $1,000. Guests also toured Marquis’ extensive amenity program while sipping apple martinis and enjoying light bites prepared by Amuse, Marquis’ signature restaurant. Marquis’ amenity program includes exclusive access to hotel and spa services at Tempo Miami, the on-site boutique hotel by RockResorts; exquisitely designed common areas; a 14th
A high-profile banner and high-style model residence make lifestyle statement.
floor terrace with sunrise and sunset pools; a full spa; and inhome dining from acclaimed onsite restaurant Amuse. Marquis is the most visible high-rise in downtown Miami and is located blocks from the Adrienne Arsht Center for the Arts and the American Airlines Arena (home of the Miami Heat). Designed by Arquitectonica, the 67-story tower rises across Biscayne Boulevard from the culturally rich Museum Park, soon to be the home to the Miami Art Museum, with a commanding view straight down the
Government Cut, all the way to the Atlantic horizon. Marquis condominiums range from 1,477 to more than 3,800 square feet and offer one to four bedrooms, generously proportioned living spaces and floor-toceiling windows. Throughout, finishes and fixtures are of the highest quality. The sales center and designer models are open Monday through Friday from 10 a.m. to 6 p.m., and Saturday and Sunday from 11 a.m. to 5 p.m. For more information, call 877-630-0055 or visit marquis-miami.com.
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SATURDAY, OCTOBER 30, 2010
HOUSE OF THE WEEK: See the attractive properties Coldwell Banker has available in Miami-Dade and Broward counties. LUXURY CONDO OFFERINGS: ST Residential brings the best of condominium living to South Florida.
New jumbo reverse mortgage now available BY TOM KELLY Special to South Florida Home
A new jumbo reverse mortgage option has finally surfaced for seniors with higher-valued homes who have been seeking to tap more home equity than the federally insured FHA program TOM KELLY can offer. The Generation Plus Loan now available through Atlanta-based Generation Mortgage, targets owners over the age of 62 with homes appraising between $500,000 and $6 million. Unlike the popular Home Equity Conversion Mortgage (HECM) offered by HUD, the jumbo reverse mortgage requires no mortgage insurance but the interest rate on the program is higher. According to Jeff Lewis, chairman of Generation Mortgage, the new offer not only fills a niche for current seniors, but it will also serve aging boomers who are now still raising children and helping to sup-
port their parents. This “sandwich generation” will eventually need a way to halt their mortgage payments and stay in their homes even though they still have a mortgage. Homeowners with existing mortgages can qualify for a reverse. “I was at a conference where attendees were asked if they, or their parents, had a reverse mortgage,” Lewis said. “No hands went up. When they were asked how many were writing a check every month to help their folks, more than half the people in the room raised their hands. For most of their parents, a reverse mortgage would make sense.” A majority of seniors are better served by the HECM. Not only can customers receive the funds in a variety of ways (lump sum, monthly draw, line of credit, or a combination) but the interest rate on that fixed-rate product at press time was approximately 5.5 percent. The up-front mortgage insurance brings the actual rate closer to 6.75 percent. The Generation Plus loan carries a fixed rate of 7.78 or 8.78 percent, depending upon the
program. All funds must be taken at closing. A minimum FICO score of 700 is required. Why is a credit score critical in securing a jumbo reverse? Since there is no mortgage insurance requirement, the institutional investor supplying the funds for the loan wants assurance that the property owner has the ability to maintain the property and pay taxes and insurance, especially in a slumping market. “While customers can use reverse mortgage funds any way they please, the funds do not come without obligations,” Lewis said. “The owners are obliged to keep up the property like the other properties in the neighborhood. Since there is no mortgage insurance to protect the lender, the lender wants some assurance that the owner will continue to maintain the property when there is a potential for a negative adjustment (value decreases).” Jumbo reverses first became available in 2000 when Financial Freedom introduced its Cash Account reverse mortgage. Since then, jumbo products brought to
market by Seattle Mortgage (acquired by Bank of America), Senior Lending Network, Sun West Mortgage Company and Bank of New York (now Metlife) and others were beginning to pick up momentum and a sliver of market share. The credit crisis decimated the jumbo reverse market in 2008. Wall Street investors not only were shy about buying loans secured by real estate, but they were also opposed to acquiring jumbo packages. Lehman Brothers, which filed for bankruptcy protection in September 2008, was the world’s biggest supplier of jumbo reverse mortgage funds. The Senior Lending Network offered its Equity Plus Advantage program and its Simple 60 plan (minimum age 60 years, rather than 62) until its Belgium-based parent, KBC Group NV, announced an open-ended moratorium on the products. Also screeching to a halt were the Rex Agreement and Equity Key, financial contracts whereby the homeowner trades a portion of future equity for a cash payment today. They were intriguing
options for savvy investors who believe they can realize a greater return on investments than on home appreciation. Troubled insurance carrier AIG backed the Rex Agreement. Equity Key is similar to the Rex Agreement. The main differences are that the Rex Agreement has no age restriction while Equity Key is aimed at homeowners between the ages of 65 and 85. “The number one priority of seniors is they want to stay at home as long as possible, and it’s the least expensive place for them to be,” Lewis said. “The Generation Plus simply gives more of them an opportunity to do so.” Tom Kelly’s book “Cashing In on a Second Home in Central America: How to Buy, Rent and Profit in the World’s Bargain Zone” was written with Mitch Creekmore, senior vice president of Houston-based Stewart International and Jeff Hornberger, the National Association of Realtors’ international market development manager.
Replace a leaky shower curtain with a door BY PAT LOGAN Creators Syndicate
Jack H. Levine 2010 Chairman of the Board MIAMI Association of REALTORS® International media consistently report the significant demand for Miami real estate. The local market is very unique compared to other markets in the U.S., and possibly in the world. The impact of global business, tourism, international buyers, and the second home market,including U.S. and international buyers, is not felt anywhere else in the country like it is here. This international appeal, a trend expected to continue and strengthen in the future, greatly benefits local residents and the South Florida real estate market, as it outperforms others in the U.S. According to the latest study by the National Association of Realtors (NAR), the MiamiFort Lauderdale-Miami Beach area is consistently one of the top markets for international buyers in Florida. Seventy-four percent of Realtors indicate they work with international clients.
with 16 percent were the next most popular destinations for buyers from Western Europe. (b) Home buyers from Latin America, including Mexico, Central America, South America and the Caribbean, accounted for 16 percent of recent home purchases by foreign buyers in Florida and are of course a much higher percentage in South Florida. Canada had the largest share in Florida of buyers of any country, accounting for 36 percent of recent sales. Countries of Client Origins According to a local study conducted by NAR for MIAMI, Venezuela, with 28 percent of the market share, ranked as the top country of origin for international buyers in the Miami area during the past year. Other top countries include Argentina, Brazil, Canada, Columbia, France, and Mexico. Validating the current interest in our market, Miami will soon welcome delegations from real estate associations in Brazil, France, Spain, Russia, Peru, and other world markets to the annual Miami International Real Estate Congress.
Miami Overwhelming Choice for Latin Americans and Western Europeans in Florida (a) One in four (25 percent) home buyers from Western Europe purchases a property in the Miami area, Jack H. Levine according to the latest NAR Levine Realty, Inc. international study. Cape 7901 Ludlam Road Coral-Fort Myers with 16 percent and Tampa-St. South Miami, Florida 33143-4538 (305) 665-6645 #11 Petersburg-Clearwater also
My master bedroom still has just a shower curtain at the bathtub. I would like to install a glass shower door so it seals better. How can I do this myself to make sure it is does not leak water? A shower curtain is an inexpensive alternative to a shower door, and this is why many builders still install them. No matter how tight you try to slide it against the walls, a shower curtain still leaks some water, as you have found. Installing good-quality glass shower doors is a much better option to keep your bathroom walls and floor dry. Another key advantage of glass shower doors is they are much easier to keep clean. It can be difficult to clean a layer of soap, shampoo, conditioner, etc., residue from a flexible shower curtain as compared to a rigid glass door. The first step is to
Installing good-quality glass shower doors is a much better option to keep your bathroom walls and floor dry. remove the old shower curtain and shower rod. You will likely find a heavy buildup of residue on the tile around the shower curtain rod bracket. Gently scrape off as much as possible, and then use a cleaner to remove the rest of it. Do the same cleaning procedure on all the surfaces where the new shower doorframe will attach. The frame will eventually be caulked in place and sealed. If the surface is not totally clean, the caulk may not stick and seal well. After the tub surfaces are clean, it is time for measuring. Bathtubs are typically five feet long, but measure to be sure. Also measure the height you want for the shower
door. Most doors are a standard height, but you want to be certain the new door will fit. Mark the centerline of the tub rim and the dimensions on the wall surface where the vertical frame members will be attached. Fit the bottom track to the tub by cutting it one-quarter inch shorter than the length between the walls. Always double-check your measurements before you begin to cut. Use a hacksaw with fine-tooth blade (the blade’s teeth should point forward) and cut the track to the correct length. Smooth off the edges with sandpaper or a fine metal file. With the bottom track cut and smooth, lay a
bead of silicone caulk along the center of the tub’s rim. Press the track down into the caulk. To keep the track from moving, tape it in place while the caulk sets. Hold up each of the sidetracks to the walls, level them, mark the screw locations and drill pilot holes. With tile walls, use a masonry bit to drill the holes. Once you have drilled the pilot holes, attach the sidetracks to the walls with the screws provided. To add the top track of the shower door, measure and mark it so it fits tightly between the sidetracks. Cut the rail and fasten it into place on top of the sidetracks. Install the doors by lifting them into place so the rollers fit into the bottom tracks. Install the smooth side of the glass facing the inside of the tub so it is easier to keep clean. Send your questions to Here’s How, 6906 Royalgreen Dr., Cincinnati, OH 45244 or visit www.dulley.com.
ST Residential offers luxury living options • ST RESIDENTIAL, FROM PAGE 1
condominium residence, offers sweeping vistas of sunrises and sunsets. Tao delivers the luxury of resort-style living, in a highly desirable South Florida suburb with a living experience that is defined by sophistication with fivestar amenities. The new one-, twoand three-bedroom units are priced from the $180,000s and range from 1,001 to 1,882 square feet. Mint – Located in Brickell/Downtown’s 13.5-acre Riverfront gated community, the 52-story luxury condominium
tower offers resort-style living. Residents live in a peaceful oasis in the heart of the city where they are pampered with beautiful detailing and amenities including a stateof-the-art spa, expansive lushly landscaped gardens and playground. Mint’s one-, two-, threeand four-bedroom units, townhomes and penthouses range from 821 to 3,468 square feet. ST Residential’s South Florida portfolio also includes some other high-end luxury properties such as: Artech, a nine-story luxury waterfront property where design meets luxury in Aventura; Jade
Ocean, a 50-story luxury beachfront condominium where pristine views meets distinctive style in Sunny Isles; and Paramount Bay located in the new epicenter of Miami at Edgewater Square in the Biscayne corridor featuring breathtaking views of Biscayne Bay, South Beach and its surrounding islands. Each of the signature communities boasts an unmatched level of design detail, amenities and services yielding stylish and unique living spaces. For more information, visit www.stresidential.com/miami.
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