PENINSULA BOYNTON BEACH DEVELOPER IN BANKRUPTCY

Waterbrook Peninsula LLC has filed for bankruptcy. Your editor recently visited the project and took these photos. The property is on a small peninsula with water on three sides, on Federal Highway and the intracoastal waterway. It was planned to have 40 luxury condos, 20 town homes and 10 large single family homes. Construction is almost complete on the condos and single family homes but town homes have been delayed. This bankruptcy, where National City Bank foreclosed on a $26-MM mortgage, highlights the down market conditions.

WORLD’S MOST EXPENSIVE HOUSE? $500,000,000!

Once owned by Bill Gates, La Leopolda, 10 acres, said to have the best views in Southern France, reportedly built by Belgium’s King Leopold for his mistresses, has been purchased by Russian billionaire Abramovich, reportedly for CASH. A regular 80% mortgage would have monthly payments of over $3,000,000!

MASTERS IN ENVIRONMENTAL EDUCATION TO BE OFFERED AT FAU

Did you know that FAU’s Pine Jog Environmental Education Center in West Palm Beach is one of the nations oldest nature centers and serves annually more than 25,000 students, 750 teachers and 12,500 adults? A 36-credit course resulting in a master’s degree program in environmental education, needing no additional state funding due to funds from a Pine Jog endowment, is being planned by the Florida Department of Education. It is noted that this is one field where there is a critical teacher shortage. There will be a conversion available from a track in the approved master’s degree in curriculum and instruction to a stand-alone degree in environmental education. The student can choose either to complete the track or transfer to the new degree program. The new program will be held in collaboration with FAU’s Pine Jog Environmental Center. The first Leadership in Energy & Environmental Design (LEED) certified “green” elementary school in the state is located on the pine Jog campus. An existing College of Education instructor who focuses on environmental education will be assigned to the program. Funds also come from a continuing contract with the Palm Beach County School Board.

LAST BOCA AIRPORT LAND PARCEL UP FOR BIDS AGAIN

“Letters of interest” in bidding were requested in the past for the 4.67-acre parcel of airport land, recently designated as non-aviation land (not needed for airport use). The bids received did not meet all the requirements, and another request has been made by the Airport Authority. This is the undeveloped land near the Muvico Theater and Premier Aircraft on Airport Road. Approved uses include business and professional offices, retail uses, banks and financial institutions, hotels and motels, educational institutions, radio or tv studios, indoor theaters, bowling alleys, recreational facilities and medical offices. Potential developers would need a conditional use permit from the city. Information about the proposal can be found at www.BocaAirport.com

GAS FOR LIFE ???

The Florida Lottery is offering an 8-week “Summer Cash” drawing across the state to tap into the public’s frustration with sky-high gas prices. Prizes include “Gas for a Year” and “Gas for Life.” Tickets are $5. Grand prize is $250,000. GO FOR IT!

MONTH LONG BOCA FESTIVAL DAYS COMING IN AUGUST

Festival Days was established by the Greater Boca Raton Chamber of Commerce to raise awareness and funds for non-profit organizations and to boost business during a “slow month.” Last year $200,000 was raised for non-profits including The Haven, Boca Helping Hands, American Cancer Society, Kids in Distress, Volunteers for the Homebound & Family Caregivers and the Wildlife Care Center. The Chamber pairs “for-profit” and “non-profit” organizations. The official Chamber Boca Festival Days even is Wine & All That Jazz, to be held on Saturday, August 16^th, 2008 at the Boca Raton Resort & Club on Camino Real. Upscale dress or business attire for this even, an opportunity to preview over 100 wines and fresh, handmade European style chocolates, plus music and dancing. For the full schedule of almost daily events, go to the online events calendar at www.BocaRatonChamber.com or email dsalazar@bocaratonchamber.com. You can support these events as a “Community Builder, “Community Partner”, or “Community Friend.” A list of organizations you can choose to support is on the events calendar for Festival Days. Call Desire Salazar at 561-395-4433, ext 235.

REAL ESTATE UPDATE

Currently there are 20 homes available in Royal Palm Yacht & Country Club for over $5,000,000. They range in price from $5,900,000 TO $24,900,000. Sizes range from 7682 to 18,262 sq ft, built between 1997 and 2008.

HOW ABOUT A FREE RELAXING CONCERT THIS SUNDAY AFTERNOON?

“OCEANS 2” will present a concert on Sunday, June 29^th from 3-4 pm at the Spanish Rivier Library on Spanish River Boulevard that is free to the public, as part of the Sunday Matinee Music Series. Skip Sheffield, columnist for the Boca Raton News and Bill Bowen, writer and editor at the Palm Beach Post will perform tunes from Simon & Garfinkle, Jimmy Buffet-style music, Beatles songs and others. For more information call Lisa Mansell at 561-451-3452.

SPEND THE DAY AT A BEAUTIFUL PARK IN BOCA RATON

Have you visited our beautiful Boca Raton parks? Some have ball fields for the school age children, some present shows, both at Sugar Sands Park. At South Inlet Park you have lots of sand to sit on, beautiful direct oceanfront views, a picnic and play area. Patch Reef has a community house with classrooms and meeting rooms and ball fields. Check them all out and enjoy our local facilities. You and the family can snorkel at Red Reef Park. For a large pool, head to Meadows Park. Call for their schedules… a great way to spend a Sunday and some have picnic facilities.

Red Reef Park -561-391-5014

Sugar Sand Park – 561-347-3900

Meadows Park - 561-393-7851

Patch Reef Park - 561-997-8504

South Inlet Park - 561-966-6600

ENJOY!

COME AND ENJOY "ART AND JAZZ" ON THE AVENUE IN DOWNTOWN DELRAY

On Thursday, June 26^th from 6 to 10 pm “Art and Jazz on the Avenue” in Delray Beach will feature free events, open to the public. The New Orleans’ Second Line Band will perform at Worthing Park and feature the Chief of the Wild Tchoupitoulas, a modern-day Mardi Gras Indian tribe. Others include Strictly Business, Hook, Son of Man, Jazz Steam and Totall Kontroll. At the Old School Square’s pavilion come and watch the Southern Dance Theatre. Many restaurants, shops and galleries will offer one-night-only complimentary beverages and samplings, sales, meet-and-greet with artists, summer clearances and register-to-win contest. The Downtown Roundabout free shuttle bus will run until 11 pm. One shuttle starts at the Tri-Rail station on Congress, going east on Atlantic Avenue, another at the Delray Beach Public Library going to the beach and back. They run about every 20 minutes. For more info call 561-243-7322 or go to mydelraybeach.com. Atlantic Avenue will be closed to vehicular traffic from 4-10 pm between Swinton and SE 7^th.

NOTE: YOU MUST MOVE OVER FOR STOPPED EMERGENCY VEHICLES ON HIGHWAY

With the primary objective to save lives of law enforcement officers conducting traffic stops, a statute passed during the 2002 session of the Florida legislature requires that motorists traveling on I-95 and other Florida highways with two or more lanes traveling in the direction fo the emergency vehicle “slow down” or “move over” and out of the lane closest to the vehicle as soon as its safe to do so, when approaching an authorized emergency vehicle stopped on the highway. Drivers are required to slow to 20 miles per hour less than the posted speed limit if 25 miles per hour or greater or travel at 5 miles per hour when posted speed limit is 20 miles per hour or less.

CHILDREN'S MUSEUM HOLDS TOWNE PICNIC SATURDAY 6-21

From 11 am to 2 pm The Children’s Museum will hold what it hopes will be its first nnual picnic on the museum grounds at 498 Crawford Boulevard. There will be Dixieland Entertainment, children’s crafts, horseshoe and lawn croquet tournaments, a 3-legged sack race and free museum admission.
For more information call 561-368-6875.

ARTISTIC ENTRIES BEING ACCEPTED FOR “BOCA FESTIVAL DAYS”

Sign up by Friday June 27^th to submit up to two pieces of 2- and 3-dimensional work. Be age 18+, and send $25 entry fee per application. For entry form go to www.sugarsandpark.org or go to Sugar Sand Park Community Center. You can call Stacee Cooney at 561-347-3901. The Sugar Sand Park Community Center’s Juried Art Exhibition is part of the month-long Boca Festival Days event organized by the Greater Boca Raton Chamber of Commerce.

PANDAS ARRIVE IN BEIJING FOR OLYMPICS

Eight merry pandas arrived safely in Beijing after a long journey from their damaged reserve near the epicenter of the deadly earthquake in China. The pandas arrived Saturday to spend the next six months at the Beijing Zoo on a special Olympics visit that had been planned long before the quake. If we built a Boca Zoo, would they come?

OWNING REAL ESTATE JUST FOR THE WEALTHY, OR COULD IT LEAD TO BECOMING WEALTHY?

American Express’ and the Harrison Groups’ Annual Survey of Affluence and Wealth in America shows that 40% of the nation’s wealthy plan to buy real estate in 2008. With 88% of the super-affluent group believing that real estate will rebound, 41% of those with annual incomes between $250,000 and $499,000 said that owning a 2^nd home was almost a requirement, and view real estate as diversification in their portfolios; 33% of them will be in the market for such a home in 2008. One quarter of them are shopping for a third home. Of those considered affluent with annual incomes between $150,000 and $249,000, 24% plan to buy a home this year. Of the upper middle class with annual incomes of $100,000 - $149,000, 17% plan to buy a home this year. One in ten homeowners owns a 2^nd home, 23% of those between ages 45 and 64 own 2 or more homes, as do 24% of those age 65. According to the National Association of Realtors, one third of the homes sold in 2007 were to 2^nd home buyers and investors, even though only 134% had incomes above $100,000.

LOCAL SCHOOLS RANK HIGH

NEWSWEEK’s May 21, 2008 “TOP OF THE CLASS” article showed the following area schools in these ranks in the top 1000 of 1400+ public high schools in the US:

Suncoast Community (Riviera Beach) is #3

Dreyfoos School of the Arts (Palm Beach) is #33

Atlantic Community (Delray Beach) is #58

Boca Community (Boca Raton) is #146

Spanish River (Boca Raton) is #196

Palm Beach Gardens (Palm Beach Gardens) #663

West Boca Raton (Boca Raton) is 675

Jupiter (Jupiter) is #859

William T. Dwyer ( Palm Beach Gardens) is #978

Public schools are ranked according a ratio devised by Washington Post Education Reporter Jay Matthews: the number of Advanced Placement, Intl. Baccalaureate and/or Cambridge tests taken by all students at a school in 2007 divided by the number of graduating seniors. All of the schools on the list have an index of at least 1.000; they are in the top 5 percent of public schools measured this way.

http://www.newsweek.com/id/39380

$232-MM – NEW WORLD RECORD FOR RESIDENTIAL PROPERTY?

It is widely reported, but not yet confirmed that Lakshmi Mittal is ready to spend USD $232-MM on a home for his son, Aditva Mittal (pictured here), in London’s Kensington Palace Gardens neighborhood. According to Forbes Magazine, Lakshmi Mittal is the 4^th richest person in the world with an estimated personal net worth of $45-BB. Current property owner is Noam Gottesman, hedge fund manager.

2008 BEST RESTORED BEACH AWARD GOES TO BOCA RATON

One of 5 cities in the nation to win the award, The American Shore and Beach Preservation Association cited North Beach, located between Red Reef Park and Boca’s northern boundary. Successful beach renourishment projects have been completed on the central and south beaches, in 2006 and 2003 respectively. Beaches are restored for storm protection, habitat restoration and recreation. More than 370 beaches in the US have been restored along coastlines in Miami Beach, Coney Island and Venice Beach in Southern California. Three criteria are judged – economic and ecological benefits the beach brings to its community, the short and long term success of the restoration projects and the challenges each community overcame during the project. Judges commented that the North Boca Raton effort “is characterized by its longevity, environmental sensitivity and foresight. The three large Boca Raton beachfront properties are worth over $330-MM, making them the city’s most valuable asset”.

BOCA COMMUNITY HOSPITAL JOINS FORCES WITH MAJOR CANCER CENTER PROGRAM

A forthcoming study, Total Cancer Care, that Boca Community Hospital Lynn Cancer Care Institute will participate in, includes association with a major cancer center (the Moffitt Cancer Center in Tampa), a pharmaceutical firm (Merck & Co) and the state of Florida who will be doing a study that could radically change the way cancer is treated. Moffitt will link with healthcare providers nationwide. Fourteen hospital sites in Florida are participating. The goal of the program is to improve cancer prevention and treatment by using molecular technology to enhance the ability to diagnose and treat patients. Currently tumors can be tested for 30,000 genes which provide molecular fingerprints unique to each tumor. Scientists, by studying these unique molecular structures, will be able to develop individually personalized new drug therapies to enhance treatment responses. With no extra doctor visits, no additional expenses to pay and medical information remaining private, patients that participate in the program will also have access to individualized clinical trials as they develop. 2,500 cancer patients will enroll in the BRCH research program over the next 5 years, collecting tumor, tissue, blood, urine and clinical information at various points of their lives. Focus will be on breast, prostate, brain, lung, pancreatic, colorectal and ovarian tissue. Lynn Cancer Institute is one of the top five largest cancer programs for patient volumes in Florida. Patients are seen by multiple sub-specialists at the same location on the same visit. The newest location, the 98,000 sq ft $73-MM Harvey and Phyllis Sandler Pavilion is scheduled to open this fall.

LOOKING FOR SOMETHING TO DO WITH THE KIDS OR GRANDKIDS?

Take a wetlands walk at Gumbo Limbo Nature Center, 1801 South Ocean Boulevard in Boca. Meet at the boardwalk’s entrance on Jog, one mile north of Atlantic Avenue in Delray Beach. 9-10:30 AM on Wednesday, 5-28. An adult must sign up and accompany children – open to all agents. Wakodahatchee is a favorite for birders and photographers, a man –made wetland. Call 561-338-1473 to reserve. Watch the sharks, sea turtles and fish feeding frenzy at the tanks from 2:30 pm Sunday-Friday, 11:30 am Saturdays. No fee, no reservations. Walk Red Reed beach looking for ocean treasures and find spectacular shells. First you will hear an introductory talk about seashells and the animals that make them. These will be held in June and July on various Thursdays, and on a Monday in August. Call 561-3381473 for reservation and information. Members pay $4, non-members pay $6.

MEMORIAL DAY EVENTS

Boca Raton

10 a.m., Memorial Day ceremony at Boca Raton Cemetery, 449 SW 4th Ave., Boca Raton. Free. Call (561) 393-7806 selection 2.

7 p.m., Memorial Day concert by New Gardens Band, at Mizner Park Amphitheatre at North Federal Highway and North Mizner Boulevard.
Free. Call (561) 393-7806 selection 2

MEMORIAL DAY OBSERVANCES

At 9:30 am on Memorial Day, Monday May 26^th, join the Veterans Coalition of South Florida at Veteran’s Park for the annual Memorial Day program honoring armed services veterans. There will be a procession of colors, guest speakers and patriotic music. Bring lawn chairs. Veteran’s Park is located at 900 West Palmetto Park Road between Lyons Road and US Highway 441 in West Boca Raton.

HISTORIC DEAL IN PALM BEACH MAY BREAK RECORD

Donald Trumps’ 6-acre oceanfront Palm Beach 62,500 sq ft mansion at 515 North Country Road is under contract for a reported $100-MM, purchased by a family from abroad, said to be from Russia. This is the former Gozman residence. Trump paid $41.35MM in 2004 at a bankruptcy auction and spent $25MM renovating the property. There are 9 bedrooms, ballroom, art gallery, conservatory, wine room and media room as well as 2 guest houses and a 50 car garage. Trump says that if for some reason the sale does not close, he has two back up offers for more than $100MM as, “It’s one of the best sites in Florida and one of the best in the world.” It is said that the new buyers have not yet decided whether to keep the property as is, or demolish and start over.

FOR BEST GAS PRICES

http://autos.msn.com/everyday/gasstations.aspx?zip=&src=Netx

MORTGAGE CRISIS AFFECTS 2 MILLION AMERICAN CHILDREN

SOMETHING TO THINK ABOUT: Analysis shows a negative impact on the health, education, and well-being of children A new report released today reveals that an estimated 2 million children will be directly impacted by the sub-prime mortgage crisis as their families lose their homes due to foreclosures. As the first comprehensive analysis of how the crisis will impact kids, the report explains that this number will rise even higher when accounting for other populations, such as children being evicted from rental units that are going into default and those children whose parents default on conventional loans. These foreclosures will happen primarily during 2008 and 2009. The report, which includes state-by-state estimates of the number of children that are directly impacted by this crisis, indicates that foreclosures often result in disruptions to a child's education, as well as issues relating to their physical and mental health. Moreover, behavioral problems are more likely to arise in children who lose their homes, as positive peer relationships disintegrate when children are forced from their neighborhoods. The report, entitled "The Impact of the Mortgage Crisis on Children" can be found at http://www.firstfocus.net/pages/3401/. In addition, the report finds that the physical and mental health of displaced children can be severely compromised, as families losing their homes are less likely to have money available for items such as health care and health insurance. Children impacted by the mortgage crisis are likely to experience excessive mobility and as a result are only half as likely to be proficient in reading as their peers. And, they are much more likely to be held back and eventually drop out of school. Children forced from their homes experience behavioral problems, such as increases in violence. Due to the increasing number of foreclosures, school districts across the country are experiencing increases in the number of homeless children entering their classrooms, many of which can be attributed to the mortgage crisis.

WHY IT's TIME TO BUY!

There is a fixation on what rates will be in the future and what rates were in the past. I’ve heard potential home buyers say, “I’m not sure I want to buy now because rates are ¼ percent higher now and I think I’ll wait.” I ask, “Wait for what?” I say, “Let’s not look at the rate but instead concentrate on what that rate actually represents … your monthly payment. Let’s look at what an interest rate move of ¼ percent really does to a $200,000 mortgage. Say a 30-year interest rate at 6.00 percent “jumps” to 6 ¼ percent. Shall we sit on the sidelines, thinking such a move is suddenly unaffordable?” No! The payment on a $200,000 loan “jumps” by about $32 a month! Now let’s look at a ½ percent increase and the monthly payment increases by $64, which is about the price now of a tank of gas. While not insignificant, it’s hardly a reason to stay on the sidelines of home ownership. Right now, buyers should feel more urgency than ever. Home prices have declined enough to make buying more affordable than it's been in recent memory and interest rates (whether at 6 percent or 6 1/4 percent) are historically low. Can you see now that it's time to buy?

HOME PRICES PREDICTED TO GO UP 20-30% IN 5 YEARS

Association of Realtors Chief Economist Lawrence Yun recently said of an area that was hard hit by the housing downturn, that “the worst conditions in the Tampa market may have already passed… I think the second half of 2008 will be better. But if I look at the long-term perspective, five years from now, comfortably, one can say home prices in this region will be 20-30% higher.” He also said that while sub prime mortgages made up only 9% of all mortgages in the US, they made up 53% of US housing foreclosures, dragging down the housing market. Yun noted, “There’s a change in the mood over the last couple of weeks,” and that mortgage rates are at near historic lows, business spending is strong and corporate profits are up, all good economic signs. No doubt this is good news for Florida’s east coast too. According to an article in Realty Times, Palm Beach County buyers have purchased 30 percent more single-family homes from February to March.

MORE GOOD NEWS (and some bad) ON THE HOME FRONT…

The National Association of Realtors sees a flat pattern in home sales which will improve over the summer. NAR Chief Economist Lawrence Yun says the recovery hinges on better access to affordable loans….(which is)… uneven around the country and sometimes within metropolitan areas. In many areas, buyers are looking at homes, but are slow to sign contracts, sometimes waiting for more affordable credit or turned off by unnecessarily restrictive lending practices. Real estate news is “local” with some areas showing sales increases and others not. Yun says, “It is critical to stimulate housing demand by inducing fence sitters back into the market. A home buyer tax credit on any home purchase would accomplish that.” The St. Joe Co., Florida’s biggest landowner, points to stabilization in residential inventory indicating the housing market may have reached bottom. CEO Peter Rummell says rather than “expect that prices are going to be lower tomorrow than today if they just wait,” buyers “must be “retrained” to recognize the importance of making home purchases now.” At Tuesday’s congressional hearing, it appears that mortgage lenders are pursuing unjustified foreclosures against struggling homeowners, piling on questionable fees and misstating amounts due. A law professor who analyzed the system testified that “bankruptcy gives mortgage services new opportunities to engage in abusive practices,” rather than offering families one last chance to save their homes from foreclosure. University of Iowa’s law professor, Katherine Porter’s review of 1700 recent Chapter 13 bankruptcy cases found that lenders regularly disobey laws and rules as they try to collect thousands of dollars more than homeowners feel is owed. Countrywide is cited for abuses, and in one case asked a bankruptcy judge to foreclose on a home though they were current on mortgage payments, and claimed the final mortgage amount was nearly $15,000 more than what the company claimed in bankruptcy court. Proof of payments closed the case. Senator Charles Schumer, D-NY, the subcommittee chairman, said that Countrywide “is at the top of the list” of firms responsible for the national mortgage crisis,” and that Bank of America “should think even harder” about whether to complete the purchase of Countrywide.

ROYAL PALM POLO SPORTS CLUB TO CLOSE

After 49 years of polo play, Royal Palm Polo, the last polo facility in south Palm Beach County, will close on May 15^th. Located on Jog Road in Boca Raton, it was one of the first polo clubs in the country to build a stadium, drawing players from the best in the world to weekend warriors. Equestrian followers can migrate to Wellington for horseshows et al.

DOWN MARKET SEEN AS “OPPORTUNITY” BY WEALTHIEST CONSUMERS

Of those who earn more than $100,000 annually, 79% believe the US is in a recession, but 88% believe that property values will rebound. Those earning $500,000 and more see real estate as a “real opportunity” right now, and 40% say they plan to purchase a home in the next 12 months, according to “The Annual Survey of Affluence and Wealth in America,” produced by The Harrison Group for American Express. Merrill Lynch and CapGemini’s research show the world’s very wealthy have been shifting money into residential real estate. The 2007 “World Wealth Report” said that those will $1-MM+ in invested assets had 12% of their investment portfolios in residential real estate, both a portfolio strategy and a recreation/lifestyle decision.

MORE GOOD NEWS ON THE HOME SALE SCENE (Keep it comin’!)…

The Institute for Economic Competitiveness, University of Central Florida predicts that in 2008, there will be sales and rentals of over 150,000 properties. They also predict 175,000 new jobs will be available, strongly outperforming the national averages. Significant numbers of the 80-MM domestic and national visitors will consider buying second homes. Favorable exchange rates between the dollar and pound make homes in Florida cheaper than anywhere in Europe and are attracting particularly British purchasers. The Conference Board’s “Index of Leading Indicators,” reports that positive growth is indicated underway in the 2^nd half of 2008 or sooner. Doing in depth broad surveys of industry data, this report is taken as “the gold standard” for all forward indicators for the US economy. The National Bureau of Economic Research reports that US industrial production showed an upwards turn in March. The Mortgage Bankers Association of America reports from their national survey that applications for mortgages for houses were up by 2.1%; FHA loan applications up by 3.5%. The federal government reports that nationwide, prices of homes stopped slipping in January and February, increasing by 6/10ths of 1% (better up than down, ehh?). The Federal Reserve is predicted to lower the short term rates next week by another quarter percent. Interest rates remain low for 30-year fixed mortgages. Plans were announced by Freddie Mac to pump $15-BB+ into the jumbo conforming loan market especially for high cost areas needing stimulus NOW. Nevertheless a lot of home inventory remains before seeing a true end to the down cycle and some consumers have a lack of confidence in today’s prices, thinking they may go farther down. THIS MIGHT BE THE “LOW” IN THE MARKET… PERHAPS LOW ENOUGH TO MAKE THIS AN EXCELLENT TIME TO BUY. ARE YOU READY?

WILL THE FHA OWN PART OF YOUR/YOUR NEIGHBOR’S HOME?

Rep. Barney Frank (D-MA) has a proposal (H.R. 5830) introduced in the House of Representatives suggesting that the FHA refinance mortgages and be part owners with profit sharing. The bill proposes a declining percentage fee on profits to discourage short-term speculators, and the program would not apply to 2^nd home owners, equal to 100% of all profits in year one, 80% in year 2, and so on for the first 5 years. Then there would be an “exit” fee equal to 3% of the sale price. This means lenders would accept losses and would later receive a portion of future profits from the home seller. To the besieged homeowner/seller, getting 97% of a profit after 5+ years is a big relief from total equity loss from a foreclosure.

HOME SALES UP LOCALLY

Buyers still are choosing to buy permanent and 2nd homes in southeast Florida to stretch out on our beautiful sandy beaches, go fishing and boating on the waters, take the kids to the local parks, enjoy watching and participating in local sports, dine indoors or out in wonderful restaurants, and pick up both high end and bargain items when shopping in luxury stores, local shoppes or bargain outlets and flea markets. More and more predictions are being printed now that a turnaround is already starting to happen in the housing market. One source now says that buyers waiting for the market bottom could miss out on amazing opportunities now. Some sources point to low interest rates and to banks lowering prices of foreclosed homes to cut back inventory. Some comment that the high inventory of condos has brought investors back. If you are considering a purchase and want listings or other information, don’t hesitate to contact blog manager and Realtor, Marilyn Jacobs, at marilynfjacobs@gmail.com.

HAVE YOU ENJOYED THE MIZNER PARK ART WALK?

Stroll along a monthly al fresco art experience on Plaza Real. Next walk will be Wednesday, April 30 from 6-9 pm. Enjoy wine tasting, browsing the shops, and dinner inside or out at one of Mizner Park’s fine restaurants. The art show is done in cooperation with The Artists’ Guild of the Boca Raton Museum of Art, drawing visitors to Mizner Park for an evening of viewing art, music, and the latest show at the Guild’s Mizner Park Images Exhibition Center. For more info go to www.miznerpark.com or call 561-393-9115.

FLORIDA #1 DESTINATION FOR INTERNATIONAL HOME BUYERS

A mid-2007 National Association of Realtors survey found that Florida was the leader in foreign home buying at 26% of all international purchases. California was next at 16%, Texas third at 10%. This includes purchase of mid-priced primary residences, luxury vacation homes, investments to rent out, and commercial properties. Being a convenient point of entry to the US from Europe and South American along with warm weather and recreational and cultural offerings were cited as reason for a preference for Florida properties. With the dollar weakness against the euro and British pound, foreign buyers have more purchasing power compared to home prices in other countries, e.g. the UK, Span and Ireland. Florida has 31 major airports and 14 deepwater seaports. According to the US census bureau, Florida gets more than 4-MM Visitors from 100+ countries in a year. In a 2005 FAR survey, 15% of total home sales in Florida were by international buyers. One-third of foreign buyers were from Latin America.

MILD HOUSING RECOVERY ON THE WAY BEFORE 2008 YEAR-END???

YES says a report from SMR Research Corp, who specialize in mortgage and home equity loan industry research. Being the first to report in 2004 that “a perfect storm” in credit quality would cause a blast in foreclosures within 2 years, they say, “Our prior forecasts were accurate but widely disbelieved when issued.” They expect skeptical reactions now too, but say “the numbers are what they are… homes are now affordable again… consumer psychology is the biggest remaining hurdle to recovery.”

MILLION SQ FT TRI-RAIL STATION DEVELOPMENT TO BECOME A GO?

Within the next 60 days The South Florida Regional Transportation Authority, operator of Tri-Rail trains, has invited all interested parties to a workshop to decide whether to move ahead with a large development near the station in Boca Raton on Yamato Road near the I-95 entrance or scale it back. Officials are invited from the City of Boca Raton, FAU, T-Rex Park adjacent to the station. City leaders feel the proposed project is about 15 times too big for the site. Zoning allows no more than 50,000 sq ft of office space and 15,000 sq ft of retail space. Yamato Road Joint Ventures LLC wants to create a transit “village” with a 150- room hotel, almost 200 work-force apartments, 55,000 sq feet of shops and 90.000 sq ft of offices and parking garages with 1731 spaces. Tri-Rail owns the 6-acre parcel at the train station, and the city controls the zoning. County agencies and the Lake Worth Drainage District along with the City of Boca Raton may also have input. Another proposal from three Boca Raton developers has plans for a 3-story building with 50,000 sq ft of offices, 15,000 sq ft of shops and underground parking. Workshop date has not yet been announced.

TIPS FOR BUYING A HOME IN A DOWN MARKET

The subprime mortgage problem has scared a lot of people away from the housing market. However, the news isn’t all bad. The current market decline has dropped prices and made housing affordable to many fiscally responsible renters who never considered home ownership to be an option. Here are recommended steps for buyers to take advantage of this market downturn. Be aware of extraneous expenses including property taxes, homeowner’s insurance, standard maintenance, cost of utilities, and HOA fees or equity dues. Ask about current and upcoming special assessments. Decide how much you have left to spend on a mortgage, all closing costs, a down payment amount, paying down existing debts, and check on your credit records before applying in case there are errors to correct. Remember too that if you are selling and buying, while you may get a lower price than you want for your home, you will also get a low price for the home you buy. As a Realtor and a Mortgage Broker, your blog manager, Marilyn Farber Jacobs can assist you with all of these issues, and find you “the home of your dreams,” according to your criteria. Call 561-988-0070 or email marilynfjacobs@gmail.com. If you wish to receive all new properties that become available, go to http://www.FLWaterfrontCondos.com, register and list criteria for a condo, house or townhouse. Join the many buyers who regularly receive listings now. Perhaps your NEXT home will appear before your eyes, and Marilyn will be most happy to show you that home.

PALM BEACH INTERNATIONAL FILM FESTIVAL IN MIZNER PARK

The 13^th annual film festival begins April 10^th and is a week-long celebration of the past, present and future of independent film and cinema. There will be screenings of American and foreign independent features, shorts and documentaries of all genres, stimulating seminars and intensive film discussion groups, parties and informal get-togethers with filmmakers and industry professionals from around the globe, and more. See COMPLETE LIST OF FILMS and SCHEDULE OF EVENTS. The Palm Beach International Film Festival is a not-for-profit organization supporting film programs in local schools and dedicated to making a difference in the lives of future filmmakers. Proceeds generated each year are donated to schools, in the form of grants and scholarships.

SUNDY HOUSE, DELRAY BEACH HISTORIC BOUTIQUE INN

Located in the heart of historic downtown Delray Beach, and one mile from the fabulous beach at the end of Atlantic Avenue, the Sundy House is a boutique inn listed on the National Register of Historic Places. This secluded retreat is nestled within an acre of stunning tropical gardens. The Victorian inn’s 11 luxurious guest accommodations feature sumptuous décor and modern amenities. Sundy House hides within an acre overflowing with 500 tropical plant species. In every corner, you'll discover unique details: a bed suspended in air, a sunset painted on the ceiling, red-cork wallpaper, and blue suede walls. Swim with turtles and angelfish in the naturally filtered swimming pond. Venturing away from this self-contained wonderland only brings more pleasures, like snorkeling or windsurfing in the southern Atlantic, minutes away. Stay for Sundy's Sunday brunch, a lavish affair with everything from eggs Benedict made with Florida lobster to raspberry ham with mango cole slaw. Doubles from $175; 561-272-5678 Experience the award-winning Sundy House Restaurant, the elegant Roux Bamboux Lounge. Just 20 minutes from Palm Beach International Airport and one hour north of Miami, our superb location is easy to reach whether for business or pleasure. The Sundy House is mere steps from shopping, dining and cultural events, in a serene setting in which art, history and culture merge. Complimentary transportation to beach/downtown where life is GOOD and ACTIVE. Other awards include: The New York Post – “Florida’s Top 50 Hotels and Resorts;” Travel + Leisure – “Top 30 Inns in the U.S;” Palm Beach Post – “Best Brunch and Most Romantic Restaurant;” South Florida Parenting – “Best Romantic Getaway.”

SUBMIT YOUR WORKS OF ART INSPIRED BY FLORA, FAUNA AND NATURAL PLACES IN THE COUNTY

“Local Treasures” is the theme for the 2008 summer/fall exhibit being shown from May 7^th to September 24^th with works of art being featured in public buildings, parks and plazas. IF you have talent, submit your works, reflecting the theme. For details – click on “Calls to Artists” or mail a self-addressed stamped envelope to Palm Beach County Art in Public Places, 2633 Vista Parkway, West Palm Beach FL 33422. Deadline for submission of photo of item is April 18^th.