SEARCH FOR UNCLAIMED ITEMS

The State of Florida currently has unclaimed property accounts valued at more than $3BB from sources such as:

• Dormant accounts in financial institutions, insurance and utility companies, securities and holdings
• Tangible property including watches, jewelry, coins, currency, stamps, historical items and others from abandoned safe deposit boxes

Unclaimed money is deposited into the state school fund and used for public education. However there is no statute of limitations and have the right to claim their property at any time.  Try your search here: Unclaimed Property Search.  If you want to go through a catalog of items being auctioned today that is on the same site.

THE BRITISH HAVE DONE IT AGAIN WITH THE WORLD’S PRICIEST APARTMENT SALE

THE BRITISH HAVE DONE IT AGAIN WITH THE WORLD’S PRICIEST APARTMENT SALE

Sale price: about $220MM.  London skylines, private wine tasting facilities and top security features including bullet-proof windows and a panic room, SAS-trained bodyguards and floor to ceiling windows with fabulous views of central London were the major attractions to the 6-bedroom 2-floor penthouse in One Hyde Park, Knightsbridge, London.  Eye scanners are featured in private elevators to prevent unwanted intruders.  The building is heated using geothermal bore holds sunk 450’ to extract heat from the earth’s crust.  The apartment contains an air purifier to ward off poison gas attacks.  The new owners, anonymous, expect to move in by the end of the year.

Eighty apartments have been sold in this new unique complex, one of the world’s most expensive residential areas.  This upscale neighborhood has an average apartment cost of $30MM.  65% of all properties in the block have been sold with 30% of the buyers Europeans and 25% Middle eastern as the worlds financial elite flock to London, taking advantage of the weakness of the pound. 

There is also tunnel access to the Mandarin Oriental Hotel and their 24-hour room service with TV chef Heston Blumenthal opening a fabulous new restaurant and to spas and squash courts and the unit has its own car park.  

“Trophy properties” sales remain strong.  Some speculate that trophy buyers of today might be from Nigeria or the Middle East, with large oil profits facilitating these sales.

SHOULD YOU BUY INSTEAD OF RENTING?

• NOW IS THE BEST TIME EVER TO BUY A PROPERTY IN FLORIDA. Many homes in move-in condition and fixer-uppers are now very affordable and may be less expensive than renting, even leaving comparable dollars over for a maintenance reserve fund
• Interest rates are still low. For a few extra dollars a month on a 30-year mortgage a first-time buyer could own the house free and clear within 15-20 years, saving interest payments.
• A 1% rise in interest rates will add several hundred dollars per year to even a moderately-priced home so now is the time to take advantage of these low low rates.
• The trend upwards in home market value has already begun in some markets and will begin in others as the foreclosures and short sales are sold.
• First--time buyers incomes will increase over time, their house payment will remain stable, and will be appreciating in the future.
• Paying rent may be buying your landlord a house – why not buy your own house?
• How long do you anticipate living in a house you buy… if interest rates DO dip short term, by the time you sell the property the home market value may have appreciated.
• Rents can rise.

To find out how much house you can afford, get a mortgage pre-approval.  We can recommend lenders to you.

BP OIL SPILL ESTIMATED DAMAGE IN DOLLARS

BP OIL SPILL ESTIMATED DAMAGE IN DOLLARS

CoreLogic estimates that the BP DeepWater Horizon oil spill will cost homeowners in gulf coast communities $648MM over one year and over 5 years as much as $3BB.  If the spill reaches the Florida Keys and the Florida Atlantic coast, losses there could reach up to an additional $28BB in 5 years.  The annualized economic value of beach access at risk by oil coming ashore and beaches being closed were taken into account. Premiums were paid by buyers of homes in these coastal communities.  More than 600,000 properties were identified as being within 1000 meters of the coastline in 15 counties from the gulf coast of Alabama to the Atlantic coast of Florida.

LUXURY HOMES MARKET UPDATE

The Institute for Luxury Home Marketing National Report

for the week of July 25, 2010 looked at 

39,064 luxury homes on the market.
The ILHM Luxury Composite Price this week is $1,082,759.

These homes have been on the market for an average of 123 days.

Luxury home prices across the ILHM National
sample have stayed relatively stable in recent weeks.

This week´s median price is $1,082,759
Asking price per square foot is $305
Average Days on the Market: 123
Percent of Properties with Price Decrease: 41%
Percent relisted (reset Days on Market): 21%
Percent Flip (Price Increased): 3%
New Listings: 1709
Absorbed this week: 1635
Median House Size (square feet): 3284
Median Lot Size: 0.50 - 1 acre
Median Age: 30

 

The Market Action Index measures available supply 

relative to the current level of demand. 

Index value above 30 indicates conditions favor the seller.
CURRENT MARKET ACTION INDEX IS 12

Marilyn Farber Jacobs is a Founding Member
of The Institute for Luxury Home Marketing