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!

MOST EXPENSIVE WEST PALM BEACH HOUSE SOLD IN 2008 TO JULY 1ST

From January 1 to July 1, 2008, there were 24 homes sold in West Palm Beach for over $1,000,000, 2 houses sold for over $3,000,000. A 5 bedroom, 4 1/2 bath 2-story home, south of Southern on Flagler Drive, was sold in March 2008 for $4,000,000. The property was listed for $4,495,000. The home was on the market for 81 days. The property features a 333 Living sq ft guest house, T-shaped 30’x50’ boat dock, pool, full house generator, gazebo by the water, impact glass windows, loggias, and kitchen with stainless steel and granite. The house was built in 1972.

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!

COME TO CENTENNIAL SQUARE FOR THE WEEKLY CLEMATIS BY NIGHT

Mark your calendars! Here is THE PLACE TO BE for great music from rock, R&B, Reggae, and Blues to Soul and Swing. Eat up amidst a feast of ethnic foods. Bring money for the sidewalk shopping. “Rev Up Clematis By Night” starts in July, the 2^nd Thursday of each month, 5:30 to 9 pm, from Centennial Square to the 500 block of Clematis Street with action on every block.

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.

RESTORED HISTORIC COUNTY COURTHOUSE OPEN

Undergoing renovations for the past three years, the building houses the Richard and Pat Johnson Palm Beach County History museum and is filled with exhibits (some interactive) relating to the history of Palm Beach County. The restoration project, begun in January 2004, reused original materials including limestone, granite, exterior windows, marble wainscot, mosaic floor tiles, wood flooring, doors, trim and hardware. 67% of the original exterior bricks were used. 76 original windows were used and 37 impact windows were custom designed to match. All original columns & capitals were used; column weight including plinth block is 30,600 lbs and support the portico roof above them. Base is granite. 95% of mosaic floor tiling is original and 215 sq ft of matching mosaic tiles were salvaged and used. 28 sets of original doorknob hardware were salvaged and installed on original and new doors of courtroom and main restored corridors. 1000+ sq ft of original maple wood flooring was found In the courtroom, removed and reinstalled in the east end of the courtroom and refinished. Matching maple wood flooring was installed to complete restoration of the courtroom floor. Designated as a Palm Beach County historic site on September 27, 2005, the building is located at 300 North Dixie in West Palm Beach. In 1916, one year after Palm Beach County was formed from Dade County, its population was 5,577 and Broward County did not yet exist. A land sale boom period was in effect and real estate was sold at roadside offices and tents from Boca Raton to Ft. Pierce. Property values back then doubled and then tripled. Railroads and ships could not keep pace with the demand for building materials. Hotels began going up on the west side of the intracoastal waterway and the Palm Beach County market opened to middle income families who could not afford to stay in hotels on the island. The Grand Opening for the Restored Courthouse was held on March 15, 2008.

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 West Palm Beach Zoo, would they come?

TURNPIKE MAY GET MORE LANES, MORE EXITS

A year-long study is in the process by the Florida Turnpike Enterprise for possible changes to the 9-mile section between the Sawgrass Expressway exit and the Atlantic Avenue interchange in Delray Beach. Public input will be maximized with neighborhood meetings, newsletters and press releases. Considerations are widening the road from 6 to 8 lanes, and adding full or partial interchanges at either Clint Moore Road, Yamato Road or Palmetto Park Rod (all in Boca Raton) or Linton Boulevard (in Delray Beach). Nearby neighborhoods expressed concern about more noise, increased traffic and more dirt, while expressing a wish to relieve traffic on Glades Road. Some areas requested sound-deadening walls.

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

WHILE INTEREST RATES REMAIN ON THE LOW SIDE...

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 while interest rates remain on the low side?

MIZNER’s LOUWANA LANDMARKED HOME UP FOR SALE IN PALM BEACH

Dubbed “the most original and earliest remaining residential work of Palm Beach’s signature architect” by Historian Augustus C. Mayhew, this well-preserved 1919 Addison Mizner oceanfront Mediterranean villa on the island’s North End, recently came on the market for $30-MM. The multi-story 13,500 sq ft residence sits on a 1.5 acre tract with 150 feet of beach frontage. There are 10 bedrooms, 5 full and two half-baths, four fireplaces, a guest house, cabana, swimming pool, tennis court and three-car garage along with extensive gardens. Stairs and windows frame new spaces at each corner and there are beautiful ocean views. There are pecky cypress ceilings, original blue octagonal tile floors and walls in the upstairs master bedroom, and a “Scheherazade” stairway. Smaller in scale than some built during the mid-1920’s, it was landmarked in 1980, it is one of the less than 30 Mizner houses still standing on the island. The house has been owned for more than 50 years by descendants of Marie Louise Wanamaker Munn.

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?

HOUSING 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.

NEGLECTED JOHN VOLK HOME IN PALM BEACH RESTORED

Built in British Colonial style in 1938, this elegant Pelican Lane home fell into disrepair when found by Drs. Daniel and Judith Doctor back in 2000. Judith Doctor appreciated the repeated arched doorways with views of the ICW, louvered shutters, fanlight above the front door, and stepped chimney, all typical of Volk’s work. Working with builder John Mitchell, the house became what Judith calls, “a graceful beauty.” Volk had designed the house for Chester Kroger on a lakefront site a few blocks south of Worth Avenue. Judith added metal openwork gates to the courtyard and a fountain. She reinterpreted the bricks behind the fountain with the art deco influence that Volk incorporated into the chimney. Faux painting in a creamy color decorates the foyer walls. Original random-width oak planks are throughout, on the floors. The fanlight repeats above the living room door. French doors abound, some are arched on top. There are dentil moldings in the living room and columns separating formal living space from the loggia. Floors are limestone. Judith designed a recessed mahogany china cabinet for the dining room. The kitchen features wood wainscoting, white oak floors, oak cabinetry and a central island with black-granite countertops. The kitchen has a cathedral wood ceiling which Judith says, “reminds me of a boat.” There is a large rectangular pool over looking the intracoastal waterway. There are 5 bedrooms and 5 baths, 5685 sq ft. The house is currently listed for sale for $17.95MM.

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 bgy 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.

WANT A FREE VEHICLE CARE CHECKUP?

From 9 am to 6 pm on Thursdays in April, motorists can come to the Lincoln College of Technology at 1126 53^rd Court, West Palm Beach. Technicians will look over the vehicle and make recommendations to help save money and curtail air pollution. Call 561-355-3136, ext 1182 for more information.

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.”

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.

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.

HEADS UP: OKEECHOBEE BOULEVARD TO BE WIDENED

Over the next two years, Okeechobee Boulevard will be widened from Royal Palm Beach High School to east of the turnpike. The Florida DOT will fund $17-MM of the $30-MM cost and West Palm Beach is contributing $134,640.

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.

PALM BEACH BOAT SHOW FEATURED MORE THAN $350mm worth of MEGA-YACHTS

Hosted by Palm Beach County’s marine industry, the 23rd Annual 4-day event was held last week in downtown West Palm Beach. This Boat Show was one of the top 10 of its kind in the US. More than 900 boats, from inflatables to spectacular super yachts, with fishing clinics for adults and children, fashion shoes and family-fun entertainment encompassed more than a million sq ft of exhibit space on land at the Palm Beach County Convention Center and in water at the ICW along Flagler drive (between Bayan and Fern Streets). Next area boat show will be in Ft. Lauderdale next October.

BARRETT-JACKSON CAR AUCTION RELFECTS ECONOMY

While stating that individuals car sales could set world sales records, a Barrett-Jackson VP stated that the current auction is an all no-reserve event, which is a direct reflection of the marketplace, with some car collectors wanting to liquidate their four-wheeled assets, particularly if they have taken out a 2nd mortgage and their home's value has dropped. Late '50's and '60's big cars have rapidly appreciated. For sale is a restored 1911 Model T Roadster (pictured here), one of the 520 cars up for bid. A 2006 baby-blue Lamborghini with 17,000 miles on the odometer is up for auction at $180,000. When new it cost $246,000. On Sunday, after several days of auctioning, the automobilia auction will start at 10:30 am and a car auction from 10 am to 9 pm. Click here for more information.

TRANSFER YOUR CELLPHONE WITHOUT HIGH FEES BEFORE CONTRACT TERMINATES

Go to www.celltradeusa.com or www.cellswapper.com. You pay about $20 and the person who adopts your phone gets a short contract without an activation fee. Contact your carrier first for approval, and if you want to keep your old number, you’ll have to arrange that as well.

ECONOMISTS: REBOUND BY MID-2009

The 2008 fiscal stimulus package, according to Lawrence Yun, NAR Chief Economist, should provide a much needed boost to the real estate market. Yun says that the tax rebate is needed to compensate for very high oil prices and the falling stock market. The former, he says, is caused in part by the US having a higher inflation rate than other countries which causes a weaker dollar. When oil prices rise, that fills the coffers of Russia, Venezuel, Saudi Arabia, Nigeria and Iran, transferring money from a democratic country to a non-democratic country. A higher loan limit in Los Angeles, Orange and San Franciso counties, from $417,00 to $729,000 will give the housing market a lift in those areas. Inventories go down and home prices strengthen as sales rise. Lawrence Yun received his undergraduate degree from Purdue University and earned his Ph.D. from the University of Maryland at College Park. He is Managing Diretor of Quantitative research at the National Association of Realtors where he manages the Statistics and Forecasting Groups of the Research Division. Yun writes columns on real estate market trends, creates NAR’s forecasts and participates on many economic forecasting panels, including Blue Chip and Harvard University Industrial Economist Council. Though the economy for the entire nation is sluggish now, many economists are expecting a rebound by the second half of next year.

WANT TO PAY OFF YOUR MORTGAGE AND STAY IN YOUR HOME or CONDO?

In response to several questions from couples and individuals about how to stay in your permanent residence AND lower your budget by paying off your mortgage(s) without making additional monthly payouts, you may be eligible for a reverse mortgage even if you still owe money on a first or second mortgage. In fact, many seniors get a reverse mortgage to pay off mortgages. You need to be age 62 or older. There are NO INCOME OR MEDICAL REQUIREMENTS TO QUALIFY. No change of title, no taxes on proceeds, no repayment for as long as you live and reside in the house, until it is sold. When sold, you or your heirs receive any appreciation up from the value at the time of a reverse mortgage. WITH THE HOUSING MARKET PRICES LOW RIGHT NOW, appreciation is a strong possibility in years to come. If the value of the house declines, you do not have to pay up the difference. In order to qualify for a U.S. Government-insured reverse mortgage, you must receive reverse mortgage counseling from a counseling agency that is approved and certified by the Federal Housing Administration (FHA). The counseling is a free safeguard for you and your family, to make sure that you completely understand what a Reverse Mortgage is, and what the process of obtaining a Reverse Mortgage is before you apply for one. Information about reverse mortgages. The Jumbo loans have been discontinued for now. The highest reverse mortgage amount is the lending limit in the county which is $369,700 but soon to be $417,000. Call Marilyn Jacobs, a Lic. Mortgage Broker, for a confidential appointment - 561-988-0070.

FORBES RECOGNIZES PALM BEACH COUNTY IN TOP TEN UP-AND-COMING TECH CITIES

“With Scripps Florida and the Max Planck Society both establishing world-class research facilities here, we are building the foundation for a knowledge-based economy.” Palm Beach County is recognized as a top pick for “Up-and-Coming Tech Cities,” and in scientific growth. Boca Raton is attracting firms, from biopharmaceuticals to stem cell research and storage, due to its solid business environment. Forbes list is called the TOP TEN HOTBEDS OF TOMORROW’S TECHNOLOGY. The survey considered specific pockets of science growth areas with “promising frontiers of innovation.” Forbes.com says that Palm Beach County is “becoming a haven for cutting-edge biotech and life science research.” More than 140 companies in the county are focused on discovery and advancement of drugs and pharmaceuticals, medical devices and equipment, research and testing. With strong collaborations among universities and pro-active assistance programs throughout the county, and philanthropic dollars, the area is thriving. Additional information can be found at www.bdb.org, the official public/private economic development organization for Palm Beach County and Enterprise Florida, a non-profit corporation founded in 1982 to attract and retain new industry, business investment, high quality jobs and workforce development. See Forbes says county number three in US.

NEW IRS RULING FOR VACATION HOME 1031’s

• 24 month holding period
• for each 12 month period you must have rented vacation home for at least 14 days at fair market rent
• for each 12 month period owner can only use property for the greater of 14 days or 10% of the days rented.
• Days that relatives use the unit will count against you… unless they pay fair market rent
• You are allowed a reasonable number of “maintenance days” to care for the unit (not defined by IRS)

SUGGESTIONS:

· Tighten up record keeping and tax reporting

· Be serious in rental attempts

· Charge family members the going rental rate when they use it

Keep detailed records of dates you used the unit and what you did – and describe maintenance done for “maintenance days”

WHAT IS THE DIFFERENCE BETWEEN MORTGAGE PRE-APPROVAL AND MORTGAGE PRE-QUALIFICATION?

Verification and Documentation explain the difference. Pre-Qualification is based on information provided by the buyer whereas Pre-Approval is given after receipt of copies of bank account statements, income proof (pay stubs) and income tax returns; other information may be requested as well. Neither are considered a mortgage commitment, but the more detailed Pre-Approval is preferred by sellers. Pre-Qualification requires the borrowers name, address, phone number, date of birth and social security number with permission to do a credit check. Questions may be asked about annual income and what down payment the borrower can make. A letter is issued with an estimate of the amount of a mortgage for which the borrower can be approved, based on documentation verification, which may be described in the letter. The letter will also include a disclaimer, e.g., “subject to verification of employment (2 years of work history) / assets / credit review / charge card statements / mortgage underwriting guidelines” and the prevailing interest rate, which can be “locked in.” This serves temporarily as confirmation to a seller that a buyer appears to be able to afford to purchase their property. Underwriting criteria may include credit scores, work history, verification of income, qualifying income ratios, verification of where down payment will come from (e.g., brokerage or bank account or gift), cash reserves after closing. There may be information that has a negative impact on mortgage approval, including a borrowed down payment, inconsistent work history, unreported “cash” income, not enough assets for closing costs, and other issues.

INVESTORS: A GREAT TIME TO BUY!

With condo inventory SOARING here in Florida In the last 20 months, you may be able to buy RIGHT NOW at the lowest price you will see in a long time to come

• $187,000 is median price for a Florida condo (per NAR)
• Median price is down 9% from one year ago
• Number of condos sold down 29% from one year ago
• Florida brings in more than 300,000 new residents per year (2^nd only to Texas)

Investors have started to GRAB GOOD DEALS while they can in this buyer’s market. The bad news for sellers means good news and opportunity for savvy buyers. Builders are making contributions to sweeten deals in the Florida condo market. LET MARILYN SHOW YOU THE BEST DEALS AROUND. To compare recent sales, amenities, restrictions and size of complexes go to http://www.FLWaterfrontCondos.com.

WEST PALM BEACH CULTURAL EVENTS

WEST PALM BEACH CULTURAL EVENTS:

http://www.palmbeachculture.com/WestPalmBeach

YOU WALK AWAY... from a mortgage!

The International Herald Tribune’s 2-29-2008 headline “Faced with mortgage default, some U.S. homeowners walk out” will lead you to this site, which results in walking away from a home and mortgage and ceding the home to a bank in foreclosure: http://www.youwalkaway.com/ . The house then becomes the lenders problem, and the former homeowner might be able to rent a property for less than half the cost of their mortgage they left behind. According to the article, while in some states banks have recourse to sue borrowers for their losses, it is usually not done because the process “is costly and “people’s nonhousing wealth tends to be pretty slim”. For a copy of the article, email marilynfjacobs@gmail.com. According to the founder of You Walk Away, which opened for business in January 2008, the company’s services are not for everybody and were meant as a last resort. Those finding themselves having to choose between a car payment and their kids’ health insurance or paying a ballooned mortgage may have an alternative now, and may feel that over the coming years their income will go up and their credit will improve while, in the meantime, they rent instead of owning a home.

OFFICE HOURS EXTENDED FOR HOMESTEAD EXEMPTION, PORTABILITY FILINGS

Gary Nikolits, Palm Beach County Property Appraiser, reminds homeowners that there is less than a month left to file for 2008 homestead exemption and portability benefits and has extended office hours for the next three weeks. Extended hours will be available at the service center on the first floor of the Governmental Center at 301 N. Olive Avenue in West Palm Beach, at 3188 PGA Boulevard in Palm Beach Gardens and 501 So. Congress Avenue in Delray Beach, and 200 Civic Center Way in Royal Palm Beach. These offices will be open from 7:30 am to 6 pm weekdays. Filing deadline for exemptions is Monday, March 3^rd. It is suggested to file as early as possible to avoid long lines. You can file online on the Property Appraiser’s website; go to the Exemption E-File link on the home page and follow the prompts. For more information, call 561-355-2866.

HERE is your opportunity for international exposure of your work!

POETRY PROTOCOL, Syndicate is currently accepting poetry for it's International Poetry Quarterly. You also have the opportunity to submit your work for the '10TH ANNUAL MARILYN FARBER JACOBS POETRY AWARD' Contest! Grand prize: ONE HUNDRED DOLLARS!! Second Place: $50; Honorable Mention Certificates Awarded. SUBMISSION GUIDELINES: Theme: open - any style or genre of poetry; 20 lines or less; typed or printed, double spaced; deadline is March 18, 2008; entry fee: $5 for unlimited poem entries. Please make check out to: North Tulsa Literary Guild, Inc. and mail to North Tulsa Literary Guild, P.O. Box 6221, Tulsa, OK 74148-0221. ANYONE CAN ENTER!

LINK TO LOWEST LOCAL GAS PRICES

http://www.sun-sentinel.com/business/custom/consumer/sfl-gasprices-htmlpage,0,826131.htmlpage

DON’T MISS AMERICA’s INTERNATIONAL FINE ART & ANTIQUE FAIR

Starting with an invitation-only event on January 31^st, and running through February 10^th, the show being held at the Palm Beach County Convention Center, 650 Okeechobee Boulevard in downtown Palm Beach, will feature fine art, antiques and estate and couture jewelry. Works of art from more than 80 dealers from around the world will be shown. Artwork will include Greek, Roman and Egyptian; Asian; Old Master paintings and Sculpture; arms and armor; American and European 19^th and early 20^th C. fine art and antiques; 18^th-20^th C. furniture,; jewelry and objet d’art; pre-Columbian and tribal art; classic modern and contemporary art. To buy tickets or for more information, call (866) 802-8337, or visit www.palmbeachfair.com

DON’T MISS AMERICA’s INTERNATIONAL FINE ART & ANTIQUE FAIR

Starting with an invitation-only event on January 31^st, and running through February 10^th, the show being held at the Palm Beach County Convention Center, 650 Okeechobee Boulevard in downtown Palm Beach, will feature fine art, antiques and estate and couture jewelry. Works of art from more than 80 dealers from around the world will be shown. Artwork will include Greek, Roman and Egyptian; Asian; Old Master paintings and Sculpture; arms and armor; American and European 19^th and early 20^th C. fine art and antiques; 18^th-20^th C. furniture,; jewelry and objet d’art; pre-Columbian and tribal art; classic modern and contemporary art. To buy tickets or for more information, call (866) 802-8337, or visit www.palmbeachfair.com

BEGONIAS… WORKSHOP WILL EXPAND YOUR KNOWLEDGE

“The Beguiling Begonias Workshop” will be held Saturday, February 9^th from 9 am to noon in the Mounts Botanical Garden auditorium, located at 559 North Military Trail in West Palm Beach. Begonias are perennial landscape plants that grow well in Florida. See slides and live plants to learn about the various types of rhizomatous, cane and other begonias, which will thrive in your garden. Each attendee will learn how to propagate these begonias and will pot up a tray of assorted cuttings to take home. Admission price is $40 for members, $50 for non-members – Admission price includes potting materials and begonia cuttings. Workshop will be held in the Garden Pavilion. If you want to expand your begonia collection there will be a selection available for purchase after the workshop. Call Mounts to reserve space. Mounts features plants from 6 continents on 14 acres. For information contact Joy Ford Le at 561-233-1747 or jlford@co.palm-beach.fl.us.

A PERSONAL MESSAGE FROM YOUR BLOG MANAGER

“Buyers are coming out of the woodwork,” is what I’m hearing from other real estate agents, and that is indeed true for me as well. I’m working with many buyers on purchasing second homes. Closings are resulting. Some are from the US, and others from countries including Canada, England, and Singapore. I predicted in the past, and reiterate now: “the best buys will be made between now and the early summer… after that the pickings will be left on the market.” Sale prices are on the low side right now, interest rates are low and may go farther down, and there is huge inventory to pick from – A BUYER’S MARKET. Will keep the readership updated in the coming months... Marilyn Farber Jacobs, Realtor, ePro - Lang Realty & Lic. Mortgage Broker - Iberia Mortgage Corp., Lic. Correspondent Lender.

FASTER TRACK NOW FOR WEST PALM BEACH BUILDING PERMITS

City Commissioners in West Palm Beach have made it a policy to issue building permits within certain periods of time, ranging from minor projects (2 business days) to commercial building permits (30 business days). Authorized permits will have to meet thee Florida Building Code4 or city ordinances. A need may arise for more staff. Fees may need to be raised to keep the current level of service and to issue permits faster. Local architects and contractors say the city’s construction services department, which issues the permits, is overly zealous in its plan reviews, leading to unreasonable delays that are far worse than in other jurisdictions.