2-bedroom Condo For Sale South Beach

Exquisite 2-bedroom Condo For Sale South Beach coming soon on the market: 760 Meridian Ave APT 1 Miami Beach, beautifully appointed 2/2.5 condo for sale, located in the very heart of South Beach, Art Deco District. Offered by Realtor Kate Smith 786.412.8510 this stunning 2-bedroom Miami Beach apartment that feels like living in a private home, boasts 2 extra-large, enormous 720 sq. ft private front yard- priceless green space, highly uncommon for South Beach, and over $300,000 in upgrades.

This magnificent 2-bedroom condo for sale is located in the very heart of South Beach and feels like living in a private home. 760 Meridian Ave APT 1 and Apt 2 are combined and expanded to create this unique residence. Taking up the entire front of the northeast wing of an exquisite historic Moorish revival-style building by H. Hastings Mundy, a prominent local architect during this period, the residence is spread on 3 levels, with tremendous charm and unique character. What makes this home one of a kind, besides the brand new impact resistant skylight on the top and 2 extra-large terraces on the first and second floor, it boasts 720 sq. ft private front yard at the bottom, priceless green space, highly uncommon for South Beach.

760 Meridian Ave APT 1 &2 Miami Beach is a unique opportunity to own a chic and fully renovated Art Deco 2-bedroom condo located literally in the center of South Beach. Adjacent to Miami Beach’s Flamingo Park, 36-acre park with 17 court tennis center, lap pool, kids playground & dog park. Only 5 minute walk to Espanola Way restaurants, Lincoln Road pedestrian Mall and the beaches! Completely rehabbed building, 40 YR certification, plus new hurricane impact windows and skylight.

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.comDCIM100MEDIADJI_0002.JPG

This stunning 2-bedroom condo in South Beach has over $300,000 in upgrades starting with impact resistant windows throughout, Chef’s kitchen featuring gas stove, imported Italian tiles, hardwood floors, large master suite, elegant master bathroom with a Jacuzzi and brand new wooden deck in the front yard. All plumbing and electrical wiring was redone just a few years ago. Another interesting feature would be the custom living room furniture, which doubles as a clever storage.

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.com

The South Beach (Miami Beach) Architectural District (also known as Old Miami Beach Historic District, and the more popular term, Miami Art Deco District) is a U.S. historic district (designated as such on May 14, 1979) located in the South Beach neighborhood of Miami Beach, Florida. The area was well known as the district where Italian fashion designer Gianni Versace resided, in a mansion on Ocean Drive. It is bounded by the Atlantic Ocean to the east, Sixth Street to the south, Alton Road to the west, the Collins Canal and Dade Boulevard to the north. It contains 960 historic buildings.

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.com

760 Meridian Apt 1 is located in an exquisite historic building, an outstanding work of H. Hastings Mundy, a prominent local architect during this period and its rich Moorish revival-style architecture adds tons of charm to the surroundings. Moorish or Oriental Revival Style is another variation of the Exotic Revival. This style, evocative of the Middle East or Far East, is notable for its ogee or pointed arch which appears at windows, and porches. Trim is delicate and ornate, sometimes with a lacey pattern. Some Moorish or Oriental Revival buildings have recessed porches or Turkish onion domes. The style was inspired in the late 18th and early 19th century by the increasing trade and contact with the Far East. The stylized and traditional architecture of this region appeared exotic and romantic. Like the Egyptian Revival, the Oriental Revival became popular again in the 1920s and 1930s. While employing different decorative details and massing, Palm Garden Condo building is a fine example of the Moorish Revival style, by H. Hastings Mundy.

760 Meridian #1&2 occupies the entire northeast wing of the PALM GARDEN CONDO. Palm Garden is completely rehabbed building, 40 YR certification, plus new hurricane impact windows and skylight. The practical floorplan & flow from indoors to outdoors make it a perfect home for entertaining & hosting visiting guests with privacy between bedrooms. Excellent interior space plan and room distribution offers separate social and bedroom areas, dual AC zones, open floor plan, high ceilings and fantastic natural light throughout the unit. This exquisite residence enjoys exposure on three sides, hardwood floors, remodeled bathrooms, washer, dryer and walk in closets. Its superb location, right in the heart of acclaimed Art Deco District makes this an ideal real estate decision, for today and tomorrow. This is a perfect SoBe property for entertaining, privacy and Miami living.

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.com

A rarely used mode of Exotic Revival architecture from about 1845 to 1890, usually characterized by the use of horseshoe arches, multifoil arches, and window tracery. The Exotic Revival style actually encompasses several different styles, all somewhat rare, but so distinctive in design that they are worthy of mention. There are two periods of popularity associated with the Exotic Revival style, an earlier mid-19th century one when the style was first introduced and a subsequent period in the early 20th century when the style was reintroduced and revived again. Buildings from the later period especially of the Exotic Revival style are often of grand size and scale and public use, such as churches, banks, theaters and government offices.

While employing different decorative details and massing, Palm Garden Condo building is a fine example of the Moorish Revival style, by Harold Hastings Mundy, a Canadian born, prominent Miami architect. Churches reflecting the Eastern European cultural tradition often are designed with gilded Moorish style onion domes. While that is a distinctive Moorish Revival style feature, it may be the only element of that style present in the overall design.

760 Meridian Ave APT 1 Miami Beach, 2 bedroom condo for sale offered by Realtor Kate Smith 786.412.8510 | http://www.homesforsalehollywoodfl.com

760 Meridian Ave APT 1 Miami Beach, 2 bedroom condo for sale offered by Realtor Kate Smith 786.412.8510 | http://www.homesforsalehollywoodfl.com

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.com

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.com

 

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.com

The practical floorplan and flow from indoors to outdoors make it a perfect home for entertaining and hosting visiting guests with privacy between bedrooms.  Highest attention paid to details, will satisfy the most discriminating buyers. This is the key to South Beach living at its best.

 

2-bedroom Condo For Sale South Beach 760 Meridian Ave APT 1 offered by Realtor Kate Smith 786.412.8510| http://www.homesforsalehollywoodfl.com

IRS- Taxes – Finally, All Filed!

And, here is what I have to say: “Everyone should be paying their taxes with a smile! I tried… but the IRS wanted cash!”

Fortunately, there is Real Estate! Owning real estate has always been the most beneficial investment.

Top Ten Tax Deductions for Landlords

Rental real estate provides more tax benefits than almost any other investment. Here are the top ten tax deductions for owners of small residential rental property.
1. Interest; 2. Depreciation; 3. Repairs;  4. Local Travel; 5. Long Distance Travel; 6. Home Office; 7. Employees and Independent Contractors; 8. Casualty and Theft Losses; 9. Insurance; 10. Legal and Professional Services

Owning a Home — What’s Deductible?

Home ownership allows a lot of tax advantages not available to someone who merely pays rent. A homeowner can deduct points used to obtain a mortgage when buying a home, mortgage interest paid during the year, and property taxes. Your biggest deduction – Interest!

Here are some points to consider:
Defining “Home”:  your home can be a house, co-op, condominium, mobile home, trailer, or even a houseboat. For trailers and houseboats, one requirement is that the home must have sleeping, cooking, and toilet facilities. Even a rental can be considered a second home, provided you live in it either fourteen days out of the year or at least ten percent of the number of days you rent it for, whichever is greater.
Interest as a Tax Deduction: At the end of each year, your lender should send you a form 1098. This is your deductible interest, provided you meet certain conditions.

Home Acquisition Debt (an IRS Term): An important IRS term is “home acquisition debt.” Any first or second mortgage used to buy, build, or improve your home is considered to be home acquisition debt:

Home Equity Debt (another IRS Term): The IRS has another term called “home equity debt.” Basically, this is any loan amount in excess of what was spent to purchase, build, or improve your home.  For the interest to be fully deductible, home equity debt cannot exceed $100,000 and the total mortgage debt on the home must not exceed its value. This can create a problem for those using 125% loan-to-value second mortgages to consolidate debt. That portion of the loan amount that exceeds the value of your home is not tax deductible (unless you used it for home improvement).

Deducting Points When Refinancing
: Points paid during refinancing must be deducted over the life of the loan. For a thirty-year loan, you divide the points by thirty and get to deduct that amount each year. Exception:  If you did a “cash out” refinance and used some of the funds to improve your primary residence, a portion of the points are deductible in the year you paid them. If you obtained a $200,000 loan and $50,000 was used for home improvement, then one-fourth of the points are deductible in the year you obtained the loan.

Deducting Property Taxes: Most homeowners pay property taxes to a local, state or foreign government. In most cases, property taxes are deductible.

Impound Accounts: Many mortgages have impound or escrow accounts. When calculating your property tax deduction, don’t deduct what you pay into that account. Only deduct what is paid from the account to the taxing authority.

Limits on Deductions: You may be subject to a limit on some of your itemized deductions.

Certified Public Accountants: Whenever you reach a point where you begin itemizing deductions, it is best to have your tax returns prepared by a Certified Public Accountant. Internal Revenue Service rules and regulations can quickly become…confusing.

As always, if you need a sound real estate advice, remember that “Real Estate Is A Serious Business; Get A Pro!”

Kate Smith, Realtor®, ABR, CRS, E-Pro,TRC, CLHMS, SFR, CDPE
Luxury Residential, Commercial and Distressed Properties Specialist
Cell: 786.412.8510; Fax: 954.923.4554;
kate@hollywood-beach-real-estate.com
http://www.hollywood-beach-real-estate.com
http://www.facebook.com/MiamiFloridaEstates
blog: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith

“Some make it happen, some watch it happen, and some say, what happened?”

BofA: Offering Rent Option As Foreclosure Alternative- Good Or Bad?

BofA to offer rentals as foreclosure alternative

NEW YORK – March 23, 2012 – Bank of America says it has begun a pilot program offering some of its mortgage customers who are facing foreclosure a chance to stay in their homes by becoming renters instead of owners.

The “Mortgage to Lease” program, which was launched this week, will be available to fewer than 1,000 BofA customers selected by the bank in test markets in Arizona, Nevada and New York.

Participants will transfer their home’s title to the bank, which will then forgive the outstanding mortgage debt. In exchange, they will be able to lease their home for up to three years at or below the rental market rate. The rent will be less than the participants’ current mortgage payments and customers will not have to pay property taxes or homeowners insurance, the bank said.

“This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support,” Ron Sturzenegger, legacy asset servicing executive of Bank of America, said in a statement.

Among requirements to qualify for the program, homeowners must have a BofA loan, be behind at least 60 days on payments and be “underwater,” owing more on their mortgages than their homes are worth.

The bank based in Charlotte, N.C., said it will at first own the homes, then sell them to investors. If the program is successful, it could be expanded to include real-estate investors who buy qualifying properties and keep the occupants on as tenants.

“If this evolves from a pilot into a more broadly based program, we also see potential benefits from helping to stabilize housing prices in the surrounding community and curtail neighborhood blight by keeping a portion of distressed properties off the market,” Sturzenegger said.

Foreclosure tracking firm RealtyTrac says foreclosure activity has picked up in some states, as banks deal with a backlog of homes with mortgages that had gone unpaid yet remained in limbo due to delays stemming from foreclosure-abuse claims.

Nevada has the nation’s highest foreclosure rate as of last month, with one in every 278 households in the state receiving a foreclosure-related filing, twice the national average, according to RealtyTrac. Arizona ranks third behind California, while New York has not been as hard hit, with one in every 4,604 households receiving a foreclosure-related filing.
AP LogoCopyright © 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

As always, it pays to consult someone who knows. As I say, “Real Estate Is A Serious Business, Get A Pro”!

Kate Smith, Realtor®, ABR, CRS, E-Pro,TRC, CLHMS, SFR, CDPE
Luxury Residential, Commercial and Distressed Properties Specialist, Brosda & Bentley Realtors
Cell: 786.412.8510; Fax: 954.923.4554;
kate@hollywood-beach-real-estate.com
http://www.hollywood-beach-real-estate.com
blog: http://4realestate.wordpress.com
http://www.linkedin.com/in/miamirealtorkatesmith

“Some make it happen, some watch it happen, and some say, what happened?”

Lenders Embrace More Short Sales

NEW YORK – Feb. 20, 2012 – Lenders are allowing more short sales by financially strapped homeowners and a few people are even getting cash to complete the sale.

Short sales have been increasing for months, but the financial incentives – which Realtors say are random and infrequent – are a newer wrinkle.

Examples:

• JPMorgan Chase went national with short-sale incentive offers last year, paying up to $35,000 in some cases.

• Bank of America is testing incentives from $5,000 to $25,000 in Florida to see if they should be expanded to more states. The Florida program began last fall, spokesman Richard Simon says.

• Wells Fargo’s incentive offers range from less than $3,000 to $20,000, spokesman James Hines says.

Short sales, even with incentive payments to borrowers, can save lenders money compared with the expenses involved in completing foreclosures. In states such as Florida where foreclosures go through the courts, 50 percent of loans in foreclosure are more than two years past due, says a January report by mortgage tracker LPS Applied Analytics.

“It’s a lot cheaper to shell out $10,000 or $20,000 to someone than it is to go through a long foreclosure,” says Jim Gillespie, chief executive of Coldwell Banker.

Banks are more willing to do short sales now than in the past, Gillespie says. Cash incentives appear to be “limited but increasing” in number, he adds.

“When a loan modification isn’t possible, a short sale may be a better and faster solution” than foreclosure, says JPMorgan Chase spokesman Thomas Kelly.

The lenders won’t say how often they extend such incentives.

“If you have two similar sellers, one might get it and another may not,” says Colleen Badagliacco of Altera Real Estate in San Jose. “It’s very random.”

Typically, short sale incentives are more common for loans in states where foreclosures take more time, Hines says.

In November, short sales accounted for more than 9 percent of single family home sales and were up 32 percent from the year before, according to CoreLogic.

Market researcher Dataquick also shows short sales increasing from January 2011 through last month throughout California and in Phoenix, Miami and Seattle.

The federal government-run foreclosure prevention program also offers short sale incentives, at least $3,000 for sellers, but far more short sales are being done outside the government program.

“The trend is up,” says Moody’s Investors Service analyst William Fricke.

© Copyright 2012 USA TODAY, a division of Gannett Co. Inc.

Top 20 Most Romantic Cities in the U.S: Florida nabbed five spots – more than any other state

In honor of Valentine’s Day, Amazon listed the U.S.’s top 20 romantic cities, and Florida has more than any other state. 

Florida: Balmy breezes, sunsets and romance

ORLANDO, Fla. – Feb. 14, 2012 – Love is in the air. Amazon.com announced its list of the “Top 20 Most Romantic Cities in the U.S.,” and Florida nabbed five spots – more than any other state.

To compile the list, Amazon looked at sales numbers for romance novels and relationship books (Kindle Books and print books), romantic comedy movies (digital movies and DVDs), Barry White albums (CDs and MP3s), and other romantic wellness products since Jan. 1, 2012. It considered sales on a per capita basis in cities with over 100,000 residents.

The top city on the list was Knoxville, Tenn., for some reason. In Florida, Orlando took the No. 4 spot, followed by Miami (No. 7), Clearwater (12), Gainesville (17) and Tallahassee (20).

According to Amazon customers’ purchase habits, New York City is the least romantic city in the U.S., with Winston-Salem, N.C.; Patterson, N.J.; and El Monte, Calif., also securing bottom spots.

Amazon’s complete list of romantic cities

1. Knoxville, Tenn.
2. Alexandria, Va.
3. Springfield, Mo.
4. Orlando, Fla.
5. Cincinnati, Ohio
6. Vancouver, Wash.
7. Miami, Fla.
8. Murfreesboro, Tenn.
9. Dayton, Ohio19. Rochester, N.Y.
10. Columbia, S.C.
11. Pittsburgh, Penn.
12. Clearwater, Fla.
13. St. Louis, Mo.
14. Erie, Pa.
15. Clarksville, Tenn.
16. Everett, Wash.
17. Gainesville, Fla.
18. Las Vegas, Nev.

© 2012 Florida Realtors®

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