BuyOwner.com Closes, Turns Over Assets

The largest company for broker-free real estate sales in the United States, is the latest victim of the housing crunch, filing for liquidation in Broward Circuit Court. 

Buy Owner and 18 affiliates filed an assignment for the benefit of creditors July 26, 2010 after turning over all their assets Friday to Michael Moecker & Associates managing director Philip J. von Kahle. Moecker specializes in liquidating companies in receivership.


Experts also say the competitive landscape has changed with the real estate downturn and that simply listing a home on a website is no longer enough to sell a property.


Its simple philosophy — cutting costs by eliminating the middleman — hasn’t proven strong enough to carry the company through the recession. That surprises Brad Hunter, chief economist at Palm Beach Gardens real estate consulting firm Metrostudy. 

“I thought they had a business model that would be viable in today’s tough market because it allows people to save the commission. On the other hand, it demonstrates it is so hard to sell a home in this market that you do need a real estate expert to get the job done,” he said. 

Finding Local Officials When You Need Help

From getting a pothole filled on your street to finding out code requirements for your new bathroom, there’s a local government official who can help. The thought of calling around, though, trying to get someone’s attention at City Hall, can seem like a good way to drive yourself crazy. But it doesn’t have to be.

More and more cities, counties, and townships are making it easier to find what you need and to monitor how well they’re responding to requests. And whether you’re a community organizer or a concerned homeowner, you shouldn’t feel like you’re heading into uncharted waters. More than half of citizens had contact with local government within the last year, according to Tom Miller, president of the National Research Center.

Getting started

Every city and town is unique, of course, but basic services for the community and homeowners tend to

Tropical Depression 3 - Florida property insurance binding halted

During hurricane season, it is important for purchasers of property to attain insurance as soon as possible after executing a contract.  Why?  As a tropical depression, storm or hurricane approaches Florida, insurance companies stop binding policies.  If this occurs near or on a closing date and the purchaser is unable to get an insurance policy, the closing will be delayed until the storm passes and the all-clear is given to bind policies again.  A delay in the closing may trigger additional fees or penalties from mortgage lenders.  You could even lose your interest rate-lock.

Why do insurance companies stop binding?  Many people go for years without wind or flood insurance.  When a storm is approaching they decide that insurance might be a good idea.  It isn't fair that these people don't pay into the premium pool until they're very sure they need coverage.  Binding is stopped to prevent this unfair behavior.

Five reasons your house won't sell

Thousands of homes sit on the market with no buyer interest.

The owners always wonder, "Why doesn't my house sell?  Is it because of the bad real estate market?"

It's true, the economy has tanked and unemployment in South Florida is high but there are other reasons a house doesn't (or can't) sell.

1) Price is too high - Realtors everywhere concur that in a buyer's market the biggest obstacle is a high price.  Many sellers think that an interested buyer will 'just make an offer'.  Not true!  Buyers typically are afraid to make an at market offer on an overpriced property for fear of offending the seller.

You need to know about Florida's home insurance increases

Read the article at Sun-Sentinel.com

Where to eat in Fort Lauderdale

Customers are always asking me where to eat in Fort Lauderdale.  It finally dawned on me to create a list of my favorite spots to dine.  So here is the list and many have websites to peruse. Bon appetite!

Aruba Beach Cafe (don't miss Sunday brunch)
Big City Tavern on Las Olas
The Capital Grille
Casablanca Cafe on the beach
15th Street Fisheries (Casual or Formal - most people don't realize you can eat downstairs on the bar deck overlooking the Intracoastal)


Galanga for good Sushi
Himmarshee Bar & Grille (Great starting off point on Friday or Saturday night)
il Mulino - Homemade Pasta (one of my favorites)
Mango's on Las Olas
Poolside food & drinks at the W
Shuck N Dive (laid back cajun)
Zona Fresca (everybody's favorite fresh Mexican)

There are many more great restaurants in the area but these are the ones I visit time and again (too much, actually).

Just listed - 2/2 Intracoastal Condo

Boaters! Imagine walking into a beautiful designer apartment after a long day while enjoying the spectacular Intracoastal views from every room. Step onto the balcony and enjoy the breeze from the Intracoastal Waterway or enjoy a dip in the waterside, heated for year-round comfort, pool. Feeling the stress melt away? If you wish, dock your 45' boat at one of the on-site slips. This home includes an in-unit laundry. Deeded parking. Full service, Doorman building. NOT a short sale or foreclosure sale.

• Deeded Parking
• 2 Bedroom
• 2 Full Baths
• In-unit Laundry
• 1,250 square feet
• Direct Intracoastal Views
• Full-Service Building
• Doorman
• Dockage available up to 45 foot boat
• 3 blocks to beach, restaurants and shopping
• $262,500

Take the virtual tour: http://vt.realbiz360.com/Listing-419145.html

South Florida Real Estate Update - The Insider's Information

This morning, I spoke with a couple of local, respected mortgage brokers.  Each of whom work for different lenders and both are telling me the same thing: They are just as busy taking purchase mortgage applications as they were before the Federal Tax Credit expired.  What are buyers telling them?  The buyers are looking but they aren't finding much good inventory to purchase.

Here's the good news if you're interested in selling now, before prices further decrease, I am sold out of inventory and need listings.  My proven WoW! Marketing, WoW! Customer Service and WoW! Knowledge are in need of work.  Are you ready to move?  Give me a call or email me right now.

Four Myths of the National Housing Market

From economist Stan Humphries:

1. The housing recession is over

Humphries said home sales have reached a bottom, but prices likely won't find a floor until the third quarter of 2010. Humphries expects South Florida prices to hit bottom later than that.

2. We’ll see a return to historical appreciation rates after prices bottom
The housing bottom likely will be long and flat. Historical appreciation rates won't return for three to five years. Humphries said housing demand is being hurt by the number of underwater borrowers who can't move from their homes. He also says historically low mortgage rates are destined to increase, also affecting demand.

3. The worst of the foreclosure crisis is over
Foreclosure rates are increasing nationally and likely will stay elevated because of the jobless picture and the large numbers of underwater borrowers.

4. The homebuyer tax credits saved our bacon
The credits did stimulate sales, especially during the first wave in 2009. In its second incarnation, however, the tax rebates pulled demand forward from future months. As a result, sales are likely to decline in the second half of 2010.