Andre's Blog

Ingredients:

8 Drumsticks
1 cup Buttermilk
1/2 cup cornstarch
2 tablespoons salt
1 tablespoon Paprika
1 cup yellow Cornmeal
1 Cup all Purpose Flour
1/2 cup Dry Jamaican Seasoning
2 tablespoons black pepper
Red Stripe (use as needed)
Vegetable or Peanut Oil for frying

Directions:

Combine the Red Stripe and Cup Buttermilk
in a large glass bowl. Add Chicken to the bowl
and marinate in the refrigerator for 2 hours.

Combine the flour together with the cornmeal,
jamaican seasoning, cornstarch, paprika, salt and
pepper into a bowl. Mix to combine. Drain off
chicken and discard the marinade.

Toss the Chicken lightly one at a time to coat
them. You can use a zip lock bag with breading
mixture to do this.

Place the breaded chicken onto a large baking
sheet lined with waxpaper. Be sure they do not
touch each other. Place in refrigerator for 30
minutes.

Pour oil in 2-3 inch deep skillet. Heat oil to
355 degrees F. (check with frying thermometer).
Add the chicken 2 at a time.

Fry each for at least 4 minutes on each side or
till they are golden brown Remove each piece of
chicken and place on paper towel to drain oil.

Transfer to an oven safe platter once the oil is
drained. Put in an oven set at 200 degrees F. to
keep warm. Once all of the chicken is cooked, it
is best to serve immediately.

Sergio Pino has joined the growing number of South Florida homebuilders that have created so-called opportunity funds. The money would be used to generate private capital to purchase land in Miami-Dade County for when the housing market rebounds.

"Some day, after doomsday, housing will be in demand again," he said. "We want to stockpile valuable land. This fund will make that possible."

Pino, president of Century Homebuilders, said the new fund already has raised more than $100 million. Its goal is $500 million.

"Normal sources of capital for housing are plugged up, so we're growing some capital right here," he said.

Fund managers will concentrate on areas of Miami-Dade that already have schools, a strong employment base and good infrastructure.

Among early projects that could benefit from the new fund is Doral Grand, a Century Homebuilders mixed-use plan zoned for 4,600 homes, according to Pino.

The new fund has the same board of directors and management team as the Century Partners Group that Pino founded in 1997.

In August, West Palm Beach-based condo builder Kolter Group announced the creation of a joint venture with international investment titan Och-Ziff Capital Management Group LLC (NYSE: OZM).

The pair plan to acquire $1 billion of residential assets across the southeastern U.S.

The new venture will target the acquisition of residential communities, as well as equity and debt interests in residential property. The venture is scouting for deals on everything from raw land to completed condos.

Kolter followed the Related Group in jumping into the distress-buying arena.

Earlier this year, Miami-based Related received $1 billion from Philadelphia-based real estate private equity firm Lubert-Adler to begin the hunt for real estate deals. And in April, Aventura-based Sky Development and Hallandale Beach-based SunVest USA announced a new joint venture called Skyvest Real Estate Opportunity Fund I LLC, designed to take advantage of the opportunities in the troubled real estate market.

At that time, the company said it planned to look for opportunities in Florida, as well as eight other states, and would go after both commercial and residential properties.

Recently, an excited first-time homebuyer spent some time telling a real estate agent what she wanted in a home. They also discussed financing. Immediately afterwards, the agent took her new client out and showed her...

...two homes.

One was perfect.

Instead of making an offer right away, the buyer went home and called her friend. The friend had a real estate license. The buyer and her second agent presented an offer on the home, leaving the first agent totally in the dark.

After all, the first agent hadn't worked "too hard."

Which made me think about what really makes a real estate agent valuable, among other things.

Knowledge of inventory was near the top of the list.

It sounds boring and unexciting. Bookish, even.

You see, the reason the first agent knew which houses to show her potential client was because she had previewed those properties. That's one of those things agents do that you don't know about. They go out on their own, by themselves or with other agents, and look at property after property after property. They know what models are located where, how long they've been on the market, which ones have listing agents that are easy to work with, and more. They know all kinds of things that you don't know they know.

Not only that, the agent had been previewing properties for what "seems like forever" - so she immediately knew which houses to show the soon-to-be-excited buyer. She had been to those homes and/or model matches for those homes - for quite some time.

She knew her inventory.

The friend did not know the inventory. Otherwise, the buyer would have gone to her friend first, right?

It's like wandering around the aisles of a drug store not knowing which over-the-counter cough syrup is best for your particular ailment. Who would you rather ask? The clerk at the register or the pharmacist?

Either way, you're walking out of the store with a cardboard box filled with thick sloshy liquid.

So what you're really hiring in an agent is knowledge - and not just knowledge of inventory. Knowledge of lots of things that you don't even know you don't know. They make it seem easy, but that's because they want it to seem easy. If agents told you how hard it was, you would be even more nervous about shelling out hundreds of thousands of dollars.

After all, it is only the most expensive purchase you've ever made in your life.

But it's only a house, right?

And everyone knows that a Schedule 1 item on a termite report must be repaired prior to closing, which Schedule II items do not. And all those other little details.

By the way, the first agent and the listing agent talked to one another because she expected to present an offer shortly. No details, of course - just the name of her client and to expect the offer.

The buyer did present an offer, but with the wrong agent. This took the listing agent by surprise. Like many industries, real estate agents have a code of ethics they are supposed to obey. At the same time, agents don't always know what their clients are up to. Anyway, imagine how negotiations went, if they went anywhere at all. Plus, there were other problems that will be saved for another article.

Which isn't really the point. The point was that you hire an agent because of training, knowledge, experience, problem-solving ability, connections, their ability to communicate...and lots of other neat stuff.

The moral I promised?

You don't know what you don't know.

Which is why you hire people that will cover the blanks you know about, as well as the ones you don't. That is where you find the true value of a real estate agent.

Real estate prices cycle through highs and lows. Tracking the following market indicators will help you decide if it's a good time to invest in real estate in your area.


Job Growth

People go where the jobs are, and home prices follow jobs. A strong local job market is a sure sign of a healthy real estate market. While the Wall Street Journal gives you insight into the nation's overall economy, check your local newspapers for statistics in your area.


Housing Inventory

The housing inventory is the number of houses for sale at one time in the area. If there are more houses than buyers, prices tend to fall and if there are more buyers than houses, the opposite happens. Also look at the number of months or days it is taking to sell a home. If it's less than 60 days the market is considered hot.


Number of Repos on the Market

A repo is a house that has been taken over by the bank because the owner failed to meet the loan payment—in other words, it's a foreclosure. The more foreclosures in your area, the weaker the real estate market.


Number of Multiple Offers on Homes

Multiple offers are when two or more buyers "bid" at the same time for the same house. It's a sure sign of a hot market, usually resulting from a limited inventory creating the need for buyers to compete on price for the same property.



To learn about the local conditions in our market, please don't hesitate to call 305-788-6643 or send an email AndreShambley@Keyes.com. I will be happy to get you the information you need.

Why Sunny Isles Beach?

· Before Sunny Isles was incorporated into a city in 1997, J. Milton & Associates had already invested over $1 billion in real estate development. JM&A is planning to invest an additional $800 million to $1.5 billion in real estate in Sunny Isles Beach within the next 5 to 7 years.

· Sunny Isles Beach, the city of sun and sea, is located on a barrier island in the northeast corner of Miami- Dade County, bounded by the Atlantic Ocean on the east and the Intracoastal Waterway on the west. It is located midway between downtown Miami and Fort Lauderdale. Golden Beach lies to the north and Bal Harbour and Haulover Park are immediately to the south.

· Visitors can fly into either Miami International or Fort Lauderdale/Hollywood International airports, or cruise into the Port of Miami or Port Everglades and be in Sunny Isles Beach within 20 minutes.

· Almost one million vacationers visit Sunny Isles Beach annually to enjoy the 2 ½ mile-long fine sand beach and outdoor amenities such as water sports, boating, fishing, and tennis as well as the abundant shopping, dining and entertainment options nearby. The landmark fishing pier is a local favorite while the beautiful Samson oceanfront park provides a children's play area and space to relax, meet friends and enjoy the sunrise.

· The city is building parks, improving the infrastructure and laying the groundwork for future redevelopment.

· The emphasis of most of the redevelopment is on residential condominium construction. The city is steadily replacing outdated motels with luxury residential oceanfront development. Much of the residential construction is not for year-round occupancy, however the statistics show a steady growth in young families who desire to be near the ocean.

· Even now when the economy is going thru a change and the real estate is temporarily not promising our developments in Sunny Isles can still fit the tourism, second and primary residence purpose.

· Major developers from all over the world like Trump, Related and Turnberry have and are still investing and developing in this small yet rapidly growing city.

· There are several major hotel chains in Sunny Isles Beach; Rosewood -Aqualina, Ocean Point, Trump, Sonesta and The Meridien and there are many more to come.

· In the past 10 years there have been over 20 towers 30 to 58 stories high developed in Sunny Isles Beach.

· There is an opportunity for only 22 additional projects coming up on the ocean side in the next 5 to 10 years, so there is limited availability for land before it becomes obsolete.

· Sunny Isles Beach has over 6 billion dollars in real estate taxable revenue that is being reinvested within the city to build roads, schools, libraries, public parks and the City of Sunny Isles Towne Center.

· It is estimated that the real estate taxable revenue will grow to $9 billion by 2010.

· JM&A is currently building, in cooperation and planning with the city of Sunny Isles Beach, St. Tropez Condominiums and the City of Sunny Isles Town Center, located in the heart of Sunny Isles Beach.

· The development will be composed of six towers with approximately only 72 residences per tower. Each tower will consist of luxurious penthouses, town homes, and lanai units overlooking the Intracoastal Waterway. The Towne Center will include an array of upscale shopping boutiques, restaurants and café's. In addition, it will also include parks, waterfront boardwalks, a full service marina and an amphitheater. This exclusive community will continue our vision of meeting the needs of our primary and secondary homebuyers.

· J. Milton & Associates is an experienced development company that has been in business over 45 years in South Florida building over 20 thousand residences and has grown to a net worth of $1.5 billion.

· As a vertically integrated operation, the development division performs its own land acquisition and land planning, construction, financing, sales and marketing. Every step of every project is subjected to rigorous value engineering, and top management is involved in every decision. This hands on involvement and meticulous attention to detail are hallmarks of JM&A development philosophy.

· As one of South Florida's largest residential property owners and managers, and a pioneer and leader in luxury condominium development, JM&A is well positioned to sustain and expand its record as one of Miami's most successful private real estate developers.

Why South Florida?

· According to the latest national Association of Realtors, Florida is the top U.S. destination for international buying making up 26% of U.S. home buying transactions.

· International buyers are now recognizing the benefits of buying property in South Florida now. Recent market adjustments offer buyers the lowest interest rate in over 15 years and healthy rates of appreciation due to demand from U.S. migration to South Florida and foreign buyers.

· Miami International Airport has the third highest international passenger traffic in the United States, with 110 million visitors annually. Miami International Airport is known as the "Gateway to the America's" offering more flights between The U.S and the major Caribbean, South and Central American countries than all other U.S airports combined. Most flights are direct and under 3 hours.

· Europe is only an 8-9 hour direct flight away from South Florida.

· South Florida serves both business banking and tourism. The visitor industry is the number one moneymaker injecting $13.5 Billion into the local economy each year.

· Because of the political and economical unsteadiness in South and Central America, Miami next to New York, has become the second largest international banking industry. Hosting over 150 financial institutions and over $61 billion in deposits, almost half of these are South American banks.

· Miami is the largest pleasure cruise ship port in the world.

· Miami-Dade County ranks 5th in the world among telecommunications centers.

· The Miami Free Zone is the world's largest privately owned and operated foreign trade zone. It is also the only FTZ whose charter is held by a chamber of commerce (Greater Miami Chamber of Commerce).

· The U.S. market has become much more attractive due to the fall of the dollar and the rise of the Euro and Pound. International buyers get much more value for their monies when purchasing in the U.S.; therefore, making the real estate market even more enticing.

BUYING NOW MAKES ABSOLUTE SENSE

The weak dollar will strengthen within the next 3 years. The change of the presidency and all the attention given to the economy currently will be the catalysts. An example of the effect of the dollar strengthening is as follows:

Currently €100,000=$155,000

Estimating that in 3 years the dollar would reach a more stable position of 1€ =$1.10. This would increase the current value of the €100,000 to €140,000 representing an additional 40% increase.

Real estate is the most secure form of investment in South Florida and Miami has become a stable place for investors to shelter their monies.
Real Estate in South Florida

The current real estate recession in South Florida is isolated to areas that have used poor planning as part of their growth. The areas of concern are Downtown Miami and Brickell. These two neighboring areas have created over developed communities in the effort of fast-tracking their development growth. Due to the over-development, prices have dropped in these areas and throughout South Florida.



THE LOWEST PRICE IS NOT THE BEST DEAL

Although these two neighborhoods present the best price, it also brings the most concern in trying to carry the costs of operating these buildings and establishing a resale value that will appreciate.


THE BEST VALUE

All products in South Florida are currently being discounted. The best value is in a product, which is located in cities with beaches, and cities that are young and have appreciation of real estate as part of the improvement plan. The City of Sunny Isles Beach meets both criteria as it is in surrounded by water with incredible beaches and marinas.

The City of Sunny Isles Beach is a young city established in l997 with a development plan that is supported by major developers such as The Related Companies, Turnberry Associates, Donald Trump and J. Milton & Associates. Billions of private equity dollars have been invested in this 2-½ mile-long beach city. To receive more information about Sunny Isles visit the web page at www.sibfl.net or contact me @ AndreShambley@keyes.com.

Mold spores are everywhere and cannot be avoided. They float in through your open windows and doors, or come inside by riding on your clothing or your pets.

Real problems in homes and buildings rarely occur unless there has been intense flooding, usually in basements, sometimes from leaky roofs, or where there has been an extensive plumbing problem.

If spores land on a moist or damp surface, usually in a poorly lit area -- they can grow.

So the key to mold control is moisture control. Water-damaged areas must be dried within twenty-four to forty-eight hours to prevent mold and mildew growth.

Most people have a natural immunity to antigens present in mold, but some are more sensitive than others - and a moldy home is not a healthy home. At-risk individuals are mostly infants, the aged and asthmatics being treated with steroids. The highest level of danger is for those with pre-existing respiratory diseases such as tuberculosis or cystic fibrosis and those undergoing chemotherapy or other treatments that adversely affect the immune system.

The most common health concerns include symptoms similar to hay fever.

Others may experience respiratory difficulties or skin and eye irritations. There are some reported extreme reactions, too, but those are rare and have yet to be attributed directly to mold - though an attorney may counsel differently.

As one lawyer states in a recent Time magazine article, "For science to prove something, it has to be 100% certain. In a civil lawsuit, it only has to be proved 51%."

According to the Centers for Disease Control and Prevention, determining the level of health risk is mostly a factor of looking at the individual and assessing whether they fall into one of the risk groups. However, exposure to mold is not a desirable living condition and it should be removed, just like you would also throw away moldy bread without eating it.

JPMorgan Chase & Co. said Friday it is expanding its program to modify mortgages in an effort to avoid foreclosures on up to $70 billion in loans.

The enhanced program will include the opening of 24 regional counseling centers, the hiring of 300 additional loan counselors, new financing alternatives, reaching out to borrowers with pre-qualified modification terms and a new process to independently review each loan before it is moved into foreclosure.

Chase said the changes are expected to be implemented in the next 90 days, and until those changes can be made, it will not put any loans into foreclosure.

The loan-modification program will also be offered to customers with loans held by Washington Mutual Inc. and EMC. JPMorgan (JPM, Fortune 500) acquired Washington Mutual last month after the bank became the largest in the nation's history to fail. EMC was a mortgage unit of Bear Stearns Cos., which JPMorgan acquired in February.

When JPMorgan acquired Washington Mutual and EMC, it also acquired portfolios of mortgages that included option adjustable-rate mortgages. Option ARMs allow customers to choose from multiple payment options each month, including paying less than the interest owed on the loan, thereby increasing the balance on the loan. JPMorgan said modifications for those loans would eliminate the monthly options and not allow for the minimum payments.

Option ARMs have been among the worst performing loans since the middle of 2007 as mortgage defaults have skyrocketed and the housing market has deteriorated rapidly.

The modification program applies only to owner-occupied properties with mortgages owned by JPMorgan, Washington Mutual or EMC, with investor approval.

As the elections come to a close, we will find out soon enough who are next president is and the make up of both the House and Senate. Expectations are that Congress will become even more Democratic but the economic recovery will be well under way by the time the new guys, or gals, take office. Regardless of who sits in the White House or who dominates the Capitol, there are four things that need to happen for our economy to turn around.

First, we need to make sure we have all the pieces. In late 2007 we all thought the sub-prime situation will be contained, or at least that's what Bernanke told us. But then oil prices skyrocketed, credit markets froze, global growth slowed, and the consumer was halloweened into the lowest confidence index ever!! So first things first. Let's try to figure out what else is lurking in the shadows on all hollow's eve. Like Humpty, we can't fix'im if we don't have all the pieces.

Second, it's going to take time. It takes time for wounds to heal and it will take time for any financial aid to flow through the system. Many banks are still in the process of applying for capital. And although there are now doubts as to how the banks will use taxpayer money, more of them are committing to use the money for what it was intended...lending. There are still some details to iron out as to specific requirements the banks must meet, but two areas that have been mentioned are that the funds are used for lending to business and consumers, and that executive compensation will be limited. It's not clear how the Treasury will enforce these two requirements but at least the phased release of the $700B will allow for monitoring compliance with these rules and enable additional requirements to be defined.

So that leads us to the third thing that needs to happen to hasten the economic recovery. We need the banks to tighten their belts and come up with disciplined, attainable standards, that allow qualified borrowers to get loans. Banks have gone from lending to anyone at anytime with little to no collateral, to not lending at all. Well, we now know, that was stupid! However, setting standards so strict that no one qualifies is also stupid. Get some legitimate underwriting guidelines and get back to what you are supposed to be doing! By the way, the first sector to lead in an economic recovery is the financial sector but without the confidence to begin lending, the economic pain will linger, the situation will worsen, and like Halloween, things could get gruesome.

Finally, the consumer has to get rid of fear and trepidation. Some people have lost their jobs and estimates are that unemployment may increase to 8% (from 6%) before coming back down. However, even the gainfully and permanently employed are proceeding carefully, as if in the dark in a haunted house. Television stations and other media, vying for advertising dollars in an increasingly competitive environment, continue to dramatize the tiniest detail, often resulting in a highly influential, yet overblown perception in the mind of the average person. The result is a hesitation to spend, a minimalization of life's everyday pleasures, and constant conversation about how bad things are. Spurred by big media, the consumer ends up scaring himself even more. BOO!!

This trend and this mentality need to be reversed. It begins with an understanding that we've been in a downturn before. Sure, this one could be worse than any we've experienced since the Great Depression, unlikely due to aggressive action by the FED and US Treasury, but scary nonetheless.

In times like these we all need to have patience and stick to our long term financial goals.