Jan 9, 2009

Grand Intracoastal Estate - The Landings


































INTRACOASTAL ESTATE
THE LANDINGS

NE Point Lot Home - 265 Ft Waterfront
125 Ft Protected Dockage for the Mega-Yacht
Architect: Benedict Group
Builder: Rankin/Gravett Group
8400 Square Feet Living Area
11,000 Total Square Feet
The Ultimate in Materials and Craftsmanship

Travertine Marble with Granite Inlaid Floors
Travertine Marble with Granite Pool Deck and Dock
Lutron One Touch Complete Automation: Lighting - Sound - Security
Hurricane Impact Glass - Elevator
Three Fireplaces - Wine Cellar
Goldplated Fixtures in all Bathrooms
Solid Hand Carved Mahogany Entry Doors from Mexico
Elegant Faux and Plaster Finishes
Wrought Iron Staircase with Gold Leaf Medallions
Renaissance Great Room: Two Story Stone Fireplace - Overlook Balcony
Custom Wood Built-In Media Center in Family Room
Upstairs Living Area: Wet Bar and Vaulted Ceiling
Expansive Patio with Infinity Pool for Large Scale Entertaining
Two Laudry Rooms: One per Each Level
Staff Quarters with Seperate Staircase and Seperate Wing
Formal Dining Room: Water View - Butler's Pantry
Kitchen Area: Breakfast Nook - Family Media Room - Cabana Bath
Third Level: Wet Bar and Sun Terrace with Expansive Views

Yachtsmen:
125 Ft Protected Canal Dockage - Concrete Dock
Canal per Survey: 90 Ft Width allows 30 Ft Combined Dock and Beam
Concrete Dock Wraps Entire Property

Lower Level Master Suite:
Office or Gym - Fireplace - Sitting Room - Adjacent Library - Onyx Baths

Upper Level Master Suite:
Sitting Room - Fireplace - His and Her Baths - Covered Terrace - Onyx Bath


2008 Taxes: $82,000 with Homestead
6 Bedrooms - 8 Baths - 2 Powder Rooms - 3 Car Garage


3311 NE 57 COURT • FORT LAUDERDALE
MLS: F978980
PRICE: $6,950,000

OUR PROPERTIES
http://www.lasolaslifestyles.com

OUR FORT LAUDERDALE AND REAL ESTATE BLOG:
http://www.fortlauderdaleliving.net


Rory Vanucchi: 754-246-7758
Suzanne Wright: 954-328-0594
Jean Whitson: 954-494-4636
RoryScottVan@gmail.com

INTERCOASTAL REALTY
1500 East Las Olas Boulevard
Fort Lauderdale, FL 33301







Jan 3, 2009

325 Seven Isles Dr - Las Olas












Seven Isles Community:
24 Hour Patrol & Manned Guard House - One Entry
Optional Homeowners Association - $250 Quarterly
Walk or Bike to Beaches and Las Olas Merchants

Renovated Waterfront Home with a Tropical Charm
Living Area has a Fireplace and Wet Bar
Saturnia and Hardwood Floors

Seperate Master Wing overlooks Waterway
Guest Suite Wing has Private Staircase and Sitting Room
Eat-In Kitchen with Granite and Wood Appointments

Banks of Glass provide an Atrium Feel
Exotic Landscape For Privacy

Yachtsmen:
80 Ft Deepwater on a Deep and Wide Canal
20 Minute Boat Ride to Port Everglades Inlet

2008 Taxes: $34,000 with Homestead
Lot: 80 Ft x 130 Ft
Square Footage: 4000 Living Space (Approx)
4 Bedroom - 4 Bath - Powder Rm - 2 Car Garage

325 Seven Isles Drive - Las Olas Islands
Fort Lauderdale, FL, 33301
$2,095,000 - MLS: F975269

OUR PROPERTIES
http://www.lasolaslifestyles.com

OUR FORT LAUDERDALE AND REAL ESTATE BLOG:
http://www.fortlauderdaleliving.net

SEVEN ISLES ASSOCIATION:
http://www.geocities.com/sevenisles2001/index.html

LAS OLAS MERCHANTS & EVENTS:
www.LasOlasBoulevard.com

Rory Vanucchi: 754-246-7758
Suzanne Wright: 954-328-0594
Jean Whitson: 954-494-4636
RoryScottVan@gmail.com

INTERCOASTAL REALTY
1500 East Las Olas Boulevard
Fort Lauderdale, FL 33301

2424 Barcelona Drive - Fort Lauderdale










Seven Isles Community:
24 Hour Patrol & Manned Guard House
Optional Homeowners Association - $250 Quarterly
Walk or Bike to Beaches and Las Olas Merchants


Mini Great Room:
Neutral Tile Floors - Media Center
Flowing Entertainment Area Overlooks Water


Kitchen:
Granite Tops - Gas Cooking
Stainless Steel Appliances
Eat-In Breakfast Bar


Bedroom Wing Overlooks Pool
Updated Baths
S-Tile Roof
Deep Lot means Lots of Yard for Play, Privacy Pets
Charming Home Renovated circa 2000

Yachtsmen:
75 Ft Seawall with Dock
Just off Intracoastal Waterway on Deepwater Canal

Lot: 75 Ft x 195 Ft (Approx)
Year Built per Records: 1978

3 Bedrooms – 3 Baths
2 Car Garage
2008 Taxes: $9,800 with Homestead


2424 Barcelona Drive - Fort Lauderdale, FL 33301
Price: $1,349,000 - MLS: F900980


Public Schools:
Harbordale Elem- Sunrise Middle- Fort Laud High


VIRTUAL TOUR:


OUR PROPERTIES:
http://www.lasolaslifestyles.com/


OUR BLOG - FORT LAUDERDALE LIVING:
http://www.fortlauderdaleliving.net/


SEVEN ISLES ASSOCIATION:
http://www.geocities.com/sevenisles2001/index.html


LAS OLAS MERCHANTS & EVENTS:
http://www.lasolasboulevard.com/


Suzanne Wright: 954-328-0594
Rory Vanucchi: 754-246-7758
Jean Whitson: 954-494-4636
RoryScottVan@gmail.com


INTERCOASTAL REALTY
1500 East Las Olas Boulevard
Fort Lauderdale, FL 33301

Dec 28, 2008

Double dipping rises despite outrage

TALLAHASSEE — This year some of Florida's public officials are giving a whole new meaning to the phrase "home for the holidays.''

It's a new crop of double dippers, taking advantage of a loophole in state law that allows them to "retire'' by taking 30 days off and return to work in their old jobs with a salary and a pension. Many also collect a lump-sum "retirement'' payment that can reach hundreds of thousands of dollars.

At least 25 of those spending December at home were re-elected in November — sheriffs, property appraisers, court clerks and tax collectors, six circuit judges and one state attorney.

None announced their "retirement'' plans before voters cast their ballots, and most have not made any public announcement of the resignation letters they have written to Gov. Charlie Crist.

Earlier this year when the St. Petersburg Times began looking at double- and even triple-dippers, the state retirement system had about 8,000 members collecting paychecks and pensions at the same time. By June that number had risen to 9,397, and it's still growing.

The double-dippers include at least 220 elected officials, an increase of about 40 since last year. An additional 175 are in high-paid senior management positions, up from 146 last year.

The remaining 9,022 are regular employees who work for state or local government. Their salaries are substantially lower.

The newcomers include the state's longest serving sheriff, David Harvey of Wakulla County; North Florida State Attorney Willie Meggs; Broward Circuit Judge Melvin B. Grossman; and Lee County Property Appraiser Kenneth Wilkinson, who worked hard to pass Save Our Homes, a constitutional amendment that limits the property taxes Floridians pay.

A candidate who lost to Wilkinson is considering a court challenge that would question the legality of resigning and returning to office in the face of a constitutional provision that declares the office vacant when an official resigns.

In Broward County, teacher union officials are calling for an investigation of school superintendent Jim Notter for authorizing the rehire of 36 highly paid administrators who will return as double-dippers.

Notter said he allowed administrators to return after retiring only in critical situations when the safety and security of students is at stake. He said 14 of the 36 administrators who have been allowed to double-dip were administrators who returned to the classroom as teachers.

Meggs said he simply changed his mind about plans to retire. "It's my cotton-picking money,'' he said of deciding to collect a lump sum benefit of $519,995, his $153,139 annual salary and a monthly pension of $7,749.

Meggs says he tried to work as a volunteer without pay for 30 days, but state retirement officials said he could not be in the office. He is spending December clearing land and starting work on a new house.

Baker County Sheriff Joey Dobson is getting $311,173 in a lump sum payment and will collect an annual salary of $128,000 and a monthly pension of $5,699. He said he searched for alternatives to taking December off and returning in January, but he said state retirement officials told him it was his only option.

"I have worked for 35 years, but I'm not a wealthy man,'' Dobson said. "I sure didn't want to do it, I hate to be out of the office.''

Meggs and Wakulla Sheriff Harvey both note that the state isn't out any money when it comes to elected officials because taxpayers would have to pay the salary of replacements if they retired. They said the 30-day vacation is required by the state's retirement law.

The 30-day hiatus is also required by federal tax laws.

"You do what you have to do, you would be stupid not to do it,'' Harvey said.

Meggs was unopposed when he sought re-election this year. Harvey won by 57 votes.

"Just call me landslide,'' Harvey joked.

Not everyone is laughing. When the Times first reported on the number of public officials collecting both a salary and a pension, hundreds of outraged citizens called and wrote the newspaper and their legislators demanding changes.

No solution yet, but lawmakers looking

Bills to ban or limit double-dipping were introduced during last year's legislative session but none won approval. Lawmakers promise to try again this year.

"I understand while it may be legal now, it might not be legal after next session,'' Gov. Crist said when asked about the increasing numbers of officials taking advantage of the law.

Some elected officials who submitted resignations for the last 30 days of the year asked the governor to appoint their top lieutenants to their positions for the month of December. Crist refused.

"The governor is not going to participate in this because he opposes the practice,'' said Jason Gonzalez, the governor's general counsel.

Instead, some who submitted temporary resignations got local judges to appoint a temporary replacement, relying on obscure state laws that allow temporary appointments.

Crist wants to help legislators change the law, noting the largesse is conspicuous in these hard times, when public and private employees face pay cuts and layoffs and the state's unemployment rates are spiraling upward.

Sen. Mike Fasano, R-Port Richey, and Rep. Robert Schenck, R-Spring Hill, plan to introduce bills that would limit the number of state officials who can take advantage of the law.

"At a minimum we have to stop the elected and appointed officials,'' Fasano said. "We have to stop it, it's out of control.''

He said the answer may be eliminating state pensions and shifting to a defined compensation program similar to the way private businesses operate.

The state created the Deferred Retirement Option Program in 1998 to encourage highly paid, long-term employees to retire and make way for others who would make less.

Under DROP, public employees who are 62 or have at least 30 years of service retire but continue working for up to five years while their retirement benefits are deposited in a special account. The state pays all of the employee's retirement benefit and guarantees 6.5 percent interest on the DROP accounts plus a 3 percent cost-of-living increase.

Until the law was changed, members of the Florida Retirement System who signed up for DROP were required to leave the state payroll at the end of five years or forfeit the lump-sum benefit.

Lawmakers wrote the loophole into the law in 2001 to help a fellow legislator who, on top of his legislative salary, wanted to collect his lump-sum retirement benefit and his school board pension. Sponsors say they never intended to extend the practice to allow elected officials to "retire'' and return to the same jobs collecting both a pension and a salary.

But lawmakers trying to fix the loophole have run into problems because many fellow lawmakers are among the double- and triple-dippers.

"It's kind of sad because DROP was never intended to help all these people making high salaries stick around,'' Fasano said.

Last year, when law­makers began considering bills that would have banned double-dipping, Circuit Judge Hugh D. Hayes of Naples suggested that they first appoint a committee to study the issue and wait until 2009 before taking action.Re-elected without opposition in November, Hayes collected $349,723 in a lump sum and will return to the bench in January collecting a $9,259 monthly pension along with his annual salary of $145,080.

Hayes did not return a call; a spokesman said the judge decided to double-dip because it is legal.

Actual cost becomes hard to determine

It's difficult to determine how much double-dipping costs taxpayers.

The $13-million in salaries for elected officials would be spent on others making the same salary, but the $16-million spent on salaries for renewed members of the state pension fund would be substantially lower if veteran senior management employees were replaced by younger, lower-paid employees.

Police unions have vehemently opposed double-dipping, saying it's generally approved for top management and stops rank-and-file members of an organization from being promoted.

The practice has become so widespread that the double-dippers include school board members in 44 of Florida's 67 counties, 14 sheriffs, 11 circuit clerks, three state attorneys, four public defenders, 24 judges, county commissioners from 21 counties, eight property appraisers, seven tax collectors, two elections supervisors and officials from 26 towns and cities.

The chancellor of the community college system, Willis N. Holcombe, and several community college presidents are among the double-dippers.

Holcombe collected $189,370 in a lump sum in 2007 and began collecting a pension of $8,500 a month to go with his annual salary of $190,000.

Miami Dade Community College president Eduardo Padron collected $893,286 in a lump-sum retirement benefit in 2006 and began collecting $14,631 a month in retirement pay in addition to his annual salary of $441,538.

Other double-dipping college presidents include Edwin R. Massey at Indian River State College in Fort Pierce and James R. Richburg at Northwest Florida State College.

Massey collected more than $585,000 in a lump sum last June and now collects a monthly pension of $9,823 plus his annual salary of $286,470.

Richburg, who has been in the news for his controversial dealings with House Speaker Ray Sansom, got a lump sum of $553,228 in 2007 and started collecting a monthly pension of $8,803 in addition to his $228,000 annual salary.

Double-dipping has sparked controversy at the University of Florida's Medical School. In a letter to the university's board of trustees, Dr. Bruce Kone says his objection to double-dipping among highly paid medical school employees is among the reasons he was fired as dean last May.

Kone says the university made deals with some faculty members to pay them during the mandatory 30-day hiatus and had allowed its three highest-paid doctors to start double-dipping.

"This rehiring culture prevented any succession planning in senior positions and led to a dysfunctional, inbred and top-heavy administration and faculty,'' Kone said in his Oct. 22 letter to the trustees.

University officials would not comment on Kone's accusations but released a copy of a 2005 letter saying faculty members who want to return after retiring have to apply for the positions like anyone else.

Double dipping on the rise


2003 2007 2008
Regular employees 3,544 6,605 9,022
Senior management 34 146 175
Elected officials 91 180 220


Most of the governmental employees who are "renewed members'' of the state retirement system get a pension and a salary. The figures include employees at state agencies and at cities and counties that are members of the state retirement system. Numbers are as of June of each year except for elected officials in 2008, which includes 21 who "retired'' in December.

Times researchers Connie Humburg and Caryn Baird contributed to this report. Lucy Morgan can be reached at lmorgan@sptimes.com or (850) 224-7263.

source:
http://www.tampabay.com/news/politics/article950391.ece

Dec 26, 2008

Refinance rates low; few qualify

Interest rates may have reached their lowest level in nearly 40 years, but that doesn't necessarily spell relief for South Florida's struggling homeowners.

mhatcher@MiamiHerald.com

Recent drops in interest rates have homeowners rushing to call local banks and mortgage lenders about refinancing. Loan applications are pouring in.

Yet, South Florida homeowners are mostly getting a big fat ''No!'' from the bank when they ask to refinance. The chief reason: Falling home values mean they owe more than their homes are worth.

''We got 53 calls to my branch on Friday,'' said Todd LaPenta, a private mortgage banker at Wells Fargo on Lincoln Road in South Beach. ``We could only help about five.''

Average rates for a 30-year, fixed-rate mortgage fell to 5.14 percent on Wednesday, the lowest level since 1971, reported Freddie Mac, the government-controlled mortgage giant. The number of people applying for mortgages rose by 50 percent last week, the Mortgage Bankers Association also reported.

It's another painful irony of living in one of the nation's worst hit housing markets -- borrowers who owe more than their homes are worth cannot refinance without ponying up thousands of dollars in cash to cover the difference between the old and new loan amounts.

And they're the ones in most dire need.

In South Florida, four in 10 homeowners who bought or refinanced over the past five years owe more on their home than it is worth, according to sales and mortgage data analyzed by Zillow.com, a web-based real estate services firm. Many of them chose adjustable-rate loans and other expensive mortgages because that was the only way they could afford the payments.

Justin Miller, a broker with Resource Mortgage Group in Plantation, said the current rates, which essentially amount to ''free money,'' are, in a sense, unavailable to those most in need.

''This is only putting people who are in a good position in a better position,'' Miller said.

Even when borrowers have the home equity they need to avoid a big cash payment, they must still meet rigorous underwriting demands that have become the bane of consumers. Equity refers to a borrower's ownership stake in a property, usually the home's market value minus any loans owed against it.

Before LaPenta begins processing an application, he said he makes sure customers are aware of the essential criteria needed to refinance: 20 percent equity in the property, a homestead exemption, a credit score of 700 or higher, a mortgage debt-to-income ratio of no more than 45 percent and the ability to fully document income and assets.

''If not, we're just wasting our time,'' LaPenta said. Still, it's hard to turn down desperate borrowers, whose harangues invariably end in accusations of hoarding federal bailout money, LaPenta said.

'They say, `We provided all the billions and you guys aren't helping us. Why aren't you lending it?' '' said LaPenta. He tells them he works on the front lines and has no say in the bank's underwriting policies.

Still, if you can qualify, the low interest rates offer a welcome financial boon.

Joshua Estrin, a dance and drama teacher in Broward County, on Monday locked in a 4.87 percent fixed rate for a 30-year loan on the Plantation home he refinanced in 2006, reducing his monthly payments by about $300.

''It's wonderful, and I feel very lucky, and every little bit helps. But I'm not the one losing my house,'' Estrin said.

Despite his stellar credit score, his lender showed no leniency in his application, he said. He also had 20 percent equity, though he had to have his home reappraised because the bank's automated valuation found him short by $7,000.

''The bank was putting me through the wringer, so I can only imagine someone who has been responsible, then being hit with hard times and now has a 600 or 650 credit score,'' Estrin said.

When it comes to cheap financing, home buyers -- not refinancers -- may be the biggest winners if they can brave the prospects of further price declines.

Though it still may be too soon to tell whether low rates will spur new sales, Madeleine Romanello, a real estate agent for Douglas Elliman Florida, said there are lots of fence-sitters still too worried about the market to take the plunge. People have learned from the boom years the perils of buying an overpriced property just because interest rates are low, Romanello said.

Florida, however, is basically ''on sale'' right now, Miller said, and buyers would be foolish not to take advantage of low home prices and low interest rates. Even if home price fall another 7 percent in six months, he said, buyers would still have a lower monthly payment if they financed their purchase at today's rates.

''The hardest thing about my job right now is seeing the great deals everybody else is getting,'' Miller said.


source:

http://www.miamiherald.com/business/story/825962.html