Archive for August, 2013

PA Picks – Magnificence in Miami Beach

August 12th, 2013 by Ori Klein

This week, one luxury property in particular is turning our heads. In September, Fisher Auction Company is offering the famed former Versace mansion on Ocean Drive in Miami Beach, Florida.

Also known as Casa Casuarina, this oceanfront estate exudes luxury and elegance. At 23,462sf, this lavish property boasts a suite of almost unfathomable amenities that includes a 54-foot long mosaic tiled 24k gold-lined pool, curved windows, hand-painted walls, ceiling frescoes, and a prime location in the heart of Miami Beach’s famed Art Deco District.

Built in 1930 and nestled on a 19,500sf lot that directly faces the Atlantic Ocean, this 10-bedroom, 11-bathroom property is the definition of elegance at its finest while maintaining its historic and iconic character. Auction date is September 17th.

House Flipping Finds its Way Back to the Forefront

August 1st, 2013 by Ori Klein

For the past several months, we’ve all been hearing the good reports on the housing market – prices and sales on the rise, lower inventory and interest rates, slowing foreclosures – a definite step in the right direction for real estate overall. This upswing in the property market brings with it a resurgence of ‘house flipping’ – a practice that went viral before the housing bubble burst in 2008, where investors buy a distressed property to fix up and put back on the market for a profit within 6 months. ABC News reports, “According to RealtyTrac, flipping is making a comeback in this housing market. The market is currently on track to hit record highs this year, up almost 20 percent from last year.”

The fact that housing costs haven’t topped out yet is also a lure to flippers. “Prices across the U.S. are rising at their fastest clip since the height of the housing bubble in 2006, up 12.1 percent in April from a year ago, according to the Standard & Poor’s/Case-Shiller 20-city index. But prices are still at least 25 percent below peak levels in many markets, which is giving flippers an incentive to keep buying and selling aggressively,” according to Anjli Raval of Financial Times. Read the rest of this entry »

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