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Sunday, November 26, 2006

Trump Tower Tampa Acquired, Tampa Fl

An Orlando-based private-equity firm has acquired Trump Tower Tampa, a glitzy, high-rise project that recently broke ground on the Hillsborough River but stalled for lack of financing. Mirabilis Ventures Inc., which boasts a growing collection of about 70 companies in a range of businesses including real estate, said it purchased the tower project from SimDag Investments LLC. The price and terms were not disclosed.

When first announced in early 2005, the 52-story tower was billed as an exclusive residential high-rise overlooking Tampa Bay, with units that would sell for $700,000 to $5.5 million each, sporting features such as imported-marble floors and valet service. But the project has been hampered by delays and a legal skirmish between the developer and original contractor over unpaid bills. SimDag, which specializes in waterfront properties, said it found itself juggling "an abundance of development projects" along with Trump Tower Tampa and needed the financial backing of Mirabilis to help it move forward."Now we can harvest the seeds of our work over the past several years and leverage the resources of Mirabilis to bring these projects to fruition," SimDag's chief executive officer, Frank Dagostino, said in a written statement. "The timing for this partnership could not be better."Mirabilis representatives said the company expects to acquire other projects from the real estate developer, which is based in the Tampa area but works in New Jersey and Maryland as well as in Florida. About $700,000 in unpaid liens owed to the Trump Tower Tampa's original general contractor, Turner Construction, will be paid by Mirabilis, a spokesman for the equity firm said.Earlier this year, another company owned by Mirabilis, a security outfit called AQMI Strategy Corp., made news when several of its employees were detained briefly in the Democratic Republic of the Congo during an assignment in the African nation. The men were working a security detail for an unsuccessful presidential candidate. They were released eventually without charges. Mirabilis was launched in 2004 by Frank L. Amodeo, a venture capitalist and former bankruptcy lawyer who provided the seed money. He was disbarred in Georgia and spent two years in federal prison after pleading guilty to defrauding a client in the 1990s. Amodeo, of Orlando, no longer has a financial stake in Mirabilis, said Woody Johnson, the company's executive vice president. Amodeo had a two-year agreement to generate business for the company, but that agreement expired in September, Johnson said."We bought back his ownership, of less than 1 percent, for $1 million," Johnson said Wednesday. Amodeo continues to act as an adviser under contract, he said, but holds no management position or equity stake.

Jerry W. Jackson

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Saturday, November 25, 2006

Why use a Buyer's Real Estate Agent? Tampa, Fl

If Real Estate Buyer's Agents are free to use, why wouldn't you want to use one?

Answer: If you want to know the following information you won't be able to find it any other way:

  • How much a home was listed for originally and how many price reductions were done?
  • How many days the home has been on the market?
  • If the home has been listed as a rental in the MLS?
  • Any history of the home in MLS, i.e.... if it was listed prior with another Realtor and how much they were asking at that time?
  • Information about property taxes and how much they will go up next year?
  • Homestead Tax Exemptions and how they work?
  • Capital Gaines taxes and what you need to know before you make a decision to purchase.
  • Neighborhoods popularity and where the housing trends are?
  • What homes sold for in a particular neighborhood, called a Comparable Market Analysis .

    Since a Buyer's Agent is compensated by splitting the Selling Agent's Commission it cost you nothing.
If you are a thinking of purchasing a home in the Tampa Bay Area and would like to be referred to an agent in your area, you can go to http://www.tampabaydwellings.com

You will be asked for some basic information regarding your home search preferences. A qualified Real Estate Agent will then be assigned to work with you at no cost.

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Has the bottom of the Real Estate Market already hit? Tampa, Fl

Waiting For the Bottom That May Have Already Hit?
by M. Anthony Carr

I've been getting asked this question now more than ever: "Is now a good time to buy a house?" Many buyers have been waiting for the bottom of the real estate market to hit before getting off the fence to make that next real estate purchase. When it has been officially deemed a buyers market by all the national real estate associations -- then yes, it's a good time to buy. You just better hope you haven't waited too late.

Could it be that the buyers market has begun to subside and we're going to return to the "glory" days of yesteryear? Hopefully not. Having less than a 1 month's supply of houses to serve a community of 1 million-plus, is not healthy. The good thing about the inventory (and this doesn't include the new homes) is that it's now going to take a while to eat up that inventory, which means buyers have a while now to choose from the homes they want and purchase with cheap money.

Ask most realtors in your market area about buyers' and sellers' movement in the marketplace and you'll find out the same result -- buyers are waiting for the bottom to hit and sellers are holding onto prices (or removing their homes from the market).
With this latest analysis, it may be that we've actually hit the bottom. So to answer the question: "Is now a good time to buy?"

Here's why I think buyers should get off the fence, get financed and purchase a home.

Money is cheap. We have historically low interest rates. Currently, for most borrowers, they can nab a mortgage in the 6-ish percentage range. Depending on the points you want to pay (and for those with good credit), loan rates are from 6.75 and down.

Inventory is high. This results in two things -- choice and negotiation power. For sellers who are set to take opportunity by the horns and get moving, the buyer can get thousands off the list price so the seller can turn around and do the same thing. Most sellers, in this market at least, can afford to take a $25,000 - $50,000 hit on the sales price because they'll be able to negotiate the same type deal on the backside of the transaction. (In some communities, there's more than a year's supply of houses on the market.)

Income is growing. The stock market is on the march, resulting in a growth of personal income and wealth. This also contributes to the buying power of buyers.
Is it a good time to purchase a home? Well, they don't call it a buyers market for nothing.

Published: November 24, 2006

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Monday, November 06, 2006

Renovate or Build? "Whole House Makeover"-Tampa, Fl

Finz of Tampa featured their exotic salt water fish

Saturday Nov, 4th our home was featured in the "Tampa Bay Fall Tour of Homes"

As some of you may already know, our Waterfront home was featured for the "Whole House Makeover" for the Tampa Bay Home Builder's Association.

The concrete floors were a hit, as many single family homes don't have them. You usually only see them in trendy lofts like The Place at Channelside or the Meridian. A lot of people were surprised because the outside has a very Spanish style and the inside is modern.

The home features many "hidden" upgrades: All lower third of bottom floor is Green board with sheet metal, hidden attic door, insulation in interior walls, wireless internet, laundry shoot, double insulated windows. This waterfront home on a beautiful lagoon style canal is a 4/2.5 bath with circlular paved driveway, 2 story block, polished & stained concrete floors, vessel sink, balconies overlooking water, courtyard, wall fountain, private entrance for office or bedroom, tile roof, new electric, plumbing, HAVC, drywall, large kitchen with rare granite, maple cabinets, butlers pantry, 2nd story balconies, Radius walls, gameroom/children's retreat, Japanese Soaking tub, wall mounted Fish tank, dock and deck.



Left: John Velge, Contractor of Bayard Construction, Right: Alan Dobbs, Archectural Designer of Florida Design Studio Corp

Vendors were onsite to answer any questions regarding building, remodeling and Interior Design. Sponsors included Bayard Construction who was the Contractor on our home and Alan Dobbs ,from Florida Design Studio Corp, who transformed our home from the 1960's to what is now a Spanish Style 2 story contemporary design.

LAVOGA donated their unique floral arrangements, Ramos Marble and Granite supplied all the granite counters. Impact Pest Eliminations installed our Sentricon Termite System. Other sponsors include: Revere Title and Trust, Concrete-n-Counters featured their colored Concrete Flooring, Future Form Foam of Bradenton featured their foam moldings around windows and doors. De La Pava Painting provided paint services, including deck painting and refinished our original 1968 front Doors. Royalty Driveway Concepts installed our beautiful brick pavers.

Special Thanks to The Maids Home Services of Tampa for donating their time to get our home looking it's best for the show!

For questions regarding any of the vendors or to inquire about the home please email: realtyrae@yahoo.com