The City of Hallandale Beach has begun construction to improve the bridges in the waterfront community of Golden Isles. The bridge improvements are mostly for aesthetics and for preventative maintenance.  The concrete and steel commercial type barriers will be replaced with more decorative concrete barriers and decorative lighting, the center posts of each section will have beautiful ornate aluminum light fixtures.  Golden Isles has recently completed the new guard house, new curbs and landscape projects, so this new bridge project will truly enhance the community as a whole. This will help provide Golden Isles with a fresh look for the years to come. The expected completion date is November 2009.

Check out this month’s issue of the Aventura Magazine. I and other experts weigh in on the South Florida Real Estate Market including the local markets of  Golden Beach, Golden Isles, Aventura, Hollywood Florida and the surrounding areas.

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Last week 619 Palm Drive in Golden Isles came on the market.  Golden Isles is a gated waterfront community directly on the border of Miami Dade and Broward County.  The home rests right on the Intracoastal Waterway with beautiful views and vibe of boats cruising along the Intracoastal. The two-story home was built in 1997 and has 5 Bedrooms, 4.5 Baths with over 5,000 sq.ft.   The tropical paradise is approximately 15,000 sq. ft (100′ x 150′) with a custom pool and 60′ dock which includes a 13,000lb boat lift.  Palm Drive is the only street in Golden Isles that is directly on the Intracoastal, the other streets are on canals but all of Golden Isles is on deep water and wide canals which is good for boat owners looking to protect their vessels.

Golden Isles is close to Hallandale Beach and the new Gulstream Park Racing and Casino that will include a movie theater, restaurants and shops.

By Guest Contributor

James Venney

Private Mortgage Banker, Homeservices Lending

I believe that most clear minded individuals would agree that given the fact that the Federal Government controls Fannie Mae that a coordinated effort could be made to relax those underwriting guidelines that will enable more well qualified buyers to obtain financing to buy a new condominium.
Overview of Fannie Mae Condo Guideline Changes:

• For new construction and newly converted South Florida condo developments, 70% of the units must be pre-sold (closed or under bonafide contract). This is an increase from 51%.

• No more than 15% of a condo project units can be more than 30 days past due on HOA fees.

• Fidelity insurance will require for condos with 20 or more units, ensuring that homeowner association’s funds are protected. Prior to these changes this threshold was only for new condos but is now being applied to existing/established condos as well.

• Borrowers/unit owners must now obtain a condo-owners insurance policy unless the master condo policy provides for interior unit coverage.

• No more than 10% of a project can be owned by a single entity.

• No more than 20% of a project can consist of non-residential space.

• The homeowners association must have 10% of its budgeted income designated for replacement and reserves and adequate funds budgeted for the insurance deductible.

The Icon and The Jade Residences in the Brickell area, Canyon Ranch on Miami Beach and The Artech in Aventura are just a few examples of the many new world class condominium buildings in South Florida. Many savvy buyers from around the world recognize that the units in these buildings represent incredible values at their current price points.

I think that it would benefit the housing market and the economy as a whole if the Federal Government were to put into place meaningful changes to the Fannie Mae condominium guidelines to make it easier for well qualified buyers to finance these units.

While most of the units in these luxury South Florida buildings would require jumbo mortgages wouldn’t it make sense for the Federal Government to require any lender that was the recipient of TARP funds to adhere to a relaxed set of condominium guidelines making purchase money mortgages more readily available to potential buyers?
The Federal Government needs to coordinate it’s efforts regarding new condominiums and available financing before their actions lead to the destruction of an otherwise viable market place.

For your consummate mortgage news visit James Venney’s Blog.

443 Alamanda Drive Under Contract

Last week my listing 443 Alamanda Drive located in the gated Golden Isles Waterfront Community went under contract.  It sold for $995,000 and is a 4 Bedroom, 3.5 Bath and over 3,300 sq.ft. 1969 waterfront home.  The buyer was an international buyer from Romania.

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