The home sold to David L. Spiller for $2.35 million last month. In August of 2006, Marino listed the home for $4.65 million, and soon thereafter dropped it to $3.5. Marino and his wife Claire then auctioned the estate, with no takers willing to meet the minimum price requested.

The Marinos had originally planned to relocate to Parkland from their $13.5 million home in prestigious Windmill Ranch Estates in Weston, but plans changed. The Weston mansion, with 19,496 square feet, 10 bedrooms, 12.5 baths, 2 guest houses, on 4.3 acres of land, has also spent some hard time on the market. Originally asking $15.9 million, the selling price has continued a steady decline since its listing in 2006.

]]> http://blog.expertrealty.com/dan-marino%e2%80%99s-takes-600000-loss-on-florida-mansion/feed 0 http://blog.expertrealty.com/nobody-trumps-on-donald http://blog.expertrealty.com/nobody-trumps-on-donald#comments Wed, 10 Sep 2008 16:15:31 +0000 Jen http://blog.expertrealty.com/?p=313 Real estate investing is the best way to make big bucks fast, and at Trump University, faculty guide their students using their own proven techniques. At Trump University, you get hands-on experience and expert guidance. After the course, you are welll on your way to making mega money and laughing all of the way to the bank. But how do we know it will work for you? Well, because it worked for him…

Donald Trump was born June, 14, 1946 as the fourth of five children to real estate developer, Fred Trump. He was inspired by his father’s career and pursued real estate after he graduated from The Wharton School at the University of Pennsylvania. He has renovated and opened a variety of hotels and condominiums around the world including the famous Trump World Towers, a 72 story residential tower that sits across from the United Nations Headquarters. He owns millions of square feet in Manhattan, and even more prime Palm Beach real estate. In West Palm Beach, you will find one of his country clubs, The Trump International Golf Club which sits across from the higher end shops at Worth Avenue.

What is the billionaire doing right now, you ask? He currently has a team building a new addition to the world of real estate and hotels: a 24 story, waterfront condominium in Ft. Lauderdale just a few blocks away from Las Olas Boulevard called the Trump International Hotel and Tower. It will be opening soon.

So, if you ever run into Mr. Trump, and he starts rambling on about investments, don’t space out. He seems to know what he’s talking about so you might want to take some notes.

Those on Fisher Island know that this is one of the ultimate luxury locations in Miami, with oceanfront real estate that can not be beat. And for those of you in the market searching for a luxury condo may be interested in knowing that you could in fact purchase real estate from someone famous. You can even sit and relax on the same furniture that Oprah once enjoyed, watch television on her flat screens that were placed in nearly every corner of the house, all within a gorgeously designed tropical oasis condo.  There are stunning beachfront views from the huge open patio, where you will certainly feel like celebrity royalty.  So go ahead and take a look at this unbelievable dream condo.  Everything you see in the photos is included in the sale price, including furniture, plasma televisions, and more!

Interested in seeing more? You can take look at Oprah’s condo by clicking on the following link:  Oprah Winfrey’s Fisher Island Condo for Sale. 

 And if you are wondering about the return on investment for this property, it looks as though he has made quite a profit on this real estate transaction.  Trump originally purchased the estate in 2004 at a Bankruptcy Court Auction for $41.25 million.  He reported that he spent about $25 million in renovations, some of which included costly repairs due to the terrible South Florida hurricane season during 2005. This Palm Beach oceanfront home has 475 feet of ocean frontage, two guest houses, up to 40 foot ceilings, a large ballroom, eight skylights, and trimmings of gold that are sure to have cost a pretty penny. But you can say it was all worth it with an estimated profit of over $30 million.

Here is further proof of the grim market homeowners are facing today. Check out these super stars that are faced with, or may become faced with, foreclosure on their homes.

Michael Jackson’s Neverland Ranch was scheduled for auction this past March, until a private bank came in and bought out the loan.  He was faced with over $24 million in past mortgage payments in order to keep the home, a part of a $300 million loan originally. His preoccupation with his dragged out court trials brought him behind on his mortgage payments.  He had not been to his ranch since June 30 of 2005 because of the lawsuits against him.

Evander Holyfield’s estate also was set for auction by the bank for July 1st of this year.  The home is estimated to be worth $10 millions. Life events such as three marriages, two divorces, and his eleven children between his first and third wife, have all played a role in Holyfield’s current financial difficulties.  

However, my greatest sympathy goes out to Ed McMahon. He is most well known for being the sidekick on “The Tonight Show”.  He has been unable to work for the past year since he broke his neck.  This wealthy 85 year old man, just like many other working class Americans, is struggling to keep his home.  The home is in the same neighborhood as Britney Spears’ mansion, which has made it difficult to show the home due to the hundreds of swarming paparazzi in the area.  His home has been on the market for over two years now.

It serves as a reminder that foreclosures happen to people of all shapes and sizes, and of all sorts of professions and income levels. And life happens to everyone.  Even Hollywood’s greatest couples end up in divorce court, and if selling the home is part of the break up deal, they may be waiting a long time before they will get themselves out of that mega purchase.  But the current economic conditions are what they are, and even the elite stars that many see as invincible are not immune to any of this.

 According to the Sun Sentinal, Florida foreclosures are up 92 percent.  So for those with homes Broward, Miami-Dade and Palm Beach County, be aware of the threat of foreclosure. Important tips like getting educated about your rights as a homeowner and learning about foreclosure are good ways to avoid or to prepare for such an occurrence.  You can also find more tips on  how to avoid foreclosure on the U.S. Department of Housing and Urban Development website.

Cynthia Rodriguez, A-Rod’s wife, filed for divorce this past Monday, claiming A-Rod had “emotionally abandoned his wife and children.”   New York Post had reported a week earlier of rumors that A Rod had been making late night visits to Madonna’s apartment building in West Central Park.  Coincidence? I think not. 

However, Florida is a “no fault” divorce state, meaning in general assets are divided up equally, regardless of the reason for divorce. Because of this, speculators are saying that even if their was proof of A-Rod’s unfaithfulness, it would not impact the division of the estate. 

A-Rod’s real estate agent is estimating that the home in Coral Gables will retail at its original purchase value of $12 million.  The home has 6 bedrooms and 9 bathrooms.  The timing and question of whether or not the home will be put up for sale is still in the air, but we could see this estate on the market in the near future here in South Florida.

Fueled by her “comeback concert,” her divorce settlement and her new hair growth, she has placed her Malibu home for sale, and looking over properties in Miami Beach in the $30 million price range.

Latin hipmaster and pop star Shakira is selling her North Bay Road 6500-square foot manse for $6 million but opting to stay in the neighborhood she shares with P. Diddy, Lenny Kravitz, Shaquille O’Neil, Billy Joel, and Matt Damon, and willing to pay thrice the amount to do it.

This uber-priced Miami celebrity home trend can be traced back to real estate investor Todd Michael Glaser known for mammoth Miami high-rises (Ten Museum Park and Element) who flipped his 20,000-square-foot 5020 North Bay Road home (Carl Fisher Estate – the biggest on North Bay Road), for nearly $40 million, just one month after hitting the market in 2006, breaking Miami-Dade County’s record for the 1999, single-family home sale of $27.5 million.

And what does nearly $40 million buy in Miami these days? Well, lots of bathrooms for sure (see Blog entry below) and: 2 two-story, one-bedroom guest villas, a carriage house, poolside cabana, coffered ceilings, 1,400 square-foot loggia with fireplace, wine cellar, expansive outdoor marble terrace, bank-size hidden safe, 2,000+ square-foot master suite with a separate 430 square-foot terrace, street-front privacy wall, 270 feet of waterfront, and a massive dock built to accommodate a 90+ foot yacht.

The prices don’t change up the coast, either.

Tiger , once an Orlando resident, moved into our nick of the Woods. He bought a $38 million, 10-acre compound on Jupiter Island in 2006.

And finally, Cher, who’s “Miami Struck” and collecting Miami properties, is selling her Key Biscayne home, but according to The Miami Herald, does not plan to move away from the Magic City and also owns a home on LaGorce Island and a vacant lot on Tahiti Beach in Coral Gables.

So, Britney, we’re sure you’ll find a nice new Latin boy in Miami who will treat you right, and we’re happy you’ve moved on.

Coastal Construction Group, led Tom Murphy Jr., a Miami-based firm which builds one-of-a-kind luxury homes throughout South Florida for high-profile superstars, like Dan Marino’s home in Weston, condos like Aqua Island, schools in Miami-Dade County, etc.

Now, Coastal, which set the bar for the community in which Marino’s house was built, Windmill Ranch Estates, is redeveloping an existing resort in the Bahamas called Valentine’s Resort and Marina in Harbor Island and upgrading the property with a new restaurant, marina, facilities and nearly 50 gated homes and condo-hotel units, a la Weston.

The magazine also cites one big reason why developers are heading a few miles offshore: retail mortgage lending is easier than ever. Banks lend more, so investors feel safer, and at the same time, this bridges the gap between the types of investors (first-time individuals or bigtime development companies) who can throw their hat in the ring. Other reasons include the safety of gated resorts and U.S.-born creature comforts now available on foreign soil.

But even more interesting is that what the rest of the U.S. finds scary about Miami – its international community – works for Miami real estate. Realtors from Miami have international clout, after wheeling and dealing international clients for years, and thus, have shaped global marketing trends, forged international development connections and implemented global business standards.

And, caught in the middle as a gateway for Latin American business, it has a steady international clientele. More than 22,000 residential units are under construction in the City of Miami, alone, according to Miami monthly, and more than 60,000 approved for next year.

Former NBA star Earvin “Magic” Johnson plans to work a little magic in the Magic City.

Johnson is head of an investment fund with a majority stake in a major condo project in Little Havana, aimed at making housing affordable again near downtown Miami.

The complex will be called Morrison, and will include 395 units in two 19-story towers. The project will include ground floor retail space as well as office condo space. The Morrison project will break ground next year and is set for completion in 2009. Units will cost between $250,000 and $350,000, with a 5 percent down payment instead of the usual 20 percent.

A project like this could help solve a problem that’s been brewing for years in the wake of skyrocketing housing costs: What happens to workers who have been priced out of South Florida’s housing market?

That has been a concern of Johnson’s, who formed Canyon-Johnson Urban Funds in 1999 with business partner Bobby Turner, with an eye toward investing in urban areas. Johnson has said that he believes developers and local governments have ignored urban revitalization, opting instead for regentrification, which draws well-heeled homeowners to once blighted areas, forcing out residents who already call the place home.

Johnson’s philosophy is simple: make neighborhoods nice for people who live there, keep it affordable and don’t displace residents in favor of wealthy buyers.

The Morrison will be built at Flagler Street and Southwest Avenue in Little Havana. Canyon-Jones has already invested in other parts of Miami, including Downtown Dadeland, a condo and retail project being built in the burgeoning downtown Kendall area.

Shaq’s new company, The O’Neal Group, claims to already have invested over $50 million in residential and commercial real estate- not bad for a new startup.

With Shaq’s personal wealth and personal cache, The O’Neal Group plans to expand its portfolio of South Florida real estate as well as invest in landmark properties throughout New Jersey and Los Angeles.

One of the first such investments is in the Metropolitan condo project in Miami, where Shaq will also purchase a “sky loft” at the Met3 for personal use, although he will not live there. Shaq will also open one of his personally branded fitness facilities in the condo, the third he will operate in South Florida. Terms of the deal were not disclosed.

According to Shaq, “this is not a fee arrangement”, saying he plans to invest in real estate for the rest of his life.

I wouldn’t bet against the 7+ footer. With his fame and deep pockets, he has what it takes to turn his personal interest in real estate into even greater success and fortune.