Latin Market Trends

LATINO POPULATION - GROWING FAST!
GROWTH OF THE MARKET - OVERVIEW

The Hispanic population is growing dramatically and making its own market. As of 2006, there
are over 42 million Hispanics in the United States. More importantly, the Hispanic population is
considerably younger than other ethnic groups in the United States, so the Latino boom has just
started and will continue to be a growing market. This is no passing fad!.

THE STATISTICS

Latinos Are Younger
~ Median age for this market group is almost 10 years younger than the overall US population.
~ Their disposable income is growing by about 9% per year.
~ Latino Middle Class will be created by lowering the barriers to home ownership.
~ Latino fi rst time homebuyers are 5 years younger than non-Latino fi rst time homebuyers.
Power of Generation Ñ
~ In USA 1 out of 5 births are to Hispanic women!
~ In Los Angeles 60% of births are Hispanic!
~ In El Paso 85% of births are Hispanic!
~ In USA 6 out of 10 children under the age of 5 are Hispanic!
~ Hispanic Teen population in 2005 grew by 30%, Non-Hispanic Teen population grew by only 8%!
~ The trends are very clear. Isn’t it time to focus?


THE LATINO MARKET - WHY ITS HOT

Combine a rapidly growing population, outrageous increases in buying power and household income, an emerging middle class, and a desire for more home ownership and you have a very hot Hispanic Real Estate Market.

~ Hispanic Wealth is Growing. According to the Selig Center for Economic Growth at the
University of Georgia (the “Selig Center”), 2007 will mark the fi rst time that Hispanics will
control more disposable personal income than any other minority group in the US.

~ Hispanic Buying Power. The Selig Center estimates the 2006 Hispanic buying power to be
$798 Billion. Hispanic buying power is expected to grow 6% in 2007 to $863.1 Billion. It is
anticipated that by 2011 Hispanic buying power will increase to $1.2 Trillion. From 1990 to
2011, Hispanic buying power will have increased at a growth rate of 450

~ Hispanic Income is Increasing. In 2002, the median household income of Hispanics was
$33,601. By 2005, the median household income of Hispanics increased to $35,967. That’s
a 7% increase and the trend is anticipated to continue. See Synovate, 2004 U.S. Hispanic
Market Report and US Census Release 8/29/06.

~ Emerging Middle Class. The Tomas Rivera Policy Institute demonstrated that “while the
number of Hispanic households doubled between 1979 and 1998, the number of those in the
middle class grew by earl 80% to almost 2.7 million.” See Chiqui Cartagena, Latino Boom!,
pp 22-23. Approximately 36.3% of Hispanic households are considered middle class (i.e.,
annual income of $40,000+) and have a household net worth of approximately $15,000 to $239,000.

~ Home Ownership. According to the Pew Hispanic Center, 46.3% of Hispanics households
owned their homes in 2001. By 2005, that number increased to 48.5% Hispanic home
ownership is on an upswing.

~ Hispanic Population. The Selig center reports that the Hispanic population is growing at a
rate of 126.4% for the period 1990 to 2011 compared to the non-Hispanic population which
is growing at a mere 15.4% for the same period. While Hispanic home ownership increased
by 2.2% during this decade, the Hispanic population grew by an incredible 11 to 12 million
people, which makes the home ownership fi gure even more remarkable.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Check The Insurer!

The Florida Department of Financial Services’ (FDFS) Division of Agent and Agency Services, Bureau of Investigation, investigates property insurance violations by Florida insurance agents, as well as health, life, auto, workers’ compensation, bail bond and title insurance. “Consumers trust insurance agents to ensure they receive adequate coverage and the services they pay for,” says Florida Chief Financial Officer Alex Sink. “We will aggressively pursue any agent who takes advantage of a customer, especially as so many Floridians are struggling to keep up with rising premiums.”

Sink yesterday announced the arrest of Christopher Millsaps, 45, of Orlando, who targeted several larger commercial business clients in Orange and Seminole counties. Millsaps told them they owed additional insurance premiums and to remit the payments directly to him, though he then deposited the money into his personal account. With the assistance of Millsaps’ agency employer, the FDFS confirmed necessary coverage to all of his victims. To check on the status of an insurance agent’s license or to file a complaint against an agent, call (800) 342-2762 or log on to the FDFS Web site at www.fldfs.com.


For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Douglas Entrance Exchanges Hands

The closing sale of the Douglas Entrance Blgd., a 461,537-square-foot Class A office development in Coral Gables, Florida has taken place.
http://home.businesswire.com/portal/site/google/index.jsp?ndmViewId=news_view&newsId=20070327006270&newsLang=en

Seller: Colonnade Properties LLC

Buyer: Transwestern Investment Company, L.L.C. purchased the property on behalf of its discretionary equity fund, ASLAN REALTY PARTNERS III, L.L.C.

The park-style development includes four properties: North Tower/Executive Tower, South Tower, La Puerta Del Sol and the 3770 Building, which combined are 92% occupied by tenants including Phelps Dodge, Univision, EMC and Leo Burnett. Community amenities include a restaurant, conference center, ballroom and numerous open walkways and sitting areas.

http://blogntheblock.blogspot.com/2007/02/800-douglas-rd.html


For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Landlords will be landlords

The recent events (fiasco) in the sub-prime market has now maid it more difficult in obtaining financing for those with questionable credit. Buyers, unless they have great credit are going to have to come up with some money (no more zero down payment). This is great news for landlords. You are not going to have any problems filling up those vacant units. We may actually have housing shortages in some areas.

It is natural that tenants become first time home-buyers. But now, unless they have a decent down payment, it's just not going to happen, equating to long term tenants. With so many foreclosures on the horizon, the displaced owners will require housing, increasing rental housing demands.

When supply is down, demand is up. Rents are going to begin to increase with the demand for available housing. Who knows, maybe the rents will actually begin to justify the absurd recent prices on some of the investment properties recently and currently on the market. It may not be a bad time to look into purchasing a reasonably priced investment property, if you can find one.

The recent re-development in Downtown Gables, S. Miami, Miami has created a lot of available but not so affordable housing. Lets face it folks, if these people can't afford to buy, or are coming out of a foreclosure, they are looking for rentals they can afford. With more high rise development on the way it raises the question, where is the affordable housing? In Miami, affordable rental housing can be found in the NW Section, Little Havana (the Little Havana area is gradually and steadily transforming and very soon will not be so affordable any more), or Hialeah.

If you have been contemplating the purchase of a Miami Income Property, now might be a good time to think about putting that plan into action. If you currently own Miami units and have been contemplating upgrading them, now is the time. Upgraded rental units command higher rents and are always in demand.

Do you have Miami Income Property that you would like to sell? Are your rents anywhere near today's current market? If not you might want to consider restructuring your business plan and raising your rental income to support your asking price. Income property sells based on GRM (Gross Rent Multiplier). In plain English, your rents must support your selling price or your buyer will not be granted a loan. Sure, you can wait for a buyer with a lot of cash, but you are going to wait a long time. A buyer with a lot of cash is most likely going to split that cash up and buy multiple units. If you price your property to sell, and your rents support your price, you should be able to sell. I am highly experienced in the purchase and sale of Income Properties.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Madrid St.

Madrid St. is a wonderful tree line street that runs North-South from eight street to the intersection of Valencia Ave, just south of Coral Way and close to the Bilmore Hotel.

There are a total of 81 homes on Madrid Street.

Four homes are on the market for sale at this time:

1. 1110 Madrid St. $719,000 3/2 2,015 Adj.Sqft. /Lot 7,350 -($357 Sqft)

2. 1120 Madrid St. $699,500 2/1.5 1,501 Adj.Sqft. /Lot 5,250 -($466 Sqft)

3. 1206 Madrid St. $649,000 3/2.5 1,887 Adj.Sqft./Lot 5,250 -
($344 Sqft) !!!!BEST BUY

4. 1231 Madrid St. $619,000 2/1 1,452 Adj.Sqft./Lot 5,200 -($426 Sqft)
________________________________________________________


Most Recent Sale to Date - 10/18/06 - 1215 Madrid St. $638,000 2/2 Sqft. 1,846 Lot 5200 (house on left)





Oldest Sale Date recorded - 06/01/71 - 825 Madrid St. $29,000 2/1 Sqft. 1,544 Lot 5350

Largest Home - 1510 Madrid St. - Adj.Sqft. 4,347 - Lot 23,630

Largest Lot - 1510 Madrid St. Lot 23,630

Highest Sale Price to date - 1107 Madrid St. - $715,000 - 11/23/06 3,016 Sqft. Lot 10,500

Lowest recorded sale to date- 825 Madrid St. - $26,000 - 06/01/71 1,544 Sqft. Lot 5,350

Oldest House Built - 2420 & 2504 Madrid, built in 1923

Newest House Built- 827 Madrid, 1998


For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Gables Bank, Down

Our very own Coral Gables, Bank United, among many other banks is hurting. A sign of the times. Read more: http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=AP&Date=20070314&ID=6610803


See related topic http://blogntheblock.blogspot.com/2007/03/running-for-hills.html




For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Reduce Property Taxes

Want to energize the real estate market?

Help resolve the current problem with property taxes !

Log onto:

http://www.nomorepropertytax.com

(then click 'Endorse the Plan') and sign the petition to cut taxes in Florida by $5.8 billion dollars, eliminate the property taxes on homestead property and reduce the tax on non-homestead properties by 20%.

If you own property right now, you will save money. If you want to own property, the elimination of taxes on homesteads (the house you live in) would probably allow you to finally afford to buy your own place.

The average Miami-Dade county taxpayer would save $2,354 dollars, this year, on their property taxes. The average City of Miami taxpayer would save $3,515 dollars.

Once you have signed the amendment, forward this blog or the address above to your parents, your friends, and your family.


For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Expired home item

Ever wonder what the life span of your roof is, or your appliances? wonder no more.

NAHB conducted a study that tries to determine the lifespan of home components.

Read the full story:

http://www.nahb.org/generic.aspx?genericContentID=72539

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Rentals make it tough to sell

In a cooling housing market, too many rentals in a condo building can make selling a lot more difficult.

Those holding the bag at this time (those who bought last year or the year before that, for a quick flip.) are forced to rent out the apartments to meet mortgage payments and carrying costs.

The value is negatively affected by large numbers of rentals in a condo building. There are a number of reasons, but the main one is that the tenants do not exhibit the same pride of ownership as buyers do. And investors, who are losing money monthly, are typically more inclined to sell and to sell at a lower price.

Both factors are important in today’s real estate climate, because of the slowdown. There are too many units on the market, and investors who are experiencing significant negative cash flow are more likely to discount further, lowering units and buildings value even more.

When half or more of units in a building are rented, bankers look askance. In the past you couldn’t get a 90% loan if the community that you are buying into was more than 50% rented. When lenders find out that that’s the situation, they want a higher rate of interest, since it represent a greater risk.

A large number of rentals is a clear indication of investor-owned units. Most banks place limits in the portion of a condominium that can be sold by a developer to investors to avoid this very situation.

If multiple banks lend to condominium buyers, as is frequently the case in re-sales, the condominium board usually will limit rentals, but with the sheer number of units coming on the market now, there’s almost no way you can control it.

Thus you can, at this time, rent a nice high quality unit for the same price or less as an older building. And now more people will be renting because of the housing affordability factor.

That may not be good news for the condominium owners who occupy their own units, however, if the building has a high rate of renters, renters rule and the owners stock would most likely be devalued.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

New Listing!!!!!

· 3Bedroom/ 2.5 Bath
(Main House)
· 1,887 Adj. Sqft

· 5,250 Sqft Lot

· Fam / Lib. Room

· Gran. Kitchen

· High Ceilings

· Wood Floors

For more info please visit my web site:
www.GablesLuxuryHomes.com

Delightful Old-Spanish charmer. A splendid true 3/2.5 gem with a wonderful guest house. It has been lovingly restored and meticulously maintained. Great Curb appeal in a tree lined street, w/Chicago brick driveway.Home features formal living and dining rooms, Family / Library room, Fireplace, Granite kitchen counter tops, French Doors, balconies overlooking beautiful landscape, 9 ft. ceilings, pinewood & white oak floors. A wonderful family layout, and wait till you see the patio!

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

The Rich Roll

The list of intrigue. Here's Forbes estimated ranking of the world's richest people.

As per Forbes, the research that went into compiling the rankings began in early 2006 and ended on Feb. 9, 2007.

Listings include rank, name, home country or state, age where known, wealth in billions of dollars and source of the money.

0. Richard Recuset, Miami Fl , 43, $60, Real Estate ($60-$60.00 Dollars)
1. William Gates III, Washington, 51, $56, Microsoft
2. Warren Buffett, Nebraska, 76, $52, Berkshire Hathaway
3. Carlos Slim Helu, Mexico, 67, $49, telecom
4. Ingvar Kamprad and family, Sweden, 80, $33, Ikea
5. Lakshmi Mittal, India, 56, $32, steel
6. Sheldon Adelson, Nevada, 73, $26.5, casinos, hotels
7. Bernard Arnault, France, 58, $26, LVMH
8. Amancio Ortega, Spain, 71, $24, Zara
9. Li Ka-shing, Hong Kong, 78, $23, diversified
10. David Thomson and family, Canada, 49, $22, inheritance
11. Lawrence Ellison, California, 62, $21.5, Oracle
12. Liliane Bettencourt, France, 84, $20.7, L'Oreal
13. Prince Alwaleed Bin Talal Alsaud, Saudi Arabia, 50, $20.3,
investments
14. Mukesh Ambani, India, 49, $20.1, petrochemicals
15. Karl Albrecht, Germany, 87, $20, Aldi
16. Roman Abramovich, Russia, 40, $18.7, oil
17. Stefan Persson, Sweden, 59, $18.4, Hennes & Mauritz
18. Anil Ambani, India, 47, $18.2, diversified
19. Paul Allen, Washington, 54, $18, Microsoft, investments
20. Theo Albrecht, Germany, 84, $17.5, Aldi, Trader Joe's
21. Azim Premji, India, 61, $17.1, software
22. Lee Shau Kee, Hong Kong, 79, $17, real estate
23. Jim Walton, Arkansas, 59, $16.8, Wal-Mart
24. Christy Walton and family, Wyoming, 52, $16.7, Wal-Mart
inheritance
24. S. Robson Walton, Arkansas, 63, $16.7, Wal-Mart
26. Sergey Brin, California, 33, $16.6, Google
26. Larry Page, California, 34, $16.6, Google
26. Alice Walton, Texas, 57, $16.6, Wal-Mart
29. Helen Walton, Arkansas, 87, $16.4, Wal-Mart
30. Michael Dell, Texas, 42, $15.8, Dell
31. Steven Ballmer, Washington, 51, $15, Microsoft
31. Kirk Kerkorian, California, 89, $15, investments, casinos
31. Raymond, Thomas and Walter Kwok, Hong Kong, ages unknown,
$15, real estate
34. Francois Pinault, France, 70, $14.5, retail
35. Suleiman Kerimov, Russia, 41, $14.4, stocks
36. Vladimir Lisin, Russia, 50, $14.3, steel
37. Jack Taylor and family, Missouri, 84, $13.9, Enterprise
Rent-A-Car
38. Vladimir Potanin, Russia, 46, $13.5, metals
38. Mikhail Prokhorov, Russia, 41, $13.5, metals
40. Oleg Deripaska, Russia, 39, $13.3, aluminum
40. Michael Otto and family, Germany, 63, $13.3, retail
42. Carl Icahn, New York, 71, $13, leveraged buyouts
42. Abigail Johnson, Massachusetts, 45, $13, Fidelity
44. Adolf Merckle, Germany, 72, $12.8, drugs
45. Barbara Cox Anthony, Hawaii, 83, $12.6, Cox Enterprises
45. Anne Cox Chambers, Georgia, 87, $12.6, Cox Enterprises
45. Mikhail Fridman, Russia, 42, $12.6, oil, banking
48. Vagit Alekperov, Russia, 56, $12.4, oil
49. Charles Koch, Kansas, 71, $12, oil, commodities
49. David Koch, New York, 66, $12, oil, commodities
51. Silvio Berlusconi and family, Italy, 70, $11.8, media
52. Nasser Al-Kharafi and family, Kuwait, 63, $11.5,
construction
52. Leonardo Del Vecchio, Italy, 71, $11.5, eyewear
54. Alexei Mordashov, Russia, 41, $11.2, steel
55. Gerald Cavendish Grosvenor and family, Britain, 55, $11,
real estate
55. Spiro Latsis and family, Greece, 60, $11, banking
55. Birgit Rausing and family, Sweden, 83, $11, packaging
58. Forrest Mars Jr., Virginia, 75, $10.5, candy
58. Jacqueline Mars, New Jersey, 67, $10.5, candy
58. John Mars, Virginia, 70, $10.5, candy
61. Viktor Vekselberg, Russia, 49, $10.4, oil, metals
62. Serge Dassault and family, France, 81, $10, aviation
62. Charles Ergen, Colorado, 54, $10, EchoStar
62. Michele Ferrero and family, Italy, 80, $10, chocolates
62. Naguib Sawiris, Egypt, 52, $10, telecom
62. Kushal Pal Singh, India, 75, $10, real estate
62. Alain and Gerard Wertheimer, France, ages unknown, $10,
Chanel
68. Susanne Klatten, Germany, 44, $9.6, BMW, drugs
69. Philip Knight, Oregon, 69, $9.5, Nike
69. Sunil Mittal and family, India, 49, $9.5, telecom
71. John Kluge, Florida, 92, $9.1, Metromedia
71. Vladimir Yevtushenkov, Russia, 58, $9.1, telecom
73. Rupert Murdoch, New York, 76, $9, News Corp.
73. Hans Rausing, Sweden, 81, $9, packaging
73. Reinhold Wurth, Germany, 71, $9, manufacturing
76. Ernesto Bertarelli, Switzerland, 41, $8.8, biotech
76. Pierre Omidyar, Nevada, 39, $8.8, Ebay
78. Maria-Elisabeth and Georg Schaeffler, Germany, ages unknown,
$8.7, ball bearings
79. Rafael del Pino and family, Spain, 86, $8.6, construction
80. Donald Bren, California, 74, $8.5, real estate
80. George Kaiser, Oklahoma, 64, $8.5, oil and gas, banking
80. George Soros, New York, 76, $8.5, hedge funds
83. Nikolai Tsvetkov, Russia, 46, $8.4, oil, banking
83. August von Finck, Germany, 77, $8.4, investments
85. Dan Duncan, Texas, 74, $8.2, energy
86. Mohammed Al Amoudi, Saudi Arabia, 61, $8, oil
86. Abdul Aziz Al Ghurair and family, United Arab Emirates, 53,
$8, banking
86. Kumar Birla, India, 39, $8, commodities
86. German Khan, Russia, 45, $8, oil, banking
86. Iskander Makhmudov, Russia, 43, $8, mining, metals
86. Sumner Redstone, California, 83, $8, Viacom
86. Shashi and Ravi Ruia, India, ages unknown, $8, diversified
93. Philip Anschutz, Colorado, 67, $7.9, investments
93. Galen Weston and family, Canada, 66, $7.9, retail
95. Enrique Banuelos, Spain, 41, $7.7, real estate
96. Stefan Quandt, Germany, 41, $7.6, BMW
97. Maan Al-Sanea, Saudi Arabia, 52, $7.5, construction, finance
97. Edward Johnson III, Massachusetts, 76, $7.5, Fidelity
99. Sulaiman Al Rajhi, Saudi Arabia, 87, $7.4, banking
100. Donald Newhouse, New Jersey, 77, $7.3, publishing
100. Samuel Newhouse Jr., New York, 79, $7.3, publishing
102. Leonard Blavatnik, New York, 49, $7.2, Access Industries
102. Charlene de Carvalho-Heineken, Netherlands, 52, $7.2,
Heineken
104. John Fredriksen, Cyprus, 62, $7, shipping
104. Philip and Cristina Green, Britain, 55, $7, retail
104. Stanley Ho, Hong Kong, 85, $7, gaming
104. Robert Kuok, Malaysia, 83, $7, diversified
104. Ronald Perelman, New York, 64, $7, leveraged buyouts
104. Viktor Rashnikov, Russia, 58, $7, steel
104. Tsai Hong-tu and family, Taiwan, 54, $7, finance
111. Johanna Quandt, Germany, 80, $6.7, BMW
112. Antonia Johnson, Sweden, 63, $6.6, diversified
113. Cheng Yu-tung, Hong Kong, 81, $6.5, real estate
114. Ramesh Chandra, India, 67, $6.4, real estate
114. Curt Engelhorn, Germany, 80, $6.4, drugs
116. Alexei Kuzmichov, Russia, 44, $6.2, oil, banking
116. Eric Schmidt, California, 51, $6.2, Google
118. Ng Teng Fong, Singapore, 78, $6.1, real estate
119. Anacleto Angelini, Chile, 93, $6, energy
119. Eli Broad, California, 73, $6, investments
119. Gustavo Cisneros and family, Venezuela, 61, $6, media
119. Erivan Haub and family, Germany, 74, $6, retail
119. Petr Kellner, Czech Republic, 42, $6, insurance
119. Ananda Krishnan, Malaysia, 68, $6, diversified
119. Lorenzo Mendoza and family, Venezuela, 41, $6, beverages
119. Hasso Plattner, Germany, 63, $6, SAP
119. Joseph Safra, Brazil, 68, $6, banking
128. Klaus-Michael Kuhne, Germany, 69, $5.9, shipping
129. Micky Arison, Florida, 57, $5.8, Carnival Cruises
129. James, Arthur and John Irving, Canada, ages unknown, $5.8,
oil
129. Masayoshi Son, Japan, 49, $5.8, Softbank
132. Steven Jobs, California, 52, $5.7, Apple Computer, Pixar
132. Karl-Heinz Kipp, Germany, 83, $5.7, retail
132. Akira Mori and family, Japan, 69, $5.7, real estate
132. Dmitry Pumpyansky, Russia, 43, $5.7, steel pipes
132. Julio Mario Santo Domingo, Colombia, 83, $5.7, beer,
diversified
137. Alexander Abramov, Russia, 48, $5.6, steel, mining
137. Charles Johnson, California, 74, $5.6, Franklin Resources
137. Esther Koplowitz, Spain, 56, $5.6, construction
137. Eliodoro Matte and family, Chile, 61, $5.6, paper
137. Pallonji Mistry, India, 77, $5.6, construction
142. Robert Bass, Texas, 59, $5.5, oil, investments
142. Michael Bloomberg, New York, 65, $5.5, Bloomberg
142. Terry Gou, Taiwan, 56, $5.5, technology
142. Vladimir Kim, Kazakhstan, 46, $5.5, mining
142. James Packer, Australia, 39, $5.5, media
142. Madeleine Schickedanz, Germany, 63, $5.5, retail
142. Thomas Schmidheiny, Switzerland, 61, $5.5, cement
142. Alisher Usmanov, Russia, 53, $5.5, steel
150. Robert Rowling, Texas, 53, $5.4, oil and gas, investments
150. Roustam Tariko, Russia, 45, $5.4, banking, vodka
152. Leonid Fedun, Russia, 50, $5.3, oil
152. Bradley Hughes, California, 73, $5.3, Public Storage
152. Michael Kadoorie and family, Hong Kong, 66, $5.3,
diversified
155. John Menard Jr., Wisconsin, 67, $5.2, home improvement
stores
155. Charles Schwab, California, 69, $5.2, discount stock
brokerage
157. Y.C. Wang and family, Taiwan, 90, $5.1, chemicals
158. Alberto Bailleres, Mexico, 74, $5, mining
158. Jean-Claude Decaux and family, France, 69, $5, advertising
158. Alicia Koplowitz, Spain, 54, $5, investments
158. Ralph Lauren, New York, 67, $5, fashion
158. Nicky Oppenheimer and family, South Africa, 61, $5, De
Beers
158. Onsi Sawiris, Egypt, 77, $5, construction
158. Samuel Zell, Illinois, 65, $5, real estate, private equity
165. Jorge Paulo Lemann, Brazil, 67, $4.9, beer
165. Edward Rogers, Canada, 73, $4.9, media
167. David Geffen, California, 64, $4.7, movies, music
167. Boris Ivanishvili, Russia, 51, $4.7, steel, banking
167. Nobutada Saji and family, Japan, 61, $4.7, beverages
167. Luis Carlos Sarmiento, Colombia, 74, $4.7, banking
167. Wee Cho Yaw, Singapore, 78, $4.7, banking
172. Rupert Johnson Jr., California, 65, $4.6, Franklin
Resources
172. Frank Lowy and family, Australia, 76, $4.6, malls
172. Andrei Melnichenko, Russia, 35, $4.6, banking, energy
172. Sergei Popov, Russia, 35, $4.6, banking, energy
172. Ricardo Salinas Pliego, Mexico, 51, $4.6, retail, media
177. Giorgio Armani, Italy, 72, $4.5, fashion
177. Otto Beisheim, Germany, 83, $4.5, retail
177. Martin and Olivier Bouygues, France, 54/56, $4.5,
construction, media
177. Lester Crown and family, Illinois, 81, $4.5, investments
177. James Goodnight, North Carolina, 64, $4.5, SAS Institute
177. Herbert Kohler and family, Wisconsin, 68, $4.5, plumbing
fixtures
177. Edward Lampert, Connecticut, 44, $4.5, investments
177. Sean Quinn and family, Ireland, 60, $4.5, real estate,
insurance
177. David and Simon Reuben, Britain, ages unknown, $4.5,
investments, real estate
177. James Sorenson, Utah, 85, $4.5, medical devices, real
estate
177. Ty Warner, Illinois, 63, $4.5, Beanie Babies
188. Saleh Al Rajhi, Saudi Arabia, 95, $4.4, banking
188. Jeffrey Bezos, Washington, 43, $4.4, Amazon
188. Kunio Busujima and family, Japan, 81, $4.4, gaming
188. Henry Ross Perot, Texas, 76, $4.4, computer services, real
estate
188. Bernard (Barry) Sherman, Canada, 65, $4.4, drugs
188. Stef Wertheimer and family, Israel, 81, $4.4, tools
194. Jeronimo Arango, Mexico, 81, $4.3, retail
194. Shari Arison, Israel, 49, $4.3, inheritance, cruise ships
194. Hubert Burda, Germany, 67, $4.3, publishing
194. Walter Haefner, Switzerland, 96, $4.3, software
194. Simon Halabi, Britain, 57, $4.3, real estate
194. Kwek Leng Beng and family, Singapore, 66, $4.3, hotels
194. Leonid Mikhelson, Russia, 51, $4.3, natural gas
194. Johann Rupert and family, South Africa, 56, $4.3, luxury
goods
194. Michael and Rainer Schmidt-Ruthenbeck, Germany, ages
unknown, $4.3, retail
194. Hiroko Takei and family, Japan, age unknown, $4.3, credit
204. Robert Holding, Idaho, 80, $4.2, energy, resorts, ranching
204. Lim Goh Tong and family, Malaysia, 89, $4.2, gaming
204. Ronald McAulay, Hong Kong, 70, $4.2, diversified
204. David Murdock, California, 83, $4.2, investments
204. Jeffrey Skoll, Canada, 42, $4.2, Ebay
204. Nina Wang, Hong Kong, age unknown, $4.2, real estate
210. Matthew Bucksbaum and family, Illinois, 81, $4.1, real
estate
210. William Davidson, Michigan, 84, $4.1, glass
210. Adi Godrej and family, India, 64, $4.1, diversified
210. Lev Leviev, Israel, 51, $4.1, diamonds
214. Rinat Akhmetov, Ukraine, 40, $4, steel, coal mines
214. Paul Desmarais, Canada, 80, $4, finance
214. Aloysio de Andrade Faria, Brazil, 86, $4, banking
214. Michael Herz, Germany, 61, $4, coffee
214. Wolfgang Herz, Germany, 56, $4, coffee
214. Shiv Nadar, India, 61, $4, infotech
214. Richard Schulze, Minnesota, 66, $4, Best Buy
214. Harold Simmons, Texas, 75, $4, investments
214. James Simons, New York, 69, $4, hedge funds
214. Andreas Strungmann, Germany, 57, $4, generic drugs
214. Thomas Strungmann, Germany, 57, $4, generic drugs
214. Yitzhak Tshuva, Israel, 58, $4, real estate
226. Antonio Ermirio de Moraes and family, Brazil, 78, $3.9,
diversified
226. Sammy Ofer and family, Israel, 85, $3.9, shipping
226. Nassef Sawiris, Egypt, age unknown, $3.9, construction
226. Hiroshi Yamauchi, Japan, 79, $3.9, Nintendo
230. Anil Agarwal, India, 53, $3.8, mining, metals
230. Richard Branson, Britain, 56, $3.8, Virgin Media
230. Frits Goldschmeding, Netherlands, 73, $3.8, temp agency
230. Stein Erik Hagen and family, Norway, 50, $3.8, supermarkets
230. Eitaro Itoyama, Japan, 64, $3.8, golf courses
230. Jim Pattison, Canada, 78, $3.8, diversified
230. Anton Schlecker, Germany, 62, $3.8, retail
237. Vladimir Bogdanov, Russia, 55, $3.7, oil
237. Alexander Lebedev, Russia, 47, $3.7, stocks
237. Luis Portillo, Spain, 45, $3.7, real estate
237. Leonard Stern, New York, 68, $3.7, real estate
237. Joan Tisch, New York, 81, $3.7, Loews
237. Tadashi Yanai and family, Japan, 58, $3.7, retail
243. Pyotr Aven, Russia, 52, $3.6, oil, banking
243. Charles Cadogan and family, Britain, 70, $3.6, real estate
243. Bernard Ecclestone and family, Britain, 76, $3.6, Formula
One
243. George Lucas, California, 62, $3.6, Star Wars
243. Gordon Moore, California, 78, $3.6, Intel
243. Stephan Schmidheiny, Switzerland, 59, $3.6, investments
249. Bjorgolfur Thor Bjorgolfsson, Iceland, 40, $3.5,
diversified
249. Richard DeVos, Michigan, 81, $3.5, Alticor
249. Kenneth Hendricks, Wisconsin, 65, $3.5, building supplies
249. Hui Wing Mau, Hong Kong, 56, $3.5, real estate
249. Ray Hunt, Texas, 64, $3.5, oil, real estate
249. Manuel Jove, Spain, 65, $3.5, real estate
249. Saleh Kamel, Saudi Arabia, 65, $3.5, diversified
249. Peter Kellogg, New Jersey, 65, $3.5, investments
249. Leonard Lauder, New York, 74, $3.5, Estee Lauder
249. Paul Milstein and family, New York, 84, $3.5, Emigrant,
real estate
249. Reinhard Mohn and family, Germany, 85, $3.5, media
249. Husnu Ozyegin, Turkey, 62, $3.5, banking
249. Stephen Schwarzman, New York, 60, $3.5, investments
249. Patrick Soon-Shiong, California, 55, $3.5, generic drugs
249. Karl Wlaschek, Austria, 89, $3.5, department stores
264. Isak Andic, Spain, 52, $3.4, textiles
264. Heidi Horten, Austria, 66, $3.4, department stores
264. Gerard Louis-Dreyfus and family, France, 74, $3.4,
commodities
264. Rosalia Mera, Spain, 63, $3.4, Zara
264. Melvin Simon, Indiana, 80, $3.4, real estate
264. Charoen Sirivadhanabhakdi, Thailand, 62, $3.4, alcohol
264. Stephen Wynn, Nevada, 65, $3.4, casinos, hotels
271. Kjeld Kirk Kristiansen, Denmark, 59, $3.3, Lego
271. Dmitry Rybolovlev, Russia, 40, $3.3, fertilizer
273. William Cook, Indiana, 75, $3.2, medical devices
273. Nicolas Hayek, Switzerland, 78, $3.2, Swatch
273. John Simplot and family, Idaho, 98, $3.2, potatoes,
microchips
273. Friede Springer, Germany, 64, $3.2, publishing
273. Steven Udvar-Hazy, California, 61, $3.2, International
Lease Finance
273. Leslie Wexner, Ohio, 69, $3.2, Limited Brands
279. Nadhmi Auchi, Britain, 69, $3.1, diversified
279. Elena Baturina, Russia, 44, $3.1, construction
279. Khalid Bin Mahfouz and family, Saudi Arabia, 60, $3.1,
banking
279. Edgar Bronfman Sr., New York, 77, $3.1, liquor
279. Albert Frere, Belgium, 81, $3.1, investments
279. Dilip Shanghvi, India, 51, $3.1, pharmaceuticals
279. Michael Ying, Hong Kong, 57, $3.1, Esprit
279. Chaleo Yoovidhya, Thailand, 75, $3.1, Red Bull
287. Abdulla Al Futtaim, United Arab Emirates, age unknown, $3,
auto dealers, investments
287. David and Frederick Barclay, Britain, ages unknown, $3,
media, retail
287. Lee Bass, Texas, 50, $3, oil, investments
287. Sid Bass, Texas, 64, $3, oil, investments
287. Clive Calder, Britain, 60, $3, record label
287. Francesco Gaetano Caltagirone, Italy, 64, $3, diversified
287. Steven Cohen, Connecticut, 51, $3, hedge funds
287. Jesus de Polanco, Spain, 77, $3, media
287. Maurice Greenberg, Florida, 81, $3, American International
Group
287. Otto Happel, Germany, 59, $3, engineering
287. Henry Hillman, Pennsylvania, 88, $3, industrialist
287. Indu Jain, India, 70, $3, media
287. Bruce Kovner, New York, 61, $3, hedge funds
287. Ronald Lauder, New York, 63, $3, Estee Lauder
287. Fredrik Lundberg, Sweden, 55, $3, real estate, investments
287. Dietrich Mateschitz, Austria, 62, $3, Red Bull
287. Patrick McGovern, New Hampshire, 69, $3, IDG
287. Arnon Milchan, Israel, 62, $3, New Regency
287. Mario Moretti Polegato, Italy, 54, $3, shoes
287. A. Jerrold Perenchio, California, 76, $3, Univision
287. Cyrus Poonawalla, India, 65, $3, biotech
287. Stefan Schorghuber, Germany, 45, $3, real estate
287. Steven Spielberg, California, 60, $3, movies
287. Teh Hong Piow, Malaysia, 77, $3, banking
287. Tsai Wan-Tsai and family, Taiwan, 77, $3, banking
287. Klaus Tschira, Germany, 66, $3, SAP
287. Peter Woo and family, Hong Kong, 61, $3, real estate
314. Mikhail Goutseriev, Russia, 49, $2.9, oil, real estate
314. Martha Ingram and family, Tennessee, 71, $2.9, Ingram
Industries
314. Lee Kun-Hee and family, South Korea, 65, $2.9, Samsung
314. Hiroshi Mikitani, Japan, 42, $2.9, e-commerce
314. Robert Miller, Canada, 61, $2.9, Future Electronics
314. Quek Leng Chan, Malaysia, 66, $2.9, banking
314. Moise Safra, Brazil, 72, $2.9, banking
314. Bruno Schroder and family, Britain, 74, $2.9, banking
314. Donald Trump, New York, 60, $2.9, real estate
323. Pierre Bellon and family, France, 77, $2.8, food services
323. Carlo Benetton, Italy, 63, $2.8, Benetton
323. Gilberto Benetton, Italy, 65, $2.8, Benetton
323. Giuliana Benetton, Italy, 69, $2.8, Benetton
323. Luciano Benetton, Italy, 71, $2.8, Benetton
323. Barbara Piasecka Johnson, United States/lives abroad, 70,
$2.8, inheritance
323. Richard Kinder, Texas, 63, $2.8, pipelines
323. Victor Pinchuk, Ukraine, 46, $2.8, steel pipes
323. Mitchell Rales, District of Columbia, 50, $2.8, Danaher
Corp.
323. Haim Saban, California, 62, $2.8, television
323. Takemitsu Takizaki, Japan, 61, $2.8, sensors
323. Dennis Washington, Montana, 72, $2.8, construction, mining,
transportation
323. Mortimer Zuckerman, New York, 69, $2.8, real estate, media
336. Juan Abello, Spain, 65, $2.7, investments
336. Riley Bechtel, California, 55, $2.7, engineering,
construction
336. Stephen Bechtel Jr., California, 81, $2.7, engineering,
construction
336. Charles Dolan and family, New York, 80, $2.7, Cablevision
Systems
336. David Gottesman, New York, 80, $2.7, investments
336. Graeme Hart, New Zealand, 51, $2.7, investments
336. Amos Hostetter Jr., Massachusetts, 70, $2.7, cable
television
336. Ann Walton Kroenke, Missouri, 57, $2.7, Wal-Mart
336. Hugo Mann and family, Germany, 93, $2.7, retail
336. Sergio Mantegazza, Switzerland, 79, $2.7, travel
336. Axel Oberwelland, Germany, 40, $2.7, candy
336. Steven Rales, District of Columbia, 55, $2.7, Danaher Corp.
336. Kjell Inge Rokke, Norway, 48, $2.7, shipping, seafood
349. Abdullah Al Rajhi, Saudi Arabia, age unknown, $2.6, banking
349. Heinz Bauer, Germany, 67, $2.6, publishing
349. Chen Din Hwa, Hong Kong, 84, $2.6, real estate
349. Heinz-Horst Deichmann, Germany, 80, $2.6, shoes
349. John Dorrance III, Ireland, 63, $2.6, Campbell Soup
349. Gabriel Escarrer, Spain, 72, $2.6, hotels
349. Masatoshi Ito, Japan, 82, $2.6, retail
349. Henry Kravis, New York, 63, $2.6, leveraged buyouts
349. Lee Shin Cheng, Malaysia, 67, $2.6, agriculture
349. Lui Che Woo, Hong Kong, 77, $2.6, construction, gaming
349. Kalanithi Maran, India, 41, $2.6, media
349. Wallace McCain, Canada, 77, $2.6, food
349. George Mitchell, Texas, 87, $2.6, Mitchell Energy
349. Carl Pohlad, Minnesota, 91, $2.6, banking
349. Grandhi Rao, India, 57, $2.6, infrastructure
349. George Roberts, California, 63, $2.6, leveraged buyouts
349. David Rockefeller Sr., New York, 91, $2.6, Standard Oil,
banking
349. Clemmie Spangler Jr., North Carolina, 74, $2.6, investments
349. Henry Sy, Philippines, 82, $2.6, malls
349. Jaime Zobel de Ayala and family, Philippines, 72, $2.6,
diversified
369. Majid Al Futtaim, United Arab Emirates, age unknown, $2.5,
real estate, retail
369. Khalaf Al Habtoor, United Arab Emirates, 57, $2.5,
construction
369. Roland Arnall, California, 68, $2.5, mortgages
369. Edward Bass, Texas, 62, $2.5, oil, investments
369. Ronald Burkle, California, 54, $2.5, supermarkets,
investments
369. Ray Dolby, California, 74, $2.5, Dolby Laboratories
369. Ennio Doris and family, Italy, 66, $2.5, insurance
369. Wesley Edens, New York, 45, $2.5, Fortress Investment Group
369. David Filo, California, 40, $2.5, Yahoo
369. Leona Mindy Rosenthal Helmsley, New York, 86, $2.5, real
estate
369. Joachim Herz, Germany, 64, $2.5, coffee
369. Paul Tudor Jones II, Connecticut, 53, $2.5, hedge funds
369. Min Kao, Kansas, 58, $2.5, navigation equipment
369. Joseph Lewis, Britain, 70, $2.5, finance
369. T. Boone Pickens, Texas, 78, $2.5, oil and gas, investments
369. Richard Pratt, Australia, 72, $2.5, packaging
369. Richard Rainwater, Texas, 62, $2.5, real estate, energy,
insurance
369. Stephen Ross, New York, 66, $2.5, real estate
369. Evgeny (Eugene) Shvidler, United States/lives abroad, 42,
$2.5, Millhouse Capital
369. Ronda Stryker, Michigan, 52, $2.5, Stryker Corp.
369. John Whittaker, Britain, 65, $2.5, real estate
390. Gianluigi and Rafaela Aponte, Switzerland, ages unknown,
$2.4, shipping
390. Charles Bronfman, Canada, 75, $2.4, liquor
390. Dhanin Chearavanont and family, Thailand, 67, $2.4,
agriculture
390. Yan Cheung, China, 49, $2.4, paper manufacturing
390. Alexander Frolov, Russia, 42, $2.4, mining, steel
390. Victor Fung, United States/lives abroad, 62, $2.4,


For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Running for the hills

I received this email and I wanted to share it with everyone! (The sign of the times)

• E-Loan announced it will close their sub prime wholesale division
• ResMAE listed for sale Wachovia Corp's consolidation of its recently acquired wholesale lenders American Mortgage Network
• WorldSavings operations will result in layoffs
• Fieldstone announced that it's closing 5 west coast branches including its Arizona operations. Fieldstone Mortgage also has closed their Las Vegas branch.
• Mortgage Lender Network (MLN) "stopped funding residential loans" on 12/29 (they didn't actually say they were closing) but they have closed.
• HMIC closed its doors on Dec 20. As part of a $100 million cost reduction strategy, Sovereign Bancorp its owner exited the wholesale mortgage market.
• Own it Mortgage - closed its doors
• Sebring Mortgage closed its doors
• Axis Mortgage closed its doors
• Oak Street Mortgage closed its doors
• Right Away Mortgage closed its doors
• Secured Funding closed its doors
• Loans 123 - Not taking any more business
• Aegis Funding (sub-prime) closed its doors (Aegis Wholesale (Conforming and Alt-A) and Home Equity are still open) for now.
• Option One (Owned by H&R Block, Owned By HSBC) - Is Up for Sale selling off it's portfolio
• Meritage Sold to Lime Financial
• Mandalay - Closed it Doors
• Southstar - AE's leaving (a good source stating company cannot meet payroll obligations)
• Accredited - OC Regional office production at its lowest levels, rumors they may close by 1st quarter.
• Saxon - Layoffs possible closure.
• RFC - Layoffs
• Decision One closed 6 regional centers. Division of Option One.
• Bank of America Mortgage laid off 225 locally.
• Countrywide Mortgage - Multiple layoffs. In talks with Bank of America about possible merger (CNN). Countrywide has also filed suit against 15 parties alleging that the company may have been tricked into lending as much as $40 million dollars (figures elsewhere say $80 million.) The defendants include eight individuals an appraiser, a property management company, and several mortgage and lending companies. According to The Wall Street Journal, another large lender, Argent Mortgage Company may also have been caught up in the scam. Some of the bad loans also appear to have been acquired by Fannie Mae.
  Argent consolidated and let 1,000 people go. Currently for Sale Ameriquest laid off 3,800 and shut 229 retail branches after announcing a $325 million settlement with state's attorneys general for overcharging borrowers. THEY MAY NOT LAST TILL SPRING.
  Washington Mutual - Continued layoffs. Wholesale reps offer 1 point to REALTORS® for referral of loans. (Cutting the throats of their Broker base! Not good for biz!)
• Encore Credit - closed its doors
• Then there's Silver State Mortgage whose doors were closed just a couple weeks ago.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Do It Yourself

It should come as no surprise that some people consider selling their home on their own. Americans are big do-it-yourselfers. There's even a TV network devoted to do-it-yourself projects. As a culture we're also fascinated with the law. (There's a TV network for that too.) But we know it's almost always a bad idea to represent oneself in a legal proceeding.

To build my case and have a broad impact with unrepresented sellers requires more than lip service. To further strengthen my argument to unrepresented sellers, I use hard data to demonstrate the risk sellers face when foregoing representation. For example, the National Association of Realtor's, 2004 Profile of Homebuyers and Sellers report showed the median sales price for sellers working with a sales person was $189,000 compared with $163,800 (the good old days) for unrepesented sellers. So in addition to exposing themselves to potential liability issues, unrepresented sellers almost always leave money on the table, even after accounting for the seller's agent's commission.

The same report found that the most difficult tasks for unrepresented sellers were "getting the price right" and "preparing/fixing up home for sale" each cited by about a quarter (24 percent) of the unrepresented sellers serveyed. " Understanding and completing paperwork" was cited by 22 percent.

Want more facts. Click the link. http://www.richardrecuset.com/For_Sale_By_Owner/page_1674991.html


For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Stage Quick

Sometimes sellers don't leave me a lot to work with when it comes to staging a home-either because they've moved and taken everything with them or because they didn't have many posessions in the first place.

I'm ready for staging

I have with me five containers, at the ready, of "stuff"-items ranging from drapes, shower curtains, and towels to books, pictures, and candles- that I use to spruce up my listings.

I dip into my staging boxes about five to six times a year. I focus mostly on the kitchens and bathrooms. Sometimes I've even negotiated items of my own as part of the deal to get the home sold.

Swank SofasThis year, elegant, simple sofas are the theme at High Point, N.C. Inspired by the bench, these sofas are decidedly feminine with curvy legs and pastel colors. Whether you're looking for French formality or casual wicker, there's a sofa waiting for you.

Chairs With FlairInnovative design and sleek geometrics are present in this year's side chairs. With personalities as big as the people who sit in them, these chairs range from mission style to contemporary looks and everything in between.

Trophy Pieces Hair-on-hide ottomans, chairs and mirrors really "mooved" into the market this year at High Point, N.C. With faux patterns like zebra and cow and even brightly dyed hides, these trophy pieces are more functional than taxidermy and, dare we say, more stylish.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

New Florida Govt. Web Sites

Three new Florida Web sites make government more accessible
TALLAHASSEE, Fla. – March 6, 2007 – Three new Florida Web sites attempt to make state government more accessible, understandable and responsive to insurance problems.
Insurance: www.fldfs.com/ica Florida Chief Financial Officer Alex Sink joined Florida’s new Insurance Consumer Advocate Bob Milligan on Monday to unveil a new Web site designed to educate Floridians about their vision for the position, as well as provide contact information for consumers with insurance-related questions:
“As I stated during the campaign, I want the Insurance Consumer Advocate to become a household name in Florida,” said Sink. “One of the first steps in strengthening the Insurance Consumer Advocate is educating Floridians about this position and how it serves the people.”
Open government: www.flgov.com/og_homeThe Open Government Web site features a video clip from Gov. Crist’s inaugural speech, in which he announced the office’s establishment. It includes information about Florida’s open government and public record laws for consumers, and links to other organizations that provide public record resources. Visitors can also access the Attorney General’s Open Government Mediation Program and the First Amendment Foundation.
The Office of Open Government Web site also lists state agency contacts charged with ensuring public record and Sunshine law compliance. Agency heads selected these contacts to serve as liaisons to the Office of Open Government. Consumers may also e-mail the Office of Open Government directly from the Web site.
Plain language initiative: www.flgov.com/pl_homeGov. Crist wants state documents and publications to be easier to read and understand. To accomplish that, the Plain Language Web site explains the purpose of this initiative and answers commonly asked questions, with examples of before-and-after documents edited to make the language easily understood. Floridians may request a translation of a state government document either online or by fax, and should receive a response within seven days.
Crist also told state agencies to review their communication strategies and then establish new standards and guidelines. As a result, the people of Florida should find future state publications and products easier to use. The Executive Order calls for agency reviews to be completed and procedures to be in place by April 2, 2007.
© 2007 FLORIDA ASSOCIATION OF REALTORS®

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Hurricane Aftermath: Who Pays?

Hurricane season is around the corner. If it invites itself to our neck of the woods and you're under contract, things could get tricky. I'll share some suggestions, and if you have any additional questions feel free to write me.

The real estate industry almost always experiences some setbacks, as hurricanes delay transactions, damage houses under contract and halt new construction.

Who pays for repairs depends on the amount of damage that was caused by the hurricane, as per contract.

Risk of Loss: If any portion of the property is damaged by fire or other casualty before closing and can be restored within 45 days from the closing date to substantially the same condition as it was on effective date, seller will, at seller's expense, restore the property and the closing date will be extended accordingly.

If the restoration cannot be completed in time, buyer may accept the property 'as is' with seller assigning the insurance proceeds for the property to buyer at closing, failing which either party may cancel this contract.

Who pays for repairs?

If the property is damaged by a casualty (hurricane, fire or tornado) before closing, the seller will be obligated to repair the property so that it is essentially the same condition as it was-and has the same features it had on the effective date.

If the seller is able to repair the property in time (45 business days), the buyer will be obligated to close. If not, the buyer may decide to take the property "as is" (with the damage from the hurricane) together with the seller's insurance proceeds and close on the closing date.

Under what circumstances can either party cancel the contract before closing?

Either party may cancel the contract if the repairs cannot be completed within 45 business days from the original closing date stated in the contract and the buyer decides not to take the property with insurance proceeds.

What is the legal definition of risk of loss?

Risk or loss is the liability for loss or damage if it occurs. The risk of damage can pass to the buyer when the contract is signed, or the risk of damage could be placed with the seller rather than the buyer.

***If you're thinking about making a move, the best time to get started is now-before the hurricane season.



For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group