S & J Journal

A recent report prepared by CondoVultures.com shows that international buyers are pending an average of $318 million – mostly in cash – each month purchasing residential real estate in South Florida. The National Association of Realtors released a report that shows investors from Latin America, Canada and Western Europe bought more than $3.8 billion worth of residential real estate in Miami, Fort Lauderdale and Miami Beach alone in 2010. More than 86% of those buyers also paid cash. If lenders made it easier for international buyers tofinance, we would see even more investment in South Florida. Local buyers would also benefit from less stringent lending practices and fair appraisals.

FACTOID - Single Family Homes 438 # of Homes for Sale One Year Ago Today 323 # of Homes for Sale Today In Coral Gables, the number of homes for sale has been experiencing a steady decline for the last 18 months. When demand is high and inventory is low, prices can begin to increase. Call us today to help you find the perfect home in Coral Gables.

The Coral Gables Community Foundation gifted Coral Gables High School several large Egyptian palms. The trees had been donated to the City three years ago along with 30 oak  trees for the Alhambra median off Le Jeune which was recently replanted with taller palms. At the Foundation’s suggestion, the oak trees were moved by the City to the 400-500 blocks of Aragon to give more ambiance to that street. Thank you to the Foundation and the City for improving our green canopy.

In an AP article, Freddie Mac reported early last month that the avg. rate for a 30-year fixed mortgage fell to 4.32%. The rate on a 15-year fixed mortgage fell to a record low of 3.50%. In theory, low mortgage rates provide a boost to the housing market but because banks are requiring higher credit scores and larger down payments, some applicants are turned away. With rates this low, however, more people might consider buying or re-financing, a lower-risk investment than stocks. And since rental prices are rising due to lower inventory, buying is a great option.

50th International Tennis Championship December 17-23, 2011 Boys and girls ages 12 and 14 and under can register at www.jrorangebowl.org or call 305-662-6072. Junior Orange Bowl Parade Monday, January 2, 2012 at 4:00 p.m. The Junior Orange Bowl Committee is looking for float sponsors. The parade draws thousands of spectators in Coral Gables.

Don and Jeannett Slesnick joined Marguerite and Steve Zack in August to celebrate Steve’s year as President of the American Bar Association (ABA). South Florida is proud that one of its own native sons rose to become the leader of 300,000 lawyers across the nation. The annual meeting was held in Toronto. Don has served the past year on the ABA’s Commission for Civic Education in the Nation’s Schools.

Sabadell Bank’s Dwight Hill with immediate past Red Cross Board Chair Marielena Villamil New officer installation. Bacardi recently hosted the Annual meeting of the American Red Cross at their new LeJeune Rd. headquarters. Marielena Villamil, chair of the Board, passed the gavel to incoming Chair, Dwight Hill. Board members celebrated the end of the fiscal year and learned about Bacardi’s history.

Commissioner Ralph Cabrera, Don Slesnick, Barbara Stein and former Commissioner Chip Withers Coral Gables Commissioners Ralph Cabrera, Bill Kerdyk and Chip Withers hosted a roast for former Mayor Slesnick in June where funds were raised benefitting local cultural groups. Actors’ Playhouse was presented with a check recently. The first donation to be given out went to the Coral Gables Art Cinema in the amount of $10,000; additional checks will also be presented to the Coral Gables Museum, the Junior Orange Bowl and the Bach Society.