WORLD’S MOST EXPENSIVE HOUSE? $500,000,000!

Once owned by Bill Gates, La Leopolda, 10 acres, said to have the best views in Southern France, reportedly built by Belgium’s King Leopold for his mistresses, has been purchased by Russian billionaire Abramovich, reportedly for CASH. A regular 80% mortgage would have monthly payments of over $3,000,000!

LAST BOCA AIRPORT LAND PARCEL UP FOR BIDS AGAIN

“Letters of interest” in bidding were requested in the past for the 4.67-acre parcel of airport land, recently designated as non-aviation land (not needed for airport use). The bids received did not meet all the requirements, and another request has been made by the Airport Authority. This is the undeveloped land near the Muvico Theater and Premier Aircraft on Airport Road. Approved uses include business and professional offices, retail uses, banks and financial institutions, hotels and motels, educational institutions, radio or tv studios, indoor theaters, bowling alleys, recreational facilities and medical offices. Potential developers would need a conditional use permit from the city. Information about the proposal can be found at www.BocaAirport.com

GAS FOR LIFE ???

The Florida Lottery is offering an 8-week “Summer Cash” drawing across the state to tap into the public’s frustration with sky-high gas prices. Prizes include “Gas for a Year” and “Gas for Life.” Tickets are $5. Grand prize is $250,000. GO FOR IT!

MONTH LONG BOCA FESTIVAL DAYS COMING IN AUGUST

Festival Days was established by the Greater Boca Raton Chamber of Commerce to raise awareness and funds for non-profit organizations and to boost business during a “slow month.” Last year $200,000 was raised for non-profits including The Haven, Boca Helping Hands, American Cancer Society, Kids in Distress, Volunteers for the Homebound & Family Caregivers and the Wildlife Care Center. The Chamber pairs “for-profit” and “non-profit” organizations. The official Chamber Boca Festival Days even is Wine & All That Jazz, to be held on Saturday, August 16^th, 2008 at the Boca Raton Resort & Club on Camino Real. Upscale dress or business attire for this even, an opportunity to preview over 100 wines and fresh, handmade European style chocolates, plus music and dancing. For the full schedule of almost daily events, go to the online events calendar at www.BocaRatonChamber.com or email dsalazar@bocaratonchamber.com. You can support these events as a “Community Builder, “Community Partner”, or “Community Friend.” A list of organizations you can choose to support is on the events calendar for Festival Days. Call Desire Salazar at 561-395-4433, ext 235.

HOW ABOUT A FREE RELAXING CONCERT THIS SUNDAY AFTERNOON?

“OCEANS 2” will present a concert on Sunday, June 29^th from 3-4 pm at the Spanish Rivier Library on Spanish River Boulevard that is free to the public, as part of the Sunday Matinee Music Series. Skip Sheffield, columnist for the Boca Raton News and Bill Bowen, writer and editor at the Palm Beach Post will perform tunes from Simon & Garfinkle, Jimmy Buffet-style music, Beatles songs and others. For more information call Lisa Mansell at 561-451-3452.

SPEND THE DAY AT A BEAUTIFUL PARK IN BOCA RATON

Have you visited our beautiful Boca Raton parks? Some have ball fields for the school age children, some present shows, both at Sugar Sands Park. At South Inlet Park you have lots of sand to sit on, beautiful direct oceanfront views, a picnic and play area. Patch Reef has a community house with classrooms and meeting rooms and ball fields. Check them all out and enjoy our local facilities. You and the family can snorkel at Red Reef Park. For a large pool, head to Meadows Park. Call for their schedules… a great way to spend a Sunday and some have picnic facilities.

Red Reef Park - 561-391-5014

Sugar Sand Park – 561-347-3900

Meadows Park - 561-393-7851

Patch Reef Park - 561-997-8504

South Inlet Park - 561-966-6600

ENJOY!

NOTE: YOU MUST MOVE OVER FOR STOPPED EMERGENCY VEHICLES ON HIGHWAY

With the primary objective to save lives of law enforcement officers conducting traffic stops, a statute passed during the 2002 session of the Florida legislature requires that motorists traveling on I-95 and other Florida highways with two or more lanes traveling in the direction fo the emergency vehicle “slow down” or “move over” and out of the lane closest to the vehicle as soon as its safe to do so, when approaching an authorized emergency vehicle stopped on the highway. Drivers are required to slow to 20 miles per hour less than the posted speed limit if 25 miles per hour or greater or travel at 5 miles per hour when posted speed limit is 20 miles per hour or less.

ARTISTIC ENTRIES BEING ACCEPTED FOR “BOCA FESTIVAL DAYS”

Sign up by Friday June 27^th to submit up to two pieces of 2- and 3-dimensional work. Be age 18+, and send $25 entry fee per application. For entry form go to www.sugarsandpark.org or go to Sugar Sand Park Community Center. You can call Stacee Cooney at 561-347-3901. The Sugar Sand Park Community Center’s Juried Art Exhibition is part of the month-long Boca Festival Days event organized by the Greater Boca Raton Chamber of Commerce.

PANDAS ARRIVE IN BEIJING FOR OLYMPICS

Eight merry pandas arrived safely in Beijing after a long journey from their damaged reserve near the epicenter of the deadly earthquake in China. The pandas arrived Saturday to spend the next six months at the Beijing Zoo on a special Olympics visit that had been planned long before the quake. If we built a Boca Raton Waterfront Zoo, would they come?

LOCAL PUBLIC SCHOOLS RANK HIGH

NEWSWEEK’s May 21, 2008 “TOP OF THE CLASS” article showed the following area schools in these ranks in the top 1000 of 1400+ public high schools in the US:

Suncoast Community (Riviera Beach) is #3

Dreyfoos School of the Arts (Palm Beach) is #33

Atlantic Community (Delray Beach) is #58

Boca Community (Boca Raton) is #146

Spanish River (Boca Raton) is #196

Palm Beach Gardens (Palm Beach Gardens) #663

West Boca Raton (Boca Raton) is 675

Jupiter (Jupiter) is #859

William T. Dwyer ( Palm Beach Gardens) is #978

Public schools are ranked according a ratio devised by Washington Post Education Reporter Jay Matthews: the number of Advanced Placement, Intl. Baccalaureate and/or Cambridge tests taken by all students at a school in 2007 divided by the number of graduating seniors. All of the schools on the list have an index of at least 1.000; they are in the top 5 percent of public schools measured this way.

http://www.newsweek.com/id/39380

2008 BEST RESTORED BEACH AWARD GOES TO BOCA RATON

2008 BEST RESTORED BEACH AWARD GOES TO BOCA RATON

One of 5 cities in the nation to win the award, The American Shore and Beach Preservation Association cited North Beach, located between Red Reef Park and Boca’s northern boundary. Successful beach renourishment projects have been completed on the central and south beaches, in 2006 and 2003 respectively. Beaches are restored for storm protection, habitat restoration and recreation. More than 370 beaches in the US have been restored along coastlines in Miami Beach, Coney Island and Venice Beach in Southern California. Three criteria are judged – economic and ecological benefits the beach brings to its community, the short and long term success of the restoration projects and the challenges each community overcame during the project. Judges commented that the North Boca Raton effort “is characterized by its longevity, environmental sensitivity and foresight. The three large Boca Raton beachfront properties are worth over $330-MM, making them the city’s most valuable asset”.

BOCA COMMUNITY HOSPITAL JOINS FORCES WITH MAJOR CANCER CENTER PROGRAM

A forthcoming study, Total Cancer Care, that Boca Community Hospital Lynn Cancer Care Institute will participate in, includes association with a major cancer center (the Moffitt Cancer Center in Tampa), a pharmaceutical firm (Merck & Co) and the state of Florida who will be doing a study that could radically change the way cancer is treated. Moffitt will link with healthcare providers nationwide. Fourteen hospital sites in Florida are participating. The goal of the program is to improve cancer prevention and treatment by using molecular technology to enhance the ability to diagnose and treat patients. Currently tumors can be tested for 30,000 genes which provide molecular fingerprints unique to each tumor. Scientists, by studying these unique molecular structures, will be able to develop individually personalized new drug therapies to enhance treatment responses. With no extra doctor visits, no additional expenses to pay and medical information remaining private, patients that participate in the program will also have access to individualized clinical trials as they develop. 2,500 cancer patients will enroll in the BRCH research program over the next 5 years, collecting tumor, tissue, blood, urine and clinical information at various points of their lives. Focus will be on breast, prostate, brain, lung, pancreatic, colorectal and ovarian tissue. Lynn Cancer Institute is one of the top five largest cancer programs for patient volumes in Florida. Patients are seen by multiple sub-specialists at the same location on the same visit. The newest location, the 98,000 sq ft $73-MM Harvey and Phyllis Sandler Pavilion is scheduled to open this fall.

MEMORIAL DAY EVENTS

Boca Raton

10 a.m., Memorial Day ceremony at Boca Raton Cemetery, 449 SW 4th Ave., Boca Raton. Free. Call (561) 393-7806 selection 2.

7 p.m., Memorial Day concert by New Gardens Band, at Mizner Park Amphitheatre at North Federal Highway and North Mizner Boulevard.
Free. Call (561) 393-7806 selection 2

MEMORIAL DAY OBSERVANCES

At 9:30 am on Memorial Day, Monday May 26^th, join the Veterans Coalition of South Florida at Veteran’s Park for the annual Memorial Day program honoring armed services veterans. There will be a procession of colors, guest speakers and patriotic music. Bring lawn chairs. Veteran’s Park is located at 900 West Palmetto Park Road between Lyons Road and US Highway 441 in dfgWest Boca Raton.

FOR BEST GAS PRICES

http://autos.msn.com/everyday/gasstations.aspx?zip=&src=Netx

LARGE TRI-RAIL PROJECT AT YAMATO STATION OPPOSED

Mayor Steven Abrams told Council Members this week that the South Florida Regional Transportation Authority, which operates Tri-Rail, chose to go with the larger project – which is 15 time larger than what is allowed on the property. The Council reaffirmed it’s position with a unanimous vote adopting a resolution of opposition. This is the Council’s second resolution of opposition. City Manager Leif Ahnell said the area being considered for development is currently designated as a “rail site.” He said a “transportation summit” will be held, perhaps in June, for further discussion which will include attendees from the state DOT, Metropolitan Planning Organizations, large employers and Palm Beach and Broward County officials.

HOUSING PRICES PREDICTED TO GO UP 20-30% IN 5 YEARS

Association of Realtors Chief Economist Lawrence Yun recently said of an area that was hard hit by the housing downturn, that “the worst conditions in the Tampa market may have already passed… I think the second half of 2008 will be better. But if I look at the long-term perspective, five years from now, comfortably, one can say home prices in this region will be 20-30% higher.” He also said that while sub prime mortgages made up only 9% of all mortgages in the US, they made up 53% of US housing foreclosures, dragging down the housing market. Yun noted, “There’s a change in the mood over the last couple of weeks,” and that mortgage rates are at near historic lows, business spending is strong and corporate profits are up, all good economic signs. No doubt this is good news for Florida’s east coast too. According to an article in Realty Times, Palm Beach County buyers have purchased 30 percent more single-family homes from February to March.

ROYAL PALM POLO SPORTS CLUB TO CLOSE

After 49 years of polo play, Royal Palm Polo, the last polo facility in south Palm Beach County, will close on May 15^th. Located on Jog Road in Boca Raton, it was one of the first polo clubs in the country to build a stadium, drawing players from the best in the world to weekend warriors. Equestrian followers can migrate to Wellington for horseshows et al.

DOWN MARKET SEEN AS “OPPORTUNITY” BY WEALTHIEST CONSUMERS

Of those who earn more than $100,000 annually, 79% believe the US is in a recession, but 88% believe that property values will rebound. Those earning $500,000 and more see real estate as a “real opportunity” right now, and 40% say they plan to purchase a home in the next 12 months, according to “The Annual Survey of Affluence and Wealth in America,” produced by The Harrison Group for American Express. Merrill Lynch and CapGemini’s research show the world’s very wealthy have been shifting money into residential real estate. The 2007 “World Wealth Report” said that those will $1-MM+ in invested assets had 12% of their investment portfolios in residential real estate, both a portfolio strategy and a recreation/lifestyle decision.

WILL THE FHA OWN PART OF YOUR/YOUR NEIGHBOR’S HOME?

Rep. Barney Frank (D-MA) has a proposal (H.R. 5830) introduced in the House of Representatives suggesting that the FHA refinance mortgages and be part owners with profit sharing. The bill proposes a declining percentage fee on profits to discourage short-term speculators, and the program would not apply to 2^nd home owners, equal to 100% of all profits in year one, 80% in year 2, and so on for the first 5 years. Then there would be an “exit” fee equal to 3% of the sale price. This means lenders would accept losses and would later receive a portion of future profits from the home seller. To the besieged homeowner/seller, getting 97% of a profit after 5+ years is a big relief from total equity loss from a foreclosure.

HAVE YOU ENJOYED THE MIZNER PARK ART WALK?

Stroll along a monthly al fresco art experience on Plaza Real. Next walk will be Wednesday, April 30 from 6-9 pm. Enjoy wine tasting, browsing the shops, and dinner inside or out at one of Mizner Park’s fine restaurants. The art show is done in cooperation with The Artists’ Guild of the Boca Raton Museum of Art, drawing visitors to Mizner Park for an evening of viewing art, music, and the latest show at the Guild’s Mizner Park Images Exhibition Center. For more info go to www.miznerpark.com or call 561-393-9115.

WATERING SCHEDULE from BOCA NEWS

Odd street addresses may irrigate lawns and landscapes on Wednesdays and Saturdays from 10 am to 10 am and/or 4 pm to 11:59 pm. Even addresses may irrigate lawns and landscapes on Thursdays and Sundays from 12 am to 10 am and/or 4 pm to 11:59 pm. Hand watering with one hose fitted with an automatic shut-off nozzle is allowed for 10 minutes per day for landscape stress relief and to prevent plant die-off.

FLORIDA #1 DESTINATION FOR INTERNATIONAL HOME BUYERS

A mid-2007 National Association of Realtors survey found that Florida was the leader in foreign home buying at 26% of all international purchases. California was next at 16%, Texas third at 10%. This includes purchase of mid-priced primary residences, luxury vacation homes, investments to rent out, and commercial properties. Being a convenient point of entry to the US from Europe and South American along with warm weather and recreational and cultural offerings were cited as reason for a preference for Florida properties. With the dollar weakness against the euro and British pound, foreign buyers have more purchasing power compared to home prices in other countries, e.g. the UK, Span and Ireland. Florida has 31 major airports and 14 deepwater seaports. According to the US census bureau, Florida gets more than 4-MM Visitors from 100+ countries in a year. In a 2005 FAR survey, 15% of total home sales in Florida were by international buyers. One-third of foreign buyers were from Latin America.

MILD HOUSING RECOVERY ON THE WAY BEFORE 2008 YEAR-END???

YES says a report from SMR Research Corp, who specialize in mortgage and home equity loan industry research. Being the first to report in 2004 that “a perfect storm” in credit quality would cause a blast in foreclosures within 2 years, they say, “Our prior forecasts were accurate but widely disbelieved when issued.” They expect skeptical reactions now too, but say “the numbers are what they are… homes are now affordable again… consumer psychology is the biggest remaining hurdle to recovery.”

MILLION SQ FT TRI-RAIL STATION DEVELOPMENT TO BECOME A GO?

Within the next 60 days The South Florida Regional Transportation Authority, operator of Tri-Rail trains, has invited all interested parties to a workshop to decide whether to move ahead with a large development near the station in Boca Raton on Yamato Road near the I-95 entrance or scale it back. Officials are invited from the City of Boca Raton, FAU, T-Rex Park adjacent to the station. City leaders feel the proposed project is about 15 times too big for the site. Zoning allows no more than 50,000 sq ft of office space and 15,000 sq ft of retail space. Yamato Road Joint Ventures LLC wants to create a transit “village” with a 150- room hotel, almost 200 work-force apartments, 55,000 sq feet of shops and 90.000 sq ft of offices and parking garages with 1731 spaces. Tri-Rail owns the 6-acre parcel at the train station, and the city controls the zoning. County agencies and the Lake Worth Drainage District along with the City of Boca Raton may also have input. Another proposal from three Boca Raton developers has plans for a 3-story building with 50,000 sq ft of offices, 15,000 sq ft of shops and underground parking. Workshop date has not yet been announced.

TIPS FOR BUYING A HOME IN A DOWN MARKET

The subprime mortgage problem has scared a lot of people away from the housing market. However, the news isn’t all bad. The current market decline has dropped prices and made housing affordable to many fiscally responsible renters who never considered home ownership to be an option. Here are recommended steps for buyers to take advantage of this market downturn. Be aware of extraneous expenses including property taxes, homeowner’s insurance, standard maintenance, cost of utilities, and HOA fees or equity dues. Ask about current and upcoming special assessments. Decide how much you have left to spend on a mortgage, all closing costs, a down payment amount, paying down existing debts, and check on your credit records before applying in case there are errors to correct. Remember too that if you are selling and buying, while you may get a lower price than you want for your home, you will also get a low price for the home you buy. As a Realtor and a Mortgage Broker, your blog manager, Marilyn Farber Jacobs can assist you with all of these issues, and find you “the home of your dreams,” according to your criteria. Call 561-988-0070 or email marilynfjacobs@gmail.com. If you wish to receive all new properties that become available, go to http://www.FLWaterfrontCondos.com, register and list criteria for a condo, house or townhouse. Join the many buyers who regularly receive listings now. Perhaps your NEXT home will appear before your eyes, and Marilyn will be most happy to show you that home.

PALM BEACH INTERNATIONAL FILM FESTIVAL IN MIZNER PARK

The 13^th annual film festival begins April 10^th and is a week-long celebration of the past, present and future of independent film and cinema. There will be screenings of American and foreign independent features, shorts and documentaries of all genres, stimulating seminars and intensive film discussion groups, parties and informal get-togethers with filmmakers and industry professionals from around the globe, and more. See COMPLETE LIST OF FILMS and SCHEDULE OF EVENTS. The Palm Beach International Film Festival is a not-for-profit organization supporting film programs in local schools and dedicated to making a difference in the lives of future filmmakers. Proceeds generated each year are donated to schools, in the form of grants and scholarships.

WHAT IS THE DIFFERENCE BETWEEN MORTGAGE PRE-APPROVAL AND MORTGAGE PRE-QUALIFICATION?

Verification and Documentation explain the difference. Pre-Qualification is based on information provided by the buyer whereas Pre-Approval is given after receipt of copies of bank account statements, income proof (pay stubs) and income tax returns; other information may be requested as well. Neither are considered a mortgage commitment, but the more detailed Pre-Approval is preferred by sellers. Pre-Qualification requires the borrowers name, address, phone number, date of birth and social security number with permission to do a credit check. Questions may be asked about annual income and what down payment the borrower can make. A letter is issued with an estimate of the amount of a mortgage for which the borrower can be approved, based on documentation verification, which may be described in the letter. The letter will also include a disclaimer, e.g., “subject to verification of employment (2 years of work history) / assets / credit review / charge card statements / mortgage underwriting guidelines” and the prevailing interest rate, which can be “locked in.” This serves temporarily as confirmation to a seller that a buyer appears to be able to afford to purchase their property. Underwriting criteria may include credit scores, work history, verification of income, qualifying income ratios, verification of where down payment will come from (e.g., brokerage or bank account or gift), cash reserves after closing. There may be information that has a negative impact on mortgage approval, including a borrowed down payment, inconsistent work history, unreported “cash” income, not enough assets for closing costs, and other issues.

NEW VISTA THEATRE RECEIVES AWARDS FOR TWO 2007 PRODUCTIONS

Now moved to their new location on Palmetto Park Road, a few miles west of 441 in the Shoppes of Logger’s Run, The New Vista Theatre Company in West Boca Raton has been nominated for five Carbonell nominations for two of its 2007 productions, “Funny Girl” and “Jacques Brel”. Performances are held at the West Boca Raton High School Performing Arts Center, 12811 Glades Road. During their Inaugural Season, 2006-2007, “A Funny Thing Happened on the Way to the Forum was nominated for 5 Carbonell Awards. They recently moved to Boca Raton from Davie. Actor Avi Hoffman heads the company. Upcoming productions include “I’m Not Rappaport,” May 1-18, and “The Big Bang,” June 19-July 6. Click here for dates and more information or call 561-482-4144. Group Rates are available, and website sales are 10% off. Show times are Thursday, Friday and Saturday at 8 pm, Saturday and Sunday at 2 pm and Sunday at 7 pm. Since 1976 Carbonell Awards have been given to Regional Theatre Productions. The Awards were created by South Florida’s arts critics and columnists.

LOOKING FOR SOMETHING CULTURAL TO DO THIS WEEK?

Renee Fleming… Kathleen Kennedy Townsend… the Russian National Orchestra… Joyce Carol Oates… The 5 Browns, on 5 pianos playing Home Blues from American in Paris… check out the schedule for the Boca Festival of the Arts this week…