Palm Beach, FL

.Absolute Auction: An Auction where the property is sold to the highest bidder with no limiting conditions or amount. The seller may not participate directly or indirectly.

.Reserve Auction: An auction in which the seller reserves the right to establish a reserve price. He or she may choose to accept or decline any and all bids or to withdraw from the auction at anytime prior to the announcement of the completion of the sale by the auctioneer.

.Minimum Bid Auction: An auction in which the auctioneer will accept bids at or above a disclosed price. The minimum price is always stated in marketing materials and is also announced at the auction.

.Sealed-Bid Auction: This sales method utilizes confidential bids, which are submitted to be opened at a predetermined time and place.

To learn more about the auction process or to see if your property you might benefit from participating in an auction, please contact Troy Fowler at (305) 206 0349

On the way back from our mini-vacation in Miami I had to stop at Richard Zaretsky's office in West Palm Beach to sign some documents for the short sale closed December 29 and pick the check.

I do not know the area very well. Drove through it several times, loved their Royal Palm Way, Flagler Dr...

I read that Palm Beach area is home to many wealthiest people in the nation. Palm Beach is a small and very affluent small town. Here's a quote from Wikipedia: "The town's affluence and its "abundance of pleasures" and "strong community-oriented sensibility" were cited when it was selected in June 2003 as America's "Best Place to Live" by Robb Report magazine."

Being a Russan immigrant, I was stunned to know that there were a lot of Russians in Palm Beach. According to Wikipedia, as of 2000, Palm Beach 10.30% of the populace were Russians. Don't know if these are so called New Russians, who have billions and spend millions (LOL). It also had the 26th highest percentage of Austrian residents in the US, at 2.10% of the town's population.

Our Connecticut friends told me that there is a street there in Palm Beach, which was worth visiting. So, after some asking, we were told where to go and in few minutes we were on Worth Ave. Very nice street, a shopping Mecca for ... how do you say it when it is not for less fortunate, but exactly the opposite?

Looking at cars there you get a feeling that Hondas, Toyotas, and all cars by troubled automakers do not fair in this harsh financial exuberance, leaving only Mercedes, BMV, Porshe, Ferrari, Bentley and Rolls Royce dominate the road.

That's the surface, of course. I read and saw a documentary on TV that Bernie Maddof's ponzi scheme resulted in some "for sale" sign on very expensive properties, where owners lost everything and from the riches are going to rags. Bernie was a regular here, and many people knew him personally. We did not see it on Worth. It is still beautiful, dotted by famous designer names stores.

The shoppers are a cosmopolitan crowd from the well-off locals, wealthy New Yorkers, and even more wealthy foreigners. If you are in the area, and you are not a buyer of that gorgeous $850,000 Grand piano ("sorry, we had two, but both are sold"), it is still worth to go to Worth Ave, and simply stroll, wander into those beautiful courtyards, which are so Italian-like.

Beautiful place, a bit expensive for me though, but visiting and spending some time is worth it.

It is worth visiting Worth Ave in Palm Beach.

With so many short sales in South Florida it makes you wonder how has the downturn in the market affected the luxury home market.

There is a part of our county that you all know as Palm Beach Island. Palm Beach island is home to the worlds' biggest billionaires and movie stars. The Kennedy's even had a nuclear resistant bunker built out off the island on Peanut Island. You can take boat rides over there to see it and the Maritime museum. Donald Trump's Mara Lago is here on the island. Donald Trump and his X wife Ivana Trump have properties on the island. Jimmy Buffet and Rod Stewart both have mansions on the island.

Here is the famous Breakers Hotel on Palm Beach Island where many rich and famous people stay. This hotel is our favorite here in Palm Beach County. It is right on the beach and is listed as one of the world's top 10 beaches according to travel T.V.

This island of Palm Beach has been immune against the downturn in the market. The one area that was still in demand was the multi million dollar properties on Palm Beach Island. This area became known as bullet proof.There are only a little over 10,000 people who live on the island and only 5800 households.

Well, now it looks like a bullet may have pierced this market with the fraud permeated by Madoff on this island. With the billions of dollars lost with Madoff here on the island it remains to be seen if this is going to affect the property values on the island. I have a hunch it will.

There are some hedge fund managers that own mansions on the island and depending on how much they have lost will determine if they are going to have a fire sale on their mansions. How would you like to pick up a mansion worth $ 9 Million for about $7 million?

The other day someone went into the Madoff mansion and stole a very valuable statue of two copper lifeguards sitting on a bench valued at $10,000 from his mansion worth 9.5 Million dollars. Currently Madoff is under house arrest in his New York $7 million dollar apartment. There is a lot of anger around here towards Madoff.

Could this all mean that we may get some multi million dollar short sales on the island? Most of these people pay cash for their properties but you never know! For instance back in the spring of this year Randolf's Hearst's widow could no longer pay for the upkeep of their $30 million dollar mansion and she started to take out large loans just to pay her taxes and upkeep. The Hearst mansion was sold on the courthouse auction block for $22 million dollars.

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Contact Nestor Gasset and Katerina Gasset, CIPS, Realtors®, International Properties and Investments, Inc. Licensed Realtors® in Florida at 561-753-0135 to list your property for sale or to purchase a property in Wellington, Royal Palm Beach, Loxahatchee, Lake Worth, Hypoluxo Island, Lantana, West Palm Beach and the rest of Palm Beach County Florida and Port St Lucie Florida. We are accepting referrals.

Read our Short Sale Series at Short-Sales-Florida.com.

To view all the Wellington Florida Luxury Homes For Sale Click here and then click on Search For Homes We know Palm Beach County and will help you get your home Sold if you need to Sell your home and help you buy your Wellington Home or Land ; call us today.

Disclaimer:The information provided herein is supplied by several sources and is subject to change without notice. Wellington Homes Blog does not guarantee or is any way responsible for its accuracy, and provides said information without warranties of any kind, either express or implied. Entries on Wellington Homes Blog represent the opinions and ideas of the author(s). Wellington Homes Blog does not express the views of International Properties and Investments, Inc or those of the broker.

Copyright © 2008 By Katerina Gasset, All Rights Reserved.*Palm Beach Florida Luxury Homes- Short Sales In The Luxury Market?*

Inspirational Power Quote

A Time to Cherish Peace and Good Will

"To the American people:

Christmas is not a time or a season

but a state of mind.

To cherish peace and good will,

to be plenteous in mercy,

is to have the real spirit of Christmas.

If we think on these things,

There will be born in us a Savior

and over us will shine a star

sending its gleam of hope to the world."

Calvin Coolidge, 30^th President of the United States

Presidents Christmas message December 25, 1927

As I see it. . . . . . . .

President Calvin Coolidge delivered this message to the national over eighty years old ago, and after all the years this message is still bears significances in its meaning. The sprit of the season is the person, have gratitude for what you have, cherish your family and relationships, be a person of good will, pursue your dreams and may 2009 being happiness and success.

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