Miami Mansion for Sale for $125 Million

The popular touristic spot and one of the most expensive properties in South Beach and the U.S. for that matter is for sale. The All My Sons of Jacksonville found out the mansion where fashion designer Gianni Versace lived and died in 1997 is for sale for a whopping $125 million. This property is right across from the beach on Ocean Drive and has been operated as a boutique hotel for a little while, operating as The Villa by Barton G since 2009. Rooms went for about $895 a night. This mansion has 10 bedrooms and 11 baths. It’s a three-story home with 23,462 square feet. Versace bought this Miami Beach property in 1992 for $2.95 million as well as the historic Revere Hotel next door which he demolished. Renovations are said to have cost $33 million, adding a 54-foot mosaic pool lined in 24 karat gold. After Versace’s murder the home was sold for $19 million to a corporation headed by a telecom entrepreneur who lived in it for several years. This South Beach mansion however is subject to several lawsuits.

So what do you think, will this mansion sell fast? Do you think it will sell for its asking price?

Increased Home Prices in Florida

The local Jacksonville moving specialists found out home prices are increasing in areas where plenty of homeowners are underwater on their mortgages because fewer homes are available for sale. This is probably contributing to the latest cities to join the “turnaround cities list” including towns in Florida and Phoenix. Homeowners who might want to sell aren’t doing so because they don’t want to have to pay the bank when they sell. However, this negative equity leads to more foreclosures, impedes refinances and restricts owners from listing their home. The All My Sons of Jacksonville team learned that cities with more than 50% of its borrowers owing more than their homes are worth, the market only had enough homes for sale to last 4.7 months at current sales rates. However, in markets with fewer than 10% of borrowers that were underwater, there was an inventory of 8.3 months. Nationwide, that number is at about 6.5% which is the lowest for the past five years. In the past 60 days, price tags for low-priced homes have increased by 4.5% compared to prices of more expensive homes that have risen only 0.6%. So what are the home prices like in your neighborhood?

Recasting Instead of Refinancing Your Home

The All My Sons of Jacksonville movers found out there’s a different way to lower your monthly house payments. Recasting, also known as reamortization, involves paying a lump sum toward your mortgage and then readjust the payment to reflect your new balance. Not every bank offers this service though but those that offer it to their homeowners do it for as little as $150. This fee is a huge difference compared to the closing costs involved with typical refinances that can go up to the thousands of dollars. However, the downside the local Jacksonville movers learned is that this lump sum for refinancing can be as much as $5000.


Besides not every lender offering recasting, not every loan is eligible either. Conventional loans as well as Fannie Mae and Freddie Mac ones are the most common loans eligible for recasting. Loans through the Federal Housing Administration and Department of Veteran Affairs cannot be recast. The local Jacksonville moving specialist wonder what do you think about recasting. Can it help your lower your monthly mortgage payment? Is it a true alternative when refinancing a home is not possible?

Qualifying For a Mortgage

Being a professional moving company, you start hearing a lot about real estate. These industries kind of go hand in hand. And with the most recent real estate shift, it seems like everyone’s an expert. But then, not really, so the local Jacksonville movers are here to tell you how to qualify for a mortgage. Because besides finding the perfect home, you also need to be able to afford it and purchase it. Banks scrutinize what is called in the industry the big C’s. That’s credit history, capacity and collateral. The All My Sons of Jacksonville team remind you that lenders will dig deep into your debt repayment history and examine your credit score. Capacity is all about income, savings and investments while collateral stand for how much you’re putting as a down payment and the value of your property.


To get a loan, you’ll have to show proof of employment of two years, so that the banks can predict how likely it is that you will keep that same employment and income. So, before you get a mortgage, you might have to strengthen some of these areas, possibly repaying debts or having a larger down payment.