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Real Estate Advice
Real Estate Advice

 
Thursday, May 08, 2014

The Fort Lauderdale Luxury Real Estate Marketplace is booming and some interesting, yet largely unsurprising, statistics have been recently released regarding the pace of sales in the area. Sales of lower priced condominiums under $100,000 are down by 19.1% year over year, while sales in the upwards of $1 million category are up 37.5%for the same period. Luxury condominiums are selling rapidly and the demand for them on the market has not slowed. Vacation home buyers may be one element to this sustained demand as vacation home sales are up by 29.7%. Prices are continuing to rise and inventory is slightly increasing, though still below a healthy market. Below are some area luxury condominium sales updates for both preconstruction and existing condominiums.
Resale Sales Update
La Rive – 2 closed sales $1,650,000 - $650,000. NO ACTIVE LISTINGS
1 pending sale at $1,395,000
Le Club – 1 closed sale for $1,075,000. NO ACTIVE LISTINGS
7 pending sales $1,700,000 - $975,000
Las Olas Beach Club – 5 closed sales $2,350,000 - $1,250,000, 1 foreclosure sold for $751,000
1 pending sale $2,199,000
Palms - 4 closed sales $2,850,000 – 1,300,000
3 pending sales $2,495,000, $2,150,000 and 1 foreclosure pending at $751,000
Presale Sales
Aquavita – 22 unit development, 16 pending sales - $2,284,800 - $1,009,635
Aqualuna – 16 unit development, 5 pending sales - $2,001,000 - $1,656,000
Lots of new construction projects - pre-sales are going quickly.

Aquavita – 22 unit development, 16 pending sales - $2,284,800 - $1,009,635

Aqualuna – 16 unit development, 5 pending sales - $2,001,000 - $1,656,000

Adagio on the Bay, Riva, Paramount, The Conrad, and more....

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Friday, May 02, 2014

Zillow recently released a report documented 35 of the largest metro areas nationwide and how long it would take for a homeowner to see payoff in buying a home rather than renting. The tri-county area of Palm Beach, Broward, and Miami Dade showed that you will see the payoff in just 1.2 years and in some areas the break-even point is as little as six months. Traditionally, homeowners would need to stay in their homes for five to seven years before buying beats renting, making this finding even more indicative of the advantage of buying in Broward.

The reason this is so, is that rents have continuously risen while mortgage rates have remained very low, lower than all analysts predicted they would be in the first quarter. Zillow’s chief economist released this remark concerning the findings, “Rents keep rising, and mortgage interest rates remain very low, which is helping to skew the rent vs. buy decision toward buying for those who can afford it. Many renters may ask themselves why renew a lease, when you can break even on the same home in less time in many areas.” With the present market conditions in Broward county of limited inventory and high buyer demand, many find renting to be the obvious option, however they are would not be taking advantage of the presently low mortgage rates. First time homebuyers should not wait to purchase now, and those looking for investment properties greatly benefit from increased rents and low mortgages. If you are looking to buy your first home or would like more information on available waterfront investment properties in Fort Lauderdale, please contact me today!

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Friday, April 25, 2014

Luxury buyers are becoming increasingly investment savvy according to a recent report released by Realtor.com. The most important items overwhelmingly reported by luxury home owners in buying another home were resale value and proximity to water. Of all features of a luxury home the luxury buyer is chiefly interested in the view of the home, a chef’s kitchen, and a luxury pool. Notably, 40% of luxury buyers are willing to go over budget for their perfect home. In the Fort Lauderdale luxury market I notice these trends specifically since Fort Lauderdale luxury condominiums have views, offer open kitchens, and have incredible amenities. Many of my buyers are interested in the financial stability of a building as well, considering the rental market in Fort Lauderdale is booming and buyers are looking for investment properties. Below are the findings from Realtor.com and if you are interested in purchasing a luxury Fort Lauderdale condominium or selling a condominium, contact me today.

· 30% Current Luxury homeowners that would purchase a primary home

· 23% Current luxury homeowners who would purchase a vacation home

· 40% Current luxury homeowners who would go over budget

· 73% Current luxury homeowners feel resale value is important

· Most Desired location of Current Luxury Homeowners: waterfro

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Friday, April 18, 2014

Sellers often make the mistake of undergoing renovations in hopes that it will increase the value of their home before selling. Common renovations include new roofs, new kitchens, and new baths. Here is the fallacy in this reasoning and it is two fold. Firstly, a prospective buyer may not share your taste in finishes, even if you feel they are neutral, and secondly, the value of your home on the market will not increase proportionately to the amount spent on the renovations. The buyers will expect a discount if the renovations do not meet their expectations.

There are however some small upgrades that do make the grade. Below are several low cost tips that will give your home a competitive edge in the market.
1. Remove Popcorn From Ceiling: A smooth ceiling makes rooms appear larger and also is a quick update for an apartment or home.
2. Remove Mirrored Walls: While Feng Shui dictates that mirrors open a space, they are dated and are distracting to buyers.
3. Replacing Carpets: Replacing dirty carpets with inexpensive carpet is an excellent and inexpensive upgrade.
4. Fresh Paint: Once mirrored walls are removed, popcorn is paved over, a fresh coat of paint is always recommended, in a neutral color.

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Wednesday, April 09, 2014

Rock the Ocean’s Tortuga Music Festival is back. This weekend April 12 and 13, Fort Lauderdale Beach Park will host this large music festival with the special focuses on Sea Turtle Rescue, Saving Sharks, and Coral Reef Rehabilitation. Tortuga is a family friendly event and there will be a wide variety of food and events occurring during the two day festival. This year’s musical headliners are Luke Bryan and Eric Church. Other bands playing will be Hank Williams Jr, Train, Dierks Bentley, Brantley Gilbert, Slightly Stoopid, Ziggy Marley, 38 Special, Sheryl Crow, and many more. Passes are available in single day and two day passes and also in VIP and Super VIP packages. Parking is free at Galleria Mall and a shuttle will run from 10am-11:30 pm on the days of the festival. Advance purchase may be made here www.tortugamusicfestival.com. This is a wonderful annual event benefitting charities of the sea. Enjoy

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Friday, April 04, 2014

Fort Lauderdale is known as the Venice of America and has some of the most incredible yachting in the world and with this natural appointment, it is no surprise that the real estate in Fort Lauderdale is similarly grand with stunning waterfront views and access to water. The real estate market in Fort Lauderdale is comprised of a series of isles that have lavish waterfront estates and high rise condominiums. Outside of outdoor pursuits, Fort Lauderdale has wonderful shopping and dining with easy international access.

This Friday I am pleased to feature the prestigious Award Winning Sapphire Condominium Fort Lauderdale located at 2821-2831 N. Ocean Boulevard. This property was built in 2009 by critically acclaimed Miami based architects Kobi Karp and it consists of twin towers, each standing 12 stories tall with a combined total of 172 residences. These luxury residences are equipped with European cabinetry, stainless steel appliances, granite countertops, with open floor plans and floor to ceiling windows. This highly sought after contemporary complex offer 5 star resort style amenities including a state of the art fitness center, spa, private cabanas, 6,000 square foot infinity pool, 24 hour Concierge and valet and membership to the Harbor Beach Marriot Resort. Currently, there are 8 properties for sale and 5 properties for rent. Sapphire condos for sale start at $429,000 and go up to $685,000. Located on the west side of State Road A1A,between the Intracoastal Waterway and the Atlantic Ocean, the Sapphire condominiums are some of the most desirable condominiums in Fort Lauderdale, for more information, contact me today!

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