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Real Estate Advice
Real Estate Advice

Thursday, October 03, 2013

The National Association of Realtors and Florida Realtors determined through a one year study that international sales comprised 8% of Florida existing home sales from July 2012 to 2013. In terms of dollar amount, it rose to 9%. The statistic was the result of a poll of 977 realtors and the term “foreign buyers” were non-resident foreigners, who either vacation here or use it as a rental property. Polls also included sales of single family homes, townhomes, and condos, amounting to $74 billion total with $6.4 billion being international sales. Below are some of the other findings of this study and some insight into the buyer behavior, for my sellers looking to target international buyers.

1. International Buyers paid higher amounts than domestic. International buyers are often competitive and preferred in Fort Lauderdale since many pay cash and prefer short closings.

2. Nationally 27% of agents have international clients, in Florida, two out of every three realtors have international clients.

3. 80% of realtors said their international clients found the properties in Florida less expensive and better values than in their own countries. Comparatively speaking, purchase power in Fort Lauderdale is far greater than in the South of France, while offering similar weather and boating opportunities.

4. Fort Lauderdale held 9% of the international buyers focus in the study.

5. 84% of International transactions were cash.

6. International buyers prefer detached single family homes, then townhomes, and finally condos.

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Monday, September 16, 2013

When you are searching for the perfect home, you will likely have a set of criteria that your realtor will use to recommend homes that would appeal to your specific taste.. As you see various properties and find a fit, now is the time your realtor will give you an analysis of market values to assist you in making a reasonable offer. A comparative market analysis will provide a range of values for your desired property, based upon comparable properties that have recently sold in your target area. While most buyers are still looking for a good deal, in this market you will want your offer to be accepted, and therefore it must be competitive. Below are some items that factor into your offering price. If you are looking for condos or a single family home in the Fort Lauderdale, contact me today.

Property Condition. How does the property compare to other homes that have recently sold in the neighborhood? In this instance, take note of the structural elements such as roof, ceilings, walls, and other elements that would be laborious to repair.

Market Conditions. Market conditions, such as the inventory of homes available in the area, and what other similar homes have sold for, are provided and interpreted most accurately by your realtor. Currently, in Fort Lauderdale, it is a seller’s market and the inventory is limited, so more buyers are competing to buy a home, making a competitive offer extremely important.

Improvements. Substantial improvements include major structural improvements such as a new roof, remodeled kitchens and baths, high end finishes, ceiling popcorn removal and hurricane impact glass. These improvements add considerable value, however note your realtors advice on the actual value of the improvements inside a unit, as it may be over valued in the market.

Seller Motivation. If a seller is highly motivated, additional value can be added to your offer through the terms of the closing. A CASH OFFER, short inspection period, minimum of 10% escrow deposit, and quick closing add value and often result in a lower offer being accepted as opposed to those with longer closing periods, financing and other contingencies. The stronger the offer, the more likely it will be accepted.

The Final Number. Use all of the items above and the advice of your realtor to arrive at an appropriate offering price. If you are fair in your assessments and use a realtor knowledgeable in your area, you will likely strike a deal. Best of luck!

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Tuesday, August 27, 2013

As the ink dries on a listing agreement, the first phone call I make is to a professional photographer to schedule a shoot of the property. In terms of curb appeal, the photos are just as important as a fresh coat of paint and cleaning up a yard. According to the National Association of Realtors, 90% of home buyers start with the internet in their home search, and the images are everything. The multiple listing service allows 25 photos, while sites like Realtor.com allow 35. The more photos of your property, the better idea a buyer has of what your home looks like and the more likely they are to look more closely at the details such as square footage and amenities.

Having a variety of photos to choose from makes no difference if photos are of poor quality. A professional photographer is of utmost importance in this regard. Professional photos are high resolution, diverse, and the angles used are most flattering to your home, and taken in the right light can transform a space. Poor quality listing photos may make your home look smaller than it actually is, where as good quality images can make a home appear larger. If you are looking to sell your home and would like an in depth analysis of the current value of your home, contact me today.

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Thursday, August 22, 2013

Jimmy Buffet’s Margaritaville is set to break ground on August 22. It was recently announced that a joint vewnture between Coastal Contruction and Tishman Construction have been selected to manage the construction, that will grace the shores of Hollywood Beach. A statement was released by CEO Tom Murphy to the Miami Herald this week, “There are great synergies between our two companies, including our mutual track records for creating hotels, resorts and multi-family residential projects of distinction, but more importantly, our shared values and company culture.” This project will bring hundreds of thousands to South Florida and could mean a substantial boost to the local economy, and to real estate values.

The project is orchestrated by developers Lojeta Millennium and Margaritaville of Hollywood, and investment group, Starwood Capital. This will be a massive undertaking. Margaritaville Hollywood will have a 17 story building that will include a 349 room hotel, restaurant, bars, and retail spaces over the 5 acre site. Some of the other amenities that will accompany the site will be a refurbished bandshell, public restrooms, water park, boat dock, and a 1,056 car garage. It is scheduled for completion by 2015. This will completely change the face, name, and economy of Hollywood Beach. Margaritaville’s across the country are some of the most popular destinations, for more than just Jimmy Buffet fans, many enjoy the island breezes and feel and Fort Lauderdale can offer an island feel while being easily accessible in the United States. I will keep you updated on the progress of this project.

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Tuesday, August 13, 2013

It has been and continues to be an incredibly active time in the real estate marketplace in Fort Lauderdale, and most particularly, in Berkley South. For those unfamiliar with this building, it is one of the properties that I recommend on a regular basis, given its many amenities, beautifully renovated lobby, incredible location just steps from the beach, flexible rental policy, as well as being pet friendly. Whether you are an investor or simply looking for a sunny pied-a-terre, Berkley South is an excellent building. Currently, I have three listings on the market in Berkley South. Each are desirable in their own right, and will likely not be on the market long, given the desirability and affordability of these units.

My three current listings in Berkley South are 3F, 10H, and 10I, all completely renovated. Berkley South 3F is the large NE corner overlooking the pool and deck featuring very high quality renovations, hurricane impact glass, smooth ceilings, and in perfect move in condition, offered at $279,000. Berkley South 10H is also completely renovated with hurricane impact glass, smooth ceilings, breathtaking south ocean, city and Intracoastal Waterway views and is being offered at $299,900. Berkley South 10I, fully renovated, with gorgeous south ocean, city & Intracoastal waterway views is move in ready and priced at $349,000. Each of these updated residences has distinct advantages, depending on your preference for size, building location and view, and represent an excellent opportunity to purchase property that will be a solid investment for the future. In the last year, prices in certain sectors of the Fort Lauderdale market have routinely increased, and the prices in Berkley South are still relatively affordable. If you are looking to sell in Berkley South, it is an excellent climate with a continued supply of buyers, and if you are interested in these units, I encourage you to call today for a showing.

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Wednesday, July 24, 2013

It is rare that you find a waterfront home for under $500,000 in today's market. It is with pleasure that I offer residence 2671 NE 15th St. in the charming Sun Harbor Waterfront community in Pompano Beach for only $299,000. This home has 2 bedrooms and 2 and 1/2 baths within 909 square feet. It sits on deepwater with a 12 x 35 foot deeded dock. The interior has been completed remodeled with the highest quality materials and is move in ready. The open kitchen features custom wood cabinets, bullnose granite countertops and backsplash, and new Frigidaire stainless steel appliances. Flooring has been upgraded to include travertine marble in living areas and wood in the bedrooms. Crown molding and baseboards were added to each room, framing the split bedroom floorplan.

There are 2 master bedrooms on the second level, each with its own en suite remodeled bath, featuring granite topped custom vanities, new fixtures, stunning tile work, and seamless glass shower enclosures. Custom designed closets. This residence has new plumbing and electric and includes a new washer dryer inside the unit. Maintenance is incredibly reasonable at $136 per month. The new patio has stunning views overlooking the canal and there are no fixed bridges, so direct access is yours. This best kept neighborhood has lush landscaping throughout, a marina, and a heated pool. I would be very surprised if this home remained on the market long. Contact me today for a showing.

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