The Miami real estate industry is gradually embracing Bitcoin as realtors realize the merits and advantages of utilizing the Bitcoin network to facilitate the transfer of large-scale transactions.
For many years, the Bitcoin community and experts within the cryptocurrency sector have debated the fundamental purpose of Bitcoin; whether it should operate more as a store of value or a digital cash system that is capable of processing small transactions with substantially low fees like Visa.
As of current, Bitcoin qualifies as both a store of value and a digital cash system. The integration of the Bitcoin Core development team’s transaction malleability and scaling solution Segregated Witness (SegWit) has significantly reduced Blockchain congestion within the Bitcoin network, decreasing the size of the Bitcoin mempool-the holding area for unconfirmed transactions-and the average Bitcoin block size. More to that, less than three percent of Bitcoin’s transactions are SegWit-enabled. As the ratio of SegWit-enabled transaction increase to over 50 percent, Bitcoin transactions will become even cheaper.
As a result, more merchants, investors and users have started to consider and adopt Bitcoin as a financial and a settlement network that is capable of processing both small and large transactions. Within the real estate industry, the majority of transactions or payments are in the millions. But, to process multi-million dollar transactions, banks require extremely high fees, sometimes up to thousands of dollars per transaction.
Several studies and research papers have revealed that Australian and US banks charge up to $4,000 for a $100,000 transaction. If the payment goes up to a few million dollars, the transaction fee will increase proportionally, potentially to $10,000.
In Bitcoin, such high fees can be avoided. Although transaction fees depend on the size of the transaction, it is possible to send a million dollar transaction with less than $10 with a SegWit-enabled wallet. More importantly, if the Bitcoin Blockchain network is less congested and the mempool size is small, it is possible for senders to attach even smaller fees to process the payment.
For realtors, the usage of Bitcoin significantly eases the process of facilitating large-scale payments. Not only do multi-million dollar bank wire transfers cost thousands of dollars and take weeks to sometimes months of processing time, they also require long paperwork and inefficient process of identity and financial verification.
Thus, Stephan Burke, member of the Master Brokers Forum, a network of real estate professionals in Miami, and realtor associate with Brown Harris Stevens wrote:
“It would seem that an industry like real estate, which already has a high comfort level with technology and the electronic exchange of large sums of money, will be a natural fit for Bitcoin in the coming years. In my opinion, some kind of serious regulation will be needed before Bitcoin hits Main Street. But I do believe that acceptance will happen sooner rather than later. The world changes extremely fast these days.”
Saturday, December 16, 2017
Thursday, December 14, 2017
Net neutrality repeal has real estate really worried
The Federal Communications Commission’s (FCC) vote to end Obama-era net neutrality protections could change the way consumers use the internet, and that may have a lasting effect on a real estate industry.
Today’s 3-2 vote under Republican Commissioner Chairman Ajit Pai — which fell along party lines — ends the 2015 Open Internet Order, which regulated the way internet service providers (ISPs) treated content. It required ISPs to treat all content equally and blocked the favoring of providing “fast lanes” for favored sites.
The FCC, in a statement, said they are “returning to the traditional light-touch framework that was in place until 2015.”
As part of the vote, oversight over internet regulations will shift from the FCC to the Federal Trade Commission. While the FCC is split with two Democrats and three Republicans — part of the organization’s bylaws allows for no more than three members of any political party — the FTC is made up of one Republican and one Democrat. Terrell Sweeney, the Democrat serving as a commissioner on the FTC, has already argued that her organization will not be able to save an open Internet.
What’s at stake for small businesses?
In the near term, Russ Cofano, a Washington state-based veteran of the real estate industry for over 25 years — most recently the president of eXp World Holdings, operator of real estate brokerage eXp Realty until this past summer — doesn’t believe much will change, but there’s mid- and long-term repercussions to consider.
“Real estate essentially is a business run by small business operators,” Cofano said. “The majority of real estate brokers are small businesses, individual agents are independent contractors and small businesses.”
He added: “The concern, among folks that are fighting against this repeal is that when you pit big business — that being broadband providers — against small business, big business wins in terms of usability, cost or both.”
At the very least, Cofano explained, repealing net neutrality could make it more expensive for smaller real estate operations to compete, but at the very worst, it could put people at a competitive disadvantage when working with consumers.
While it’s too early to see the shape of things to come, theoretically larger firms could work out deals to ensure speeds aren’t throttled on their sites, versus some of their smaller competitors. Berkshire Hathaway HomeServices, for example, could be at an advantage because it belongs to a multinational conglomerate that owns a small stake — less than one percent — in Verizon.
“It’s conceivable that could happen, but the repeal of the net neutrality rules are eliminating FCC regulation, but not antitrust,” Cofano explained.
“Would it be an antitrust violation to provide preference for big companies versus small companies?” Cofano added. “The answer is: we don’t know yet, but it’s scary. And lots of harm can happen while things go through the court system to determine if they were wrong in the first place.”
Threats to real estate tech
The repeal of net neutrality could also pose a threat to the thriving proptech industry. Roelof Opperman, an associate with Fifth Wall Ventures — a VC firm with companies like Opendoor, WiredScore, States Title and VTS in its portfolio — thinks it will impact startups with a direct-to-consumer business model, especially.
“Half of real estate technology is pure internet software as a service, delivered to consumers,” Opperman explained, using companies like Compass and Zillowas an example.
“Anytime there’s less regulation, and a telecommunications behemoth could throttle [speeds] based on what you’re paying them, that’s an issue,” he added. “It definitely hits innovation on the consumer end.”
A byproduct of the new lack of regulations could be that alternative internet networks become much more common, and access to those internet networks could become a new selling point for residential and commercial buildings.
“A lot of buildings are thinking about connectivity in a big way,” Opperman said. “Connectivity is basically the number one thing when people look for when moving into a new building or office.”
He added, “So I think it creates a really big opportunity for non-conventional networks such as dark fibre to brand themselves as ‘hey, we don’t do this.’” Dark fibre is a term referring to the extra cables and bandwidth that are laid down for broadband internet, which building owners may use to set up their own private, ultra-fast networks.
Like Cofano, Opperman admitted that there’s still a lot of unknown.
“We’ve just given all these massive telecommunications companies this power, and we’re not sure how they’re going to wield it,” he said.
Opperman thinks, if ISPs start to throttle speeds, they’ll go after bigger companies like YouTube and Netflix first, but eventually that will trickle down to small companies, which will obviously have an adverse impact in terms of cost and the services they provide to consumers.
“If you had two sites that were exactly the same or slightly differentiated, and one was much slower than the other, then why would you go to the other?” Opperman said.
The vote that ‘stacked the deck’
One of the companies backed by Fifth Wall Ventures is WiredScore, a startup that provides commercial real estate tenants with information about their building’s connectivity. The company’s CEO Arie Barendrecht believes the repeal of net neutrality will impact businesses like his own.
“We are a startup so we understand the hard work that goes into building a business,” he said. “Today’s ruling is a big loss for a lot of small businesses and an impediment to the growing innovation economy. The repeal of net neutrality just stacked the deck against smaller companies in favor of big business.”
John Gilbert, the chief operating officer and executive vice president at Rudin Management Company and also the co-chair of the Real Estate Board of New York’s (REBNY) Tech Committee also believes the repeal will have a negative impact on the growing proptech industry.
“Net neutrality has enhanced the creation of new companies offering digital solutions to real life problems,” he said. “Removing this foundational concept risks creating winners and losers based on a playing field that tilts against creative thought. This is an issue that deserves legislative debate.”
Racquel Russell, senior director, government relations and public affairs at Zillow — one of the nation’s largest online listing services, with $7.5 billion market cap — echoed Gilbert’s sentiments.
“The FCC’s changes to net neutrality create an unlevel playing field for consumers and small-business owners, including many of our real estate partners,” she said. “An open internet empowers consumers with information, helps small businesses grow and spurs innovation.”
The National Association of Realtors (NAR) has also been staunchly opposed to the repeal, on behalf of their 1.3 million members.
“The internet as we know it today is a fair and open platform that puts everyone on a level playing field,” said NAR President Elizabeth Mendenhall in a statement. “FCC’s rollback of the Open Internet Order will mean higher costs and slower service for millions of American consumers and businesses. Realtors have strong concerns about what that might mean for the way consumers search for homes online and real estate is transacted.”
Mendenhall pointed specifically to the small businesses that will be impacted by the repeal.
“The last thing small businesses need today is additional costs and competitive disadvantages that put them on the defensive,” she added. “This isn’t just an issue for Silicon Valley or large telecommunications shops. This is a main street concern that affects businesses and consumers across the country.
(https://www.inman.com/2017/12/14/net-neutrality-repeal-has-real-estate-really-worried/)
Today’s 3-2 vote under Republican Commissioner Chairman Ajit Pai — which fell along party lines — ends the 2015 Open Internet Order, which regulated the way internet service providers (ISPs) treated content. It required ISPs to treat all content equally and blocked the favoring of providing “fast lanes” for favored sites.
The FCC, in a statement, said they are “returning to the traditional light-touch framework that was in place until 2015.”
As part of the vote, oversight over internet regulations will shift from the FCC to the Federal Trade Commission. While the FCC is split with two Democrats and three Republicans — part of the organization’s bylaws allows for no more than three members of any political party — the FTC is made up of one Republican and one Democrat. Terrell Sweeney, the Democrat serving as a commissioner on the FTC, has already argued that her organization will not be able to save an open Internet.
What’s at stake for small businesses?
In the near term, Russ Cofano, a Washington state-based veteran of the real estate industry for over 25 years — most recently the president of eXp World Holdings, operator of real estate brokerage eXp Realty until this past summer — doesn’t believe much will change, but there’s mid- and long-term repercussions to consider.
“Real estate essentially is a business run by small business operators,” Cofano said. “The majority of real estate brokers are small businesses, individual agents are independent contractors and small businesses.”
He added: “The concern, among folks that are fighting against this repeal is that when you pit big business — that being broadband providers — against small business, big business wins in terms of usability, cost or both.”
At the very least, Cofano explained, repealing net neutrality could make it more expensive for smaller real estate operations to compete, but at the very worst, it could put people at a competitive disadvantage when working with consumers.
While it’s too early to see the shape of things to come, theoretically larger firms could work out deals to ensure speeds aren’t throttled on their sites, versus some of their smaller competitors. Berkshire Hathaway HomeServices, for example, could be at an advantage because it belongs to a multinational conglomerate that owns a small stake — less than one percent — in Verizon.
“It’s conceivable that could happen, but the repeal of the net neutrality rules are eliminating FCC regulation, but not antitrust,” Cofano explained.
“Would it be an antitrust violation to provide preference for big companies versus small companies?” Cofano added. “The answer is: we don’t know yet, but it’s scary. And lots of harm can happen while things go through the court system to determine if they were wrong in the first place.”
Threats to real estate tech
The repeal of net neutrality could also pose a threat to the thriving proptech industry. Roelof Opperman, an associate with Fifth Wall Ventures — a VC firm with companies like Opendoor, WiredScore, States Title and VTS in its portfolio — thinks it will impact startups with a direct-to-consumer business model, especially.
“Half of real estate technology is pure internet software as a service, delivered to consumers,” Opperman explained, using companies like Compass and Zillowas an example.
“Anytime there’s less regulation, and a telecommunications behemoth could throttle [speeds] based on what you’re paying them, that’s an issue,” he added. “It definitely hits innovation on the consumer end.”
A byproduct of the new lack of regulations could be that alternative internet networks become much more common, and access to those internet networks could become a new selling point for residential and commercial buildings.
“A lot of buildings are thinking about connectivity in a big way,” Opperman said. “Connectivity is basically the number one thing when people look for when moving into a new building or office.”
He added, “So I think it creates a really big opportunity for non-conventional networks such as dark fibre to brand themselves as ‘hey, we don’t do this.’” Dark fibre is a term referring to the extra cables and bandwidth that are laid down for broadband internet, which building owners may use to set up their own private, ultra-fast networks.
Like Cofano, Opperman admitted that there’s still a lot of unknown.
“We’ve just given all these massive telecommunications companies this power, and we’re not sure how they’re going to wield it,” he said.
Opperman thinks, if ISPs start to throttle speeds, they’ll go after bigger companies like YouTube and Netflix first, but eventually that will trickle down to small companies, which will obviously have an adverse impact in terms of cost and the services they provide to consumers.
“If you had two sites that were exactly the same or slightly differentiated, and one was much slower than the other, then why would you go to the other?” Opperman said.
The vote that ‘stacked the deck’
One of the companies backed by Fifth Wall Ventures is WiredScore, a startup that provides commercial real estate tenants with information about their building’s connectivity. The company’s CEO Arie Barendrecht believes the repeal of net neutrality will impact businesses like his own.
“We are a startup so we understand the hard work that goes into building a business,” he said. “Today’s ruling is a big loss for a lot of small businesses and an impediment to the growing innovation economy. The repeal of net neutrality just stacked the deck against smaller companies in favor of big business.”
John Gilbert, the chief operating officer and executive vice president at Rudin Management Company and also the co-chair of the Real Estate Board of New York’s (REBNY) Tech Committee also believes the repeal will have a negative impact on the growing proptech industry.
“Net neutrality has enhanced the creation of new companies offering digital solutions to real life problems,” he said. “Removing this foundational concept risks creating winners and losers based on a playing field that tilts against creative thought. This is an issue that deserves legislative debate.”
Racquel Russell, senior director, government relations and public affairs at Zillow — one of the nation’s largest online listing services, with $7.5 billion market cap — echoed Gilbert’s sentiments.
“The FCC’s changes to net neutrality create an unlevel playing field for consumers and small-business owners, including many of our real estate partners,” she said. “An open internet empowers consumers with information, helps small businesses grow and spurs innovation.”
The National Association of Realtors (NAR) has also been staunchly opposed to the repeal, on behalf of their 1.3 million members.
“The internet as we know it today is a fair and open platform that puts everyone on a level playing field,” said NAR President Elizabeth Mendenhall in a statement. “FCC’s rollback of the Open Internet Order will mean higher costs and slower service for millions of American consumers and businesses. Realtors have strong concerns about what that might mean for the way consumers search for homes online and real estate is transacted.”
Mendenhall pointed specifically to the small businesses that will be impacted by the repeal.
“The last thing small businesses need today is additional costs and competitive disadvantages that put them on the defensive,” she added. “This isn’t just an issue for Silicon Valley or large telecommunications shops. This is a main street concern that affects businesses and consumers across the country.
(https://www.inman.com/2017/12/14/net-neutrality-repeal-has-real-estate-really-worried/)
6 CRE Trends to Watch in 2018
What does the commercial real estate industry look like in 2018? How will today’s emerging market dynamics affect the business in the long run? The commercial real estate industry saw incredible growth in 2016 and 2017 and CRE professionals and investors are anticipating another great year for the industry.
Let’s take a look at 6 CRE trends to watch in 2018 and how they will impact your prospects.
Millennials
Millennials want to live in the city and they flock to communities that “never sleep.” In addition, millennials are not shopping in the same way older generations do – they utilize e-commerce sites like Amazon to do their shopping, rather than spending time in the traditional shopping mall. This will help boost the e-commerce industry and will benefit online retail and industrial sectors. Big box retail chains will have to adapt to the e-commerce trend or risk going out of business. The number of large commercial retail locations surpassing 50,000 square feet is growing.
Mobile Workforce
We have all heard of the co-working trend continuing to make a splash as more and more companies utilize mobile work options. Co-working companies such as SPACES and WeWork are continuing to expand into suburban and urban markets to adhere to this flexible workforce. This trend is changing the office sector and how employees are utilizing the workspace. This will also affect how you should approach prospecting for potential clients looking for office space.
Workforce Diversity
Commercial real estate trends typically follow trends in the business world. As more minorities and women continue to occupy C-suites, commercial real estate companies will increase diversity among brokers and agents as well and will place increased efforts on diversifying when scouting top talent.
The Aging Population
The large baby boomer population will impact housing and healthcare. Boomers, specifically empty nesters, are moving to urban centers and leaving suburban neighborhoods in the dust. The boomers are also impacting healthcare through the expansion of medical retail, like urgent care centers and walk-in healthcare clinics. Obsolete strip malls are also being converted into healthcare centers across the country.
Mixed-Use Developments
Shared services such as Uber and Lyft and bike-sharing services are a huge reason populations are returning to living in urban centers. Mixed-use developments both in urban areas and suburban areas allow for a true live-work-play lifestyle that caters to both millennials and older generations who do not want to drive and want to live in a walkable area. Public transportation is shaping how and where people live and work.
Alternative Financing
As banks continue to become more constrained about lending because of new regulations, private equity fund and other types of lenders will fill this void, although at higher rates.
ProspectNow is the most effective prospecting system in commercial real estate and can help you expand your brand online. Contact us today with any questions you may have and try out a demo to see how our software can help you boost your sales.
(https://blog.thebrokerlist.com/6-cre-trends-watch-2018-impact-prospects/)
Let’s take a look at 6 CRE trends to watch in 2018 and how they will impact your prospects.
Millennials
Millennials want to live in the city and they flock to communities that “never sleep.” In addition, millennials are not shopping in the same way older generations do – they utilize e-commerce sites like Amazon to do their shopping, rather than spending time in the traditional shopping mall. This will help boost the e-commerce industry and will benefit online retail and industrial sectors. Big box retail chains will have to adapt to the e-commerce trend or risk going out of business. The number of large commercial retail locations surpassing 50,000 square feet is growing.
Mobile Workforce
We have all heard of the co-working trend continuing to make a splash as more and more companies utilize mobile work options. Co-working companies such as SPACES and WeWork are continuing to expand into suburban and urban markets to adhere to this flexible workforce. This trend is changing the office sector and how employees are utilizing the workspace. This will also affect how you should approach prospecting for potential clients looking for office space.
Workforce Diversity
Commercial real estate trends typically follow trends in the business world. As more minorities and women continue to occupy C-suites, commercial real estate companies will increase diversity among brokers and agents as well and will place increased efforts on diversifying when scouting top talent.
The Aging Population
The large baby boomer population will impact housing and healthcare. Boomers, specifically empty nesters, are moving to urban centers and leaving suburban neighborhoods in the dust. The boomers are also impacting healthcare through the expansion of medical retail, like urgent care centers and walk-in healthcare clinics. Obsolete strip malls are also being converted into healthcare centers across the country.
Mixed-Use Developments
Shared services such as Uber and Lyft and bike-sharing services are a huge reason populations are returning to living in urban centers. Mixed-use developments both in urban areas and suburban areas allow for a true live-work-play lifestyle that caters to both millennials and older generations who do not want to drive and want to live in a walkable area. Public transportation is shaping how and where people live and work.
Alternative Financing
As banks continue to become more constrained about lending because of new regulations, private equity fund and other types of lenders will fill this void, although at higher rates.
ProspectNow is the most effective prospecting system in commercial real estate and can help you expand your brand online. Contact us today with any questions you may have and try out a demo to see how our software can help you boost your sales.
(https://blog.thebrokerlist.com/6-cre-trends-watch-2018-impact-prospects/)
Wednesday, December 6, 2017
U.S. Home Prices Enjoy Consecutive Months of 7 Percent Annual Increases
According to CoreLogic's latest U.S. Home Price Index and Forecast for October 2017, home prices nationwide are up both year over year and month over month. Home prices nationally increased year over year by 7 percent from October 2016 to October 2017, and on a month-over-month basis home prices increased by 0.9 percent in October 2017 compared with September 2017.
Quick Market FAQs:
Prices Starting to Out-Pace Value With 50 Percent of the Top 50 Markets Overvalued
All States Posted Year-Over-Year Price Gains in October 2017
Home Prices Projected to Increase 4.2 Percent by October 2018
Looking ahead, the CoreLogic HPI Forecast indicates that home prices will increase by 4.2 percent on a year-over-year basis from October 2017 to October 2018, and on a month-over-month basis home prices are expected to decrease by 0.2 percent from October 2017 to November 2017. The CoreLogic HPI Forecast is a projection of home prices using the CoreLogic HPI and other economic variables. Values are derived from state-level forecasts by weighting indices according to the number of owner-occupied households for each state.
"Single-family residential sales and prices continued to heat up in October," said Dr. Frank Nothaft, chief economist for CoreLogic. "On a year-over-year basis, home prices grew in excess of 6 percent for four consecutive months ending in October, the longest such streak since June 2014. This escalation in home prices reflects both the acute lack of supply and the strengthening economy."
According to CoreLogic Market Condition Indicators (MCI) data, an analysis of housing values in the country's 100 largest metropolitan areas based on housing stock, 37 percent of metropolitan areas have an overvalued housing stock as of October 2017. The MCI analysis categorizes home prices in individual markets as undervalued, at value or overvalued by comparing home prices to their long-run, sustainable levels, which are supported by local market fundamentals such as disposable income.
Also, as of October, 26 percent of the top 100 metropolitan areas were undervalued and 37 percent were at value. When looking at only the top 50 markets based on housing stock, 50 percent were overvalued, 14 percent were undervalued and 36 percent were at value. The MCI analysis defines an overvalued housing market as one in which home prices are at least 10 percent higher than the long-term, sustainable level, while an undervalued housing market is one in which home prices are at least 10 percent below the sustainable level.
"The acceleration in home prices is good news for both homeowners and the economy because it leads to higher home equity balances that support consumer spending and is a cushion against mortgage risk," said Frank Martell, president and CEO of CoreLogic. "However, for entry-level renters and first-time homebuyers, it leads to tougher affordability challenges. According to the CoreLogic Single-Family Rent Index, rents paid by entry-level renters for single-family homes rose by 4.2 percent from October 2016 to October 2017 compared with overall single-family rent growth of 2.7 percent over the same time."
unnamed (41).gif
Tuesday, December 5, 2017
Monday, December 4, 2017
10 Lessons this Entrepreneur Learned from Flipping $100 Million in Real Estate
The U.S. housing market has been on a steady tear for the past century. While there have been blips on the radar, especially recently with the Great Recession, real estate remains one of the best performing investment vehicles in the world. For entrepreneurs who understand the mechanics of how to successfully profit from a real estate transaction, the sky is quite literally the limit.
However, it's not always sunshine and rainbows. People do lose their proverbial shirts in real estate, just as they do in all other forms of business. Nonetheless, it offers up one of the most future-proof mediums for earning a substantial amount of money. The truth is that people will always need a place to live and businesses will always need a place to work. For that reason, real estate won't decline, but rather, continue its slow and steady climb.
Of course, the recent housing bubble stings just a little bit. If you're one of the unlucky people who bought near the peak and were forced to sell, or even let your home go in the bloodbath that ensued the 2007 market crash, then you've likely built some aversions towards investing in any form of property. Yet, for those that know how to weather the storm, even the recent downturn isn't a powerful enough deterrent when you weigh the risks versus rewards in real estate investing.
How to succeed in real estate.
Market ups and downs are to be expected in any indusry. For real estate, the waves come every few years. However, the contrarians know that the best time to invest is when everyone else is selling and the best time to sell is when everyone else is buying. And no matter what the market climate, anyone can succeed in real estate as long as they harbor a few tried-and-true lessons that can only come from the in-the-trenches battle for fiscal survival.
For Justin Colby, a wildly successful real estate investor from California who's flipped well over $100 million in real estate, success didn't come easy. In fact, when Colby first decided to enter into the real estate industry in 2007, he had just lost his home to a foreclosure, his car was repossessed and he was living on a friend's couch in San Francisco. He was a victim to the market frenzy and bubbling valuations that had him in way above his head and he simply let it all go.
If that kind of failure doesn't stop a person, then nothing ever could. In fact, Colby, while living on his friend's couch, was so determined to enter into real estate that even though he had no money and no credit, he committed to one simple thing that helped him eventually succeed. He decided to call 100 real estate agents every single day and tell them who he was, what he wanted to do and why they should work with him.
Naturally, Colby got a lot of hang ups. But he persisted. Out of the 100 agents he would call every single day, on average, 90 would hang up on him. Eight would have a brief exchange with him. And two would be interested enough in what he had to say that they would agree to a sit-down. Colby did this every single day for nine months. Somehow, somewhere, deep down inside, he knew he was destined for this.
He would hold those meetings at Starbucks. At the time, around the Great Recession, Starbucks had been offering free coffee refills as long the coffee was consumed in the shop. So he sat there and met with those realtors and tried to convince and sway them to work with him. Eventually, he found one that had agreed. The question was, how was he going to conduct a real estate transaction without having any money or any credit?
Colby's first flip happened with the realtor's help. Colby found the property and the realtor lined up a buyer. For the cash, he turned to a transactional lender, which is effectively a hard money lender but charges much higher interest rates. For a 48-hour lend, the company charged him two points in interest. But it worked. He flipped that house in 72 hours and made his first $7,000 in real estate, which he had to split with his business partner.
For the next flip, he did the same thing. Afterwards, out of sheer luck, he managed to meet an old friend from high school who showed up at a 49'ers game. That friend had just come into an inheritance and after a brief conversation, decided to invest $100,000 with Colby. That was the turning point. That's when he put pedal to the metal and things really took off.
However, surprisingly, with that investment, Colby did something contrarian. Realizing that he needed guidance and leadership from an expert in the field, he invested in a $25,000 real estate mastermind, which, after two phone calls, helped him to hone his direction. That's all it took. While Colby's first year had only seen two deals push through, in his second year, he did six. These were traditional rehab flips. The next year, an astounding jump to 46 flips, then 96 the year after. Afterwards, he moved into large-scale real estate development.
After flipping $100 million in real estate, Colby learned 10 very important lessons that any entrepreneur who's interested in real estate should heed. No matter what your present stiatuion, people like Colby are a true testament to what's possible when you're so committed and devoted to doing something, that nothing will stand in your way. Imagine having no money, no credit and no personal network that you can lean on, and turning around and becoming a wildly successful real estate investor. That's where true champions are formed.
1. You have to believe it before you see it.
No matter what line of work you're in, if you can't envision success, you won't be able to achieve it. For Colby, even his stark present-day reality wasn't enough to hold him back from achieving his dreams. He was able to wildly envision a future that was so different from his reality, that the power of his thoughts propelled him towards his dreams. Without that, no entrepreneur can succeed.
2. Reasons come first and answers come second.
Anyone who wants to achieve a goal needs to find a strong enough reason why they must achieve it. That will always come first. If your reason is strong enough, whatever it is, then it will help you achieve anything. Colby discovered that he had this burning desire to succeed and didn't want to just live a life of mediocrity. That's how you achieve greatness.
3. Progress happens when you breakthrough your fears.
We all have limiting beliefs and fears that hold us back in life. They stop us from achieving our dreams. But the biggest amount of progress can only happen when we breakthrough our fears. Marilyn Ferguson once said that "Ultimately we know deeply that the other side of every fear is freedom." Colby learned that when a fear arose in his mind, he would immediately breakthrough it by tackling it head on.
4. Don't suffer paralysis by analysis.
We often overthink and over analyze things in life. We wait for the cards to be just right or the stars to align. Well, that's never going to happen. Unless you seize the opportunity, things will never be perfect. You have to go out there and simply do things and not wait around for things to come to you. They'll never come to you unless you go out there and get them.
5. Create a massive action plan if you're serious about getting results.
Colby discovered that he needed a massive action plan to succeed. He never changed his goals. But if his plan wasn't working out, he would adjust his plan, but he was always planning. At the end of the day, if you're building and carrying out your plan constantly, you'll eventually succeed. It might take longer than you initially hoped. But you'll get there.
6. Sometimes you learn and sometimes you earn.
Failure should be expected when you're trying to achieve big goals. Don't let that dissuade you. Sometimes you'll learn some serious lessons from those failures and sometimes you'll earn money when things go according to plan. But don't be disheartened when things fall apart from time to time. Expect it. Power through it. And keep going.
7. Find a leader, a mentor or a coach immediately.
No matter what it takes, you have to find someone who can mentor you, a leader or a professional coach. Whatever you have to spend on this, you should make it a priority. They'll be able to guide you in the right direction. When Colby got $100,000 as an investment from a friend, he spent 25% of that on a mastermind coach. Acknowledging the importance of this, Colby has mentored well over a 1,000 students through his coaching program, The Science of Flipping and leads three separate real estate masterminds.
8. Use widely-available resources to help you achieve your goals.
We have so many resources at our disposal to connect with others. We can use social media to message influencers in any industry. We can send emails to industry leaders or business titans. Don't be afraid to ask for help or to tap into networking tools like meetup.com to help you find other like-minded entrepreneurs while working to achieve your goals. Steve Jobs once said, "I've never found anybody who didn't want to help me when I've asked them for help."
9. Manage your time or you'll find yourself going backwards rather than forwards.
If you're serious about achieving any goal, you have to manage your time and do it effectively. Find a good system that works and work it. Focus on your long-term goals and cut out your distractions. Don't spend your day on time-wasters like endlessly surfing the internet or watching television or engaging in some other mindless pursuit. Time is finite so use it wisely.
10. Never, ever, give up, no matter what.
Big goals take time. You have to persist. No matter how bad you feel, you need to get up, dress up and show up. That's what it takes. That's the winning mentality. If things don't go your way, don't take it the wrong way. Just try again. Pick yourself back up and keep moving. Blil Bradley once said that "ambition is the path to success. Persistence is the vehicle you arrive in."
(https://www.entrepreneur.com/article/296913)
However, it's not always sunshine and rainbows. People do lose their proverbial shirts in real estate, just as they do in all other forms of business. Nonetheless, it offers up one of the most future-proof mediums for earning a substantial amount of money. The truth is that people will always need a place to live and businesses will always need a place to work. For that reason, real estate won't decline, but rather, continue its slow and steady climb.
Of course, the recent housing bubble stings just a little bit. If you're one of the unlucky people who bought near the peak and were forced to sell, or even let your home go in the bloodbath that ensued the 2007 market crash, then you've likely built some aversions towards investing in any form of property. Yet, for those that know how to weather the storm, even the recent downturn isn't a powerful enough deterrent when you weigh the risks versus rewards in real estate investing.
How to succeed in real estate.
Market ups and downs are to be expected in any indusry. For real estate, the waves come every few years. However, the contrarians know that the best time to invest is when everyone else is selling and the best time to sell is when everyone else is buying. And no matter what the market climate, anyone can succeed in real estate as long as they harbor a few tried-and-true lessons that can only come from the in-the-trenches battle for fiscal survival.
For Justin Colby, a wildly successful real estate investor from California who's flipped well over $100 million in real estate, success didn't come easy. In fact, when Colby first decided to enter into the real estate industry in 2007, he had just lost his home to a foreclosure, his car was repossessed and he was living on a friend's couch in San Francisco. He was a victim to the market frenzy and bubbling valuations that had him in way above his head and he simply let it all go.
If that kind of failure doesn't stop a person, then nothing ever could. In fact, Colby, while living on his friend's couch, was so determined to enter into real estate that even though he had no money and no credit, he committed to one simple thing that helped him eventually succeed. He decided to call 100 real estate agents every single day and tell them who he was, what he wanted to do and why they should work with him.
Naturally, Colby got a lot of hang ups. But he persisted. Out of the 100 agents he would call every single day, on average, 90 would hang up on him. Eight would have a brief exchange with him. And two would be interested enough in what he had to say that they would agree to a sit-down. Colby did this every single day for nine months. Somehow, somewhere, deep down inside, he knew he was destined for this.
He would hold those meetings at Starbucks. At the time, around the Great Recession, Starbucks had been offering free coffee refills as long the coffee was consumed in the shop. So he sat there and met with those realtors and tried to convince and sway them to work with him. Eventually, he found one that had agreed. The question was, how was he going to conduct a real estate transaction without having any money or any credit?
Colby's first flip happened with the realtor's help. Colby found the property and the realtor lined up a buyer. For the cash, he turned to a transactional lender, which is effectively a hard money lender but charges much higher interest rates. For a 48-hour lend, the company charged him two points in interest. But it worked. He flipped that house in 72 hours and made his first $7,000 in real estate, which he had to split with his business partner.
For the next flip, he did the same thing. Afterwards, out of sheer luck, he managed to meet an old friend from high school who showed up at a 49'ers game. That friend had just come into an inheritance and after a brief conversation, decided to invest $100,000 with Colby. That was the turning point. That's when he put pedal to the metal and things really took off.
However, surprisingly, with that investment, Colby did something contrarian. Realizing that he needed guidance and leadership from an expert in the field, he invested in a $25,000 real estate mastermind, which, after two phone calls, helped him to hone his direction. That's all it took. While Colby's first year had only seen two deals push through, in his second year, he did six. These were traditional rehab flips. The next year, an astounding jump to 46 flips, then 96 the year after. Afterwards, he moved into large-scale real estate development.
After flipping $100 million in real estate, Colby learned 10 very important lessons that any entrepreneur who's interested in real estate should heed. No matter what your present stiatuion, people like Colby are a true testament to what's possible when you're so committed and devoted to doing something, that nothing will stand in your way. Imagine having no money, no credit and no personal network that you can lean on, and turning around and becoming a wildly successful real estate investor. That's where true champions are formed.
1. You have to believe it before you see it.
No matter what line of work you're in, if you can't envision success, you won't be able to achieve it. For Colby, even his stark present-day reality wasn't enough to hold him back from achieving his dreams. He was able to wildly envision a future that was so different from his reality, that the power of his thoughts propelled him towards his dreams. Without that, no entrepreneur can succeed.
2. Reasons come first and answers come second.
Anyone who wants to achieve a goal needs to find a strong enough reason why they must achieve it. That will always come first. If your reason is strong enough, whatever it is, then it will help you achieve anything. Colby discovered that he had this burning desire to succeed and didn't want to just live a life of mediocrity. That's how you achieve greatness.
3. Progress happens when you breakthrough your fears.
We all have limiting beliefs and fears that hold us back in life. They stop us from achieving our dreams. But the biggest amount of progress can only happen when we breakthrough our fears. Marilyn Ferguson once said that "Ultimately we know deeply that the other side of every fear is freedom." Colby learned that when a fear arose in his mind, he would immediately breakthrough it by tackling it head on.
4. Don't suffer paralysis by analysis.
We often overthink and over analyze things in life. We wait for the cards to be just right or the stars to align. Well, that's never going to happen. Unless you seize the opportunity, things will never be perfect. You have to go out there and simply do things and not wait around for things to come to you. They'll never come to you unless you go out there and get them.
5. Create a massive action plan if you're serious about getting results.
Colby discovered that he needed a massive action plan to succeed. He never changed his goals. But if his plan wasn't working out, he would adjust his plan, but he was always planning. At the end of the day, if you're building and carrying out your plan constantly, you'll eventually succeed. It might take longer than you initially hoped. But you'll get there.
6. Sometimes you learn and sometimes you earn.
Failure should be expected when you're trying to achieve big goals. Don't let that dissuade you. Sometimes you'll learn some serious lessons from those failures and sometimes you'll earn money when things go according to plan. But don't be disheartened when things fall apart from time to time. Expect it. Power through it. And keep going.
7. Find a leader, a mentor or a coach immediately.
No matter what it takes, you have to find someone who can mentor you, a leader or a professional coach. Whatever you have to spend on this, you should make it a priority. They'll be able to guide you in the right direction. When Colby got $100,000 as an investment from a friend, he spent 25% of that on a mastermind coach. Acknowledging the importance of this, Colby has mentored well over a 1,000 students through his coaching program, The Science of Flipping and leads three separate real estate masterminds.
8. Use widely-available resources to help you achieve your goals.
We have so many resources at our disposal to connect with others. We can use social media to message influencers in any industry. We can send emails to industry leaders or business titans. Don't be afraid to ask for help or to tap into networking tools like meetup.com to help you find other like-minded entrepreneurs while working to achieve your goals. Steve Jobs once said, "I've never found anybody who didn't want to help me when I've asked them for help."
9. Manage your time or you'll find yourself going backwards rather than forwards.
If you're serious about achieving any goal, you have to manage your time and do it effectively. Find a good system that works and work it. Focus on your long-term goals and cut out your distractions. Don't spend your day on time-wasters like endlessly surfing the internet or watching television or engaging in some other mindless pursuit. Time is finite so use it wisely.
10. Never, ever, give up, no matter what.
Big goals take time. You have to persist. No matter how bad you feel, you need to get up, dress up and show up. That's what it takes. That's the winning mentality. If things don't go your way, don't take it the wrong way. Just try again. Pick yourself back up and keep moving. Blil Bradley once said that "ambition is the path to success. Persistence is the vehicle you arrive in."
(https://www.entrepreneur.com/article/296913)
Thursday, November 30, 2017
Housing Forecast 2018, Ease in Inventory constraints and sharp rise in prices!
According to Realtor.com's 2018 National Housing Forecast, U.S. housing inventory constraints have fueled a sharp rise in prices and made it difficult for buyers to gain a foothold in the market. But that is expected to change next year as part of broader and continued housing market improvements.
The easing of the inventory shortage, which is expected to result in more manageable increases in home prices and a modest acceleration of home sales, is based on an inventory growth trend that began in August 2017, according to Realtor.com. The annual forecast, which is among the industry's bellwethers in tracking and analyzing major trends in the housing market, also expects an increase in millennial mortgage share and strong sales growth in Southern markets. The wildcard in 2018 will be the impact of the tax reform legislation currently being debated in Congress.
"We are forecasting next year to set the stage for a significant inflection point in the housing shortage," said Javier Vivas, director of economic research for Realtor.com. "Inventory increases will be felt in higher priced segments after home buying season, which limits their impact on total sales for the year. As we head into 2019 and beyond, we expect to see these inventory increases take hold and provide relief for first-time home buyers and drive sales growth."
Top Five U.S. Housing Trends for 2018 Include:
1. Inventory begins to increase - Beginning in August 2017, the U.S. housing market started to see a higher than normal month-over-month increase in the number of homes on the market. Based on this trend, realtor.com projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015. Inventory declines are expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in the early fall, after the peak home-buying months. Boston, Detroit, Kansas City, Nashville and Philadelphia are predicted to see inventory recover first. The majority of this growth is expected in the mid-to-upper tier price points, which includes U.S. homes priced above $350,000. Starter homes are expected to take longer to recover because their levels have become so depleted by first time buyers.
2. Slowing price appreciation - Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in 2017. Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry-level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range.
3. Millennials gain market share in all home price segments - Although millennials will continue to face challenges next year with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. With the largest cohort of millennial expected to turn 30 in 2020, their homeownership market share is only expected to increase.
4. Southern markets will lead in sales growth - Southern cities are anticipated to beat the national average in home sales growth in 2018 with Tulsa, Okla.; Little Rock, Ark.; Dallas; and Charlotte, N.C.; leading the pack. Sales are expected to grow by 6 percent or more in these markets, compared with 2.5 percent nationally. The majority of this growth can be attributed to healthy building levels combating the housing shortage. With inventory growth just around the corner, these areas are primed for sales gains in years to come.
5. Tax reform is a major wildcard - At the time of this forecast, both the House and Senate had bills up for consideration, because neither had passed at the time they were not included in the forecast. Both proposed tax changes had provisions that are likely to decrease incentives for mobility and reduce ownership tax benefits. On the flip side, some taxpayers, including renters, are likely to see a tax cut. While more disposable income for buyers is positive for housing, the loss of tax benefits for ownership could lead to fewer sales and lower prices with the largest impact on markets with higher prices and incomes.
Next year, home prices are anticipated to increase 3.2 percent year-over-year after finishing 2017 up 5.5 percent year-over-year. Existing home sales are forecast to increase 2.5 percent to 5.60 million homes due in-part to inventory increases, compared to 2017's 0.4 percent increase or 5.47 million homes. Mortgage rates are expected to reach 5.0 percent by the end of 2018 due to stronger economic growth, inflationary pressure, and monetary policy normalization in the year ahead.
2018 Top U.S. Housing Markets (based largest sales and prices gains)
1. Las Vegas-Henderson-Paradise, Nev.
2. Dallas-Fort Worth-Arlington, Texas
3. Deltona-Daytona Beach-Ormond Beach, Fla.
4. Stockton-Lodi, Calif.
5. Lakeland-Winter Haven, Fla.
6. Salt Lake City, Utah
7. Charlotte-Concord-Gastonia, N.C.-S.C.
8. Colorado Springs, Colo.
9. Nashville-Davidson--Murfreesboro--Franklin, Tenn.
10. Tulsa, Okla.
The easing of the inventory shortage, which is expected to result in more manageable increases in home prices and a modest acceleration of home sales, is based on an inventory growth trend that began in August 2017, according to Realtor.com. The annual forecast, which is among the industry's bellwethers in tracking and analyzing major trends in the housing market, also expects an increase in millennial mortgage share and strong sales growth in Southern markets. The wildcard in 2018 will be the impact of the tax reform legislation currently being debated in Congress.
"We are forecasting next year to set the stage for a significant inflection point in the housing shortage," said Javier Vivas, director of economic research for Realtor.com. "Inventory increases will be felt in higher priced segments after home buying season, which limits their impact on total sales for the year. As we head into 2019 and beyond, we expect to see these inventory increases take hold and provide relief for first-time home buyers and drive sales growth."
Top Five U.S. Housing Trends for 2018 Include:
1. Inventory begins to increase - Beginning in August 2017, the U.S. housing market started to see a higher than normal month-over-month increase in the number of homes on the market. Based on this trend, realtor.com projects U.S. year-over-year inventory growth to tick up into positive territory by fall 2018, for the first time since 2015. Inventory declines are expected to decelerate slowly throughout the year, reaching a 4 percent year-over-year decline in March before increasing in the early fall, after the peak home-buying months. Boston, Detroit, Kansas City, Nashville and Philadelphia are predicted to see inventory recover first. The majority of this growth is expected in the mid-to-upper tier price points, which includes U.S. homes priced above $350,000. Starter homes are expected to take longer to recover because their levels have become so depleted by first time buyers.
2. Slowing price appreciation - Home prices are forecasted to slow to 3.2 percent growth year-over-year nationally, from an estimated increase of 5.5 percent in 2017. Most of the slowing will be felt in the higher-priced segment as more available inventory in this price range and a smaller pool of buyers forces sellers to price competitively. Entry-level homes will continue to see price gains due to the larger number of buyers that can afford them and more limited homes available for sale in this price range.
3. Millennials gain market share in all home price segments - Although millennials will continue to face challenges next year with rising interest rates and home prices, they are on track to gain mortgage market share in all price points, due to the sheer size of the generation. Millennials could reach 43 percent of home buyers taking out a mortgage by the end of 2018, up from an estimated 40 percent in 2017. With the largest cohort of millennial expected to turn 30 in 2020, their homeownership market share is only expected to increase.
4. Southern markets will lead in sales growth - Southern cities are anticipated to beat the national average in home sales growth in 2018 with Tulsa, Okla.; Little Rock, Ark.; Dallas; and Charlotte, N.C.; leading the pack. Sales are expected to grow by 6 percent or more in these markets, compared with 2.5 percent nationally. The majority of this growth can be attributed to healthy building levels combating the housing shortage. With inventory growth just around the corner, these areas are primed for sales gains in years to come.
5. Tax reform is a major wildcard - At the time of this forecast, both the House and Senate had bills up for consideration, because neither had passed at the time they were not included in the forecast. Both proposed tax changes had provisions that are likely to decrease incentives for mobility and reduce ownership tax benefits. On the flip side, some taxpayers, including renters, are likely to see a tax cut. While more disposable income for buyers is positive for housing, the loss of tax benefits for ownership could lead to fewer sales and lower prices with the largest impact on markets with higher prices and incomes.
Next year, home prices are anticipated to increase 3.2 percent year-over-year after finishing 2017 up 5.5 percent year-over-year. Existing home sales are forecast to increase 2.5 percent to 5.60 million homes due in-part to inventory increases, compared to 2017's 0.4 percent increase or 5.47 million homes. Mortgage rates are expected to reach 5.0 percent by the end of 2018 due to stronger economic growth, inflationary pressure, and monetary policy normalization in the year ahead.
2018 Top U.S. Housing Markets (based largest sales and prices gains)
1. Las Vegas-Henderson-Paradise, Nev.
2. Dallas-Fort Worth-Arlington, Texas
3. Deltona-Daytona Beach-Ormond Beach, Fla.
4. Stockton-Lodi, Calif.
5. Lakeland-Winter Haven, Fla.
6. Salt Lake City, Utah
7. Charlotte-Concord-Gastonia, N.C.-S.C.
8. Colorado Springs, Colo.
9. Nashville-Davidson--Murfreesboro--Franklin, Tenn.
10. Tulsa, Okla.
Wednesday, November 29, 2017
How to Choose a Real Estate Agent to Sell Your House?
When you decide to buy a home for yourself, you make sure to have a real estate agent to do the job for you. When you’re out there shopping for an estate agent you make sure that you get the best one in the town. There are many home sellers and some top realtor that can get your attention through ads, banners, and so much advertising stuff. This advertising stuff makes you know that there are many real estate agents out there, waiting for your one call or visit at their office.
There are some key points that you should always follow while hiring a real estate agent for getting you the best house deal;
How to Choose a Real Estate Agent
Recent clientele:
Before making a deal with a real estate agent, always check his or her client history. You don’t have to be a spy for that. You should just simply ask the agent to provide you the list of clients and the list of sales in the past years.
These lists can tell you whether your time is worthy of making a deal with the specific real estate agent.
If you are selling your house, then ask the estate agent that what were the rates for the previous clients with the same house like yours? This will make you decide easily whether want that estate agent or not.
License:
This is the most important thing that you should keep in mind while hiring a real estate agents. The home seller should be a license holder under the rules of the state.
Choose a winner:
Always choose a person as your real estate agent, who is famous for the work and is efficient also. The fame in public of an estate agent attracts more clients than an ordinary one.
The estate agents, who are judged by their efficient skills in peers, should be your preference.
Specialized:
If you say that doctors are specialized, so are the real estate agents. The specialization of any real estate agent is mostly determined by the number of certifications linked to the agent. The real estate agents get certified on the basis of their vast experience and best skills in work.
To get the certifications takes much struggle than anything in a career. But it is the signification of hard work throughout life.
Experience counts:
The experience of a real estate agent really counts in the market. People are more attracted to the services of a person who has more experience in his field. A person holding the experience of 5 to 10 years as a real estate agent, with great success record, should be your first preference.
You can also keep an eye on the estate agents who are currently active in a particular area or locality of your interest. If the agents are doing well in that particular area, they can also be a better option for you.
You should always keep in mind that finding a real estate agent to sell your home is an easy job. But the difficult part is to find the right person to do the job in a right way. A home seller with all these qualities can be the best choice for you. So, make sure that the estate agent you’re hiring can provide you with facts so that you get your hands on the best deals for your house.
(http://www.fastexpert.com/choose-real-estate-agent-sell-house/).
There are some key points that you should always follow while hiring a real estate agent for getting you the best house deal;
How to Choose a Real Estate Agent
Recent clientele:
Before making a deal with a real estate agent, always check his or her client history. You don’t have to be a spy for that. You should just simply ask the agent to provide you the list of clients and the list of sales in the past years.
These lists can tell you whether your time is worthy of making a deal with the specific real estate agent.
If you are selling your house, then ask the estate agent that what were the rates for the previous clients with the same house like yours? This will make you decide easily whether want that estate agent or not.
License:
This is the most important thing that you should keep in mind while hiring a real estate agents. The home seller should be a license holder under the rules of the state.
Choose a winner:
Always choose a person as your real estate agent, who is famous for the work and is efficient also. The fame in public of an estate agent attracts more clients than an ordinary one.
The estate agents, who are judged by their efficient skills in peers, should be your preference.
Specialized:
If you say that doctors are specialized, so are the real estate agents. The specialization of any real estate agent is mostly determined by the number of certifications linked to the agent. The real estate agents get certified on the basis of their vast experience and best skills in work.
To get the certifications takes much struggle than anything in a career. But it is the signification of hard work throughout life.
Experience counts:
The experience of a real estate agent really counts in the market. People are more attracted to the services of a person who has more experience in his field. A person holding the experience of 5 to 10 years as a real estate agent, with great success record, should be your first preference.
You can also keep an eye on the estate agents who are currently active in a particular area or locality of your interest. If the agents are doing well in that particular area, they can also be a better option for you.
You should always keep in mind that finding a real estate agent to sell your home is an easy job. But the difficult part is to find the right person to do the job in a right way. A home seller with all these qualities can be the best choice for you. So, make sure that the estate agent you’re hiring can provide you with facts so that you get your hands on the best deals for your house.
(http://www.fastexpert.com/choose-real-estate-agent-sell-house/).
THIS IS THE EXCLUSIVE BUILDING FOR CUSTOMERS ASTON MARTIN THAT ALFREDO COTO BUILDS IN MIAMI
The "well sale" was opened. 7 penthouses are offered. There will be entertainment areas, a two-floor gym, spinning room, boxing room, virtual golf, art gallery, two cinemas and a spa. In addition, you will have a special lift to take the car to the door of the apartment.
In February, Alfredo Coto and his son Germán announced an ambitious investment in a real estate development in Miami, the Aston Martin Residences, an exclusive building for owners of the English sports car brand that will be inaugurated in 2021.
And now, the family that owns one of the largest supermarket chains in Argentina, opened the sale of the luxurious apartments that are being built on Biscayne Boulevard 300, just where the Miami River meets the ocean.
To conquer the buyers, the Coto and Aston Martin produced two videos that show the lifestyle and plans of the spectacular 66-story sailboat complex.
The sale of "well" started with prices from $ 470,900.
The 66-story sailboat-shaped tower, designed by the American architectural company Revuelta and the Argentine Weddings Miani Anger, will have 391 apartments from 70 to 300 square meters.
Seven penthouses will be offered, with private pools and terraces.
In addition to entertainment areas, which occupy four levels of the tower, there will be a two-floor gym, spinning room, boxing room, virtual golf room, art gallery, two cinemas and a spa.
The Aston Martin theme building will follow the design trend of similar condominiums in Florida, such as Porsche Design, Bentley Residences and Armani Casa.
As reported, the Aston Martin Residences, will have a vehicle lift to take the cars to the door of the apartments.
It will also have a special hangar for private planes at the Miami Airport and on the ground floor there will be a boat dock.
At the end of 2016 the supermarket group Coto was chosen by the British Aston Martin, famous for being the traditional insignia of the James Bond films, to put its brand in the luxurious condominium that will develop in Miami.
This is the first real estate development that will bear the name of the car manufacturer, which will not be left alone to lend its brand but will put designers for the lobbies, the spa and the common areas.
The design team of Aston Martin, led by Marek Reichman, vice president and creative director, is responsible for the interior and common areas of the building, in which the key elements of the brand, such as carbon fiber and leather, will be employees at reception tables and doors.
Thus, the details of the finishes such as door knobs, leather finishes, reception desks and the color palettes of the shared environments will be a registered trademark.
At the beginning of the year, in an interview with Efe, Germán Coto said that they associated with Aston Martin, because they wanted "design to be what moves the spirit of the people who participate in this project".
The president of G & G added that beauty and quality are the main qualities present in this luxury tower.
The project developers already have apartment reservation deposits for US $ 100 million.
"After having manufactured over 80,000 cars throughout our history, we have now considered entering the real estate business for the first time," Simon Sproule, vice president of Aston Martin, a high-end brand created in the United Kingdom, said at the opening ceremony. United in 1913.
The creative director also stressed that when the Coto family proposed this project they were "immediately impressed" with the approach they put in the same values that "our brand defends": quality and design.
"It's the building where James Bond would live," Germán joked.
(Source: iProfesional, "Video: this is the exclusive building for Aston Martin customers that Alfredo Coto builds in Miami", 11/28/2017.)
In February, Alfredo Coto and his son Germán announced an ambitious investment in a real estate development in Miami, the Aston Martin Residences, an exclusive building for owners of the English sports car brand that will be inaugurated in 2021.
And now, the family that owns one of the largest supermarket chains in Argentina, opened the sale of the luxurious apartments that are being built on Biscayne Boulevard 300, just where the Miami River meets the ocean.
To conquer the buyers, the Coto and Aston Martin produced two videos that show the lifestyle and plans of the spectacular 66-story sailboat complex.
The sale of "well" started with prices from $ 470,900.
The 66-story sailboat-shaped tower, designed by the American architectural company Revuelta and the Argentine Weddings Miani Anger, will have 391 apartments from 70 to 300 square meters.
Seven penthouses will be offered, with private pools and terraces.
In addition to entertainment areas, which occupy four levels of the tower, there will be a two-floor gym, spinning room, boxing room, virtual golf room, art gallery, two cinemas and a spa.
The Aston Martin theme building will follow the design trend of similar condominiums in Florida, such as Porsche Design, Bentley Residences and Armani Casa.
As reported, the Aston Martin Residences, will have a vehicle lift to take the cars to the door of the apartments.
It will also have a special hangar for private planes at the Miami Airport and on the ground floor there will be a boat dock.
At the end of 2016 the supermarket group Coto was chosen by the British Aston Martin, famous for being the traditional insignia of the James Bond films, to put its brand in the luxurious condominium that will develop in Miami.
This is the first real estate development that will bear the name of the car manufacturer, which will not be left alone to lend its brand but will put designers for the lobbies, the spa and the common areas.
The design team of Aston Martin, led by Marek Reichman, vice president and creative director, is responsible for the interior and common areas of the building, in which the key elements of the brand, such as carbon fiber and leather, will be employees at reception tables and doors.
Thus, the details of the finishes such as door knobs, leather finishes, reception desks and the color palettes of the shared environments will be a registered trademark.
At the beginning of the year, in an interview with Efe, Germán Coto said that they associated with Aston Martin, because they wanted "design to be what moves the spirit of the people who participate in this project".
The president of G & G added that beauty and quality are the main qualities present in this luxury tower.
The project developers already have apartment reservation deposits for US $ 100 million.
"After having manufactured over 80,000 cars throughout our history, we have now considered entering the real estate business for the first time," Simon Sproule, vice president of Aston Martin, a high-end brand created in the United Kingdom, said at the opening ceremony. United in 1913.
The creative director also stressed that when the Coto family proposed this project they were "immediately impressed" with the approach they put in the same values that "our brand defends": quality and design.
"It's the building where James Bond would live," Germán joked.
(Source: iProfesional, "Video: this is the exclusive building for Aston Martin customers that Alfredo Coto builds in Miami", 11/28/2017.)
ASÍ ES EL EXCLUSIVO EDIFICIO PARA CLIENTES DE ASTON MARTIN QUE ALFREDO COTO CONSTRUYE EN MIAMI
Se abrió la "venta de pozo". Se ofrecen 7 penthouses. Habrá áreas de entretenimiento, un gimnasio de dos plantas, salón de spinning, sala de boxeo, de golf virtual, galería de arte, dos cines y un spa. Además, tendrá un ascensor especial para poder llevar el auto hasta la puerta del departamento.
En febrero, Alfredo Coto y su hijo Germán anunciaron una ambiciosa inversión en un emprendimiento inmobiliario en Miami, la Aston Martin Residences, un edificio exclusivo para propietarios de la marca de autos deportivos ingleses que será inaugurado en 2021.
Y ahora, la familia dueña de una de las mayores cadenas de supermercados de la Argentina, abrió la venta de los lujosos departamentos que se están construyendo en Biscayne Boulevard 300, justo donde el Río Miami se une con el océano.
Para conquistar a los compradores los Coto y Aston Martin produjeron dos videos donde muestran el estilo de vida y los planos del espectacular complejo de 66 pisos con forma de velero.
La venta de "pozo" arrancó con precios desde los 470.900 dólares.
La torre en forma de velero de 66 pisos, diseñada por la compañía arquitectónica estadounidense Revuelta y la argentina Bodas Miani Anger, contará con 391 departamentos de 70 a 300 metros cuadrados.
Se ofrecerán siete penthouses, con piscinas y terrazas privadas.
Además de áreas de entretenimiento, que ocupan cuatro niveles de la torre, habrá un gimnasio de dos plantas, salón de spinning, sala de boxeo, sala de golf virtual, galería de arte, dos cines y un spa.
El edificio temático de Aston Martin seguirá la tendencia de diseño de otros condominios similares en Florida, como el Porsche Design, el Bentley Residences y el Armani Casa.
Según informaron, las Aston Martin Residences, tendrán un ascensor de vehículos para poder llevar los autos hasta la puerta de los departamentos.
Además contará con un hangar especial para aviones privados en el Aeropuerto de Miami y en la planta baja habrá un muelle para embarcaciones.
A fines de 2016 el grupo supermercadista Coto fue el elegido por la británica Aston Martin, famosa por ser la tradicional insignia de las películas de James Bond, para poner su marca en el lujoso condominio que desarrollará en Miami.
Este es el primer desarrollo inmobiliario que llevará el nombre del fabricante de autos, que no se quedará solo en prestar su marca sino que pondrá diseñadores para los lobbies, el spa y las áreas comunes.
El equipo de diseño de Aston Martin, liderado por Marek Reichman, vicepresidente y director creativo, es el encargado del interior y las áreas comunes del edificio, en las que los elementos clave de la marca, como la fibra de carbono y el cuero, serán empleados en mesas de recepción y puertas.
Así, los detalles de las terminaciones como picaportes, terminaciones en cuero, escritorios de la recepción y las paletas de colores de los ambientes compartidos, serán una marca registrada.
A principio de año, en una entrevista con Efe, Germán Coto afirmó que se asociaron con Aston Martin, porque buscaban que "el diseño fuera lo que moviese el espíritu de la gente que participa en este proyecto".
El presidente de G&G agregó que la belleza y la calidad son las principales cualidades presentes en esta torre de lujo.
Los desarrolladores del proyecto ya tienen depósitos de reserva de apartamentos por u$s100 millones.
"Después de haber fabricado más de 80.000 automóviles a lo largo de nuestra historia, ahora hemos considerado entrar en el negocio inmobiliario por primera vez", mencionó en la ceremonia de inauguración Simon Sproule, vicepresidente de Aston Martin, marca de alta gama creada en Reino Unido en 1913.
El también director creativo resaltó que cuando la familia Coto propuso este proyecto se quedaron "inmediatamente impresionados" con el enfoque que pusieron en los mismos valores que "nuestra marca defiende": calidad y diseño.
"Es el edificio donde viviría James Bond”, bromeó Germán.
En febrero, Alfredo Coto y su hijo Germán anunciaron una ambiciosa inversión en un emprendimiento inmobiliario en Miami, la Aston Martin Residences, un edificio exclusivo para propietarios de la marca de autos deportivos ingleses que será inaugurado en 2021.
Y ahora, la familia dueña de una de las mayores cadenas de supermercados de la Argentina, abrió la venta de los lujosos departamentos que se están construyendo en Biscayne Boulevard 300, justo donde el Río Miami se une con el océano.
Para conquistar a los compradores los Coto y Aston Martin produjeron dos videos donde muestran el estilo de vida y los planos del espectacular complejo de 66 pisos con forma de velero.
La venta de "pozo" arrancó con precios desde los 470.900 dólares.
La torre en forma de velero de 66 pisos, diseñada por la compañía arquitectónica estadounidense Revuelta y la argentina Bodas Miani Anger, contará con 391 departamentos de 70 a 300 metros cuadrados.
Se ofrecerán siete penthouses, con piscinas y terrazas privadas.
Además de áreas de entretenimiento, que ocupan cuatro niveles de la torre, habrá un gimnasio de dos plantas, salón de spinning, sala de boxeo, sala de golf virtual, galería de arte, dos cines y un spa.
El edificio temático de Aston Martin seguirá la tendencia de diseño de otros condominios similares en Florida, como el Porsche Design, el Bentley Residences y el Armani Casa.
Según informaron, las Aston Martin Residences, tendrán un ascensor de vehículos para poder llevar los autos hasta la puerta de los departamentos.
Además contará con un hangar especial para aviones privados en el Aeropuerto de Miami y en la planta baja habrá un muelle para embarcaciones.
A fines de 2016 el grupo supermercadista Coto fue el elegido por la británica Aston Martin, famosa por ser la tradicional insignia de las películas de James Bond, para poner su marca en el lujoso condominio que desarrollará en Miami.
Este es el primer desarrollo inmobiliario que llevará el nombre del fabricante de autos, que no se quedará solo en prestar su marca sino que pondrá diseñadores para los lobbies, el spa y las áreas comunes.
El equipo de diseño de Aston Martin, liderado por Marek Reichman, vicepresidente y director creativo, es el encargado del interior y las áreas comunes del edificio, en las que los elementos clave de la marca, como la fibra de carbono y el cuero, serán empleados en mesas de recepción y puertas.
Así, los detalles de las terminaciones como picaportes, terminaciones en cuero, escritorios de la recepción y las paletas de colores de los ambientes compartidos, serán una marca registrada.
A principio de año, en una entrevista con Efe, Germán Coto afirmó que se asociaron con Aston Martin, porque buscaban que "el diseño fuera lo que moviese el espíritu de la gente que participa en este proyecto".
El presidente de G&G agregó que la belleza y la calidad son las principales cualidades presentes en esta torre de lujo.
Los desarrolladores del proyecto ya tienen depósitos de reserva de apartamentos por u$s100 millones.
"Después de haber fabricado más de 80.000 automóviles a lo largo de nuestra historia, ahora hemos considerado entrar en el negocio inmobiliario por primera vez", mencionó en la ceremonia de inauguración Simon Sproule, vicepresidente de Aston Martin, marca de alta gama creada en Reino Unido en 1913.
El también director creativo resaltó que cuando la familia Coto propuso este proyecto se quedaron "inmediatamente impresionados" con el enfoque que pusieron en los mismos valores que "nuestra marca defiende": calidad y diseño.
"Es el edificio donde viviría James Bond”, bromeó Germán.
Tuesday, November 28, 2017
LAS TORRES MÁS CARAS DE MIAMI
Los proyectos de ultra lujo tienen servicios cada vez más excéntricos, que van desde ascensores para autos hasta suites para invitados y chef a disposición de los propietarios; cuánto cuesta vivir en ellos.
Todo vale a la hora de sorprender a los compradores y los desarrolladores comienzan a replicar la fórmula de asociarse con marcas de otros sectores para diferenciarse e invitar a experiencias diferenciales.
Por caso, la torre Porsche en Miami es el debut en el rubro inmobiliario de la famosa marca de automóviles. Es la primera en el mundo con un ascensor para autos que permite a los dueños seguir luciendo su Porsche desde la sala de estar. La torre de concreto y cristal con forma circular diseñada tiene tres elevadores para autos. Cada uno puede subir hasta 60 pisos y luego depositarlo en el garaje privado del conductor, sin necesidad de bajar del vehículo. Una vez en su casa, algunas unidades ofrecen ver el auto desde la sala de estar, separada por un vidrio con el guardacoches. Además, el propietario tiene la privacidad para que nadie lo vea entrar o salir de su departamento, ni cruzarse en el lobby o el ascensor, lo cual hace que el edificio sea buscado por gente de muy alto perfil.
¿Y si el comprador no tiene un Porsche? No es problema, pero probablemente lo tenga, si pudo adquirir un departamento que va de los US$ 5,3 a los US$ 33 millones. Las unidades vienen con piletas en los balcones que, al encenderse, emiten una corriente contra la cual es posible nadar.
Los departamentos van desde los 442 m2 a 1300 m2. La más cara, se vende a US$ 16,5 millones: tiene cuatro dormitorios, seis baños y un toilette.
El proyecto Residences by Armani Casa, ubicado en Sunny Isles es el primer proyecto inmobiliario del diseñador en los Estados Unidos. Con 200 metros de alto, esta moderna torre de vidrio tiene la firma del famoso arquitecto argentino César Pelli, mientras que el paisajismo también estuvo a cargo de un multipremiado suizo, Enzo Enea. El edificio tiene 54 pisos que reúnen 308 exclusivas residencias sobre el océano.
Como no podía ser de otra manera, los interiores estuvieron a cargo de Giorgio Armani. La exagerada atención al detalle es una de sus características. Solamente la construcción del centro de ventas costó más de US$ 10 millones. Los baños tienen sector para ellas y ellos. El vestidor ofrece hasta 28 m2 de superficie, mucho más que una habitación regular. A la hora de hablar de precios, el rango oscila entre US$ 1,5 y US$ 5,5 millones. Los servicios del edificio incluyen paseador de perros, sala de cigarros, chef a disposición y hotelería con servicio de mucama.
El penthouse tiene seis dormitorios en los pisos 53 y 54 y se vende a US$ 15 millones. El comprador recibe dos pasajes en primera clase a Milán para tener una reunión privada con Giorgio Armani y permanecer dos noches en su hotel.
Por otra parte, 1000 Museum by Zaha Hadid, Downtown es una torre que combina el arte con la arquitectura. Su figura se diferencia del resto de los edificios ya que su esqueleto forma curvas que atraviesan su estructura de vidrio. El exoesqueleto, su armazón de acero y vidrio, en lugar de estar por dentro, como la columna vertebral humana, está por fuera. Sólo dos edificios en Miami tienen esa técnica de construcción. Será el único edificio residencial de la ciudad que contará con helipuerto privado. Las unidades van de US$ 5,5 millones a US$ 19 millones.
Chateau Group y Fortune International Group, líderes renombrados en desarrollos inmobiliarios, se unieron para construir en Sunny Isles, el Ritz Carlton Residences. La torre de 52 pisos tendrá 212 residencias rodeadas de espacios abiertos y múltiples balcones para maximizar las vistas del océano en toda la casa. Los cuatro pisos superiores incluyen unas enormes terrazas escalonadas, cocina, pileta y jardín privado. Cada unidad contará con un ascensor privado para un acceso directo y discreto. El proyecto incluye amenities como restaurantes, salas y bares exclusivos para los residentes y suites para invitados y familiares, entre otros. Los precios para un tres ambientes arrancan en US$ 2,5 millones. Los penthouses se vendieron en US$ 16,5 y US$ 21 millones.
Park Grove desarrollado por Terra Group y the Related Group está situado sobre la bahía en Conocut Grove. Son tres torres con 297 unidades, que también tendrán un restaurante de Michael Schwartz, reconocido chef en la Florida.
La arquitectura pertenece a Rem Koolhaas, considerado uno de los más importantes arquitectos y urbanistas de su generación, con obras en Copenhague, Nueva York, Dubai, Qatar, China, y Singapur, entre otros. El edificio es por completo de vidrio, lo cual otorga ventanales del piso al techo en todos sus ambientes. Los precios van de un millón a US$ 14 millones.
Elysee Miami en Edgewater es un edificio de lujo boutique. Tendrá 57 pisos con vista directa a la bahía de Biscayne albergará 100 residencias de lujo con unidades de tres a cinco habitaciones que miden entre 205 y 361 metros cuadrados, con valores de U$S 1,39 millones a más de U$S 10 millones. La delgada torre de cristal tiene una forma única de telescopio de tres niveles con solo dos unidades por piso, lo cual permite una vista de 180 grados. Una pileta de 22 metros de largo, gimnasio y estudio de yoga y un salón de belleza son algunas de sus instalaciones comunes. Todas las residencias tendrán muebles italianos de primera línea para las cocinas y los baños, así como dos terrazas frente al este y oeste con una vista de 180 grados. Miami Worldcenter es el segundo emprendimiento inmobiliario más grande de los Estados Unidos. Además de viviendas ofrece un sector comercial con calles interiores para peatones. Dentro del complejo, el Paramount Miami Worldcenter ofrecerá departamentos desde 110 m2 a 243 m2, con valores que van desde U$S 750.000 a U$S 1,4 millones. Uno de los elementos más atractivos es su Upper Deck de primera clase, que se estrenará como la plataforma de recreo más grande de los Estados Unidos.
(Fuente: La Nación, Por Lucila Marti Garro, “Las torres más caras de Miami”, 14/10/2017.
Todo vale a la hora de sorprender a los compradores y los desarrolladores comienzan a replicar la fórmula de asociarse con marcas de otros sectores para diferenciarse e invitar a experiencias diferenciales.
Por caso, la torre Porsche en Miami es el debut en el rubro inmobiliario de la famosa marca de automóviles. Es la primera en el mundo con un ascensor para autos que permite a los dueños seguir luciendo su Porsche desde la sala de estar. La torre de concreto y cristal con forma circular diseñada tiene tres elevadores para autos. Cada uno puede subir hasta 60 pisos y luego depositarlo en el garaje privado del conductor, sin necesidad de bajar del vehículo. Una vez en su casa, algunas unidades ofrecen ver el auto desde la sala de estar, separada por un vidrio con el guardacoches. Además, el propietario tiene la privacidad para que nadie lo vea entrar o salir de su departamento, ni cruzarse en el lobby o el ascensor, lo cual hace que el edificio sea buscado por gente de muy alto perfil.
¿Y si el comprador no tiene un Porsche? No es problema, pero probablemente lo tenga, si pudo adquirir un departamento que va de los US$ 5,3 a los US$ 33 millones. Las unidades vienen con piletas en los balcones que, al encenderse, emiten una corriente contra la cual es posible nadar.
Los departamentos van desde los 442 m2 a 1300 m2. La más cara, se vende a US$ 16,5 millones: tiene cuatro dormitorios, seis baños y un toilette.
El proyecto Residences by Armani Casa, ubicado en Sunny Isles es el primer proyecto inmobiliario del diseñador en los Estados Unidos. Con 200 metros de alto, esta moderna torre de vidrio tiene la firma del famoso arquitecto argentino César Pelli, mientras que el paisajismo también estuvo a cargo de un multipremiado suizo, Enzo Enea. El edificio tiene 54 pisos que reúnen 308 exclusivas residencias sobre el océano.
Como no podía ser de otra manera, los interiores estuvieron a cargo de Giorgio Armani. La exagerada atención al detalle es una de sus características. Solamente la construcción del centro de ventas costó más de US$ 10 millones. Los baños tienen sector para ellas y ellos. El vestidor ofrece hasta 28 m2 de superficie, mucho más que una habitación regular. A la hora de hablar de precios, el rango oscila entre US$ 1,5 y US$ 5,5 millones. Los servicios del edificio incluyen paseador de perros, sala de cigarros, chef a disposición y hotelería con servicio de mucama.
El penthouse tiene seis dormitorios en los pisos 53 y 54 y se vende a US$ 15 millones. El comprador recibe dos pasajes en primera clase a Milán para tener una reunión privada con Giorgio Armani y permanecer dos noches en su hotel.
Por otra parte, 1000 Museum by Zaha Hadid, Downtown es una torre que combina el arte con la arquitectura. Su figura se diferencia del resto de los edificios ya que su esqueleto forma curvas que atraviesan su estructura de vidrio. El exoesqueleto, su armazón de acero y vidrio, en lugar de estar por dentro, como la columna vertebral humana, está por fuera. Sólo dos edificios en Miami tienen esa técnica de construcción. Será el único edificio residencial de la ciudad que contará con helipuerto privado. Las unidades van de US$ 5,5 millones a US$ 19 millones.
Chateau Group y Fortune International Group, líderes renombrados en desarrollos inmobiliarios, se unieron para construir en Sunny Isles, el Ritz Carlton Residences. La torre de 52 pisos tendrá 212 residencias rodeadas de espacios abiertos y múltiples balcones para maximizar las vistas del océano en toda la casa. Los cuatro pisos superiores incluyen unas enormes terrazas escalonadas, cocina, pileta y jardín privado. Cada unidad contará con un ascensor privado para un acceso directo y discreto. El proyecto incluye amenities como restaurantes, salas y bares exclusivos para los residentes y suites para invitados y familiares, entre otros. Los precios para un tres ambientes arrancan en US$ 2,5 millones. Los penthouses se vendieron en US$ 16,5 y US$ 21 millones.
Park Grove desarrollado por Terra Group y the Related Group está situado sobre la bahía en Conocut Grove. Son tres torres con 297 unidades, que también tendrán un restaurante de Michael Schwartz, reconocido chef en la Florida.
La arquitectura pertenece a Rem Koolhaas, considerado uno de los más importantes arquitectos y urbanistas de su generación, con obras en Copenhague, Nueva York, Dubai, Qatar, China, y Singapur, entre otros. El edificio es por completo de vidrio, lo cual otorga ventanales del piso al techo en todos sus ambientes. Los precios van de un millón a US$ 14 millones.
Elysee Miami en Edgewater es un edificio de lujo boutique. Tendrá 57 pisos con vista directa a la bahía de Biscayne albergará 100 residencias de lujo con unidades de tres a cinco habitaciones que miden entre 205 y 361 metros cuadrados, con valores de U$S 1,39 millones a más de U$S 10 millones. La delgada torre de cristal tiene una forma única de telescopio de tres niveles con solo dos unidades por piso, lo cual permite una vista de 180 grados. Una pileta de 22 metros de largo, gimnasio y estudio de yoga y un salón de belleza son algunas de sus instalaciones comunes. Todas las residencias tendrán muebles italianos de primera línea para las cocinas y los baños, así como dos terrazas frente al este y oeste con una vista de 180 grados. Miami Worldcenter es el segundo emprendimiento inmobiliario más grande de los Estados Unidos. Además de viviendas ofrece un sector comercial con calles interiores para peatones. Dentro del complejo, el Paramount Miami Worldcenter ofrecerá departamentos desde 110 m2 a 243 m2, con valores que van desde U$S 750.000 a U$S 1,4 millones. Uno de los elementos más atractivos es su Upper Deck de primera clase, que se estrenará como la plataforma de recreo más grande de los Estados Unidos.
(Fuente: La Nación, Por Lucila Marti Garro, “Las torres más caras de Miami”, 14/10/2017.
Saturday, November 25, 2017
Foreign Investments in Real Estate Surge.
International home buyers are eager to invest in the United States and may be willing to pay top dollar for your property. Foreign investment in US residential real estate hit a new high this year, driven by an increase in sales dollar volume from Canadian buyers, according to a new survey by The National Association of Realtors. Foreign buyers and recent immigrants bought $153 billion of residential property, which represents a 49% jump from last year.
International buyers who live outside the United States invested more than$153 billion of residential property, which represents a 49% jump from last year. A recent survey reveals that China is still No. 1 in terms of sales dollar volume, but the overall boost in activity came from Canadian buyers. Transactions from Canadians this year more than doubled from last year, reaching $19 billion – a new high for Canada. Canadians are finding that US markets though expensive are actually more affordable than in their home country. Though home prices have been steadily rising, gains across Canada have been steeper, especially in Vancouver and Toronto.
Make your home or condo appealing to foreign buyers, you have to do a little more than hire the average real estate agent. Align yourself with a broker who has ties with foreign buyers. Ask brokers if they have the ability to place advertising in other countries and if they will have a website dedicated to the property with a virtual tour. Agents who specialize in working with foreign buyers normally list the property on websites that market homes for sale globally and nationally. Even if the property is listed only on Realtor.com, make sure there’s enough information and pictures on the listing to attract international buyers. Foreign buyers are looking for great pictures and videos of the property because most of the time they’re not here to physically see them. It is crucial to have your property listed for sale online with multiple photos and videos of the home and the neighborhood and or the complex. Prepare your home or condo for selling. First impressions count for everything. Pay attention to details, complete maintenance on your property, and declutter as much as possible.
There is a myth that foreign buyers will just come in with cash and pay more than what the property is worth, but that’s not true. They look for a bargain, like everyone else, and they look for properties that are easily rentable, in desirable areas, with high rates of return. If you’re after a quick sale, be prepared to get engaged and be proactive.
International buyers who live outside the United States invested more than$153 billion of residential property, which represents a 49% jump from last year. A recent survey reveals that China is still No. 1 in terms of sales dollar volume, but the overall boost in activity came from Canadian buyers. Transactions from Canadians this year more than doubled from last year, reaching $19 billion – a new high for Canada. Canadians are finding that US markets though expensive are actually more affordable than in their home country. Though home prices have been steadily rising, gains across Canada have been steeper, especially in Vancouver and Toronto.
Make your home or condo appealing to foreign buyers, you have to do a little more than hire the average real estate agent. Align yourself with a broker who has ties with foreign buyers. Ask brokers if they have the ability to place advertising in other countries and if they will have a website dedicated to the property with a virtual tour. Agents who specialize in working with foreign buyers normally list the property on websites that market homes for sale globally and nationally. Even if the property is listed only on Realtor.com, make sure there’s enough information and pictures on the listing to attract international buyers. Foreign buyers are looking for great pictures and videos of the property because most of the time they’re not here to physically see them. It is crucial to have your property listed for sale online with multiple photos and videos of the home and the neighborhood and or the complex. Prepare your home or condo for selling. First impressions count for everything. Pay attention to details, complete maintenance on your property, and declutter as much as possible.
There is a myth that foreign buyers will just come in with cash and pay more than what the property is worth, but that’s not true. They look for a bargain, like everyone else, and they look for properties that are easily rentable, in desirable areas, with high rates of return. If you’re after a quick sale, be prepared to get engaged and be proactive.
Wednesday, November 22, 2017
Existing-home sales rose in October to their strongest pace since earlier this summer, but supply shortages continued.
U.S. Home Sales Uptick 2.0 Percent in October According to the National Association of Realtors, existing-home sales in the U.S. increased in October 2017 to their strongest pace since earlier this summer, but continual supply shortages led to fewer closings on an annual basis for the second straight month.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September. After last month's increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago.
Lawrence Yun, NAR chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home," he said.
"While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."
Added Yun, "The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida. However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms."
The median existing-home price for all housing types in October was $247,000, up 5.5 percent from October 2016 ($234,100). October's price increase marks the 68th straight month of year-over-year gains.
Total housing inventory at the end of October decreased 3.2 percent to 1.80 million existing homes available for sale, and is now 10.4 percent lower than a year ago (2.01 million) and has fallen year-over-year for 29 consecutive months. Unsold inventory is at a 3.9-month supply at the current sales pace, which is down from 4.4 months a year ago.
Properties typically stayed on the market for 34 days in October, which is unchanged from last month and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.
Realtor.com's Market Hotness Index, measuring time on the market data and listings views per property, revealed that the hottest metro areas in October were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Boston-Cambridge-Newton, Mass.
"Listings - especially those in the affordable price range - continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying," said Yun. "With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter."
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90 percent in October (matches highest rate since June) from 3.81 percent in September. The average commitment rate for all of 2016 was 3.65 percent.
First-time buyers were 32 percent of sales in October, which is up from 29 percent in September but down from 33 percent a year ago. NAR's 2017 Profile of Home Buyers and Sellers released last month - revealed that the annual share of first-time buyers was 34 percent.
NAR President Elizabeth Mendenhall says the pending tax reform legislation in both the House and Senate is a direct attack on homeowners and homeownership, with the result being a tax increase on millions of middle-class homeowners in both large and small communities throughout the U.S.
"Making changes to the mortgage interest deduction, eliminating or capping the deduction for state and local taxes and modifying the rules on capital gains exemptions poses serious harm to millions of homeowners and future buyers," said Mendenhall. "With first-time buyers struggling to reach the market, Congress should not be creating disincentives to buy and sell a home. Furthermore, adding $1.5 trillion to the national debt will raise future borrowing costs for our children and grandchildren."
All-cash sales were 20 percent of transactions in October, unchanged from September and down from 22 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in October, down from 15 percent last month and unchanged from a year ago.
Distressed sales - foreclosures and short sales - were 4 percent of sales in October, unchanged from last month and down from 5 percent year ago. Three percent of October sales were foreclosures and 1 percent were short sales.
Single-family and Condo/Co-op Sales
Single-family home sales climbed 2.1 percent to a seasonally adjusted annual rate of 4.87 million in October from 4.77 million in September, but are still 1.0 percent under the 4.92 million pace a year ago. The median existing single-family home price was $248,300 in October, up 5.4 percent from October 2016.
Existing condominium and co-op sales increased 1.7 percent to a seasonally adjusted annual rate of 610,000 units in October (unchanged from a year ago). The median existing condo price was $236,800 in October, which is 6.9 percent above a year ago.
Regional Breakdown
October existing-home sales in the Northeast rose 4.2 percent to an annual rate of 740,000, (unchanged from a year ago). The median price in the Northeast was $272,800, which is 6.6 percent above October 2016.
In the Midwest, existing-home sales inched forward 0.8 percent to an annual rate of 1.31 million in October, but are still 1.5 percent below a year ago. The median price in the Midwest was $194,700, up 7.1 percent from a year ago.
Existing-home sales in the South increased 1.9 percent to an annual rate of 2.16 million in October, but are still 1.8 percent lower than a year ago. The median price in the South was $214,900, up 4.6 percent from a year ago.
Existing-home sales in the West grew 2.4 percent to an annual rate of 1.27 million in October, and are now 0.8 percent above a year ago. The median price in the West was $375,100, up 7.8 percent from October 2016.
(https://www.nar.realtor/newsroom/existing-home-sales-grow-20-percen...)
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, increased 2.0 percent to a seasonally adjusted annual rate of 5.48 million in October from a downwardly revised 5.37 million in September. After last month's increase, sales are at their strongest pace since June (5.51 million), but still remain 0.9 percent below a year ago.
Lawrence Yun, NAR chief economist, says sales activity in October picked up for the second straight month, with increases in all four major regions. "Job growth in most of the country continues to carry on at a robust level and is starting to slowly push up wages, which is in turn giving households added assurance that now is a good time to buy a home," he said.
"While the housing market gained a little more momentum last month, sales are still below year ago levels because low inventory is limiting choices for prospective buyers and keeping price growth elevated."
Added Yun, "The residual effects on sales from Hurricanes Harvey and Irma are still seen in parts of Texas and Florida. However, sales should completely bounce back to their pre-storm levels by the end of the year, as demand for buying in these areas was very strong before the storms."
The median existing-home price for all housing types in October was $247,000, up 5.5 percent from October 2016 ($234,100). October's price increase marks the 68th straight month of year-over-year gains.
Total housing inventory at the end of October decreased 3.2 percent to 1.80 million existing homes available for sale, and is now 10.4 percent lower than a year ago (2.01 million) and has fallen year-over-year for 29 consecutive months. Unsold inventory is at a 3.9-month supply at the current sales pace, which is down from 4.4 months a year ago.
Properties typically stayed on the market for 34 days in October, which is unchanged from last month and down from 41 days a year ago. Forty-seven percent of homes sold in October were on the market for less than a month.
Realtor.com's Market Hotness Index, measuring time on the market data and listings views per property, revealed that the hottest metro areas in October were San Jose-Sunnyvale-Santa Clara, Calif.; Vallejo-Fairfield, Calif.; San Francisco-Oakland-Hayward, Calif.; San Diego-Carlsbad, Calif.; and Boston-Cambridge-Newton, Mass.
"Listings - especially those in the affordable price range - continue to go under contract typically a week faster than a year ago, and even quicker in many areas where healthy job markets are driving sustained demand for buying," said Yun. "With the seasonal decline in inventory beginning to occur in most markets, prospective buyers will likely continue to see competitive conditions through the winter."
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage rose to 3.90 percent in October (matches highest rate since June) from 3.81 percent in September. The average commitment rate for all of 2016 was 3.65 percent.
First-time buyers were 32 percent of sales in October, which is up from 29 percent in September but down from 33 percent a year ago. NAR's 2017 Profile of Home Buyers and Sellers released last month - revealed that the annual share of first-time buyers was 34 percent.
NAR President Elizabeth Mendenhall says the pending tax reform legislation in both the House and Senate is a direct attack on homeowners and homeownership, with the result being a tax increase on millions of middle-class homeowners in both large and small communities throughout the U.S.
"Making changes to the mortgage interest deduction, eliminating or capping the deduction for state and local taxes and modifying the rules on capital gains exemptions poses serious harm to millions of homeowners and future buyers," said Mendenhall. "With first-time buyers struggling to reach the market, Congress should not be creating disincentives to buy and sell a home. Furthermore, adding $1.5 trillion to the national debt will raise future borrowing costs for our children and grandchildren."
All-cash sales were 20 percent of transactions in October, unchanged from September and down from 22 percent a year ago. Individual investors, who account for many cash sales, purchased 13 percent of homes in October, down from 15 percent last month and unchanged from a year ago.
Distressed sales - foreclosures and short sales - were 4 percent of sales in October, unchanged from last month and down from 5 percent year ago. Three percent of October sales were foreclosures and 1 percent were short sales.
Single-family and Condo/Co-op Sales
Single-family home sales climbed 2.1 percent to a seasonally adjusted annual rate of 4.87 million in October from 4.77 million in September, but are still 1.0 percent under the 4.92 million pace a year ago. The median existing single-family home price was $248,300 in October, up 5.4 percent from October 2016.
Existing condominium and co-op sales increased 1.7 percent to a seasonally adjusted annual rate of 610,000 units in October (unchanged from a year ago). The median existing condo price was $236,800 in October, which is 6.9 percent above a year ago.
Regional Breakdown
October existing-home sales in the Northeast rose 4.2 percent to an annual rate of 740,000, (unchanged from a year ago). The median price in the Northeast was $272,800, which is 6.6 percent above October 2016.
In the Midwest, existing-home sales inched forward 0.8 percent to an annual rate of 1.31 million in October, but are still 1.5 percent below a year ago. The median price in the Midwest was $194,700, up 7.1 percent from a year ago.
Existing-home sales in the South increased 1.9 percent to an annual rate of 2.16 million in October, but are still 1.8 percent lower than a year ago. The median price in the South was $214,900, up 4.6 percent from a year ago.
Existing-home sales in the West grew 2.4 percent to an annual rate of 1.27 million in October, and are now 0.8 percent above a year ago. The median price in the West was $375,100, up 7.8 percent from October 2016.
(https://www.nar.realtor/newsroom/existing-home-sales-grow-20-percen...)
Tuesday, November 21, 2017
Miami-Dade County Single Family Housing Market Report through Third Quarter (Q3) 2017.
The Housing Trends eNewsletter contains the latest information from the National Association of real estate professionals, Florida Realtors Association and the Miami Realtors Association.
Miami-Dade County Single Family Housing Market Report through Third Quarter (Q3) ending in September 2017.
In the Miami-Dade County area, Inventory of Single Family Homes Active Listings, of Non-Distressed properties through the month of September 2017: 5,769
The Dollar Volume of Sales in Miami-Dade Cunty (Non-Distressed properties) through September 2017: 307,404,675
The Cash Sales of Single Family Homes, Non distressed through September 2017: 139
Cash Sales As a Percentage of Closed Sales (September 2017): 22.6 %.
Median Days between Orig. List Date and Contract Date for Closed Sales through
September 2017: 41
Median Days between Orig. List Date and Closing Date for Closed Sales September 2017: 91 (DOM).
New Single Family Home Listings in the Third quarter: 868
If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:
http://Lazaro.housingtrendsenewsletter.com/homeworth.cfm
Please click on this link to view the Housing Trends November 2017 Newsletter:
http://Lazaro.housingtrendsenewsletter.com
The Housing Trends eNewsletter contains the latest information from the National Association of real estate professional, the U.S. Census Bureau, Realtor.org reports and other sources.
Housing Trends eNewsletter is also filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, housing market video reports, blogs, real estate glossary, maps, mortgage rates and calculators, consumer articles, community reports that map shopping, schools, recreation and more.
Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your real estate professional in the future.
Sincerely yours,
Lazaro Lopez, PA
Fortune International Realty
1390 Brickell Avenue Suite 104 Miami FL 33133
305-400-6393 | 786-525-9430
Lazaro@fir.com
Miami-Dade County Single Family Housing Market Report through Third Quarter (Q3) ending in September 2017.
In the Miami-Dade County area, Inventory of Single Family Homes Active Listings, of Non-Distressed properties through the month of September 2017: 5,769
The Dollar Volume of Sales in Miami-Dade Cunty (Non-Distressed properties) through September 2017: 307,404,675
The Cash Sales of Single Family Homes, Non distressed through September 2017: 139
Cash Sales As a Percentage of Closed Sales (September 2017): 22.6 %.
Median Days between Orig. List Date and Contract Date for Closed Sales through
September 2017: 41
Median Days between Orig. List Date and Closing Date for Closed Sales September 2017: 91 (DOM).
New Single Family Home Listings in the Third quarter: 868
If you are interested in determining the value of your home, click the “Home Evaluator” link for a free evaluation report:
http://Lazaro.housingtrendsenewsletter.com/homeworth.cfm
Please click on this link to view the Housing Trends November 2017 Newsletter:
http://Lazaro.housingtrendsenewsletter.com
The Housing Trends eNewsletter contains the latest information from the National Association of real estate professional, the U.S. Census Bureau, Realtor.org reports and other sources.
Housing Trends eNewsletter is also filled with local and national real estate sales and price activity provided by MLSs and the National Association of Realtors, U.S. Census Bureau key market indicators, housing market video reports, blogs, real estate glossary, maps, mortgage rates and calculators, consumer articles, community reports that map shopping, schools, recreation and more.
Sound decisions can only be made with accurate and reliable information, and I am happy to be a trusted resource for you. Thank you for the opportunity to provide you with this monthly eNewsletter, and I look forward to answering any questions you may have and to the opportunity to be your real estate professional in the future.
Sincerely yours,
Lazaro Lopez, PA
Fortune International Realty
1390 Brickell Avenue Suite 104 Miami FL 33133
305-400-6393 | 786-525-9430
Lazaro@fir.com
Monday, November 20, 2017
Home Builder Confidence Rises to 8 Month High in November
In the U.S., home builder confidence rose two points to a level of 70 in November 2017 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI). This was the highest report since March, and the second highest on record since July 2005.
"November's builder confidence reading is close to a post-recession high -- a strong indicator that the housing market continues to grow steadily," said NAHB Chairman Granger MacDonald, a home builder and developer from Kerrville, Texas. "However, our members still face supply-side constraints, such as lot and labor shortages and ongoing building material price increases."
"Demand for housing is increasing at a consistent pace, driven by job and economic growth, rising homeownership rates and limited housing inventory," said NAHB Chief Economist Robert Dietz. "With these economic fundamentals in place, we should see continued upward movement of the single-family housing market as we close out 2017."
Derived from a monthly survey that NAHB has been conducting for 30 years, the NAHB/Wells Fargo Housing Market Index gauges builder perceptions of current single-family home sales and sales expectations for the next six months as "good," "fair" or "poor." The survey also asks builders to rate traffic of prospective buyers as "high to very high," "average" or "low to very low." Scores for each component are then used to calculate a seasonally adjusted index where any number over 50 indicates that more builders view conditions as good than poor.
Two out of the three HMI components registered gains in November. The component gauging current sales conditions rose two points to 77 and the index measuring buyer traffic increased two points to 50. Meanwhile, the index charting sales expectations in the next six months dropped a single point to 77.
Looking at the three-month moving averages for regional HMI scores, the Northeast jumped five points to 54 and the South rose one point to 69. Both the West and Midwest remained unchanged at 77 and 63, respectively.
A wide open lane for commercial brokerage IPOs
A wide open lane for commercial brokerage IPOs: Is Newmark’s latest IPO news just the tip of the iceberg for the firm and its biggest rivals?
Saturday, November 18, 2017
An Escape to Miami, Beautifully and Resilient!
It wasn’t the best time to visit Vizcaya, the former estate of turn-of-the-century industrialist James Deering, on Miami’s Biscayne Bay. Less than a month had passed since Hurricane Irma made landfall in South Florida. The seawater that inundated the Mediterranean Revival-style home’s lush gardens had left them ragged and browned. A battered, black jet ski sat beached, blocking a path. The cafe and the gift shop, both in the mansion’s “basement,” had taken on about 5 feet of water and were out of commission. The rococo ground-floor dining room was dim and muggy, despite the best efforts of an industrial dehumidifier humming in the corner. Some of the mansion’s bay-facing windows had burst open at the storm’s peak, a security guard told me, briefly letting hurricane-force wind and rain pelt the ornate décor.“It all looks pretty bad,” the guard told me, “but it could have been much worse. We were actually very lucky.”
It’s a peculiar notion of luck, but visitors and Miamians alike need only look to Houston, to Puerto Rico or down to the Florida Keys to understand how right he was. “This storm put the fear of God in me,” said architect Richard Heisenbottle, a resident of 41 years, who evacuated his family when Irma was predicted to hit the region as a Category 5 storm with 185 mph winds. Mr. Heisenbottle has overseen restoration work of many of South Florida’s most significant historical buildings, including Vizcaya. ”Despite the fact that we’re much more prepared than ever before,” he added, “and that we build buildings better than anywhere else in Florida, I believe that if a cat 5 windstorm hits us, all bets are off.”
Looking at South Florida through the proverbial eye of a hurricane, I learned, increases one’s appreciation of the area’s unique beauty, fragility and resilience. The day after going to Vizcaya, I paid a visit to the HistoryMiami Museum, where an exhibit marking the 25th anniversary of Hurricane Andrew—the last Category 5 storm to hit the area—starkly recalled a time when South Florida wasn’t so lucky.
Along with artifacts and a welter of screens playing contemporaneous news coverage, there was a replica of a small living room, lit by a single lamp and with the soundtrack of a storm piped in; you can sit on the sofa and have a shelter-in-place experience. Do so at the “beginning” of the storm, and the wind and rain sounds seem tame enough—my mother and I joked that we’d just come from worse weather outside. But as we toured the exhibit, the sounds from the room intensified. We returned and sat, listening to the crescendo of howling winds, groaning rafters and clattering shutters. Having grown up in Florida and endured Andrew, I relived the dread—will the roof hold? What will it look like outside when the winds die down?
After Irma landed her glancing blow on the region, I found myself searching Twitter and Instagram for reports on the place I worried about more than any other—Stiltsville. Its pastel-hued houses are the remnants of an offshore colony on stilts that developed on the shoals of Biscayne Bay, starting, most say, with a bait shack run in the 1930s by one “Crawfish” Eddie Walker. By 1959, more than two dozen buildings were perched above the flats. As Carl Hiaasen described it in his novel “Skin Tight,” “rich owners used them for weekend parties, and their kids got drunk on them in the summer. The rest of the time they served as fancy split-level toilets for seagulls and cormorants.” In 1965, Hurricane Betsy took nearly half of Stiltsville with her. Then Andrew took half of what remained.
The HistoryMiami Museum offers periodic boat tours of Stiltsville. The tour I took, led by historian Dr. Paul George, left from the marina at Bayside Marketplace in downtown Miami. With about 50 people—the majority locals—I boarded one of the motor yachts typically used for sunset cocktail cruises for the half-hour trip out to Stiltsville. As leaping porpoises trailed the boat, Dr. George, in a ball cap and Ray Bans, related the history of the area from Ponce De Leon to Richard Nixon and Bebe Rebozo.
Every home in Stiltsville had a colorful story: “This house here is where Teddy Kennedy had his bachelor party…” Many were actually private clubs, like the Bikini Club, the Calvert Club and the Quarterdeck Club, all long gone, though the Miami Springs Power Boat Club maintains an outpost. Irma rattled but didn’t wreck Stiltsville. Because these houses are now encompassed by Biscayne National Park, however, they can never be replaced. Each storm poses a mortal threat.
Another Stiltsville that Irma toyed with—the Stiltsville Fish Bar—is chefs Jeff McInnis and Janine Booth’s newly opened restaurant in Miami Beach’s Sunset Harbor neighborhood, which had its initial opening delayed by the storm. It was hardly the only restaurant the storm touched. For chef Niven Patel—who grows many of the ingredients for the Indian food at two locations of his restaurant Ghee Indian Kitchen—Irma was “a blessing in disguise,” taking down 15 giant nonindigenous ornamental trees on his farm which will now be replaced with coconut palms.
Perhaps the only good thing to say about hurricanes is that they seem to take the invasive species first, as further evidenced by Bill Baggs Cape Florida State Park, at the tip of Key Biscayne, one of the few places arguably made better by Hurricane Andrew. The forests of native mangrove and gumbo limbo trees through which the trails wend weren’t always there; much of the 442 acres that make up the park had been clear-cut for development in the 1950s and subsequently colonized by invasive Australian pines. When Hurricane Andrew leveled the landscape once again, the state took the opportunity to restore native flora. (Some of the fauna is still invasive, though—be on the lookout for giant iguanas.)
At the park’s south end stands the Cape Florida Lighthouse, and the point from which in 1821 some 300 escaped slaves bartered for passage to Andros Island in the Bahamas. The park also affords a distant land-based view of the houses of Stiltsville.
Driving back to the mainland, I stopped at the Miami Marine Stadium on Virginia Key. It’s a wonder of tropical brutalism, a poured concrete grandstand that juts out over a basin, where speedboats raced like chariots, and concerts were held, with a floating barge serving as a stage. (Jimmy Buffett’s 1986 concert video was filmed here, with fans in the stands, boats, inner tubes and the water itself.)
Though the stadium has been closed to the public since Hurricane Andrew battered it, street artists have infiltrated and turned the seats, the massive trusses, and even the 320-feet-wide cantilevered roof into a concrete canvas. The city recently announced a long overdue plan to rehabilitate the stadium, overseen by Mr. Heisenbottle. For now, the best ways to see the grandstands without trespassing are from a boat tour with HistoryMiami (the next one—“Icons of the Bay: Stiltsville, Cape Florida Lighthouse & the Miami Marine Stadium”—runs Nov. 26), or from temporary docks erected during the Miami International Boat Show in February.
Now that hurricane season has given way to tourist season, and Vizcaya is getting back to its old self, it’s easy to act like nothing has changed. The biggest change Irma wrought is pervasive but invisible; a sense that the next truly devastating storm after this one is not a question of “if” but “when.” But for the moment I did my best to take the advice of a temporary installation piece by the artist Amanda Keeley in the Vizcaya’s logia. Words crafted in yellow neon quote the Roman poet Horace: “Put serious things aside” and “Take the gifts of this hour.”
THE LOWDOWN // Rediscovering Miami’s Natural Side
Staying There Only a helicopter offers better views of Miami at night than Sugar, the 40th-floor rooftop bar of the East hotel in Brickell, just south of downtown. The hotel’s 352 rooms, all with balconies and floor-to-ceiling windows, are sleekly styled with similarly compelling views (from $499 a night, east-miami.com). If you find Miami unthinkable without the beach, consider the Miami Beach Edition, set on 3.5 oceanfront acres with 294 rooms, including 28 bungalows, and an entertainment complex that includes an ice-skating rink (from $296 a night, editionhotels.com/miami-beach).
Eating There South Florida’s tropical climate is ideal for growing much of the Indian produce used at both Ghee Indian Kitchens, like taro leaf, plucked from chef Niven Patel’s farm (gheemiami.com). Locally caught fish, displayed in two ice-filled claw foot tubs by the bar, takes pride of place at the Stiltsville Fish Bar (1787 Purdy Avenue, Miami Beach,stiltsvillefishbar.com).
(https://www.wsj.com/articles/an-escape-to-miami-beautifully-resilient-after-hurricane-irma-1510671517)
It’s a peculiar notion of luck, but visitors and Miamians alike need only look to Houston, to Puerto Rico or down to the Florida Keys to understand how right he was. “This storm put the fear of God in me,” said architect Richard Heisenbottle, a resident of 41 years, who evacuated his family when Irma was predicted to hit the region as a Category 5 storm with 185 mph winds. Mr. Heisenbottle has overseen restoration work of many of South Florida’s most significant historical buildings, including Vizcaya. ”Despite the fact that we’re much more prepared than ever before,” he added, “and that we build buildings better than anywhere else in Florida, I believe that if a cat 5 windstorm hits us, all bets are off.”
Looking at South Florida through the proverbial eye of a hurricane, I learned, increases one’s appreciation of the area’s unique beauty, fragility and resilience. The day after going to Vizcaya, I paid a visit to the HistoryMiami Museum, where an exhibit marking the 25th anniversary of Hurricane Andrew—the last Category 5 storm to hit the area—starkly recalled a time when South Florida wasn’t so lucky.
Along with artifacts and a welter of screens playing contemporaneous news coverage, there was a replica of a small living room, lit by a single lamp and with the soundtrack of a storm piped in; you can sit on the sofa and have a shelter-in-place experience. Do so at the “beginning” of the storm, and the wind and rain sounds seem tame enough—my mother and I joked that we’d just come from worse weather outside. But as we toured the exhibit, the sounds from the room intensified. We returned and sat, listening to the crescendo of howling winds, groaning rafters and clattering shutters. Having grown up in Florida and endured Andrew, I relived the dread—will the roof hold? What will it look like outside when the winds die down?
After Irma landed her glancing blow on the region, I found myself searching Twitter and Instagram for reports on the place I worried about more than any other—Stiltsville. Its pastel-hued houses are the remnants of an offshore colony on stilts that developed on the shoals of Biscayne Bay, starting, most say, with a bait shack run in the 1930s by one “Crawfish” Eddie Walker. By 1959, more than two dozen buildings were perched above the flats. As Carl Hiaasen described it in his novel “Skin Tight,” “rich owners used them for weekend parties, and their kids got drunk on them in the summer. The rest of the time they served as fancy split-level toilets for seagulls and cormorants.” In 1965, Hurricane Betsy took nearly half of Stiltsville with her. Then Andrew took half of what remained.
The HistoryMiami Museum offers periodic boat tours of Stiltsville. The tour I took, led by historian Dr. Paul George, left from the marina at Bayside Marketplace in downtown Miami. With about 50 people—the majority locals—I boarded one of the motor yachts typically used for sunset cocktail cruises for the half-hour trip out to Stiltsville. As leaping porpoises trailed the boat, Dr. George, in a ball cap and Ray Bans, related the history of the area from Ponce De Leon to Richard Nixon and Bebe Rebozo.
Every home in Stiltsville had a colorful story: “This house here is where Teddy Kennedy had his bachelor party…” Many were actually private clubs, like the Bikini Club, the Calvert Club and the Quarterdeck Club, all long gone, though the Miami Springs Power Boat Club maintains an outpost. Irma rattled but didn’t wreck Stiltsville. Because these houses are now encompassed by Biscayne National Park, however, they can never be replaced. Each storm poses a mortal threat.
Another Stiltsville that Irma toyed with—the Stiltsville Fish Bar—is chefs Jeff McInnis and Janine Booth’s newly opened restaurant in Miami Beach’s Sunset Harbor neighborhood, which had its initial opening delayed by the storm. It was hardly the only restaurant the storm touched. For chef Niven Patel—who grows many of the ingredients for the Indian food at two locations of his restaurant Ghee Indian Kitchen—Irma was “a blessing in disguise,” taking down 15 giant nonindigenous ornamental trees on his farm which will now be replaced with coconut palms.
Perhaps the only good thing to say about hurricanes is that they seem to take the invasive species first, as further evidenced by Bill Baggs Cape Florida State Park, at the tip of Key Biscayne, one of the few places arguably made better by Hurricane Andrew. The forests of native mangrove and gumbo limbo trees through which the trails wend weren’t always there; much of the 442 acres that make up the park had been clear-cut for development in the 1950s and subsequently colonized by invasive Australian pines. When Hurricane Andrew leveled the landscape once again, the state took the opportunity to restore native flora. (Some of the fauna is still invasive, though—be on the lookout for giant iguanas.)
At the park’s south end stands the Cape Florida Lighthouse, and the point from which in 1821 some 300 escaped slaves bartered for passage to Andros Island in the Bahamas. The park also affords a distant land-based view of the houses of Stiltsville.
Driving back to the mainland, I stopped at the Miami Marine Stadium on Virginia Key. It’s a wonder of tropical brutalism, a poured concrete grandstand that juts out over a basin, where speedboats raced like chariots, and concerts were held, with a floating barge serving as a stage. (Jimmy Buffett’s 1986 concert video was filmed here, with fans in the stands, boats, inner tubes and the water itself.)
Though the stadium has been closed to the public since Hurricane Andrew battered it, street artists have infiltrated and turned the seats, the massive trusses, and even the 320-feet-wide cantilevered roof into a concrete canvas. The city recently announced a long overdue plan to rehabilitate the stadium, overseen by Mr. Heisenbottle. For now, the best ways to see the grandstands without trespassing are from a boat tour with HistoryMiami (the next one—“Icons of the Bay: Stiltsville, Cape Florida Lighthouse & the Miami Marine Stadium”—runs Nov. 26), or from temporary docks erected during the Miami International Boat Show in February.
Now that hurricane season has given way to tourist season, and Vizcaya is getting back to its old self, it’s easy to act like nothing has changed. The biggest change Irma wrought is pervasive but invisible; a sense that the next truly devastating storm after this one is not a question of “if” but “when.” But for the moment I did my best to take the advice of a temporary installation piece by the artist Amanda Keeley in the Vizcaya’s logia. Words crafted in yellow neon quote the Roman poet Horace: “Put serious things aside” and “Take the gifts of this hour.”
THE LOWDOWN // Rediscovering Miami’s Natural Side
Staying There Only a helicopter offers better views of Miami at night than Sugar, the 40th-floor rooftop bar of the East hotel in Brickell, just south of downtown. The hotel’s 352 rooms, all with balconies and floor-to-ceiling windows, are sleekly styled with similarly compelling views (from $499 a night, east-miami.com). If you find Miami unthinkable without the beach, consider the Miami Beach Edition, set on 3.5 oceanfront acres with 294 rooms, including 28 bungalows, and an entertainment complex that includes an ice-skating rink (from $296 a night, editionhotels.com/miami-beach).
Eating There South Florida’s tropical climate is ideal for growing much of the Indian produce used at both Ghee Indian Kitchens, like taro leaf, plucked from chef Niven Patel’s farm (gheemiami.com). Locally caught fish, displayed in two ice-filled claw foot tubs by the bar, takes pride of place at the Stiltsville Fish Bar (1787 Purdy Avenue, Miami Beach,stiltsvillefishbar.com).
(https://www.wsj.com/articles/an-escape-to-miami-beautifully-resilient-after-hurricane-irma-1510671517)
Friday, November 17, 2017
10 Years After the Crash, the Boom Times Are Back in Real Estate—but Way Different
As anniversaries go, it's a nerve-racking but inescapable one: It's been 10 long years since the widespread real estate crash that precipitated the Great Recession, and all the misery that followed in its wake. So it seems like the perfect time to take a giant step back, peruse and analyze all of the data, and assess what has really happened to the American housing market in the decade since.
So where are we, really?
Ever-steeper home prices: check. Buyers clamoring to get into those precious homes: check. Real estate newbies scooping up homes to renovate quickly and sell for a profit (i.e., flip): check. On first or second glance, things are looking awfully similar to the real estate boom that preceded the epic bust. But wait: There's no need to start stuffing your life savings under your mattress for safekeeping just yet. If you look beneath the surface, there are key differences between then and now, a realtor.com® analysis of housing and economic data shows.
“As we compare today’s market dynamics to those of a decade ago, it’s important to remember rising prices didn’t cause the housing crash,” said Danielle Hale, chief economist for realtor.com®. “It was rising prices stoked by subprime and low-documentation mortgages, as well as people looking for short-term gains—versus today’s truer market vitality—that created the environment for the crash.”
By contrast, today’s housing market is characterized by a significant mismatch between significant job and household growth (the factors that spur people to buy homes) and much tighter lending standards and historically low for-sale inventory (the factors that make it difficult for people to buy new homes). The result: extremely high home prices and a lot of frustrated buyers. (Did you hear about the Northern California home that sold for $782,000 over asking?)
How high, you ask?
Well, the U.S. median home sales price in 2016 was $236,000, 2% higher than in 2006. In fact, 31 of the 50 largest U.S. metros are back to pre-recession price levels. Austin, TX, has seen the largest price growth in the past decade: 63%. It’s followed by Denver, at 54%, and Dallas, at 52%. Nationwide, realtor.com data show that listing prices have been up by double digits for the majority of 2017.
Median home sales prices since 2006
Median home sales prices since 2006realtor.com
Financial regulations reshaped the mortgage scene
The biggest change on the housing scene over the past decade is that lending standards are the tightest they've been in almost 20 years. The Dodd-Frank Act, which was passed to tamp down the risky lending that led to the bubble and its collapse, requires loan originators to show proof that a borrower can repay the loan. As a result, the median 2017 home loan FICO score was 734, significantly up from 700 in 2006. The low end of the range has pulled up as well. The bottom 10% of borrowers have an average FICO of 649 in 2017, up from 602 in 2006.
“Lending standards are critical to the health of the market,” added Hale. “Unlike today, the boom’s under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity.”
Flipping is hot again, but now it's under control
For just about as long as we've had a housing market in this country, folks believed that prices would never go down and that a home was always a good investment. This inspired a lot of flippers and developers to get into the game (well, HGTV may have also played a part).
Unfortunately, the housing crash exposed this fallacy big-time.
In 2006, the share of flipped homes reached 8.6% of all sales, exceeding 20% in some metros such as Washington, DC, and Chicago. Some of those flippers took out multiple loans to afford their properties. With today’s tight lending environment limiting borrowing power, however, flipping accounted for a more reasonable 5% of sales in 2016.
Similarly, builders chasing profits as prices rose ended up building more than what the market was demanding. In 2006, there were 1.4 single-family housing starts for every household formed, well above the healthy level of one per household.
But while stricter lending standards have kept flipping and overbuilding in check, they are contributing to severely constrained construction levels, which contribute to the housing inventory shortage—and that's keeping prices elevated. Today’s market is well below normal construction levels with only 0.7 single-family household starts per household formation.
What's driving today's housing market
In October, unemployment hit a 17-year low, at a rate of 4.1%. In 30 of the 50 largest U.S. metros, unemployment is less than half of 2010 levels. Employment is particularly robust among millennials, who are just starting their careers: In September, employment reached 79% in the 25–34 age group, back up to 2006 levels and 5% higher than 2010.
But at the same time, there are 600,000 fewer total housing starts and nearly 700,000 fewer single-family housing starts.
Single-family home sales since 2006
Single-family home sales since 2006realtor.com
"The healthy economy is creating more jobs and households, but not giving these people enough places to live," Hale said. "Rapid price increases will not last forever. We expect a gradual tapering as buyers are priced out of the market—not a market correction, but an easing of demand and price growth as renting or adding roommates becomes a more affordable alternative.”
Millennials made up 52% of home shoppers last spring, and with the largest cohort of millennials expected to turn 30 in 2020, their demand for homes is only expected to increase.
Metros where home prices have rebounded the most
In Austin, local real estate agent Jason Bernknopf has been in the business for about 15 years, currently with AustinRealEstate.com. In his view, Austin wasn't hurt much by the housing market collapse because home prices were already low. Plus, Austin has a diverse economy with plenty of stable jobs in government (it is the state capital, after all) and tech companies such as locally based Dell and Samsung, IBM, and Apple.
Price appreciation since 2006
Price appreciation since 2006realtor.com
The city has developed a lot in the past 10 to 15 years, Bernknopf says, as it drew people from far more expensive areas such as California.
“We didn’t have a downtown living area in the early 2000s," he says. "Now there’s huge apartment high-rises as well as condo high-rises, and more areas for people to shop and eat in the heart of town.”
There's also a building boom in the suburbs, where young families are moving in search of more space and better schools.
Denver, another recent tech hub that was relatively sleepy before the crash, has seen a similar transformation since the recession, says Jeff Plous, an associate real estate broker at One Realty in Denver.
In 2008, prices slowed, but there were no crazy drops, he says.
“The suburbs were hit really hard," Plous says. "But the city itself wasn’t that bad. It took longer to sell, but people were still buying.”
And then things really turned around.
"Bidding wars went from a sometimes to an always in 2013-14," Plous says. "You got out of bed, and anything you put on the market was gone in 24 to 48 hours.”
In August, he sold a $400,000 home for $40,000 over asking. The four-bed home in a good neighborhood had netted 12 offers.
“I don’t necessarily believe we’re in a bubble. We just have so many people who want to move here. Our inventory is so far below where it needs to be.”
A slower recovery for some
Time for a reality check: Not every market is booming 10 years after the big crash.
Three major housing markets—Las Vegas; Tucson, AZ; and Riverside, CA—remained more than 20% below 2006 price levels at the end of 2016, at 25%, 22%, and 22%, respectively.
"The recession here in Las Vegas was deeper and longer than nationally," says Stephen Miller, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas.
Miller points out that after the crash, about 70% of Nevada's home mortgages were underwater. "If you’re hit harder, it takes you longer to get back up in the ring.”
The center's research shows that before the recession, the Las Vegas population was growing about 4% annually. Now it's growing at about 2% annually, a growth track that still portends well for the future.
In Tucson, real estate broker John Mijac at Long Realty Co. saw a lot of excitement, speculation, and inflated prices in the market before the crash.
The area was hit particularly hard. Many Tucson-area investors lost homes to foreclosures and short sales.
“For quite a while, that was the primary movement in our market," he says. "Now that’s gone away.” He's starting to see more building come back, along with more home flippers. Again.
Demand and prices are also back for lower-priced homes, but homes above $200,000 haven't recovered yet. Sellers don't want to lose money on the sale of these properties, so they're holding on. "We’re getting close but we’re not quite there.”
Clare Trapasso contributed to this report.
So where are we, really?
Ever-steeper home prices: check. Buyers clamoring to get into those precious homes: check. Real estate newbies scooping up homes to renovate quickly and sell for a profit (i.e., flip): check. On first or second glance, things are looking awfully similar to the real estate boom that preceded the epic bust. But wait: There's no need to start stuffing your life savings under your mattress for safekeeping just yet. If you look beneath the surface, there are key differences between then and now, a realtor.com® analysis of housing and economic data shows.
“As we compare today’s market dynamics to those of a decade ago, it’s important to remember rising prices didn’t cause the housing crash,” said Danielle Hale, chief economist for realtor.com®. “It was rising prices stoked by subprime and low-documentation mortgages, as well as people looking for short-term gains—versus today’s truer market vitality—that created the environment for the crash.”
By contrast, today’s housing market is characterized by a significant mismatch between significant job and household growth (the factors that spur people to buy homes) and much tighter lending standards and historically low for-sale inventory (the factors that make it difficult for people to buy new homes). The result: extremely high home prices and a lot of frustrated buyers. (Did you hear about the Northern California home that sold for $782,000 over asking?)
How high, you ask?
Well, the U.S. median home sales price in 2016 was $236,000, 2% higher than in 2006. In fact, 31 of the 50 largest U.S. metros are back to pre-recession price levels. Austin, TX, has seen the largest price growth in the past decade: 63%. It’s followed by Denver, at 54%, and Dallas, at 52%. Nationwide, realtor.com data show that listing prices have been up by double digits for the majority of 2017.
Median home sales prices since 2006
Median home sales prices since 2006realtor.com
Financial regulations reshaped the mortgage scene
The biggest change on the housing scene over the past decade is that lending standards are the tightest they've been in almost 20 years. The Dodd-Frank Act, which was passed to tamp down the risky lending that led to the bubble and its collapse, requires loan originators to show proof that a borrower can repay the loan. As a result, the median 2017 home loan FICO score was 734, significantly up from 700 in 2006. The low end of the range has pulled up as well. The bottom 10% of borrowers have an average FICO of 649 in 2017, up from 602 in 2006.
“Lending standards are critical to the health of the market,” added Hale. “Unlike today, the boom’s under-regulated lending environment allowed borrowing beyond repayable amounts and atypical mortgage products, which pushed up home prices without the backing of income and equity.”
Flipping is hot again, but now it's under control
For just about as long as we've had a housing market in this country, folks believed that prices would never go down and that a home was always a good investment. This inspired a lot of flippers and developers to get into the game (well, HGTV may have also played a part).
Unfortunately, the housing crash exposed this fallacy big-time.
In 2006, the share of flipped homes reached 8.6% of all sales, exceeding 20% in some metros such as Washington, DC, and Chicago. Some of those flippers took out multiple loans to afford their properties. With today’s tight lending environment limiting borrowing power, however, flipping accounted for a more reasonable 5% of sales in 2016.
Similarly, builders chasing profits as prices rose ended up building more than what the market was demanding. In 2006, there were 1.4 single-family housing starts for every household formed, well above the healthy level of one per household.
But while stricter lending standards have kept flipping and overbuilding in check, they are contributing to severely constrained construction levels, which contribute to the housing inventory shortage—and that's keeping prices elevated. Today’s market is well below normal construction levels with only 0.7 single-family household starts per household formation.
What's driving today's housing market
In October, unemployment hit a 17-year low, at a rate of 4.1%. In 30 of the 50 largest U.S. metros, unemployment is less than half of 2010 levels. Employment is particularly robust among millennials, who are just starting their careers: In September, employment reached 79% in the 25–34 age group, back up to 2006 levels and 5% higher than 2010.
But at the same time, there are 600,000 fewer total housing starts and nearly 700,000 fewer single-family housing starts.
Single-family home sales since 2006
Single-family home sales since 2006realtor.com
"The healthy economy is creating more jobs and households, but not giving these people enough places to live," Hale said. "Rapid price increases will not last forever. We expect a gradual tapering as buyers are priced out of the market—not a market correction, but an easing of demand and price growth as renting or adding roommates becomes a more affordable alternative.”
Millennials made up 52% of home shoppers last spring, and with the largest cohort of millennials expected to turn 30 in 2020, their demand for homes is only expected to increase.
Metros where home prices have rebounded the most
In Austin, local real estate agent Jason Bernknopf has been in the business for about 15 years, currently with AustinRealEstate.com. In his view, Austin wasn't hurt much by the housing market collapse because home prices were already low. Plus, Austin has a diverse economy with plenty of stable jobs in government (it is the state capital, after all) and tech companies such as locally based Dell and Samsung, IBM, and Apple.
Price appreciation since 2006
Price appreciation since 2006realtor.com
The city has developed a lot in the past 10 to 15 years, Bernknopf says, as it drew people from far more expensive areas such as California.
“We didn’t have a downtown living area in the early 2000s," he says. "Now there’s huge apartment high-rises as well as condo high-rises, and more areas for people to shop and eat in the heart of town.”
There's also a building boom in the suburbs, where young families are moving in search of more space and better schools.
Denver, another recent tech hub that was relatively sleepy before the crash, has seen a similar transformation since the recession, says Jeff Plous, an associate real estate broker at One Realty in Denver.
In 2008, prices slowed, but there were no crazy drops, he says.
“The suburbs were hit really hard," Plous says. "But the city itself wasn’t that bad. It took longer to sell, but people were still buying.”
And then things really turned around.
"Bidding wars went from a sometimes to an always in 2013-14," Plous says. "You got out of bed, and anything you put on the market was gone in 24 to 48 hours.”
In August, he sold a $400,000 home for $40,000 over asking. The four-bed home in a good neighborhood had netted 12 offers.
“I don’t necessarily believe we’re in a bubble. We just have so many people who want to move here. Our inventory is so far below where it needs to be.”
A slower recovery for some
Time for a reality check: Not every market is booming 10 years after the big crash.
Three major housing markets—Las Vegas; Tucson, AZ; and Riverside, CA—remained more than 20% below 2006 price levels at the end of 2016, at 25%, 22%, and 22%, respectively.
"The recession here in Las Vegas was deeper and longer than nationally," says Stephen Miller, director of the Center for Business and Economic Research at the University of Nevada, Las Vegas.
Miller points out that after the crash, about 70% of Nevada's home mortgages were underwater. "If you’re hit harder, it takes you longer to get back up in the ring.”
The center's research shows that before the recession, the Las Vegas population was growing about 4% annually. Now it's growing at about 2% annually, a growth track that still portends well for the future.
In Tucson, real estate broker John Mijac at Long Realty Co. saw a lot of excitement, speculation, and inflated prices in the market before the crash.
The area was hit particularly hard. Many Tucson-area investors lost homes to foreclosures and short sales.
“For quite a while, that was the primary movement in our market," he says. "Now that’s gone away.” He's starting to see more building come back, along with more home flippers. Again.
Demand and prices are also back for lower-priced homes, but homes above $200,000 haven't recovered yet. Sellers don't want to lose money on the sale of these properties, so they're holding on. "We’re getting close but we’re not quite there.”
Clare Trapasso contributed to this report.
Thursday, November 16, 2017
Want to Get the Most Money for Your Home or Condo?
Owning a home or investment property and making mortgage payments is like putting money in the bank. For most homeowners, their house is their largest asset—which means there’s a lot of money at stake when it comes time to sell. Every owner will want to get as much money back as possible from perhaps the biggest investment. In order to do so, here are some tips when you put your home on the market.
Hire a Real estate Agent. Hire a full time, professional real estate agent to sell your home, hiring one can help you sell your home for the best price, in the least amount of time, which will put more money your pocket. A good listing agent can assist you with pricing your home, marketing it, negotiating with buyers, and guiding you through the closing process. That's a lot of responsibility. Your agent will filter all those phone calls that lead to nowhere from folks that are not serious about buying and the agent can try to induce serious buyers to write an offer immediately.
Price it right from the outset. Overpricing a home in today's fast-paced environment, will put you at risk of your home sitting on the market, which can make it more difficult to sell. If your house is still for sale after a couple of month, buyers are going to assume something’s wrong with it. Today’s buyers are savvy, they can do their own research and they know if a house is overpriced. So list it right at market price, which your agent will help you determine. If anything, listing it a bit below market price could also work in your favor by sparking a bidding war which could drive the price up higher than you'd ever hoped.
Once you have an offer in hand, you’re probably scanning for one thing: the price. The offers on your home should fall into a price range, but don’t rely on price alone. Not only consider the Offer Price, but other items such as Closing assistance, Closing date, Buyer financing, and contingencies. Some offers may seem great on the surface, but significantly less so once you dig in. For instance: Is the buyer asking for closing assistance? If you agree, any assistance you give will lower your bottom line, so factor this amount into the asking price. The buyer's time frame to close may not seem like a big deal on the surface, but it can actually matter a lot, especially if you give the buyer a long leash. If the deal falls through, you’ll have to put the house back on the market and wait for more offers. Make sure the buyer has financing. Make sure you verifying the buyer’s financing and how much the buyer will put toward the down payment and earnest money deposit. The last thing you want is to accept an offer, only to find out afterward that the buyer can't come up with the necessary cash to close.
You always have the option to return the buyer’s offer with a counteroffer of your own. You should always counter if the price is not what you are looking for, or if you can’t support the amount of closing cost help they are looking for, etc. But if you do, keep it reasonable. If your home is in a popular area, have an advantage, the buyer may not accept your counter outright, but always wait for multiple offers especially in areas of low inventory. To help you decide, ask your agent to call the buyer's agent and hash it out it with them. Get some insight into the buyer's state of mind, and whether he can budge.
#RealEstate #Realtor #Realty #Broker #ForSale #NewHome #HouseHunting #MillionDollarListing #HomeSale #HomesForSale #Property #Properties #Investment #Home #Housing #Listing #MiamiRealEstate #Luxuryhomes #10X #RealDeal #HomeEquity #CapitalGains
Hire a Real estate Agent. Hire a full time, professional real estate agent to sell your home, hiring one can help you sell your home for the best price, in the least amount of time, which will put more money your pocket. A good listing agent can assist you with pricing your home, marketing it, negotiating with buyers, and guiding you through the closing process. That's a lot of responsibility. Your agent will filter all those phone calls that lead to nowhere from folks that are not serious about buying and the agent can try to induce serious buyers to write an offer immediately.
Price it right from the outset. Overpricing a home in today's fast-paced environment, will put you at risk of your home sitting on the market, which can make it more difficult to sell. If your house is still for sale after a couple of month, buyers are going to assume something’s wrong with it. Today’s buyers are savvy, they can do their own research and they know if a house is overpriced. So list it right at market price, which your agent will help you determine. If anything, listing it a bit below market price could also work in your favor by sparking a bidding war which could drive the price up higher than you'd ever hoped.
Once you have an offer in hand, you’re probably scanning for one thing: the price. The offers on your home should fall into a price range, but don’t rely on price alone. Not only consider the Offer Price, but other items such as Closing assistance, Closing date, Buyer financing, and contingencies. Some offers may seem great on the surface, but significantly less so once you dig in. For instance: Is the buyer asking for closing assistance? If you agree, any assistance you give will lower your bottom line, so factor this amount into the asking price. The buyer's time frame to close may not seem like a big deal on the surface, but it can actually matter a lot, especially if you give the buyer a long leash. If the deal falls through, you’ll have to put the house back on the market and wait for more offers. Make sure the buyer has financing. Make sure you verifying the buyer’s financing and how much the buyer will put toward the down payment and earnest money deposit. The last thing you want is to accept an offer, only to find out afterward that the buyer can't come up with the necessary cash to close.
You always have the option to return the buyer’s offer with a counteroffer of your own. You should always counter if the price is not what you are looking for, or if you can’t support the amount of closing cost help they are looking for, etc. But if you do, keep it reasonable. If your home is in a popular area, have an advantage, the buyer may not accept your counter outright, but always wait for multiple offers especially in areas of low inventory. To help you decide, ask your agent to call the buyer's agent and hash it out it with them. Get some insight into the buyer's state of mind, and whether he can budge.
#RealEstate #Realtor #Realty #Broker #ForSale #NewHome #HouseHunting #MillionDollarListing #HomeSale #HomesForSale #Property #Properties #Investment #Home #Housing #Listing #MiamiRealEstate #Luxuryhomes #10X #RealDeal #HomeEquity #CapitalGains
Tuesday, November 14, 2017
Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month!
Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month
Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017.
MIAMI — Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017.
Colombia registered 11.4 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in September 2017. Colombia has led the MIAMI property search rankings for seven consecutive months and 17 of the last 22 months.
“Miami real estate continues to be a top destination for consumers in Latin America but all over the world,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “Canada, Ukraine, Spain, Italy, India and the Philippines rank among the top-10 foreign countries searching for Miami real estate.”
Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month
Top-10 countries visiting MiamiRealtors.com in September 2017:
Country, Share of International Searches
Colombia, 11.4%
Canada, 10.4%
Ukraine, 5.5%
Venezuela, 5.2%
Spain, 4.7%
Brazil, 4.3%
Italy, 4.3%
India, 4.3%
Argentina, 3.8%
Philippines, 3.0%
Colombia: A Top Market for South Florida Real Estate
Colombian home buyers tied with Brazil in making the third-most international purchases in South Florida, according to the 2016 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombia had a 10 percent share of all international purchases in South Florida. Venezuela (15 percent) and Argentina (11 percent) finished first and second, respectively.
MIAMI again promoted its members, South Florida’s lifestyle and real estate market at Colombia’s largest property showcase, El XII Gran Salón Inmobiliario – Feria Internacional, on Aug. 24-27, 2017 in Bogotá, Colombia. MIAMI made a South Florida market presentation at the 12th annual expo, which attracted 30,000 visitors and 200 exhibitors.
Top-10 International Cities Visiting MiamiRealtors.com in September 2017
Ontario, Canada
Bogotá, Colombia
Kyiv City, Ukraine
Capital District, Venezuela
Buenos Aires, Argentina
Sao Paolo, Brazil
Antioquia, Colombia
Quebec, Canada
Madrid, Spain
Milan
South Florida is Second-Most Searched U.S. Market by International Clients
Miami-Fort Lauderdale-West Palm Beach is the second-most searched U.S. market by international consumers, according to Realtor.com September 2017 data. South Florida has ranked among the top-two U.S. markets for global demand for years.
Top-10 U.S. markets for international real estate demand: September 2017
Los Angeles-Long Beach-Anaheim, CA
Miami-Fort Lauderdale-West Palm Beach
Bellingham, WA
New York-Newark-Jersey City, NY-NJ-PA
Orlando-Kissimmee-Sanford, FL
Urban Honolulu, HI
Tampa-St. Petersburg-Clearwater, FL
Kahului-Wailuku-Lahaina, HI
Phoenix-Mesa-Scottsdale, AZ
Las Vegas-Henderson-Paradise, NV
Top-10 countries driving international demand in South Florida: September 2017
Canada
Brazil
Argentina
United Kingdom
Colombia
Germany
France
Spain
Italy
Mexico
(http://www.miamirealtors.com/news/news/releases/2017/11/13/colombia-tops-miami-real-estate-searches-for-seventh-consecutive-month).
#RealEstate #Realtor #Realty #Broker #ForSale #NewHome #HouseHunting #MillionDollarListing #HomeSale #HomesForSale #Property #Properties #Investment #Home #Housing #Listing #MiamiRealEstate #Luxuryhomes #10X #RealDeal #Colombia
Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017.
MIAMI — Colombian consumers have posted the most global Miami real estate searches for seven consecutive months, according to a new report by the MIAMI Association of REALTORS® (MIAMI). South Florida, a top destination for international home buyers, finished as the second-most searched U.S. market by Realtor.com international consumers in September 2017.
Colombia registered 11.4 percent of all international searches on MIAMI’s portal, www.MiamiRealtors.com, in September 2017. Colombia has led the MIAMI property search rankings for seven consecutive months and 17 of the last 22 months.
“Miami real estate continues to be a top destination for consumers in Latin America but all over the world,” said Coral Gables Realtor Christopher Zoller, the 2017 MIAMI chairman of the board. “Canada, Ukraine, Spain, Italy, India and the Philippines rank among the top-10 foreign countries searching for Miami real estate.”
Colombia Tops Miami Real Estate Searches for Seventh Consecutive Month
Top-10 countries visiting MiamiRealtors.com in September 2017:
Country, Share of International Searches
Colombia, 11.4%
Canada, 10.4%
Ukraine, 5.5%
Venezuela, 5.2%
Spain, 4.7%
Brazil, 4.3%
Italy, 4.3%
India, 4.3%
Argentina, 3.8%
Philippines, 3.0%
Colombia: A Top Market for South Florida Real Estate
Colombian home buyers tied with Brazil in making the third-most international purchases in South Florida, according to the 2016 Profile of International Home Buyers of MIAMI Association of REALTORS® (MIAMI) Members. Colombia had a 10 percent share of all international purchases in South Florida. Venezuela (15 percent) and Argentina (11 percent) finished first and second, respectively.
MIAMI again promoted its members, South Florida’s lifestyle and real estate market at Colombia’s largest property showcase, El XII Gran Salón Inmobiliario – Feria Internacional, on Aug. 24-27, 2017 in Bogotá, Colombia. MIAMI made a South Florida market presentation at the 12th annual expo, which attracted 30,000 visitors and 200 exhibitors.
Top-10 International Cities Visiting MiamiRealtors.com in September 2017
Ontario, Canada
Bogotá, Colombia
Kyiv City, Ukraine
Capital District, Venezuela
Buenos Aires, Argentina
Sao Paolo, Brazil
Antioquia, Colombia
Quebec, Canada
Madrid, Spain
Milan
South Florida is Second-Most Searched U.S. Market by International Clients
Miami-Fort Lauderdale-West Palm Beach is the second-most searched U.S. market by international consumers, according to Realtor.com September 2017 data. South Florida has ranked among the top-two U.S. markets for global demand for years.
Top-10 U.S. markets for international real estate demand: September 2017
Los Angeles-Long Beach-Anaheim, CA
Miami-Fort Lauderdale-West Palm Beach
Bellingham, WA
New York-Newark-Jersey City, NY-NJ-PA
Orlando-Kissimmee-Sanford, FL
Urban Honolulu, HI
Tampa-St. Petersburg-Clearwater, FL
Kahului-Wailuku-Lahaina, HI
Phoenix-Mesa-Scottsdale, AZ
Las Vegas-Henderson-Paradise, NV
Top-10 countries driving international demand in South Florida: September 2017
Canada
Brazil
Argentina
United Kingdom
Colombia
Germany
France
Spain
Italy
Mexico
(http://www.miamirealtors.com/news/news/releases/2017/11/13/colombia-tops-miami-real-estate-searches-for-seventh-consecutive-month).
#RealEstate #Realtor #Realty #Broker #ForSale #NewHome #HouseHunting #MillionDollarListing #HomeSale #HomesForSale #Property #Properties #Investment #Home #Housing #Listing #MiamiRealEstate #Luxuryhomes #10X #RealDeal #Colombia
Subscribe to:
Posts (Atom)