Dear Readers
Just a quick note to say ...stay tuned for Friday as we begin our statistical analysis on the luxury property market here in South East Florida.
Have a great week
Debra
Monday, November 17, 2008
Friday, November 14, 2008
Golan Team Guide to Selling Your Home
Selling your home is definitely your Realtor’s job but there are certainly things you can do to help your property look its best.
Here are our top 12 tips for a perfect showing:
1) Clean up your house – make sure the Buyer sees the property – not your stuff!!! Make sure your beds are all made, wash the floors, sweep the carpets and remove all extra clutter from the house.
2) Have your house lit up – open those blinds and curtains and open the lights in every room
3) Light candles & Play music – Try those lightly scented candles– do not use overpowering scents or incense – they may actually deter a Buyer. Also playing light instrumental music in the living area to help coax the Buyer into spending a few more minutes looking around.
4) Stage the Property for a sale move furniture around (or even remove furniture) to give a room its best look. Add decorative items on the kitchen counters, perfumed bathroom soaps etc.
5) If you have a pet – make sure you use a air freshener or carpet odor spray to remove any pet smells from a room – Lighting candles can also help
6) Remove any pets from the premises while showing. If you have an aquarium, make sure it is clean as it will give a great impression to the Buyer that you care about the property.
7) Clean up the exterior areas – remove dead leaves and fallen branches, sweep the walkways and keep a clean pool area.
8) Repaint walls with peeling paint & pay attention to caulking near baseboards.
9) Secure all your valuables – don’t leave any jewelry or valuables lying around – this includes credit card statements.
10) Organize your documents – have your title insurance policy, your last mortgage statement, your Homeowner/Condo documents, your proof of opening and closing of building permits, construction plans or contracts for repairs, appliance warranties, manuals etc., all together in a file so you don’t have to panic and look for them when the contract comes in.
11) Fill out your Sellers Disclosure – be honest up front if there are issues in the house, this way the Buyer trusts you – Remember it will all be revealed during an inspection anyway.
12) Leave the Realtor to sell your home. Sometimes when a homeowner stays home during a showing it can intimidate a Buyer and rush them through the property as they do not want the Owner to think they are so interested in the property.
Here are our top 12 tips for a perfect showing:
1) Clean up your house – make sure the Buyer sees the property – not your stuff!!! Make sure your beds are all made, wash the floors, sweep the carpets and remove all extra clutter from the house.
2) Have your house lit up – open those blinds and curtains and open the lights in every room
3) Light candles & Play music – Try those lightly scented candles– do not use overpowering scents or incense – they may actually deter a Buyer. Also playing light instrumental music in the living area to help coax the Buyer into spending a few more minutes looking around.
4) Stage the Property for a sale move furniture around (or even remove furniture) to give a room its best look. Add decorative items on the kitchen counters, perfumed bathroom soaps etc.
5) If you have a pet – make sure you use a air freshener or carpet odor spray to remove any pet smells from a room – Lighting candles can also help
6) Remove any pets from the premises while showing. If you have an aquarium, make sure it is clean as it will give a great impression to the Buyer that you care about the property.
7) Clean up the exterior areas – remove dead leaves and fallen branches, sweep the walkways and keep a clean pool area.
8) Repaint walls with peeling paint & pay attention to caulking near baseboards.
9) Secure all your valuables – don’t leave any jewelry or valuables lying around – this includes credit card statements.
10) Organize your documents – have your title insurance policy, your last mortgage statement, your Homeowner/Condo documents, your proof of opening and closing of building permits, construction plans or contracts for repairs, appliance warranties, manuals etc., all together in a file so you don’t have to panic and look for them when the contract comes in.
11) Fill out your Sellers Disclosure – be honest up front if there are issues in the house, this way the Buyer trusts you – Remember it will all be revealed during an inspection anyway.
12) Leave the Realtor to sell your home. Sometimes when a homeowner stays home during a showing it can intimidate a Buyer and rush them through the property as they do not want the Owner to think they are so interested in the property.
Monday, November 10, 2008
How buying a Condo saved a Buyer over $1 million dollars.
I know the title sounds like an infomercial but believe me it was true. We first met “Steven” (name has been changed to protect identity) about 8 months ago and showed him and his wife various oceanfront properties to purchase. Nothing quite met their needs and tickled their fancy. Then we found them a perfect unit and begun the negotiations. Even though “Steven” was an all cash Buyer we were not able to secure the deal for him as the Sellers were just stubborn on their price. So Steven and his wife decided to put their purchasing on hold. We never lost touch, but being the type of Realtors that we are, we gave our Buyers space, but still closely monitored activity in the building that our Buyer had decided on.
Then came the first week of September: Suddenly the same unit that our Buyers had fallen in love with came on the market on a couple of floors lower than then the one we had previously bid on. Excited we called “Steven” and told him the great news. We explained that they had a contract on the property but the deal fell through because of financing. Our Buyer, exclaimed “I’ll pay all cash and I will close in a week!!!”
We approached the Selling Agent prepared a contract, negotiated well and got the offer accepted. Since our Buyer had committed to a fast closing and all cash deal, he decided instead of the $100,000 deposit the contract had stipulated, he would rather pull his money out of the stock market and pay for everything in one shot.
So that fateful day, when we went to pick up the deposit check instead of it being written out for $100,000 it was written out for the total purchase price of $1.4 million. We were shocked. Our Buyer explained that this was money he had very heavily leveraged in financial stocks and since they were all not doing well maybe better to invest in Real Estate.
We understood where he was coming from but little did any of us know the money he had pulled out of the stock market, had he left it there until the following week which was the closing week, would have all but disappeared when the major financial institution that he had invested in went under.
Thus in essence, purchasing this oceanfront condo saved him over a Million Dollars!!!
The “reality” of Real Estate is that it has gone down over the past few years and there are a lot of people that have taken huge losses as they have seen the value of their properties plummet 10-30% over the past 12-18 months. However their investments have not disappeared overnight as they have in the stock market. Many people have literally lost millions in one day on the stock market.
Real Estate is at one of its all time lows here in South Florida. There are some really good deals and bargains to be found and places where people can really get value for their money. For me it is an obvious choice of investment given the current volatility of the stock market. By the way as a Caveat to this story, the unit that “Steven” ultimately purchased was purchased at a price way lower than the original offer we made on the unit a couple of floors above. Believe me, fate is definitely a key ingredient in Real Estate.
Then came the first week of September: Suddenly the same unit that our Buyers had fallen in love with came on the market on a couple of floors lower than then the one we had previously bid on. Excited we called “Steven” and told him the great news. We explained that they had a contract on the property but the deal fell through because of financing. Our Buyer, exclaimed “I’ll pay all cash and I will close in a week!!!”
We approached the Selling Agent prepared a contract, negotiated well and got the offer accepted. Since our Buyer had committed to a fast closing and all cash deal, he decided instead of the $100,000 deposit the contract had stipulated, he would rather pull his money out of the stock market and pay for everything in one shot.
So that fateful day, when we went to pick up the deposit check instead of it being written out for $100,000 it was written out for the total purchase price of $1.4 million. We were shocked. Our Buyer explained that this was money he had very heavily leveraged in financial stocks and since they were all not doing well maybe better to invest in Real Estate.
We understood where he was coming from but little did any of us know the money he had pulled out of the stock market, had he left it there until the following week which was the closing week, would have all but disappeared when the major financial institution that he had invested in went under.
Thus in essence, purchasing this oceanfront condo saved him over a Million Dollars!!!
The “reality” of Real Estate is that it has gone down over the past few years and there are a lot of people that have taken huge losses as they have seen the value of their properties plummet 10-30% over the past 12-18 months. However their investments have not disappeared overnight as they have in the stock market. Many people have literally lost millions in one day on the stock market.
Real Estate is at one of its all time lows here in South Florida. There are some really good deals and bargains to be found and places where people can really get value for their money. For me it is an obvious choice of investment given the current volatility of the stock market. By the way as a Caveat to this story, the unit that “Steven” ultimately purchased was purchased at a price way lower than the original offer we made on the unit a couple of floors above. Believe me, fate is definitely a key ingredient in Real Estate.
Friday, November 7, 2008
Fisher Island Undergoes Huge Restoration
Fisher Island – South Beach’s Most Exclusive Enclave is undergoing huge restoration.
Just when you thought you hit the end of South Beach --- Just when you thought you are completely surrounded by water – that is when you have reached Fisher Island – a unique and magnificent community that is only accessible by boat, helicopter or ferry.
Background:
Fisher Island was originally built in the 1920’s as the winter estate of William Vanderbilt. It is a 216 acre private enclave named after a major developer of Miami Beach – Carl Fisher.
In the 1980’s it was developed into a 700+ home luxury community. And until today it
remains a very exclusive and wealthy community. In fact, check out Wikipedia’s definition of Fisher Island and as you read on, it continues... “According to the U.S. Census Bureau, Fisher Island had the highest per capita income of any place in the United States in 2000.”
The strength of the money that the owners at Fisher Island is shown by the huge renovation task that is under way. In the midst of all the Real Estate downturn, Fisher Island is undergoing a major $57 million renovation. According to insiders, there was alot of neglect over the years which ultimately led to lawsuits. The new owners of Fisher Island have put $25m into the renovation project and the Fisher Island Club members have all been assessed $57k each to cover the rest of the renovation.
Being a member at The Fisher Island Club is one of the most elite and prestigious memberships in South Florida. It allows access to deep water marinas, top rated Spa Internazionale, a tennis center with 18 clay, grass and hard courts, par 35 championship nine hole golf course, polo field, private beaches and eight restaurants and cafes.
Some overall island pictures including the island and golf course.
Individually you can choose to live in condos or houses on the beach.
Amongst all this exclusivity, sales at Fisher Island remain very strong. There are currently 73 properties for sale on Fisher Island ranging from a guest studio at $335,000 to a 7 bedroom oceanfront villa at $12,775,000 to a $30,000,000 asking price for another oceanfront 7 bedroom villa.
If you are interested in any Fisher Island properties please call us to discuss your options. We can be reached at 786-333-6200 or 786-271-1235.
Just when you thought you hit the end of South Beach --- Just when you thought you are completely surrounded by water – that is when you have reached Fisher Island – a unique and magnificent community that is only accessible by boat, helicopter or ferry.
Background:
Fisher Island was originally built in the 1920’s as the winter estate of William Vanderbilt. It is a 216 acre private enclave named after a major developer of Miami Beach – Carl Fisher.
In the 1980’s it was developed into a 700+ home luxury community. And until today it
remains a very exclusive and wealthy community. In fact, check out Wikipedia’s definition of Fisher Island and as you read on, it continues... “According to the U.S. Census Bureau, Fisher Island had the highest per capita income of any place in the United States in 2000.”
The strength of the money that the owners at Fisher Island is shown by the huge renovation task that is under way. In the midst of all the Real Estate downturn, Fisher Island is undergoing a major $57 million renovation. According to insiders, there was alot of neglect over the years which ultimately led to lawsuits. The new owners of Fisher Island have put $25m into the renovation project and the Fisher Island Club members have all been assessed $57k each to cover the rest of the renovation.
Being a member at The Fisher Island Club is one of the most elite and prestigious memberships in South Florida. It allows access to deep water marinas, top rated Spa Internazionale, a tennis center with 18 clay, grass and hard courts, par 35 championship nine hole golf course, polo field, private beaches and eight restaurants and cafes.
Some overall island pictures including the island and golf course.
Individually you can choose to live in condos or houses on the beach.
Amongst all this exclusivity, sales at Fisher Island remain very strong. There are currently 73 properties for sale on Fisher Island ranging from a guest studio at $335,000 to a 7 bedroom oceanfront villa at $12,775,000 to a $30,000,000 asking price for another oceanfront 7 bedroom villa.
If you are interested in any Fisher Island properties please call us to discuss your options. We can be reached at 786-333-6200 or 786-271-1235.
Monday, November 3, 2008
Hey Buyers - Are you really ready to Buy???
When you went to purchase a home or condo in the past -- you were warned by your Realtor - Caveat Emptor - "Buyer Beware". In the past this statement usually referred to condition of the property or negotiation practices or with reference to title of the property and making sure you got a closing table with a property free and clear of liens and other issues.
Nowadays "Buyer Beware" has a new connotation:
Buyer Beware ---- In case you haven’t heard we are in the midst of one of the best Buyer’s markets we have had in years or some say decades. Both national and international Buyers are flocking to Miami. In fact the latest data we have seen shows in the last six months we have seen an inreased flux of Buyers from Russia, India, Canada, Great Britain, Italy, France and other European Countries as the dollar has weakened against foreign currency. Domestically Buyers who have been waiting on the side lines are now lining up and getting to purchase properties at up to 20-50% off cases, what they would have paid 2-3 years ago in the high.
But even saying this, if you have been waiting for the perfect deal, there are things you can do now to have even better credit when you are finally ready to purchase.
Take the time now and follow my top 12 ideas to increase your Buying Dollar:
1) Pay off your debts
2) If you can’t pay your debts off try consolidating them to the lowest credit card interest rate you can get.
3) If you can only afford 10% downpayment – think about asking your parents for help (this requires a gift letter If you can get 20% down your mortgage interest rates will be much better and you will avoid PMI.
4) Watch those interest rates – waiting a year thinking you may be able to purchase a better deal than today may not be in your best interests, if the interest rates have increased which will end up costing you more in the long run.
5) Figure out what you can afford now so that you don’t overextend yourself when looking at properties.
6) If you qualify – take advantage of first time buyer programs
7) If you qualify – take advantage of government assisted programs
8) Buy an investment property with a partner – and try to find a property that is already generating an income (tenants)
9) Borrow against liquidated securities (stocks, bonds, mutual funds) or against a 401 K retirement plan or insurance policy.
10) Using a mortgage with a longer amortization (i.e. 30yrs as opposed to 15 yrs) will lower your monthly payment.
11) Ask the Seller to help pay closing costs
12) Ask the Seller to carry a second mortgage
Send us your tips and we will be sure to post them on an upcoming blog!!!
Nowadays "Buyer Beware" has a new connotation:
Buyer Beware ---- In case you haven’t heard we are in the midst of one of the best Buyer’s markets we have had in years or some say decades. Both national and international Buyers are flocking to Miami. In fact the latest data we have seen shows in the last six months we have seen an inreased flux of Buyers from Russia, India, Canada, Great Britain, Italy, France and other European Countries as the dollar has weakened against foreign currency. Domestically Buyers who have been waiting on the side lines are now lining up and getting to purchase properties at up to 20-50% off cases, what they would have paid 2-3 years ago in the high.
But even saying this, if you have been waiting for the perfect deal, there are things you can do now to have even better credit when you are finally ready to purchase.
Take the time now and follow my top 12 ideas to increase your Buying Dollar:
1) Pay off your debts
2) If you can’t pay your debts off try consolidating them to the lowest credit card interest rate you can get.
3) If you can only afford 10% downpayment – think about asking your parents for help (this requires a gift letter If you can get 20% down your mortgage interest rates will be much better and you will avoid PMI.
4) Watch those interest rates – waiting a year thinking you may be able to purchase a better deal than today may not be in your best interests, if the interest rates have increased which will end up costing you more in the long run.
5) Figure out what you can afford now so that you don’t overextend yourself when looking at properties.
6) If you qualify – take advantage of first time buyer programs
7) If you qualify – take advantage of government assisted programs
8) Buy an investment property with a partner – and try to find a property that is already generating an income (tenants)
9) Borrow against liquidated securities (stocks, bonds, mutual funds) or against a 401 K retirement plan or insurance policy.
10) Using a mortgage with a longer amortization (i.e. 30yrs as opposed to 15 yrs) will lower your monthly payment.
11) Ask the Seller to help pay closing costs
12) Ask the Seller to carry a second mortgage
Send us your tips and we will be sure to post them on an upcoming blog!!!
Friday, October 31, 2008
A Realtors version of Happy Halloween
Monday, October 27, 2008
Art in Real Estate
Once a year we celebrate international art through visiting the many venues of Art Basel. But if you are ever missing the feeling you get when you see a beautiful painting, just look outside the window of some of the properties we have for sale here in South Florida. I mean this is G-d’s art!!! Imagine standing on a balcony of your condo and being able to see the Ocean, Intracoastal and Golf Course all together. Imagine waking up to the sights, sounds and smells of the Ocean watching the majestic sunrises and sunsets that happen daily.
Last week I was waiting for a client to see one of our properties at Ocean III in Sunny Isles. It was twilight time and as we do before each showing I went up to the unit to open all the blinds and lights. I was lucky enough to capture one of the most beautiful scenes I have seen in a long time...The sun was setting over the bay in all its glory..
Last week I was waiting for a client to see one of our properties at Ocean III in Sunny Isles. It was twilight time and as we do before each showing I went up to the unit to open all the blinds and lights. I was lucky enough to capture one of the most beautiful scenes I have seen in a long time...The sun was setting over the bay in all its glory..
I love art – but how can you truly capture this magnificent blend of colors, light, reflection and composure.
When did I realize that we are really lucky where we live and the properties we show and sell? Last week I was taking a stroll on Lincoln Road in Miami Beach when we happened into a beautiful photographic art gallery. Here were scenes from all over the world, a photograph in the desert, in a bamboo forest, of a waterfall, of a sunset and many more beautiful works of nature. And the price tag to these beautiful photos were in the thousands. Of course you can go and purchase one of these photos but I encourage you to take a camera in hand and be your own photographer.
Please share your photos...email me them to and I will be happy to post them on our blogpage.
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