Real Estate

REAL ESTATE HIGHLIGHTS 08.27.2017

Oscar Correa received a call this week from a lady that saved his business card for over four years (!!!)

This lady wants to sell her house and buy a condo.  She wants Oscar to represent her on both transactions.  She mentioned that her daughter wants a bigger home so she wants Oscar to connect with her also.

She explained to Oscar how they met.  Oscar had to search his memory bank intensely.  He then remembered how at the time, he was struggling to get through a neighborhood's automatic gate.  He had a set appointment.  As he was doing everything he could with no results, this lady, who lived across the street from the entrance, offered to help.  She allowed him in.

Oscar proceeded to show the house and on his way out, he took note of the kind woman's address.  He then mailed her a thank you card along with his business card and a Starbuck's Gift Card.

This simple act of gratitude and acknowledgement has created the potential of four transactions for Oscar, four years later, and no doubt, a very solid relationship with this lady and her sphere of influence.  Congrats Oscar Correa!!

Never underestimate the power of kindness, gratitude, time and impeccable manners.

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WAS MY HOME A GOOD INVESTMENT?

I found this calculator to be a great and simple tool to see the return a Real Estate transaction might have produced during ownership:  http://money.cnn.com/calculator/pf/home-rate-of-return/  

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THE BEACH IS JUST AROUND THE CORNER, YOUR BOAT IN YOUR BACKYARD, DON'T WAIT!

Each of ADAGiO’s twelve homes boasts panoramic views overlooking Coral Bay, the Intracoastal Waterway and Birch State Park.  ADAGiO takes luxury waterfront living to a new level.

 We are minutes from our world famous beaches and the premier destinations in Downtown Fort Lauderdale and Las Olas Boulevard.  ADAGiO is conveniently located near the best yacht clubs and marinas.  Steps from shopping, dining, cafes and a short drive to art galleries and sophisticated nightlife.  Easy access to Fort Lauderdale Executive airport, Fort Lauderdale International airport and world renowned Port Everglades and yet, privately nestled in prestigious Coral Ridge.

 Every residence features a summer kitchen with grill, ice maker, and a wet bar on an incredibly deep terrace. As only an example of Adagio’s commitment to provide the highest level of luxury and quality, residents will have the advantage of cooking on gas and to do so with Gaggenau equipment, the Rolls Royce of appliances. Floor to ceiling windows, wine coolers, a private marina with no fixed bridge dockage, a water treadmill pool feature, electric car parking spaces,10’ ceilings, private elevators, climate controlled storage, designer finishes, spacious floor plans, and a fitness studio are only examples of Adagio’s attributes. Adagio’s rooftop generator will keep the private elevators and all common areas fully powered in the event of a power outage.  There are two parking spaces for each condo and the prices include the dock slip assignment.

 We are excited about our privileged location, state of the art architecture, tranquil views along with attractive delivery times that will start in ONLY two  months.    The total units is 12.   Visit us!   www.adagio-ftlauderdale.com


Building South Florida is a Team Effort. So Proud of this Venezuelan Visionary.

Condos: Adagio On The Bay planned

A developer that built 10,000 condominium units in Panama and Venezuela has started construction on its first residential project in the United States - a boutique waterfront condo in Fort Lauderdale. Grupo Alco is building Adagio On The Bay, a 12-unit development at 1100 Seminole Drive.

Hello, World!

Vacation Home Sales Surge in 2013, Investment Property Declines

Media Contact: Walter Molony / 202-383-1177 / Email

WASHINGTON (April 2, 2013) – Vacation home sales rose strongly in 2013, while investment purchases fell below the elevated levels seen in the previous two years, according to the National Association of Realtors®.

NAR’s 2014 Investment and Vacation Home Buyers Survey,* covering existing- and new-home transactions in 2013, shows vacation-home sales jumped 29.7 percent to an estimated 717,000 last year from 553,000 in 2012. Investment-home sales fell 8.5 percent to an estimated 1.10 million in 2013 from 1.21 million in 2012. Owner-occupied purchases rose 13.1 percent to 3.70 million last year from 3.27 million in 2012. The sales estimates are based on responses from households and exclude institutional investment activity.

NAR Chief Economist Lawrence Yun expected an improvement in the vacation home market. “Growth in the equity markets has greatly benefited high net-worth households, thereby providing the wherewithal and confidence to purchase recreational property,” he said. “However, vacation-home sales are still about one-third below the peak activity seen in 2006.”

Vacation-home sales accounted for 13 percent of all transactions last year, their highest market share since 2006, while the portion of investment sales fell to 20 percent in 2013 from 24 percent in 2012.

Yun said the pullback in investment activity is understandable. “Investment buyers slowed their purchasing in 2013 because prices were rising quickly along with a declining availability of discounted foreclosures over the course of the year,” he said.

“In 2011 and 2012, investment property was a no-brainer because home prices had sharply over corrected during the downturn in many areas, creating great bargains that could be quickly turned into profitable rentals. With a return to more normal market conditions, investors now have to evaluate their purchases more carefully and do their homework,” Yun added.

The median investment-home price was $130,000 in 2013, up 13.0 percent from $115,000 in 2012, while the median vacation-home price was $168,700, up 12.5 percent from $150,000 in 2012.

All-cash purchases remained fairly common in the investment- and vacation-home market:  46 percent of investment buyers paid cash in 2013, as did 38 percent of vacation-home buyers.

Of buyers who financed their purchase with a mortgage, large downpayments continued to be the norm in 2013. The median downpayment for investment buyers was 26 percent, while vacation-home buyers typically put 30 percent down.

Forty-seven percent of investment homes purchased in 2013 were distressed homes, as were 42 percent of vacation homes.

Lifestyle factors remain the primary motivation for vacation-home buyers, while rental income is the main factor in investment purchases.

The typical vacation-home buyer was 43 years old, had a median household income of $85,600 and purchased a property that was a median distance of 180 miles from his or her primary residence; 46 percent of vacation homes were within 100 miles and 34 percent were more than 500 miles. Buyers plan to own their recreational property for a median of 6 years, down from 10 years in 2012.

Five percent of vacation-home buyers had already resold their property, while another 9 percent plan to sell within a year. “This reflects the 28 percent of recreational property buyers who said they purchased to diversify investments or saw a good investment opportunity,” Yun said.

Buyers listed many reasons for purchasing a vacation home:  87 percent want to use the property for vacations or as a family retreat, 31 percent plan to use it as a primary residence in the future, 28 percent wanted to diversify their investments or saw a good investment opportunity, 23 percent plan to rent to others and 22 percent intend it for use by a family member, friend or relative.

Forty-one percent of vacation homes purchased last year were in the South, 28 percent in the West, 18 percent in the Northeast and 14 percent in the Midwest.

Investment-home buyers in 2013 had a median age of 42, earned $111,400 and bought a home that was relatively close to their primary residence – a median distance of 20 miles.

Fifty percent of investment buyers said they purchased for rental income, 34 percent wanted to diversify their investments or saw a good investment opportunity, and 22 percent bought for a family member, friend or relative to use – often to house a son or daughter while attending college.

Seven percent of homes purchased by investment buyers last year have already been resold, and another 10 percent are planned to be sold within a year. Overall, investment buyers plan to hold the property for a median of 5 years, down from 8 years in 2012.

Thirty-eight percent of investment properties purchased last year were in the South, 25 percent in the West, 18 percent in the Northeast and 19 percent in the Midwest.

More than eight out of 10 second-home buyers, both for vacation and investment homes, said it was a good time to buy.

Approximately 43.4 million people in the U.S. are ages 50-59 – a group that dominated second-home sales in the middle part of the past decade and established records. An additional 42.7 million people are 40-49 years old, which is the historic prime age range for purchasing second homes, while another 40.4 million are 30-39 years of age.

NAR’s analysis of U.S. Census Bureau data shows there are 8.0 million vacation homes and 43.7 million investment units in the U.S., compared with 74.7 million owner-occupied homes.

NAR’s 2014 Investment and Vacation Home Buyers Survey, conducted in March 2014, includes answers about 2,203 homes purchased during 2013 from a representative panel of 2,008 U.S. households. The survey controlled for age and income, based on information from the larger 2013 NAR Profile of Home Buyers and Sellers, to limit any biases in the characteristics of respondents.

The 2014 Investment and Vacation Home Buyers Survey can be ordered by calling 800-874-6500, or online at www.realtor.org/prodser.nsf/Research. The report is free to NAR members and costs $149.95 for non-members.

The National Association of Realtors®, “The Voice for Real Estate,” is America’s largest trade association, representing 1 million members involved in all aspects of the residential and commercial real estate industries.

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*Vacation homes are recreational property purchased primarily for the buyer’s (or their family’s) personal use, while investment homes are residential property purchased primarily to rent to others, or to hold for other financial or investment purposes.

The Yachting Capital of the World

I wonder…  Are you taking advantage of living in the yachting capital of the world????  Have you thought of diningat one of our renowned restaurants simply docking your boat at your leisure???  Is that the lifestyle that attracted you to the Venice of America???

Even if boating is not on your plans… wouldn’t it be nice to own a property that appreciates way above the rest just because it provides the world’s most sought after luxury feature?

I welcome the opportunity to meet with you briefly to introduce you to this real jewel:

ADAGiO on the Bay:  1100 Seminole Drive – Fort Lauderdale         www.adagio-ftlauderdale.com

Different, Trendy, Elegant, vibrant, private and abundant with the best finishes and details.  A private marina for ONLY 12…

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Each of ADAGiO’s twelve homes boasts panoramic views overlooking Coral Bay, the Intracoastal Waterway and Birch State Park.  ADAGiO takes luxury waterfront living to a new level.

Our models are ample, bright, open and with today’s contemporary feel and latest trends.

We are excited about our privileged location, state of the art architecture, tranquil views and our selection of the best finishes including Gaggenau appliances, summer kitchens, along with attractive delivery times that will start in ONLY nine months.

Take advantage of our Pre-Construction prices and our almost immediate deliveries.  Call me today:  954-648-1158.