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The Importance of Using a Professional to Sell Your Home

When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.

In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the percentage of buyers who used the internet in their home search increased to 94%.

However, the report also revealed that 96% of buyers who used the internet when searching for homes purchased their homes through either a real estate agent/broker or from a builder or builder’s agent. Only 2% purchased their homes directly from a seller whom the buyer didn’t know.

Buyers search for a home online but then depend on an agent to find the home they will buy (50%), to negotiate the terms of the sale (47%) & price (36%), or to help understand the process (61%).

The plethora of information now available has resulted in an increase in the percentage of buyers that reach out to real estate professionals to “connect the dots.” This is obvious, as the percentage of overall buyers who have used agents to buy their homes has steadily increased from 69% in 2001.

Bottom Line

If you are thinking of selling your home, don’t underestimate the role a real estate professional can play in the process.

SOURCE

April 14, 2017
Mortgage Too High? How to Refinance Your Home

When you secure a mortgage for a new home or for one that you already own in order to make improvements or to cover an emergency, you might think that you can afford the rate that is offered. After a few years of paying the same rate, it could be evident that it’s eating away at your bank account. Before getting in too deep with the mortgage payment and going bankrupt, consider refinancing the home to get a lower rate that you can afford.

Mortgage Calculators

Before you start any paperwork for refinancing the home, use a few of the online calculators to determine what you can afford. You can see everything from the fees that you’ll pay along with the interest rate for the new amount. Plug in a few numbers with the interest rate depending on your credit score and the company that you might work with to see how it will affect your payment.

What Is Your Goal?

You need to have a goal in mind of why you want to refinance the home and a goal of how much you want to pay each month. Most people want to shorten the length of the mortgage, so this should be something to keep in mind when looking at rates as you’ll want to find the lowest interest rate possible. Consider making a list of the pros and cons of the goals that you have in mind before talking with the finance specialist about the new rates as this will give an idea as to whether you should even consider refinancing.

Your Credit

One of the things that you want to look at before refinancing is your credit score. If it’s improved then you can probably get a lower interest rate and monthly payments. Work on improving the credit score in any way possible over a few months before refinancing.

Breaking Even

Calculate a few figures to see how long it will take before breaking even after paying the fees and other expenses that are associated with refinancing. If it’s going to take longer to get the money back, then you might want to pay down the mortgage a bit more before refinancing.

A new home mortgage might seem like a good idea, but you need to make sure that you’re actually getting a lower rate. Talk to mortgage professionals who can give an idea about the interest rates and any programs available to help with refinancing. Spend money saved wisely to get the mortgage paid off quickly as to improve your credit and own your home.

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April 13, 2017
Pharrell is hunting for real estate in Miami

Pharrell Williams was seen celebrating his birthday at Komodo in Miami, and spies said he’s been looking at new real estate in town after selling off a multimillion-dollar penthouse.

The “Happy” singer was with a group including actor Andy Garcia and owners David Grutman and Alex Pirez.

A source told Page Six that Pharrell — who turns 44 on April 5 — was “in town looking at real estate and he was overheard mentioning he’s going to be spending more time in Miami.”

Last year he sold his Miami apartment for $9.25 million.

SOURCE

April 12, 2017
Le Super Deal VIAC de la semaine !
** DEAL **

Très bonne affaire “OFF MARKET” / Pas sur le MLS !
Superbe maison avec piscine 4 chambres 3 Salles de bains à Palmetto bay.

Comprenant :
- Jardin
- Piscine
- Jacuzzi
- Patio
Superficie Brute : 357 m²

Prix de vente : $489,000 — Valeur réelle sur le marché en l’état $700,000
Se loue $4,000 par mois!
Nécessite de très légers travaux de rénovation.

Si vous souhaitez investir dans un bien immobilier à Miami notre équipe VIAC est là pour vous conseiller en matière d’investissement immobilier mais également pour trouver la maison de vos rêves sous le soleil de Floride.

N’hésitez pas à nous contacter.
April 11, 2017
Feeling over-taxed in Miami? Maybe. But it’s four times worse in New York.

Property taxes may be high in Miami, but they’re not New York high.

An analysis by Attom Data Solutions found the average owner of a single-family home in Miami-Dade paid $4,129 last year. That’s higher than most large counties across the country, but still trailing 100 of the priciest large counties for tax bills.

There’s Marin County in California, across the bay from San Francisco, with an average tax bill topping $10,500. That’s not even a Top Five bill, though. The highest rankings go to the New York suburbs. Number One on the list, New York’s Westchester County, sent out an average tax bill of more than $16,000 for single-family homes last year.

High tax bills in South Florida

The average tax bill in South Florida is steep. In terms of taxes paid, Miami-Dade and Broward both land in the top 25 percent among the country’s 586 largest counties. Those counties each have a population of at least 100,000 and have at least 10,000 single-family homes.

The rankings compare only property taxes charged to single-family homes, offering a broad look at a a top household expense across nearly 600 of the country’s largest counties.

“Nobody likes to pay property taxes,” said Daren Blomquist, a senior vice president at Attom, an Irvine, California, firm that tracks public record real estate data and operates RealtyTrac.com. “Property taxes are a major but largely hidden cost of home ownership that may not be clear to buyers until they actually own a home and start receiving the tax bill.”

South Florida tax rates are about average

Miami-Dade and Broward counties’ tax rates straddle the middle of the pack. Miami-Dade has a lower effective tax rate than 54 percent of the country’s largest counties. Broward charges a bit more for property taxes with an effective rate that’s lower than just 42 percent of the country’s largest counties. This data looks at the country’s 586 largest counties, defined as having a population of at least 100,000 and having at least 10,000 single-family homes.

Miami-Dade’s average tax bill of $4,129 is higher than those in 75 percent of the country’s 586 largest counties. That’s largely thanks to Miami-Dade’s pricey real estate market, where the average single-family home is worth more than its counterpart in 88 percent of the other large counties.

In terms of the actual tax rate, Miami-Dade comes in lower than more than half of the large counties. The average single-family owner pays an “effective” tax rate of 1.01 percent.

Home values super high in South Florida

South Florida’s single-family home values are some of the highest among the country’s largest counties. Miami-Dade County’s home values are higher than 88 percent of the country’s 586 largest counties, defined as having a population of at least 100,000 and having at least 10,000 single-family homes. Broward’s values are higher than 85 percent of counties.

Miami-Dade property owners actually pay property-tax rates of between 1.6 percent and 2.6 percent, depending on the city.

Attom calculated its “effective” tax rate by limiting the data to single-family homes across the country. That excludes condominiums, which make up a significant chunk of Miami-Dade’s housing stock. Census data from 2015 show just 51 percent of Miami-Dade’s homes are detached single-family residences.

“It’s good news for taxpayers to see that kind of a tax rate,” Blomquist said. “That may be a small consolation. It’s still more than $4,000 a year.”

In Broward, the 1.19 percent effective tax rate is higher than Miami-Dade’s. The average tax bill is a bit steeper too, at $4,295. That gives the average single-family-home owner in Broward a higher tax bill than 78 percent of the country’s largest counties.

SOURCE

April 11, 2017
Top 50 DIY Bathroom Design and Decor Ideas – DIY Home Improvements

When focusing on design, bathrooms are often overlooked and neglected. Reclaiming your lavatory as a stylish space which fits well with the rest of the house not only increases the value of your home, it can also turn a functional room into a personal sanctuary.

Style:

1. Asian-Inspired

Asian designs are minimalistic and serene. Its open, flowing design incorporates natural elements with indoor décor. Walls become curved, showers transform into waterfalls and stone motifs make you feel as if you’re in a garden.

2. Spa-Inspired

Spa-inspired bathrooms bring the feel of being on vacation to your home. The design is modern, yet tranquil and luxurious. It turns the bathroom into a place of escape and rejuvenation.

3. French-Luxury

French designs are luxurious with modern elements. It incorporates modern comforts and richness with marble, wood vanities and crystal chandeliers. Think glamorous dressing area.

Features:

4. Open Space

Regardless of the style, open space is the key feature of modern bathrooms.

5. Large Showers

Large, open-framed showers with waterfall or multi-showerheads are another key element of modern design.

6. Large Free-standing Tubs

Vessel-shaped-bathtub-by-Splinter-Works Built-in tubs with jets are being replaced with large, free standing tubs such as a hammock-shaped, bowl-shaped, vessel-shaped, or Japanese soaking tubs.

7. Luxury

Modern bathrooms are all about luxury items, such as a heated shaving cream dispenser, drapes and plush seating.

8. Storage

For a more modern and functional bathroom, use open-shelves, in-shower or hidden storage.

9. Large Windows

New designs feature large windows to allow more natural light. Install next to the tub or shower to create the feeling of outdoor bathing.

10. Eco-friendly

To make your bathroom more Eco-friendly, consider installing a flush converter, faucet aerator, and items made from recycled or refurbished materials.

11. Temperature Controls

Your bathroom can benefit greatly from having an ability to control the atmosphere with a modern state-of-the-art temperature control features.

12. Drapes

Add an extra touch of coziness and richness to your bathroom by adding lush drapes.

13. Water Closets

For more privacy in an open-space bathroom, install a water closet.

14. Clean Durable Materials

Materials such as marble, steel and concrete are very popular for modern bathroom designs and are definitely somewhat of a trend this year.

15. Curves and Fluidity

Modern design focuses on softer and calmer spaces. To achieve this, use curves and fluidity throughout your bathroom décor.

16. Spa-inspired Features

Turn your bathroom into a spa-getaway with muted colors, a steam shower, and a fireplace.

17. Natural Elements

Incorporate natural elements such as bamboo, stones and natural lighting.

18. Fireplaces

Relax and soak to the sound of a crackling fire.

Elements:

19. Steam Rooms

A steam shower or sauna turns an already relaxing experience into a mini-vacation – and it’s good for you!

20. Frameless Shower Enclosures

Frameless shower doors create a clean, modern and open feel. For a completely open feel, consider installing a European-style open bathroom shower system that has no doors at all!

21. Large Mirrors

Extremely large mirrors are being used to make bathrooms appear larger. You can install an over-sized framed mirror, a mirrored wall or two-way mirrors that allow you to see through them when not in use.

22. Floating Sink

Beautifully artful floating sinks are used to create more space, while keeping clutter out of your bathroom.

23. Technology

Although the concept of modern bathroom design is to create a space to get away from it all, technology will play a huge role in creating your oasis. Television screens are embedded into mirrors, completely hidden when turned off. Remote controlled sound systems are installed in showers or walls to allow you to listen to relaxing music as you soak in the tub.

24. Argon Charged Windows and Showers

Argon charged glass allows you to keep an open feel to your bathroom while providing privacy when needed. You simply flip a switch or use a remote control to cause the glass to change from clear to dark or opaque.

25. Designer Toilets

A traditional pedestal toilet with a tank attached is a thing of the past. You can now choose wall-mounted, tank-less and front-facing “squat” position toilets.

26. Bidet

Bidets are no longer exclusively found in Europe or in the homes of super-wealthy people. Using a bidet is not only more hygienic, it’s also Eco-friendly. Just as with toilets you can find high-style bidets with several features, including a remote-controlled model.

27. Heated Floors

Radiant heat, or in-floor heating, is a wonderful union of practicality and comfort. It’s more cost-effective than most heating methods and it feels really good on chilly mornings. Explore energy efficient bathroom heaters here.

28. Heated Towel Rack

There is nothing more comforting, relaxing and serene than stepping out of the shower or bath and wrapping yourself in a warm towel. Using heated towel racks can add to the spa-like feeling of the modern bathroom.

29. Multi-Head Showerheads

Multi-head showers bring luxury and functionality by misting you from all angles. As showers get larger, single showerheads are no longer practical. New designs include a waterfall head and various heads placed throughout the shower, or you can install a single unit with multiple heads attached.

30. Vanities

Vanity chests give a dressing room edge to a bathroom for a more luxurious feel.

31. Anti-fogging Mirrors

Smaller anti-fogging mirrors can be used in the shower or placed on vanities. Or, you can have a large custom-made anti-fog mirror for your wall.

32. Smart Technology

Did you know that you can use your smart phone or tablet to control the technology in your bathroom? Beyond the television and sound system, you can also control lights, turn on water for a bath or shower, and control the setting of your privacy windows.

33. Waterfall Features

The latest trend for modern bathrooms is all about creating a sense of serenity by bringing outdoor elements inside. Waterfall showerheads have been around for a while, but they are now being used over soaking tubs, as sink faucets and as water features on walls or in art pieces.

Colors:

34. Black and White

Black and white was seen all over the runway during fashion week, and is making its way into the home. It adds a sophisticated, yet simplistic look to the space.

35. Steel Gray

Nothing says minimalistic like steel gray. It’s luxurious while also creating a calming feel to a modern bathroom.

36. Earthy Browns

Earthy brown tones provide a comforting feel to your modern bathroom design. It’s an excellent palette to use to achieve an outdoor bathing or spa-like design.

37. Muted, Serene Palettes

Bold colors are out. Shades of color that are muted and serene create a calming effect. Use muted shades of aqua, blues and greens to make your bathroom have an underwater feel.

Lighting:

38. Designer Lighting

Bring glamorous, unexpected lighting into the bathroom with designer lighting. Even if you don’t have a huge space, a small chandelier will add the touch of elegance you need.

39. Sconces

A trend in 2014 bathroom design is to place sconces beside mirrors and in vanity areas.

40. Candles

What spa-inspired bath would be complete without candles? Use candles to create an aroma therapy experience, beside a fireplace or use candle-like lighting fixtures.

41. LED Lighting

Strip-LED-Lights-for-bathroom-accent-lighting Did you know that LED lighting is very big in modern bathroom design right now? Strip LED lights can be easily used as accent lighting behind mirrors, in showerheads, and even toilet seats!

Tiles:

42. Glass Tiles

Glass tiles are replacing ceramic tiles. They have a more glossy finish, which will make your bathroom appear larger. Plus, they aren’t porous like ceramic tiles, making them more resistant to mold and mildew.

43. Create Zones

Use tiles to divide areas into zones, such as wet and dry areas, vanity, dressing area and the water closet.

44. Vertical Tiles

Install tiles vertically on walls to create the illusion of height.

45. Subway Tiles

Subway tiles, especially in white, are very much on trend for bathroom design in 2016 and for the upcoming year.

46. One Tile Thro#ughout

Use one tile in the same color for the entire space. To create a high-end hotel look “wrap” your bathroom in black or dark tile.

47. Variations of the Same Color

To add depth and dimension to your tile work, use variations of the same color.

48. Tile Walls

Continue the tile from the floor all the way up the wall. To create the look of infinite space, install different sized tiles going from larger to smaller.

49. Mosaic Textures

For a subtle flash of color, or for visual interest, use mosaic tile and textures in the form of a stylish backsplash or as an art piece on a focal wall.

50. Natural Stone

Natural stone components bring a more natural look inside. Install natural stone around fireplaces, sinks and tubs.

Closing Thoughts:

A successful remodel takes a space that’s old and outdated and turns it into something new. Most popular design trends for bathrooms in 2016 and for the upcoming year are essentially focused on taking a room that was once seen as a place purely used for functionality, and transforming it into a sanctuary designed for you to pamper and care for yourself.

SOURCE

April 7, 2017
5 Great Neighborhoods in Miami

Discover five of Miami’s most notable neighborhoods and find the one that fits you.

Miami is lush and green all year round. Although summers are steamy, an ocean breeze pushes temperatures down a few notches, making Miami a great place for windsurfing, cycling, golf, boating and tennis. The city is part of the South Florida region, with Fort Lauderdale to the north and the Florida Keys to the south. To the west, suburbs run from the edge of the city to the Everglades, and the Atlantic Ocean borders Miami to the east.

East

South Beach and its lesser known neighbor, North Beach, have a village feel with its bodegas, boutiques and lots of Art Deco architecture.

Flagship Neighborhood: South Beach

South Beach, also known as “SoBe,” sits on the barrier island between the ocean and downtown on the mainland. It’s a pedestrian friendly locale with the added plus of being low-maintenance since housing consists mostly of condos. You can park your car for the weekend and walk to shops, restaurants, nightclubs, parks and the beach.

South Beach has easy access to the mainland and Interstate 95 with two major bridges. Ocean Drive, which runs along the beach, is the main tourist drag. But locals dominate the area just a few blocks away.

The historic Art Deco district is central to SoBe, while farther north, a few of the classic Miami Modern (or MiMo) hotels dot the landscape. Single-family homes tend to be pricey, but condos can be reasonable, especially as the housing bubble has deflated.

The Neighbors: Young professionals, childless couples and celebrities

Also Consider: North Beach is more popular with families and people who want something a little quieter at night.

West

Coral Gables and Little Gables is where old Miami money meets the nouveau riche with some of the most expensive homes and best schools in the area.

Flagship Neighborhood: Coral Gables

At the heart of Coral Gables stands the venerable Biltmore Hotel, with gracious, Spanish-style architecture that so many people identify with South Florida. Miracle Mile, a shopping-and-eating street, forms the center of the small commercial district boasting a lively happy hour crowd, good local restaurants and high-end boutiques. The streets of Coral Gables are lined with tree canopies, lush landscaping and charming 1920s stucco homes with tile roofs, archways and private courtyards.

Coral Gables is located close to highways and is a quick drive to the beach. While many homes qualify as estates in “the Gables,” smaller, less-expensive houses and some condos are also available and sought-after due to the good schools and Old World ambiance.

The Neighbors: Multigenerational Miami families and deep-pocketed new arrivals from Latin America make up the majority of Coral Gables residents.

Also Consider: Little Gables, just north of Coral Gables, has most of the amenities with smaller homes and relatively lower prices.

South

Coconut Grove and Brickell Village, where the Miami skyline is close but not too close.

Flagship Neighborhood: Coconut Grove

Coconut Grove was once a funky 1960s haven for hippies and drifters. Although it’s now home to many modern homes and large estates, the neighborhood still maintains vestiges of its freewheeling roots.

The marina at Dinner Key is central to the boating community. The Pan Am building on the waterfront, where the now-defunct airline’s former headquarters used to be, now serves as Miami City Hall.

Home to a small, bustling commercial center with boutiques, juice bars and cafes, “The Grove” features winding roads and bike paths, leading to popular bay front parks and sailing marinas. Much of Coconut Gove runs close to the waterfront, and homes tend to be pricey. Condos are generally cost less, but some are top-of-the-line as well.

The Neighbors: Coconut Grove has a broad mix of younger families, older empty-nesters and singles.

Also Consider: Brickell Village is north of the Grove, but is still on the south banks of the Miami River. Thousands of new apartments, condos and townhouses offer a low-maintenance urban lifestyle.

North

Aventura and North Miami Beach offer newer construction with breathtaking views of the Intracoastal Waterway and the ocean.

Flagship neighborhood: Aventura

Gleaming, modern high-rise condos line the coastline. A community anchored around a popular, high-end shopping mall, Aventura features easy access to the highways and is just as close to Fort Lauderdale as it is to downtown Miami.

If you want condo life, boating and tennis plus easy access both north and south, this is a good location. Many condos offer valet parking and private facilities. Mid-range chain restaurants dot the area along with more luxurious offerings.

The Neighbors: Older generations make up the majority of the winter residents, also known as “snowbirds.” Aventura is popular with young professionals and Latin American investors as well.

Also Consider: Sunny Isles

City Center

Home to the region’s central business district and many cultural and tourist attractions, Downtown and the Upper East Side neighborhoods make up the city’s urban core.

Flagship Neighborhood: Downtown Miami

Newly constructed lofts and high-rise condos give way quickly to well-established single-family residential neighborhoods, all with shopping and restaurants nearby. An added bonus is the short commute to downtown offices, the airport and the beaches, which also connect to downtown via two neon-lit causeways.

Downtown isn’t fully redeveloped, but lofts and condos are spawning new mini-neighborhoods in what used to be derelict areas. Wine bars, sushi restaurants, high-end gyms and yoga centers have developed near new condos. The second-Saturday gallery walk in Wynwood and top-notch restaurants along Biscayne Boulevard are luring new residents to the area.

The downtown condo glut is creating excellent rental and investment opportunities for first-time homebuyers. The older, mostly gated neighborhoods east of Biscayne Boulevard have also fallen from their top-dollar prices and are now more affordable. Plenty of fixer-upper opportunities remain for the DIY crowd.

The Neighbors: Downtown is a trend for younger families both gay and straight.

Also Consider: Wynwood, the Design District, Buena Vista East and Miami Shores

SOURCE

April 6, 2017
Single-Family Homes vs. Attached-Unit Homes – Pros & Cons

It’s no secret that buying a home is probably the biggest investment you’re ever going to make. It’s also one of the most popular – 88% of U.S. households believe owning a home is a good financial decision.

If you’re in the market, chances are you’ve been overwhelmed by the number of available options – and one major decision you must make is whether to purchase a single-family home or an attached unit. There are both advantages and disadvantages to purchasing a unit in a larger development, such as a condo, townhouse, or co-op, and the same could be said for purchasing a large (or even small) single-family home. In 2015, the median sale price of existing single-family homes was $223,900, while the median sale price of existing condo or co-op homes was $210,700, according to the National Association of Realtors.

Thankfully, as long as you make an informed buying decision, both housing styles are viable options. Some people may be struck by the immediate difference in appearance between the two, but the contrast is hardly skin-deep, and many folks are unaware of the finer details of each type of property. Before you decide which option to focus on in your search, it’s important to compare both to see which is best for you and your family.

Advantages of Single-Family Homes

Single-family homes are unattached houses that are most often found in the suburbs of a larger city, and may be in a subdivision or out in the country. Many have a yard, a garage, and perhaps even a private garden or a swimming pool.

Generally, the following aspects set single-family homes apart from attached homes:

1. A Bigger Yard

Single-family homes often have larger yards than attached units – and many attached units may not have a private yard at all. In fact, in townhouse communities, the yard is usually considered a common area that is maintained by an association. So if you want to have people over for a big backyard barbecue or plant a vegetable garden, a single-family home is more suitable.

2. No Shared Walls or Floors

In a single-family home, you don’t have to worry about your upstairs or downstairs neighbors stomping around or playing loud music at all hours. While you might have neighbors, no part of their home touches yours, which can eliminate many noise-related issues. In attached units, you share at least one wall with a neighbor, increasing the odds that you will have conflict.

3. Privacy

From the grass you stand on in your front lawn, to the attic space above you, it’s all yours. Therefore, you can have a reasonable expectation of privacy in a single-family home – you’ve got a space you can truly call your own. And if you want to have friends and family over to enjoy the back yard or the swimming pool, you don’t have to worry about neighbors coming over to share the space.

4. Room for Stuff

If you’re constantly struggling to find space to store holiday decorations, beach toys, bikes, or extra clothing, then a single-family home may be right for you. In many cases, a single-family home provides garage space, attic space, basement space, and more square footage than an attached-unit home. Single-family homes also can offer outdoor space to store outdoor play items for your children or pets, as well as gardening tools and recreation items.

5. Room to Grow

If you’re looking to start or grow your family – or if you foresee a day when aging parents or grandparents may come to live with you – a single-family home may be your best option. Also, if you envision your home as the go-to place for family reunions, sleepovers, and Super Bowl parties, a single-family home is more amenable to entertaining – both inside and out – relative to a townhouse or condo.

Advantages of Condos, Co-ops & Townhomes

Attached-unit homes come in many shapes and sizes. They may be part of a larger multi-story building with many units, or they may be a small strip of townhomes with just one or two levels. What sets them apart from single-family dwellings is that all homeowners share a roof, walls, or floors. You may also share common areas such as a garage, a clubhouse, a pool, or a garden area.

1. Low Maintenance

Though sometimes found in single-family homes, homeowners association (HOA) fees or maintenance fees are more common among attached-unit dwellings. Though they can be costly, when the pool needs cleaning or the grass needs cutting, you may be thrilled that someone else takes care of it. Depending on your property’s policies, those fees can pay for everything from basic landscaping, to roof repair, to property taxes.

Granted, such fees don’t cover everything. Depending on your property’s policies, the fees may only pay for upkeep of the communal areas of the property – and even if your fees pay for a superintendent to come by to fix the occasional leak, you’re still responsible for many items (such as appliances) and the upkeep of your home’s interior. But the savings can be immense – in both time and money – when you consider that you’re not the one out there mowing the lawn or balancing pool chemicals.

2. More Affordable

If you want to buy your own place but are worried about the expense, an attached-unit home could cost tens of thousands of dollars less than an equivalently sized single-family unit. In many cases, an updated townhouse with a clubhouse and communal pool is still cheaper than a 30-year-old single-family home that needs work.

In other words, if new construction and amenities are valuable to you, you may get more for your money with an attached home. Although in many cases you must give up a yard, a measure of privacy, and space, perks such as a shared pool and recreational facilities can make these cheaper dwellings even more valuable than a single-family home.

3. Fewer Concerns When Traveling

If work or family concerns take you out of town frequently, chances are your condo or co-op is going to be just fine on its own – a single-family home, however, might require paying someone to maintain. For example, single-family home dwellers would need to pay someone to cut the grass to ensure it didn’t become an unwieldy mess, or pay for a pool cleaner to ensure the drains didn’t get clogged. Plus, the extra privacy afforded by single-family homes can give potential burglars more privacy and cover when attempting to break in.

Meanwhile, attached-unit homeowners almost always pay HOA or maintenance fees to take care of upkeep concerns year-round. Likewise, attached-dwelling residents don’t have to worry as much about a leaky roof or gas leak going unnoticed – neighbors who share a wall or roof with you would be more likely to spot, hear, or smell a problem – or notice an intruder and sound the alarm.

4. Efficient Living

Are you the kind of person who prefers to minimize possessions, rather that accumulate clutter? If so, an attached-unit home may be right for you. In many cases, attached units offer “less house” for less money, so you can take the money you saved and put it toward other pursuits, such as college education, vacations, or charitable donations.

5. Live Closer to Town

Single-family homes may very well be in a secluded subdivision or down a dirt road removed from city life. Attached dwellings, however, are often in areas near vibrant entertainment and dining options, and may be closer to your office, shortening your daily commute. In fact, you may be able to live so close to work that you could commute by bike. Or, you might be able to take advantage of public transportation or ride sharing services, negating the need to own a car.

Many attached-dwelling homes are popping up nationwide in “mixed-use” real estate developments, where residents have food and dining options just downstairs – sometimes in the building itself. If convenience is what you’re after, a condo, co-op, or townhome may be exactly what you need.

Final Word

Before pulling the trigger on any home purchase, make sure you’re in a solid enough financial position to take it on. The Consumer Financial Protection Bureau recommends a total debt-to-income ratio of 43%, which means that if you divide all your monthly debts by your gross monthly income the result should be at or lower than that figure. The lower it is, the healthier your financial standing. Be sure to perform this calculation by including your prospective mortgage payment – and account for unexpected monthly expenses as well to ensure that you have a cushion.

SOURCE

April 5, 2017
Real Estate Investing for Novices

An Overview of Real Estate Investing Basics for Beginners

Simply stated, when investing in real estate, the goal is to put money to work today and allow it to increase so that you have more money in the future. The profit, or “return”, you make on your real estate investments must be enough to cover the risk you take, taxes you pay, and the costs of owning the real estate investment such as utilities, regular maintenance, and insurance.

Real estate investing really can be as conceptually simple as playing monopoly when you understand the basic factors of the investment, economics, and risk.

In order to win, you buy properties, avoid bankruptcy, and generate rent so that you can buy even more properties. However, keep in mind that “simple” doesn’t mean “easy”. If you make a mistake, consequences can range from minor inconveniences to major disasters. You could even find yourself broke or worse.

The 4 Ways Real Estate Investors Make Money

When you invest in real estate, there are several ways you can make money:

1. Real Estate Appreciation

This is when the property increases in value due to a change in the real estate market, the land around your property becoming scarcer or busier like when a major shopping center is built next door, or upgrades you put into your real estate investment to make it more attractive to potential buyers or renters. Real estate appreciation is a tricky game. In fact, it is riskier than investing for cash flow income.

2. Cash Flow Income

This type of real estate investment focuses on buying a real estate property, such as an apartment building, and operating it so you collect a stream of cash from rent, which is the money a tenant pays you to use your property for a specific amount of time. Cash flow income can be generated from well-run storage units, car washes, apartment buildings, office buildings, rental houses, and more.

3. Real Estate Related Income

This is income generated by “specialists” in the real estate industry such as real estate brokers, who make money through commissions from buying and selling property, or real estate management companies who get to keep a percentage of rents in exchange for running the day-to-day operations of a property. This type of real estate related income is easy to understand. For example, a hotel management company gets to keep 5% of a hotel’s sales for taking care of the day-to-day operations such as hiring maids, running the front desk, mowing the lawn, and washing the towels.

4. Ancillary Real Estate Investment Income

For some real estate investments, this can be a huge source of profit. Ancillary real estate investment income includes things like vending machines in office buildings or laundry facilities in low-rent apartments. In effect, they serve as mini-businesses within a bigger real estate investment, letting you make money from a semi-captive collection of customers.

Tips for Purchasing Real Estate Investment Properties

There are several ways to buy your first real estate investment. If you are purchasing a property, you can use debt by taking a mortgage out against a property. The use of leverage is what attracts many real estate investors because it lets them acquire properties they otherwise could not afford. However, using leverage to purchase real estate can be dangerous because in a falling market, the interest expense and regular payments can drive the real estate investor into bankruptcy if they aren’t careful.

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April 3, 2017
Why East Edgewater is the best opportunity since ‘South of Fifth’

Miami is a town of visionaries

From the original pioneers like Julia Tuttle and Mary Brickell to modern-day trail blazers like Tony Goldman, the urban place-maker responsible for emerging neighborhoods like New York’s SoHo, Miami Beach and the Wynwood Arts District. The “Magic City” has been erected on the dreams and determination of few. It has been built on a philosophy embodied in Goldman’s immortal words: “If you just look at what you see, you won’t go anywhere. You’ve got to look beyond what you see to be able to know you can realize the dream you imagine.”

Before it was one of the most valuable destinations in the world, Miami Beach South of Fifth neighborhood was a rundown neighborhood.

Those of us in the industry who have been around Miami real estate long enough will remember that 20 years ago, the tall glistening towers that welcome cruise passengers to our city were but a glimmer in the eye of a few forward-thinking developers that saw the potential of this area.

Alongside those developers, our firm’s strategic sales and marketing efforts contributed to the transformation of this neighborhood, which runs south from Fifth Street to Government Cut. Apogee, Icon South Beach, Murano Grande, Ocean House, 321 Ocean, Portofino Tower and Yacht Club at Portofino were among the 90 percent of the waterfront buildings we represented in the South of Fifth area. In the process, we helped brand this exclusive neighborhood, now known as SoFi.

It wasn’t easy, but the developers, brokers and buyers who believed in SoFi’s potential were the beneficiaries. For example, the residences at Apogee, the pinnacle of SoFi luxury living, had an average price per square foot just more than $1,000 at launch in 2004. Today, Apogee’s residences average $2,500 per square foot, with penthouses well over $4,000 per square foot.

Two decades removed and two miles west across the shimmering waters of Biscayne Bay, another SoFi is emerging. East Edgewater, with its strategic waterfront location, proximity to Miami’s most in-demand zones and amazing value proposition, is the best opportunity Miami has seen since abandoned dog tracks and retirement homes called South Beach home. We find ourselves again staring down opportunity and potential.
East Edgewater is immediately north of downtown, between the Venetian and Julia Tuttle Causeways, east of Biscayne Boulevard adjacent to Biscayne Bay. With the beaches to its east, Wynwood Arts District and the airport to the west, downtown Miami to the south and the Design District to the north, it sits at the crossroads of luxury retail, high-end dining and world-class arts and culture.

In the 1930s, East Edgewater was home to the city’s most affluent individuals. By the 1980s, as other areas of Miami developed, the once highly regarded zone had fallen into disrepair. In the early 2000s, with the zoning changes allowing high-rises, came forward-thinking developers: Quantum on the Bay set the pace for the resurgence of this area, and today it sits as the only neighborhood in downtown Miami with waterfront that is zoned for high-rise condominium residences, presenting a rare opportunity. Miami’s major developers — Terra Group, Melo Group, Two Roads, OKO and RELATED, among others — have doubled down.

When the smart people of Miami set their eyes on an area, smart money follows. Since 2011, 10 pre-construction projects have launched in East Edgewater, putting it among Miami’s fastest-growing neighborhoods. Of those, Crimson, Paraiso Bay, Icon Bay and Bay House have been delivered. Another five projects are expected to be delivered by the end of 2017, bringing 1,500 new residences to East Edgewater. As demand for the neighborhood increases, so has the level of ultra-luxury offerings. Elysee Miami (starting at $1.5 million) and Missoni Baia (starting at $2 million), which my firm represents, have launched sales in the last 12 months.

Buyers have flocked from all around the world: Venezuela, Argentina, Brazil, Colombia, Mexico, France, Italy and Turkey being among the top international countries of origin. Emerging Latin American markets such as Ecuador and Peru, as well as markets farther east from China, Singapore and UAE, have also begun to take interest in the area’s ultra-luxury inventory.

Easy access to major transit links, spectacular waterfront views and close proximity to Miami’s in-demand zones only add to the appeal of East Edgewater’s value proposition. By far, the major motivator for buyers has been the opportunity to purchase ultra-premium luxury residences significantly below comparable premium waterfront in Miami, Miami Beach and most of the world’s leading global cities. The average per-square-foot for ultra-luxury waterfront residences in East Edgewater ranges from the low $700’s to the high $800’s, more than three-times lower than SoFi’s $2,805 average per square foot. Simply put, East Edgewater offers an unprecedented value proposition, with an outlook toward exalted appreciation.
We need look no further than the thriving Wynwood Arts District to realize the power of Goldman’s words. From his singular restaurant (Joey’s) has emerged an epicenter of art and culture. This history, this promise for the future, is all around us. It was the case in SoFi, and it is the case today in East Edgewater.

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March 31, 2017