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Buildings in Miami with Iconic Architecture

When you think of Miami, there are certain buildings that come to mind

From the Art Deco styled buildings down Washington Ave to national landmarks that tell the the story of our history.
For locals and visitors alike, we share 8 buildings in Miami with iconic architecture. Each building is filled with character that makes it unique from others. Learn more about their style, history, purpose and the architect who envisioned it.

1. Biltmore Hotel

Built in: 1926
Location: 1200 Anastasia Ave, Coral Gables, FL 33134
Architect: George Merrick
Purpose: Resort
Style: Lush Landscapes, with Italian,Moorish and Spanish architectural influences.

History: The Biltmore hotel has a lot of history. Originally built in the 1920’s as a destination for the rich and famous, this city gem has also served as a hospital during the war and a University of Miami campus.

Fun fact: Unlike most buildings, the Biltmore Hotel has a 13th floor – which is the location of their famous Everglades/Al Capone suite.

2. Freedom Tower

Built in: 1925
Location: 600 Biscayne Blvd, Miami, FL 33132
Architect: Schultze and Weaver.
Purpose: HQ and printing facility for the The Miami News
Style: Mediterranean Revival

History: In the 1960’s, this building was used to process documents and provide medical care to refugees from Cuba. The sight of the building was a beacon of freedom, which is how it earned its name Freedom Tower.

Fun fact: The Freedom Tower has housed the works of Dalí and Da Vinci.

3. Fontainebleau Hotel

Built in: 1954
Location: 4441 Collins Ave, Miami Beach, FL 33140
Architect: Morris Lapidus
Purpose: Luxurious hotel
Style: Miami Modern Architecture (MiMo)

History: The Fontainebleau Hotel was built to be the epitome of luxury hotels in Miami. The design was so iconic, it was featured in movies like Goldfinger, The Bellboy, Scarface, The Specialist and The Bodyguard.

Fun fact: The owner of the hotel built a new addition called the Chateau to purposely spite former partner and owner of the next door hotel, Eden Roc, and is nicknamed “The Spite Wall.”

4. Vizcaya Museum and Gardens

Built in: 1914-1923
Location: 3251 S Miami Ave, Miami, FL 33129
Architect: Paul Chalfin, F. Burrall Hoffman, and Diego Suarez
Purpose: Private estate
Style: Italian Renaissance

History: Vizcaya was built to be the summer home of James Deering, a wealthy businessman.
The home was built in an European style with many surrounding gardens and fixtures imported directly from Europe. It also infused many of Miami’s distinct features like limestone and palm trees to create a stunning mix of styles. Today, the estate is owned by the government as has been converted to a museum filled with antiques and history.

Fun fact: In 2008 the National Trust for Historic Preservation listed Vizcaya as one of america’s eleven most endangered historic places

5. Raleigh hotel

Built in: 1940
Location: 1775 Collins Ave, Miami Beach, FL 33139
Architect: L. Murray Dixon
Purpose: Luxurious hotel
Style: Art Deco

History: The hotel was originally built during the “Boom over Miami” period, where countless hotels were built on Miami Beach. During WWII, it became an administrative office and also housed troops. After the war, it was renovated a few times into a luxury hotel – though keeping the key details that made it unique like their “most beautiful pool in America”.

Fun fact: After WWII, The Raleigh briefly became a kosher hotel and the ballroom was used as a synagogue.

6. Miami Tower

Built in: 1987
Location: 100 SE 2nd St, Miami, FL 33131
Architect: Pei Cobb Freed & Partners
Purpose: Signature office Tower and Landmark
Style: Modern

History: The Miami Tower is best known for lighting up the skyline in changing colors. From Patriotic holidays to our local sports teams, the Miami tower stand out against other building with its 3-tiered multi-colored building. It’s made up of a 10 story city-owned parking garage and a 47-story office building on top and the only building in Miami to house a metro station (Knight Center Station).

Fun fact: The Miami Tower has been featured in many films including Miami Vice and Fringe.

7. Olympia Theater

Built in: 1926
Location: 174 E. Flagler Street, Miami, FL 33131
Architect: John Eberson
Purpose: Silent movie theatre
Style: Spanish garden

History: The history of the Olympia theater changed and adapted as the way people enjoy the theatre has changed. Once a silent movie theatre, it has been renovated to serve as a live performance stage, rock concert venue, and finally to the performing arts center it remains today.

Fun fact: This was the first air-conditioned building in the South.

8. Venetian Pool

Built in: 1924
Location: 2701 De Soto Blvd, Coral Gables, FL 33134
Architect: Phineas Paist
Purpose: Public lagoon and Mediterranean Revival project
Style: Mediterranean Revival

History: Originally an abandoned coral rock quarry, George Merrick developed the area along with the Coral Gables neighborhood. Although mostly used as a pool, in the past, it was drained and used by the Miami Symphony for performances.

Fun fact: The Venetian Pool is the largest freshwater pool in the United States.

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March 31, 2017
Miami Architecture & Design guide: 5 places to visit

Miami

Miami is the tropical equivalent of New York, the new art and design mecca, brimming with pure energy, hosting multiple Latino cultures, as well as the most interesting local and international avant-garde, featuring large-scale art installations, futuristic architecture, performance art, unusual exhibition spaces and redevelopment projects. All these became a part of the city landscape, drawing a new, sun-kissed skyline under the Florida sunshine.

The Art Déco District

The Art Déco District is essential to understanding the eclectic architecture and the cosmopolitan spirit of the city, and most of all, to satisfy the wish for flamingos and palms that have become a global obsession in the last few years! Miami Beach is the birthplace of Tropical Art Déco, a sort of pastiche of different styles, including Mediterranean Revival, Art Deco and Mimo (Miami Modernism). This trend involved over 800 buildings, built between 1920 and 1940, that line the way from Ocean Drive to Collins Avenue, with their rainbow splashes of pastel pink, ochre, baby blue and mint. Explore the hallways of these sumptuous hotels, and feel like you just stepped into the pages of The Great Gatsby!

Miami’s Design District

Miami’s Design District was born during the boom of the 1920s, thanks to Theodore Moore, known as “the pineapple entrepreneur”, who moved to Florida from North Carolina, to start multiple plantations. He was a man of many passions, though, and he soon opened up his first furniture showroom, which was how the district started assuming its identity. This is the same location in which Craig Robins, art collector and construction company owner in South Beach, transformed a plot of abandoned warehouses into avant-garde exhibition spaces in the 1990s, when it then became a prominent location for architecture stars, fashion maisons and gourmet restaurants. Stroll around the contemporary buildings, while having a look at new trends in design at Oak Plaza, stop by at the Moore Building to visit a contemporary art exhibition, and wrap it up with some peace in a bamboo secret garden: the Enea Garden Lounge.

The Wynwood Art District

The Wynwood Art District is one of the most interesting urban redevelopment programs worldwide. In the mid-Noughties, this part of town was an industrial area undergoing deep decline, until it was converted into an open air museum, where emergent street artists from all over the world left their mark on walls and shutters, making the Wynwood Art District one of the go-to places for urban art. Have a stroll among the bright colors of the murals of Wynwood Walls, enjoy a break in a hipster bistrot, and shop for original stuff in the independent concept stores and pop-up shops.
Little Haiti & Little Havana. Only a cosmopolitan, multifaceted city like Miami can offer you such a meta-travel experience! These two communities created their own districts that look just like home, and host personal, vibrant art expressions; these are districts with a slower pace that immediately whisks us away from skyscrapers and luxury hotels. These two areas have strong identities and personalities, proudly preserving the energy of ancient cultures, while transporting us at the same time into the contemporary age, thanks to their street art, that tells us about their people.

Collins Park

In the heart of SoBe, South Beach, this area is becoming central to the contemporary art and architecture scenes, thanks to a series of private investors and big names in hospitality and culture that promote renovations and activity in the area. From The Bass Museum, which is set to reopen in Spring after complete renovation, to the works of land art that you can admire in gardens, such as the latest work by Ugo Rondinone at The Miami City Ballet, or the Miami Convention Center that is hosting the international Art Basel and Design Miami Fairs. Even their garage is a work of art, since it was designed by Zaha Hadid!

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March 31, 2017
15 Awesome Kitchen Remodel Ideas and their Costs
Updating or remodeling your kitchen can be a great investment of your home improvement dollars

Especially if you plan to sell your home in the next few years. Remodeling this center-stage space of family gatherings can further enhance its functionality and utility, enabling you to enjoy the heart of your home to the fullest. Here are some of the top kitchen remodeling ideas for 2017, along with their expected costs and the pros and cons of each update.

1. Low-budget Remodel – Do It Yourself can be a Viable Approach here

A kitchen remodel can be done on a shoe-string budget. Just update one part at a time as the budget allows. You can do some or all of the work yourself, in some cases, if you are handy and have the necessary time and desire to get your hands dirty. Otherwise, an investment of $20,000 will buy a minor kitchen remodel completed by a professional remodeling contractor, but doing some of the work yourself can also bring that price down quite a bit. A minor kitchen remodel could include, but doesn’t have to be limited to the following:
- Refinishing cupboards
- Replacing outdated appliances with new, more energy-efficient appliances
- New paint or wallpaper
- New faucet
- New countertops
- New but inexpensive flooring
New countertops don’t necessarily have to be expensive. Even a new laminate countertop, which is fairly inexpensive, can make a huge difference. Decide what needs to be done, figure out the cost and have that one part done, or do it yourself, when your paycheck can cover it. – This remodeling approach could take a while, but eventually, you’ll have a beautifully updated kitchen and won’t be too broke to buy groceries.
- In 2017, a minor kitchen remodel will give you an ROI or recouped value of investment of about 83%. Thus, a $20,000 kitchen remodel should add about $16,500 to the value of your home.
2. Refinish the Cupboards

Give your kitchen a face-lift by refinishing the cupboards and drawer fronts instead of replacing them. New pulls and knobs will complete the look. This is fairly inexpensive and you will be amazed at the difference it makes. You can save even more money by doing it yourself but, be forewarned, it is not as easy as it seems. If the cupboards are in good shape and do not have lots of grooves or intricate carving, it is pretty straightforward. The job will take time, elbow grease and paint that costs about $30 to $60 per gallon plus $10 to $25 for new pulls and knobs. However, the cupboards will almost certainly look better if you have the refinishing done professionally. Plan to pay between $800 and $5,000, depending on the number of cabinets and how much repair needs to be done. The average cost is around $2,500.
- Investing $2,500 in cupboards will add about $2,000 to the value of your home.
3. Reface those Cabinets

Have the cabinets refaced instead of replacing them if the doors and fronts are too damaged to refinish or if you just want a completely new look. This must be done by a professional. It generally costs between $2,000 and $13,000. When cupboards are refaced, the doors, drawer fronts and the actual veneer or wood finish on the outside of the cupboards is replaced. There are a few up-sides to refacing, as opposed to replacing:
- Refacing costs less.
- You regain the use of your kitchen more quickly.
- You don’t have to deal with the hassle of new cupboards that don’t fit.
Even though this option is more expensive than refinishing, it will be worth it if your cupboards are old and outdated. They will look brand new.
- The ROI for a $5,000 refacing will be about $4,000 and a big wow factor that you get to enjoy every time you go into the kitchen.
4. Refinish Walls

New paint or wallpaper, along with the refinished cupboards, will leave your kitchen looking fresh and brand new. You can do this yourself, of course, or hire a professional. If you hire a professional to paint, plan on spending between $400 and $1,000, depending on the size of the room. Having wallpaper installed by a professional will generally cost between $150 and $800. Doing it yourself is much cheaper but painting or hanging wallpaper in between the cupboards can be tricky.
- This minor investment may not give you much in the way of ROI but it will probably help sell your home more quickly. Think of this as curb appeal for your kitchen.
5. Replace Flooring

Replace the kitchen flooring with cork or vinyl tiles. These materials are inexpensive and easy to put down yourself in most kitchens. Cork tiles cost around $3 to $6 per square, while vinyl tiles are $1.50 to $4 per square foot. There are some pros and cons to consider here.

Pros:
- Inexpensive.
- Easy DIY project in most kitchens.
Cons:
- Not usually a very long-lasting flooring, although some come with a 25-year warranty.
- Existing flooring may need to be removed or underlayment might be required.
New flooring makes a big difference. The floor is the largest surface area in your kitchen and the first thing you see before you even enter the room.
- The ROI on $500 worth of new flooring won’t add to your home value but it will make a big impression on prospective buyers.
6. Mid-Range Kitchen Remodel

Larger, total kitchen remodels generally cost between $20,000 and $40,000 and entail a complete tear-out of the old … well, everything. Consider all possibilities and come up with a plan before the work begins. Give plenty of thought to what works best for you in addition to what materials you want. Keep in mind that this room must be built for function, not just aesthetics.

Let your intentions guide your remodeling plans. Return on investment for kitchens is generally only 60 to 80 percent, although this varies considerably from area to area. This means you will likely only recoup a little over half to three-quarters of what you invest in most locations. It may, however, help your house sell more quickly. If you are remodeling to sell, keep the colors and materials on the neutral side. A prospective buyer may be turned off by too much bright purple.
- The national average ROI on a minor kitchen remodel is 82.7% but in Chicago it is 102.9%. You should only expect to recoup about 59% of the cost on a major remodel.
7. Small Kitchen Planning

Even though a small kitchen may seem like an easier remodel than a large kitchen, you actually may need to get a bit more creative. Small kitchens can be difficult. Rip out the old cupboards and appliances in your mind and let your creative juices flow. Imagine the cupboards, sink and appliances in every possible configuration to get the most out of the limited space. Plumbing can be moved. It will cost an additional $1,000 to $1,500 or so but that extra cost may be well worth it in the long run. Keep the kitchen sink in front of the window, if possible. Use cupboards that extend all the way to the ceiling to get as much storage space as possible.
- Spending $25,000 will add about $20,675 to the value of your home. Do not invest too much. You could add more value to the home than the area housing market will support. Rule of thumb – do not spend more than 5% to 7% of the home’s value on remodeling.
8. Make a Small Kitchen Seem Larger

Use lighter colors to make the space seem larger and more airy. White or beige cupboards, a light counter top and light flooring will make a small kitchen feel less confining. If you think white is too boring or antiseptic looking, get a glass front panel installed on one or two cupboard doors and add a splash of color inside the cabinet. Don’t be afraid to really express yourself with the color. It will be toned down a bit by the white frame and glass. Of course, if you paint it bright purple and decide that’s a bit too much, it’s a small DIY job to just re-paint it a different color.
- ROI on this upgrade is two-fold. It will add “curb appeal” and you should recoup 60% to 80% of the money invested.
9. Create Temporary Surfaces

Get a cupboard with a folding or pull-out shelf. This adds temporary space that you can use to make food prep easier. When you are done with it, just wipe it off and push it out of the way. You can also get a flat surface or cutting board to set over your sink for additional temporary counter space.
- This creative addition of prep space will make life easier for you and impress prospective homeowners. The ROI will be a better functioning kitchen for you and appeal.
10. Utilize Every Inch

Squeeze a narrow cupboard in next to the stove, if possible. These cupboards are generally used to store shallow pans and cookie sheets vertically. Some of them have a slide-out spice rack, too. Even if the cupboard can be only 9 inches wide, that gives you additional storage space and a 10-inch wide counter next to the stove for an additional $150 to $200.
- ROI on this little addition of cupboard and counter space is convenience and “curb appeal.”
11. Open it Up

To improve air circulation and get more counter space, have a pass-through put into the wall between the kitchen and dining room with a countertop surface to set things on. Another option is removing a wall or partial wall completely and adding a cupboard with a countertop. The cost for a pass-through installation or wall removal will vary considerably, depending on whether or not the wall is load bearing, but it is certainly worth investigating. This absolutely must be done by a professional, though. If you mess with a load-bearing wall, your entire house could be compromised. Do not do this alone.
- ROI for this change will be as variable as the cost of the work. If it is done right, it will make the kitchen much more enjoyable and could even make or break a sale.
12. Add an Island in a Larger Kitchen

Put in an island with a cooktop. Position the island in the room so you can chat with family and friends while you are cooking. This turns food prep time into an opportunity to catch up or socialize. It also just makes cooking more enjoyable even when you are alone. You shouldn’t have to stare at a wall while you whip up dinner. An island with a cooktop and a counter that accommodates a couple stools is even better. This idea will likely cost $3,000 or more but, if it’s in the budget, the addition will be well worth it.
- ROI on a $3,000 island with a cooktop will be around $2,500 plus a big increase in appeal to potential buyers.
13. Include the Garden

Bring a bit of the outdoors into your kitchen design. Where possible, have a door in the kitchen that opens right up into a garden area with fresh herbs and vegetables. This makes it easy to use these fresh, tasty ingredients in your cooking. If a door into the garden is not possible, put a garden in your kitchen. Create an area in front of a sunny window or have a garden window installed. Garden windows extend out, giving you a wide ledge to set plants on and more window area to let the sunlight in. They vary in price from around $800 to $7,000, depending on the size and style. Another good option is a dedicated corner with an AeroGarden.
- The national average ROI on window replacement is 70% to 75%.
14. Get Creative with Cabinet Colors

Cupboards can be any color you like in medium to large kitchens. Grey, light or dark wood tones, espresso and black are common but go ahead and use a different color or mix it up if you want to. Don’t be afraid to go with an “out-of-the-ordinary” color. Fresh green can be used to brighten things up and support a garden kitchen theme. Soft grey-blue is great for a relaxed country kitchen. Make the island or a separated set of cupboards a different color. Mix white with green to keep it fresh or add some natural wood color to the grey-blue.
- ROI on this change will be your happiness with a beautiful kitchen.
15. Mix up those Countertops

Countertop colors and materials can be mixed, too. Light countertops with dark cupboards or dark countertops with light cupboards works well to bring some contrast into the room. If you want a stone countertop but don’t want to use it throughout the whole kitchen, put stone on the island and a different material everywhere else. Perhaps a recycled glass top, which costs $50 to $80 per square foot, could be the main countertop material with quartz or granite on the island. Quartz and granite are around $50 to $100 per square foot.
- ROI for stone or recycled glass countertops will vary. It will pay off with your enjoyment of the space but the amount of money you recoup when you sell the home will depend on your location and similar homes in the area.
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March 30, 2017
2017 is a good year to buy luxury real estate in South Florida, experts say

It’s a good year to snatch up some luxury real estate

According to ONE Sotheby’s International Realty’s year-end report, 2017 will be a buyers market thanks to an abundance of luxury options available. Sellers are expected to reduce their prices, particularly in the $1 million to $5 million range.

That is thanks in part to the end of the election season and an increase in consumer confidence, said Anthony Graziano, senior managing director for Integra Realty Resources — Miami/Palm Beach, which produced the report.

“I think a lot of people delayed purchasing decisions, waiting to see what was going to happen in the economy and the election and everything else,” Graziano said.

Waterfront prices decrease

In 2016, Miami-Dade County had 36 percent more single-family homes available in the $1 to $5 million range than in 2012, according to the report. The number of single-family homes in that range was up nearly 25 percent in 2015 over 2012, while prices were lower by 3.5 percent.

“Most of that product tends to be on the waterfront, and as a result, the waterfront pricing took a hit because there is more inventory,” Graziano said.

Miami-Dade prices for non-waterfront properties, both single-family homes and condos, rose in 2016 by 9 percent, he said.

This year, the majority of Miami-Dade single-home sales are expected to be in the under-$1 million market, the report said, forcing sellers for higher-priced homes to bring down their prices.

Brickell, downtown Miami, Edgewater and Midtown continue to lead the market, with almost 60 percent of all new units being delivered in 2017 and 2018, the report said. After 2018, Sotheby’s predicts a shift in new units to Miami Beach, Sunny Isles and Hollywood Beach, followed by a smaller number of boutique units in South Beach, Miami Beach and Surfside.

Also incentivizing buyers this year is the specter of higher interest rates, which are expected to increase twice in 2017.

“If interest rates are continuing to go up and the market senses that, that’s going to bring people up from the sidelines to buy at this price and lock in my interest rate for five to six years,” Graziano said.

Condo sector

In the condo sector, a slowdown of buyers from Latin America is expected to continue, while domestic buyers and those from Canada and Europe are expected to increase.

“Remarkably, the Miami brand continues to sell worldwide, and long-term trends indicate no reversal in Miami’s fortune as the dominant gateway city along with NYC and San Francisco,” the report said.

Still, the overall condo market is expected to remain choppy. The loss of Latin American buyers will drop waterfront condo prices by another 5 to 8 percent. Non-waterfront condos are expected to drop their prices by 3 percent, making it a good time to buy a resale condo in Miami.

But new units are projected to maintain or increase prices.

Steady growth

In Broward County, the single-family-home market is expected to continue its growth from 2016. Broward homes, in large part because of their value, are priced 30 to 50 percent less expensive than comparable homes in Miami-Dade, the report said.

The condo market will benefit from an influx in domestic retirees that will snatch up properties in Broward, instead of Miami-Dade, because the dollar stretches farther, Graziano said.

“People make housing choices and say, ‘You know what? I’m going to go here,’ ” Graziano said. “They don’t have to move to Miami. For them, this is their retirement home, so more people are looking at Broward as an alternative.”

A positive economy — Florida was one of four states in 2016 with 3 percent employment gains — is likely to drive the region to a successful 2017, the report predicts.

“I personally think 2017 is going to be a better overall year [than 2016]” Graziano said.

SOURCE

March 29, 2017
15 Tips for Moving Day
Moving into a new apartment? If you don’t plan ahead and make specific arrangements, moving day can become a nightmare. With a little planning and preparation, you can make moving day run smoothly for both you and your movers.

Make moving day easier with these 15 moving tips:
1. If you’re hiring movers, set a moving date at least two weeks beforehand. Remember to be flexible, though, if you plan to move on a weekend or during the summer as these are busy times for movers.
2. Before you hire a moving company, ask friends, coworkers, and neighbors for recommendations to ensure you hire a reliable company.
3. Remove any clutter from your current apartment or home before the movers arrive.
4. Unless you’re paying your movers to pack your belongings, too, pack items you won’t use at least one week before moving day.
5. Make lists of contents and separate boxes according to which room they’ll go in in your new apartment so your movers can place them in the correct room. Sequentially number boxes so that if anything is missing you’ll know what was in the box.
6. Be present on moving day in case the movers have any questions.
7. Label boxes with large, clear handwriting or labels to help the movers recognize what goes where in your new apartment.
8. Label and separate items that are heavy or fragile and be sure to tell the movers to be extra careful.
9. Ask your new landlord about parking and unloading regulations before moving day to ensure you and your movers have adequate space to park and unload. If your old or new building has elevators, find out if they have to be reserved in advance.
10. Prepare a floor plan so your movers will know which boxes and pieces of furniture go to which room.
11. Have drinks and snacks available for your movers at both your old and new apartment.
12. Have soap, paper towels, and toilet tissue easily accessible at both your old and new apartment.
13. Do a final walk-through of your old apartment and your new apartment before the movers leave to ensure everything is in the correct place and is not broken. Once you are satisfied, sign off on any final paperwork.
14. If it’s in your budget, hire a cleaning crew to clean your old apartment after your belongings are out.
15. Tip your movers, especially if they did a good job.
SOURCE
March 28, 2017
3 Things to Consider Before Buying a Home

At some point in your life, you may look around you and feel like everyone is buying a home. While this is the goal for many Americans, it occurs at different times for all of us.

There are many key factors you should have in place before buying a home

When buying a home, it definitely helps to be financially aware. It also benefits to be aware of your personal preferences and even work circumstances before buying a home. Buying a home is one of the biggest financial investments you will make in your entire life. It comes with an incredible amount of responsibility. Before buying a home, you should take a step back to decide whether you are in the right position to move forward.

A Measure of Certainty

Remember, a home is supposed to be a long-term investment. Not only does it help store up equity, but to live, raise a family, and partake in a community. Maybe you have the type of job that requires a move every few years. Or you could be contemplating a career change or going back to school full-time soon. If a change lies in your near future, it may not be the best idea to purchase a home.
Everyone’s circumstances are different and renting out your home for a period of time is often an option. Still, you should at least have a plan for 5-10 years in the future. If you cannot see yourself living in a home or community for that long, then buying a home may not be right for you quite yet.
A Strong Credit Score

A good credit score can save you thousands of dollars over the life span of your mortgage. Applying for a mortgage is a very in depth process. Mortgage lenders want to ensure that lending to you makes a good investment. This is especially true now, after the mortgage bubble burst revealed the problematic nature of the subprime mortgage industry. A score of 700 – 720 can get you a good rate while 750 or above gets the best rates.

Do Your Research

Utilize the internet to research the home buying process. Look into any issues you don’t understand. You may decide you want professional help. Working with an exclusive buyer agent can help during the bidding process to get a good deal. But remember seeking professional advice and assistance will cost you, so factor this expense into your home buying budget. And much of the advice can be found online.

Final Word

Buying a home is an exciting, yet stressful, time in anyone’s life. You have to do your research before getting started to make the process as seamless as possible. It helps to plan for the future and working on your credit score, as well. This way you can make the home-buying process as enjoyable as possible. You can also make sure that you end up in the right home at the right time for you.

SOURCE

March 27, 2017
Buy a Second Investment Property: Why and When?

Owning an investment property is no easy feat. The general perception from the public is that how hard can it be to own and rent a property. Well it turns out its not that easy. Being the owner of an investment property comes with many risks, planning, hard work and ability to constantly evolve. Those who investment and taste the path of success in investment property become accustomed to that lifestyle and they start to see a path being carved for themselves. That path leads them to buy a second investment property.
If you read through real estate blogs about investor’s experiences and what made them get into real estate investments then you would be surprised how much you would relate to that. Each person enters real estate for a different reason, whether it is financial stability, enthusiasm about the market or building a small empire. Investors who succeed with their first investment property start seeing the potential of the real estate market. Their natural reaction is well if I could be successful with my first attempt then my second attempt must be easier. What they see is the potential to make double or triple the money they aimed for before it all started. It is all about ambition in real estate.

There are so many reasons why it is recommended to buy a second investment property if you have the means for it. Wanting to expand your horizons might be risky, but its one worth every ounce of risk involved in it. The purpose of the first investment venture was making money, so why would an investor back down when more money is being involved. More profit means a better reputation, creativity and hard work. This is why it is absolutely crucial for the investor to know the correct timing to buy a second investment property.

The reasons involved that will determine whether your timing is correct to buy a second investment property or not is mostly personal but some are general.

5 Reasons to Buy a Second Investment Property

Testing the Waters

Before even thinking to buy a second investment property it is important for you as investor to go through a year or two with your first one to see how it fares. When you enter a new investment which you lack experience in, it is normal to be hit with unexpected costs or be unaware of how the taxing system will work. The taxation of your property’s income will depend on how much you make which you are certainly not aware of. This is why it is advisable to wait for a short time before contemplating buying your second investment property.

Mortgage Rates

The most obvious reason for all investors whether they are first time investors or multiple investors is the very mortgage rate levels. It is just sensible to use the advantage of a stable economy and a mortgage rate that has descended to its lowest rate in ten years. If an investor who is looking to buy a second investment property thinks it is too risky because of expenses and mortgage rates for two properties. Well think again. The upside of owning two properties is that the mortgage rates basically pay themselves and pay off your property as well. Having the second property for rental generates more money that allows you to easily pay off interest for two properties and cover their expenses.

Experienced Investor

The best indicator of correct decisions and timings is your own personal experience. Before buying a second investment property and you ask yourself, how did I fare with the first property? If your property is meeting your needs, generating money and being rented then you have probably done a decent job. Experience makes the difference in these situations, and with that vital experience it will be easier to save money on the second property by avoiding some of the mistakes you did first time. The learning experience from the primary property you have owned will be invaluable.

Managing Properties

Being the landlord of one investment property is enough to cause a serious headache with all the requirements and hard work necessary to remain at the top. When there are tenants involved it all becomes harder for the landlord or investor because they have to meet the demands of tenants on a regular basis. This results in a loss of time, energy and willingness for the job, so imagine how much tougher it is when there are two properties involved. There are investors who have been able to manage these problems either by themselves or by using property management professionals. This proves that they are ready to take the next step in real estate investing.

Understanding Gains and Expenses

Making studies that combine the first property you own with the second property you’re considering in terms of expenses and profits is advisable for you to understand where it is heading. The key to know if it is time to buy a second investment property is expanding your financial goals. Not being satisfied with the financial gains from one property is the go ahead you need to start looking at other properties.

In conclusion, to buy an investment property is a matter of understanding your personal willingness for it. Understanding the reasons mentioned above and evaluating each of them will of course make the decision easier to make based on more assessments and assurances. If your goal is to become a real estate big player that leads you to financial growth with every step then considering your second property is vital.

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March 24, 2017
Why Location Matters in Real Estate

Location, location, location.

Ask just about any real estate agent to list the three most important things a property should have, and you’ll likely hear: “location, location, location.” That phrase has been in use at least since 1926, according to The New York Times, and is just as relevant now as it was then.

But why does location matter so much? For starters, you can’t move a home — at least not easily or inexpensively. When you buy a home in a good location, it’s usually a solid long-term investment.

Real estate agents often advise their clients to buy the worst house — a property that could use some TLC — on the best block. Why? Because fixing up a home in a great neighborhood will give you the best return on your investment. Quite simply, it will be easier to sell later on. Conversely, you can buy a beautiful home that doesn’t need any work. But if the block is sketchy or just plain bad, you could have a hard time selling the property at a decent price.

So if “location, location, location” is so important, what makes a location good? Here are five characteristics to look for when buying a home. If you can get all five, chances are the home’s a great investment.

1. A safe neighborhood

People want to live where there’s little or no crime. Naturally, they want to feel safe in their homes and will pay extra for it. A safe neighborhood means people will feel free to walk around, be outdoors and interact with their neighbors. Communities still exist today where people don’t lock their doors, and they know their neighbors are there for them in a pinch.

2. Good schools

Being in a good school district Opens a New Window. is important, even if you don’t have school-age kids and never plan to have any. Fact is, young families always will be buying their first or second homes. They will do their home search based on location in general and good school districts in particular. The better the school district, the higher the values of the surrounding homes can be.

Found a home you love but the school district is subpar? Be aware of that issue for resale down the road. Bottom line: When you buy a home, you should always think like a future seller.

3. Convenient access to popular places, shops and restaurants

Everyone wants to be near the best commercial districts. The closer to the hubbub of a particular town or the best parts of a city, the better the location — and the more someone is willing to pay for a home. In beach communities, the closer to the beach, the more valuable the property.

4. Water access and views

No matter which town or city, someone will always pay for a great view or to be on or near the water. Put a home right on a waterway or on a hill with panoramic views and you’ve got a great location.

5. Access to public transit and/or freeways

In major cities, the farther you live from the bus, subway or other types of mass transit, the less valuable the home. A good location means being very close, and having easy access, to public transportation. Being near a train or bus can get you anywhere in a short amount of time. In some towns, where a commute by car is inevitable, easy access to the freeway makes for a good location. Adding 20 minutes to a commute just to get to the freeway never helps a location.

What makes a bad location?

There are some common characteristics that make a location “bad,” no matter where you are.

Ever see a home with a backyard that faces the freeway? Whether the home is in Denver, Dallas or Dubuque, such a location is likely always going to be considered undesirable. Is the home on a busy intersection or a four-lane road? Again, it’s probably considered a bad location, no matter which town it’s in or what the nearby neighborhood is like.

Other factors that can make for a “bad” location: very close proximity to a fire station (good if your house is on fire, not so good if you’re trying to sleep); a hospital (frequent ambulance sirens); an airport (sounds of jet engines 18 hours per day) or a school (traffic from buses or parents dropping off children or kids yelling and playing).

Some “good” and “bad” qualities simply vary by community. If you know your local community, you know which parts of town are less or more desirable. It’s always smart to rent in a new community before committing to a home purchase. Renting allows you time to become familiar with the location.

All these things matter when you’re considering the location of a home for sale. But never lose sight of what matters most to you about the location. If you’re crazy about baseball, for instance, you might love owning a condo near your city’s professional baseball team ballpark. Someone who doesn’t like baseball, on the other hand, would probably not want to live near all the commotion.

Location, location, location really does matter — a lot. But as always, the most important thing is to buy the right home for you, at the right time.

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March 24, 2017
Real Estate Technology: How You Can Use Modern Tech to Find Your Dream Home

In today’s high tech world, finding your dream home has never been easier.

Between 360 degree virtual tours and online search tools, it’s possible to find your dream home without ever leaving your home. And online tools and apps are even available to help you finance it without ever setting foot in a bank! Here are four ways modern tech can help you find your dream home.

1.) Broaden your search area

There was a time when the only way to find a home was to get in a car and drive around from house to house looking at homes. Unless buyers wanted to spend a month or more looking at homes, it was in their best interest to narrow their search to a very specific neighborhood. Today, however, buyers can go online and look at thousands of homes in numerous neighborhoods on websites like viac-miami.com and others. They might find a home that is just beyond a neighborhood they might have previously narrowed their search to or one in an entirely different, but still acceptable location.

2.) Get immediate mortgage information

When it comes to buying a home, there are a huge number of variables that determine what you can afford and what you can’t, such as down payment, mortgage rate and points. With a good online mortgage calculator you can punch in a few numbers to get a full financial picture of what the house you want will cost, as well as the ability to check with a few variables – like what kind of difference adding as little as $50 a month to your mortgage payment would make.

3.) Get the 411 on the neighborhood

It used to be that if you really wanted to know about a neighborhood, you had to talk to the neighbors. Now with apps like Safe Neighborhood and Around Me, you can find out everything you need to know about a neighborhood right from your home or smart phone.

4.) Instant communication with your real estate agent

When premium houses at a good price come on the market, they move fast. Modern tech allows you to keep in constant touch with real estate agents. From text messages to instant messaging to e-mails to phone calls, you can share listings and keep in regular communication throughout the course of your home search.

It has never been easier to find the home of your dreams. Online tools and apps abound that can help home buyers find the right home without ever leaving their own home. Even people that are not yet ready to buy a home can benefit from online tools available. It’s never too early to start dreaming!

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March 24, 2017
Vacation Home or Income-Producing Investment?

The American Dream has undergone a fair amount of change over the last 50 years

It has expanded to include being able to buy a second home — a vacation home. These are the cottages on the lakeside, the cabins in the mountains and the huts on the beach that all sit empty 90% of the year while their owners are banking time for the next vacation — and footing the bill for the mortgage and property taxes.

There is, of course, an alternative to letting your cottage collect dust during the down time. You can rent it out to other people looking to enjoy some time away from work. This article will look at some of the issues that surround renting out a second home.

Buying a Second Home

Keeping a primary residence is an enormous financial decision. If you’re considering a second home, use a mortgage calculator to research interest rates from lenders in the area where your vacation property is located. Then, once you’ve gathered estimates of the total cost of your monthly mortgage payments, go over your financials to see if you may be better served to go with a mortgage or to pay cash.

Here’s why. Keeping a second home is a step up in magnitude because a second home has all the costs (often more) of your first home without the easy write-offs from the IRS. Also, if you are set on getting a vacation home but don’t have the capital for an all-cash purchase, do not take a second mortgage on your home. The IRS has closed the loophole whereby a person could use a second mortgage to purchase a separate investment property while still deducting his or her mortgage from taxes. If you take a mortgage on your primary residence to buy a second home, you will not be allowed to deduct the payments as personal mortgage interest. Thus, if you intend to borrow for a second home, you will have to take out another mortgage that allows for tax-deductible interest.

As It Stands

Current tax rules surrounding second homes, vacation homes and investment-class second homes have changed more frequently than those of primary residences. As of 2010, if you currently own a second home for personal use, you are allowed to rent it, or your primary residence for that matter, to another party for up to two weeks (14 nights) without reporting any of the income. On the flip side, a second home is considered an investment property if you spend less than two weeks in it and then attempt to rent it the rest of the time. It is important to remember that, with the advent of resorts and such, the demand for a cabin in the woods may only come at the peak times – the same period you would probably want to use the property yourself. (To learn more about being a landlord, see Tax Deductions For Rental Property Owners, Investing In Real Estate and Tips For The Prospective Landlord.)

The IRS on Vacation-Home Investment

Although taxes for investment properties have been traditionally softer than for other types of investing, second homes seem to be a gray spot for the IRS. All rental losses are “passive losses” or “hobby losses”; and, these can only be used against — written-off against — income from other passive activities like other rentals, a private partnership you don’t help operate or an S-corporation. Passive losses that you can’t use are carried forward until you sell the vacation home. When you sell the property, the past losses can be used to offset any gains and, if you have more passive loss write-offs afterward, you can claim them against regular income.

You can, however, deduct up to $25,000 a year, if:

– Your adjusted gross income is less than $100,000 or
– You actively participate in the management of the property.

This tax break vanishes at $150,000 adjusted gross income (AGI). If you are between $100,000 and $150,000 you qualify for half the deduction. This seems foolish, as most of the people who can afford to buy a second home will have an AGI far above these numbers. Still, the real challenge is in the second condition. You can use the yearly deduction if you or your spouse want to become a qualified real estate professional and actively manage the property that is posting the passive losses. Be warned, however, the IRS is not likely to believe that you hold a full-time job and moonlight as a property manager. You will need a detailed journal on why, when, where and what you are doing as a property manager in order to prove your case.

Selling a Vacation Home

Properties in popular vacation areas usually tend to see higher-than-average appreciation, so there may be a time when you want to cash-in and find a new place to stay. When selling a vacation home, the length of time you have held it affects your capital gains tax. If you sell before a year has passed, you will be subject to the short-term capital gains rate. If you sell after a year, your federal tax will be calculated at the long-term capital gains rate. (To read more about capital gains tax, see A Long-Term Mindset Meets Dreaded Capital-Gains Tax, Capital Gains Tax Cuts For Middle-Income Investors and To Sell Or Not To Sell.)

You can, however, do a bit of a dodge if you are willing to completely relocate. If you sell your primary residence with the $250,000 per person tax-free, and then move into the vacation home and declare it your new primary residence, you will be able to use the $250,000 ($500,000 for couples) exemption again – providing you live there for two years. Unfortunately, this strategy is often only practical for the self-employed or retired. There also other restrictions on the use of the capital gains exclusion for vacation homes that have been converted to a primary residence. (For more insight, see Is it true that you can sell your home and not pay capital gains tax?)

Tips for the Second Homeowner

If you own a second home for the purpose of renting it, and you have an AGI under $150,000, then get in there and start managing. This means that you won’t be able to use an agent to find tenants, and you will be arranging repairs personally, but it will give you passive losses to write off. Or, if active management doesn’t appeal to you or your AGI is too high, you can spend more time at the cabin and turn it into a mixed-use property rather than an investment property. This means that the taxes change with the change of designation – mainly that you can’t use passive losses, but you will be able to claim a percentage of the mortgage interest and property taxes as deductions against your income tax.

The Bottom Line

Turning a vacation property into a profitable rental tends to be an uphill battle. Before you jump into being a vacation-home landlord, take a good look at how your taxes will be affected. Most people who own second homes would be better served by getting them classified as a mixed-use property for tax purposes and renting them out for only the tax-free 14 nights in a given year. The people who do become second-home landlords, however, usually are driven by the same compulsion that forced them to buy the place in the first place. If you are one of those people, your best course of action is to get actively involved in managing your own property.

What Do Other Investors Know That You Don’t?

If it seems like you’re always late to the party when the market is swinging, it’s because other investors are beating you to the news. If you’re tired of making losing trades day after day and are looking for an edge then feel free to contact us and start your day better informed and ready to take on the markets.

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March 23, 2017