5 Tips for Buying a Luxury Home
When you’re searching for your dream luxury home in South Florida, there are a few key tips to keep in mind. You’ll be spending a large amount of money, so you should settle for nothing less than the best! Here are five important factors to keep in mind when looking for your South Florida luxury home.
Visit in Person
A listing online can only show you so much about a property, no matter how nice the photos look. You should always plan to visit the home in person to take a look around, as well as research the property and the surrounding area on Google Earth. This will give you a more accurate representation of your potential new home and neighborhood.
Document, Document, Document
When you’re purchasing a high-end property, you can never have too much documentation. The sellers and the bank will want to be sure of your income, so make sure you have the paperwork to back it up. You may also consider working with a financial planner. Additionally, check with your bank to get clear on all the paperwork they may need or may be able to issue, like a pre-approval letter or pre-qualification letter.
You might think that there is no room for negotiation when buying a luxury home, but luckily, that’s not the case. Work with your real estate agent to find comparable properties in the area so you can be prepared with a fair price. Your real estate agent will be able to point out where there is room to negotiate.
Search Far and Wide
It can be harder to find a luxury home listing than it is to find a traditional home. You may have to do more research than you expect or look into your realtor’s personal connections to find the listings you are looking for. Though it may take a bit more time and effort, it will certainly be worth it once you find the home of your dreams!
Hire a Lawyer
In addition to your realtor and your financial planner, you should also consider hiring a luxury real estate lawyer in South Florida. They will be able to help you navigate complicated contracts and ensure that you know what you sign, giving you peace of mind and assuring you pay a fair price. Mark Schechter is one of the leading South Florida luxury real estate lawyers. Contact Schecter Law today at (954)-779-7009 to discover how he can help you find your dream home.
Office Space Market Is Growing In South Florida
The South Florida office development market appears to be paced to continue to grow in 2020 as demand increases faster than the supply of new space. The supply of new space in South Florida has been far slower during the post-recession growth cycle than it was prior to the recession. Developers are dealing with stiff competition and high construction costs. Class-A office space continues to be landlord’s market, and office demand for South Florida commercial real estate attorneys and firms, accounting professionals, technology firms, insurance companies, and other businesses remains high.
Co-working remains a popular trend in South Florida
Despite the recent news regarding WeWork’s layoffs and reduced valuation, coworking remains highly popular in South Florida due to the region attracting a wide range of startups, freelancers, transient workers and small businesses. Although co-working spaces have declined in some regions throughout the United States, in South Florida, coworking office square footage has expanded. In general, coworking has had a major influence on the market and is expected to continue to be a significant factor in 2020.
Suburban office space demand will increase
Several factors are also driving suburban office space demand to increase in South Florida. Traffic is one of them, traffic problems throughout the region have caused some companies to look toward suburban accessibility which can reduce traffic and help attract employees. Parking is also increasingly expensive in South Florida cities such as Fort Lauderdale and Miami, and parking continues to be a major factor for businesses choosing a new location. An experienced South Florida commercial real estate attorney can help you decide between the pros and cons of choosing a suburban office over an office in the city if you are considering one.
The overall market looks positive for 2020
As attractive state and local tax laws continue to bring in new businesses, the office sector in commercial real estate in South Florida continues to look to be on the upside in 2020. Class A offices will remain in top demand as the trend shifts toward buildings with numerous amenities and the latest cutting-edge features to provide tenants with technology, sustainability and comfort.
Speak To A Qualified South Florida Real Estate Attorney
Are you in the process of considering investing in the South Florida office market or are you considering leasing office space in South Florida. A commercial real estate attorney in South Florida can help you choose the right option, navigate your lease or purchase agreement, and find the right opportunity. Learn more by calling Schecter Law today at (954)-779-7009.
Things to Consider When Purchasing a Luxury Home
Purchasing a luxury home can be incredibly exciting yet unbelievably nerve-wracking. Especially if this is your first time in the luxury real estate market, things can quickly get overwhelming. With more money on the line, there is more to consider to ensure you’re making the best purchase. Here are a few key things to keep in mind when you’re selecting your new luxury property.
Consider Your Complete Finances
You want a clear picture of your finances before you ever get started selecting a home. Get pre-approved for a loan, then consider how much you actually want to spend. Talk with local professionals about additional costs like local taxes. Really take your time on this step and make sure you’re on the same page with your spouse or anyone else you’re purchasing the home with.
Look Past the Pictures
While a luxury real estate listing may have incredible photos, there can be more than meets the eye. If at all possible, take the time to physically go to the home and take a look around. Truly picture yourself in the space, and spend some time looking around the area, too. This will give you a better picture of the neighborhood as a whole, and you can compare your potential property to nearby homes.
Think About Resale Value
At some point, the home you purchase will find itself back on the market. Think about how the features of the home will stand up to the test of time. There might be an avant-garde feature you love, but how will future buyers feel? Would it be simple to change? Thinking about these things now will save you or your children a lot of hassle in the long run.
Find a Good Lawyer
When it comes to luxury real estate, finding a good attorney is crucial. They will be able to steer you in the right direction, interpret the complicated contracts, and generally ensure you’re getting the best value for your money. Look locally for a luxury real estate lawyer with ample experience, and ask for references from former clients.
If you’re considering buying a luxury home in South Florida, consider Mark Schecter. His experience as a luxury real estate lawyer has made him a trusted name in the industry, and he can handle any situation or need. Contact Mark today to learn more!
Luxury Homes In South Florida
If you have a luxury home in South Florida, you may be sitting on more cash than you realize. This lucrative area of the Sunshine State has always been a popular spot for tourists, retirees, and everyone in between, and it doesn’t look like that’s going to change anytime soon. Now is the ideal time to start investing in the South Florida luxury home market. Here’s why.
Luxury properties simply aren’t being built in South Florida right now. While that may not seem like great news on the surface, it benefits those that are looking to sell. The project flow isn’t expected to pick back up until 2021 or 2022, so people wanting to purchase a luxury property will be looking to do so now. If you have a property on the market, those buyers will have no choice but to look at it.
Because of this oversupply, sellers and developers are more likely to offer pricing incentives to move properties more quickly. Not to mention, prices are already steady since there are so many homes available right now. Buyers will become more competitive and can negotiate hard, so those who look at your property are going to try their hardest to secure it. Be sure to look into a Florida luxury residential real estate lawyer to make sure you’re taking the best offer.
New Tax Bills
One of the biggest factors of Florida’s real estate market right now actually has little to do with Florida. The Sunshine State doesn’t have an income tax, unlike other major players like California and New York. However, citizens in these high-tax states can no longer deduct local or state income taxes from their federal taxes. If they relocate, they pay much less in taxes. Expect to see more buyers looking from these states.
Now Is The Time
If you’ve been thinking about putting your luxury home on the market, now is the time while the market is still hot. Don’t go at it alone. Hiring a South Florida luxury real estate attorney will ensure you go with the best deal and that your contract contains exactly what you need. Mark Schecter is one of the best in the business. His years of experience in this market has exposed him to any circumstance. Reach out today to see how he can help you.
What’s Trending In Real Estate
Our world is constantly evolving, and so is the commercial real estate sector. New trends appear every year, so it’s important to stay up to date to keep your business competitive. Predicting and staying on top of the trends will make it easier to set realistic goals and make detailed plans to reach them. Here are a few of the key things to consider moving into 2020.
More and more, we are seeing the effects of technology in the commercial real estate world. As technology overall is increasing and improving exponentially, it is becoming more important to familiarize yourself with technologies like blockchain and construction technology. Every single step of the real estate world is impacted by new technologies, and while these improvements are leading to better efficiency and lower costs, it can be hard to reap the benefits if you’re not staying with the times.
In the real estate industry, it’s vital to be aware of the state of the economy. Luckily, it’s appearing that things will stay relatively healthy going into 2020. Of course, the economy is incredibly unpredictable, but economies do tend to agree that conditions like consumer confidence and GDP growth will continue to stay strong. That being said, many also agreed that the real estate cycle is coming off of its peak, but the next dip should not be as impactful as it was in 2008.
Product Type Outlook
It’s important to look at the trends in your specific sector of commercial real estate, whether that be retail, office, industrial, or something different. Overall, the commercial real estate industry as a whole looks to be doing well. The biggest factor in the future of the industry is technology, which affects each part of the industry individually.
For the last five years or so, cap rates have been incredibly low. These rates started to lower gearing the financial crisis with its low-interest rates, and we’ve continued to benefit despite interest rate hikes over the last few years. Unfortunately, the future is still uncertain, and it’s unlikely that we will continue to see these low rates moving into 2020.
All of these are important factors to keep in mind for the new year. To plan your commercial real estate moves for 2020, it will help to have a Fort Lauderdale commercial real estate attorney. Contact us today to discuss your goals and create a strategy for your business moving forward.
Luxury real estate is a growing business throughout the country
Luxury Real Estate is especially big right now in South Florida. If you have been thinking about getting into the luxury real estate business, now is a great time to do so. On the other hand, if you’re already in the industry, it’s a good time to reevaluate your goals and start aiming higher. Here are a few of the factors making South Florida a great spot for luxury real estate investments.
House Price Trends
In general, the South Florida real estate market has been stable. If you look at South Florida sales prices as a whole, percentages have been down over the last couple of quarters. However, there are a few factors that skew the results. Recent sales have mainly been up of lower priced homes and condos, so these sales are pulling down the overall figures. Simply looking at luxury home sales, however, selling prices are actually increasing quite a bit, anywhere from 10% to 25%. Studying the numbers in your local market and specifically looking at trends for luxury real estate investments can give you a more accurate picture of what to expect.
Higher-Than-Average Home Sales
The United States as a nation has been seeing a decrease in the housing market, but the south Florida area has remained steady and is even growing. While the country saw approximately a 1% drop in home sales earlier this year, the counties of South Florida saw a 4 to 6% rise. However, while this area is beating the national market, it’s not doing quite as well as it did last year. For 2019, the number of real estate transactions is down about 17% from this time last year. That being said, we are still much better off than other parts of the country, and it doesn’t look like the South Florida real estate market is going to suffer anytime soon.
Looking to the Future
It’s no question why people continue to flock to South Florida, and they will continue to do so for years to come. If you have a luxury property that you’re looking to put on the market, having a real estate lawyer in Florida is vital. Your team of professionals can help you list your property, negotiate with potential buyers, and navigate the intricacies of contracts. Contact us today to learn how we can help with your next luxury real estate investment.
Selling Your Luxury Home
The real estate market in South Florida is booming, and if you’re looking to sell a luxury home, now is the time. There are a few key things to keep in mind when putting your house on the market. Selling a luxury home can be different from a smaller-scale property, and you want to make sure you’re getting the best value for your house. Here are our top five tips for selling your luxury property.
1. Take Quality Pictures and Videos
When trying to sell a luxury home, it’s important to show your potential buyers exactly what they’ll be purchasing. The quality of your pictures should reflect the quality of the home itself. It’s also becoming more and more important to include videos of your home, so buyers can have a virtual walk-through. This aspect can be critical to attracting the perfect new owners for your home.
2. Think About Your Buyer
Consider the kinds of people you want looking at your home. Of course, consider the features inside that a more high-end clientele would desire, but also look at the assets of the neighborhood. If you’re in a great school district or near desirable restaurants, that’s something you definitely want to highlight.
3. Don’t Hold Open Houses
Since you’re looking to attract a high-end audience, avoiding open houses can help keep your home desirable. It won’t be open to the masses to come in and dirty your home, or worse, steal anything. If you truly want an open house, hold a brokers’ open house where the local real estate agents can see the property to find the right clients.
4. Price It Right
From the very beginning, you need to set a reasonable price. Comparable prices are not as readily available as they are with lower-end properties, so consider what specific assets your home has to offer. Don’t rush into this decision, but instead take the time to get it right.
5. Hire An Attorney
Gain Valuable Assistance
Having a real estate lawyer in Florida is critical to selling your luxury home. Once you find a potential buyer, your lawyer can help you make sure you’re getting what you deserve for your property. They can read through your terms of sale and help you make an informed decision. Mark Schecter is one of the most respected figures in Florida real estate law. Contact Mark today to learn how he can help you sell your luxury home.
Smart Technology In Your Home
While smart technologies might not be top-priority features for homebuyers, they are becoming increasingly important – and even expected – elements in a home. In a late 2017 survey, more than 50 percent of agents polled said they use smart home technology – and this number is predicted to increase in the coming years.
What is Smart Home Technology?
Smart home technology is automated or smart-phone controlled technology, ranging from temperature control to security, to entertainment, to utility solutions. While most of these can be easily installed by the homeowner, it’s increasingly common that smart technology is already included in the design of a home on the market.
Whether you’re a real estate agent curious about smart features to highlight or a new homeowner looking to optimize your new property, smart home technology could be your new best friend. Not sure where to start? Consider these five smart home technologies that are must-haves for homeowners:
Heating and cooling account for an average of about 50 percent of home energy use so this is a device that’s worth investing in. It is a great way to reduce your ecological footprint, save money on utilities, and enjoy optimum comfort. Smart temperature control devices allow you to automate your thermostat so that it regulates the temperature throughout the day. It also connects with your smartphone or computer, allowing you to turn off the air conditioning when you’re on vacation and turn it back on when you’re on your way home.
Whether it’s an exterior camera or an alarm, most people have some kind of home security system. But smart systems are now taking over, offering an even more effective way to ensure your home is safe. Smart security systems can include cameras, motion detectors, voice recognition, as well as more traditional devices like alarms. These devices are often made to blend in with the home’s décor, making them undetectable.
This may not serve the same utilitarian purpose as temperature control or security but is an increasingly important factor to ensure homeowners love where they live. Smart home entertainment allows you to connect your TV to smartphones and other devices to play TV shows, movies, music, and games with ease. The ability to install a personalized smart entertainment system is something buyers look for when shopping for a new home.
Get Help Today
Whether you’re buying or selling a home, you’ll want to discuss with your real estate team the advantages of smart home technology. Your South Florida residential real estate attorney can help you determine the right smart technologies for your home (hint: in the Sunshine State, it might be a temperature control system) and any rules and regulations to consider before investing.
It used to be that the gateway cities – New York, Washington, Los Angeles, among others – were by far the most desirable places to invest in real estate in the United States.
But this is beginning to change. As those real estate markets become saturated and young homebuyers look for more affordable property outside these hubs, the U.S.’s secondary markets will prosper. As well, the gateway markets no longer have the same monopoly over research institutions, innovation, and even arts and culture.
What Is a Secondary Market?
Gateway cities are characterized by their international populations, number, and quality of cultural and academic institutions, diverse economies, and for major airports or seaports. This means that, historically, the largest or capital cities were the main places to invest in property.
As with that of a gateway market, the definition of a secondary market is loose. Secondary markets are typically mid-sized cities that are experiencing new and significant growth. This might mean a growing population of young, educated professionals, a boom in certain sectors, a swelling technology sector, or usually a combination of them all.
Many Florida Cities Listed as Markets to Watch
As the prestige of these traditional cities dwindles and real estate prices peak, buyers look to secondary markets for their investments. Inland and southern U.S. markets will proper in the coming years, as east and west coast gateway cities lose their exclusivity. Secondary markets now have budding tech sectors, foodie districts, and cultural institutions that they didn’t have before.
Many Florida cities like Miami, Tampa, Orlando, and Jacksonville have already been named as secondary markets to watch in the coming years. Some predict these regional markets may even outperform the bigger international cities in the near future.
But smaller South Florida cities are also expected to do well in the coming years, as young people and first-time homebuyers move out of large urban centers, to smaller cities, towns, and suburbs in search of more space and amenities at a better price. A Fort Lauderdale real estate lawyer can help navigate one of these up-and-coming south Florida markets.
Buying or Investing
Whether you’re interested in buying a home or investing in commercial real estate, you’ve come to the right place. Fort Lauderdale is located just 45 minutes from Miami and has a thriving market for high-end, beachfront residential property. Be sure to talk to a South Florida luxury residential real estate attorney at Schecter Law before investing in a home or new development.
New Trend In Office Design
In order to make smart investment decisions, you’ll want to stay up to speed on current office space trends – particularly among tenants that lease commercial buildings. The experiential design is one of these trends, and perhaps the most important new trend in office space design.
Businesses know that clients are no longer satisfied with simply buying – they want to participate. Creating engaging, interactive office spaces is one way a business can give customers what they want – chances are, they will earn customer loyalty in return.
Introducing experiential design into an office space can happen element by element over time, or all at once with a complete overall. As the building owner or landlord, you can make commercial space appealing to tenants.
Experiential design involves building creative spaces that inspire and engage a business’ clients and employees, with the ultimate goal of creating an experience. It usually requires a team of graphic designers, interior designers, and marketers working together to mix create a functional and beautiful space that accurately reflects the brand’s mission and culture.
If your tenants run a retail shop, their job is a little easier – a storefront with a tangible product lends well to experiential design. If the tenants are a company that sells a service, they’re going to have to get creative.
Here are some important elements of experiential design that every commercial property owner should know:
Use strong visuals
Make the office standout among the grey carpets and white walls.
Photography, illustration, fluorescent-lights logo – whatever visuals you employ, make sure they reflect the company’s service or product, brand, and values. It’s important to use colors that reflect the company’s style. Is your business energetic orange, thoughtful green, or gentle blue? These are just a few of the many emotions that colors can invoke.
Add something unique
Whether it’s music, a lobby board game, an electric fireplace, or a souped-up espresso machine with your favorite blend, businesses should have something different that clients can interact with when they walk into a space.
Connect with clients
Businesses will use experiential design to connect with their clients through design. They might have client logos displayed on the wall. Or, they might post a community board of client greeting holiday cards or reviews in the lobby. Better yet, a business might invite clients to a cocktail-hour meet-and-greet in their stunning new space.
The experiential design is transforming commercial real estate everywhere. If you’re an investor looking to buy, now is a great time. Investors should work with a South Florida commercial real estate attorney and an agent in order to ensure they’re getting fair market value on office space. To learn more about trends and investing in commercial real estate, contact Schecter Law today at (954) 779-7009..