Things to Consider When Purchasing a Luxury Home In South Florida
Luxury homes in South Florida are still exploding. Recently, the famed designer, Tommy Hilfiger set out $21 million dollars for just one of the two properties he acquired in Palm Beach. Competition is still sharp for waterfront homes and we see no end in sight.
Nuances Of Purchasing Luxury Real Estate In South Florida?
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 luxury home in South Florida. If you’re not paying cash, 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. 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. If you’re unable to make the trip as professionals often are, you need a reliable Luxury Home Real Estate Attorney to liaise for you.
Think About Resale Value
It is not uncommon with the pandemic to consider South Florida for your forever home but the fact is that circumstances can change. At some point, the home you purchase may find itself back on the market due to professional relocation or personal preferences. 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 South Florida Luxury Real Estate Lawyer
When it comes to luxury real estate, finding a good luxury real estate attorney in South Florida is crucial. The market is infested with sharks and you need to ensure that your best interests are being met and considered. A dedicated real estate attorney 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!
Real estate analysts and insurance executives suggest Florida’s property-insurance market is in a difficult situation, as increasing carrier losses and higher monthly premiums endanger the state’s flourishing real-estate sector.
Long-term property owners are facing astronomical premium increases or warnings that their coverage will be discontinued. Out-of-state property purchasers who migrated to Florida during the coronavirus outbreak are shocked at the current cost of property ownership. To shore up their accounts, insurers who are drowning in debt are reducing coverage in some regional areas.
Why the Cost Increases?
Several factors have influenced these price hikes. Back-to-back hurricanes Irma and Michael in 2017 and 2018 respectively wreaked havoc on the state, resulting in $30 billion worth of insurance claims. The expense of reinsurance, which is taken out by insurers to offset part of the inherent risk of the coverage they offer, is increasing. Excessive insurance claim lawsuits and a surge of suspected sham roofing claims are also at play.
What Florida Commercial Real Estate Buyers Should Know
Buying real estate is likely to be the biggest financial investment you make in life. It’s essential that you collaborate with qualified professionals at each step of the purchasing process to secure your investment. Each person in your team, including your real estate lawyer, financial lender, property insurance carrier, and real estate agent, plays an important role in a successful commercial real estate transaction.
Retaining a knowledgeable, experienced commercial real estate lawyer from the start will help you avoid expensive errors later on. Before making a purchase, you may want to bring your real estate lawyer on board and meet with them prior to signing any documents.
Experienced Legal Help for South Florida Commercial Real Estate Transactions
You’ll need an accomplished South Florida commercial real estate lawyer if you’re looking to invest in commercial property in South Florida. For all of your commercial real estate necessities, Mark Schecter is the legal advocate to call. You’ll need a lawyer who is able to confront well-funded insurance companies, commercial property owners, and unscrupulous real estate agents, whether you’re local or from out-of-state.
It’s critical to consider every detail involved in finding a commercial property that meets your company’s needs, making an offer, and closing the transaction. For urgent assistance, contact Mark Schecter today by calling (954) 779-7009. Don’t wait to reach out — we are available today to assist your business with any commercial real estate needs you have.
South Florida Luxury Real Estate Soaring
South Florida Real Estate continues to soar. Despite the current state of a global pandemic affecting the nation that will no doubt reverberate through markets both far and wide, the market here in South Florida remains a popular luxury home destination and is expected to continue to rise.
So Why Is South Florida Expected To Continue To Excel?
- Luxury South Florida homes are doing exceedingly well regardless of price-point
- High net-worth luxury home buyers re-locating from northern locations like New York
- New migrations coming from overseas as well as from as far south as California
- Corporations are flocking to South Florida which is good news for Luxury Real Estate
- Low-interest rates are expected to remain in place
- Long Or Short-Term Luxury Homes With Large Price-Tags are doing exceedingly well
Past, Present, And Future
Looking back on 2020, Luxury homes stayed viable and didn’t require many negotiations with high-net-worth buyers willing, ready, and able to meet sellers at their level or beyond. The latter allowed residential real estate to thrive with luxury real estate far exceeding others. Luxury properties located on the water were the most popular as well as the most sought after locations. Many buyers and investors settled in Florida temporarily and others are here for the long haul, in either case, South Florida is expected to maintain it’s growth streak.
Buying Or Selling?
Whether you’re buying or selling, now is a great time to explore your options. For the best possible outcome on your Luxury Real Estate transaction, you should consult with a seasoned South Florida Luxury Real Estate attorney. Call or contact our office today to learn more about how we may be able to help you.
Don’t Count South Florida Luxury Real Estate Out
The pandemic appeared to have brought the housing market to its knees in many markets and yet, Florida continued to have successes. In the early months of the Pandemic, there was some concern over what looked like a reduction in sales but summer came in and Florida experienced an upswing, even among million-dollar homes. This surge continues throughout the state of Florida.
Continuing Pandemic Sales
While a majority of would-be sellers are still experiencing some doubt, the numbers show that luxury real estate homes have the market on lock. Luxury homes are at the central focus in the Florida market.
The Luxury Home Draw
Preference for Luxury Homes and interest continues to permeate the market in Florida. If nothing else, the pandemic has given families the desire to stretch their legs and bask in the security of having more amenities and land. Absolutely nothing is more secure than owning your own luxury home in communities that provide both safety and luxury.
Previously, families were able to flock to a myriad of destinations, those destinations may now prove to be unsafe in the face of a pandemic that has positioned itself front and center for the long haul. Until the exterior of our communities normalizes, buyers feel the innate duty to their families to provide a secure and safe environment that allows for additional space, that can also function as a safe haven. The Luxury home market in Florida illustrates that even during tough times, families are able to expand and become part of a lifestyle and community that will allow for stability and growth in the long term.
Tis’ Season For Buying
Typically we see snowbirds in the colder months coming into South Florida with the goal of finding the perfect home away from the cold, this year, even during the pandemic, it is not just the snowbirds looking for sharper shelter. Luxury homes are getting more of the traction and in fact, this attention and inquiry are coming from all over the United States. Nationwide, families are wanting to relocate to more tropical weather to seek reprieve from larger cities and congested communities.
In addition, where we once saw the dynamic of slow and moderate home shopping and buying, the safety of masks has given those would-be buyers reliance and security in actually traveling to Florida and seeking any avenue possible to retain their own Luxury home. While this is great news for sellers, it means that you can expect competitiveness when buying. As a buyer, you are not alone in researching or aggressively pursuing luxury home communities. In fact, if you are looking to buy a home in South Florida, it now requires more immediate action to contravene the loss of any opportunity to get into the luxury home of your dreams. You must be actively engaging with the Luxury home market in order that you do not miss the chance to acquire the home you are interested in.
Thriving South Florida Market
As reported by our local ABC news, the market in Florida is thriving, and now is the time to take the next step and commit to buying a luxury home. Many may be entertaining the idea of waiting until after the pandemic slows a bit in order to begin their journey into luxury home buying but that can be a mistake. Buyers that come into Florida in earlier months looking to profit off of what they imagined would be a devasted market experienced a rude awakening. Florida is growing and the market here is doing fantastically in Luxury home sales. Indeed, with a market such as South Florida soaring it is never too soon to get in on evergreen luxury homes with a tropical backdrop. If you’re looking to buy or sell a Luxury home, you need an experienced luxury home real estate attorney to guide you through the process. Mark Schecter can walk you through your options and give you a great head start. Contact our office today to learn more about how we can help you.
Luxury homes in South Florida have an understated challenge that they must meet. These property types in South Florida generally do not have a broad buyer base as is the case with mid-priced homes nationwide. Because this market is somewhat specialized, it puts the seller in a unique position when marketing their home in the exclusive South Florida Luxury Homebuyers market.
Strategize For Successful Sales
To be frank, selling a South Florida Luxury Home can be a lengthy process during the pandemic. The nature of the locations, communities, and amenities involved bode well for the seller during a normal market, however, with COVID controlling nearly every aspect of the American way of life, it’s no wonder that is also affecting Luxury Real Estate sales. So what is extending closing timelines here in South Florida? It’s a buyers market.
South Florida has been and remains one of the hottest selling markets, not only in the states but for those living abroad as well. South Florida has reaped the rewards of its location, and often, the property will sell itself. The affluent nature of the available buyers in contrast to the number of available properties favors the buyer. Essentially, it is a buyers market. Financially speaking, the buyer of a luxury home has more options in the luxury market, especially during this pandemic. It’s important to have an experienced South Florida Luxury Home Attorney to assist in the process of selling your home as he or she will be better suited to guide you through the process.
Listing Elements That May Support A Speedy Sale
Understand Your Market:
A luxury home is said to stay on the market almost twice as long as the overall housing market nationally. Quite often a seller will even begin dropping their price to close-out the year. Before you begin undervaluing your own luxury home via reducing its price as the housing market does, make it a point to address the sales listing for all areas of improvement.
We may be dealing with COVID but that has not stopped home-buyers from shopping in the luxury market in South Florida. You need to develop the best strategy to move your property, despite the pandemic, with the understanding that you will have competition and that you need to move up the ranks to centrally locate your property at the best vantage point possible for the home buyers needs.
Most buyers already know what they are looking for as well as the value that they are willing to invest into that dream home. The more details you provide, the more value you add to your listing and the possibility that the buyer will view the home. Viewing the home online is only half of the journey, getting a buyer into the front door is the ultimate objective.
Craft Your Story:
Engage the buyer by cultivating a listing that tells the unique story of the luxury home. In all likelihood you will be working with a realtor, if not, your Luxury Real Estate Attorney will be able to assist you in obtaining a quality luxury real estate agent to improve your ability to sell the home. Regardless, it is vital that your listing is crafted with professional images of the home.
The Images Are The Initial Selling Point
We all understand the nature of the phrase “first impressions”. With that in mind, you will need to focus a healthy part of your sales arsenal into real estate photography. Many realtors capture images with their cell phones and depending on the brand and model, that may work out great, however, to be clear—the images are absolutely key. Should you need to invest in a professional real estate photographer in order to capture the images, be sure to get that done early on. We do not DIY our luxury home listings when we’re looking to sell at record speed. It is common knowledge that the higher the quality of your images are, the more likely you are to sell the property more expediently.
Background and Exclusive Details About The Luxury Home
Be sure to include and amplify any security systems, high-end appliances, finishes, or moldings. When we say detailed, we mean down the most minimal of details. A luxury home comes equipped with a pool, sauna, a gym, etc. It is important to outline all of the amenities that help make the home a landslide buy among the competition. In addition, if do not already have in-depth information about the community or surrounding areas, it is time to do your due diligence. It is vital to share unique details about the community. Is the community gated or private? Who is the architect of the property and neighboring landmarks, homes and more.
Communication Is Key:
As you well know, a luxury homebuyer is investing in a piece of property that most buyers (less than 15%) are able to attain. With that said, they require a certain brand of concierge service. When a luxury buyer reaches out to you, the sooner that you are able to communicate with them, the better. This means that any phone calls or emails addressing the desire to see the home or learn more about it must be handled at your earliest convenience and with care. Think V.I.P. service. Your communication must be responsive and it must be clear. It is often best to delegate these matters to an experienced South Florida Luxury Real Estate Attorney who deals with affluent purchase and sales regularly and is able to provide both you and your future buyers white-glove real estate legal services.
You can sell your luxury home during the pandemic but it will require a bit of footwork. If you are in the market to sell your luxury real estate home and need superior legal guidance, contact Mark Schecter to learn more about how he can assist you.
What To Expect When You’re Inspecting
Part of your luxury home purchase requires that you have the home inspected. This may appear to be a small element or incidental to the purchase, however, this is exactly the area of your luxury home purchase that can go awry. The process involves the hiring of a home inspector to evaluate and inspect the condition of the property that you intend to purchase. While not affirmative in every purchase, after the inspection, there may be some elements of the home that the buyer, you, will want to have addressed and repaired.
The repairs can be handled in one of two ways:
- either the seller arranges for the repair(s) or
- the buyer is issued some form of credit.
Some repairs are more common than others, however, the word “reasonable” is key as anything that the buyer deems unreasonable or in excess can result in the loss of the home for a buyer making excessive and “unreasonable” requests.
The Inspection Process
Retain an experienced Luxury Home Real Estate Attorney
First things first, when purchasing a luxury home, you must ensure that you have an experienced attorney at your side to represent your interests and ensure that the process is as seamless as possible. Closing on a home can be extremely stressful, an attorney is your buffer during the course of the entire transaction.
Use Certified Home Inspectors
Your attorney can assist you in retaining an experienced inspector that will do a thorough and detailed inspection of the home leaving no stone unturned to ensure that the home is a viable purchase on your behalf.
Critical Systems Review
While you may find issues with surface elements like wall blemishes or floor scuffs, asking to have areas such as these remedied prior to the purchase are minimal issues in relation to important systems in Florida such as Air Conditioning and Electricity. If you intend on requesting repairs, it is absolutely reasonable that you require updates that involve safely operating the home such as:
- air conditioning,
- heating elements
These meet the reasonable expectation for repairs prior to your luxury home purchase and the seller should be willing to remedy such elements.
Another vital inspection that requires an experienced licensed professional is a Pest Inspection. As beautiful as South Florida is, an unkept property, no matter how luxurious it appears to be on the surface, may in fact have a pest problem. It is vital to you, your family, and your well being that an inspection clears the property of pests like:
It is important to address any infestations before purchasing the home.
Assurance That Safety Concerns Are Addressed And Corrected
As previously mentioned, you do not want to reach a point in the deal that you are asking for continued repairs, however, you cannot purchase a home that is not safe. In most cases, a luxury home will not require the same in-depth repairs as that of a typical residential home but you still want to ensure that all of the critical systems are running well and are safe.
Using a gas tank that may have a leak versus a missing smoke alarm as examples, one is clearly more critical than the other though both are required for maximum safety. In the case of the latter, you may retain credit for the smoke alarm but require the seller to repair the gas leak.
Disagreements during the course of a purchase are not uncommon and in most cases, any issue that arises can be fixed. In the case of cosmetic elements like a cabinet that appears to be coming unhinged or a slanted door, those elements can be easily fixed but may cause the buyer additional stress and legwork while they attempt to address any critical list items.
Choose your priorities wisely if you have found your ideal home and location as you will be competing with other buyers, many of which would buy the home as-is in terms of small cosmetic issues.
Real estate attorneys have seen the gambit on expectations during luxury home purchases, from expecting every room in the home to be-repainted, having a driveway repaved and finished floors, the key is not to trap yourself into a corner where another offer may end up being accepted.
Making unreasonable demands on a seller who holds the market in their hands for both price and location can result in a buy gone bad. The ultimate goal of any request that you make is that it stays within a reasonable realm and addresses the quality of life and safety issues that are the most important of your concerns. Creating a lengthy list of “minor” repairs can end up pushing your seller towards another buyer.
Get Help With Your Luxury Home Purchase Today
Contact us today to learn more about how we can help you during your South Florida Luxury Home Purchase. We are here to help.
Luxury Real Estate Buyers Seeking To Purchase A Luxury Home
South Florida is a top luxury real estate market and according to recent news, the pandemic has not stopped the sale of luxury homes in South Florida. In fact, home buying is on the rise. While real estate agents, buyers, and sellers report a new standard for viewing and showing homes, their market continues to heat up.
Taking Precautions During COVID
Real Estate agents and sellers are now organizing and coordinating viewings around safety to prevent the spread of COVID. As a precaution, Real Estate Agents are no longer conducting open houses in the traditional sense where multiple buyers view a home the same time in rapid succession. Instead, agents are now limiting the showings to one set of potential buyers, facilitating a full cleaning of the property, and then proceeding to have the next set of potential buyers come in.
With hourly appointments spaced safely apart by two or more hours, this can seem inconvenient but the South Florida luxury home market is in demand and therefore it is well worth the wait to make an offer on the home you have been waiting for.
Buyers Eyeing South Florida But Which County Provides The Best Value?
If you are looking to buy a luxury home in South Florida and the home is located in Broward County, you are in even better shape. As reported by Mansion Global, Broward County offers a better return on your investment.
If you’re looking to buy in South Florida, it was reported that Broward County is “more appealing than ever” to northerners. The reality is that the pandemic has changed much about how individuals work, live, and conduct business. The most important elements that have come to the surface are the importance of family, health and comfort. The latter is why many are choosing South Florida as their new home destination.
Buying From Out-Of-State? If you are one of the thousands of northerners looking to relocate to Florida and partake in the lifestyle Floridians know and love, be prepared to make a winning offer as the competition is steep. If your current home of residence is outside of the state, you need a Florida representative who can handle and assist you with your transaction. You need an experienced South Florida Luxury Home Real Estate Attorney who can work with you every step of the way.
From helping you retain an experienced, reliable and trustworthy agent, to scheduling inspections, appraisals and every detail in between. Mark Schecter knows and understands South Florida Real Estate and having someone who specializes in Luxury Real Estate Law can help you facilitate your luxury home purchase ensuring a smooth transaction and transition.
What Sets Broward County Apart?
South Florida’s waterfront has always been popular with the home values trailing into the millions. Prime beach waterfront is always key on a homebuyer’s list with bayfronts following close behind, however, not all waterfront property is created equal. Miami’s beaches, a prized possession to South Florida have a draw to them, an excitement that pulls to the vibrance of Miami however, that magnetic energy can also cause more population and traffic which is not ideal for all luxury home buyers.
New South Florida Luxury Home Buyers
The often underrated Broward county can offer a quiet reprieve from the hustle and bustle of Miami. It really is all about preference and at present, Broward County is a prized South Florida Luxury Home destination due to how the new buyers view the area as a whole:
- Quieter beaches
- Quieter Lifestyle
- Slower Pace
- Less Populated
- Easy Beach Access
- More Family Oriented
When a homebuyer finally finds their perfect home and location, they commonly pay a premium for that luxury home. The purchase of a luxury home in South Florida can be a complex matter and having the assistance of a qualified and reliable attorney to handle the transaction can save you on both time and finances. Contact our office today to learn more about how we can help you.
Home Staging is Still in High Demand During COVID-19
The COVID-19 pandemic has impacted every sector, and real estate is no exception. While one might imagine that homebuying is at its lowest thanks to “stay at home” orders and high unemployment rates, the opposite seems to be true in South Florida. Surprisingly, even the demand for home staging is rising during these uncertain times.
The Need for Home Staging
Now more than ever, home staging is in high demand. In normal circumstances, homebuyers are able to tour through a home and see it for themselves. However, during quarantine, people searching for a new home have to do the vast majority of their looking online. Having high-quality pictures of a well-staged home can make a huge difference in achieving a sale. Many in the home staging industry are reporting that they’re finding more work at higher-end homes as opposed to standard homes.
Changes to Home Staging
Even though the business is booming, home staging employees still have to take precautions to stay safe during COVID-19. Companies are no longer able to take advantage of a large crew and instead have to use a smaller group of people so social distancing requirements can be met. In turn, many home staging projects are slowing down considerably. While a project may take a few days under normal circumstances, the same home may now take a week or more to be staged.
When it comes to condos, some complexes are implementing restrictions on staging. Guidelines surrounding social distancing can sometimes prevent large crews from being in a unit or on the elevator together, so home staging companies are having to work around these rules.
The Future of Staging
Staging will likely always be a necessary part of the home selling process, especially for South Florida luxury homes. Staged homes are more likely to sell than non-staged homes in general, and as the real estate industry continues to rely on online methods, the importance of staging will remain.
Need Help Buying Or Selling Your Luxury Home? Contact Mark today.
As the South Florida luxury real estate industry continues to boom, you may find yourself looking to buy or sell a luxury home. Having an attorney on your side can make the process much more manageable. Mark Schecter has proven himself to be an authority as a South Florida luxury real estate lawyer and has worked with hundreds of customers throughout the state. Contact Mark today to learn how he can help you buy or sell your luxury home.
Searching For Commercial Real Estate
Let’s say you’re a business owner whose entire operation to date has been online, but you’re now looking to expand into a brick-and-mortar location. Or, maybe you’re jumping in from the start with a physical location. Finding the ideal spot for your business can seem like a daunting task, but it doesn’t have to be. There are several different resources at your disposal to help you find the perfect commercial property.
Do I Need Commercial Property?
Before you start your search, ask yourself if you even need commercial property. If you’re starting a brand-new business, consider whether you need an office space or if you can work from home or in a coworking space while you get things off the ground. If you decide you do need your own property, this should be one of the first investments you make, as prices can rise quickly.
Expanding Your Company
If you already have a successful business, you might consider buying commercial property to expand your company. Purchasing property can help you reach a new audience in a different city, for instance. Buying commercial property could also be helpful if your at-home business is becoming too large in scale and you now need a dedicated space for your work.
How to Find Commercial Property
As with any property search, typically the best place to start is on the internet. You can easily do a web search for available spaces in your area and can tailor your search to your specifications. If you need a certain amount of space or want a property in a specific area, this is your fastest option.
You can also work with a real estate agent to find your ideal location. Experienced agents should know about the area and will be able to help you navigate the possibilities. Finally, don’t underestimate the importance of scouting for yourself. Drive around your area and look for “for sale” or “for lease” signs on commercial properties. You might be surprised at what you can find!
Contact Mark Today
No matter where you are in your commercial property journey, having a lawyer at your disposal is a great asset. They can help you negotiate contracts and ensure that you understand exactly what you’re purchasing. Mark Schecter is a top South Florida commercial real estate attorney who has years of experience in the field. Contact Mark today to see how he can help you secure your dream office space.
South Florida Office Real Estate Market Changes
2020 has been off to an interesting start, and the commercial real estate industry has certainly seen the impact. While the luxury housing market is doing surprisingly well, the office market has not been as lucky. There have been some interesting developments, but as a whole, the commercial real estate market has seen a steady decline since the start of the decade.
Distress in the Industry
So far in 2020, the commercial real estate industry for South Florida peaked in January and has seen a decline every month since. The total number of monthly sales has decreased considerably, with April taking a particularly hard blow. There’s not as big an issue with tenants paying their rents, but there aren’t many new properties being bought or leased at this time.
Stability In 2019 For Commercial Real Estate
Throughout late 2019, the commercial real estate industry remained relatively stable, and experts believed that the trend would continue throughout 2020. The market was receiving considerable boosts from increasing tourism, higher wages, greater employment numbers, and an increase in population. Unsurprisingly, the residential real estate market was also doing well.
A Surprising Increase
While the commercial real estate market is taking a hit right now, there may be a rising market for out-of-state buyers. Some property owners are seeing interest from those in cities like New York, Los Angeles, and Chicago. Business owners in these cities are looking to set up satellite offices in South Florida in an attempt to give their workers more flexibility and space. This is in line with the increase we’ve seen in business in the luxury real estate market.
A Bright Future?
Some are predicting that the South Florida commercial real estate market will see a boom later in the year. Though properties are remaining vacant now, future buyers may be able to grab these coveted offices at a fraction of the price. Many remain optimistic about the future of the industry, but it’s a matter of time before the market will prove itself.
If you’re looking to purchase commercial real estate now or at some point in the future, be sure to get a commercial real estate attorney. These professionals can help you navigate the complicated work of property purchasing. Mark Schecter is one of the top South Florida commercial real estate lawyers and can help you find and purchase your ideal business space. Contact Mark today to learn more.