Why You Should Invest in the South Florida Luxury Home Market

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.

Oversupply

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.

Price Incentives

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.

 

Technology

 

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.

 

Economic Conditions

 

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. 

 

Cap Rates

 

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:

Temperature Control

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. 

Security

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.

Entertainment

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.

Gateway Cities

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..

Upcoming Commercial Real Estate Trends

As 2019 arrives, there are numerous expected trends in commercial real estate that will shape the industry both locally in South Florida and nationally.

Below are some of the top trends to expect, and if you have any questions about how these trends will affect the local market, consider meeting with a commercial real estate attorney in Fort Lauderdale.

Growth in the industrial sector

Demand for industrial real estate rose in 2018 and it is expected to continue to rise in 2019, particularly bulk warehouses and growth was driven by e-commerce businesses as well as traditional brick and mortar businesses that are expanding into the online space.

E-commerce is expected to continue to be a major driver in this market, according to Bisnow, and the effects will be seen in South Florida and elsewhere.

Retail will not die

Although you may have heard otherwise, the retail sector in South Florida and elsewhere is not dying and continues to be a strong contributor to the economy.

What most experts say is that this sector is being reinvented, not that it is dying, and as previously mentioned, many retail outlets have taken the cue to expand their digital presence, one of the many major shifts occurring in the industry.

More online businesses going offline

Not only are we seeing more traditional businesses expanding their online presence, but we are also seeing more traditionally online businesses start to make efforts to establish physical locations.

For example, Warby Parker is opening new storefronts where customers can try on glasses. Amazon bought Whole Foods, the sneaker store Allbirds is opening physical locations, and many smaller online businesses are looking into expanding brick and mortar locations to expand their footprint.

2019 is the year in which the digital and physical continue to merge together – as the trend has been for the past few years.

What does this all mean for your particular business?

Well, if you are planning on opening a new location in 2019 or considering it, it’s always a good decision to meet with a commercial real estate attorney in Fort Lauderdale to ensure that you’re making the right decision – financially, logistically, and everything in between.

Call Mark Schecter today at (954) 779-7009, a leading attorney in South Florida with extensive experience helping both traditional brick and mortar and digital businesses find the absolute best location for their needs and assisting with multiple aspects of their transactions.

After Hurricane Irma, real estate professionals in South Florida are assessing the damages and trying to determine what impact, if any, it will have on the market in the short and long term.

Because of the fact that Irma was not as severe as anticipated, the expectation is that the hurricane will have a minimal long-term effect on the market.

Damage to homes in several cities was minimal, however, there are some complications that have arisen and may require the assistance of a South Florida luxury real estate attorney.

Real estate sales throughout South Florida were up prior to Irma

Prior to Irma, real estate sales for South Florida were at highs and the market was strong. However, several real estate closings throughout Florida had to be delayed due to the hurricane, with some of them falling through due to a variety of factors.

One new negotiation concern for many buyers, understandably, is the modernity of the homes they are buying and whether or not they are hurricane proof.

The market may get a boost from Irma

Some experts predict that Florida’s real estate market may actually get a boost from Irma, as many luxury sellers may be more willing to negotiate prices for their homes following the hurricane.

Many local buyers and those who are relocating to Florida remain undeterred. Natural disasters affect every part of the country, and South Florida remains an attractive place to retire or relocate to work in a booming local economy.

It’s not clear what the full impact will be

It remains unclear what the full impact of Irma will be, as at least a few months of data will be required.

However, it’s expected that many luxury homes and modern homes in South Florida will be in higher demand than ever before. Many of them feature the latest in hurricane resistant windows and construction, which will likely put them at the top for buyer demand.

Now is a good time to meet with a South Florida luxury real estate attorney

If your real estate deal has been impacted by Irma in any way, it’s a good time to meet with an experienced South Florida luxury real estate attorney.

There may be new implications to consider, such as any new damages to the property, negotiating hurricane upgrades, and other new due diligence steps you may need to perform before closing.

Contact Schecter Law today at (954) 779-7009 to ask any questions at all about South Florida real estate purchasing, selling, negotiations and contracts and other considerations.

 Signing a real estate contract before hiring a South Florida real estate lawyer is almost always a mistake and can result in major financial losses to you if an issue arises at any point after the contract has been signed. For instance, problems with the structure such as mold, flooding or foundation issues can spring up later on and cost you thousands of dollars long after the deal has been closed. A favorable contract will give you a remedy such as the termination of the agreement or a requirement for the seller to pay repair costs even after you have signed the contract. However, to guarantee that the contract is favorable to your interests, you will need to hire an experienced attorney prior to signing the contract. No matter what type of real estate contract you may be dealing with, you should hire a lawyer prior to signing it. As a buyer you will have a much stronger position when it comes time for preliminary or final negotiations. As a seller it is almost always a must to have a lawyer draft the initial purchase agreement and handle other important matters related to the sale of the property.

You cannot assume that your real estate agent will be able to review your contract and give you advice on it. Many people mistakenly rely on their real estate agent to consult with them if legal questions arise during contract negotiations and are totally unaware that their agent cannot legally advise them on these matters at all. Real estate agents can help with many aspects of the process of finding a property, but when it comes time to draft and review the contract, buyers and sellers should both rely on a South Florida real estate attorney to represent them. The flat rate cost for a South Florida real estate lawyer is well worth avoiding the potential hassles and financial headaches resulting from legal issues that weren’t spotted during negotiations or at closing.

Out of town purchases, properties susceptible to weather damage, and short sales or foreclosures will have complex contracts and should be handled by a veteran South Florida real estate lawyer to avoid mistakes, not a real estate agent. Experienced real estate attorneys have seen hundreds of real estate contracts and know how to spot any terms in the contract that are contrary to your interests. Call Schecter Law today if you need an experienced and a highly skilled real estate attorney to represent you before you sign your real estate contract