I had the pleasure of being interviewed by Michael Gerrity of the RealEstateChannel.com. Click below to enjoy this insightful article on the Fort Lauderdale International Boat Show and its affect on local luxury real estate.
With the 2009 Fort Lauderdale Boat Show wrapping up another successful season, I thought my readers would enjoy a sail back in time to see how this tropical paradise lured the first of Fort Lauderdale's luxury boaters, way back when.
In 1893, Frank Stranahan's camp and ferry crossing on the New River caught the attention of the local newspaper, the Tropical Sun. Stranahan's camp, then called the New River Station, was the focal point adjacent to the original fort where traders and nature hunters met. The New River Station then consisted of sturdy tents and comfortable cabins which attracted the sporting crowd to the surrounding Everglades for fishing and hunting. (Today, Stranahan House stands as a historic site on the New River in the heart of the city.)
In 1896, Mr. C.B. Cory, a wealthy naturalist and sportsman, arrived with a refurbished Mississippi steamboat named the Wanderer. The ship cost Mr. Cory $100,000, then a princely sum for a pleasure craft. The Wanderer offered twelve bedrooms, a magnificent lounge, a piano, a recreation room and a gun room. According to one observer, the 90-foot vessel, "at the time represented one of the finest privately owned boats in the country."
Mr. Cory moored the vessel along forty acres of property he purchased on the banks of the New River. Over time, Cory transferred ownership to his friend, a famous actor, Joe Jefferson. Mr. Jefferson entertained society notables, such as Grover Cleveland, as well as a number of women guests who were frowned upon by the local residents. The Wanderer enjoyed notoriety as the first "Party Boat" in Fort Lauderdale until the Hurricane of 1926 reduced it to timbers.
As we watch the mega-yachts from this weekend's Boat Show glide through Port Everglades in all their sleek, nautical finery, keep in mind the hearty folks who appreciated Fort Lauderdale's boating attractions in the "wild" days, when "wild" held an entirely different meaning!
Over the past couple of weeks some of my friends and customers are putting a focus on their retirement goals!
Losses from the financial crisis and uncertainty (even with the good old bond market) are leaving so many of us scratching our head as to where and when to invest! But good old bricks and mortar in the form of residential real estate may not be such a bad option, especially if a retirement or vacation residence is on the horizon.
One million dollars does not buy you what it once did real estate-wise. In fact, it now buys you more! Sales of residences over $1M adjusted by more than 50% from the peak four years ago, opening excellent buying opportunities for those willing to take the plunge. Plus, consider the inventory that is now available for potential buyers.
I have approaching fifty listings, ranging from $1M to $11M and they are all beautiful residences! There is the highest selection of luxury residences that I have ever seen over my 11 year span as a real estate broker. Since July 4th, I have seen a shift in the buyer's attitudes when they look at the properties I represent. They are taking a little more time, asking more detailed questions and making offers when everything stacks up for them. Some Fort Lauderdale properties offer excellent rental income, so that if you are not quite ready to retire you can rent, full or part-time, until the glorious day arrives to soak in the sunshine every day!
Whether you are looking to stick your toes in the sand of our beautiful Fort Lauderdale beaches, dock your boat behind your private residence or enjoy the 5-Star amenities of our luxury condominium communities, there is definitely an opportunity to achieve your real estate dream! Please do not hesitate to contact me or visit our website at www.luxuryrealestateftl.com. Your retirement goals could be well within reach.
Mid-October has arrived and the season is underway in Fort Lauderdale. I would like to share an update of my activities I presented to my Sellers from the frontline of Fort Lauderdale 's luxury real estate market.
The Good
· I have invested in two Internet-based marketing programs to promote my listings: Zillow and BlockShoppers. Between these two sites, and the rest of my Internet networking, I am confident in reaching over 300,000 visitors (new faces, not return browsers) per month with my listings.
· I am proud to be a sponsor of the Go Red for Women, American Heart Association initiative. I invite any lady in the Fort Lauderdale area who would like to become involved with this dynamic group, which is in association with the Cleveland Clinic, to please contact me.
· A survey conducted by the National Association for Business Economics released results in the beginning of October which stated that most economists see recovery starting in the US, but they expect that the recovery will be slow as worries over unemployment and high federal debt continue to stop consumers from making big decisions (especially real estate). This is compounded by the lack of mortgage options available to potential buyers.
· This week I have received three offers on my luxury inventory and one of the offers resulted in a contract for 320 Coral Way, Las Olas, which (subject to inspections) will close on November 18th. I am confident that this activity points to movement and sales in the luxury real estate market.
· In October four of my sellers decided to adjust their list prices. This is a wise strategy as these listings will now be set to take advantage of the sales season and hopefully achieve results.
· For those who qualify, there are some excellent mortgage rates available. If you would like assistance, please contact Mason Pruner, Branch Manager of Wells Fargo, at 954-857-3502 for the latest rates and programs available.
· People are moving for happier reasons! (Source: Relocation.com) People have returned to moving in hopes of improving their lives rather than moving to escape foreclosure or economic crisis.
The Bad
· Appraisal issues . . . Just over the last week our office has experienced transactions falling apart because properties are not appraising for the contract prices. It is very difficult for the appraisers because of the very limited number of sales in 2009. If you are concerned about the list price of your residence for sale, I encourage an appraisal which is totally objective and extremely useful when a contract is being negotiated. Imagine how frustrating it is for the seller when a result is finally obtained and you are planning to move - then come to find that your property will not appraise for the contract price.
The Ugly
· I am pleased to report little ugliness for October (except for the low market activity and long market times). The only possible exception is with the condominium market where in the entire Fort Lauderdale market, there has only been one sale in excess of $3M and only three sales between $2 -3M. The condominium market is very challenged, and potential buyers are increasingly concerned about the financial stability of the communities in terms of maintenance fees in default and residences in foreclosure.
· The media is still quick to remind us that the banks have held back a vast number of foreclosures and short sales. Apparently they have been waiting for the market to improve and sales to increase. These distressed sales will be released within the coming months and may be impacted by those sellers who have increased interest rates on their loans and can no longer make the payments.
If you have any questions or concerns about your property, please contact me. It is my goal to achieve the best price and terms for the residences I represent and to see a result this selling season!
This summer, Forbes.com reported a list of what they found to be the top ten cities in the United States for housing recovery based on the findings defined by the US Office of Management and Budgets (OMB) and Zillow.com. Forbes researched 161 metropolitan areas where sales had increased and foreclosures as a percentage of overall sales had been lowest.
I am happy to report that the Miami-Fort Lauderdale area ranked first in recovery. The report cautions that these statistics do not mean the housing market is on the rebound, and mentions cities, such as Las Vegas, that continue to struggle. This report shows that the ten cities cited are the most like to recover sooner. To read more, visit: http://www.forbes.com/2009/08/13/recovery-cities-homes-lifestyle-real-estate-housing-recovery-cities_slide_1.html?thisSpeed=15000
Here are the top ten b
est cities for housing recovery:
In a recent Gallup Poll reported by FloridaRealtor.com, economics is not the key driver in community attachment as many may believe. This survey showed that of the three highest ranking draws to community attachment, the first priority was openness.
It is exciting to read that tolerance for population diversity commands the highest attraction to loving one's community. Cities and towns favorable to people all ages, income levels, cultural and racial differences and educational backgrounds earn the most loyalty.
Second most important community-engaging requirement is social offerings. Cities and towns offering downtown revitalizations, parks and pet-friendly areas, a vibrant nightlife, active cultural centers, civic activities and friendly neighborhoods form the major requirements for community constancy. Regular community interaction cements a sense of ‘neighborhood' with its inhabitants.
The third most important factor in community attachment is aesthetics. A city/town's physical setting and "green" attributes are more important for those surveyed than public safety or improved highways. This encourages consideration of environmental factors and the use of "green" materials in urban design and new construction.
What please me most about reading this information, is that Fort Lauderdale offers each of these top three requirements to those choosing to live, work and play in this tropical paradise, which was one of the driving forces in my choice to live here. Now, I am curious to know: What attracts you to where you live?
Once again, Nick Churton, my colleague from the London Mayfair International Realty office, has posted his thoughts on the current UK real estate market. Thought I'd share . . .
Just like the stock market there is a right time in the real estate market to buy, hold or sell. But, unlike the stock market, buying real estate is usually allied to selling, so a clear financial advantage is harder to anticipate or achieve. Despite the turbulence of the past year the market now in the UK, against all odds, is rather good for selling. Here's why.
Figures just out show that the rental market is reaching some sort of equilibrium, with the numbers of available properties having dropped over the past six months or so. This is an important indicator. It suggests that those owners who couldn't sell their homes in the recession, and were thus letting them instead, have now begun to find buyers. This erosion of inventory in the rental sector indicates a new dynamic in the sales sector.
Just as in the US, over the course of the year, buyers have been snapping up those properties priced keenly to sell. These bargain seekers have, in the main, been cash buyers or those with sufficient funds to require only a small mortgage. Now two things have happened in the market. Cash buyers are drying up along with the bargains. In many areas prices have been rising to reflect the paucity of available stock.
Will more inventory become available over the coming months as home-owners see more chance of a sale? Would a greater supply of property for sale suppress, or even reverse, some surprising price advances of the past few months? These questions are hard to answer in a post recession economic environment that even yet threatens greater job losses and higher taxation.
In the UK, with a general election less than a year away, we are now in an all-important political party conference season. Those of us in the real estate industry and those whose plans include buying and/or selling property over the coming months are busy analysing how the policies of an aspiring new government may affect our real estate market. All the parties have new ideas. But what good, if any, these measures would have in practise is difficult to see just now. But the real drivers of the real estate market are deaths, births, confidence and taxes. Any incoming government next year can't do too much about the first two. But how they manage the latter pair will be crucial to them and to the population.
So what to do now to make the most of this UK market before the general election next year and even Christmas this year? Why, sell of course. But if there is a property to buy as well it really does not matter too much in the financial scheme of things. What surely does matter is that we and our families are happy and safe in the homes we have or the homes we wish to buy. These are always the best reasons to determine whether to buy, hold or sell and no market or political party, whatever their policies, will ever change that.
John Brian Losh, CEO of Luxuryrealestate.com recently stated, "The good news for luxury homebuyers is that they are getting about 20% ‘more house' than they were able to buy two years ago, plus the prestige of owning a $1M home is returning."
Luxuryrealestate.com is a national and international affiliation of top luxury brokers who feed market reports and opinion to the institute almost daily. This is a reliable statement that is being endorsed by brokers from all of the major luxury markets across the US and globally. This is encouraging news for the buyers about to start their search this sales season.
I have just returned from New York and could feel the chill in the morning and evening air! For those of you looking to escape the cold winters and achieve the tax advantages of living in South Florida it is now time to plan a visit and research the exciting options that await you here in Fort Lauderdale.
Rates on 30 year loans remain at 5.04% as of September 28th. The 15-year fixed rate mortgage fell to 4.46% (lowest on record since 1991) according to Freddie Mac. Applications for home loans rose nearly 13% last week from a week earlier as refinancing applications surged according to the Mortgage Bankers Association. For those qualifying under the new financing regulations this is good news indeed.
For further market information and local opportunities please do not hesitate to contact Julie Jones at 954-328-3665 or luxuryrealestateftl.com.
South Florida tourism is taking a pro-active approach to attracting visitors to our tropical paradise. Fort Lauderdale-Hollywood International airports, entertainment arenas and cruise lines have all taken steps to make the idea of vacationing here even sweeter.
A recent article in South Florida Business Journal cites that the leaders of Virgin America Airways had been eyeing South Florida as a destination, and chose to debut at Fort Lauderdale-Hollywood International Airport due to the city's centralized location. This same airport expects a 1-1.5 percent year-over-year increase in air passenger traffic for September, showing Fort Lauderdale's strength as a destination city and the airline carriers' faith in putting seats into this destination. In addition, by ensuring lower operations costs, the airport attracts and keeps low-cost carriers such as JetBlue, Virgin, Spirit Airlines and Southwest Airlines.
Major events coming to South Florida, such as the Pro Bowl and the Super Bowl are also expected to enhance tourism here. The former Dolphin Stadium renovated as Land Shark Stadium, now owned by Jimmy Buffet, has enhanced the area's attractiveness for entertaining and sports events. To quote the stadium's website: "Our mission is to be recognized both nationally and internationally as the premier sports and entertainment showplace in the Americas." For more information on the new stadium, visit: http://www.landsharkstadium.com/content/stadium.aspx.
Despite cruise lines experiencing a drop in passengers, deep discounts continue to keep cruise ships departing South Florida at capacity. Fort Lauderdale based MSC Cruises (USA) has doubled North American passengers every year since 2003. Royal Caribbean's 5400 passenger ship, Oasis of the Seas, the largest cruise ship ever built, is expected in Port Everglades in November, clearly showing the cruise line's confidence in South Florida.
Whether as a destination city for vacation, business or a planned relocation, Fort Lauderdale remains strong as the tropical site to live, work and play.
Year-to-date 2009, there have been only four broker represented sales in Fort Lauderdale in excess of $5Million. I am pleased to announce that I was responsible for the selling side on two of these four transactions. Most recent was a closing this past Friday where the last asking price was $10.995M.
As your "Go To" Luxury Waterfront Specialist in Fort Lauderdale, be sure to call if I can open the door to a luxury property for you!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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