Museum 's Blog

Does Luxury Have a Price Tag?

Museum Park (Museum Park Realty) — Fri, 05 Sep 2008 13:45:06 -0500

If there's one term in real estate that can spark colorful debate, it's "luxury". Is it the price of a condo? Or is it all the extra bells and whistles that come inside or simply the fact that it looks nice to the naked eye? The term instantly conjures distinct meanings for everyone but one thing's for sure: the subjectivity of the "luxury condo" concept unveils opportunities for the savvy buyer to acquire luxury property at minimal expense.

In most cases, if a property costs a minimum of a million dollars then it's automatically deemed a luxury property. Ask the average homebuyer or impartial realtor if they believe this sentiment to be true and it's likely they'll tell you that luxury encompasses much, much more than just a seven figure price tag.

A million dollar or more property gives you boastful credibility and yes, the fact that you've just invested in a four bedroom four bathroom property in a "luxurious" neighborhood does perhaps grant you some sort of exclusivity but it really only scratches the surface of how flexible and multifaceted the term luxury is.

Luxury could also be the immediate area where you live. For example, Ten Museum Park in the "luxurious" areas of Downtown Miami. The condos themselves ooze extravagance but perhaps what makes them truly luxurious is the serenity and sense of security that only a waterfront gated community offers. Aesthetic and ambiance play crucial roles in making a high-priced luxury listing seem like a plush sanctuary.

Although ambiance and aesthetic are important, one could also argue that ultimately, luxury is being able to say you own a cozy home situated in a safe neighborhood with the best friends, family and neighbors. Considering how important condos are in the roles they play in our everyday lives, luxury should or could be defined not just on a condo's numeric value,

Worst Ways to Sell Your Home

Museum Park (Museum Park Realty) — Tue, 22 Jul 2008 11:10:48 -0500

We all know that selling real estate these days is not easy. Besides requiring strict knowledge of existing home values and proper pricing techniques, sellers also need to take the time to attract home buyers when they view the property itself. Instead of focusing on things a seller should do to sell their South Florida home, let’s take a look at some real world examples of what a seller should not do if they want to get their property sold.

Personal items may backfire. It’s understandable that a seller might want to give the home an inviting familial appearance but these photos of family reunions, souvenirs from a vacation or collection of science fiction novels will make the property seem less inviting and may even turn off buyers who don’t share the same tastes.

Your design tastes are not shared by everyone. There’s nothing wrong with having a particular fondness for bright sunny colors designed to make the property feel inviting but that doesn’t mean the buyer will find the same color scheme inviting. There’s a reason why a real estate agent will always stress the importance of sticking to neutral color schemes.

Not everyone loves your Doberman. So your beloved pooch doesn’t like strangers, that’s fine but don’t keep it locked up in a spot where potential home buyers will see it growling and barking the whole time. After all the point is to make the buyer feel welcome, not scare them off right?

Let’s make renovation part of the asking price. Just because money is tight does not mean that a buyer should have to walk into a South Florida home with holes in the wall, faulty light fixtures or paint that’s peeling off of surfaces. If the home were in foreclosure that would be okay but in this case, the buyer is expecting to find a property that looks livable, not one where they’ll have to shell out hundreds of thousands to bring it up to par with general living standards.

Foreclosure Help From Afar

Museum Park (Museum Park Realty) — Tue, 24 Jun 2008 11:40:12 -0500

Foreclosures continue to be a widespread problem, particularly for South Florida homes which happen to be among the highest in foreclosure filings. While efforts continue in preventing more homeowners from falling into foreclosure, others are trying to figure out a method of dealing with the thousands already owned by the banks.

A possible solution has arisen outside the boundaries of the United States. Located in London, the asset management firm of Strategic Real Estate Advisors is setting its sights on Miami Beach oceanfront condos and the Florida luxury homes market. By pooling together over $900 million, the firm will be putting this money towards the Florida Prime Residential Opportunity Fund with the intention of buying up these luxury homes and condos that banks are trying to sell off.

Market analysts have continually pointed towards international buyers and investors as imperative towards getting rid of the existing home inventory by putting their money towards a residential property investment. Not surprisingly, the majority of the money Strategic Real Estate Advisors plans to use for buying all these luxury homes will be coming from wealthy investors across the Middle East and Europe.

It may seem kind of odd to buy up so many properties and use all that money when conditions are not opportune for sellers. Strategic Real Estate Advisors has no plans to sell off any of the properties it purchases anytime soon, at least not for a couple of more years. The market has very slowly begun to emerge from its rut so by the time these properties do go on sale the conditions should be much more favorable.

Is this the answer to dealing with the enormous amount of foreclosure inventory? We won’t know until Strategic Real Estate Advisors’ plan goes into action. From your point of view, how effective will or can this ultimately be?

Are People Buying Homes Again?

Museum Park (Museum Park Realty) — Wed, 28 May 2008 09:07:07 -0500

As the real estate and housing market inches closer every day to 2009, many followers are sitting on pins and needles waiting to see if the NAR predictions touting an increase in buying and selling activity in South Florida homes and around the country as the year comes to an end hold true. Surprisingly, it appears these predictions may be happening sooner rather than later.

The month of April saw another modest increase in home sales to a little over 500,000, a similar trend that occurred in February. This represents an increase of just over three percent from the month of March. When compared to last year however, the drop in sales is considerable which is sure to give critics more ammo to say how things are going from bad to worse.

Home buying may also be showing encouraging signs as the average price of homes across many urban communities throughout the country also rose very slightly to $246,100 which is again, comparably low.

It’s already been established that subprime lenders and the subsequent foreclosure problem plus the huge surplus of home inventory has contributed to the problems affecting the real estate market and it’s easy to just compare these numbers with those of year before and assume that there is more doom and gloom in store. Considering that the market is recovering from what is arguably its worst slump ever, these modest numbers showing positive gains should be considered quite encouraging.

Real estate market analysts have long predicted that low prices would play an important role in getting people interested in home buying and condo sales again so while the times are still tough, we may be able to look forward to better things to come as 2008 comes to an end and 2009 brings a slow real estate market recovery.

Pricing Your Property

Museum Park (Museum Park Realty) — Wed, 23 Apr 2008 10:12:35 -0500

Considering the economic state of affairs, when it comes to buying South Florida homes or any kind of large financial transaction that incorporates the word ‘buying’, pricing is the number one priority. These days selling homes in South Florida requires that the seller and/or the hired real estate agent fiddle with numbers a little more than usual if they’re looking to find an interested buyer.

Play with the amounts. A home that’s selling for $399,999 sounds much more enticing than $400,000 despite the trivial difference since buyers always read the lower number before anything else. Another method that could work is to lower the price after it’s been announced by dropping the property’s price from $400,777 to something like $400,555. To a buyer, the savings seem quite significant despite the marginal difference.

Aim higher in price. Naming a price that’s beyond what the seller will agree on allows further negotiation with a buyer who has already determined how much they’re willing to pay. Thus, sellers can offer deeper discounts without losing as much as they intended. Always make sure the property itself justifies the inflated price.

Be exact. While something like $500,000 indicates a fine home, choosing a lesser price such as $498,787 gives an impression of a good deal since most people assume such finely tuned precise figures are indicative of lower priced items. Depending on the seller’s needs, choosing to emphasize quality may work better than someone looking to obtain a quick sale by conveying a price that represents a bargain.

Ease the buyer number crunching. Everyone knows there’s tons of existing property for sale that’s simply not selling. A seller who is considering lowering their asking price should lower it to a figure where a buyer will be able to easily determine the drop percentage-wise. Not only is the lower price more attractive, the percentage also gives the buyer the perception they’re getting a much better deal.

A Luxury Miami Beach Condo for Less

Museum Park (Museum Park Realty) — Fri, 15 Feb 2008 12:28:10 -0600

Finding an ideal Miami Beach condo or one anywhere else in Miami probably isn’t as easy as one would like it to be. After all, Miami real estate is comprised of a number of great neighborly communities, luxury beachfront condos and attractive single family homes to choose from, many of which happen to be in favorable areas.

For purposes of this blog, let’s nix the option of single family homes and gated communities and instead concentrate on anyone seeking a condominium. You want to live close to the beach but can’t see yourself paying the high prices condos like ICON demand yet you still want to remain as close to the beach itself. That’s where you might want to consider something like the Ten Museum Park condo.

Not only is Ten Museum Park considered a "luxury condo", the abundant features and amenities one would expect of such a lofty building can be found within. For a price considerably less than something like Miami Beach’s Bath Club, you still get all the bells and whistles without having to put down as much money.

Ten Museum Park’s most attractive feature and one that anyone looking to buy a condo should make one of their top priorities is its location. Unlike many condominiums which boast about their proximity, Ten Museum Park is literally five minutes from Miami Beach, situated right before the entrance to the city while overlooking the waterfront.

There’s no reason why you should feel the need to sacrifice comfort and location in the sake of a better price when it comes to buying a condo. Ten Museum Park is the perfect example of this and should become an option to anyone who doesn’t find their needs completely satisfied in other Miami and Miami Beach condos like Bentley Beach or Continuum.

Miami Architecture’s Ever-growing Appeal

Museum Park (Museum Park Realty) — Fri, 01 Feb 2008 09:17:49 -0600

The traditional belief in regards to appearance often goes something along the lines of “It’s what inside that counts.” True, appearance is completely subjective and everyone knows that what one person finds eye-catching, another may look at and think otherwise. This same idea applies to Miami Beach condos and Miami high rises overall.

The Ten Museum Park condo in downtown Miami, with its simple crystalline design may look like creativity at its best or it may be outdone by a South Beach condo like ICON. Again, this is taking into account its outward appearance while ignoring what features and amenities may be available inside.

You’ve surely noticed all the cranes around some of Miami’s most notable areas. Many of these developments are being overseen by some of the top names in architecture and it’s these same firms and developers who continually raise the bar and have made Miami one of the most aesthetically fascinating cities ever since Miami Vice made it a point of glorifying the then up and coming Art Deco design and how shows like CSI: Miami continue to do today.

It’s easy to see why Miami’s appeal is much more than the sun, fun and 24 hour party atmosphere. Soon to be unveiled South Beach condos like Apogee by the Related Group show that there is still creativity left in luxury condos that perfectly emulate and complement Miami’s contemporary beachfront lifestyle. The impeccable attention to design even goes as far as general office buildings or something as seemingly non-trivial as health care edifices.

Is it the city architecture that inspires people to seek out a Ten Museum Park rental or is there something more? The creative diversity certainly plays an important role. Anyone who’s lived here or currently lives here will likely attest that the exacting attention placed on design is just one of the several reasons why those who move here usually don’t entertain the thought of leaving.

Creativity in Miami Condo Design

Museum Park (Museum Park Realty) — Mon, 14 Jan 2008 15:46:53 -0600

If you currently have the luxury of living in or are considering investing in a Miami condo, you have the privilege of a pseudo all-in-one community that, depending on the price and location offer a varying range of spectacular amenities and features. Though you can customize your condo interior to a certain extent, the general construction of the units themselves and the building’s interior is largely out of your hands and left up to the developers.

The slight problem with many Miami Beach condos and fellow condominiums throughout the area is they follow a general blueprint that, while certain aspects of it must be rigidly adhered to, many make no effort whatsoever to deviate from and therefore come across as just another condo with a great set of features that are masked by a plain design. For whatever reason, things began taking a creative turn and today, condos are finally starting to show their own distinctive new age architecture.

Buildings such as Waverly and Ten Museum Park feature their own inimitable architectural touches which could be as simple as the visible wave-like roof of the former to the interlocking loft units in the latter that offer residents multiple cityscape and oceanfront views, a highly uncommon if not completely unique feature.

Miami and Miami Beach deserve condominiums that reiterate the stylish ambiance they’re famous for but there’s always room to try and break from the norm. Though it probably should not be the case, many buyers sometimes place more emphasis on style than they do the substance which means an attractive and aesthetically striking luxury condo can dramatically increase its real estate appeal even if the interiors are simply standard.

As a seller, do you emphasize outward appearance? It could prove beneficial to seek out some of these unique edifices and make a point of highlighting their design. Your buyer may be willing to accept something that catches their eye even if it means foregoing all the bells and whistles. At the same time however, don’t overlook the potential some of these newer buildings that come with all these added extras can do in getting you a great commission and a loyal client.

Selling Your Home over the Holidays

Museum Park (Museum Park Realty) — Thu, 20 Dec 2007 16:39:28 -0600

A Home for the Holidays

Hanukkah has come and gone and both Christmas and Kwanzaa are just around the corner. Generally speaking, December is the time when most people should be focused on simply being happy and valuing their friends and family. If you’re trying to sell your home, it’s also a good time to encourage any efforts you’ve been making in getting it sold.

One of the most delightful aspects of the holiday season is elevating your home to new life by decorating it with colorful lights, holiday themed trees and, for those who like to go all out, the electronic reindeer, Santa Clauses, and snowmen. Not that we’re implying your home isn’t already an attractive representation of yourself, but considering the wonders a well thought out decoration can do in terms of attracting buyers, it might be something to keep in the back of your mind as you indulge in your ornamentation.

Should you prefer to suspend your efforts and concentrate on what’s more important, you may want to seize the once a year deals after Christmas Day. On the 26^th the majority of holiday themed items are dramatically reduced to over forty percent off at most major retailers. This could be a great time to buy all those pricey eye-catching items you once balked at and save them until the following year for decorating if you don’t intend on selling your home until such a time.

If you’re concerned about how much you should be spending on advertising your home during this time it’s comforting to know that going beyond the norm will not necessarily be all that detrimental. People are on the lookout for gifts and deals and are generally prone to more spending. Some of them may perhaps want to surprise their family member with a brand new home and that extra effort you gave could prove to be the push needed to give that deserving person or family the home for the holidays they’d been dreaming of but were having trouble finding amidst the hubbub of gift buying, traveling and decorating.

Buying a Home

Museum Park (Museum Park Realty) — Mon, 03 Dec 2007 10:25:52 -0600

Entertaining the Prospect of Buying

Are you trying to find solid, unanimous advice on buying a home? Good luck with that. If it’s not a good intentioned co-worker trying to knock some sense into you by telling you to keep your existing property, it’s your best friend saying that now is a better time than ever. It’s easy to find yourself fatigued by all the news reports and conflicting opinions you hear every day. Should you choose to take the plunge and purchase, there are some things you can look forward to that come as something of a pseudo reassurance.

Owning equates to true living. What’s the point of getting off of work and coming into a house that has an interior and overall visual appeal that was determined by someone else and you have no control over? Not all rental properties share this stipulation but as a homeowner, you can look forward to being able to customize a property that truly says, “This is my unique home.”

Expect some pecuniary advantages. Life is too short to worry too much about the future but alas, there is that possibly imminent impendence your rent could be raised. If you’re obtaining a loan and/or mortgage for your new home, you can opt for a fixed rate that will remain so until the loan is paid off. Loan interest can then be potentially used for other financial endeavors.

Equity is a reward. Your impeccable track record in paying your mortgage not only builds your credit, it generates equity too. Build enough of this equity and you’ve got another monetary resource that can be put towards any big investments you’re saving up for.

We’re not trying to tell you that renting is bad nor that buying is necessarily good. Your living situation has circumstances which you may be completely happy with or want to change. The most important thing to keep in mind is that regardless of whom you choose to believe or what written or spoken advice you ultimately follow, entertaining the prospect of buying a home is not an apocalyptic decision. It may or may not fulfill your needs but at least you explored the possibilities instead of missing out on a potentially lucrative experience.

Museum Park Realty Blog

Museum Park (Museum Park Realty) — Tue, 06 Nov 2007 08:39:01 -0600

The Market Perks of Posh Properties

As two of South Florida's wealthier areas, Coral Gables and South Beach have maintained a mostly unyielding luxury real estate demand that has seen it overcome the fluctuations the market seems to endure every so often. Case in point: the current market status has had negligible effect on the luxury property market, making it an ideal time for buyers.

Time has shown that luxury properties have maintained a strong performance. South Beach and Coral Gables also have something of an advantage since it's kept a healthy buyer's market which only entices investors to put aside whatever reservations they may have and invest in the Gables' or the beachs' collection of luxury homes. The uncommon freefalling prices exponentially increases the likelihood of snagging a high end home at a midrange value. The probability that such an appealing predicament would present itself again is slim to none.

It's always a good thing to be a little wary, but that guardedness should not have to come at the cost of at least taking the time to survey what's available and seizing the opportunity to snag a luxury home at a value it will likely never dip to again. Traditionally investors have sought out homes that are sensibly priced but the market's status seems to have caused unintended but encouraging repercussions: sellers are finding a middle ground.

Investors who are choosing to hold out from venturing into South Beach or Coral Gables real estate could perhaps be shooting themselves in the foot. History has shown that the city's home values rarely experience any of the dramatic shifts that occur more frequently in mid-priced markets.

The advantage Coral Gables and South Beach have is that they sit among the small handful of neighborhoods that maintain a solid luxury real estate and investment market that doesn't experience many momentous declines and it has stayed that way for ages. Instead of joining the masses who are resting on their laurels until the market resurges, take some time to examine your options and you may find a luxury home priced at an inexpensive value that once seemed impossible.