Andy Weiser Fort Lauderdale Realtor Blog

South Florida’s Luxury Home Buyer Profile

The South Florida real estate market has been continuously growing in terms of price increases and a steady draw of buyers from all around. Fort Lauderdale’s price gains from this year over last year have been significant as buyers see the area as a destination to invest. For various reasons, these buyers in particular have been coming from the Northeast states as well as select other countries.

Various professionals in the real estate industry have been sharing their experiences per a recent article the Sun Sentinel. Tax refugees from Northeast states who are in search of better deductions in the wake of the newly passed tax reform have been making up some of the buyer profiles as of late. Although this has been a trend over the recent past, it has sharply increased due to the recent tax changes.

Another group of buyers has been foreigners. With price increases across the board, buyers are beginning to invest in areas like Broward County where the value is much better than areas like Miami and South Beach. According to the Miami Realtors Association Real Estate Report, foreign buyers are making up nearly a third of Broward County’s condo purchases. Popular buyers are coming from areas like Argentina, Brazil, Colombia and Venezuela.

In Fort Lauderdale, many buyers are seen coming from Northeast states and investing in higher end beach or waterfront locations. Buyers are in search of better tax advantages and are relocating from areas like New York and New Jersey according to the sales teams at select newly built towers like Auberge Beach Residences and 321 Water’s Edge. Auberge offers two towers of residences with the majority of them all being sold. Water’s Edge offers 23 residences with a completion date of fall of 2019 and has roughly half of the units sold already. All signs are showing a healthy Fort Lauderdale real estate market.

 

Top Moving Mistakes to Avoid

Even when a deal goes smoothly, moving is still a very stressful time. Making sure everything is lined up perfectly leaving your current home while coordinating a move to your new home requires a lot of planning and organization. Here are some common moving mishaps that you will want to avoid.

Not planning enough. Brainstorm your whole move and plan as much as possible. From booking movers early on to packing things up in a well organized fashion including well labeled boxes is really going to help you in the long run. Don’t leave any of this until the last minute.

Spending too much on packing items. Especially for those who are on a tighter budget, try using things you already have like storage bins, hampers and coolers for boxes. Towels and blankets that you already have can suffice in place for packing supplies.

Packing too much. Moving is one of the best times to declutter. If there are things that you have not used or worn in over a year, it might be a good idea to question if you need them at all. Before you pack it all up and haul it to the new home, consider selling items and using the proceeds to fund a portion of the move.

Not retaining receipts. It is easy to not save your receipts during moving time as things are often out of place. However, come tax season you may be able to deduct some moving expenses where it will save you money on your tax filing.

Not having a survival kit. Moves across town are stressful enough, but bigger moves across state lines or several towns away can be made easier if you plan a “survival kit.” This kit should include enough of your comfortable clothes, toiletries, snacks that are easy to eat and don’t need preparation, medication, water bottles and phone chargers.

Not hiring movers. You can go it alone and move all of your things by yourself with some help of friends or you can hire movers to assist. Get an estimate from a professional mover as it may not be much more than you think. If you already have to rent a truck and somehow compensate friends, you might as well get an estimate from a mover at least for the bigger items that you need help moving. Keep in mind most professional movers are insured for any damaged belongings, something friends don’t offer!

Pier 66 Development Takes a Step Forward

Pier Sixty-Six in downtown Fort Lauderdale could soon see some major construction should the city’s commission approve a developer’s request. The proposal set forth is for the renovation of the hotel with plans for 750 residential units, 15,000 square feet of commercial space along with 4,000 square feet of marina space with 150 dry and 145 wet boat storage slips.

The commission had recently held a hearing for the development agreement which covers what the developer intends on doing over the next 20 years. The developer, Tavistock Development Co., is requesting that the commission approve the agreement before they solidify their plans for development.

The developer has been asked to provide a timeline by mid July of when the site plans will be prepared and the city would have its final vote then as well. If the agreement is approved, these plans would be submitted to the city, public hearings would be required and the City Commission would also need to vote before anything could get built.

Tavistock Development Co. bought the hotel site in 2016 along with the the neighboring Sails Marina a year later. The developer is requesting that the city view both parcels as one despite the fact that they are separated by 17th Street. The land is currently zoned for dwellings to not exceed 120 feet high and Tavistock is requesting a variance for the city to allow them to rebuild the 221 foot tall hotel at its current height. Recent hurricane Irma had caused damage to the tower where 40% of the rooms are unusable.

The development agreement would be active 14 days after being approved by the city and would remain in effect for 20 years. This is longer than the typical approval yet state law says that development agreements cannot exceed 30 years.

Selling Your Home When You Have Kids

Selling your home can be an involved process while you manage the tasks that are involved in your regular daily life. For those of you who have children, the process can be even more complicated. Not only do you have to worry about getting yourself prepared, but you have to devise a strategy with your kids from getting them prepared for the move to keeping them under control during open houses and showings. Here is a plan with tips that can assist with making things go more smoothly.

Preparing your home

The first thing you will want to do is get the home physically prepared. During this stage if your kids are willing to assist, great! If not, make arrangements for them to be cared for while you complete these steps.

Declutter –  Start by getting rid of all the toys laying around the house and create a designated area for them. Ideally a kid’s room is best to store them.

Dealing with kids while packing – It is a good rule of thumb to involve your kids in the move process and get them excited about it. Give them choices of which items they want to keep and which they want to donate. Keeping the whole process positive will help them transition.

Deep Clean – Inspect and clean the whole house from top to bottom, literally. Dirty walls, windows, cabinets and floors should all be wiped down and rid of grime or marks.

Freshen up paint – Aside from overly worn walls, painting with a neutral palette will appeal to nearly all buyers. The more fresh and neutral the home is, buyers will feel there is less work for them to do when moving in.

Clean flooring – Especially if you have carpeting, you may need to take a look at replacing it. Kids can be tougher on carpets and it is usually cheaper to replace them yourselves than providing a buyer with a credit.

Staging – Once you have the house all clean, it is important to keep it that way. Before you stress out, there are really only some occasions when it must show perfectly. The first is when professional photos are taken. After that, open houses and whenever private showings are scheduled then the house should be in excellent condition.

Managing kids during showings

Create a schedule if necessary – Showings can be requested at any time, but it is common for many to be after work. If your family has any regular times when you are all out of the house then you should share these times with your agent as they will be optimal for showings.

Have a plan – For the times that showings have less lead time, have a plan in place on how to prepare quickly. Create a checklist of what needs to be done like placing toys in bins, wiping down counters and bathrooms and then pick a place that is easy to go to during the showings like a nearby park.

Help your kids cope

Child development – Studies show that frequent moves can be tough on a child. Depending on the reason for the move, but keeping positive and supportive will help make it easier on them.

Making new friends – Doing a combination of staying in touch with old friends while getting involved in local activities in your new area will help foster friendships.

Involvement in sale process – Involve your children when they show interest. If they do not, don’t force them but be open to answering any questions or concerns that they may have.

Different behavior – Reports will say that some temporary changes in mood will be normal for most kids during a move. However, if these negative changes last more than a couple of months than you should seek help for them.

Different reactions at different ages

Babies – Infants are the easiest to deal with with regards to settling into a new home. So long as you remain calm and nurturing then they will follow.

Toddlers – Similar to babies, they will follow your calm and positive attitude. Frequent moves, however, can take their toll on toddlers so be sure to encourage them to share their feelings with you.

Youngsters – Children in the 5 to 7 age range are likely to mimic your attitude so once again keep it positive. The good thing about kids this age is that they can understand better and communication is made easier.

Pre-teen – Kids 8 to 12 typically have the biggest problem moving if changing schools. No matter when you end up selling, it is best if you do so quickly so your school transition schedule stays on track.

Teenagers – With teenagers it is important to stay open with communication and discuss their feelings. In some cases when families move with kids in high school, it can sometimes work better for them to find a way to finish out high school and join the family later. Alternatively they may benefit from being more involved in the process and asking them what they want in a new home. If the distance allows, they can always visit their friends from their previous school.

 

How to Make Your Home Warm and Welcoming

When you make your home warm and inviting you can feel it the minute you walk in the door. There are many different ways you can add some nice touches to accomplish this which I have outlined below. These ideas can make your home more enjoyable for you and your guests and can even add value when it comes time to sell!

Porch swing – Many homes in South Florida have front porch areas which can be a great place to add a swing. It is a great place to enjoy the outdoors while providing a great look for the front of your home.

Entryways – The entryway of your home is the first place all guests will see.  Set the tone and make this space clutter free and inviting. Consider a bench or chair for one to remove shoes or a small table to display some flowers.

Kitchen – The kitchen is often the heart of the home where everyone gathers. Take a look at how it is now. Can you paint the walls a warm color? Add a centerpiece or flowers to the table?

Decorate bedrooms bed and breakfast style – Clutter can add up in the bedroom with clothes here, books there and laundry piling up. Try painting the room a calming color, adding art or freshening up your linens. Fabric drapes or nicer window treatments can also add a warmer look.

Couches – In your living room, comfort is key. Couches that are cushy with comfortable pillows will always be more inviting. If you have a large enough room, opting for a sectional couch also can add more seating or a larger area to sprawl out on.

Choose the right materials – Some materials age better than others. These include natural things like leather, wood and even woven baskets. Instead of you or your guests worrying about where they can rest a drink or sit, consider choosing comfortable and durable materials to put all at ease.

Create a reading nook – For the times that you need to relax and unwind, consider creating a small and cozy space for reading. Maybe a comfortable chair next to a bookcase with the right lighting can accomplish this in your home.

Lighting – Lighting can really do just the trick when creating a warm atmosphere. Indoors consider putting some of your lights on dimmers. Outdoors you can simply add string lights or add lanterns on any outdoor tables to create the perfect ambiance.

 

Fort Lauderdale Is Booming: Here’s Why

Fort Lauderdale attracts buyers looking for a different experience than what Miami offers.

Fort Lauderdale is booming with development. It’s become a city of choice for savvy investors, both commercial and residential. Once known as the mecca for spring break and teenage beach movies — think Where The Boys Are with Connie Frances and Girl Happy starring Elvis Presley — Fort Lauderdale has grown up.

“Historically, Fort Lauderdale had always been a secondary market to Miami. Then, when prices kept rising in Miami, developers started looking for cheaper dirt and came here. We have a relaxed coastal environment, beautiful beachfront and a strong commerce center with 7.5 million of class A office space in our downtown,” notes Jenni Morejon, executive director of Fort Lauderdale Downtown Development Authority (DDA)

“We have significant luxury development both in residential and hospitality underway. The residential component has a high level of amenities, service and finishes in beautiful ocean front locations.

To satisfy the increasing residential base, Morejon points to over 1,000 restaurant seats coming online over the next several months on Las Olas, Fort Lauderdale’s dining, shopping and entertainment destination for tourists and residents alike. “Las Olas (Spanish for ‘waves’) Boulevard is our crown jewel, connecting the beach and downtown core,” she says.

The privately owned Brightline, a train with diesel-electric engines, inaugurated service between Fort Lauderdale and West Palm Beach in January. Morejon sees this as another game changer for Fort Lauderdale when the Brightline extends from Miami to West Palm Beach with a stop in Fort Lauderdale.

Who is buying in Fort Lauderdale? The Fort Lauderdale buyer is very different than in Miami. “About 75% of our buyers either have a tie to the area versus Miami, where many buyers are investors or from South America.

Fort Lauderdale’s retail market is thriving with over 2.6 million square feet of commercial real estate completed, under construction or approved since 2012.
According to Colliers International Fort Lauderdale Market Pulse Q1 2018|Overview, Fort Lauderdale jumped to sixth place in the Top 10 U.S. Markets To Watch. This is the first time Fort Lauderdale even made it into the Top 10. Retail rents in downtown Fort Lauderdale have a five-year growth prediction of 48% compared with 42% in Miami-Dade. Since 2013, Fort Lauderdale’s downtown retail rents have increased 51% to $35.75 per square foot compared with a 14% increase throughout Broward County

.With the area a vacation destination and national cruise hub, total visitors through Fort Lauderdale-Hollywood International Airport rose 11.3% from 2016 to 2017, to 32.5 million. In addition, JetBlue, Southwest and Emirates have launched new routes within the past year to and from Fort Lauderdale, expanding the potential visitor market, an added boost to area residents for business and leisure travel.

William Hardin, PhD, professor of finance and real estate and director of the Hollo School of Real Estate at Florida International University in Miami, explains the market dynamics: “Fort Lauderdale offers relative value compared to Miami. There is good luxury product there now that appeals to the buyer wanting a different pace than Miami.”