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Are Luxury Condos Still a Profitable Real Estate Investment?

The profitability of renting luxury condominiums in South Florida is yet to be proven. The high inventory and output of extravagant amenities determining high prices, tied to the stagnation of wage-increase for potential renters have been a sign of trouble for the investors’ industry. For investors, these condos lost their attraction to be considered a […]

September 26, 2018/0 Comments/by support_8dba

Creating Touchpoints Between Buyers and Sellers

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The relationship between an agent and buyers is a delicate dance that begins long before the sale and ends long afterward (if it ever ends at all). However, that process can be derailed when you’re not offering buyers the right touchpoints to make them feel special and keep yourself top of mind when it comes […]

July 26, 2018/0 Comments/by support_8dba

Are Luxury Condos Still a Profitable Real Estate Investment?

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September 26, 2018/0 Comments/by support_8dba

Creating Touchpoints Between Buyers and Sellers

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July 26, 2018/0 Comments/by support_8dba

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Are Luxury Condos Still a Profitable Real Estate Investment?

News

For investors, these condos lost their attraction to be considered a sound, profitable investment, after evaluating the cost of association fees, assessments, and taxes.

The downturn in prices for these condos, “already happened” said Josh Migdal, Miami attorney who represents clients in multiple jurisdictions and is known for his work on behalf of the Federal Deposit Insurance Corporation (FDIC) in the wake of the mortgage meltdown and the condo market.

Huge Supply of Million Dollar Condos

The condo oversupply is clear in luxury projects, yet absent in affordable projects. Condo Vultures’ website weekly distributes the Market Intelligence Report for residential real estate in Miami-Dade, Broward, and Palm Beach counties, recently reported that there is a 70-month supply for condos costing at least $1 million.

Last year, a news report found a “home luxury glut”. There was a 124% increase in condos and luxury properties over the same time in comparison to the previous four years.

Last year, Ron Shuffield, President of EWM Realty International, a 54-year-old real estate brokerage, with 10 offices in South Florida said, “There are more properties on the luxury market right now than we’ve ever had in history.”

Peter Zalewski, the founder of Condo Vultures, told the Herald, “there’s a 32-month supply of condos in downtown Miami alone, so the only way you’re going to move a condo in this market is to lower your price.”

Although in the second quarter of 2017, there was a median worth decline for condo/townhouse of 22% in zip code 33132, and 10.1% in zip code 33140, the recent trends in Miami real estate luxury prices finally saw growth in January of 2018, and have reached the highest price gains since July 2005. The luxury market in Miami is growing according to Danielle Hale, chief economist for realtor.com®.

Shrinking Supply of Affordable Condos

There has been a crunch in affordable housing in the United States; consequently, affordability for renters is becoming an issue. Florida families spend more than half their income on rent, lead by a shrinking in the inventory of rental units and the increase of rental prices.

According to the Brooking Institute, a research leader non-profit organization for solving problems facing society at the local, national and global level, the supply of affordable condos within the $200,000 – $300,000 range in Miami-Dade has been shrinking, while the county’s median household income stays at $45,900.

The advice for investors looking for condos is to do their homework, analyze their investment prior to commitment, and align their costs with the return. Also, to look for alternatives outside the multi-million-dollar market areas with lower prices. An example of these areas is Homestead which has been undervalued, but where a significant appreciation has been occurring during the last two years.

Despite the variation in inventory supply, price, and climate change among other factors, it is well known that Miami-Dade is still one of the most attractive markets in the country to invest in real estate.

September 26, 2018/0 Comments/by support_8dba

Creating Touchpoints Between Buyers and Sellers

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Make Yourself Helpful
You’re the expert on your region. Don’t just tell people, show people. Create a one-sheet or packet that includes all the relevant information a new buyer might need to feel comfortable buying a home here. Then pass it out to local businesses, local government offices, local hotels, and anyone else you can think of. Foster relationships so that when someone shows up asking questions, the company has your packet handy and ready to go. Don’t forget to plaster your face and contact info all over it, and show off your personality a little bit, so people feel like they get to know you. Then, when they’re ready to get serious about buying, they’ve already got your information handy and your face in their mind.

Make Everyone a V.I.P.
All your clients should be V.I.P.s for you, so make sure they know it. Plan an event and invite all of your leads and potential buyers as well as those who bought a home from you. Also, ask service providers that you work with (or want to work with). Roll out the red carpet. Get a photographer. See if you can get some local press to show up and cover the event. Hand out goody bags to all the guests. Make sure everyone leaves the party feeling valued and worthwhile because that’s what he or she is going to remember.

Make Yourself Available Online
Being personable in the real world is important but don’t think you can’t do the same thing online. That packet you made should also be available electronically. You can even expand it into an ebook full of experiences and tips. You want an online presence, but it takes more than just starting a Twitter account or opening a Facebook page. Interact with every comment, whether it’s a response or alike. Invite anyone and everyone to follow your pages. Encourage engagement by asking questions, proposing ideas, and inquiring about feedback.

Make Matches For Others
Part of the process for building your brand and touching other people is to make “selfless” acts. Helping to develop relationships in the community for others will come back to you in significant ways. If you know someone running a charity who needs help finding backers, put them in touch with good people you know in the community. If you have potential buyers or actual buyers who have trouble meeting new people, host a mixer at a local bar. Think that two local businesses might be able to help each other out? Put them in the room together and let them sort it out. You might not find immediate benefits from these touchpoints, but they’re the kinds of things people remember six months or a year later when they’re looking for help.

Make Sure to Follow Up
The end of the transaction isn’t the end of the relationship. Even if the sale falls through, there are ways to keep in touch with potential buyers without being a pest. A great way to stay in touch is to find an article that would be of interest to their specific needs and then send it their way with a note reading “thought this might interest you.” You can even find a neat article that speaks to a general audience and send it through a mail merge, so it looks more personalized. Not everyone will respond but you might be surprised to hear from a few people, and that’s your cue to follow up and see what their current needs might be.

Make a note of Special Dates
Chances are you’ve got a database full of information about your clients, past and present. Put it to good use any way you can. One great way to do that is to keep track of birthdays, anniversaries, and special occasions. Set up a system where you can be alerted when a client’s special day is coming up and then make sure you send them something. Could be a card, could be an email, whatever it is, make contact. If you want to take it to the next level, set up Google Alerts for the names of clients and see what pops up. You might find out that someone got a promotion or had a special event. Then you can reach out and offer your congrats. Who knows what might follow.

Make a note of Holidays, Too
While we’re keeping track of special days, why not keep track of holidays as well? Run through the calendar and call out opportunities you might have to reach out to your contacts and partners. Sure there are the big days like Memorial Day, Thanksgiving, and Christmas, but don’t overlook the secondary holidays that offer you a chance to get creative and stand out. Groundhog Day, Flag Day, and Veteran’s Day offer lots of opportunities for unique messages, mailings, and offers. Also, then there are all of the wacky holidays that seem to pop up all the time (National Hot Dog Day, National Hot Sauce Day). Surely you can have a field day getting creative in your messaging around them.

Make More Quality Interactions
A quality interaction can best be described as something more than just a phone call or email. We’re talking about in-person meetings or get-togethers. It can be one-on-one, but it doesn’t have to be. This could be you showing up at meetings for local clubs, at places of worship, for special nights at the local tavern, or at a fraternal organization. It’s not just about showing up, either, it’s about making your presence known. That could be anything from sponsorship to speaking up to just walking the room and introducing yourself. Don’t wait for opportunities to present themselves, every person there is a potential client or a current one who is waiting for the right motivation.

Elite Ocean View Title Agency is here to support your business

Have questions about making sure your next real estate transaction sails smoothly to a successful closing? You can make the process seamless and hassle-free by contacting Elite Ocean View Title Agency.

July 26, 2018/0 Comments/by support_8dba

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