Archive for April, 2008

Fort Lauderdale Condo Overtaken by Hotel Developments

April 22, 2008

Yes, the boom that we all now from the Fort Lauderdale Condo market is over, it has its good days but now it’s behind all of us. As much as we want to keep the boom in tact, we all know that nothing last forever. It is official by default, the downtown condo market’s known boom has been overtaken by a new trend the hotels. Yes, you heard it right the hotels now are making its way to the scene as developers and investors are focusing their time in making hotels now more than ever. They are very much aware of the condo’s status in the market so they redirect their attention to a different bidding. It is known that the market’s overflow of condos all over Florida has caused the housing market to take a slump.

More to a fault now, the common knowledge of people is that they tend to focus their attention to what is in demand, what is in the trend or what makes the market shine. It’s like yesterday it was the condo market, the next day it’s the hotel market. It is rather amusing to watch the rise and fall of the market, the huddles and the struggles and all that. Right now, developers are there seeking building approvals for about 4 major high-rise hotels and office towers, on top of that investors are seeking more deals to go down in the hot property right now which is the hotel. It may probably the next big thing in Fort Lauderdale real estate market biggies.

More than 1 million square feet of new office space would also be built. All told, there are plans for almost 1,000 hotel beds in Fort Lauderdale’s relatively compact downtown, city building plans show. Meanwhile, high-end hotel developers were busy re-making the beach. A vertical renaissance swept through the downtown in recent years, filling it with new residential condos and lofts. It is known that right now the departure of the condo developers in downtown Fort Lauderdale and specifically the hotel builders have step their feet in the market. Two of the proposed projects originally were proposed as condos. The city’s rules for developing downtown put a limit on residential growth, and that cap has nearly been reached.

All signs are pointing to a potential hotel boom, with likely millions to spend, the condo market is having a down time, I think the condo market is indeed in a downward slide, in which the people have been rating it as a low-end in the market right now, most probably because of the condo overbuilt it have skim to people’s mind that changes are vaguely needed so that is where the hotel building came to idea. I think it’ll still be too early to tell. Up until we have settle and the numbers are printed by then we can confidently say that we are in a good market.

Jron Magcale

Locking Eyes on the Miami Real Estate Foreclosure Market

April 22, 2008

Let’s face it Miami is having a rough year in its market, at the end of the day everyone is having a bad year anyway, so investors shy away from it, big deal. Home buyers in the Florida area are getting more and more curious on what the market can offer to them. It is almost a hard fact that people tend to invest in the most unlikely places, let say the Foreclosure market. It is one of the most well-known market people attend to. Based on numbers alone, more that 40% of homebuyers in Miami travel lengths just to get a chance to see what is in the foreclosure markets have in store. Sure you can get a good deal in the market, because it is cheaper and it is easy to get good deals there, on the flip side though you don’t know what you are getting, you might get a good deal but you have more renovation to do it seems like you purchase another home.

For some reason personally I think that foreclosures in general are always not the best buys for one reason I think, and it is that the majority of the foreclosures that are available were originally purchased at the peak or near the peak of the market, thus giving the banks to lent too much money on these properties since the bank owed so much money on a typical foreclosed property the endpoint is they don’t have the means and the ability to sell it at today’s rate or market price. Which in time gives it a bad image to the masses, other than that issue that is raised, It think that more buyers especially those with tight budget relies heavily on the foreclosures. To make sure you are in the right path, you should consider checking and giving time on studying what you want to invest on.

The Miami Beach foreclosure market has been getting nice numbers, simply because the average home buyer wants to invest less. It is known that the numbers that we have in the recent years are rather off-peak but it’s nothing to be alarmed of because it is still in the imaginary “green line” in which means we are still in the safe zone. Once it gets the “red zone” it is the time to be alarmed, right now it’s all good. The foreclosure market is rather been saving the market for a few times now, because the new home sales are taking a bump and bruises, the condo market is getting the doubts and the commercial market is not posting good numbers either. I like to take this moment to reflect on how much the Miami real estate market is getting on other means of marketing.

Right now, the real story here is the amount of inventory on the market, people never stopped buying here and the foreclosure real estate market in Miami still continues to hit the right prices in terms of selling. It is still an important fact that you have to consider that the market is in a state of cramming and they are trying to chase the numbers ion which we all fell behind of. Remember that Miami is still in the infamous list and as long as the wind still blows in a direction which we all don’t agree, we have to ride it. The foreclosure market in Miami will save us for now but not in a high rate.

Jron Magcale

Tips In Getting Good-Quality Limo Rentals For Airport Transfers

April 22, 2008

When arriving at your destination, you may consider getting a cab from the airport to your hotel, as this would often be the cheapest form of transport.

However, if you wish to arrive in style and utmost comfort, you may also try considering renting an airport limousine rental service for a change, and experience comfort and elegance without having to spend really outrageous amounts. There are a lot of private limo rental services offering airport transfers, with each one having varying rates and perks. Finding the appropriate one will help in giving you the best possible service, and would ensure that you have a safe trip and easy access to your destination.

What To Expect When You Get A Poor -Quality Airport Limo Rental

You arrive on time and are waiting for your limo too pick you and your stuff, and bring you to your next destination. However, your limousine does not arrive on time, or let’s look at things from a different perspective: You’re late for your flight and have to run to the airport. There have been horror stories of some operators doing poorly when it comes to giving the best possible service to their clients. A late limo could possibly help you miss out on an important deal or corporate meeting.

A limo rental that has old or rusty vehicles in its disposal could also leave you embarrassed or make you look silly to your associates. In addition, when you get a poor-quality limo rental for your airport transfer, your chauffeur may probably exercise poor customer service, which would probably make your blood pressure rise, and in turn would help to spoil your day. What’s worse is that, when your limousine service gets into an accident and does not have proper insurance to cover the damages involve, you could end up paying extra for your medical bills.

Tips In Getting Good Airport Limo Rentals

Ask A Limo Service To Provide Corporate References

Its fact that some of the rental firms who have been in business for years and provide service excellence do not offer cheap rates, because they generally offer first-class service. If you are worried about quite expensive hourly rates, then it would be better for you to get a taxi, not an airport limo service. You also need to ask the limo rental firm or corporate references and contacts, as credible limo rental firms would be more than glad to provide references in order to secure new clients.

Inquire About Vehicle Insurance And Permits

All limo rental services are generally required to have commercial livery insurance as well as the proper permits and licenses. The sad news is that the Yellow Pages and most advertising services do not require the same in order to advertise. To protect yourself from unlicensed firms, ask for proof of these before you sign a contract.

Verify If The Firm Belongs To An Industry Association

Airport limo rentals who belong to industry associations generally need to abide by special insurance regulations and service rules. Well-known associations like the National Limousine Association (NLA) and the local livery association serve as good indicators that your service provider does their due diligence.

Vanessa Arellano Doctor

What Customers Should Consider When Renting Limousines

April 22, 2008

These days, most individuals who rent private limousine services do so because they want their events or occasions to be extra special, but for most, they have little or no idea about existing state or federal statutes when it comes to regulating the industry.

In many cities and towns, the limousine industry is unregulated and anyone can put a listing in the phone book, irrespective of their reputation, business sense, investment in their assets, and levels of professionalism.

Locating a limo rental service that provides proper insurance, has an established and credible reputation, and operates safe and reliable vehicles can be quite challenging sometimes. However, when customers do their proper homework and research, they would be able to find and rent a good-quality limo rental firm and assure that their occasion would truly be a safe and memorable one.

Compare Hourly Rates And Charges

The rental service cost usually varies from city to city, and would depend upon the type of vehicle you will need. Generally, an airport sedan service would be much more improved than a taxi, which can be quite unpredictable at times and would offer much poorer standards of service. For some, getting an airport limo service would serve as an affordable alternative, especially when they split the costs amongst the party, which could go for as low as $10 per person. The average fares usually start at $20 for sedan service, while stretch limos start at $50 depending upon vehicle size, party size, location, and distance.

Be Wary Of Those That Offer Unusually Low Prices

Be sure to get the necessary details when renting a limo service. Remember that you need to be wary of any firm that offers unusually low prices, as they may likely have the oldest vehicles available, or have unprofessional drivers. As newer vehicles cost more and offer much better features and amenities, be sure to ask what specific vehicles the rental firm has in its disposal, and how old these limos are.

Make sure you have a better idea about a firm’s billing methods, as some firms have unscrupulous billing methods, which will add extra charges such as non-existent highway taxes, surcharges on fuel , beverages, waiting time, travel times, tolls, and other miscellaneous fees. Although such instances are rare, it would be a good idea to get the all-inclusive price, which would, and should, include the total fare. This is vital when renting a limo for a third party such as a wedding couple or high-school students going to a prom or school party.

Avoid Drunk Driving And Ask About Alcohol Regulations

Those who rent limos for special events should avoid drunk driving on your wild evenings, and always act or party in moderation. The cost of even the best limo would be very much ;lesser than a drunk driving or DUI ticket, not to mention the safety issues and concerns that will affect you and others. Before you book one, ask about the company’s regulations on drinking alcohol in the limo. Depending on which state or city you live, you may be able to enjoy a *censored*tail or two in the limo within reasonable levels. However, don’t expect it to be as wild as the Spring Break party ruckus one sees on a movie or sitcom.

Give Your Driver A Tip, And Treat Him Well

Whenever you’re renting a limo, always remember to take good care of your driver. As he or she works for minimal pay, and also relies on tips, they would be more than glad to take care of you and help you become a repeat customer. If you like the service, be sure you tip accordingly, as your chauffeur is working in an industry much like a waiter or bartender, however he or she assumes a more responsible role. For starters, the standard tip is 20% of the total fare, and if you think your driver has had an exceptional performance, you could tip more.

Vanessa Arellano Doctor

Selling Your Miami Real Estate Home Needs to Be Beautiful in Buyer’s Eyes

April 16, 2008

You may think I’m exaggerating and may even think that buyers don’t really care if your house is organized or if it is staged, but you are wrong. If you are a Miami seller who knows the market and keen, you know that things have drilled you over and over on how important it is for your property to show like a model. If a real estate buyer is looking at 2 very similar Miami properties in the same location with similar price ranges, they will always pick the property that is clean, pretty and organized. When there is a lot of competition, it is crucial that your property stands out, that your house shows better, that you have more to offer. Is it worth a little trouble of your time to make your house show the best way possible? I really hope so.

There is a psychological factor that tells that buyer that the person that is selling the pretty and organized home “takes care” of their home, it also feels more welcoming and ultimately the property they want to buy. Of course we understand that sometimes circumstances don’t allow for extreme measures, but there are key factors that need to happen for a property to sell, ignoring those factors will only keep your house on the market longer and will determine how motivated you are to sell. When you list a property, you have to meet with your seller customers and you go into detail about what needs to happen to the property for it to be in “showing condition”. If you refuse to do anything else, you must at least declutter your property.

Any Realtor will tell you that decluttering is the single most important factor when selling a home today. Here’s some helpful information on how to declutter a home, put away small decorative items next you have to leave all surfaces clear – including top of dressers and tables after that put away personal items such as photographs, pickup mess, also you have to empty closets out as much as possible, if you have too much furniture, store it or better yet, get rid of it, always keep in mind that you are not selling your things, you are selling your home.

You have to consider that by not taking the time to make your home look at least as presentable as possible, because if you don’t make it as presentable as possible you are sending a message to the buyer that you are either not motivated or even worse your property is worth less that what the market and you calls for it. You don’t want it to happen on your home would you? So the best thing is you have to make your home as beautiful as possible so that you can attract buyers and maybe you can raise the market value of it, who knows? Right.

Jron Magcale

Forecasts For Miami’s Condo Market In 2008

April 16, 2008

The conditions in the city of Miami these days have been interesting lately, and despite the predictions of doom, it’s a fact that this surely is a gloomy year, but it won’t be like that for long, according to analysts.

The conditions in the waterfront condo market are not that stellar, as are most markets, as a lot of buyers continue to wait in the sidelines, looking for prices to considerably fall and are waiting for signs that the market is improving.

An Influx Of Overseas Buyers Is Keeping The Market Afloat

According to local property brokers, the area’s condo markets are seeing dramatic increases in the numbers of purchases made by overseas investors, especially by Canadian as well as European buyer, largely because of the weakening of the US dollar, which many note will remain that way well into 2009.

The city’s luxury waterfront market has also yielded surprising results for this year. In the first quarter of 2008, there were 289 luxury condo sales from January 1 through today. Around 112 of these sales have closed, while 177 are in the process of closing. These condo units are located in areas such as Miami, Coconut Grove, Miami Beach, Bal Harbour and Sunny Isles

The 112 closed sales were valued at $195,384,000, or about $1,744,500 per unit. According to brokers, the average selling price was pegged at $554.94/sf.

Tips For Condo Buyers In This Area

Seasoned real estate brokers have a few words of advice for buyers in a down market like today. First, prospective buyers should look for condos wherein the seller bought the unit prior to 2004, this is because the seller will have a lot more space to negotiate as compared to someone who purchased it after 2004. Lastly, buyers should carefully observes for price drops, and forget about trying to buy foreclosures, since many analysts see these buys as more thanoften not good deals, because the banks that took over these properties still need to recover their expenses, which will generally reflect in the selling prices.

Miami Condo Market Predictions For 2008

According to South Florida real estate analysts, for 2008 a lot of significant events will take place, which will help to reshape the area’s property markets. They forecast home prices to fall by at least another 15 percent, and that individual foreclosures will increase 300 percent from last year, when they already soared.

Around half of all new condo buyers this year will walk away from projects by the time they reach completion, and bankruptcies by developers and lenders will escalate further, to the point that they become common. The analysts also predict that a number of lenders, appraisers, and brokers will be indicted for mortgage fraud this year. Lastly, government moves at bailouts and interest rate cuts will be only temporary stop-gap measures, that will not stop but merely delay the coming recession, which many fear will be declared by the third quarter of the year.

Rehabilitating the housing market and bailing out homeowners in danger of foreclosing their homes has become the major concern of politicians, lenders and regulators. The economic stimulus package approved by Congress earlier this year, could slightly help boost home sales in South Florida’s stalled housing market.; however some observers say that it will be of little help for homeowners who are suffering from negative equity and area mired between falling prices and foreclosure. The plan, skeptics say, also won’t help lower and middle income homeowners seek help in a depressed market.

Vanessa Arellano Doctor

Get Around with Miami Limo

April 16, 2008

If you live in Miami or you are there to travel, you can make your trip or event a very exciting and memorable one. So, you see to it that you plan every detail for your event.

If you look around seeking for cab, it is not that easy to find one, you need to wait for a while in order to get yourself one. Definitely, you can find shiny limousines out there and you will envy those that are riding limos. Of course, it will come to a point that you will imagine yourself riding in a limo; you would absolutely feel like a star in riding one. Actually, you do not have to imagine, you can book one and travel with style. Miami limo service is affordable, whether you wish to go to the airport, go clubbing, or any event, you can use a limo service.

Waiting for a cab at the airport is quite stressful, since you need to really wait for a while just to have a cab for your destination. At some point, you may think that will you be able to really be in your destination on the right time. If you desire to have a convenience and comfortable way to travel, you can go with a limo. Booking a limo is affordable, so you can rent one if you need to travel either it is for business purposes or personal purposes.

Limousines come in different varieties, so getting a Miami limo means that you will be having lots of choices. You can pick vehicles such as BMW, Mercedes Benz, Cadillac or Lincoln sedans or limos. Actually, in choosing, it really depends upon the event and how many people who will ride with you in the limo. Typically, Sedans can accommodate 3 to 4, SUVs can accommodate 7, and standard stretch limos can accommodate 6 to 10. So, pick one that can suit your needs. If you need a vehicle that can accommodate about 20 people, you can go with a limo bus.

If you haven’t ridden a limo yet, you will be surprised with what you can find in a limo. Limo comes with amenities such as giant flat-screen TVs, hardwood floors, more than six feet of headroom, and even fish tanks and there are also some with swimming pools on it. It really depends on what you need, be assured that reliable limo companies can provide it to you.

Before booking a limo, you can check out the company first and know the services and amenities that they can provide you. Go with a reliable limo company. Do a little research. It is best to check out few companies and compare in order to find the one that can provide you with the service that you need.
If you want to feel good about yourself, you can book a limo and travel with style. You would good when a uniformed driver greeted you and open the door for you.

Eliza Maledevic Ayson

Limousine Rental Service: Knowing About Gratuities, Drinking Alcohol and Hourly Rental Charges

April 16, 2008

For those who haven’t tried renting out a limousine yet, there are a lot of factors to consider, in order to make the experience a much memorable and hassle-free one for customers.

As the rates, perks and regulations may differ with each service provider, or the laws may differ with each city or state, it helps to research, and ask important questions first from a prospective rental firm before you sign a contract and pay the down payment for renting these for your special occasion.

Standard Costs For Renting A Limo

Renting limousines these days would generally range from around $50 to $300 per hour, for SUV’s, and have a minimum two or three hours booked. Most rental firms require a minimum of 2 or 3 hours to provide service, except for the standard airport service. When you talk about renting a limo, it’s quite to renting a hotel room.

There is a large array of quality and service levels to select from, and the factor in deciding price is usually determined by what you get or don’t get. It usually happens that you get what you pay for, and you need to focus your concern to what you don’t get, because the limousine industry in most US states is lightly-regulated and may be prone to poor service or padding of excessive charges for non-existent services.

Why’s It Hard To Rent A Limo For Just One Hour?

Generally, most private limo rentals require a minimum 2 or 3 hour booking to be able to rent the vehicle, because of the large expense and cost involved in securing and maintaining these types of vehicles. As we all know, the average limo can cost around $70,000-$110,000 for brand-new units, therefore one-hour rental will not be cost-effective since the vehicle is only in ‘paid-service’ for just an hour, and the actual running time may be more than 2 hours. Other factors that make a 1-hour rental not feasible, is vehicle preparation time and the driver’s salary.

Aside from that, during events like proms or other high-demand seasons, the minimum hourly booking requirements could increase to 5-8 hours due to the rising demand from customers, however, rental service firms may offer special exceptions to this rule, and would depend on the availability of vehicles and their current scheduling considerations.

How Will You Know When The Rental Charges Begin?

Generally, most rental firms begin charging you the rental fee at your designated pickup time and location. For example, if you say, “pick me up at 6pm at 123 Main St’, then this would be the start of your rental charge. Some service providers begin charging on a portal-to-portal basis and charge ‘travel-time’.

To be specific, your rental time may start at the moment the limo begins its travel to your first pickup location. It would be better to ask your rental firm specifically how they charge, as this may help explain the price differences. The charges for travel time is usual, especially in far-flung towns or areas where the closest limo rental service may be miles away.

Do You Have To Tip Your Driver?

The answer would be yes. As your driver is working in the service industry just like a waiter or bartender, but plays a much more responsible role. Usually, standard tips are is 20% of the total fare. However, if you strongly feel that your driver has performed exceptionally well, then it would be up to you to tip more. Some rental firms would automatically include the gratuity (tip) in their overall price quote. Before you make a reservation, ask the firm if the gratuity is included in the total price, because if it is not, then you need to set aside an extra twenty percent to give to your driver afterwards.

How About Drinking Alcohol in The Vehicle?

This would depend if it is legal in your state, town or city. The laws usually vary from state to state, so ask your rental firms first about this concern. However, it’s absolutely illegal for underage riders to drink, no matter what state you live in.

Vanessa Arellano Doctor

Miami Condo Market not Looking Pretty

April 14, 2008

Right now, it is not looking pretty; the market is doing a downward spiral, it Miami Condo Market is in its doom stages, at least for this year. The market is a bust for about a few months now. I am not impressed by the way the state is handling its market as they still allow investors and developers to build condos that in time will just be unsold. The numbers aren’t lying, not by a long shot over 20,000 units still untouched and about 20,000 more still building, you do the math. Because of that the overall real estate of the city is in decline as well, the common thought is that the condo’s decline is pulling the market away affecting the housing and residential markets as well.

In the series of the growing trend of the bust in the market, it is rather a usual and normal sight the numbers are on the negative, thus the investors and developers are still optimistic of some kind, I don’t know where they are getting their confidence but wherever they get it, it’s their business. It’s almost funny that the market is doing really terrible this year when the solution is just around the corner. Officials are playing blind as they allow investors and developers to somehow build more and more condos in the Miami area. Now it is a matter of time till changes are made, it’ll be rather a big boost to make changes, not that I am down siding the market but the signs are pointing on one direction. Miami is always known to be a real estate hot spot, now it is still a hot spot but in a different way.

The beaches and city lights of Miami is still desirable, Miami is and will always be a vacation destination whether you like it or not, but its condo market is really down sliding, realtors are doing their best to sell properties but still it is in a very slow phase. I don’t know what went on advertising, strategizing and everything still no change. I can’t believe that a great city such as Miami can suffer declines in its market, maybe it is just the nature of the business but sometimes it depends on the investors and developers.

The more and more the market is getting exposure the better it’ll get advertised not that I am saying it can be bad or good, it’ll be up to you to make judgment on it. It’s hard to push through the market as it has been in cold spell right now. Now Can we judge it with the recent numbers, but let’s give it a benefit of a doubt, the nation is having a decline and its because of the economy-wise, but excuses are easy to make but let it be known nothing is constant it might change in one click then go back to the decline we’ll never know.

Jron Magcale

Commercial Real Estate in Miami and Nationwide Taking a Toll

April 14, 2008

According to the National Association of Realtors, the Commercial Leading Indicator for Brokerage Activity, a forward-looking index for the commercial real estate market rose slightly to the highest level on record but the rate of growth has decelerated over the past year in the first quarter. NAR’s track of the index dates back to 1990, and The Commercial Leading Indicator for Brokerage Activity increased 0.2 percent to an index of 120.3 in the first quarter from a reading of 120.1 in the fourth quarter, and is 0.8 percent higher than the first quarter of 2006 when it stood at 119.3. With slightly higher completions of overall office, warehouse, retail and lodging structures, the small net rise in NAR’s index means net absorption of space in the industrial and office sectors should be fairly steady over the next six to nine months.

Compared with $323 billion of new construction recorded in the first quarter of this year, net absorption in the office and industrial sectors in the third quarter of 2007 is expected to be 10 million to 20 million square feet, with about $335 billion to $345 billion in new completed commercial construction activity. The index incorporates 13 variables that reflect future commercial real estate activity, weighted appropriately to produce a single indicator of future market performance, and is designed to provide early signals of turning points between expansions and slowdowns in commercial real estate. Commercial real estate practitioners can anticipate leasing and sales activity in the third quarter of this year to be approximately 0.8 percent higher than the third quarter of 2006. The commercial leading indicator is a tool to assess market behavior in the major commercial real estate sectors.

The 13 series in the index includes:
• industrial production
• the REIT (real estate investment trust) price index
• NCREIF (National Council of Real Estate Investment Fiduciaries) total return
• personal income minus transfer payments
• jobs in financial activities
• jobs in professional business service
• jobs in temporary help
• jobs in retail trade
• jobs in wholesale trade
• initial claims for unemployment insurance
• manufacturers’ durable goods shipment
• wholesale merchant sales
• Retail sales and food service.

Although individual indicators sometimes move in opposite directions, together they offer a better indication of future market activity. NAR reviewed a wide variety of indicators, examined the relationships of indicators that demonstrated a historical impact on Miami commercial real estate and nationwide, and modeled a forward-looking index based on historic trends. Quarterly data for 13 selected series were reviewed back through the first quarter of 1990. An index of 100 is defined as the level of commercial real estate market activity during the first quarter of 1990, the first period to be analyzed. The modeling demonstrated a change in commercial brokerage activity that could be seen two quarters later as measured by net absorption in the industrial and office sectors, and the value of building construction put-in-place on completion of office, warehouse, retail and lodging structures.

Jron Magcale