Skip to main content

Category Archives: Sellers

South Florida REALTOR® Once Again Joins Elite Real Estate Ranks

Scott Patterson It’s always exciting when one is recognized for one’s work. It really reinforces and energizes you to keep doing what you do best!

Recently, I was recognized for my outstanding work on the South Florida real estate market.

In fact, I was again ranked as a Top 10 Agent across our company, EWM Realty International. That’s quite an honor, especially given that there are nearly 800 incredible agents working within our real estate company.

I am so honored to be recognized for this distinction.

On The South Florida Real Estate Market, I Get Results for You!

Ron Shuffield, the president of our company, recently spotlighted the company’s Top Achievers for 2013. This year, I was part of this elite group of real estate experts!

Perhaps you saw my picture in the Sun Sentinel or the Miami Herald, recognizing me and others as a member of the 2013 EWM Chairman’s Club.

“Thank you for all the hard work,” Ron Shuffield told us. “ I know the commitment that it takes to reach these highest levels, which makes me appreciate your commitment even more.”

2013 Accomplishments for Scott Patterson in South Florida

No matter which statistic you consider, one thing is clear: I get results on the local housing market! Just check out these figures on my 2013 sales activity:

  • $43 Million of sales
  • #8 Producer Company wide (Chairman’s Club Diamond Level)
  • Ranked #1 in Aventura
  • Ranked #1 in Broward
  • Ranked #8 in Miami-Dade

How I Help You on the Local Housing Market

So what exactly does it take to be recognized as a top performing REALTOR® in one of the most competitive real estate companies in the country?

First, I am dedicated to my clients. I work tirelessly to get the results they want on the market, whether it’s finding a luxury home or selling their current South Florida home.

Second, I have years of experience assisting South Florida home buyers and home sellers navigate the market. This familiarity with the area enables me to provide sage advice to all my national and international clients in such markets as:

  • Aventura, Florida
  • Golden Beach, Florida
  • Bal Harbour, Florida
  • Hollywood, Florida
  • Hallandale, Florida
  • Sunny Isles, Florida

Finally, I offer valuable and user-friendly real estate tools that further make the home buying and home selling process seamless for you! These include:

  • State of the Marketing throughout the world
  • Relationships and Aligning my Sellers and Buyers with the right Attorneys and financial resources
  • Buyer and Seller FAQs
  • Many resources over the years for both my Sellers and Buyers

Connect With Me Today! I’d Love to Represent You on the South Florida Housing Market!

Why work with an average real estate agent when you can work with a top-performing South Florida REALTOR® who has a track record for getting results!

Contact me, Scott Patterson, today to discover how I can help make your South Florida real estate dream a reality!

Until next time,

Scott

3 Reasons Why Miami Beach Is Enjoying Plenty of Overseas Money

South Florida real estate newsAs I noted in one of my recent blogs, the South Florida real estate market is enjoying quite a healthy boom of new construction condominium projects.

And these projects are being spearheaded by interested foreign investors.

Why are foreign nationals deciding to invest their money here in South Florida? Here are the top three reasons:

  • Their foreign currency is stronger than the U.S. dollar, which means a greater return on investment for them
  • The South Florida real estate market is seen as a luxury destination for people all over the world
  • South Florida real estate is so depreciated in value from the last few years that it magnifies the kind of return on investment these foreign nationals can get.

More Details on the Foreign Investment Boom in South Florida

It hasn’t been the easiest last few years for the South Florida real estate market, as detailed by a recent article I was reading.  For instance, condo values dropped a staggering 60 percent from their peak, according to the Miami Association of Realtors. And available credit for interested home buyers was hard to come by.

But there’s a Renaissance of sorts taking place on the South Florida real estate market. It’s breathing new life in to the market, and a lot of that is thanks to foreign investors.

Here’s a look at recent activity in the condominium market:

  • There are 118 condo towers proposed in the Miami area, which includes 35 under construction.
  • The 41 towers that are proposed for downtown will add 12,100 new units. Although that’s a departure from the 22,000 units that were built between 2003 to 2008, it’s still a remarkable improvement!
  • And recently, the Commerce Department released data that showed nationwide residential building permits increased to their strongest pace since June 2008.
  • The department further reported that about one in three building permits issued this year has been for the large multifamily communities.
  • In the South Florida region (which includes Miami-Dade, Broward and Palm Beach counties), about 70% of residential construction permits issued through October were for multifamily units.
  • Meanwhile, about 85% to 90% of new-construction buyers are foreign, mostly from Latin America.

Experts are saying that developers have been encouraged by strong international demand that usually results in cash-financing. This model is viewed as safer than bank loans.

Consequently, a lot of developers are increasingly relying on buyers’ deposits to fund construction, versus debt from banks.

Experts are also saying that Miami is a microcosm that is being reflected on that national housing market. In truth, more markets are turning to multi-family buildings like the ones we’re seeing in South Florida  because it was the single-family home industry that dominated during the bubble years before the market crash.

Although it’s true that most national construction is still single-family homes, the uptick in recent construction activity has been dominated by multi-family homes.

Buying and Selling South Florida Real Estate

It is definitely an exciting time to be navigating the South Florida real estate market, and that’s thanks in large part to all the interest we’ve been receiving from foreign investors!

If you’re thinking about buying or selling a South Florida property anytime soon, it would benefit you to work with a REALTOR® that has a firm understanding of the local housing market and its dynamics.

So contact me, Scott Patterson, today! I have years of experience working in this area and have helped scores of South Florida residents just like you!

Until next time,

Scott

How the 3.8% Real Estate Tax for South Florida and the U.S. Really Works

South Florida home salesRecently, the National Association of REALTORS® released a helpful statement about how health care reform does and does not affect real estate taxes.

Evidently, rumors have been circulating for months that the law contains a 3.8 percent tax on real estate.

In fact, the NAR has said that the tax does not target real estate and will likely not affect most home sales. That’s because this tax will only affect high-income households who experience substantial financial gains after an asset sale (including a home sale).

The National Association of REALTORS® went on to say that the tax would likely only affect 2 to 3 percent of home sellers.

Dispelling Rumors on the Real Estate Tax

Here’s what else the National Association of REALTORS® wants you to know about health care reform and how it affect real estate taxes:

The tax will affect few home sellers because there are a lot of criteria that must be met first for the tax to apply

  • First, the home sale gain on the principal residence must be greater than the $250,000 to $500,000 capital gains exclusion that’s in effect today. Please note, this says gain and not sales amount. Thus, it’s a pretty substantial profit margin.
  • Second, those homes that do see a gain of more than $250,000 to $500,000 (specifically $250,000 for single filers and $500,000 for joint filers) need only count the amount above the exclusion into the tax calculation. This would still only apply to high income households, which is defined by law as single people earning $200,000 a year. For joint filers, that figure is $250,000 a year.
  • Once that value is plugged in and if it’s seen as taxable, then the amount could be subject to a 3.8 percent tax.
  • Although the tax took effect in 2013, any impact on taxes would not happen until 2014 because the tax filer would do the calculation in 2014 for the 2013 tax year.
  • Finally, because this is not considered a tax on a real estate sale but rather on a capital gain, it would not be calculated at the time of closing. Rather it would be calculated at the time the individual files his or her taxes.

Of course, it’s important to check with a professional tax preparer about your specific situation but this is generally how the tax works.

Your Dedicated South Florida REALTOR®

Hopefully you now have some added clarity on what the health care reform tax on real estate does and doesn’t’ do.

For more information on this recent change as well as some perspective on how it may affect you as a South Florida home buyer or seller, make sure to contact me, Scott Patterson.

I will be more than happy to assist you with all of your South Florida real estate needs in such communities as:

  • Aventura, Florida
  • Hallandale, Florida
  • Sunny Isles, Florida
  • And others!

Until next time,

Scott

French Top the Miami Real Estate Market for Most Interested Buyers

South Florida Home BuyersMove over Brazil, there’s a new international market that is newly interested in South Florida real estate.

According to a recent article I was reading, the French top the list for most consumers searching Miami area real estate.

This will undoubtedly have an impact on the local housing market as well as home seller strategy on attracting potential buyers.

South Florida Real Estate for Sale

The article I was recently reading noted that in June, the Miami Association of Realtors reported that France had moved into the top spot for consumers searching Miami homes on Miamire.com.

The association also announced that foreign consumers have become increasingly interested in Miami real estate.

Here’s what else the Association recently discovered:

  • This marks the second time this year that French consumers topped such a list. The last time this happened was in April.
  • Experts credit the surge in French interest to the fact that Miami has been exhibiting at the Paris expo every year since 2005, which has grown interest.
  • French buyers consistently rank in the top seven countries investing in Miami real estate, making it higher than any other European country.

The association also revealed the other top countries searching for South Florida real estate on Miamire.com, which is the Miami Association of Realtors Property Search. They are:

  • France
  • Brazil
  • Canada
  • Venezuela
  • Argentina
  • Colombia
  • India
  • Germany
  • Mexico
  • United Kingdom
  • Italy
  • Belgium

Experts also pointed out that this is the first time that Belgium even made an appearance on the list.

Your South Florida Real Estate Experts

So what does all of this mean to the average South Florida home seller? It means that there’s a broader prospective home buyer market to advertise too besides just domestic consumers.

It also means that it’s important for sellers to effectively use marketing materials to reach potential sellers all over the world.

This is made easier when home sellers work with seasoned South Florida real estate experts like me, Scott Patterson.

For help listing your South Florida home on the market, please contact me, Scott Patterson, today.

I’ll be more than happy to assist you as a home seller by offering valuable insight, intuitive home-selling resources and more!

Until next time,

Scott

South Florida is a Great Place to Live Right Now!

South Florida real estateThe news from the South Florida real estate market has been exceptionally positive lately.

One recent article noted that the area’s economy has been improving quite noticeably lately, emerging from the global recession stronger than before.

Today, I’m going to tell you about how our local economy is showing gains lately.

The Economy is Rebounding in South Florida

First, let’s start with the real estate market. According to the recent article I was reading, the housing market is hot once more, with home demand and home prices on the rise.

Meanwhile, condo developers are revving up activity once more.

The Miami Herald article also noted that the hospitality and tourism business is improving, with activity steadily increasing since 2010.

As of 2012, record numbers of visitors had stayed in area hotels. And experts believe that this year’s numbers are going to surpass even that!

The local economy is also seeing diversification, with Miami increasingly becoming a technology and healthcare hub.

Meanwhile, the area is also seeing a lot of key development, such as the recent Miami International Airport expansion and the Port of Miami tunnel development.

Other key developments that have been in the news recently include the Verizon NAP of the Americas in downtown Miami, the proposed new Miami Beach Convention Center and more!

Miami is also becoming well known for being a place to come as an entrepreneur.

For instance, the Global Entrepreneurship Monitor U.S. Report showed that Miami is 30 percent more entrepreneurial than the rest of the country.

Relocating to South Florida

As you can see, there are many different reasons to want to live in South Florida, from its diversified local jobs market to its thriving real estate market.

If you’re interested in making South Florida your permanent home, please contact me, Scott Patterson, today.

I’ll be more than happy to assist you by offering you valuable advice as well as such useful home-buying resources as:

Until next time,

Scott

 

How Rising Interest Rates Are Expected to Affect South Florida

Mortgage CalculatorRecently, during the month of June, mortgage interest rates moved into the 4 percent range.

This is higher than it’s been in the last several months, in which prospective home buyers all across the nation have seen rates drop as low as 3.25 percent.

So with interest rates rising again, how exactly is this going to affect the South Florida real estate market? Today, we’re going to analyze this and let you know.

South Florida homes for Sale

As many experts have noted recently, the slight increase in interest rates has encouraged many would-be buyers to finally enter the market before the rates rise even more.

This is interesting in itself given that just a decade ago, it was perfectly normal to see a 6 percent interest rate or a 9.5 percent interest rates.

But in recent years, buyers have grown accustomed to record-low interest rates.

Experts calculate that home buyers will see a 6 percent jump in monthly payments for every 0.5 point increase in the overall interest rate.

When rates first rise, home buyers worry they’re going to rise more and so there’s a surge in buying activity.

But as rates steadily rise, experts predict that purchase levels will start to decline.

In summarizing recent activity related to rising interest rates, one analyst recently said in an interview that he believes the South Florida real estate market is going to see interest rates continue to rise.

Barring some significant international economic disaster, he said residents should see rates rise to 5 or 5.5 percent soon.

But, as he noted, even those rates are incredibly good, albeit not as good as they’ve been in last 12 months.

Real Estate for Sale in South Florida

So home buyers, while you might have missed the absolute best deal available in terms of interest rates, there are still fantastic mortgages out there for you at incredible prices.

To take the next step toward making the most of this great time to be a South Florida home buyer, contact me, Scott Patterson.

I’ll be more than happy to assist you with all of your home-buying needs!

Until next time,

Scott

Celebrities Move Over, There is More Money Coming to Town

In 2013 the amount of real estate that is being sold is truly record breaking in Miami-Dade and Broward Counties. Prices are up in every sector of the market, and most especially in the luxury condominium and luxury home markets. The inventory is so incredibly tight that homes that are priced correctly are receiving multiple offers as soon as they are listed or even before if it is a pocket listing. One thing that observers are remarking on is the continued demand. With nearly 160 new projects in developments and international cash buyers ready to put large cash down payments on pre construction condo developments, there is little doubt that this market is still on fire.

 

Celebrities are even taking advantage of the sellers market. Billy Joel sold his home last week for just under $14 million on La Gorce Island, and this week Rosie O’Donnell sold her Star Island Mansion for just under $13 million. Billy Joel will likely break even on the purchase after brokers fees are paid, however O’Donnell will nearly double the money made on the property, since she bought the property in 1999 for $6.75 million and sold it for $12.65 million. While the home was listed last year for $19.5 million, and was reduced, she was advised correctly to sell. Matt Damon also sold his home on North Bay road at an advantage. At the very least this indicates the market is back to 2006 conditions, if not approaching another level, reaching the top echelon of investor.

 

Celebrities are selling, not to leave Miami per se, but because it would be fiscally irresponsible not to. The property values are sky rocketing, and taxes will likely be raised, especially for non-homesteaded waterfront home owners. So who is buying all this incredibly expensive real estate? The answer is billionaires. Alex Rodriguez sold his home on North Bay Road to a group of the Saudi Royal Family, and Billy Joel sold his home to the largest share holder of Saks Fifth Avenue and the owner of Tod’s Shoes. So not only are the celebrities and big name athletes selling their homes, they are making profits, and making way for a newer and vastly more wealthy crowd. This real estate market is most certainly the market to watch, and if you are looking to take part in it, contact us today.

 

Property Insurance Reform to Affect South Florida Waterfront Real Estate Owners

South Florida insurance ratesThe Business Journal recently had an interesting article about how the state’s reforms to Citizens Property Insurance Corp. will ultimately have a huge effect on those living on South Florida’s coasts.

For those of you who aren’t aware, Citizens Property Insurance Corp is a state-run insurer.

According to the recent legislation that the state government approved, protocol for Citizens Property has changed to help reduce enrollment, which officials say will make it less vulnerable during a storm.

This is sure to have a large impact on waterfront property owners all of South Florida!

What South Florida Home Owners Should Know About the Law Change

Under the recent change, residents will be limited to 10 percent annual premium hikes, although new enrollees would have to pass through a number of other insurers before choosing Citizens.

Experts are saying that because of this change, rates will increase overtime since homeowners would need to select private coverage within 15 percent of that offered by Citizens.

Eventually, more insurance providers will be attracted to the area, experts say.

As soon as the Citizens reform was passed, shares from the Fort Lauderdale-based Unviersity Insurance Holdings increased to its highest level in a year.

Universal Insurance Holdings is the largest private insurer in Florida.

Here’s how else the reform will affect circumstances in Florida: Some experts believe Citizens’ policy limit reductions will cause the maximum coverage to decrease from $2 million to $1 million, eventually falling to $700,000.

Some experts think the changes are coming at a bad time and may curb the housing market recovery in South Florida.

After all, investors may think twice if they’re forced to choose private insurance with higher premiums, experts say.

That could in turn call the housing market recovery to slow down or stop altogether.

What’s more, the reform forbids Citizens from covering new coastal construction after July 1, 2014. This may have a direct impact on such South Florida coastal communities.

Still, some experts say the changes to coastal construction coverage may actually end up benefiting the less expensive condominiums in Brickell and Downtown Miami.

South Florida Luxury Real Estate For Sale

What do you make of the recent legislative changes concerning Citizens Property Insurance Corp?

I am always happy to offer straight-forward advice and providing you with such useful home-selling resources as:

Until next time,

Scott

 

Miami-Dade County, Florida Real Estate is Booming!

Things are continuing to look up for the South Florida real estate market, according to the most recent data released.

Evidently, more and more investors are coming to South Florida to get a piece of the action – which in turn is strengthening our local housing market.

Miami, Florida Area Homes for Sale

According to the most recent article I read in the Miami-Herald, plenty of private equity firms in the area are snatching up prime South Florida real estate lately.

For example, Fort Capital recently purchased the historic Surf Club in Surfside. It is expected to be revitalized and later sold.

That’s what the company did after it bought most of the Capri South Beach along with other coveted pieces of South Florida real estate.

Experts say that the South Florida market is getting hotter and hotter, with demand rising.

This is particularly true in the hotel arena, where investors are buying and building hotels left and right!

The latest activity reflects a national trend in which the lodging industry is expected to spend more than $5 billion this year on upgrades that range from redesigned lobbies to additional fitness centers and restaurants.

Here in South Florida, some of the more specific drivers to this recent hotel boom include rising tourism numbers, scarcity of available land and more lenient lending policies.

Here’s what else you should know about the South Florida hotel industry:

  • Through September, hotels in Miami-Dade were more than 76 percent full, which is up slightly from the same period a year before.
  • Room rates in South Florida increased by 7 percent to almost $163.
  • Revenue per available room in South Florida also grew by about 8 percent year-over-year to $124.55.
  • Hotel transactions volume is expected to be about $650 million in the county this year, up 13 increase when compared to 2011

You may be thinking to yourself – that’s great but what exactly does this mean for the South Florida residential housing market?

Since everything is inter-connected, more interest and investments in the South Florida hotel market will likely lead to more interest and investments in the South Florida real estate market as well!

Your South Florida Real Estate Expert

To learn more about how the current hotel industry boom here in South Florida will benefit the local residential housing market, please contact me, Scott Patterson.

I’ll also be happy to assist you with all of your home-buying and home-selling needs on any one of the following South Florida real estate markets:

Until next time,

Scott

South Florida Real Estate Market Recovery Ranked Best in the Nation

South Florida real estate salesThe South Florida real estate market is experiencing a larger bounce back than most housing markets around the nation.

Evidently, Palm Beach County, Broward County and Miami-Dade County are all seeing major jumps in their median sales price – making them some of the fastest improving markets in the country!

This is obviously great news for luxury South Florida home sellers who are hoping to get a respectable price for their South Florida property!

South Florida Home Sales

Here’s a breakdown of recent South Florida real estate market activity:

  • Broward County’s median price was $127,000, up 21 percent from the year before.
  • During that previous year, the median sales price in Broward County was $105,000.
  • That jump in Broward County was the highest jump of any housing market in the nation!
  • In Miami Dade County, the median sales price was $165,000, up 20 percent from the year before.
  • During that previous year, the median price in Miami-Dade was $138,000.

Although a lot of South Florida homes lost nearly half their value during the housing crisis, experts are now saying that the market is bouncing back from that drop.

Helping the situation is a lot of demand from investors as well as a shrinking supply of available South Florida homes for sale.

Rising rental prices are also driving more home buyers to the market.

List Your South Florida Home on the Market Now

South Florida home sellers who have been hesitant to list their home on the market in recent years can start doing so with confidence.

After all, given the recent data, it appears that home sales prices in the area are on a steady climb.

For help listing your home on the South Florida real estate market, please contact me, Scott Patterson.

I’m an experienced area REALTOR who can help you set the right list price on your home and create an effective marketing plan tailored to you.

For now, be sure to browse some of my online home-selling resources, such as:

Until next time,

Scott