Pre Construction Investments

Pre Construction Investments


preconstruction_condosPre-Construction Investment in Residential Properties 

The advance sales of the pre-construction units are the biggest hurdle for most developers planning to obtain construction loans from financial institutions.  The typical requirements to start a construction loan process is owning the land, having all permits in place and sell a predetermined number of the pre-construction homes prior to underwriting the loan.  With lenders acting more cautious than ever, the developers not only are scrutinized to qualify for a construction based on their creditworthiness but also have to create a sales force, build models and advertise to sell the preconstruction units.  To add to their problems is the lack of confidence by the preconstruction investors who are walking scared after the fiasco of the last crash of the real estate market.
 
As one of the stronger companies that have survived the ups and downs of the real estate market, we are trying to create a sales solution for developers of new residential construction as well as opportunities for pre-construction home buyers and investors.  We recognize the challenging times we face in managing the relationships with uncertain investors as well as the anxious developers.  We also believe that only hard work along with integrity is the only route for better days ahead.  We know that the days of flipping pre-construction contracts are long over. Today’s purchasers are more interested in the quality of the development and the discount margins than a short term gain of crazy margins due to atypical increases in home prices.
 
In order to resume offering pre-construction opportunities to savvy investors while creating sales solutions to developers, we are looking for sound pre-construction projects to present to our past and present investors.  To achieve this, we have completed a highly disciplined due diligence process in choosing our developers in order to ensure the integrity of the project along with the true market value of the units and the discount margins being offered.  For further information please contact Hamid at info@portstlucie.city

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Local Business of the Month Shell Bazaar

Local Business of the Month Shell Bazaar


Port St Lucie Shell BazaarShell Bazaar Port Saint Lucie FL

Supporting our local businesses is an integral part of Port St Lucie’s future business development.    Put it on your things to do in Port St Lucie list.  If we want to keep our city quaint hometown feel with unique shops we must support small businesses.  So the next time you are out shopping for a gift, home accessory,  or specialty food item remember to visit your favorite local spots. 

Our featured business of the month is also one of the tourists favorite photographed landmarks along Federal Highway.  The big conch shell that sits on US1 just north of SE Jennings Rd in Port St Lucie stands out as a tourist attraction in itself. 

Visiting Florida shell shops as a child bring back many fond memories of discovering the different shells and handmade shell products such as mirrors, animal figurines, and jewelry.  There is something magical about the sea and bringing home these treasures to decorate or keep as a souvenir from a favorite vacation makes these Florida tropical memories last. 

The next time you pass by the Shell Bazaar take a moment to stop in and support your local business.  They have many decorative items along with jewelry and shells to make your own decorations or to send as a gift to a friend out of State.  The Shell Bazaar also carries specialty food items like Coconut Patties that perhaps a senior friend up North would enjoy special treats from Florida.   

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Luxury Homes Pre-Construction Opportunities

Luxury Homes Pre-Construction Opportunities

preconstruction_opportunitiesPre-Construction Opportunities in the Luxury Home Market

The pre-construction opportunities in the luxury home market will require a more sophisticated buyer and a thorough due-diligence process.  The preconstruction luxury property market deals with buyers with both financial means, knowledge of the market and discriminating taste.  This sector of the real estate market is normally serviced by the developers and real estate companies who are dedicated to the construction and sales of luxury homes.  There are many large and small real estate firms specializing in sales of luxury properties in the US and many other countries internationally.  As an experienced real estate team with luxury projects and affiliates in US, Europe, and other international destinations we have been trusted by many developers and homeowners alike for over 13 years.  As a member of International Consortium of Real Estate Associations (ICREA), we have the advantage of working with international real estate professionals and their buyers to market your luxury homes to a wider range of audiences.  The designation of Transnational Referral Certification (TRC) offered only to the ICREA members along with the privilege of access to market your home in  their top ranked website www.worldproperties.com.

We showcase preconstruction luxury homes as well as the ready-to-move-in builder’s model and resale opportunities throughout many national and international websites that cater to luxury single-family homes and condominiums. Buying resale luxury homes offers immediate access to the property with many luxury amenities already in place.  The pre-construction homes, on the other hand, present the choice of custom-designing prior to the construction of your home or condo along with builder’s incentives.

Regardless of resale or preconstruction purchase of luxury homes, when considering investment in the high-end homes market take the extra steps and do your due diligence as you would in any other investments.  The mere fact that there is a big name attached to a project does not necessarily guarantee the success of the project. Just ask hundreds of investors who lost millions of dollars in deposits in the past few years in some projects sanctioned by some of the biggest names in the industry nationwide.  Contact the real estate professionals in our team to assist you in buying or selling luxury homes and we’ll walk you through the due diligence, inspection, appraisal and contract to close process.

For developers of luxury homes, we are currently compiling an exciting list of luxury properties and invite developers to join us to market their luxury developments to national and international homebuyers.  If you are looking to buy or build your dream home, please contact us for a list of developers specialized in the construction of luxury homes.

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Pre-Construction Risks

preconstruction_properties_Port_St_LucieHow to Buy Pre-Construction Properties

This is a guide on how to buy pre-construction properties in the right time and what to do to eliminate the risks associated with such transactions.   In this article, we discuss the differences between the two major contracts; the Builders Contract and the Real Estate Purchase and Sale Contracts and when to use Realtors or real estate attorneys.

Real Estate Sales and Purchase Contracts vs Builders’ Contracts

 While the Real Estate Sales and Purchase Contracts used for resale of existing homes, almost all new and pre-construction sales contracts are “Builders’ Contracts”.   The typical real estate sales contracts for resale transactions are normally sanctioned by a real estate association.  The most significant difference between the two contracts is the fact that the real estate sales contracts are drafted to protect the buyers, however, the builder’s contracts drafted with the developers benefits in mind.

 Hiring a real estate professional who is familiar with both types of contracts is beneficial to the homebuyers in many ways.  Such professionals could easily identify any pitfalls in the Builders’ Contracts that might work against the buyers’ interests.  The scope of a Real Estate Brokers work varies based on the state the property is located.  In some states, Realtors cannot become involved in the writing of real estate purchase contracts and their role is limited to finding and showing properties while in others, like Florida, any Realtor is capable of drafting the purchase contract and follow up with the process till the closing.  There are other entities to assist the buyers such as real estate attorneys who normally do not get involved in finding and showing properties until the draft of the initial purchase offer becomes necessary.

 There are many reasons to use either a Realtor or an attorney or both.  Most simple purchase contracts are easily handled by Realtors and title companies.  Most of the brokers and real estate professionals are compensated by sellers while attorneys might charge the buyers for their services.  Use of attorneys in more complicated real estate transactions such as estates and trusts are beneficial to the sellers.  An experienced and educated Realtor could even help you with specialized transactions such as 1031 exchange without any additional costs to you.

 No matter which state or what type of service applies to you, just make sure to use the assistance of a real estate professional and don’t walk unarmed to the developer’s office and start checking out the models.  This makes even more sense when, as a buyer, the help you’re getting from the real estate broker is not costing you a dime.  Just think, if the builders have their attorneys on their side to protect their benefits, who will look after yours?

 We hope these series of articles serve as a useful guide to buying preconstruction properties and aid the home buyers and investors in reducing the risks associated with purchasing of pre-construction properties.  This is a follow-up to our other articles in advising buyers in how to buy pre-construction properties and what to look into when it comes to choosing a developer including the purchase contract and other terms and conditions set by developers.  The recently published articles on the importance of due diligence and other facts about preconstruction acquisitions were intended to assist and educate potential home buyers and investors in the market for the purchase of pre-construction properties.

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Pre-Construction Risks

Real Estate Investment Trust REIT

Real Estate Investment Trust REIT

real estate investmentREIT Real Estate Investment Trust

Contrary to what Many investors think the REITs or Real Estate Investment Trusts are not the phenomena surfaced during the recent real estate booms and the REIT platform is over a century old.  Although many REITs and other investment clubs popped up during 1990’s and recently 2005-2007 period but the history takes REITs dates all the way back to 1880’s when it was used as a tax shelter against double-taxation on corporate and individuals.   The international Real Estate Investments Trusts, on the other hand, are fairly new and are different in qualification standards by each country.  Modern countries like Canada or England have adopted the regulation for Real Estate Investment Trusts (REIT) as recent as 2007 in England.

The tax benefits, power buying and expert management of these Trusts has attracted investors since 1990.  Lee A. Chilcote from Arter & Hadden estimates the market expansion from $5.5 Billion in 1990 to over $140 Billion in 1998.  According to REIT.Com, all REITs index in was up by 28% in 2010, which easily surpassed the broader market index when S&P 500 saw an increase of 15.1 and NASDAQ Composite was up 16.1%.

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Weatherbee Nursery Fort Pierce, FL

Weatherbee Nursery Fort Pierce, FL

Weatherbee Nursery Fort Pierce FloridaWeatherbee Nursery in Fort Pierce a Little Corner of Heaven

Last week we saw an ad for Weatherbee Nursery in a local newspaper in Fort Pierce and since we were in the neighborhood we decided to pay a quick visit.  The nursery is located on a street by the same name and we found it with no problem.  From the front parking lot to the entrance first thing you’ll notice is how clean, neat and organized this beautiful garden center is maintained.  As soon as we stepped into the garden the tranquil waterfall located in a shady area surrounded by flowers was the best welcome that was only matched with the most helpful staff that serviced all our needs.

The gentleman who seemed to be the owner or manager had the best advice in how to ship plants that my wife was planning to send to her mom in upstate NY and before we knew we had spent an hour strolling around enjoying the garden.

We ended up buying a bunch of herbs and tomato plants to liven up our cooking with fresh ingredients.  The fresh mint, chocolate, and orange mint make a delightful aromatic sweetener in cold tea especially in the hot summer Florida tropics makes this a very refreshing drink.  Support your local Small Businesses today!

Weatherbee Nursery

701 E Weatherbee Rd.

FtPierce Florida  34982

(772) 464-6880

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Emergency Phone Numbers in Port St Lucie

Emergency Phone Numbers in Port St Lucie

Port St Lucie Phone NumbersImportant Phone Numbers in Port St Lucie and St Lucie County

Searching for a city or government office phone numbers? Look no further as we have compiled a comprehensive list for you.  Find both the phone numbers and addresses of offices such as Election Office, County Property Appraiser Office and Department of Motor Vehicle (DMV).  Please be kind and help pthers by notifying us of any phone number that is missing in our list and we will update it immediately.

Port St Lucie area code is (772) 
 

 City of Port St Lucie Phone Numbers by Department

Call 772-871-1775 or visit the city’s website https://portstluciefl.qscend.com/311/

    • press 1 for Utility Systems Department
    • press 2 for Building Department
    • press 3 for general questions
    • press 4 for a department list
    • press 5 for Office of Solid Waste
St. Lucie County Chamber of Commerce Address and Phone Number
2937 W Midway Road
Fort Pierce, FL 34981
772-595-9999
 
City Council—City of Port St Lucie Address and Phone Number
121 S.W. Port St Lucie Blvd, Building A
Port St Lucie, FL 34984-5099
772-871-5159
 
Comcast (cable) Address and Phone Number
Victoria Square
Port St. Lucie Blvd. and Bayshore Blvd.
(888) 683-1000
 
Community Transit Address and Phone Number
1505 Orange Ave.
Ft. Pierce, FL 34950
772-879-1287
 
Council on Aging Address and Phone Number
2501 S.W. Bayshore Blvd.
Port St. Lucie, FL 34984
772-336-8608
 
Elections Office Address and Phone Number
South County Annex
250 N.W. Country Club Dr.
Port St. Lucie, FL 34986
772-871-5410
 AND
1664 S.E. Walton Rd.
Port St. Lucie, FL 34952
772-337-5623
 
Employment Office Address and Phone Number
584 N.W. University Blvd., Suite 300
Port St. Lucie, FL 34986
(866) 482-4473
 
Florida Power & Light Address and Phone Number
772-462-0555
 
Fort Pierce Housing Authority Address and Phone Number
(HUD housing and subsidized housing)
772-461-7281
 
Garbage collection Address and Phone Number
(Trash, recycle bins, yard clippings, etc.)
Waste Pro
4100 Selvitz Rd.
Ft. Pierce, FL 34981
772-595-9390
 
Home Town Cable Address and Phone Number
10476 S.W. Village Center Dr.
Port St Lucie, FL 34987
772-345-6000
 
Libraries—St. Lucie County Address and Phone Number
Main Branch Library
101 Melody Lane
Ft. Pierce, FL 34950
772-462-1615
 
180 S.W. Prima Vista Blvd.
Port St. Lucie, FL 34983
772-871-5450
 
2410 S.E. Morningside Blvd.
Port St. Lucie, FL 34952
772-337-5632
 
520 California Blvd. (Indian River Community College)
Port St. Lucie, FL 34986
772-871-0050
  
Motor Vehicle Office—Vehicle Tags Address and Phone Number
 
Port St Lucie
1664 S.E. Walton Rd.
Port St. Lucie, FL 34952
772-337-5600

Fort Pierce
2300 Virginia Ave
Fort Pierce, FL  34982
772-462-1650
 
Florida Division of Driver’s License Address and Phone Number
1664 SE Walton Rd.
Port Saint Lucie, FL 34952
772-462-1650
 
Police DepartmenAddress and Phone Number
Non-emergency—772-871-5000
Emergency—911
121 S.W. Port St. Lucie Blvd., Building C
Port St. Lucie, FL 34984
 
The Saints at Port St. Lucie Golf Course Address and Phone Number
2601 S.E. Morningside Blvd.
Port St. Lucie, FL 34982
772-398-2901
 
School Board of St. Lucie County Address and Phone Number
4204 Okeechobee Rd.
Fort Pierce, FL 34950
772-429-3600
 
St. Lucie County Alarm Registration Address and Phone Number
1664 S.E. Walton Rd.
Port St. Lucie, FL 34952
772-337-5650
 
St. Lucie County Board of County Commissioners Address and Phone Number
2300 Virginia Ave.
Fort Pierce, FL 34950
772-462-1100
 
St. Lucie County Clerk of Circuit Court Address and Phone Number
South County Annex
(Traffic Tickets & Small Claims only)
250 N.W. Country Club Drive
Port St. Lucie, FL 34986
 
Clerk’s Office Address and Phone Number
(Deeds, documents and everything else)
201 South Indian River Dr.
Fort Pierce, FL 34950
772-462-6900
 
St. Lucie County Property Appraiser—Address and Phone Number
1664 S.E. Walton Rd., Suite 219
Port St. Lucie, FL 34952
772-462-1000
 
St. Lucie County Tax Office Address and Phone Number
1664 S.E. Walton Rd.
Port St. Lucie, FL 34952
772-337-5650
 
St. Lucie Medical Center Address and Phone Number
1800 S.E. Tiffany Ave.
Port St. Lucie, FL 34952
772-335-4000
 
Social Security Office Address and Phone Number
6810 S. U.S. 1
Port St. Lucie, FL 34952
(866) 269-4598
 
St Lucie County Veterans Services Address and Phone Number
1664 S.E. Walton Rd.
Port St Lucie, FL 34952
772-337-5670
 
Water & Sewer Utilities Address and Phone Number
121 S.W. Port St. Lucie Blvd, Building A
Room 169
Port St. Lucie, FL 34984
772-871-5330

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Hamid Hakimi Speaker at Florida Real Estate Convention

Hamid Hakimi Speaker at Florida Real Estate Convention

Hamid Speacker at Real Estate Converntion

Hamid Hakimi – Real Estate Broker

Hamid Hakimi Guest Speaker 2014 Florida Association of Realtors Convention

As one of the only four Realtors in the State of Florida Hamid Hakimi was invited to be a guest speaker in 2014 Florida Association of Realtors Convention and share his experience with other Realtors.   The topic of the speech was “My Best and Worst Deal” as a Realtor.

My Best and Worst Real Estate Deals

One of the educational events in the Realtors conventions is inviting the experienced Realtors to share their knowledge with their colleagues.  Last year’s Florida Association of Realtors’ annual convention followed this tradition by inviting four Brokers and Realtors from across the state to share their vast experience with the audience of fellow real estate professionals.  In 2014 convention the subject of the discussion was “My Best and Worst Deals”.

While the audiences were expecting boasting about the financial rewards of a transaction, they found Hamid’s Idea of the best deal nothing short of a surprise.  Hamid told them of a day that a young couple with three children went to his office looking to buy a home in Broward County.  Hamid was in charge of the armed forces relocation division for his office in Coldwell Banker and the husband was in the armed forces, being transferred from Texas. 

With their Prequalification Letter for $300,000 mortgage on hand it took near a month during the real estate boom to finally find a house.  While writing the offer in his office, Hamid found out that the couple was a victim of predatory lending.  The mortgage broker had offered them a very low monthly payment without disclosing the loan was a Negative Amortization, Adjustable Rate Mortgage (ARM) and their payments will almost triple in a year or so.  While this was workable, Hamid could have easily tried  to sell them the house, to the couple’s surprise, he refused to write an offer and be a part of the predatory lending. 

Although Hamid explained the pitfalls of these type of mortgages and the increased risk of not being able to pay the much higher monthly payments, the young couple who had finally found their dream home insisted in proceeding with the offer.  To their dismay Hamid would not budge, and insisted on helping the couple to either buy a small condo for a much lower price or rent.  After a few sessions of going and back and forth with the couple insisting on buying the home, they ended up finally leaving Hamid’s office very upset. 

Over a month after the Broker in his office shared a very heartwarming letter that she had received from some clients.  To Hamid’s surprise it was a letter of gratitude from the young couple who wrote to the broker about their experience with a Realtor who put their benefit before his.  For Hamid this was another day at the office as this is how he works every day, understanding that he is working with people that trusted him with the largest investment of their life.

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Real Estate and Economic Recovery

Real Estate and Economic Recovery

Economic_Real_Estate_RecoveryApproaching Economic Recovery  

Although the signs of the economic recovery are appearing in almost every sector of the economy, but the good news is that instead of talking about gloomy days of recession and depression, we are finally talking real estate economic recovery.
 
1) The number of notices sent out to homeowners in default in their mortgage payments in May 2015, was the lowest since 2006.
 
2) The sales of existing new homes have increased for 9 straight months in June 2015, for a total of 9.6% increase in when compared to the same time last year.
 
Although there are other positive signs in different sectors of the economy and we are following a cautious path toward recovery, but some factors still dampen the optimism of a recovery.  While the decrease in both default notices and foreclosure filings by are welcoming news but these numbers do not portray the reality of the real estate market.  The fiasco of hew year ago, with Robo-signing and other mishaps by the lenders, has forced a major overhaul in the foreclosure process, which in turn has delayed some of the new filings.  There is no actual data of how many foreclosures have been delayed because of the Robo-signing but the following data by Realtor Magazine might shed some light as to where the real estate and construction industry are heading: 

States with the Most Foreclosures 

  1. Florida
  2. New Jersey
  3. Tennessee
  4. Maryland
  5. Nevada
  6. New Mexico
  7. Ohio
  8. Illinois
  9. Indiana
  10. South Carolina

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