Pre Construction Investments
Pre Construction Investments
Pre-Construction Investment in Residential Properties
Pre-Construction Investment in Residential Properties
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.
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.
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.
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.
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%.
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.
Ft. Pierce Florida 34982
(772) 464-6880
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.
Call 772-871-1775 or visit the city’s website https://portstluciefl.qscend.com/311/
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.
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.