Three Benefits That People Can Look Forward To When They Purchase Downtown Miami Luxury Condos

Downtown Miami luxury condos are now among the most highly recommended real estate options for people who are looking to live a rewarding life within the financial district of Miami, Miami-Dade County, and South Florida.

Potential property buyers who are curious about the benefits that they easily can look forward to in the event that they decide to purchase Downtown Miami luxury condos will find three major benefits which include:

Convenient Location

The urban residential neighborhood where people can expect to find these outstanding real estate options is situated right in the heart of the city. People can look forward to a great selection of dining establishments, entertainment options, shopping centers, and even recreational activities which are conveniently located within close distance to the neighborhood’s amazing range of high-rise properties.

Many of the luxury condos found within the neighborhood are located near the Miami Design District as well as the popular neighborhood of South Beach which is situated on the southern end of the island known as Miami Beach.

Indulge in attraction such as the neighborhood’s science museum, art museum, ballet, American Airlines sports arena, and Bayfront Park. Look forward to festivals as well as events such as the international film festival which showcases the best international and independent films which help to improve culture as a whole.

Great Transportation

One of the great things about living within the urban residential neighborhood is the fact that it has great transportation systems which include the MetroMover as well as the Metrorail railway system. While Downtown Miami luxury condos are usually an option that wealthy individuals are more likely to consider, many people today agree that public transportation is a very practical and fun way to experience life within one of the fastest paced districts within South Florida today.

People who are not so enthusiastic about taking the railway systems will also have the opportunity to choose to ride taxis which happen to be commonly available within the neighborhood.

Breath-Taking Views

More often than not, people who consider high-rise properties within the region tend to look for options that provide them with the most sensational views possible since the region is known to be one of the most scenic tropical locations within the United States today.

Fortunately, the neighborhood’s selection of luxury condos includes a fabulous range of waterfront properties which offer breath-taking views of the city and the Biscayne Bay. People who would like to purchase the tallest Downtown Miami luxury condos will find the Four Seasons, a 70-story skyscraper located at 1435 Brickell Avenue, to be one of the most highly coveted options around.

Nevertheless, there are other options such as 50 Biscayne, Epic, Met 1, The Loft, and many other high-end luxury condos which are located within the Brickell area. It goes without saying that all of these real estate options are specifically designed to live up to the highest standards of modern luxury living today.

If you wish to find out more about the different options that are currently available to you on today’s property market, you may contact a professional agent that specializes in Downtown Miami luxury condos to find out more information.

Luxury Condos In Laguna Hills California

If you could choose to live anywhere in the country, where would it be? You may dream about living on the beachfront in Miami watching the waves crash from your bedroom window. You may wish you lived in Las Vegas and could watch the bright lights flashing on the strip. You may want to live in Colorado with snowcapped mountains right outside your door. Whatever your dream may be, luxury condos are available throughout the nation to make it an affordable reality.

What are the benefits of buying a luxury condo?
Luxury condos are available to rent, to buy in timeshares, or to buy as the sole owner. If you are single and looking for a primary residence or a married couple looking to buy a second home, luxury condos are smart, affordable investments. They are usually cheaper than homes and are convenient for people who cannot afford a large mortgage. Condos are also usually smaller than most homes so they are nice for single people or small families that do not need the space of a house.

Other benefits to owning a condo are the onsite amenities that many condos offer such as: pools, hot tubs, fitness centers, tennis courts, sand volleyball pits, clubhouses, playgrounds, etc. Condo owners are usually not responsible for the maintenance or repairs of those amenities because they pay a monthly condo fee that covers those costs. Some condos may have small front yards or community courtyards and most condo fees cover the maintenance costs of those also. Another benefit to owning a condo is having close neighbors and usually being conveniently located near shopping centers and employment centers.

The drawbacks of owning a luxury condo
One drawback that was previously mentioned as a benefit is the proximity to neighbors, shopping centers, and business districts. Depending on each owner, this can also be a downfall of owning a condo. Many condos are stacked or have joined walls, so you may have to deal with loud, obnoxious neighbors. Also, some people prefer to be away from shopping centers and busy streets because of children. Lastly, the condo fee may be a drawback for some. If you are not interested in using the condo amenities, you are still required to pay the condo fee.

Planning for retirement
Once you retire, you may want to permanently move to the place of your dreams. But, have you ever considered buying a condo prior to retirement? In most cases, if you buy a condo prior to retirement you will not be able to occupy the property full time. If you can only take a few weeks of vacation during the year, consider renting out your condo during the times that it is vacant. Condos on the beachfront or in tourist locations are in high demand and you could make quite a profit from occasional renters. The money generated from renting the condo can pay your mortgage or simply supplement your retirement fund.

Luxury condos can be a great place to live permanently, or they may be a great place for your family to escape to for a few weeks out of the year. Whatever you use it for, you will find that owning a luxury condo is an affordable, satisfying investment.

Luxury Property Auctions: A Better Way to Sell Non-Distressed Luxury Homes

According to the National Association of Realtors (NAR), one in five homes in the U.S. will sell via auction in the next five years. Most of us think: auctions? Aren’t auctions just to sell foreclosures and other distressed properties? Not necessarily. In the last few years, a new trend has emerged: selling and buying high-end non-distressed properties via luxury property auctions.

What is an auction? Simply put, auction is a method of offering goods and services for sell through the bidding process. Auctioning involves taking bids and selling the property usually to the highest bidder.

Today, the most commonly used type of auction is Open Ascending Auction, also known as English Auction. In this type of auction, participants openly bid against each other by putting higher bids and highest bidder wins the auction. That’s when the famous gavel falls and the auctioneer announces: Sold!

There are two basic types of auctions: Reserve Action and Absolute Auction. Under the Reserved Auction, the seller will establish a minimum price (disclosed or undisclosed) for which the property must sell in order for the auction to be valid. If the highest bid does not reach that price, the auction is void. On the other hand, the Absolute Auction has no minimum price (Reserve), which needs to be met.

Why luxury auctions? Properly marketed and executed luxury actions have several advantages for the sellers:

  • Property sells for the highest market price, typically within 60-90 days
  • Price can exceed the price of a traditionally negotiated sale
  • Auctions generate more competition and interest among qualified buyers
  • Property is sold “as is” with no contingencies and with high certainty of closing
  • Auctions significantly reduce sellers’ expenses (carrying costs, price reductions, and opportunity cost).

However, sellers are not the only beneficiaries of auctions. There are several distinctive benefits for the buyers as well:

  • Bidders (buyers) set their own purchase price
  • They compete fairly and openly on the same terms with other buyers
  • No need for lengthy price negotiation process
  • Buyers know that the seller is committed to sell
  • Buyers can review property’s Due Diligence Package before the auction

In most parts of the U.S., the luxury residential real estate market (properties over $1M) is struggling. While low and moderately priced homes are selling relatively quickly nowadays, the high-end properties can linger on the market for many months and sometimes even years.

The sellers of luxury properties are faced with substantial carrying costs, price reductions, and opportunity cost, which can add up to hundreds of thousands of dollars. Recently, I have previewed a luxury home in one of San Diego’s most luxurious coastal communities. The sellers had lost over $1M in carrying costs and price reductions since the property was listed for sale almost two years ago,

Compare that to a luxury property auction, which typically sells a property for the highest market value within 60-90 days. How do the sellers know that their property had sold for the highest market value? They know because correctly marketed luxury auctions generate the highest number of qualified buyers and ultimately the buyers, not the sellers (or their agents), determine the market value of any property.

So, what’s the “secret sauce” of the luxury auctions? For the luxury auction to be successful, it must be properly marketed by a company which specializes in that type of auction. We live in a global economy where goods and services are sold across the country borders, and high-end real estate is no exception. The most successful luxury auctions, involve extensive and well executed marketing campaigns, often with both domestic and global outreach.

As a result, it is not uncommon that luxury auction open houses will attract 150 to 450 buyers eager to preview the property. In some cases buyers, who fly in from all over the planet, are allowed to make an offer on the property before the auction day (so called “pre-auction offer”). Such offer can be accepted, declined, or countered by the seller, depending on the price and motivation.

On the auction day, there are typically 10-50 buyers, who are ready, willing, and able (have certified funds) to compete to purchase the property. This is in stark contrast with traditionally marketed luxury listings, which typically generate much less interest and fewer, if any, buyers.

However, luxury auctions are not for every property and every seller. First of all, the property itself needs to qualify. Typically, the auction firm’s representative will preview the property to make sure that it meets certain criteria to be considered suitable for a luxury auction. Some of the criteria include: price point minimums, architectural design, location, condition, and the overall quality.

Secondly, the sellers need to qualify too as they need to be realistic about the value of their property. Auction is a terrific tool to sell a luxury home or estate, but it is not a “silver bullet” to sell grossly over-priced or over-encumbered properties. For instance, if the sellers want to sell their property for $5M, but the market value is around $2M, the auction is most likely not going to help.

Lastly, the seller must be committed to sell, because once the property is marketed and the auction properly executed, the odds are high that the property will actually sell. In fact, one luxury auctioning company boasts a success rate of 98%.

So, the luxury auctions are not suitable to just “test the market” as some sellers do with conventional real estate agents when they list their properties to see if there is any interest.

In conclusion, luxury property auction can be hugely effective tool in both selling and buying high-end properties. Properly marketed and executed luxury auctions sell properties for the highest market value, in the shortest amount of time, with a success rate as high as 98%.