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Olga Monson's Blog

By Olga Monson | Agent in Fort Lauderdale, FL
  • Miami 2020. Why invest in Miami?

    Posted Under: Investment Properties  |  May 16, 2014 8:32 AM  |  153 views  |  No comments
    Miami rates top on the latest Case-glamorous real estate report

    Home values in South Florida showed no weakness in April, soaring 17 percent compared to the prior year, according to the latest Case-Shiller numbers.

    The closely watched real estate index gave the greater Miami market the largest April increase of any of the 20 metropolitan markets it tracks. Between March and April, the Miami index increased .7 percent, the 23rd straight month of rising values. Taking a 12-month view, the Miami index grew the fastest since June 2006.

    With values soaring, industry analysts expect price increases to moderate in 2014. The S&P/Case-Shiller index reports on conditions from several months earlier, so it is considered a lagging indicator. The latest numbers offer more evidence of the real estate market’s quicker pace in 2014. In April 2013, the Case-Shiller Miami index, which includes Broward and Palm Beach, was up 10 percent from the prior year.

    “Following the economic downturn, Miami, London and New York came to epitomise the so-called safe haven market, with overseas buyers looking to escape currency, economic, political and security crises by putting equity into tangible assets that appeared safe from government sequestration. This trend gathered pace in 2012. Then Russians, long an important driver of the London market, became a growing force in both New York and Miami, alongside ever-rising demand from Latin America. – Knight Frank Wealth Report 2014″

    The best way to predict the future is to create it

    - Peter F. Drucker

    And never before has a city been so ready to create its future like Miami. We see it all around us: a reemergence of cranes, hard hats, and glamorus brochures. And with hi-rises on the rise again, where luxury is as ubiquitous as cafecito, and world-class living is the way of life – there’s no denying that the Future of Miami looks pretty awesome!

    Miami has ranked 8th on The wealth report 2014 by Knight Frank, ahead of Paris and Beijing just to name a few. Focusing on the High New Worth Individuals on each city category.

    NINE is the key development that will contribute to the growth and success of the future of Miami and its neighborhoods. In a few years we should see most of other projects taking shape in the new decade, boosting local economy and attracting tourists from all over the world.


     

  • 10 Reasons to choose NINE in Mary Brickell Village

    Posted Under: Investment Properties in Miami  |  May 16, 2014 8:16 AM  |  198 views  |  No comments

    N I N E

    Reasons to a 10 + Lifestyle and Luxury Living

     

    1. NINE is only an elevator away from The Shops at Mary Brickell Village with more than 35 Restaurants, shopping, services such as banks, cleaners, fed-ex, Publix, LA Fitness. Conveniently located adjacent to the Brickell Metromover, Metrorail and Miami Trolley stations.  

      

    2. NINE is also 1 block walking distance from the 1 billion dollar Swire Brickell City Centre which is the future outdoor retail shopping centre partnered with Bal Harbour Shops.

      

    3. NINE is already TOPPED-OFF on the 35th floor and is the only brand new development delivered in Brickell THIS SUMMER 2014.

     

    4. NINE HOA is $0.55 psqf including AT&T U-verse 200, offering approximately 200 digital channels and connection to high speed internet, water, sewer, common area access expenses. Each unit will count with one assigned parking and with 24/7 valet parking service for additional cars.

      

    5. NINE has the most competitive prices in Brickell area for FINISHED units consisting in a mix of one, two, three bedroom apartments and Penthouses. 30 Floor Plans ranging in size from 744 to 2,098 square feet. And for limited time only, NINE is offering fully furnished residences by TUI Lifestyle! 

     

    6. NINE Units are delivered FINISHED with imported porcelain tile flooring in a wood grain finish, solar window shades, contemporary kitchens featuring white lacquer European cabinetry and quartz countertops with full-height backsplashes, Whirlpool stainless steel appliances, washer and dryer in every unit.

     

    7. NINE units can be rented out 12 times a year.

     

    8. NINE Residents will enjoy 1 year of VIP access to the Exclusive Grand Bay Club on Key Biscayne valued at $21,000 for the year.

     

    9. NINE Deposit Schedule is 30%: 

    20% at Contract- NOW!!!  
    10% due within 45 days from contract execution  

    Balance at Closing- End of Summer 2014.

     

  • Nine at Mary Brickell Village - new luxury condos at the heart of Brickell!

    Posted Under: In My Neighborhood in Miami, Investment Properties in Miami  |  May 15, 2014 3:10 PM  |  316 views  |  No comments

    NINE at Mary Brickell Village is a new luxury condominium located in the heart of MaryBrickell Village at 999 Southwest 1st Ave.  It will include 390 elegantly appointed residential units and rise 35 stories to overlook the neighborhood’s culinary, nightlife and retail scene.  Slated for completion in fall 2014, NINE at Mary Brickell Village will be brought to life by industry powerhouses Starwood Capital Group and LYND, with sales led by Fortune International.

    The Beaches of Key Biscayne are within 10 minutes car journey as well as Miami Beach of equal distance. Mary Brickell Village oozes the urban lifestyle with the new Brickell City Center not too far from being finished on the retail side (600,000 sf) at the end of 2015, which will give Miami the cosmopolitan lifestyle of the next mini Manhattan but with all year round sunshine!

    Quick facts about NINE:

    ·        NINE is the only residential tower located inside Mary Brickell Village

    ·        Completion is slated for this FALL 2014! That means, everyone gets paid in less than 6 months.

    ·        Units are delivered completely FINISHED OUT and move-in ready. Some of them come designer furnished. If the buyer prefers it unfurnished, he/she gets credit at closing.

    ·        Buyers only pay 30% total deposit

         Maintenance dues are only .55/sq ft and include all of the amenities, valet, 200 digital channels and high speed internet with AT&T U-Verse.  Each unit comes with one assigned parking plus valet.  And there are no pet restrictions. 

     

    *** We are also running an excellent promotion right now where units can come fully furnished and turn-key by Tui Lifestyle!  Rental restrictions at NINE are 30 day minimum, 12 times a year (which is rare on Brickell), so this is a great opportunity for your clients to earn top rental income. 

     

    Prices:

    One bedrooms starting at $390,000

    Two bedrooms starting at $500,000

    Three bedrooms starting in 795,000

    Deposits:

    20% at contract

    10% within 45 days of contract

    Balance at completion – October/November 2014!


  • Americans prefer real estate to stocks, gold

    Posted Under: Investment Properties in Miami-dade County  |  April 23, 2014 1:50 PM  |  297 views  |  No comments

    Americans have renewed confidence in real estate as a great investment. In fact, Americans believe real estate is the "best" long-term investment, followed by gold, stocks, mutual funds, savings accounts/CDs and bonds, according to a new Gallup Poll of about 1,000 adults who were asked to choose the best option for long-term investments. Bonds were the least favorite investment among the options Gallup surveyed.

    In 2011, Americans surveyed said the most popular long-term investment was gold. That also marked a time when gold was at its highest price and real estate and stock values were lower than today.

    "With housing prices improving across the country, Americans are regaining faith that real estate is the best choice for long-term investments," according to Gallup. "Homeownership is also associated with views of real estate as an attractive investment opportunity."

    Americans with higher incomes are most likely to consider real estate and stocks the best investments – "possibly because of their experience with these type of investments," according to the Gallup poll. Higher income Americans are most likely to say they own their home (87 percent), followed by middle-income earners (66 percent) and lower-income earners (36 percent).

    Homeowners are slightly more likely than renters to say real estate is the best choice for long-term investments – 33 percent versus 24 percent, respectively, according to the poll.

    Olga Monson 
    Decorus Realty 
    954 512 3044

  • High demand for U.S. real estate in 10 countries

    Posted Under: Home Buying in Miami-dade County, Investment Properties in Miami-dade County  |  April 23, 2014 1:29 PM  |  347 views  |  1 comment

    Foreign buyers are being lured to U.S. real estate because they consider it to have bargain prices, economic stability and a "safe haven for investors," 24/7 Wall St. reports. Interest in U.S. real estate from international buyers in 10 countries has soared since 2009 by 95 percent or more. In nine of those countries, the interest has at least doubled, according to data from RealtyTrac.

    "The U.S. real estate market is coming off of a rough patch and entering recovery mode," says Daren Blomquist, RealtyTrac's vice president. "International buyers see it as a great time to jump in and catch the U.S. market on the upswing."

    24/7 Wall St. compiled data from RealtyTrac to find that the following countries are showing the highest increases in interest in purchasing American homes.

    1. United Arab Emirates
    Growth in prospective homebuyers: 352.2%
    Share of international prospective buyers: 1.1% (12th highest)

    2. Switzerland
    Growth in prospective homebuyers: 269.7%
    Share of international prospective buyers: 2.1% (8th highest)

    3. Hong Kong and China
    Growth in prospective homebuyers: 254.2%
    Share of international prospective buyers: 4.1% (4th highest)

    4. France
    Growth in prospective homebuyers: 190%
    Share of international prospective buyers: 2.8% (6th highest)

    5. Italy
    Growth in prospective homebuyers: 178.4%
    Share of international prospective buyers: 1.9% (10th highest)

    6. United Kingdom
    Growth in prospective homebuyers: 153.8%
    Share of international prospective buyers: 12.1% (2nd highest)

    7. Australia
    Growth in prospective homebuyers: 121.9%
    Share of international prospective buyers: 11% (3rd highest)

    8. Canada
    Growth in prospective homebuyers: 107.7%
    Share of international prospective buyers: 45% (the highest)

    9. Sweden
    Growth in prospective homebuyers: 100.0%
    Share of international prospective buyers: 2.0% (9th highest)

    10. Germany
    Growth in prospective homebuyers: 95.2%
    Share of international prospective buyers: 2.6% (7th highest)

    I think the only country that is missing here is Russia. May be because they buy few properties but with very expensive price tags. 

    Olga Monson
    Decoru Realty 
    954 512 3044


  • Real Estate Seen as the Top Investment for 2014

    Posted Under: Home Buying in Miami, Investment Properties in Miami  |  April 3, 2014 1:22 PM  |  445 views  |  No comments

    In an article published by Bloomberg describing a finding by Morgan Stanley’s wealth-management unit, it was reported that  The team found that 77% of investors that have at least $1 million in assets own real estate. In the survey released amongst investors, the teams asked what the top alternative-investment picks were for 2014. What investment claimed the top of the list? Direct ownership of residential and commercial properties. 33% of the surveyed millionaires stated they planned to buy property this year. 23% of the investors claimed intentions to invest in real estate investment trusts, the second-most popular choice.

    The U.S.  real estate market is attracting wealthy investors since it has been on the rebound for a while now, as currently fixed-income yields are very low whereas equities are soaring. Also contributing to the increase in domestic investment is the rise in foreign investment in U.S. major cities. As foreign investors allocate their money in the U.S., competition spawns which in turn drives prices up. 

    This trend of investment is already notable. Many pre-construction buildings have already completely sold out, among them Icon Bay, Brickell House, and Millecento; others are already on this path and more are sure to follow. If you are interested in investing in Miami or merely interested in educating yourself in real estate investment, do not hesitate to call me Olga Monson at 954 512 3044.


  • Responding to a breach of purchase agreement

    Posted Under: Home Buying in Miami, Home Selling in Miami  |  March 13, 2014 2:43 PM  |  484 views  |  No comments

    A real estate transaction is documented with a purchase agreement in which the seller agrees to sell and the buyer agrees to buy real estate. When a deal sours, a real estate attorney must first determine whether there is a binding purchase agreement between the parties. Many purchase agreements contain a wide array of contingencies, including contingencies for buyer financing, property inspection, the sale of buyer's home, and title review. A purchase agreement is not an enforceable agreement to sell or buy real estate when one or more of the contingencies remain unsatisfied. When all contingencies have been satisfied, the purchase agreement becomes the binding obligation of the seller to sell and the buyer to buy the real estate according to the terms and conditions described in the purchase agreement.

    If the seller breaches the purchase agreement by refusing to sell the real estate to the buyer, the buyer generally maintains three courses of action: (1) the buyer may require the seller to "specifically perform" the purchase agreement by selling the real estate to the buyer;(2) the buyer may seek damages for the seller's breach of the purchase agreement; or (3) the buyer may cancel the purchase agreement by voluntary agreement, by statutory cancellation or by judicial cancellation.

    Under Florida law, "specific performance" is generally available to the buyer when the seller defaults, because real estate is unique (no two houses, even if identical, can be located on the same parcel of real estate). Floriuda law recognizes that money damages are not sufficient to compensate a buyer for a seller's failure to perform a purchase agreement. In the standard purchase agreement form approved by the Florida Association of REALTORS®, an action seeking the remedy of specific performance must be commenced within six months from the date that the buyer's cause of action arose, which is typically six months from the date identified for closing in the purchase agreement. A successful action for specific performance will result in a court order requiring the seller to sell the real estate to the buyer.

    The buyer may seek money damages for a seller's breach of the purchase agreement by suing the seller. In general, a buyer must sue the seller within six years from the date the buyers cause of action arose, which is typically measured from the failed closing date. In the lawsuit, the buyer must prove the damages caused by seller's breach of the purchase agreement. If successful, the buyer receives a judgment, which may be voluntarily paid by the seller or collected from the seller using judgment collection techniques.

    Cancellation of the purchase agreement may be accomplished in the variety of ways listed above. The seller and buyer may voluntarily sign a cancellation of purchase agreement, which terminates their rights in the purchase agreement, and which may refund the earnest money to buyer, to seller, or a combination of the two. Statutory cancellation may be commenced by the buyer in response to the seller's breach of the purchase agreement, which requires the buyer to serve a legal notice on the seller. If the seller fails or refuses to cure the default within the fifteen or thirty-day time period required by the notice, the purchase agreement is canceled and the buyer will generally be entitled to a refund of the earnest money. The buyer may also commence a legal action to terminate the purchase agreement by judicial action, but this remedy is rarely used by buyers due to the time and cost involved.

    If the buyer breaches the purchase agreement by refusing to purchase the real estate from the seller, the seller generally maintains three courses of action: (1) the seller may require the buyer to specifically perform the purchase agreement by buying the real estate from the seller, but this remedy is only available under rare circumstances; (2) the seller may seek damages for the breach of the purchase agreement; or (3) the seller may cancel the purchase agreement by voluntary agreement, by statutory cancellation or by judicial cancellation.

    Sellers often choose cancellation of the purchase agreement in failed transactions, because the seller cannot sell to a replacement buyer while subject to the first purchase agreement. If the seller required sufficient earnest money in the purchase agreement to compensate for the failed transaction, statutory cancellation may be the best remedy for a buyer's breach of the purchase agreement. Through statutory cancellation, a seller may cancel the purchase agreement within fifteen or thirty days of serving the legal notice, and the seller will generally be entitled to keep the earnest money as liquidated damages. When the earnest money is not sufficient, the seller may pursue a voluntary cancellation and require the buyer to pay additional compensation for seller's agreement to cancel the purchase agreement. Under certain circumstances, the seller may wish to pursue a judicial cancellation to terminate the obligation to sell the property to the defaulting buyer, but request that the purchase agreement remain in full force, allowing the seller to pursue damages against the buyer.

    Whenever a seller or buyer breaches a purchase agreement, each party should seek legal advice from a real estate attorney: to the breaching party on the risks of failing to perform, and to the non-breaching party on remedies for the other party's failure to perform. In many cases, there are creative alternatives for a seller and buyer to minimize risk in a failed transaction. 

    I hope it never happens to any of you. But it is good to know about these things. 

    ​Olga Monson I LUXURY Market Specialist at Decorus Realty
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    Direct: 954-512-3044 I Web: www.olgamonson.com
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    Don't Just Dream It, Live it! Your Real Estate Search Starts here


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