The real estate market is constantly changing. At any given time, buyers and sellers may have more questions than answers. In the spring of 2022, many Miami residents are wondering when the housing market will balance out.

What is a balanced market?

First, it’s important to understand what a balanced housing market looks like. Whether it’s a buyer’s market, a seller’s market, or a balanced market has everything to do with the “months supply of inventory” or MSI. To determine the MSI, an individual must estimate how long a home will be on the market before it is sold or absorbed based on the homes currently being sold in the area. The absorption rate is the number of homes sold in a year divided by twelve.

In a buyer’s market, it is estimated that there is more than six months’ worth of inventory. When there is less than six months’ worth of inventory, it is assumed to be a seller’s market. A balanced market is said to occur when there is an estimated six months’ worth of inventory.

When will the Miami real estate market balance out?

Miami is currently experiencing very low inventory, as is most of the country, therefore making it a seller’s market.
“In recent years, it has become very tricky to predict when ‘balance’ will finally occur. However, indications are leading to the possibility of a balanced market by the end of this year,” says Miami Signature Homes President and top producer Mauricio J. Barba.

How has the COVID-19 pandemic affected the Miami real estate market?

At the beginning of 2020, when the COVID-19 pandemic started, national real estate experts projected that the housing market would enter into a depression. Seemingly in defiance of those expectations, by the summer of 2020, the housing market was booming. This phenomenon drove inventory down 32% when compared to pre-pandemic levels.

Locally, Miami experienced some of the highest housing cost increases anywhere in the United States, as reported by CBS4 Miami. Miami has always been attractive to Latin American and European investors, but more recently COVID restrictions in other parts of the United States, and the now ubiquitousness of remote work, have driven up costs as Americans look to relocate to the Magic City.

“They started coming to South Florida in droves,” said Jennifer Wollmann, board chair of the Miami Association of Realtors.

With buyers outnumbering homes for sale, Covid-19 has affected both supply and demand despite inflation rates. Prices in December rose by 29% in Miami-Dade, and by 18% in Broward according to the Miami Herald. Additionally, due to the high demand, buyers had no choice but to offer the listing price if they wanted to acquire a property.

Prior to lockdown restrictions, a poll conducted by Fannie Mae, showed that only 25% of homebuyers thought it was a good time to buy a home, compared to 69% who were convinced it was a good time to sell. A more recent poll showed individuals appeared certain that home prices would go up over the next year and they expressed increased concern about job stability than in the past reports.

“COVID has flipped our life upside-down, disturbed many aspects of everyday life, but the housing market had exceptional performance,” Lawrence Yun, chief economist of the National Association of Realtors, told FOX Television Stations.

Is the Russia-Ukraine Situation Affecting the Miami Real Estate Market?

Another worrying aspect for sellers and buyers is undoubtedly the situation in Ukraine and its effects on housing in the United States. The effects of the Ukraine crisis certainly are impacting oil and energy prices. Until now, we haven’t seen changes in real estate. However, if those energy prices remain elevated for a significant period, the potential effects may hit the housing market. In other words, higher energy prices could make consumers even more apprehensive about making big purchases.

Elevated oil prices, material shortages, distribution delays, and increased shipping costs, all ultimately affect construction prices. Some commodities for new home construction have reached record-high price levels, making experts believe home prices will rise by as much as 22% this spring. In addition, the lack of construction materials has created a new-home construction supply gap of 5.8 million houses as of February 2022.
Although the situation in Russia and Ukraine is creating significant uncertainty, experts are reluctant to change their forecasts for the spring housing market, as the future is more unpredictable than it was before.

“Currently, we are all concerned with Ukraine/Russia's effect on our hyper-local market, but at this moment it doesn’t seem to have noticeably affected the housing market. Prices remain high and buyers are paying, generally speaking,” said Barba. “Even so, the market is continuing to change very quickly making it more important than ever for buyers and sellers to work with a real estate professional to navigate these changes.”

According to industry insiders, changes in inventory aren’t projected to change in Miami in the near future. However, interest rates are already on the rise, which will affect the market.

Speak to a High-End Real Estate Expert

Miami Signature Homes President and top producer Mauricio J. Barba has been a mainstay in Miami’s uber-competitive high-end real estate market since 1994. Respected in his native community by clients and colleagues alike; he has logged top honors for elite performance in his field. Mauricio is connected worldwide but specializes in Coral Gables, Coconut Grove, Key Biscayne, Brickell, Village of Pinecrest, South Miami, Palmetto Bay/Falls area, and the Beaches.
The Miami Signature Homes team is relatively small compared to their sales volume. That has been important in keeping relationships with clients at a very direct level. Mauricio, Tania, Vicky, and Sebastian each maintain strong personal connections and professional relationships with all of their clients, many of which have been with the team for decades.

Because of this personal level of service, they are able to devote individual attention and care to every home sale or search. Assistants are great, but Miami Signature Homes makes sure their principals are the people solely responsible for returning important calls or emails 24/7, 365 days a year.

If you’re passionate about white-glove treatment throughout one of the most important financial experiences of your life, call us at 305.439.8311.

Sources:

https://realtytimes.com/advicefromtheexpert/item/38353-how-to-determine-if-it-s-a-buyers-sellers-or-a-balanced-real-estate-market

https://www.cnbc.com/2021/11/23/rising-inflation-hot-housing-market-what-you-need-to-know-about-buying-a-home.html

htps://dqydj.com/historical-home-prices/

https://www.statista.com/statistics/273418/unadjusted-monthly-inflation-rate-in-the-us/

https://fortune.com/2022/02/28/spring-housing-market-predictions-2022/

https://www.vox.com/22264268/covid-19-housing-insecurity-housing-prices-mortgage-rates-pandemic-zoning-supply-demand

https://www.fox29.com/news/will-real-estate-housing-market-crash-or-cool-off-in-2022-experts-give-their-2-cents

https://fortune.com/2022/02/08/should-i-buy-house-sellers-market-housing-real-estate-fannie-mae/

https://fortune.com/2022/02/17/historic-housing-shortage-more-pain-homebuyers

https://ww.fortunebuilders.com/miami-real-estate-market-trends/

https://www.france24.com/en/live-news/20220130-miami-s-lure-during-covid-sends-housing-prices-through-the-roof

https://www.miamiherald.com/news/business/real-estate-news/article257514504.html

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It’s a wrap!

It’s official: 2021 is over and in spite of its many challenges, it was a terrific year for Beverly Hills real estate.

As anticipated, supply and demand continued to heat the market, and low inventory inspired buyers to move quickly and decisively. Sellers and buyers of estate properties—and their agents—found ways to work around social distancing issues and transactions were brisk and efficient.

As the year progressed with its tremendous activity, the Joyce Rey team demonstrated once again that knowledge, integrity, and flexibility are key. A record-breaking career of more than four decades has confirmed that philosophy—and we’ve made it part of our daily interaction with clients and with each other.

When it comes to record-breaking, my 2019 sale of the Chartwell Estate in Bel Air held the honor in California until the Warner Estate was sold in 2020. This year, Malibu took the prize with the $177 million sale of a Paradise Cove oceanfront compound. It was California’s highest single-family home sale ever, if still behind New York’s 220 Central Park South penthouse purchase in 2019 at $238 million—a record I’d love to break! Interestingly, in each of these recent California record sales, the price has gone up even as the acreage has gone down.

The other record that was broken in 2021 is a personal one. In my long career, I have never before put two properties into escrow on New Year’s Eve, but this year I ended 2021 on that high note!

I think an auspicious close to one year signals an extraordinary start to the next and I predict an amazing 2022 for the Westside luxury marketplace.

I look forward to hearing from you and I wish you a wonderful New Year!

The post Joyce Rey’s Beverly Hills Market Update: 2021 Year-End Highlights appeared first on Haute Residence by Haute Living.

The number one rule is to allow your home to shine online and here’s how to do that. 

In order to capture the highest and best offer and maximize return, on most likely your biggest asset, a homeowner should consider doing the following: 

1. Paint. Painting both interior and exterior to create a fresh, clean slate.  
2. Update Light Fixtures. I like to say, lighting is jewelry to the home.  Light fixtures make a big impact with very little investment. 
3. Staging. Staging allows the buyer to see the home rather than look at the furniture. It is very difficult for a home buyer, even a Realtor, to imagine what a home could be if it is currently occupied by a seller as a buyer tends to dwell on “their” things rather than home. 
4. Landscaping. You get one chance to make a good impression and the first thing a buyer will see is the front of the home. 

1. Window Washing & Detailed Interior Cleaning. I always tell my clients after they purchase a home to remember to have their windows cleaned inside and out, yearly. It makes such a difference.

Beyond the shortlist, and depending on condition here are 5 additional improvements that can be made. 

• Kitchen Refresh: Paint kitchen cabinets, replace countertops, and replace knobs & pulls. 
• Bathroom Refresh: Paint bathroom cabinets, replace the mirror, update lighting and replace knobs & pulls. 
• Flooring: Replace carpet
• Refinish hardwood floors 
• Replace sewer lateral  

Allow the home to be presented in its best light.

Prior to any work being done, we like to gauge the condition of the home thereby generating the following reports. Depending on the market you are buying or selling a home varies as to whether the Buyer or the Seller will assume responsibility for any of the reports provided by a Seller. In the Bay Area market, for the most part, these reports and inspections and any work to be done on the home being sold will be passed onto the Buyer. In order to compete in a multiple offer situation, a Buyer has to put his/her best foot forward and that will include a very clean offer without any contingencies.

• Pest Inspection 
• Home Inspection 
• Sewer Lateral 
• Roof 
• Fireplace/Chimney 
• Foundation Inspection (as recommended by the Home Inspector) and any others the home warrants further investigation

and depending on current market conditions a home is located and whether it is a Buyer or Seller's market — the work to be done as is outlined in each report will either be passed onto the Buyer — as is the case in our area, however, if you are selling in a Buyers market - a credit towards repairs may be likely. 

We cannot emphasize enough the importance of properly preparing a home for market in order to gain the maximum return on investment. 

Today, Buyers begin their search online. If a home fails to sparkle online there is a good chance many Buyers will not contact their agent to preview the home nor attend any of the public open house opportunities. Depending on what a Buyer sees online, a decision will be made in seconds whether to preview or skip it. Buyers are busy at work, travel, and play— we live in busy times. If a home misses out on being seen by potential Buyers an opportunity is missed. In order for a home to sell over the asking price that entails multiple bidders. 

In conclusion, don’t short-change yourself or cut corners and leave money on the table; allow your home to shine online and make it readily and easily available for homebuyers to preview.  Should you seek further advice and information please do not hesitate to contact us. 

The post Debbi DiMaggio Gives The Top 5 Home Improvements A Homeowner Should Invest In Prior To Market appeared first on Haute Residence by Haute Living.

Many Millenials believe that they will never be able to afford to buy a home. Do you agree? What advice do you have for Millenials and Gen Z homebuyers? 

Silvina Andrews - In the Bahamas, the real estate market is booming. Private sellers and developers are moving their inventory like never before. The Bahamas is beautifully positioned as a close neighbor to the east coast of the US and also has many direct flights to major cities all over the world. There are many incentives for residents choosing a permanent residence or second home in the Bahamas. I would advise prospective buyers to move quickly as inventory is barely keeping up with the demand.

Tim Fenton of Blue Zone Realty International, - The market in Costa Rica has never been hotter than it has been this year. In fact, our sales are nearly 4 times greater than the previous year. My advice to those looking to buy in Costa Rica is to get in touch with one of our award-winning agents today and provide them with your wish list. Do not wait for new listings to appear on the website, or it may be too late. With the list in hand, our agents will set alerts for new listings, and get in touch with you immediately with an overview of the property, and we can schedule a virtual visit for you from the comfort of your home. There has never been a better time to live your best life, in Costa Rica. 

Darlene Streit - It is a challenging time right now with low inventory, and with Millennials and Gen Z home buyers competing for the same smaller homes with new retirees who want to downsize. The demand is unprecedented, especially given that so many people are moving and also looking to buy. But the market is cyclical, and as we've seen with Covid, things can change unexpectedly. I would advise younger buyers to continue saving up their down payments and get pre-qualified so that they can move quickly when properties become available. With low mortgage rates, homeownership is still an excellent way to build wealth and is less expensive than renting in many cases. Also, now that so many people are able to work from home, Millennials and Gen Z home buyers have the advantage of relocating to smaller cities and towns, where there may be more affordable options. The landscape is changing, and today's smaller locales may become the next hot, upcoming place to live.

Daniel L. Maya - Yes 100%. I would say find 2 or 3 subdivisions that you want to move to and find the sub-divisions that have the highest turnover rate which may give you the biggest bargaining power. I would also say look for homes that have been in the market for a long time and try to sell if priced too high. Then use this data to sell if your realtor can use this as a good negotiating point.

Tom Day, Day Palazola Group - I have been a realtor for over 32 years and I have heard this many times. The market always seems to change to make it possible for young people to buy a home. I have experienced interest rates over 15% and we are not even close to that. Young people were still able to buy homes then and eventually refinance. Cutting out the new buyer market in the real estate and building industries would have an incredibly negative effect on our economy. We as Americans always seem to rise to new heights and I am sure that will happen again.

Amy Land-de Wilde - It was not as frequently that we saw Millennials and Gen-Zers purchasing property in US Virgin Islands who come from the states. However, lately with the increase of employers transitioning to remote working positions and closing their brick and mortar operations, we have seen a huge uptick in younger buyers setting their sights on the US Virgin Islands, specifically on St. Croix where the dollar goes further than on other Caribbean islands. What was once a dream that many believed was only available to second-home buyers or buyers heading into retirement, has become a possibility for younger generations who still need to work. Additionally, many individuals in these two generations are dabbling in investing from stocks to real estate, specifically vacation-rental properties, and what better place than St. Croix, in the US Virgin Islands!?

Combining their remote job positions with investing in vacation rentals in the US Virgin Islands, gives these Millennials and Gen-Zers the possibility to be nomadic while keeping a steady job with good income and making a profit or offsetting their expenses on a beautiful property in the Caribbean.

My advice, get started! Start looking, researching, and hiring a Realtor. It’s easier than you think to purchase a property and having a great Realtor is the key, especially if you are searching for a property out of state, or in our case, on an island! Since we are a US territory, we benefit from the low US interest rates and government programs such as VA and FHA on some properties, making the down payment little to none and making it easier and less costly to purchase.

Keep in mind that if you intend on purchasing a property as an investment you should budget for at least 25% down. Determine how you would like to finance your purchase and if you need to get a mortgage, then have your Realtor put you in contact with some local lenders. This should be one of the first steps along with hiring your Realtor so you know what steps you need to take beforehand to ensure you qualify and for how much so you can focus your search within your price bracket.

It starts with a dream, but it can be more than that! Give us a call!

Steve Nassar - No, I definitely don’t believe this to be true for Millennials or Gen Z, or for any other generations for that matter. I do understand the concern as they’ve seen home prices continue to rise throughout their lifetime – even more so with how rapidly they’ve increased in the last couple of years – but like with anything else, this is a constant ebb and flow. What goes up must come down again – and where that doesn’t take effect, there’s an all-too-often forgotten balance that comes from a comparable increase in salaries and income as they advance in their careers. For this reason and others, I see it as more of a fear of the unknown. My team and I sell hundreds of homes each year and help homebuyers (and sellers!) of all ages – there is truly no obstacle too great if one has the right level of determination.

My advice for our younger generations would be this: homebuying is no more out of reach for you than it has been for any generation that preceded you. Michael Jordan once said, “Some people want it to happen, some wish it would happen, others make it happen.” Work hard, save your money, set goals, and constantly work toward them. You’ll be living the dream of homeownership in due time.

Adam Betta, DiMaggio & Betta Group - The idea that the Millennial and GenZ demographic are being priced out of the housing market is a fallacy. It's the same idea that this demographic spends all their money at Starbucks. While housing prices have surged in the past few years that appreciation can be attributed to low inventory. One aspect to consider is the boomer demographic and the multiple residential properties they own. These homes will be a flood of inventory in the near future as they sell their primary residence, second and third homes, and investment properties. Millennial and GenZ potential homeowners need to consider how they can start to build wealth by buying real estate. There are low down-payment loans available, gift money from parents, and combining resources with other potential buyers. Like all buyers, they will need to consider size, price, and location. Maybe a smaller starter home or multi-unit building or a different location than where they currently reside. Find a qualified real estate agent who knows the market, be willing to make some improvements, and work your way up. Whether that means purchasing a small condominium or a small home, the goal is to just get into the market. 

Abigail Davis, Corcoran Reverie - 'Live who you are' is not restricted to any specific age group, and Millennials need to know! Being within this age group myself, it is beyond rewarding to assist these individuals in their home buying process. My best advice is to begin by speaking with Realtor® in your area. They will connect you with local lenders that can give you an idea of available loan options for you, what your budget/savings will need to look like, and prepare you for the process. Then, get pre-approved! Learn what homes you can fall in love with and get an idea of what you may want to put down on the home. Then re-evaluate your budget/savings, maybe this means less eating out so you can invest in your future but it is beyond worth it!

Elise Larrabure Girasole - Taking into consideration the cost of monthly rent and with interest rates still low the math makes sense to purchase a home.

We're definitely seeing this happening in NYC with the average monthly rental being around $5,000.00 and a shortage of rentals, Millenials have figured it out and are purchasing before inflation, and interest rates will most likely increase. So much nicer to establish roots and make your home your own "home sweet home".

Nick Salter, Salter Group - I think many people look at the price tags and make the assumption it's unattainable without exploring all of their options. In reality, housing is still very affordable for most Americans. This directly correlates with the drive in the increase of home prices. The National Association of Realtors affordability index takes three key metrics- home prices, mortgage rates, and wages- and boils them down into a single number. This number tells us if the "average joe" can afford a home. When this affordability number drops too low, it means the average American cannot afford to buy. That often forewarns a housing bust. Affordability has dipped from generational highs in the past few years. Forbes recently reported this number is still well above the 30-year average. Writing this as a millennial, I don't think it is going to be impossible for our age groups to afford to buy a home. If it is a goal of yours, get in touch with a professional who can assist with making a plan of action. Start saving and keep watch for changes in interest rates.

The post Haute Residence Experts Give Advice To The Next Generation Of Homeowners appeared first on Haute Residence by Haute Living.

Haute Residence member Paola Marulanda is a South Florida real estate expert, the founder, and CEO of Luxury Home Connect, and one of Miami’s top realtors. Using her expertise, passion for real estate, and commitment to outstanding service, she has successfully brokered transactions for a wide array of prominent clients and made record-breaking eight-figure sales. Recently, she talked with Haute Living about the effects of Covid, current market trends, and the secrets to her success.

Haute Residence: How has the market changed since Covid?

Paola Marulanda: In early 2018, new laws came into effect that eliminated the individual state income tax in Florida, making Miami an increasingly attractive home base for America’s wealthiest. Shortly after this migration of affluence ensued, Covid-19 forced every individual and every business to reevaluate their priorities for the long haul. Suddenly, the appreciation for home space — especially horizontal space, versus vertical space in homes and condos — surged at an incredible rate. Although at first condos were at a standstill while the single-family home market experienced a frenzy, the seemingly endless oversupply of condo inventory was absorbed by those drawn to the climate, taxes, and lifestyle South Florida has to offer. Furthermore, affordability compared to other major metropolitan areas and record-low interest rates opened the floodgates. Now, with headquarters and satellite offices opening all over, it makes sense for people of every level of wealth, education, and business to move here.

HR: What are the current trends in your market?

PM: The current trend in Miami is the quintessential example of a supply and demand imbalance. The combination of record-high demand and a finite supply of inventory created the perfect storm for a surge in prices, making it a very strong seller’s market. Miami-Dade County’s total home sales increased 142 percent year-over-year while existing condo sales increased 240 percent. Median prices on single-family homes rose 32 percent, from $380,000 to $500,000, and median prices for condos rose 26 percent year-over-year, from $262,250 to $330,000. The monthly supply of inventory for single-family homes has decreased 54 percent. In September 2021 alone, the total dollar volume for single-family homes in Miami was approximately $1.2 billion, compared with $975 million in September 2020. Active inventory in the same period has fallen to 2,957 homes in September 2021 from 4,039 in September 2020. Adding to the velocity of sales transactions is the expectation of a rising interest rate environment on the heels of a 6.2 percent CPI print, a measure of inflation. Heading into 2021, the Federal Reserve forecasted a CPI figure of 1.8 percent. Why does this matter? Now that inflation is not seemingly transitory, the market is anticipating higher rates. This translates to a potential 16 percent higher cost of borrowing over the life of the mortgage next year as compared to this year.

HR: How do you continue to offer optimal service in the current climate?

PM: It is crucial for buyers to work with a local expert who can match their desires with the reality of the market. This requires tapping into local contacts to obtain off-market properties and educating buyers about the myriad geographical boundaries that now extend into new and upcoming neighborhoods outside of the more popularly known ones, such as Miami Beach and Coral Gables. Now we can talk about areas like Surfside, Pinecrest, and South Miami, which were overlooked and undervalued before. On the seller’s side, the recipe for success was once network, reach, and marketing. Today’s market conditions call for a more extensive set of criteria in order to keep sellers safe from fraudulent buyers and scams. Taking deals from start to close and optimizing deal terms is of the utmost importance. Backed by the most renowned and leading agency in the luxury real estate world, Sotheby’s International Realty, I can ensure that the most extensive and appropriate set of tools is employed to gain maximum exposure, while my own company, Luxury Homes Connect, offers an additional layer of legal support and negotiation expertise.

HR: What are some past successes, and how do you plan to continue to be successful?

PM: My latest successes involve record-breaking eight-figure sales in multiple neighborhoods, such as South of Fifth, Key Biscayne, Coral Gables, and Brickell. I am truly passionate about matching buyers with their dream home and sellers with their dream offer. I am currently closing on my own dream home, which serves as a testament to the strength and positive trajectory of the Miami real estate market!

Paola Marulanda is the exclusive agent representing the Key Biscayne/Miami Beach Islands real estate market as a member of the Haute Residence Real Estate Network. For more information, call 305-496-0359 or email paola@paolamarulanda.com.

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Sotheby's International Realty recognized luxury broker Darlene Streit as the market leader and top producer in Santa Fe and New Mexico. She has closed more than 1.5 Billion in career sales volume.

"I am humbled and filled with gratitude," says Darlene. "By the trust my clients have placed in me and the support I've received in attaining this career milestone. Thank you to everyone who has believed in me and has collaborated over the years for our mutual success. It has been an honor!"

A Santa Fe resident since 1990, Darlene has amassed a number of significant achievements in her decades of real estate experience. She has been the #1 broker in Santa Fe and New Mexico since 2010, and in 2020 closed more than $264 million in sales, according to the SFAR MLS. First-class concierge services, and an intuitive gift for finding her clients the perfect property, set Darlene apart and contributes to her extraordinary success. She is #1 in the Santa Fe Luxury Home Market in properties over $1 million, and ranks 2nd among all Sotheby’s International Realty, Inc. Individual Agents in the United States, by sales volume. She is also 30th among all Individual Real Estate Professionals in the entire United States, by sales volume. Darlene's expertise and exceptional care of her clients combine for an unsurpassed level of personal attention and professional success.

Darlene Streit is the exclusive agent representing the New Mexico real estate market as a member of the Haute Residence Real Estate Network. View all of her listings here.

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(Left to Right): Brandon Zarco & Todd Glaser

Todd Michael Glaser is a renowned real estate developer, owner’s representative, and business connoisseur. Starting his career as a fire sprinkler designer gave him a foundational understanding of building construction and developments, and now he sells multimillion-dollar properties, owns some of the largest real estate developments in South Florida, and has worked with A-list celebrities such as DJ Khaled, A-Rod, Lil Wayne, Chris Bosh, Hulk Hogan, Randy Frankel (owner of Tampa Bay Rays), Kevin Douglas (IMAX board member), and Stephen Levin (founder of Gold Coast Beverage Distributors).

Though originally from Miami Beach, Glaser has most recently brought his expertise to the Palm Beach market. Of course, the area has always been known for its beautiful estates, upscale resorts, and palm-tree-lined shopping district of Worth Avenue. Since 2020, the real estate market in Palm Beach has grown rapidly. Whereas a decade ago a $20 to $30 million house was considered top of the market, that price is now considered average, with $100 million homes in the mix.

“It’s a generational change in 2017 that I caught,” Glaser says. “A lot of stuff that had not come on the market for at least 50, 60, 70 years is starting to bubble up. They are big, expansive estates, and Miami Beach does not have that. The Palm Beach market, like Tarpon Island, really does not exist in Miami.”

Tarpon Island is a one-of-a-kind private island estate a block from Worth Avenue that Glaser bought this year and is currently renovating and developing. It has only one single-family home, accessible via its own bridge. The home has 1,300 linear feet of waterfront and will boast almost 25,000 square feet once completed. It will be brought to market by Lawrence Moens and will be listed for sale as-is for $120 million. If the buyer would like Glaser to complete the renovations, the cost will be $200 million.

Glaser recently sat down with Haute Residence to discuss his success in the new market, his favorite projects, and why Palm Beach is stealing the limelight from Miami Beach.

Tarpon Island, Palm Beach County, Florida

Haute Residence: What are some of the projects you’ve worked on in Palm Beach?

Todd Michael Glaser: I went into the market and purchased some landmark homes, renovated them, assembled a team of subcontractors, and once I felt comfortable, I started building. I did 125 Via del Lago, 121 North Lake Way, and 127 Dunbar Road, which are all landmark homes. I bought 127 Dunbar Road for $17 million and sold it for $27.5 million in under 10 months.

The reason we’re renovating right now is to get products on the market. In Palm Beach, there are only about 18 listings right now, whereas there are usually about 190. So we decided to buy some properties in April and May that we could fix and have on the market by October 15 to capitalize on the upcoming season.

HR: How has the real estate market in Palm Beach changed recently?

TMG: The real estate market, in general, hasn’t gone up so much in the last 15 years, and I attribute a lot of it to what somebody’s net worth is versus what they’re buying house-wise — it doesn’t correlate. Before, people used to buy a $150,000 house and you were only making $30,000 per year — one-fifth that amount. However, to flip that ratio, if somebody is worth $3 billion, why wouldn’t they buy a billion-dollar house valued at around a third of their worth? The correlation is off. In 2001, we started seeing $3 million houses. In 20 years, pricing has gone up, but not as much as what people’s income and net worth have risen. The graph of people’s income and net worth is vertical, and real estate has seen a slow rise. I think real estate is way undervalued.

But for Palm Beach, let's go back four years. Four years ago, when I bought 125 Via Del Mar, Miami Beach and Palm Beach properties were actually the same prices. That shocked me. I paid $6 million for a property and we later sold it for $16 million. That's what really caught my eye — I could finally buy in Palm Beach for the same price as Miami Beach. There have been eight single-family homes that have sold for over $100 million in the last 18 months in Palm Beach. It's a new trend, and a $50 million house in Palm Beach is not that big of a deal anymore because the sale prices have gone up to $100 million.

HR: What do you and your team hope to accomplish in the fourth quarter of 2021?

TMG: We own several properties that can be sold as land, and we’re looking to see if we can sell them simply for an appreciated land value. There's been a big increase in land values in the last six to eight months. There are a lot of people out there looking for land, and there’s nothing out there. We currently own a lot of property in Palm Beach. We’re also building some new homes because there’s no inventory in Palm Beach. We’ve never seen anything like this.

HR: What makes Palm Beach better than Miami Beach?

TMG: Palm Beach has the highest elevations on the east coast of Florida, and that’s why people picked it. The size of the parcels, when they were subdivided, was done in a resident-oriented way. They do everything for the residents in Palm Beach.

On the other hand, Miami Beach seems to be increasingly catering to tourists. I’ve lived here my whole life and have watched the city grow out of its small beach-town environment and into this booming metropolis. It used to have small-town vibes where everyone knew their neighbors, but those days are gone. I’ve renamed Miami Beach the city of Miami Beach — it’s not a town anymore, it’s a full-blown city. So many of us are gravitating up to Palm Beach, and a lot of young families are moving there, which is fantastic.

For more information and available properties, please visit toddmichaelglaser.com.

The post Palm Beach Paradise: An Interview With Todd Michael Glaser appeared first on Haute Residence by Haute Living.

Sensi Casa is a Home Staging & Interior Design firm based in Miami. Founder Chiara Sensi-Contugi has a distinct individuality and enthusiasm for her craft, which resonates in her design and has led to the success of her boutique design firm with expertise in residential and commercial design. Awarded Best of Houzz 2020 & 2021, Sensi Casa isn’t like other design firms. Their elevated approach offers what only very few firms can, turnkey homes in record time.

While Haute Design has previously highlighted Sensi Casa's several interior design services, we felt it would be a disservice to overlook Sensi Casa's Home Staging excellence.

Establishing a definition for home staging would be a good way to begin. Home staging is the process of professionally furnishing and decorating a home to make it seem as beautiful and appealing as possible for prospective buyers. Home staging is not meant to cover up any negative aspects of the home, but rather to accentuate positive features to show buyers the potential the space holds.

Home staging provides a multitude of excellent benefits for all parties involved. According to the National Association of Realtors, 95% of prospective property buyers use the internet when searching for their next home. Which means if you're selling, you ought to make your property seem as appealing as possible. Staging also allows for buyers to better imagine themselves in a certain space. This can be a much more difficult task to accomplish when you are simply looking at an empty property.

Additionally, staging can show buyers what a home's potential can truly be. If someone is on the verge of making the biggest investment of their lives, they're going to want to make sure it's for something they absolutely love. Depicting how the home could be lived in can show someone the real possibilities of the space. Believe it or not, staging can also make the space seem bigger. It might seem contrary to logic, but empty spaces actually make the room appear to be smaller than they truly are. Staging presents buyers with a tangible and practical vision of how to occupy a home, mitigating any notions of the need for more space.

When compared to un-staged homes, staged homes offer a huge benefit to vendors in terms of how quickly their properties get sold. According to Consumer's Guide to Real Estate Staging, un-staged homes sit on the market for an average of 143 days. Meanwhile, the very same homes stayed on the market for an average of 40 days once they were staged. Homes that were staged pre-listing remained on the market for an average of just 23 days.

When it comes to home staging, Sensi Casa offers two options: Sorellina and Sensi Casa.

Sorellina (little sister in Italian) is Sensi Casa's sister brand for home staging services and is catered to smaller properties with reduced budgets. The Sorellina home staging option includes three alternative package options which fit any client's needs.

If you're looking for luxury at its very best, look no further than the Sensi Casa home staging experience. This high-end home staging service will turn dreams into reality and clients into buyers. Similar to Sorellina, Sensi Casa also offers three separate packages. Packages include a rental period of up to 12-months.

To learn more about Sensi Casa's home staging and interior designing, head to their website HERE.

The post Sensi Casa Knows The Importance Of Home Staging appeared first on Haute Residence by Haute Living.

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Born in Kansas, the designer and TV star Joanna Gaines balances her life between being a wife, a mother, and a businesswoman. Gaines is not only a star in the hit television show Fixer Upper but also the co-owner and co-founder of the design and real estate company Magnolia. 

Her interest in design emerged after she graduated from Baylor University with a degree in communications. She worked as an intern in New York and fell in love with the profession. Her expertise and knowledge of design will often give people the impression that she had intensive training in the area, however, when she started flipping houses with her husband she had zero interior design background. 

Magnolia, Gaines’ personal project, was founded in 2003 when she also opened her own shop, Magnolia Market. Gaines and her husband, Chip, put all their love for design into remodeling and flipping homes. She mentions on the company’s website how Magnolia Market’s business idea was born out of a dream that was imagined impossible. She explained how it came to life thanks to her husband’s support and encouragement. After having their two kids, the couple decided to close the Market to focus on family, while also putting all their efforts into Magnolia Homes, where they learned the construction side of the business. After starting with the television show, she made the decision to reopen Magnolia Market, which turned into a great store in downtown Waco and an extensive online store.

The exceptionally successful company landed Gaines in the post of one of the most successful designers and businesswomen in the country. In addition to her own company, the television show Fixer Upper transformed her into a design celebrity. Currently, with over eleven million followers, she is one of the designers with the highest number of followers on Instagram. 

Joanna’s style, inspired by her Texan roots, can be defined as classic, simple, and fresh. She has a great eye for seeing potential in old and antiquated things and turning them into new pieces. A room designed by Gaines will most likely include wooden floors, wooden furniture, a cozy fireplace, and a big plush bed. Interestingly, Gaines revealed that her favorite space to renovate and design in a house is the laundry room, since it is often underestimated, and can serve as a great inspiration and comfort space if designed right. 

The post Step Into The Story Of Famous Interior Designer Joanna Gaines  appeared first on Haute Residence by Haute Living.