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.

The post First-Class Connections – Luxury Realtor Paola Marulanda Talks Real Estate and Her Secrets To Success appeared first on Haute Residence by Haute Living.

(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.

Luxury real estate advisory company, Montague Real Estate, is going even more global. The company, based in Mayfair, London, defines its purpose as ensuring “clients have access to a trusted advisor and an established global network, which in turn allows them an opportunity to acquire some of the finest homes on the planet.” This just became even more achievable as its Head of Residential, Luke Banks, has announced that he is permanently residing in Dubai to help solidify the market there even further.

“I am delighted to be touching down in Dubai again,” he says. “I first arrived in Dubai in 2011 and fell in love with the city and the property market there, after a 2-year stint in London (still working within the Dubai market) it's very exciting for me to have my feet on the ground again. This time I am arriving with the backing of a very exciting brand and am looking forward to a big future in the Middle East for Montague Real Estate.”

Luke Banks, Head of Residential

Photo Credit: Montague Real Estate

Luke Banks has been with Montague since September of 2020 and worked from the London office establishing relationships overseas, including in Dubai. With the market rising, now was the perfect time to relocate physical operations and have the Head of Residential based in Dubai. Luke’s focus will be onboarding exclusive ready properties, being on the ground for prime and super-prime transactions, and building Montague’s brand presence and team in the region.

“It's a great time to be landing as the market is extremely active with huge volumes of transactions going through, Dubai, of course, remains popular with GCC investors, as well as Indian, British and Chinese buyers topping the charts of investors from outside of the region,” Luke says.

Photo Credit: Montague Real Estate

Montague has hand-selected developments in the Dubai market that align with its vision and is working with key development partners including Emaar, Omniyat, Sohba, and XX11 Carat. The Dubai market offers apartments, townhouses, and penthouses, with huge signs of growth in the turnkey market as well. Dubai is a strategically located city that offers great opportunities across lifestyle, investment, and business activity, and now that more and more people are working remotely due to the pandemic, inquiries for properties in the area have risen dramatically.

With the government of Dubai encouraging international investment as well, such as with their “Invest in Dubai” platform, now is the perfect time for Montague to make the move.

“This is an incredible moment for Montague Real Estate and for Luke. Dubai is a market that has grown exponentially over the last 10 years and will only continue to grow,” echos Thomas Balashev, founder of Montague Real Estate. “This market, in particular, is one that resonates with our clients and offers both lifestyle, business, and investment opportunities so this region was the natural next step for Montague Real Estate's expansion.”

Photo Credit: Montague Real Estate

To learn more about Montague Real Estate you can visit their website here.

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