SFGN Real Estate 2020

REAL ESTATE

2020

THE ULTIMATE GUIDE TO BUYING AND SELLING IN SOUTH FLORIDA

Neighborhoods Trends Mortgage and much more

Return of ‘The Game of

Realtors’ Wilton Manors’ buying trends are changing...

Can you keep up?

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“REALTOR’S ®” REALTOR

®

Gene Billero exudes a quiet confidence and a non-pressure approach to sales, assuring buyers to take their time making decisions about the biggest financial investment in life, while guaranteeing sellers the deals that come to the table are rock solid.

SOLD Gene Billero, Broker genebillero32963@gmail.com SFGN’s Real Estate Issue // February 2020 • 3

REAL ESTATE intro

WELCOME TO OUR

SECOND REAL ESTATE ISSUE Pier Angelo

Our first real estate issue was a resounding success and we were asked to do it again. I hope you enjoy viewing the variety of exceptional realtors we showcase in this edition. Take advantage of their expertise right here in your own backyard.

In today’s competitive market selecting the right realtor to work with can be challenging especially if it is your first time.

The professionals featured in this issue pride themselves in listening to their customer’s needs and will do their best to earn your trust with dedication, determination, experience and by staying to the forefront of the industry trends.

Your new Home Sweet Home might be just around the corner.

Happy Hunting.

HOME TRENDS 1 2

3

Stainless steel and luster

have been dominant for years. The next big thing is matte finishes on faucets, appliances and even countertops.

Many homeowners

are embracing smart technology throughout the homes. Not just voice activated lights and thermostats or front door with cameras but toilets that can stay clean and sanitized automatically, refrigerators equipped with cameras so you can see the contents inside, indoor food recyclers that can turn food waste into fertilizers

The National Association of Home Builders

states buyers are now looking for smaller homes with flexible floor plans, energy-efficient appliances and plenty of storage space.

4 • SFGN’s Real Estate Issue // February 2020

The clean and trendy appeal of stainless steel kitchen decor. Photo via Pexels.

Coral Ridge Country Club

Mid-Century

Masterpiece

2716 NE 37th Dr., Fort Lauderdale, FL 33308 Museum-quality, to-the-studs renovation of this mid-century modern residence. Marvel at the 13 ft. cathedral exposed Dade County Pine wood-beamed ceilings and polished terrazzo floors throughout. No expense has been spared. Your custom mahogany wood kitchen is perfectly appointed with a Wolf gas range and Signature Series Kitchen-Aid appliances. It’s orientation in the home makes it the perfect gathering spot when entertaining. The split bedroom plan positions the spacious master suite across the home from the other sleeping quarters. The master is complimented by two custom bathrooms. One bath boasts a spa-styled soaking tub and shower, the other features a seamless shower. Both master baths are completed with floating vanities. Step from your master bedroom via impact glass slider onto an over-sized covered patio adjoining the coral rock paver deck of your resort-style pool. LED lighting and a soothing water feature compliment the pool. Outdoor evening entertaining is highlighted by custom landscape lighting of the tropical foliage and lawns of Zoysia grass. All new plumbing, electrical, impact windows and roof.

An over-sized 2-car garage with extensive storage and a polished concrete floor finish off this true signature series estate home.

Robert Geary MacKilligan Realtor®

954.234.8759 rgmsell@aol.com

Peter A. Catalfu Realtor®

305.610.3376

peter.catalfu.realtor@gmail.com

Coral Ridge Country Club 3 Bed/3 Bath $1,300,000 ©2020 Coldwell Banker Residential Real Estate. All Rights Reserved. Coldwell Banker Residential Real Estate fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

901 E Las Olas Blvd #101, Fort Lauderdale, FL 33301

SFGN’s Real Estate Issue // February 2020 • 5

East Wilton Manors

Mid-Century

On the Middle River

Saturday Open House

12:00 to 3:00 p.m.

1529 NE 28th Dr., Wilton Manors, FL 33334 Live the luxury waterfront lifestyle in this estate home in East Wilton Manors. This Mid Century Modern home has nearly 1,900 square feet and is completely renovated from top to bottom! The chef’s kitchen is complete with KitchenAid appliances, custom quartz counter tops and mosaic back splash. Family and dining rooms have high volume ceilings. Entertain by the fireplace. Enjoy pool parties with your diving pool surrounded by marble pavers. Dock your vessel at your private river-front dock. Newly designed master suite boasts built in custom wardrobes and views of the pool and Middle River. Relax in your spa styled master bath. Laundry room and a bonus storage room are perfectly positioned for the possibilities to convert the garage to your third bedroom. Truly an incomparable residence!

East Wilton Manors Waterfront 2 Bed/2 Bath $899,000

©2020 Coldwell Banker Residential Real Estate. All Rights Reserved. Coldwell Banker Residential Real Estate fully supports the principles of the Fair Housing Act and the Equal Opportunity Act. Operated by a subsidiary of NRT LLC. Coldwell Banker and the Coldwell Banker Logo are registered service marks owned by Coldwell Banker Real Estate LLC.

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Robert Geary MacKilligan Realtor®

954.234.8759 rgmsell@aol.com

Peter A. Catalfu Realtor®

305.610.3376

peter.catalfu.realtor@gmail.com

901 E Las Olas Blvd #101, Fort Lauderdale, FL 33301

REAL ESTATE odds and ends

REAL ESTATE odds and ends Photo via PxFuel.

Too Much

Empathy?

Reverse Mortgages

Photo via PxFuel.

Pier Angelo Pier Angelo

Some buyers act interested in a home out of concern for the realtor’s feeling.

Don’t. It’s better to be truthful with your agent, this way they fully understand what to look for.

Geared toward seniors, reverse mortgages are gaining steam. It is a loan offered to people over the age of 62 that enables the borrowers to convert part of the equity in their homes to cash.

SFGN’s Real Estate Issue // February 2020 • 7

REAL ESTATE interest

‘Game of Realtors’ Revisited Lamenting Fragmentation James Oaksun

1

A short while ago, I wrote a fun column about real estate brokers’ (and agents’) market share in Wilton Manors, Florida — keyed to the iconic HBO series “Game of Thrones.”

Truth be told, I could have chosen just about any city in South Florida. The observations and lessons would have been just as valid.

Now, with the passage of time, we have had a couple of new brokerage companies and franchises enter the WilMa market space. New agents get licensed daily.

Has anything changed? And what does it mean for people looking to buy and sell, and for the agents and brokers working to become part of that process?

First, look at Chart One. It took a fair bit of manipulation to create, but it shows the market shares of all companies/ brokerages with respect to all sales of single-family homes, condos, and townhouses in Wilton Manors in the last year. (I’ve included both the listing

company/brokerage, and the selling company/brokerage, as usually these are two different organizations. Restricting to “just listing” or “just selling” does not materially affect the result.)

Academic experts in business strategy and competition, such as Michael Porter of Harvard Business School, generally define a “fragmented market” as one in which the aggregate market share of the top four firms is less than 40 percent. As you can see, Wilton Manors real estate meets that textbook definition.

The top four brokerages/companies comprise 30 percent of the 2019 sales market. More than 200 separate brokerages had at least one sale in WilMa in 2019 (representing either a buyer or a seller). The median number of sales for a

particular broker, was one.

No, I’m not going to “name names.” The market leaders know who they are, and what their market shares are relative to the whole.

They can use that information (or not) in their marketing as they see fit.

Of course that degree of fragmentation persists to a greater degree if you extend it down to the individual agent level. There, the top four agents had 9 percent of the market (not just listings; representing buyers and sellers). More than 400 separate agents were involved in representing a WilMa buyer or seller in 2019.

As was the case with brokers, the median number of sales per agent, was one.

So, what does it all mean?

Whether as broker or agent, there are only three sustainable and sensible strategies for succeeding in a fragmented market — two of which apply solely to corporate entities.

First would be consolidation — growth through acquisition. Persuade other brokers

to join forces with you — under your corporate banner.

Second would be to become the low cost provider — compete on price.

The third — applicable to both agents and brokers — would be subject matter expertise through building and defending a market niche.

This could be a particular neighborhood within a city, or type of home, for example. It could also be a demographic or psychographic niche — clients in a certain age group, perhaps.

First time buyers. International customers.

The niche most agents appear to use, is that of themselves and their personal services as the brand. This can work, though from the perspective of strategy it usually works only for a time, and can be outflanked.

And for the customer — those who are buying and selling homes? Why should they care? Well, this fragmentation has existed since long before I arrived I the scene

As was the case with brokers, the median number of sales per agent, was one.

Photo via Adobe.

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REAL ESTATE interest

REAL ESTATE odds and ends Photo via Adobe.

The State of the

here in South Florida. Its persistence is somewhat amazing to me.

In such a fragmented competitive field, the question of who is the “best” agent or company becomes both highly subjective and difficult to assess. The best people, the best broker?

That well could be someone you have never heard of who is stifled among a lot of noise.

If I had to make a prediction that would be of most relevance to the customer, it would be that in the near future we will see two things occur.

First, I believe the degree of competition is so immense here that there will be downward pressure on commission rates. Without possessing a meaningful, sustainable competitive advantage, a service provider will eventually become viewed as a generic commodity. Value,

yes. But at a lower cost to the end user.

The other thing will be some sort of new product or new means of delivering the service. Frankly, I’m surprised this hasn’t happened yet. Inevitably, the product offering will be redesigned or reconfigured in a way that will provide a large first-mover advantage to the creator. Everyone else will then be playing catchup.

Customers will vastly benefit. But many brokers and agents will become casualties on the corporate battlefield.

Stay tuned.

The best people, the best broker?

That well could be someone you have never heard of who is stifled among a lot of noise.

Market Pier Angelo

As we move in 2020 South Florida is at the forefront of a surge in home values that leads the nation. It’s the opposite of what was going on 10 years ago, when home values were plunging.

James Oaksun, Florida’s Real Estate Geek(SM), is Broker-Owner of New Realty Concepts in Fort Lauderdale. In addition to having degrees from Dartmouth and Cornell, he is a Graduate of the Realtor Institute (GRI).

2

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REAL ESTATE odds and ends

Photo via The White House, Flickr.

NO ONE WANTS TO BLAME

MAR-A-LAGO Pier Angelo

Real Estate sales have never been better in Palm Beach — except for a cluster of 10 mansions within a half-mile of the president’s private club. Brokers say it’s just a coincidence.

Price range? From $5.495 mil to $15 mil.

REAL ESTATE odds and ends

What to do when you find the

RIGHT house Pier Angelo

Do not celebrate, do not reveal your excitement, watch what you say because it can turn on you in negotiations.

Do a second, a third, a fourth showing before writing a contract. After that you can start celebrating and when you finally move in don’t’ forget to change the locks!

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Photo via PxFuel.

REAL ESTATE odds and ends

Second Opinion Ha

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Wilton manors handymen Wilton manors handymen

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Sellers tend to overvalue their own homes. Meet with two or three different realtors before you list the house, and make sure the one you pick is also an expert in your area.

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Pier Angelo

Photo via PxFuel.

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REAL ESTATE odds and ends

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SFGN’s Real Estate Issue // February 2020 • 13

REAL ESTATE selling

Don Todorich LUXURY & HISTORIC R E A L E S TAT E S P E C I A L I S T

#198

RANKED AMONG TOP 250 AGENTS IN FLORIDA

2%

ELITE TIER OF NRT’S 50,000

Three Ways to

Prepare to Sell Your House Piero Angelo

AGENTS NATIONWIDE

43

TRANSACTIONS CLOSED IN THE LAST YEAR

Photo via Adobe.

According to Realtor.com, spring is the busiest and best season to sell a home so get it ready for that “Open House” by:

Featured Property

1. IMPROVE CURB APPEAL

Unique Lake Worth Corner Loft 1 0 8 L A K E AV E , 2 0 6

2BR | 2BA | 2,100SF | $399K

Address the exterior of the house. A study of homes from Clemson University found that the value of homes with upgraded landscapes increased by 6 to 7 percent.

2. REMOVE INTERIOR CLUTTER

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2 Story Loft with Concrete Floors and Cement Ceilings

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25 Foot Ceilings and Floor to Ceiling Impact Glass Windows

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Replaced Custom Stainless Steel & Wood Staircase

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2 Covered Garage Spaces, Convenient Downtown Location

The Appraisal Institute suggests homeowners clear clutter out of their homes prior to appraisers visit and before open houses.

3. ELIMINATE ODORS

Let Don bring you the award-winning, top-dollar success he’s achieved for countless others – call today for a free analysis of your property’s value.

m 561.373.1791 don.todorich@corcoran.com Equal Housing Opportunity. The Corcoran Group is a licensed real estate broker. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Corcoran makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. Source: The Wall Street Journal, REAL Trends, June 2019 © Copyright 2019 Dow Jones & Company. All Rights Reserved.

14 • SFGN’s Real Estate Issue // February 2020

We grow accustomed to odors that might be circulating in our homes. Pet odor might not be as noticeable to the residents as it is to guests and prospective buyers. This time of the year it’s easier to open windows and let fresh air circulate. Hire a professional cleaning service prior to an open house.

REAL ESTATE home sweet home Public domain image.

The New Home Piero Angelo

At first you fall in love with the newness of it all, amazed that this belongs to you then over the years the walls become weathered, the wood splinters here and there, and you start to love the house not so much because of all its perfection, but rather for its imperfections.

You get to know all the nooks and crannies. How to slightly pull the door to avoid getting the key stuck in the lock.

Which of the floorboards flex slightly when one steps on them or exactly how to open the wardrobe doors without them creaking.

These are the little secrets that make it your home.

We’re looking forward to having you join us

on February 18th at 2:00 p.m.

“THE FRENCH HORN COLLECTIVE” LIVE IN CONCERT at the John Knox Village Centre

Please call today at 954-871-2929 to reserve your seat.

e c n a r F a l Vive

Band leader Vincent Raffard unites an international collective of talented musicians to bring a unique concert experience.

The quartet will perform a fusion of Gypsy Jazz, Traditional Jazz, French Standards, Hot Swing and original compositions.

where possibility

plays

John Knox Village is committed to compliance with all federal, state and local fair housing laws. It is our policy to offer senior living to those that qualify without regard to race, color, national origin, religion, sex, sexual orientation, familial status, or handicap. The employees of John Knox Village have a legal obligation to treat each individual in a consistent and equally fair manner. In order to assist you with your decision on your new home, we are providing a list of guidelines used to qualify residents for tenancy in our community. Please note that this is our current rental/ownership criteria; nothing contained in these requirements shall constitute a guarantee or representation by John Knox Village that all residents and occupants currently residing at the community have met these requirements. There may be residents and occupants that resided at the community prior to these requirements going into effect. Additionally, our ability to verify whether these requirements have been met is limited to the information we receive from various credit and screening services used.

SFGN’s Real Estate Issue // February 2020 • 15

REAL ESTATE odds and ends

REAL ESTATE neighborhood

FIVE WAYS TO

GET TO KNOW A NEW NEIGHBORHOOD Pier Angelo

Photo via Adobe.

Millennials Now

Zero In on Housing

Photo via Adobe.

Pier Angelo

37% of homebuyers are the 20- and 30- something according to The National Association of Realtors.

1. WALK AND DRIVE AROUND Look for shopping centers, parks, dog parks, places of interest. Use Walkscore. com to find places nearby your new home. Walk your dog often, they are great icebreakers with new neighbors. Or jump on your bicycle and leisurely pedal around.

2. THROW A SIMPLE HOUSEWARMING PARTY It doesn’t have to be a lavish affair, just long enough engage in some conversation and introduce yourself.

3. CHECK OUT COMMUNITY EVENTS They are often posted in print and distributed through a local newspaper or magazine, also available on municipal websites. Find out where the locals go and join them.

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4. GET INVOLVED IN YOUR NEW COMMUNITY Find an organization you like and join as a volunteer or attend a local house of worship.

5. TRY RESTAURANTS IN YOUR AREA An app such as OpenTable can help you find hidden gems.

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