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How Long Does it Take to Buy a House?

home buying process

For many people, purchasing a house is a big part of living the American Dream, but it can be a lengthy, and downright tiring process. Most home buyers are looking to improve their living situation as soon as possible, and naturally, one of the critical questions that they’re concerned with is: how long does it take to buy a house? While the answer to this question may vary depending on the customs and real estate laws specific to your area, there’s a standard procedure for buying a home that requires you to invest a lot of time – and rightfully so. Not only is it one of the most life-defining financial decisions that you will have to make, but it’s also irreversible, for the most part, once the contract is executed, and all contingencies have been satisfied. So, although you may be eager to acquire the keys to your new home as fast as possible, it’s important that you invest sufficient time into purchasing a home and all of the factors that may influence time and money. Below you’ll find useful information on the average time to buy a house in the United States.

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Should I Rent Before Owning a Home or Condo?

owning vs renting home

There are many factors involved that can make a choice to rent before owning seem like an extremely complicated decision. Naturally, the place that you select to live will have a deep impact on your overall quality of life. Home ownership for many, especially first-time buyers, is highly desirable, but thinking about the overall financial commitment can be stressful. The internet age has brought us so much information about why buying a home is fiscally smart, while at the same time, we are bombarded with news about bank fraud (hello Wells Fargo CEO), foreclosures, and politicians painting doomsday scenarios about the state of our national economy. However setting all hype and outside noise aside, strategic execution into buying a home can be the best decision of your life. After all, real estate, when viewed upon as a long term investment over decades, has proven to be extremely effective and lucrative. This guide will help you to weigh out the pros and cons of if and when to rent before owning so that you can make a wise, informed choice for your future.

There are expenses associated with owning vs renting a home that should be weighed carefully, starting with an honest assessment of the overall costs. While there are variables in the figures depending on the property, this guide will give you a solid place to begin your understanding. We’ll examine each expense in detail and provide useful hacks covering the questions to ask when renting a house and more. It will be best to create a google doc and do a side-by-side comparison of these costs, line by line and then below the costs, make some overall notes. Doing the exercise of reviewing and budgeting your living expenses is well worth the time as it may open your eyes to costs that you might not have considered.

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Ultimate Guide to Buying Waterfront Properties

Waterfront properties offer a lifestyle that is second to none. In today’s digital age, it’s easy to get bombarded with requests and obligations around the clock, leading to difficult stress levels that can seem almost inescapable at times. So what is the ultimate escape? A gift that keeps on giving? How about knowing that each and every day magnificent waterfront sunrises and sunsets await you? Wouldn’t it be wonderful knowing that the calming sounds of gentle waves are a part of everyday life instead of a limited vacation? In fact, why not make life feel as though it is one big vacation? For those looking for the dream life, buying a home on the water is often the best single purchase that can be made to improve the overall quality of life.

Like any home purchase; it is essential to determine what your wants and needs are to make a highly educated decision. However, waterfront homes are not a typical, run-of-the-mill houses. Special additional factors must be taken into careful consideration to ensure the property suits your personality and lets you enjoy the activities you love. Here are a comprehensive list tips on how to buy the best waterfront home.

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Would Trump as President be Good for Miami Real Estate? 

The Miami real estate market is an explosive one. It’s been an established market leader in America under stable and rising macroeconomic conditions. However, in unstable economic and political environments, the market has been known to crash quite hard. Now is a good time for us to take a look at how the upcoming election might affect the values of homes and condos in Miami. Donald Trump is a lightning rod of controversy, so we’ll dive into what might happen if he becomes the next president of the United States.

Whether you love him or hate him, as the current Republican frontrunner, it looks as though Donald Trump will likely secure the Republican nomination come July, allowing him to compete in the 2016 general election for President of the United States. America’s reception of Donald Trump as the next potential POTUS have been mixed at best. While Trump supporters see the nomination as one step closer to holding office, he would still have to face off against the Democratic nominee—in this case, either former First Lady and Secretary of State, Hillary Clinton or Vermont Senator Bernie Sanders.

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Why Floating Homes Are Perfect for Elon Musk

Floating homes offer a compelling future for cities around the world with an innovative flair that is very much in-line with what Elon Musk is doing with Tesla, Solar City and SpaceX. These communities have actually been in existence for centuries, but the sudden resurgence of interest makes it seem as though the concept is quite new and fresh. Living on Miami Beach, it’s hard to miss the fact that global warming poses a significant threat to the world. Most notably, we Miamians have been featured in the latest TED TALK by Al Gore.  Out of all the places in the world mentioned as vulnerable cities to global warming, Miami was the number one city most at risk with $3.5 Trillion dollars worth of assets susceptible to destruction by 2070.  That’s a sobering figure. The imagery of the TED Talk showed slides of the incredible flooding of Alton Road during our super moon high tides with fish from the ocean swimming in our streets.

With Miami Beach real estate residing in the danger zone, wouldn’t it make sense to explore some other types of development? While we are at it, wouldn’t it be a good idea to also think about sustainable, eco-friendly development so that we could halt any further degradation of our environment? Modern floating homes may turn out to be the smartest new type of real estate that we can build to ensure safety and longevity. With the unpredictability of hurricanes and rising sea levels, floating home communities are an enticing option to mitigate these strong environmental threats.

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South of Fifth Miami New Condo Update

The South of Fifth Miami Beach condo lifestyle is second to none.  Simply put, the area is one of the most sought-after neighborhoods on Planet Earth. It’s a paradise for jetsetters due to the incredible vibe within the area. The posh and exquisite fine dining experiences of Prime 112, Cavalli and Joe’s Stone Crab are just steps away from the incredible nightclub Story, which is ranked as one of ten best clubs in the world. And the daylife options are just as good as the legendary nightlife.  With the incredible aquamarine waters of the Atlantic a short walk away from any condo tower within the area, it’s no wonder why this neighborhood rules as the King of South Beach.

Real estate developers know quite well that any new South of Fifth Miami Beach condo development draws incredible demand from the public.  In looking at the recent sales and construction progress within the area, it’s easy to see tremendous success.  There are several new developments which will rival the Continuum South Beach and Apogee Miami Beach as the most expensive and exclusive luxury developments within these coveted blocks.  Through this post, we’ll take a look at the progress and value of the new buildings within the neighborhood. It’s impressive. 

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Why the iPhone 6 is Great for Real Estate Investors

iPhone Mania has officially arrived.  Now is the perfect time to to evaluate the new iPhone 6 and 6 Plus for usage by real estate investors. Here’s my review of the entire process relating to ordering, optimizing and using the world’s most anticipated new gadget for real estate activities.  It’s an exciting time.  Apple has officially launched their most innovative product of the last several years.  The new iPhones combined with the new iOS 8 operating system promise to enhance our business and personal lives in countless ways.

Overall, I have to say that I’m impressed. Everything about the process in securing the phone from my carrier, Sprint, has gone smoothly. I’m saving roughly 35% off of my monthly bills by switching to their service over At&t.  Receiving my iPhone 6 Plus through the mail on the first official launch day is a huge perk too.  Who needs to wait in those lines of hundreds of people at the Apple Store? I guess some people see this as a fun ritual, but for real estate investors, brokers and entrepreneurs in general, time is money. The iPhone 6 process has already saved me a nice amount of time.

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1000 Museum Condo Owners Get Some Great News

1000 Museum condo buyers have a big reason to smile after hearing some very positive news about the development progress of their ultra-luxurious and imaginative building.  One of the most talked-about new real estate developments in recent history has secured a critical foundation to its development – construction financing. Aguamarine Services Corp out of the British Virgin Islands, has provided a $51 million loan to the Regalia Group, who are the developers of the project. The loan caps out at $160 million and gives the project a tremendous jolt of confidence after months upon months of tense concerns on its overall viability. Investors and brokers within the community have previously been anxious over the developers’ ability to close on the land necessary for the building of the project. However, the purchase of the 36,200 square foot site has taken place recently for $36 million.  A collective sigh of relief can be let loose.

There may have been doubts on the viability of the project, but there has never been any doubt about the sheer beauty and imaginative architecture of the development. It’s easy to see why 1000 Museum condo owners were seduced by the magnificent work of world-class starchitect Zaha Hadid. The brokerage community has universally stated that the building itself can rival any high-end luxury condominium development in the world.  The ultra-modern facade of the tower is quite unique, unlike anything that downtown Miami has ever seen.  It’s no wonder that buyers and brokers alike have been drooling over the new standard that the building may set for new development in Miami, if it could only be built. 

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Canyon Ranch Miami Beach Hotel Sells for $21.6 Million

Canyon Ranch Miami Beach residents should sleep a little bit better at night. The uncertainty of having their beloved building stuck in a whirlwind of negativity has now subsided to a degree with some new news. It’s been a tense few months as the amazing destination resort, based on positive energy, health and well-being, was paralyzed by the gloom and doom of a bankruptcy auction that could easily place the development into the wrong hands. I was personally involved with a couple of different groups that had interest in the auction process, so I was able to hear a wide range of opinions on the state of affairs and potential future of the hotel and amenities.  Some of the potential resolutions to the auction were good and some were quite bad.  I’m happy to report that I am quite optimistic about the outcome to-date.

The good news is that a winner bidder has now surfaced from the auction of Canyon Ranch Miami Beach.  I was delighted to hear that Z Capital Partners won with a bid of $21.6 million, which was above the stalking horse bid of $12 Million by 360 Vox, LLC out of Canada.  The winning bid was easily enough to pay off the estimated $17.3 million in liabilities that is owed.  There is a word of caution though, the results of auction still need to be approved by a bankruptcy judge on September 12th. So, what is it about Z Capital Partners, based out of Chicago, that has me excited? What is the grounds for optimism?

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Are Condo Hotels a Smart Investment?

Stunning architecture, world-class amenities, room service to your residence at anytime – these features of condo hotels are quite enticing and seductive aren’t they? Throw in consistent monthly cash flow while you are unable to use your unit, and this formula of home ownership sounds quite attractive. Owning a piece of a world-class hotel brand is ultra-prestigous as well, isn’t it. Imagine declaring that you own at the Ritz-Carlton or Canyon Ranch.  There is a reason for the term ‘brand equity’. When you buy into a luxury condo hotel brand, you immediately inherit all of the best that the brand has to offer…don’t you?

There is no doubt that hype and highly sophisticated marketing and pr machines are painting a very rosy picture of the lifestyle gained through condo hotels, but are they better deal than straight condo purchases? The good news of highly successful development launches are constantly seen via the media.  But on the flip side, there are also situations like Canyon Ranch Miami Beach (see more of the story here) where condo hotel owners have been kept in a merciless purgatory waiting to see if their beloved brand will fade away into a less prestigious hotel operator. Through this post, we’ll examine if condo hotels are a smart investment by looking at the pros and cons involved.  We’ll also take a look at what is behind the latest NAME craze trend in luxury real estate.

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