Stage Quick

Sometimes sellers don't leave me a lot to work with when it comes to staging a home-either because they've moved and taken everything with them or because they didn't have many posessions in the first place.

I'm ready for staging

I have with me five containers, at the ready, of "stuff"-items ranging from drapes, shower curtains, and towels to books, pictures, and candles- that I use to spruce up my listings.

I dip into my staging boxes about five to six times a year. I focus mostly on the kitchens and bathrooms. Sometimes I've even negotiated items of my own as part of the deal to get the home sold.

Swank SofasThis year, elegant, simple sofas are the theme at High Point, N.C. Inspired by the bench, these sofas are decidedly feminine with curvy legs and pastel colors. Whether you're looking for French formality or casual wicker, there's a sofa waiting for you.

Chairs With FlairInnovative design and sleek geometrics are present in this year's side chairs. With personalities as big as the people who sit in them, these chairs range from mission style to contemporary looks and everything in between.

Trophy Pieces Hair-on-hide ottomans, chairs and mirrors really "mooved" into the market this year at High Point, N.C. With faux patterns like zebra and cow and even brightly dyed hides, these trophy pieces are more functional than taxidermy and, dare we say, more stylish.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Real Estate Today

If I could offer one piece of advise to anyone selling a home right now, it would be this: Don't dwell on the past. Let it go.

It's no secret that the real estate market has taken a substantial hit in the last year-and-a-half. But it's not necessarily a bad thing.

It' s more of a normal market now, as opposed to a market that was off the charts in appreciation when the local and national real estate market peaked in the spring of 2005. Sellers can no longer name their price and expect multiple offers with a fast closing. You'd be lucky if you get one offer let alone two.

The market has dipped, but is far from crashing and I don't expect it to. Today, assuming you have put a good effort in marketing the property it would take 60-90 days to sell as opposed to 15-30 days during the hey days of real estate. That trend is supported by the MLS data.

The key to moving a house as soon as possible in this soft market is establishing a reasonable price. Sellers should compare their homes with those similar to theirs that have sold in the last two or three months, not those of one or two years ago.

As an example you can't say Gee, my neighbor sold his house down the street a year ago for one million dollars, I should get 1.3 million for my house now. That won't happen, you're probably going to sell it for $950,000.

The recent drop in the market is not a bad thing, but rather an inevitable turn for a market of inflated values. This is a much more normal market and one that compares well with historical trends. Ten years ago six to nine months was the norm for days on the market. Where not there now. As long as sellers are willing to be reasonable and patient, they will be able to sell their homes.

For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Know the facts

Even though sales volume began to sputter in 2006, price appreciation contunues in Coral Gables.


In N. Coral Gables (33134 zip code) 2006, Single Family Home median price was $580,000 - +16% from 2005.

2006 Condos, $327,000 - +1% from 2005

In S. Gables (33146 zip code) 2006, Single Family Home median price was $875,000, +17% from 2005.

2006 Condos, $358,000 - +37% from 2005 (WOW!!)


For professional advise on all aspects of buying or selling real estate, please contact me at-786-287-9272 -email:Richard@RichardRecuset.com

Richard Recuset-Multi-Million Dollar Producer-The Recuset Group

Ten Questions to ask a condo board

Here are the questions you should ask before you buy. You or your agent might want to contact the condo board or management company.Via NAR. (Click on document for larger image).
What percentage of units is owner-occupied?

What percentage is tenant-occupied?

What covenants, bylaws, and restrictions govern the property? What grandfather clauses are in place?

How much does the association keep in reserve? How is that money being invested?

Are association assessments keeping pace with the annual rate of inflation?

What does and doesn’t assessment cover — common are maintenance (CAM), rec facilities, trash, snow removal?

What special assessments have been mandated in the past five years?
How much turnover occurs in the building?
Is the project in litigation?

If the builders or homeowners are involved in a lawsuite, reserves can be depleted quickly.

Is the developer reputable?

Are multiple associations involved in the property?

You can actually find the answers to some of these questions in a condo document upon ratification of a sales contract. In a new construction or conversion, you have 10 days to review the document. However, on a resale of an existing house — you only have 72 hours (or 3 days) to review the document. If for some reason, you don’t like what you see in the doc, you can void the contract before the 72 hours lapses. No questions asked.

The number 1 question — is very important to the lender. The ratio of owner occupied vs. tenant occupied will determined whether the lender can finance your purchase. The lower the ratio of owner occupied vs. tenant, the more marketable the property is. The lender will need the numbers from the management company.

Home Inspections

Whether you’re purchasing an older home or new construction, I always highly recommend to buyers I work with that they invest in a professional home inspection. If you’re buying a home in Florida and are in need of locating a Florida home inspector, here are a couple of resources that may help in your decision making process:
American Society of Home Inspectors (ASHI) - Florida Home Inspectors
ASHI has a code of ethics and standards of practice but be sure to read their membership categories and requirements. Also, check out their frequently asked questions on home inspections and view a virtual home inspection while you’re on their site.

National Association of Home Inspectors (NAHI) - Florida Home Inspectors
NAHI also has a code of ethics (.pdf), standards of practice (.pdf) and different levels of membership. While on their site, check out their resource library and articles for home buyers and home sellers.

Though some home inspectors or home inspection companies do not belong to either of these companies, some buyers find the information on these sites helpful. If you’ve received a referral of a home inspector or company that is not listed in either of these sites it does not necessarily mean that they are not professional or qualified. Membership to either of the associations listed above is voluntary.

If you build it, they will come

Another feather in the cap for those of little faith about the housing market in our neck of the woods. Invest now I tell yaw! Here it is:

I’m a strong believer in numbers. Of course, it depends how you use them. Any how, the following survey further illustrates why housing in Miami, and well, South Florida for that matter will be absorbed before we know it. Economic fundamentals today remain strong-solid job growth and positive demographic trends point to strong housing demand in the future.

The condo market will be held in check for a little bit (1-2 yrs) except the ones in choice locations (South Beach ocean front, certain areas in Downtown Miami and Downtown Coral Gables). If you’re a condo buyer, this is the time to deal. You’ll have lots of options to choose from. Builders all of a sudden are being most gracious. I wonder why? I have heard- from one year paid maintenance to free appliances to buying down mortgage points. This is a great time to negotiate.

How the World Sees the States

A first time public opinion survey asked the question: Where do you want to live? Survey said. Florida was picked third as their favorite state, with North Carolina first and Virginia second. Internationally, Florida ranked No. 2, surpassed only by California.
The study looked at each state’s brand, or the perception of that state held by residents within the United States and throughout the world. For more information, go to: http://www.statebrandsindex.com/ and if you’re ready to buy or sell a condo call me, I don’t mind, really!

Condo-notice of meeting

Proper notification of condo meeting. Here it is-FS 718-112d says that all board meetings must be noticed and open to all board members. There is one exception, and that would be a meeting of the board with the attorney to discuss upcoming court action. The board must place meeting notices in a common location that is easily accessible 48 continuous hours before the meeting. In the case of discussion of a budget, the notice must be mailed and posted 14 days in advance.

Your Square foot Condo

In light of the current market slow down, more condominium owners are suing developers for not getting the square footage for which they originally paid. As an owner you want to get the most value for your money. When a condo buyer signs a contract with a developer, a Declaration of Condominium clearly defines the unit’s square footage. State law mandates that the developer also disclose the unit’s dimensions in blueprints and sales brochures, which are attached to the final contract.

A developer can rely on an alternate calculation, but the source must be disclosed. This is where most of the law suits are steming from. People think they are getting 2,550 square feet, then it turns out to be 2,400 square feet, or even less.

If the owner discovers a discrepancy between the listed dimensions and the actual square footage of the unit, the owner has up to one year after closing to file a suit for false and misleading publication of information.

A discrepancy in one unit probably means other units are askew. In situations where many units do not have the promised square footage, condo associations can file class action lawsuits on behalf of the affected owners.

Another issue that arises during these disputes is how the developer went around measuring the unit. The measurements are typically made from “paint to paint” or from the beginning of the interior surface to the base of the opposite wall.

The state Department of Business and Professional Regulations enforces the disclosure of unit square footage by developers in contract documents. To satisfy the department, the developer must be consistent in that disclosure.

As a result of the amount of ensuing suits, independent companies are now soliciting condo owners to measure their units. These companies have contingency fees-it behooves them to find a mistake when measuring units.

HOA Reserve Funds

Q:My client recently asked me about the HOA reserve funds for her complex. How much money should it contain.
A: Every couple of years, a reserve study should be made to determin the amount needed. For instance-take the total of the repairs or replacements that wood be needed in future years less the amount now in the reserve account.
Determine the usefull life of the assets in years to determin the amount you need to collect each year. Never use a percentage or total amount and just plug in the figure to the bufget.

Old Spanish Village

Old Spanish Village

After assembling 20 parcels (homes and office buildings), builder Ralph Sanchez is rolling out another mixed use project. The new 400 upscale condos and townhouses are to be ready in 2008 and 2009.
A seven acre complex of homes, offices and shops in Ponce Circle area. What’s unique about this project is that the 42 three story townhomes will come with elevators, roof top terraces and two car garages. What’s even better are the sizes of these units. They are going to be between 3,500 - 4,500 sqft., with prices starting at $1.9 million.
There are’nt any units in this market bigger than 3000 sqft. Great for people downsizing from large properties.
One Ponce Circle- will be a 16-story building with 59 condosof 2,500 - 8,5000 sqft., with private elevators that open directly into apartments. Prices will begin at more than $1 million.
Casa Palermo - 6 story- 96 residences of 800-1,500sqft., 1 & 2 bedroom units.
3001 Ponce De Leon Blvd - 9 stories of 172 (1,2 and 3 bedroom)condominiums.
Units are selling for $550-$650 a sqft. Prices range from $400,000 to $6 million.
The project is to resemble one of the “thematic villages” (Italian Village, Chinese Village and Dutch South African Village), Merrick (The founding father of Coral Gables) planned for the city before the 1920’s real estate boom turned bust and subequently prevented him from further development. The developers unbuilt thematic villages included a Spanish Town and a Spanish Bazaar Village.
Sanchez hired Miami historian Arva Parks and plans were devised for Old Spanish Village in the spirit of Merrick’s never built Spanish-themed villages. Parks said the project is part of completing what Merrick called his “unfinished symphony.”
Sales start this month. 2801 Ponce De Leon Blvd will be demolilshed in March and construction is to start in June.
Here’s more on The Old Spanish Village .
For more info about this wonderful project feel free to call or email me at 786-287-9272 or Richard@RichardRecuset.com

Affordable Homeownership in the Gables

Check this is site out- http://www.nhc.org/chp/p2p (pay check to pay check). It showes the annual income you need in different metropolitan areas to qualify for a mortgage for a median-priced home and the average salary for your occupation.


In Miami the median price for a home is $273,000. Study shows that an annual income of $93,500 is needed to qualify for a mortgage. A lot of people in certain industries like, healthcare, fire and police, would be hard-pressed to purchase a home. This is why more affordable housing needs to come on line along with rest of the new projects here in Miami.


Filling this need is Urbanice. A company formed by Wood Partners and Arks, LLC. They are launching four new projects, three in Miami and one in Coral Gables. All priced from the $100,000s to mid $350,000s. The one in Coral Gables is named Los Jardines and will offer 94 residences with views of Little Gables and Downtown Miami.
For more information, feel free to call or email me at Richard@RichardRecuset.com