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Canadians Doubled Spending on U.S. Real Estate in Last Year

August 9, 2017

The National Association of Realtors reports great news for sellers in South Florida: ‘œMore than one out of three Canadian buyers in the U.S. choose homes in subtropical Florida, with the majority of those snapping up homes around Miami, Fort Lauderdale and West Palm Beach’. Over the past year, Canadians have doubled the amount spent on real estate in the US ‘“ $19 billion to be exact and mainly on vacation homes and residential investment properties. Mansion Global tells us ‘œThey look to their southern neighbor for sunny, high-end vacation spots in places like Florida’. Some may be surprised to learn that ‘œEven with a large contingent of Latin American buyers in Florida, Canadians spent the most of any foreign nationals in the state’”around $3 billion in 2016’. ‘œCanada’s burning hot housing market, particularly in Toronto and Vancouver, has fueled purchases in the U.S., as baby boomers cash out on their long-time family homes in Canada and use the spoils to pick up amenity-rich second homes in the U.S.’.

What are the Canadians buying?
The typical buyers is looking for a low maintenance vacation spot, so it is no surprise most buyers are looking for a luxury condo in the beach area. ‘œA lot of those snowbirds want new developments. It’s their resort property,’ said Ms. Fox, who will soon launch sales in Canada for the new Four Season Private Residences Fort Lauderdale. ‘œThey want a valet, they want a concierge, they like maid service.’ ‘œNew developments in Boca Raton like Akoya Boca West, a condominium at the Boca West Country Club, have seen an influx of new high-end buyers from Canada, a spokeswoman for the development said’. In fact, Akoya already has over 20 Canadian owners which is helping sales with other Canada based households.

How are they buying?
‘œThe vast majority of Canadian buyers in the U.S., some 76%, pay for their homes in all cash, according to John Slivon, president of the realtors association in Palm Beach and Greater Fort Lauderdale’. The typical Canadian buyers have several million in assets and many are looking for luxury homes in the $1 million to $3 million dollar range, making Palm Beach, Fort Lauderdale, and Miami beach area homes very desirable. See Mansion Global article.

Contact Nicholas Malinosky and Randy with Douglas Elliman if you are looking to buy or sell a luxury oceanfront, waterfront or beach area home in South Florida.

Blog, News Press

Palm Beach Real Estate Surge

July 27, 2017

What do black motorcades, international news coverage, and breezy palm trees have in common? Donald Trump in Palm Beach.

President Trump has spent 25 days at Mar-a-lago, known to many as the Winter Whitehouse, so far this year. Is it a coincidence that the number of single-family homes sold has increased by 50% and the median price of a luxury estate on Palm Beach Island has jumped 57% from the previous year reaching $15.827 million in the second quarter of 2017. It’s impossible to know whether Palm Beach’s hot real estate trend is continuing due to the national exposure brought by President Donald J Trump or if luxury buyers just want to be in paradise for the South Florida winter season.

Douglas Elliman CEO Jay Parker commented on the market, ‘œOne of the results of Trump winning is the exposure that he inadvertently brings to the island of Palm Beach’. Regardless, no one is complaining.

Many foreign buyers are said to have spent $190 million in Palm Beach County in 2016, a 19% increase from the prior year. Could this be due to the international exposure brought by the Presidents visits? ‘œPalm Beach is Palm Beach ‘” you cross that bridge and you’re just in paradise’, says Janice Fox a Canadian real estate agent. She believes Donald Trump’s presence is ‘œirrelevant’.

To learn more about the Palm Beach luxury real estate market and lifestyle, feel free to contact Nicholas Malinosky with Douglas Elliman.

Blog, News Press

U.S.-China Relationship Key to Global Luxury Real Estate’s Future, Says Knight Frank’s Market Watcher

July 24, 2017

‘œLuxury implies quality, but ultimately it’s also defined by rarity. It’s difficult to have mainstream luxury. That’s a challenge handbag makers and designers grapple with.’ – Liam Bailey

When global head of Knight Frank’s Research department, Liam Bailey was asked what area was the next hub for luxury properties his response was, ‘œIt’s probably fair to say that it’ll be more of the same. Cities like London, New York, Miami’”established hot spots’”will become more desirable over time. What we’ve seen in the last two decades is how globalized these places can become. Demands for top hubs will increase more than anywhere else, and the difference between them and others will widen over the time’.

This is great news for us in Palm Beach County as many buyers in Miami have been moving north to Fort Lauderdale, Delray Beach, and Palm Beach. Baily also touches on how governments are becoming more and more involved in the luxury real estate market and how the global economy is a huge factor in the market. ‘œOpen trade between those two countries (America & China) will set the benchmark for the rest of the world. Ultimately, for luxury real estate that’s one of the most important things to be maintained’.

One thing that can be agreed upon regardless of the market in question is that the most important feature and valuable amenity is ‘œspace and flow of space’. See full article from Mansion Global

What market has the best resale value and the most expensive luxury real estate at the moment? Hong Kong.

Want more information about the luxury real estate market? Contact Nicholas Malinosky and Randy Ely to discuss your real estate goals.

Composite photo: Roberto Machado Noa/Getty Images; Giuseppe Torre/Getty Images

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Brazilian Buyers Return to South Florida

July 21, 2017

More than half of all Latin American millionaires are Brazilians which makes them a strong factor in the Miami luxury real estate market. ‘œAfter two bad years, the up-and-down Brazilian economy appears headed toward a gradual recovery, and many wealthy Brazilians think it’s a good time to protect their money and move some capital out of the country.’ Many buyers are purchasing second, third, or even fourth luxury homes as well as income-producing properties.

Historically, investing in South Florida has led to favorable returns and some Brazilians are even looking to make Miami their year round home. ‘œFor Brazilians, Argentinians, Mexicans, Colombians, and Venezuelans, Miami has become the defacto capital of Latin America in the United States. It’s bilingual and bicultural, a welcoming second home that is both cosmopolitan and fun. They understand Miami’s vibe, thanks to the generations of Cubans who began flocking to the city in the 1950s and ’60s.’

Brazilian buyers typically purchase the more expensive units as they really appreciate the high end finishes and craftsmanship. This goes not only for real estate and architecture, but also for fashion and luxury brands. With the growth of designers available at Bal Harbour Shops, The Design District, and Wynwood, Miami’s luxury fashion scene is on the rise as well.

Of course, the exchange rate is a key factor for Brazilian acquisitions. ‘œAs the value of the Brazilian real drops against the dollar, it prompts investors to shelter their money in dollar-dominated assets like South Florida real estate’ says developer Louis Birdman. The stabilization of their economy and political turmoil seem to be looking up; however, the crime in their country still prohibits them from having the luxury of driving the type of car or wearing the watches or jewelry they would like which makes South Florida that much more desirable.

Douglas Elliman CEO, Jay Parker tells us, ‘œMore and more Brazilians are looking to the United States and specifically Florida, not just for a second home, but for a full relocation’.

With over 40 years combined experience in the South Florida luxury real estate market, Douglas Elliman agents, Nicholas Malinosky and Randy Ely know that many luxury buyers come from the Brazil. If you are interested in more information about the luxury market, please contact Nick and Randy today.

Blog, News Press

Malibu Sets $85M Record Sale: Healthy Market for Rich and Famous

July 17, 2017

Malibu set a new luxury real estate record with $85M deal in May proving that residential sales prices are climbing in a healthy market. Always a favorite escape for the rich and famous, Malibu’s revamped downtown is inviting L.A. buyers to purchase primary residences.

According to The Real Deal article on July 14, the $85M transaction beat out the previous $75M record sale set in 2013. With more buyers and a limited inventory, prices are on the rise. The median sales price for 1st Quarter 2017 in Malibu was up 14% according to Douglas Elliman who recently opened an office in Malibu. Other big sales include the sale of the Sweetwater Mesa Road Compound in March for $69.9M. The 15-acre property was the biggest non-oceanfront property transaction in Malibu. See full article

Investors and real estate experts alike contribute Malibu’s activity to the reversal of anti-development legislation and improved downtown amenities including a healthy night life. The opening of the luxury hotel Nobu Ryokan Malibe and Soho Club have brought life to the downtown area. A 24,000 square foot Whole Foods is in the works as well as other retail options.

Whether looking for a primary residence or a third or fourth home, Malibu is a desirable location. Carbon Beach is known as Billionaire’s Beach with some of the most expensive sales and listings, Malibu Colony offers a bit more privacy and Point Dume offers the ‘œvintage California experience’. Malibu’s real estate transactions are often off-market and confidential due to the wealthy celebrities involved. ‘œThe reality is Malibu is the closest getaway from Los Angeles’ according to Douglas Elliman agent Tracy Tutor Maltas who says it is a 30 minute drive. See full article

Interested in the luxury real estate market in Malibu? Palm Beach? Aspen? The Hamptons? Miami? Contact Nicholas Malinosky and Randy Ely, the Executive Directors of Luxury Sales in the Douglas Elliman Delray Beach office. Nick and Randy enjoy networking with their fellow Douglas Elliman colleagues throughout the nation and can assist you with your luxury real estate goals; no matter where you want to live.

Blog, News Press

Douglas Elliman Luxury Listings Featured in Aspen and the Hamptons

July 12, 2017

Douglas Elliman agents represent some of the finest luxury properties across the nation in cities including the Hamptons, Manhattan, Miami, Aspen and Beverly Hills. Two such luxury listings were recently featured online and are certainly worth a look.

On July 9, Robb Report featured a $44 million Aspen estate situated on 44.6 acres. Known as Mopani Estate, the property was designed for equestrians and includes a large stable and riding trails. The six bedroom mountain lodge boasts 13,500 square feet and offers cedar wood ceilings, walnut floors, stone fireplace, gourmet kitchen, master suite, outdoor dining area with barbecue station, and separate two bedroom, two bath guest house. Located on Buttermilk Mountain, the residence offers stunning views of Aspen, Red Mountain and Mount Sopris. The property is listed by Douglas Elliman agents, Amy Doherty and Joshua Saslove. See Robb Report Article

According to Cottages & Gardens’ July 2017 edition, a $35 million mansion is the largest home for sale in the Hamptons. ‘œSummerhouse’ is a new home in Southampton’s Olde Towne development boasting 23,000 square feet with a media room, library, two kitchens, nine en suite bedrooms, thirteen bathrooms, basketball court, entertainment lounge and juice bar. The grounds are complete with a resort-style pool with spa, pool house, fire pit and tennis court. The property is co-listed with three offices including Douglas Elliman agents, Erica Grossman and Michaela Keszler. See Cottages & Gardens article

Founded in 1911, Douglas Elliman is the 4th largest brokerage in the United States with more than 6,000 agents in 85 plus offices. With $22 billion in sales, Douglas Elliman is #1 in New York City for most agents, total Manhattan listings and total sales volume; the #1 company in the Hamptons; and #1 on Miami Beach by dollar volume. Douglas Elliman features their luxury listings on elliman.com and knightfrank.com.

Douglas Elliman agents, Nicholas Malinosky and Randy Ely are honored to be designated as Executive Directors of Luxury Sales in the Delray Beach office. With numerous record-breaking sales to their credit, Nick and Randy are industry leaders who specialize in the oceanfront and beach area market of the Palm Beaches. Contact Nicholas Malinosky and Randy Ely to discuss your luxury real estate goals.

Photo: Robb Report post dated July 9, 2017

Blog, News Press

Delray Beach Annual 4th of July Celebration

July 1, 2017

Delray Beach is gearing up for its annual 4th of July celebration. See Details

The City of Delray Beach proudly hosts this annual event for locals and tourists alike. Activities are offered throughout the day kicking off at 8:00 am with the Sand Castle Contest and ending with the celebratory Fireworks Display at 9:00 pm. Don’t miss the Flag Raising Ceremony and activities at 5:00 pm showcasing the city’s new 60-foot American flag.

Make your way to the hub where ‘œAtlantic Avenue meets the Atlantic Ocean’. The celebration offers something for everyone and is an annual favorite event. See Activities

Delray Beach is an award-winning city and a favorite destination for residents and season visitors alike.

Interested in the Delray Beach luxury real estate market? Here is one of Nick and Randy’s Exclusive Listings on the Intracoastal Waterway:
617 Palm Trail, Delray Beach listed at $6.49M, a brand new waterfront home nearing completion

Contact Nicholas Malinosky and Randy Ely to discuss the exciting possibilities that await.

Photo courtesy of City of Delray Beach website.

Blog, News Press

Delray Beach Wins Third All-American City Award

June 21, 2017

Delray Beach has been once again been awarded the title of All-American City. On June 16, 2017, the All-American City (AAC) Conference in Denver, Colorado announced Delray Beach as one of 15 communities to win the 2017 honor. See Announcement

Delray Beach is the only Florida city to win this title three times receiving the award in 1991, 2003 and 2017. The National Civic League has sponsored the All-American City Award for nearly seven decades.

According to a Sun Sentinel post on June 20, ‘œthis year’s award recognized communities for helping low-income children achieve early reading success. For the past five years, Delray Beach has coordinated with schools, students and parents to improve youth literacy, attendance rates and school preparedness’. Delray Beach’s Mayor, Cary Glickstein said, ‘œThe community’s work has contributed to a 25 percent improvement in grade level reading for kindergarten through third grade across Delray public schools.’ See Full Article

There were 27 communities nominated as finalists this year with 15 Award recipients. Since its inception, more than 500 communities have earned the title of All-American City. See Details

Delray Beach is an award-winning city to residents and tourists alike. Looking to buy or sell a luxury home in Delray Beach? Contact Nicholas Malinosky and Randy Ely to discuss the current real estate market.

Blog, News Press

Nicholas Malinosky Sold Another Home in East Delray Beach’s Seagate Estate Section

June 13, 2017

Nicholas Malinosky just sold another home in East Delray Beach’s Seagate Estate Section. The property located at 1010 Tamarind Road, Delray Beach, Florida closed on June 12, 2017 with a sales price of $1,450,000.

This beach area home is located in the Seagate Estate Section of East Delray Beach. The large parcel offers 100 feet of frontage and 175 feet of depth providing ample green spaces plus room for a pool. The charming Florida style home can be renovated or you can build your dream home. This is a prime beach area location just blocks from the ocean and Atlantic Avenue’s shops and restaurants. Please see Property Details .

Top agent, Nick Malinosky on Douglas Elliman was on both sides of the transaction. After meeting with the seller to discuss listing the home for sale, Nick contacted one his clients who was looking for a beach area home. The potential buyer toured the property the next day and made an offer. The seller was thrilled to be under contract in less than a week after the initial listing meeting. Nick congratulates the seller on a successful closing and is pleased to welcome the buyer to his new beach area home in East Delray Beach.

As luxury real estate agents who focus solely on South Florida’s beach area, Nick Malinosky and Randy Ely are knowledgeable about the current luxury market and trends. If you are serious about selling your luxury property, please contact Nicholas Malinosky and Randy Ely, the #1 Luxury Team in the Beach Area.

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Nicholas Malinosky Sold Another Luxury Beach Area Property

June 5, 2017

Nicholas Malinosky of Douglas Elliman just sold another luxury beach area property. The townhouse located at 4450 North Ocean Boulevard #B, Gulf Stream, Florida closed on June 2, 2017 as per Beaches Multiple Listing Service (MLS). The townhome was exclusively listed by The Randy & Nick Team for $1,450,000.

This Gulf Stream townhouse has been meticulously maintained and is in ‘œlike new’ condition. Features include living room, kitchen with dining area, family room with kitchenette and balcony, master suite with ocean view and balcony, three additional guest rooms, patio and two car garage. The townhouse offers many upgraded and custom finishes including hardwood and marble floors, crown molding, impact windows and doors, elevator, internal fire sprinkler system and abundant storage. Boasting over 4,500 total square feet, the maintenance fee includes lawn and exterior care and insurance for worry-free living. With beach access across the street to the north and south of the property, this townhouse represents incredible value and an amazing opportunity in the beach area. Please see Property Details .

This is the second beach area, luxury townhome sold by Nicholas Malinosky and Randy Ely this year. The Randy & Nick Team sold the East Delray Beach Luxury Townhome located at 58 Seabreeze Avenue on Wednesday, April 26, 2017. This five bedroom townhome was exclusively listed by Nick and Randy for $2,249,500.

Are you interested in buying or selling a beach area residence? Contact Mr. Malinosky and Mr. Ely to discuss the current luxury real estate market. With over 40 years of combined sales experience in the beach area, Randy & Nick can help you achieve your luxury real estate goals.