Real Estate On Tap

Sellers

Why Are Homeowners Rates Going Up?

When you receive your renewal offer, most of you will probably notice a 10-35%+ rate increase.

Lets review the reasons why:

REINSURANCE rates that are charged to insurance companies by worldwide insurance underwriters such as Lloyds of London, Swiss Re have gone up significantly.  Reinsurance is an insurance policy that our Florida carriers take out on themselves to give them protection in the event of a catastrophe.  Even though we have experienced no major storms in 5 years, catastrophes have occurred all over the world (ex Northeast storms, Missouri Tornados, Worldwide Earthquakes) which require massive insurance payouts, which affect all of us. As well as the new risk modeling from a company called RMS created to help drive the PML (Probable Maximum Loss) figures upwards throughout Florida.

FRAUD has skyrocketed in Florida, especially since the economic downturn.  The abuse of homeowners insurance for fraudulent claims hurts all of us.

SINKHOLE CLAIMS, especially in the Pasco/Hernando/Hillsborough areas, are hurting the insurance companies.  It costs an insurance company $8,000 to $10,000 just to send a geotech vendor out to “test” whether there is actual sinkhole damage.  Most of our carriers refuse to even write in Pasco and Hernando County due to the volume of sinkhole claims. Many claims result in payouts of hundreds of thousands of dollars to stabilize houses and repair damages.  You don’t have to be a mathematician to see a few of these claims adds up to a losing proposition for the carriers. These types of claims are not covered by reinsurance.

PUBLIC ADJUSTERS, while in many cases offering good representation to clients through the claims process, have a portion who are ENCOURAGING people to file bogus sinkhole claims, reopen hurricane claims from 5 years ago, and similar activities that result in unnecessary payouts by carriers.  Again, ultimately, this hurts all of us with higher rates.

EXAGGERATED WINDSTORM MITIGATION CREDITS due to direct political pressure from the State, have contributed to rising rates.  A comprehensive study done for the State a few years ago concluded that houses built to better code and more hurricane resistant roofs should lower hurricane damage.  The study concluded that appropriate credits should be approximately 15-30% for the wind portion of the total premium, depending on how many features a house had.  The State ignored the date, and mandated that carriers give credits ranging 30-70% of the wind premium. Many of you have experienced these significant savings which is good for your wallet but the carriers now know they have not collected enough premium to pay future claims.  Fraud from inspectors and even clients and agents statewide has exaggerated this problem. One company reported that in Miami 90% of the inspections were overstated. The new policy wind mitigation forms are required for all new and transferred policies as of February 1, 2012

Seth Friedman is a contributing editor here at RealEstateOnTap.  He is an insurance expert and an authority on the subject.  He owns and operates the Weston Agency Inc., a subsidiary of Allstate Insurance and has helped thousands of people obtain, literally, every type of insurance available.  For any questions or comments, please contact him at 954-349-5882 or via email

Tags: allstate, flood insurance, homeowners coverage, homeowners insurance, homeowners policy, seth friedman, umbrella policy, weston agency

Consistency in Advertising for Jason Kapit’s homes

Jason Kapit consistently advertises his inventory of homes through print media, the Internet and PR campaigns. Contact him today at 954.650.4443 or [email protected]

Momentum at the High-End

Marketing Luxury Real Estate

When it comes to residential real estate, all homes are not created equal.  Hence, one report cannot classify the sector as a whole.  For the last few years, the story had been one of redundancy.  The housing market is weak and without a housing market recovery, the overall economy will not improve.  And while most economists agree that there is indeed a correlation, the more important question to those in the trenches, is what part of the market is strong and poised for a comeback.

Selling High-End Homes Throughout Western Broward County

Having sold over $30 million of luxury properties in 2011 throughout Cooper City, Coral Springs, Davie, Parkland, Southwest Ranches and Weston, I know what is and isn’t selling.  There seems to be a lot of action across the board but even more so at the luxury level (properties priced above $1 million).  The reason?  That’s up for debate, but my thinking is outlined below.

The Attraction To Luxury Homes

[1] The homes are fairly priced and present exceptional value to the astute buyer.  When you consider what it might cost to build these homes, the sales price, quite often, represents a fraction of the cost.

[2] Most luxury home buyers pay cash, avoiding mortgage and lending issues that have served to derail a plethora of transactions over the past few years.

[3] A lack of options for buyers/investors dictates diversifying into the real estate/tangible asset sector.  If you are sitting idle with cash, there are not a lot of options, at least for those averse to high risk or non-existent returns.  Putting your money in the equity markets is a tough play considering the choppiness and unknown global concerns/fears.  As for putting it in the banks stateside, assuming you were comfortable with the bank’s stability, are you going to be happy with .5% return (or less) on your money?

[4] Timing is everything.  If you can afford to buy a luxury property for cash, you are way ahead of the game.  You can negotiate aggressively based on your ability to close quickly without delay or third party interference.  Furthermore, because mortgage rates are so low, if cash flow ever became an issue post-close, the ability to refinance or obtain an equity line at a very appealing rate would be possible and certainly not as taxing as obtaining a mortgage at the onset.

Jason A. Kapit, Esq. is a real estate agent with EWM Christies International.  He concentrates in the luxury home space with offices in Las Olas and Weston Town Center.  Contact him at 954.650.4443 or [email protected]

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Jen Keller, REOT’s newest addition for 2012

A Fresh Face Joins the Team in 2012

Jason A. Kapit, Esq. never rests.  Always tweaking the model, always building on success and continuously striving to better the team’s ability to serve our most precious commodity, our clients!  To that end, we welcome Jen Keller.  Born in Miami, raised in North Miami Beach and Miami Beach, Jen is a South Florida native through and through.  She is married to Jonathan, a prominent Workers Comp attorney, for 15 years and has 3 children. They currently reside in Weston, FL where they are very active in the community and charity organizations.

Education

Jen is a graduate of the University of Maryland (Go Terps!) with degrees in Health Science and Psychology.

Work Experience and How It Relates To You

Jen worked at Mt. Sinai hospital for 10 years as the Infertility Program Coordinator. She has helped hundreds of couples become proud parents! Following her career, she worked in Event Planning for a large corporation handling special events for high-profile clients.  She has planned events for celebrities gracing every cover.  How are the two jobs related and more importantly, how can her experience help you? Quite simply, Jen has a keen ability to help people during their most important moments, parenthood, wedding, etc.  She understands the importance of communication, detail and most importantly RESULTS.  This was such a natural fit, it was only a matter of time before this collaboration ensued.

Focus and Concentration in Real Estate

Through Jen’s social network and myriad of contacts, she will focus exclusively in the luxury home segment of Parkland and Weston’s premier communities. When asked about the latest addition to his team, Kapit commented, “I have no doubt she will quickly become a force in Broward County’s residential real estate market.  Look at her resume … years of dealing with high end clientele, serious attention to detail, amazing confidence and a keen ability to always make people feel comfortable at their most vulnerable.  Its a recipe for success, especially in this industry.”

The Team Approach

Jen is part of Jason Kapit’s Team (RealEstateOnTap) at EWM Christies International, operating East & West with offices in Las Olas and Weston Town Center.  He concentrates his efforts on high-end residential properties and luxury communities.  “We have been able to establish an extraordinary resume marketing luxury real estate.  The Team combines experience and knowledge of the South Florida market, selling over $30,000,000 in 2011 and representing 5 of the 9 highest sales throughout Cooper City, Parkland and Southwest Ranches, FL.”

Visit us at www.realestateontap.com and bookmark our site.  You may not be ready to buy or sell now, but we are here when you need us!

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Meet JC … REOT’s Newest Agent

Hello from JC Caceres!

As I view South Florida’s local market activities over the past twelve months, it appears that we remain on the road to recovery

- Public inventory is decreasing in both Broward and Dade County.
- Pricing remains a threat because of the short sale and foreclosure inventory, yet despite the diminishing values the market continues to make strides.
- Ultimately, in time, as inventory decreases, prices will increase.

Who is buying in Florida?

Pursuant to the NAR’s 2011 Buyer Profile of International Home Buying Activity, South Florida remains #1 for international home buyers.  What does that mean to you?  Visitors come to South Florida from all over the world to relax and buy 2d, 3d and even 4th homes.  If you are thinking of selling your property, now is the time.  There are many CASH buyers ready to go!  The National Association of Realtors has just released Q3 numbers for 2011 highlighting that South Florida sales have increased by 10.6%  This report considers aggregate sales of single family homes, condos and co-ops nationwide and compares the figure to Q3 of 2010.

Bottom Line:  South Florida remains one of the most desirable places in the world to visit, live, retire, and own Real Estate!  To learn more, contact me at 786-285-5984, email me, or visit my profile page.

Tags: ewm christies, ewm real estate, ewm realtors, jc caceres, juan carlos caceres, Miramar FL, south florida real estate

Jason A. Kapit, Esq. to Represent Homes for Sale in East Fort Lauderdale

For the past 10 years, Jason A. Kapit, Esq. has represented luxury homes for sale throughout Broward County.  Growing up in Hollywood, FL, attending Pine Crest School in Fort Lauderdale, he is a homegrown local who knows the East side cold.  Ironically, Jason has made much of his splash out West recording record sales in Cooper City, Weston, Parkland and Southwest Ranches.  After much prodding from friends and clients, he has finally decided to split time between the Weston and Las Olas office to bring his marketing and home selling skills to the much heralded luxury residential enclaves of Las Olas, Seven Isles, Rio Vista and Harbor Beach.

Asked why he decided to branch out East, Kapit stated, “It was a natural progression for me.  I like selling multi-million dollar homes.  I work for very sophisticated clients who demand smart, sound representation.  They understand that my marketing plan (consisting of Online, print media and strategic PR campaigns) works!  And I think that sellers are now willing to look beyond using the realtor down the street.  At the end of the day, this business is about results.  I get results wherever I go and people are finally figuring that out.”

Contact Jason A. Kapit, Esq at 954-650-4443 or through the Contact page.

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Jason A. Kapit, Esq. might be the answer

There is A Difference

Jason A. Kapit, Esq. specializes not only in selling luxury homes but insuring they garner a premium price!

“Consistently raising the bar, setting records and keeping neighborhood values high is the goal.  Merely listing to sell at any price is not my style.  A track record is important and working hard to sustain values no matter how difficult the environment is always a priority.”

Legal Know-How

Asked if being a lawyer helped to cultivate buyer and seller clients, Kapit responded, “It definitely doesn’t hurt.  Certainly you don’t need to be a lawyer to be a real estate agent but knowing the law, having been a practicing attorney, gives me an advantage when it comes to contract review and superior negotiation.”

Global Marketing

Print media such as the postcard you see here represents a small portion of the marketing required to attract qualified buyers.  “Online is simply where it’s at.  The majority of buyers begin their searches online.  Without a major presence online at strategic locations, selling a home can be a daunting task.  It is foolish and irresponsible to try and source a buyer from a finite number of local prospects.  YOU MUST ANNOUNCE THE OFFERING TO THE WORLD!”

List Your Home For Sale With Jason A. Kapit, Esq.

If you would to schedule an appointment to learn more, send your request here.

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EWM #1 In Luxury Sales

You Can’t Argue With Solid Numbers

These numbers are very telling about our market share in the luxury residential space of South Florida’s real estate market.  Our ability to reach buyers WORLDWIDE through ingenious online and print media marketing has propelled us to the top of the list.  We are the most sought after real estate firm to assist luxury homeowners in the marketing, negotiation and ultimate sale of their residences.

For more information on how I can help, please contact me directly at 954.650.4443 or via email.

Tags: Christies, christies great estates, christies international real estate, esslinger wooten maxwell, ewm realtors, ewmrealtors, j kapit, jason kapit, luxury real estate, million dollar homes, ron shuffield

Pocket Listings – For Those Who Just Can’t Seem To Find What They’re Looking For

COMING SOON – REOT’S LIST OF OUR EXCLUSIVE POCKET LISTINGS

Explanation Courtesy of Wikipedia – A pocket listing is a real estate industry term used which denotes a property where a broker holds a signed listing agreement (or contract) with the seller, whether that be an “Exclusive Right to Sell” or “Exclusive Agency” agreement or contract, but where it is never advertised nor entered into a multiple listing system (MLS) or where advertising is limited for an agreed-upon period of time.

When a broker is hired to sell a property, a listing agreement is executed in writing. In an “Exclusive Right to Sell Agreement”, the broker normally agrees to cooperate with other brokers and to share a portion of the total real estate commission paid by the seller. However, in this situation, it is stated that the property shall not be placed in an MLS, and thus there is no agreement to work cooperatively with other brokers.

The reasons for a pocket listing vary and some sellers may have their own reasons for not advertising a listing in conventional ways.  Regardless of explanation, Jason A. Kapit, Esq. has a short list of some fabulous “under wraps” properties.  For more information contact him directly with specific details of what you’re looking for.  It might just be available.

Oh, and look out in the next few weeks for our “Pocket Listings” display!

Tags: Buyers, j kapit, Jason A. Kapit, jason kapit, jay kapit, New Listings, pocket listing, Sellers

Treat Yourself on Mother’s Day

Jason A. Kapit, Esq. Offers A Home For Every Budget

This Mother’s Day, treat yourself to one of the greatest purchases of your life, a new home!  Take advantage of fantastic deals as we finally wind down from 2006 highs.  The market is poised to level off and 2011 presents a very interesting time in real estate.  Smart money looking for hard assets are taking advantage of these never seen before low level entrance points as well as historically low mortgage rates.

There Is No Better Time To Get Involved

Not sure where to start?  You’ve got options.  Navigate through the site.  It contains a ton of information.  If you want to see our inventory click here.  Looking for something else, check out our property search page, or simply email your questions here.   We are ready to help 24-7.   Have a Spectacular Mother’s Day!

Tags: happy mothers day, j kapit, jason kapit, jay kapit, south florida real estate