Guest contributor broker Chad Carroll, who starred on Bravo’s Million Dollar Listing Miami and is one of Douglas Elliman’s Top Producing Agents in South Florida, sat down with SPACiO for a Q&A on trends we will see in the luxury residential market in 2017 and tips on fixer-upper homes in exclusive neighborhoods.
How do you expect buyers to react to the economic environment as it shapes up for 2017?
Buyers are going to be more cautious with their purchases. Interest rates are on the rise and a slowdown of foreign capital will definitely affect pricing. Sellers are going to have to adjust their prices to the new market conditions. Inventory levels are high and demand is relatively low compared to a year or 2 ago.
In terms of home decorating and renovation, what are some of the interior design trends your high-end clients are gravitating towards?
While they continue to prefer the modern interior design, they are increasingly introducing a touch of ‘home’ by incorporating different shades of warmer colors and finishes. Before, it was all about glass and white throughout the house but that style can feel a little stark. Now, I am seeing a lot more woods / artificial woods used alongside fabrics to soften everything up. Many of my high-end clients want their houses/condos to be a combination of ‘art’ and ‘home’.
Based on your years of experience selling homes in Coral Gables, the Brickell area and Miami Beach, what tips can you give us about buying a fixer upper?
Buyers need to be cautious that the house doesn’t have structural or roof issues. Often buyers don’t look into those things well enough and after closing problems appear and dip into their profit. Buyers also need to hire architects and general contractors who have experience working with similar types of properties. A house is not just a house. There are many types of construction and each requires a specific set of skills. Doing due diligence is key to the success of the project.