Cost Effective Luxury Upgrades to Sell A Home/Condo Faster

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If you’re thinking about putting your house or condo on the market, you should consider making a few luxury upgrades to help increase your property’s value. Realtor.com has compiled a list of big impact improvements you can make that are surprisingly cost-efficient.

Upgrade Your Patio

Average cost of a new patio: $3,007 
Increase in home value: 3% to 4%

It’s no secret that more homeowners regard their backyard as an extension of their living space. So it shouldn’t come as a surprise that outdoor kitchens and furnished patio areas alongside a fire pit are increasingly popular.

Irene Medina, a real estate agent at Medina Group Real Estate in Coral Springs, FL, says an outdoor kitchen is “a big plus in homes [priced] from $350,000 and up.” This can be anything from an area in the patio with a built-in grill and sink to a full-blown kitchen.

Low-hassle option: Don’t have the money for an all-out kitchen? Try adding French doors that open to the outside. This simple change will make your home feel lighter and brighter, and will appeal to potential buyers—all for an average cost of $879.

Add a Hot Tub

Average cost to install an above-ground hot tub: $321
Increase in home value: 1% to 4%

“Having a hot tub on the property is a great selling point if the home doesn’t have a pool or a water view,” Medina says. If the property has a built-in pool, a hot spa attached to it or nearby could also go a long way, she says. Prices run the gamut, depending on how elaborate you want your spa to be. At the upper end, these babies can cost thousands, once plumbing, electrical, and the tub itself are factored in. But they don’t have to. When a plumber is involved, they can advise on cost-effective options to ensure your hot tub addition doesn’t break the bank. If you are looking for plumbers located in sydney, you may contact companies like Graham and Sons Plumbing.

Low-hassle option: Don’t want to heat things up that much? Potential buyers are simply looking for a backyard oasis. Consider a simpler (and cheaper) upgrade by adding a hammock surrounded by lush artificial grass through hardscape services—your costs will start around a whopping $30 for the hammock. (Cost of fresh caipirinhas not included.)

When it comes time to sell, any special extras that can paint a picture of leisure and relaxation out back, like playing casino with convenient payment methods like PayPal, can be an incentive for those in the market for a new home. See more here for additional information, such as online bingo sites. Leisure is a good thing, right?

Get Smart with an Automation System

Average cost to install a home automation system: $1,282
Increase in home value: 3% to 5%

These days, smart intercom/doorbells that can show a homeowner video of a visitor at the door (and use remote communication) are becoming the Main Street version of the urban doorman. Smart garage door openers, security camera installation, and thermostats are also becoming more common. In addition to a smart thermostat, you should also consider hiring an ac repair service or furnace maintenance in Colorado Springs, CO to improve the energy efficiency of your hvac system.

Not only will these smart gadgets help you feel more secure in your home, they are also a big draw for the tech-savvy buyer looking for innovative and practical home features, says Mike McGrew, treasurer for the National Association of Realtors® and CEO of McGrew Real Estate in Lawrence, KS.

Low-hassle option: Consider a small splurge on just a Wi-Fi video doorbell. For as little as $100, you’ll have a fancy amenity that can provide convenience and some peace of mind.

Add an In-Law or Nanny Suite

Average cost of a basement remodel: $18,618
Increase in home value: 5% to 10%

Real estate agent Nancy Itteilag of Washington Fine Properties in Washington, DC, says she recently was “this close” to selling a home, but for one major obstacle: The property wasn’t fit to accommodate the prospective buyer’s au pair.

In her market, where double incomes are at an all-time high, there’s big demand for homes with an au pair suite, in-law unit, or a flexible living space (often on the lower level of a two-story house to maximize privacy for both au pair and family). So while the initial costs seem quite high, they could pay off in spades when it’s time for a sale.

Low-hassle option: If you already have a finished basement, you’re in luck. Want to give the feeling of privacy without doing a total remodel of the space? Throw up some temporary walls. For just over $200, you’ll have an extra bedroom instantly. And if your basement has a separate entrance, it’s all the better—it can double as a living space that can be rented out for extra income.

Create a Wine Room 

Cost of a wine cellar: Starts at $4,000
Increase in home value: Varies, but can be as much as 2%

We’re not talking about a dark closet where you hide your best reds (although those pay off, too). We mean a next-level wine space—possibly furnished with a small island or table—for entertaining guests and igniting conversation.

For some wine collectors, this room is becoming more of a showpiece than simply a repository to let wine age. Accordingly, in high-end homes, these cellars are also moving from the lower level to upper floors—often housed in glass walls and under LED lighting.

Wine Cellar SPACiO Built Out at 321 Ocean

While Realtors® agree that a wine room can increase your home’s value, this home improvement should be thought of first and foremost as a treat just for you. Because you deserve it!

“Wine cellars are a bit like swimming pools. They come in all shapes and sizes and costs. And the next folks that look at your house may want nothing to do with them,” McGrew says. “So do a wine cellar because you want a wine cellar, and don’t try to justify it by an increase in value when you sell.”

Low-hassle option: Carve out a space in your home to display a few decorative wine racks and a wine fridge to keep bottles chilled and ready for entertaining. You could create your own wine enclave for as little as $200!

Change Up Your Flooring

Average cost of installing new flooring: $2,853
Increase in home value: 5%

It might not sound sexy, but flooring is also high on the list when it comes to features that pay off in a big way. Whether it’s made of reclaimed hardwood or picturesque tile or features heating, it can set the tone for the whole house. The heat pump repair dayton service is what you’ll need for maintaining your home’s heater.

Want to step it up even more? Heated floors in common areas such as kitchens and bathrooms are a nice amenity for cold winter mornings—and, of course, add a sweet touch of luxury to your home.

Low-hassle option: If you’re looking for a home makeover on the cheap, consider new carpeting in neutral colors, which can go a long way in pleasing prospective buyers. The best part? The price tag, with an average cost of just $1,491.”

Q&A with Guest Contributor: Miami’s Jeff Morr Dishes on Trends in Interior Design

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SPACiO sat down with the talented Jeff Morr , an interior designer who has designed some of Miami’s most iconic condo projects from Ten Museum Park to Paramount on the Bay. He gives us the scoop on what it takes to be an interior designer in one of the most cosmopolitan cities in the world.

How did you become an interior designer?

I have been a real estate broker for over 30 years and have always had a passion for interior design. For years, I’ve worked closely with developers and architects designing buildings and introducing new concepts to the South Florida real estate market. For example, I introduced the ‘loft’ concept in the 1990s. Buyers from New York would ask me for lofts in Miami Beach and I would always say “we don’t have them in Miami”. As a result, I convinced a handful of developers to build small loft condo projects South of Fifth Street in South Beach. These were a big success so I brought the concept across Biscayne Bay to work with the developers of Ten Museum Park, Paramount on the Bay, Parc Lofts Miami, Cynergi  (the first residential project in Wynwood), Midtown Miami and many others.

Give us a taste of the work you do as a designer.

We recently completed a unit at Continuum South Beach and have now started working at a unit in the Beach Club. We are doing a lot of work in buildings completed in the last cycle to freshen up the floor plans, kitchens, baths and create brand new spaces. We also manufacture furniture to match our design as well as design decorator-ready units in buildings being completed in this cycle, like Echo Brickell.

When it comes to designing, I love doing kitchens. My clients are amazed to see how you can create a completely new style by replacing cabinet doors, installing new countertops and adding an interesting backsplash. Our clients are moving away from ‘all white’ and are increasingly choosing pastel blue, pastel gray and pastel orange for cabinets. Shaker kitchen cabinets are very popular because some clients like just a twist of traditionalism.

In terms of flooring, porcelain is in. It is a great material. You don’t have to worry about it polishing every few years. It is virtually maintenance free. Wood-look porcelain tile is also very popular on terraces, pool decks and areas you would have never imagined.

Miami is a very cosmopolitan city. How does the ‘international influence’ reflect on the work you do?

Miami is a progressive city that tends to be into a singular look known as Tropical Modernism, embracing clean lines combined with warm colors, wood, glass, natural stone, LED lighting and more. I do see a few differences in clients who come from South America. They need service quarters for their nanny. Handheld shower devices are very important for foreigners as well as combo toilet/bidets. All our clients – regardless of where they come from – are very interested in space maximization so that’s a priority for me. They are paying a very high price per square foot when they buy into some of the world’s most luxurious towers in Miami so there is no reason to waste space. For example, we often remove traditional bidets, consolidate a bidet with the toilet and in the new void, we build a linen closet. There are many ways to add storage space in condos. It is all about being creative.

Behind the Scenes: Building Out Miami Beach’s 321 Ocean

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What a treat it has been building out a luxury condo at 321 Ocean, an exclusive collection of 21 luxury residences in South of Fifth, one of Miami Beach’s most upscale neighborhoods. One of the things we love about our job is having access to some of the world’s most exquisite residential developments. Early this month, we had to say goodbye to the building after completing the build-out of our client’s unit in just 12 weeks. The work was completed on time and on budget.

The work consisted of installing flooring, trim window coverings, stairlifts for straight stairs, staircase handrails, mill work, and more. Check the latest rolling stairs code standards to stay up to date with regulations. Our favorite part was building a beautiful wine cellar. Our client chose hardwood floors throughout the condo and very neutral finishes and colors.

Overall, this is one of our best projects because working together with the client we were able to plan it well and execute it without a hitch!

Looking forward to our next build-out!

CASE STUDY: The Psychology Behind NYC Luxury Real Estate Listings Can Work in Miami

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Here are some factors that luxury residential brokers consider when creating a listing, according to DNA Info New York Writer Amy Zimmer:

The power of pricing “just below”

Just as in retail, many in real estate price their property “just below” a round number — for example listing an apartment for $499,000 instead of $500,000.

“There is a psychological effect of being just a hair under,” said broker Claire Groome with Warburg Realty.

For instance, she recently sold a three luxury queen bed style bedroom co-op in Carnegie Hill listed for $3.495 million after three days on the market, saying, “Rarely will you see something listed for $4 million.”

When Dan Bamberger, of the Bamberger Group, analyzed Manhattan sales prices in 2015 using Streeteasy data, he found that listings between $300,000 and $1 million used the “just below” strategy nearly 90 percent of the time. Homes priced between $1 million and $10 million used the strategy 78 percent of the time.

 The allure of neutral spaces

Staging apartments — which often involves de-cluttering, painting and changing furniture — has become more common, even for apartments at lower price points.

These apartments tend to show better in photos as well as in real life, experts say, as they give would-be buyers an easier canvas upon which to quickly project their lives.

 The repellent effect of stale listings

In this market, listings that sit longer than 60 to 90 days raise red flags, said Broker Zach Ehrlich of Mdrn. Residential.

Buyers are suspicious of stale listings, thinking something must be wrong with the property. Their agents also steer clear, thinking the seller isn’t likely to cut the price, he said.

To avoid that perception, brokers often try to work around this. They might reduce the price by some nominal amount — like $1,000 or $5,000 — to grab attention again as a price reduction or might re-list an apartment, reversing the order of the unit number. So, apartment 11K might be relisted as K11 to trick websites like Streeteasy and Zillow.

 A listing’s wording is chosen with care

Though text may be secondary to pictures, many brokers still labor over word choice — even more so now, said Stephen Kliegerman of Halstead Property Development Marketing.

“You want to make sure your messaging is clear and direct, but you want make sure you leave some things out so people still call you,” he said, explaining that if a listing has too much information, would-be buyers might think they don’t have to see the space.

You can read the entire article here: https://www.dnainfo.com/new-york/features/apartmentality

Behind The Scenes: Building Out A Condo At Oceana Bal Harbour

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SPACiO Design Build’s crew is meticulously building out a condo at Oceana Bal Harbour, one of the most luxurious development projects in South Florida. SPACIO’s work in the decorator-ready unit consists of installing hardwood flooring in the interior and tile on the large balcony, dropping the ceiling for additional lighting, painting, installing pocket doors, audio visual and more.

Build-out velocity and house rendering are priority for our clients who plan to occupy or rent out the unit shortly after closing. For that reason, four weeks after securing the necessary permits, SPACiO delivers a finished unit to the new owner or renter eager to move in. In some instances, we are recruited by buyers to plan the build-out work ahead of the closing and, when the deal is closed, our crew immediately jumps right in.

Working at Oceana is an incredible experience. With floor-to-ceiling windows and extra-deep balconies, the unit has one of the most breathtaking views available in Miami. The luxury tower’s spacious homes and balconies were designed to offer views of the Atlantic ocean to the East, Biscayne Bay and the Bal Harbour marina to the West and Miami’s skyline to the South. Our experienced crew’s work is not distracted by the remarkable view of golden sun rays reflecting on the blue ocean but we agree that it is a challenge! Stay tuned for photos of the finished condo!

Custom Home Miami Beach: A class of its own

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This $10 million dollar residence is truly in a class of its own.  SPACiO meticulously crafted every gorgeous facet of this modern home. The contemporary design featured an open floor plan with white oak flooring, a professional chef’s kitchen, and a massive master suite with an adjoining office. And it features a condo roof, a durable roofing installation built by roofing contractors and metal roofing services, with a rooftop deck for breathtaking views of downtown Miami. Plus, we ensure seamless roof replacements with tenants in mind. We have a contact with experts that do roof repair in Bucks County, PA and wrought iron services in Greensboro, NC to make sure it’s in top shape.

This is the type of custom home project that the SPACiO team takes immense pride in bringing to life.

SPACiO makes the process of building a home simple and convenient to the homeowner. It all starts with a visit to SPACiO’s showroom, where we display samples of materials. Our entire team is also there to help the owner make decisions on the spot. We assign a team leader to communicate and coordinate with all the subcontractors’ schedules so the owner always knows where we are in the process. One thing we realized over the years is that one can never over report with a homeowner, who eagerly waits for the completion of his/her home. We provide our clients with a detailed timeline and weekly update including photos or videos as needed. Honoring the timeline is a key priority to us so our clients can arrange travel plans for milestone walk-through visits.

While SPACiO is committed to quality work, we are even more committed to helping owners have a positive experience when building their homes or building out their luxury condo units. We are always glad to get on a call to discuss how we can help you.

Grove Condominiums at Grand Bay

DECONSTRUCTING THE STARCHITECT’S VISION BEHIND THE GROVE AT GRAND BAY

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Congratulations to the iconic Grove at Grand Bay, which has closed on most of its luxury units. The innovative project, in the heart of Miami’s Coconut Grove, highlights the evolution of Miami as a global real estate market. Danish starchitect Bjarke Ingels is the designer behind the twin towers built by developer Terra Group.

Recently Ingels told The Real Deal New York “the design is a combination of ‘rational Scandinavian’ meets Miami. He said the latter favors a ‘Caribbean interpretation of modernism,’ which he described as rounded, feminine architecture that puts a premium on balconies with impressive ocean views. The project also features a lush landscape with young japanese knotweed — designed, no kidding, by a landscape architect named Raymond Jungles — and a canopy that winds ‘like an umbilical cord’ between the two buildings.

As SPACiO completes the build-out of one of the Grove at Grand Bay condos, we are fortunate to experience this unique development on a daily basis. One high point is the opportunity to  incorporate Bjarke Ingels’ vision in the finishes we select for our client.

It is astounding to see how far Miami has progressed in less than a decade. Grove at Grand Bay has 98 magnificent units ranged from $2.95 million to $25 million, working out to an average of $1,100 per square foot. The last remaining unit — the penthouse — is currently on the market for $28 million, according to The Real Deal.