Florida Agenda

FORT LAUDERDALE – Realtor Rick Gibson has been appointed to serve on the City of Fort Lauderdale’s newly formed Community Redevelopment Advisory Board (CRA), which was created under the mandate of the City Commission to help formulate and implement strategies to redevelop and improve the area between West Sunrise Boulevard, Northwest 16th Street, I-95, and Flagler Drive.

The board will consider such strategies as encouraging new commercial and residential construction, making infrastructure improvements such as sidewalks, street lighting, and traffic calming devices, and measures which could offer grant or financial incentives to residents and business owners looking to improve their properties.

Fort Lauderdale City Commissioner Charlotte Rodstrom noted the “important duties” and planning the board members including Gibson will be undertaking for the area’s future, and said she “look[s] forward to working with this board to make this portion of the city a more vibrant area.”

“This appointment is an honor, considering the impact to the city of CRAs in general and this particular CRA’s central location,” Gibson, who has an extensive background in marketing and communications, and was recognized as Best Community Realtor 2011, told the Agenda.

“The LGBT community has historically resided and operated businesses in the areas affected by the CRA boundaries,” he said.

“I am very excited to be able to have input to the city on how to make these areas safer, more valuable, and to promote business,” added Gibson, whose affiliate was recognized this year as the RE/MAX 2012 Number One South Florida Team.

“Naturally, due to the proximity to Wilton Manors, and to the number of LGBT residents in the CRA boundaries, this will over time have tremendous positive impact for the greater good and the LGBT community,” he predicted.

Ft. Lauderdale, FL: Rick Gibson, Gay Real Estate Agent
	Keller Williams Realty Professionals 3696 N. Federal Hwy Ste 101, Ft. Lauderdale, FL, 33308, USAOffice: 1 954 592-4120 Fax: 1 954 630-7050 Mobile: 1 954 592-4120 Main Clientele: Gay Men Lesbian Bisexual Transgender Straight Specialty: Residential, Investment Region Covered: Fort Lauderdale, Wilton Manors, Oakland Park Years Experience: 10 Accreditation: N/A

By Rick Gibson

When I first moved to Fort Lauderdale, I was told, “It’s a perfect grid system” and did not understand. I did not understand how a “perfect grid system” could be interrupted by canals, bridges, railroad tracks, a “thing” called the Intracoastal, and streets that went into winding loops and suddenly into straight lines again.

Then I learned that there are not one, but two cities completely surrounded by Fort Lauderdale (Oakland Park and Wilton Manors), and if you include Lazy Lake, it could be said there are three.  There is an intersection we know as “Five Points” where not four, but five streets meet in this “perfect grid.” NE 4th Avenue suddenly becomes Wilton Drive, and just when you think you “get it,” the same street becomes “Flying L Drive” (named after the Fort Lauderdale High School football team incidentally).  Sunrise Blvd. just decides to become Federal and then changes its mind and goes on its separate way again. If you want to mess with someone who just moved here, tell them it is a “perfect grid system.” If you want to make a friend, tell them it’s not. I’m telling you it’s not.

This is very important when buying and selling real estate here. The buyers must understand what they are buying and where they are buying, or in my experience, they will not buy. Sellers need to understand the particular changes in their neighborhoods relative to others because they all gentrify and change price points at different rates. It can be said this is all quite complex. Like most things that are complex, it can be easiest to understand as a sum of its “parts.”  In real estate, those “parts” are our neighborhoods, or in real estate jargon, they are “subdivisions.”

Each subdivision could be thought of as its own little city in a way, and each one having a particular style, income level, demography, distance from the Atlantic, and countless other qualities the most significant of which may be price. If you have a child, you may want the “A rated” schools in Coral Ridge or Victoria Park.   If you are an avid yachtsman, then you will want to be anywhere from Coral Ridge to the Isles of Venice to Sailboat Bend, but you will probably not want to have any fixed bridges. If you are an investor, you may choose the fastest changing neighborhoods with the highest cash flow like South Middle River and Lauderdale Manors between Wilton Manors and Downtown. The good news is our subdivisions make everything much simpler, so my advice is to get to know them, and try to focus on the positive aspects of each one.

For the LGBT community, the “sense” of community can be of the utmost importance, especially since we are in fact a minority, even though at times in Wilton Manors on Halloween or at Gay Pride that may not seem true. To be close to people who share your values and help you to feel comfortable, especially as we get older, is one of the most important considerations for any buyer, and that does not only hold true for the LGBT community.

For the LGBT community, the City of Wilton Manors is well known to have one of the highest per capita concentrations of LGBT people in the United States and so therefore could be considered the “heart” of our LGBT community in a way. But this is not the rule, and it would be a mistake to not consider spectacular neighborhoods surrounding cities too.

At one time, I was showing a property to some incredibly charismatic clients from London and the home happened to be in Poinsettia Heights, a nice subdivision of Fort Lauderdale. My client looked at the woman on the couch, who was in curlers, and asked “May I ask you a personal question?”

The whole room stopped, as she looked up and said, “Why of course.”

He then asked her “Do you consider this a very ‘gay friendly’ neighborhood?”

I will never forget how stunned she looked before she laughed and said, “I don’t really have a choice now do I, since I am outnumbered three to one!” Well, although her observation does not hold up statistically for Poinsettia Heights, it does show the importance to those savvy buyers, and how savvy the seller was to acknowledge that importance.

Neighborhoods and their differences is one of my favorite topics, and they are more important here than anywhere I have ever lived. We have an incredibly diverse community and region. Rather than be confused by all the differences between neighborhoods, like the differences in each other, we can instead embrace those differences and learn as much as we can about each one. I hope you will try to notice the subtle and not so subtle differences between all of our neighborhoods, not just the one where you live. People live in all of them, and they are all home to someone. Perhaps they are a lot like you.

Rick Gibson is a Realtor®, CDPE, CIAS, and Managing Partner of Gibson Group Property Management, LLC. Rick can be reached at rickginfla@aol.com.

“Some people choose to live by complaining.  Other people choose to live.”
– Dr. Shad Helmstetter

By Rick Gibson

The pros and cons of each – condos and single family homes – remind me a bit of people who prefer dogs over cats or the other way around. The difference, of course, is that we do not live in our pets, but our pets live with us. I think people who think they do not like cats or dogs have just not been exposed to the right ones could change their minds quickly. Similarly, there are strong preferences by some people toward single family homes over condos that make asking this question interesting, considering we really are not supposed to know exactly what we want, but rather that is what “shopping” for homes is about. If you are a person that, for whatever reason, prefers condos over single family or vice versa then it’s simple … it’s your home, after all.

If there was one difference that comes to mind when I meet a client who is unsure, especially when they are buying a second home, it would be the “relative privacy”. In my opinion, there is significantly more “privacy” in single family home living than in condos and you can create as much independence there as you desire with landscaping, fences and more. Condos, by definition, are part of an “association” and so are part of a “group” of units that share common areas, land (usually), and walls and floors. If you are a person that simply does not want to have “rules and regulations,” then you may want to stick to single family. However, if it is only the “hallways” and “feeling” of being in a complex that bothers you, then there are complexes that have catwalks or open walkways that could overcome this particular concern. If you like some parts and not others of the condo lifestyle, then townhomes could be a perfect compromise.

Independence is an interesting benefit to both single family homes and condos, but in different ways. For some people who travel a lot, condos may not “be” independent, but allow them as owners to live with independence, and not enslaved by thoughts of their pool maintenance, landscaping or any type of upkeep or personnel. These people might rather pay for maintenance and not think about their yards or pool.

Of course, if you are unsure you can have it both ways … you can have a single family home and hire people to maintain your pool, lawn or a property management company to cover every possible concern.

The benefit to independence of single family is that you will not generally have any “rules and regulations”. So, if you have disdain when neighbors park in their yards, or have living room furniture on their front porches, you need to study the neighborhood you buy in or accept that rules and regulations can be very “good” things, and not the perceived negatives the words imply. Rules, if they protect a common interest, serve us all very well and improve your quality of life.

Those are a few of the broad concepts and benefits to condos and single family homes. Next, there are some very specific ones that may be “deal-killers” for you. Please do not spend your time looking at condos until you first decide if you must have a washer/dryer in your unit, as opposed to common laundry; if you want the freedom to lease out your property the first year you purchase; or if you have pets. If pets are a big part of your lives, then start there. If your pet weighs 26 pounds and you need to be under 25 pounds, then that could be one big pound when it comes to making a decision.

Regardless of which one you choose, use a Realtor® that does not only show you want you “think” you want, but opens your mind to obstacles you may learn later and points out benefits of options you may not have considered.    Your home is your retreat and “safe place,” so please don’t compromise on what is most important to you as an individual, couple or family.

Rick Gibson is a Realtor®, Re/Max Preferred and Managing Member, Gibson Group Property Management, LLC. He can be reached via email at rickginfla@aol.com

By Rick Gibson

“If we all did the things we are capable of doing, we would literally astound ourselves.”– Thomas Edison

This quote may be an unusual introduction to short sales, but it’s fitting.  Many people do not understand them, are afraid to admit it and avoid what they don’t understand. By acknowledging you are not alone if you do not understand short sales, and that you are not “supposed” to understand them, is the first step. Then, see that short sales may be a great option for you, and not something to avoid or fear.

A property being “sold short” means it is being sold for less than the seller owes to their lender. So, when sold,
there will be a “shortage”. Lenders prefer short sales over foreclosures since they lose less money and it can help decrease vacant properties.

The lender is the real decision maker, even though it is the seller who hires the Realtor®, signs the listing and the sales contract. The seller cannot make any profit, though in some cases is given moving expenses as an incentive to keep them from abandoning the property, or taking the fixtures and appliances.

Fundamental to accounting, but a mystery to some, is that “losses must be offset by a gain,” so you may hear lenders send an income statement to sellers for the amount the lender loses when they approve a short sale (the difference between what it sold for and what was owed). You may have also heard the seller is then responsible to pay taxes on that “income,” even though the seller did not make any money.  Hearing things like that and not understanding them causes people to postpone taking action and regretting it later.  Consult an accountant to confirm that, for a limited time, you are able to waive liability for taxes on this “income”.

If you are in debt and need to get out of a property, now is an opportunity to start over. If you are not in debt, but have property that is harming you due to its value, you may be a candidate for “strategic default” and should consult an expert quickly. I strongly suggest if you are a seller and are considering your options, meet only with a Realtor® who is a Certified Distressed Property Expert (CDPE). This means the Realtor® has specialized training, and you are more likely to understand your options, minimize stress and find success.

Some Realtors® negotiate their short sale contracts themselves; others hire a firm that represents them and the seller in lender interactions. Personally, I recommend and hire experts to negotiate with banks to cover this critical task, and stay focused on obtaining contracts and managing the process. I would similarly not be my own dentist or lawyer.

Buying short sales is a risky if you are looking for a primary home, unless you are okay if it does not succeed. The process can take a while, and has its problems. For my clients, I generally recommend short sales to investors more than to my buyers who are
emotionally involved or relatively impatient. It can be slow, but this is changing quickly and for the better. Lenders are receiving criticism and new guidelines to speed up the process, and the market is in a clear trend towards more short sales and less foreclosures.

Regardless of whether you are a buyer, seller or are considering buying or selling, don’t be afraid to ask
questions. Short sales are here to stay and may be a tremendous opportunity to get out of debt at a time when there are few down-sides.

Now is a time of change and opportunity and, as Thomas Edison expressed so well, we are capable of many things.  Learning about our options now and taking action can greatly enhance our lives.

Rick Gibson is a Realtor®, Re/Max Preferred and Managing Member, Gibson Group Property Management, LLC. He can be reached via email at rickginfla@aol.com

By Rick Gibson

We appear to be very fortunate here in Broward County compared to the rest of the United States. One reason (aside from the weather) is there is no question our real estate market is on the “mend,” and quickly. Similar to almost any product, including the stock market, most things change in “cycles” of “ups and downs”. When the real estate market is “up” (meaning prices), then sellers are happiest and are able to get higher prices because there is more “demand” than there is “supply” (more people wanting to buy than there are properties available).   The bad news for those sellers in this situation is when they sell they often cannot afford to buy anything else. When supply is flooding the market, as it has been with foreclosures and short sales in the past few years, prices drop as a result and that is considered more of an opportunity for buyers than sellers, so is considered a “buyer’s market”.

This is to me a very interesting time in our history and in our market. We currently, in my opinion, are in the rare time of being in both a buyer’s and a seller’s market … this will not last. The reason we have both at the same time is a little complex, but many things in our economy have contributed to this status. The number of foreclosures seems to be slowing down, short sales are speeding up (and becoming more efficient), and overall inventory is down considerably. There are not nearly as many listings (especially good ones) as there were a year ago or six months ago.

So, for sellers with a great property and a realistic price, this is both an excellent time to sell their property and to buy another one. Buyers who are waiting for the “bottom” are missing out, and I predict going to be very frustrated with themselves as they start to see less choices and higher prices.

If you are considering a change and wish to trade “up” (buy the waterfront home of your dreams, or a larger home, etc.), “down-size” (realizing that you cannot use 7 toilets at a time), or invest, this is the best time I have ever seen to do so. If you are content in your home or property and it is worth what you feel it should be relative to what your mortgage may be if you have one, then maybe you should do absolutely nothing. If you do not like your property and cannot afford it, that’s easy. Contact a Certified Distressed Property Expert and/ or your accountant right away. If you are an investor, it may make sense to sell your property for less than you thought you would, only

in order to buy other properties now while you can, for less than you will ever be able to again. You end up ahead potentially if you do it right. In these cases, contact an investment specialist and, as always, keep your accountant’s advice close to you.

In times of tremendous economic change like we are experiencing now, there are incredible opportunities but to “freeze” up (do nothing) because we do not understand something could be a mistake. Reach out to someone you trust and get some sound advice so you can make your lives and those around you the best they can possibly be.

Real estate is not really about properties but the people who live in the properties, and their happiness and well-being. Focusing on the people, including yourself, will usually guide you to take action and not “settle” for mediocrity when you deserve better.

Rick Gibson is a Realtor®, Re/Max Preferred and Managing Member, Gibson Group Property Management, LLC. He can be reached via email at rickginfla@aol.com

By Rick Gibson

Have you considered or already made some home improvements? For some of us, this was always part of our plan. We bought a house that was in need of repair and planned to put some money towards the right kitchen, garden or whatever it is that was important to us. Suddenly, we realize we live at Home Depot and are not sure how we got there. For others, the idea of home improvements comes up only as a way to increase the value of the property.

Whatever your reason for making improvements, some improvements return value on investment better than others. An example for us here in Florida is a fireplace. Most of us agree that having a fireplace adds great ambience, but the cost of adding one rarely pays off when you resell. So, this type of an improvement should be made only for the “pleasure” of the feature while you own it, and that can be crucial for many.

Generally, a pool is a good investment if you enjoy it while living in or owning the property. In my opinion, a tasteful pool in a good area will pay for itself by about 75% on resale over 3 years.

Studies have shown that nearly 90% of property buyers make a decision about a property from the moment they first see it from the street. So, no surprise, one of the highest returns on investment (ROI) in home improvement is paint.

Tastefully painted homes that stand out (in a good way) will create an impact that influences the subsequent viewing of the inside of the home or property.

Avoid colors that are too strong, too personalized or too common. Home Depot and Lowes have great color “family” color cards to help you see what colors go well together to make some good decisions.

Landscaping is next. My recommendation for anyone who does not enjoy landscaping is to hire some who does, or avoid the challenge. Plants are living things so need specialized attention to their needs. Ideally, you will find someone or a company that will be able to study your property, make recommendations on how to maximize its features with specific plants and will be there to maintain it for a reasonable sum. Your landscape and yard maintenance person will become a “relationship,” so it is best to “date” them first and see how that goes before getting too involved.

Inside the home or property is a large and complex topic involving psychology, common sense and even the art of feng shui. The short version is to focus on the “first step” across the threshold of your property, whether it is your home or an investment. The first step, once past the “curb appeal allure,” should be the “wow” step.

Watch people when they walk into a new property for the first time. We all look down (to avoid tripping) and then, of course, look up.  The “look up” should be met with floors that are not offensive or too ornate but rather “lead” our eyes to other focal points in the property.  This is one of the reasons for use of diagonal tile. The lines of diagonal tile “lead” our eyes to other parts of the home. So, for example, in a waterfront, pool home, the triangular tile pattern should lead us straight to a view of a pool and water behind it.

The experience of entering a home should be a comfortable, flowing experience of “options”. The ideal entrance will be one where we pause for a moment, are a bit overwhelmed, and decide between “options”… going one direction (to a kitchen, for example) or another (to the backyard and pool, for example). That moment of indecision is priceless and what, in my opinion, what distinguishes a “wow” home from others.

I have only touched on a few thoughts to try and help people see improvements as complex, but not “too” complex for you to enjoy and take action. Making improvements that add to your quality of life are about as rewarding as it gets.

Rick Gibson is a Realtor®, Re/Max Preferred; Certified Distressed Property Expert (CDPE); Investment Agent Specialist (CIAS); and Managing Member, Gibson Group Property Management, LLC.

By Rick Gibson

Anyone who has attempted to buy a foreclosure or short sale property under $200,000 has likely competed with investors, whether they were aware of it or not. Investors are having a great time right now purchasing properties when prices are at record lows, and rental rates are increasing. The impact of lower purchase prices and increasing rents at the same time has dramatic impact on return on investment (ROI) that far exceeds nearly any other investment return available today.

This good news for investors is good news for all of us. As investors buy and improve properties, they may be sneaking a few good deals away from buyers with their frequently all-cash offerings, but overall the impact of investor purchases is depleting inventory and improving our real estate values. It’s great news, and overall will contribute even more to our market recovery.

Anyone who has considered investing in real estate does vnot need to be wealthy or use only cash – there a lot of ways to improve your financial position by investing in real estate. Great financing from lenders or sellers is available.

Generally speaking, there are three key ways to make money in real estate investing. The most important right now, in my opinion, is cash flow. By this, I am referring to the amount of money that is paid each month and year by tenants in either residential or commercial properties that can be considered ROI.   Second, tax benefits are incredible, and should be clarified by a tax professional, but I consider these to be second to the “income” aspect. Depreciat-ion, interest ex-pense, repairs and more are all things that your tax expert can use to increase and im-prove your financial position.   Lastly, is the “exit strategy”. I personally believe the resale of investment properties in 5-10 years will be so dramatic that anyone buying  now will become wealthy very quickly; but to be conservative I recommend my investors to buy for cash flow and look forward to resale returns as “bonuses”.

The first type of investor is perhaps the most familiar to most of you, and may actually be you. People who own property and decide to keep that property and buy another one will end up far ahead of their current position as the market continues to improve. Of course, the decisions have to be sound and facilitated by a Realtor® with experience with investing. I recommend consulting with a Certified Investment Agent (CIAS) and someone who sells a lot of income properties. Naturally, they will know more than the average Realtor® and help you create a strategy that fits your resources and objectives.

Second is the type of investor who buys perhaps 1 or 2 properties per year and is usually focused on cost per unit (duplexes being two units, triplexes being three units, etc.). Regardless of the number of units, I recommend investors determine a goal or standard for how much money per year they expect from their purchase and clarify that to their Realtor®. This may seem like a lot of properties to buy per year, but it is happening a lot more than most people realize. The returns from the stock market generally do not compare to the potential return from income properties and investors are moving money from the stock market into real estate right now.

Last are the savvy investors who are buying bulk and quickly. Some of these portfolio investors are buying several properties per month, making improvements to maximize rents, and then buying more. The details of this category – and perhaps in any category, of rent collection, repairs, tenant relations, and the occasional eviction – can become too overwhelming, so many investors favor property managers. I have sold investment properties for years and have gained so much experience in the area that it became clear in order to best serve investors I needed to provide a property management service, so I have opened a separate business entity so my investors do not have to be overwhelmed in the day-to-day details of tenant management. Instead, they can receive reports and deposits into their checking and savings accounts.

Anyone who is interested in real estate investing should consult with an expert as soon as possible. I do not recall there ever being a better opportunity to benefit from the short sales, foreclosures and rising rental rates than right now for investors.

Rick Gibson is a Realtor® with Re/Max Preferred, a Certified Investment Agent (CIAS), and Distressed Property Expert (CDPE).

By Rick Gibson

Feeling confused about real estate today?  You’re not alone … there is such negativity and so many conflicting perspectives that it’s hard to see the good news.

So, what is the “good” news? My favorite example of news that got “lost” somehow is from 2005. CNN/Money published a real estate report on U.S. zip codes. Would you believe a large area of Fort Lauderdale and Wilton Manors ranked number one in the entire country for the fastest appreciation? The importance of that news is because history repeats itself. The same areas will appreciate again for the same reasons they did in 2005.

In 2010, CNBC.com announced the City of Fort Lauderdale ranked number one in the United States for “buyer interest and demand.”  I read all the local newspapers to see if I could find this news and was intrigued to find it was nowhere to be seen. Positive news seems to get lost and gloom and doom easy to find. This contributes to confusion in one of the most exciting real estate markets I have ever seen.  Did the market drop since that report in 2005? Yes, a lot. Will it go back up? Of course it will. But, first it has to stabilize. In my opinion, it is stabilizing right now.

This month, the Sun-Sentinel reported ten zip codes in Broward County experienced price increases when compared to last year. In February, traffic to real estate websites jumped 27% and sales of single family homes and condos in Florida were up 13% from 2010.  Fort Lauderdale Beach is about to undergo a multi-million dollar facelift to transform the area west of AIA to upscale hotels, restaurants and shops. Do these numbers or information mean sellers should increase their prices? Not unless they happen to be selling in one of those 10 zip codes or in very select parts of Broward County.

What does it mean? It means we should avoid negativity, realize we are in a good place, make plans, and move forward with solid strategies.  The recovery may be slow but the good news is that we are recovering now.

Meanwhile, many people are in distressed personal situations, facing foreclosure, need to short sell their properties or considering bankruptcy. This is serious, and why the price recovery will be slow. Although not pleasant for anyone who needs or want to sell, there are many options, programs, and strategic ways to solve these challenges. I truly believe a solid plan and expert advice can turn around many of the real estate problems people are experiencing so they can still benefit from the low prices.

Stigma and misinformation about short selling properties and bankruptcy seems common and is harmful. Please consult a Realtor® with the training and experience needed to provide you accurate information, your options and opportunities to help. Real estate is more highly specialized than ever, so please make sure you are in good hands and take action to find solutions to your problems.

We hear “now is a great time to buy” over and over. It’s because it is true. Consider the people who do not own any real estate and that in many cases it costs less to buy a home than rent. They may not even be aware of their options. Loan programs such as HomePath and FHA financing are so affordable that assuming someone cannot own a home without trying may be a
mistake.

The most fortunate right now are investors and, at some level, all of us in real estate could think of ourselves as investors. The opportunities to buy, improve and rent properties out for cash flow, tax benefits and future resale are incredible.

The impact of this gentrification supports the entire market’s recovery.  Past standards for return on investment (ROI) are being exceeded dramatically due to low prices and increasing rents. If you are in a position to invest in real estate right now you are fortunate and might consider it carefully. Don’t wait for it to get better.

On the selling side of things, there are many of us who own properties worth much less than what we owe on them. It can also be a “great time to sell” if you reduce your debt and buy something else you like more and which is more affordable. For a limited time, there are tax benefits, federal assistance programs (HAFA, etc.) and cash at closing for short sellers. I recommend anyone considering short selling meet with a Certified Distressed Property Expert (CDPE) before listing their property. Sellers who are not upside down and do not have mortgages can consider renting their current property out, selling it or leveraging it to use this buying window of opportunity to upgrade, down-size or purchase investment property.

Some of you can afford to make payments but will be eighty-years-old by the time your properties break even, so may decide not to pay your mortgage and short sell or allow foreclosure. This is called “strategic default.” Some consider it unethical, but my position is to leave it to the business of the property owner and lender and not for me to decide.

In any case, there are many opportunities and

many solutions to problems. I only ask that people consider there is hope and are solutions out there. There is a lot of good news and there are a lot of people who care.