Monthly Archives: January 2021

Realty Vs Real Estate Vs Real Property

Realty and personal property terms have often been confused as to what they exactly mean. Here we will clear that right up for you. We will look at the terms personal property, realty, land, real estate, and lastly real property.

Let’s begin with personal property. Personal property also known as chattel is everything that is not real property. Example couches, TVs things of this nature. Emblements pronounced (M-blee-ments) are things like crops, apples, oranges, and berries. Emblements are also personal property. So when you go to sell your house, flip, or wholesale deal, you sell or transfer ownership by a bill of sale with personal property.

Realty.

Realty is the broad definition for land, real estate, and real property.

Land

Land is everything mother nature gave to us like whats below the ground, above the ground and the airspace. Also called subsurface (underground), surface (the dirt) and airspace. So when you buy land that’s what you get, keep in mind our government owns a lot of our air space.

Real Estate

Real estate is defined as land plus its man made improvements added to it. You know things like fences, houses, and driveways. So when you buy real estate this is what you can expect to be getting.

Real property

Real property is land, real estate, and what’s call the bundle of rights. The bundle of rights consist of five rights, the right to possess, control, enjoy, exclude, and lastly dispose. So basically you can possess, take control, enjoy, exclude others, and then dispose of your real property as you wish as long as you do not break state and federal laws.

Lastly there are two other types of property we should mention.

Fixture

Fixture is personal property which has been attached realty and by that now is considered real property. So you would ask yourself upon selling to determine value “did you attach it to make it permanent?” The exceptions to this rule are the garage door opener and door key, these are not considered fixtures.

Trade Fixtures

Trade fixtures are those fixtures installed by say a commercial tenant or can be the property of the commercial tenant.

I hope this clears up some misconceptions about personal property, realty, land and real estate and now fixtures and trade fixtures!

Lakefront Vacation Rental Homes

When considering lakefront vacation rental homes, statistics suggest that vacationers show a preference for lakefront properties. This can be explained keeping in mind the cool breeze, privacy, proximity to the water body and possibility of engaging in water sports and swimming for a major part of a holiday. Lakefront vacation home rentals tend to be privately owned property. Otherwise, they can be acquired by hoteliers and transformed into well-advertised commercial vacation properties. Depending upon ownership the scope of service and amenities provided are altered. Lakefront vacation rental homes, when owned by individuals, are very similar to service apartments. This is because homeowners tend to hire porters, house cleaners, and chauffeurs to cater to guest requirements. As such, rentals are compared to star-rated service apartments within the area.

Lakefront vacation home rentals tend to be pricey as compared to regular rental properties. This is determined by its uniqueness of location and the view it provides to the tourists. Vacation homes may provide boat rentals, swimming gear and underwater equipment rentals as part of all inclusive holiday packages. Lakefront vacation home rentals are preferred by larger families and families with children. This is because these holidays provide a source of continuous recreational activities along with being an ideal platform to allow family members to bond through fun and games.

Though classified as residential real estate in most cases, these purchases prove to be far more expensive than regular housing properties. Owners rarely use lakefront vacation homes except during vacations and family gatherings. If these properties are large enough, owners can use them even when guests are staying over. As such, they are almost always put up for rent and help bring in favorable returns for owners. In case, owners do not reside within the same city, they may vest rental activity rights and responsibilities to reputed real estate agents who work on their behalf for exchange of a regular service charge.

How Big Is an Acre, Really?

An acre is the typical measurement of a piece of land, used by buyers and sellers to have an understanding of the size of a piece of property. Much like square footage is used by home buyers to determine the size of a house, acreage gives buyers a better sense of the size of the property, which is easier than using the lot measurements, which can vary greatly and are often not symmetrical.

The origin of the word “acre” comes from Old English – √¶cer, which denotes the amount of land a yoke of oxen could plow in a day, but is of Germanic origin; Acker for ‘field’.

Nowadays, most of us don’t have any idea how much land a yoke of oxen can plow, and indeed, today the measurement is a little bit more accurate! The official measurement of an acre is 43,560 square feet.

So, exactly how big is an acre?

  • 4,045 square meters
  • 4,840 square yards
  • 43,560 square feet
  • 0.404686 hectares
  • 0.0015625 square miles

For the average person, a pretty easy way to understand an acre is that it is about the equivalent of three-quarters of a full-length football field or 16 tennis courts laid out in a four-by-four square.

When looking at large tracts of land, though, it can still be difficult to determine a single acre within tens or hundreds of square miles of land. To give you an idea of what that means in real property, here are a few examples of acreages:

Wrigley Field in Chicago

The baseball diamond plus outfield of the home of the World Series Champs (how ’bout them Cubbies!) measures 2 acres.

The White House in Washington, DC

The home & grounds of the (arguably) most powerful man in the world measure 8 acres. If you’ve ever seen the White House in context among the rest of Washington, DC, those 8 acres look surprisingly tiny.

The Upper Peninsula of Michigan

The UP is an awfully large area to be measured in acres (it has an area of 16,377 square miles), but in case you’ve ever wondered, it covers an area of just under 10.5 million acres.

From here, the question many people ask next is “How much is an acre worth?”

The answer, of course, is much more varied than the measurement of an acre. In rural areas of Michigan, unimproved land (raw land, with no buildings, no well or septic system, etc.) can be found for $2,000/acre or less, depending on the type of land (recreational, tillable, timberland, etc.), as well as the size of the tract, and will go up from there. Specialty land – waterfront property or commercially zoned land in town as an example – will often be much more expensive.

What Is The Value Of An Entitlement?

An entitlement is the “fact of having a right to something.” When you are dealing with real estate that generally means that a property has been approved for a use or uses that other properties have not been approved for. The entitlement may be as important as allowing the development of a casino hotel on a site making it worth millions more than properties that adjoin it, or it may be as minor as being on a roadway that allows on-street parking.

When someone talks about having a property with entitlements you have to find out what they are and decide if the enhance the value of the property for you. If, for example, the property has been approved for a 30-story building but you are looking to build a 3-story building the entitlement may have no value to you. The seller of the property will tout how much value is added by the entitlement, which may be true for some buyers, but if you don’t need the enhancement you likely won’t want to pay for it.

Some jurisdictions approve zoning changes and provide development approvals for limited periods. So sellers advertise that a property has been “approved for development” but buyers think the approvals in place are indefinite. Entitlements can however be fleeting, when you buy a property you may have the approvals in place to develop it but months later you may have to go through an entirely new zoning change process that costs thousands of dollars with no guarantee that the approval will be granted again.

Some entitlements, like tax abatements, may apply to a property and save an owner millions of dollars if they meet a strict set of criteria. To get any benefit at all from some entitlements you have to construct a building, invest in a business, employ people and do it all before the abatement / entitlement expires.

Some property owners spend a great deal of time and money acquiring rights or entitlements that buyers may not think are valuable. If you go through the process of getting your site approved for a high-rise condominium building and the market for condominiums tanks you could find that all the time and money that you spent on that entitlement is worthless because no one wants to develop the property for that use.

I often have to explain to an owner as an appraiser or as a broker that an entitlement they fought hard for now had has little or no value at all. Some owners reasonably don’t want to accept the fact that the entitlement that they fought so hard for doesn’t mean much, but waiting for demand to return may never happen.

An entitlement can indeed be valuable, it can be an important factor that makes one property worth more than most or any others. It can also establish a right to do something that you cannot benefit from. It may be approved for commercial development but in a location that won’t support it. I suggest that you consult a professional and verify that entitlements are valid and not temporary.

Parkway Vistas, the Address for Lavish Living

Parkway Vistas, a luxurious residential development located at the highly anticipated Dubai Hills Estate, the mixed-use joint mega-project between Meraas Holding and Emaar Properties in Mohammed Bin Rashid City.

Parkway Vistas features an exclusive collection of 61 magnificent villas consisting of spacious six to seven bedrooms layouts. These beautiful villas are available in two sophisticated designs: Modern or Contemporary Arabesque. Residents can experience maximum comfort and convenience with the wide range of exclusive facilities and premium amenities that complement these residences.

Boasting a cutting-edge architecture, an elegant design, and superior finish, the villas display unparalleled class and refinement. Highlighted with top-of-the-line fixtures, natural sunlight flooding through floor-to-ceiling glass windows, and large balconies overlooking the surrounding lush landscapes and private gardens, these marvelous residences create a soothing yet vibrant ambiance.

Cutting-edge architecture, elegant design, superior finish, top-of-the-line fixtures, natural sunlight flooding through floor-to-ceiling glass windows, and large balconies overlooking the surrounding lush landscapes and private gardens are some of details that complete the interiors of these marvelous residences.

Specifically curated for the most discerning buyers, these stunning villas offer expansive indoor and outdoor living spaces that are perfect for family living. Built within a vibrant yet serene environment, these superb homes are a haven for residents to experience a mixture of modern luxury and healthy living through the extensive variety of lifestyle, leisure, and sports amenities available within their reach.

Dubai Hills Estate is one of Dubai’s most spectacular new developments. Situated between the two major thoroughfares of Al Khail Road and Mohammed Bin Zayed Road, Dubai Hills Estate is an extensive residential and lifestyle development comprising villas, low-rise apartments and townhouses. It is the first phase in the massive Mohammed Bin Rashid City project, that has aptly earned the moniker of ‘city within a city’ because of the grand scope of the development.

In addition to the residential projects, Dubai Hills Estate will also contain an 18-hole championship golf course, nature trails, hotels, resorts and the Dubai Hills Mall, which is expected to be on the scale of the massive Mall of the Emirates in the neighboring Al Barsha district.

Dubai Hills Estate is in a prime location, benefiting from quick and easy access to Dubai’s other urban hotspots such as Downtown Dubai and Dubai Marina.

The Lifestyle

With rolling greenery on all sides and tree-lined drives leading to and from the area, Dubai Hills Estate is meant to be enjoyed at a leisurely pace. It is a self-sufficient community in its own right, with a variety of residence types that makes it well suited for families and individuals alike.

Highlights

Dubai Hills Mall

The Dubai Hills Mall is a massive retail and entertainment complex being constructed on the northern edge of Hills Estate. It is expected to be larger than the neighboring Mall of the Emirates upon completion, and to become Dubai’s premier shopping destination.

Golf Club

The immense championship golf course will be the centerpiece of Hills Estate, giving residents a place to relax, relieve stress and enjoy some fantastic views of the city skyline.

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