Category Archives: Luxury Property

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 – æcer, 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.

Comments: Cyprus Property – A Beautiful Place To Live In

Is It the Right Time To Invest In a Property in India?

Demonetization raised many brows and many possible paths for the future of the Indian real estate. Some Gurus of the realty market think that the prices of the properties will go down with the cash flow becoming critical in the market. Some people think that the prices will be stable since the price of the affordable sector has already surfaced. The future is to be seen but based on the present marketing conditions, the following are the reasons why one should invest in the real estate of India today.

1. The prices are negotiable

The primary real estate is mostly bought on the home loans, so there would be less impact on it but some things would change definitely. Those builders who do not accept the cash and do not get involved in any black money transaction would also be forced to sell their projects at the lesser prices to keep up with the present marketing conditions. If they sell at the old prices, they may lose the sales to the competitors.

2. Transparency is increasing

Indian real estate is moving to a better transparency. The Real Estate Act is set to regulate the market and all the project information and the related documents are to be digitised. The state is given the responsibility to formulate their rules and start implementing them soon. There would be no gaps between the things promised and delivered. Any land disputes or the grievances of the buyers would also be solved in lesser time.

3. Simplified taxes

GST is one more masterstroke at the right time. The Indian tax structure is a bit complicated and there are many direct and indirect taxes that needs to be paid by the seller. When the taxes to be paid decreases, the benefit is translated to the buyer. The cost of the construction materials would decrease and the affordable housing would be available at the further lesser price.

4. Resale market opens up for Salaried buyers

The resale or the secondary market has been for the affluent people who can pay the upfront cash for buying the property. The unaccounted cash has been disposed of in the resale market. The buyer gets to convert the black money into white and the property price appreciation fetches a further profit. So, the resale market has been on the top of the list for the black money holders. Now that cash is disappearing from the transactions, the salaried people could also get hold of the resale property at the much lesser prices compared to the primary property. Maybe the secondary market also offers the option to pay via loan and the buyers get the best deal out of it.

5. Home loans can become easier

The Indian banks are gaining the money fast. With the huge volume of money being deposited by the residents, the interest rates are supposed to come down and the banks will offer the home loans at much easier terms. This opens up a window of opportunity for the middle-class buyers who depend on the loans to buy their first home. This is probably a positive push to the PM’s vision of ‘Housing for all by 2022’.

The current situation marks the dawn of the new era for the Indian real estate. Now is the best time to invest in a property in India..

4 Things Sellers Need to Know About Property Auctions in 2018

The internet is home to millions of articles explaining 5 things to do or 10 things to do for buying property at auctions. In simple words, every article is talking about things to do for purchasing residence at house auctions. There is hardly any article talking about the things sellers should keep in mind during or before selling properties at auctions. This limited approach of agents is making auction events like a one-way road.

Everything for Sellers to Keep In Mind Prior to Selling Residences at Property Auctions:

This is what we are going to discuss in today’s article. Every coin has a flip-side. Without a doubt, auctions are definitely a platform for investors to buy residential properties. But if you look at the other side of house auctions, sellers, or estate agents get a chance to sell properties for making money. But there are certain things they have to learn about. Let’s talk about them below:

Auctions Help Sellers to Sell Properties at Actual Market Price:

Given below are the three big reasons of it:

• All buyers get an equal opportunity to buy residential investment properties for sale.

• Every buyer is given an equal treatment.

• Buyers place their bids in fiercely competitive environment.

What makes auction houses more profitable for sellers is the fact that if buyers keep chipping with their bids, auction continues indefinitely. The winning bid reflecting the highest price is shown only when everyone stops bidding and the clock expires.

The price of the winning bid is what the market will bear and the maximum amount of money that a buyer can pay. Most importantly, property auctions allow sellers to set the reserve price. This is why sellers don’t have to be content with the price they do not want to sell their properties at.

Only Eligible Bidders Bid on Auction Day:

Many auction platforms ask bidders to show proof of funds and fulfill rest of the eligibility criteria to be eligible for bidding at the auctions.

Financial Institutions or Lender Finance Investments:

Even financial institutes and lenders prefer financing investment properties for sale at auctions. As for reason, they have all your income proof, proof of funds, and other important documents already in their hands to secure the money they are lending you to finance your investment.

Transparency and Level Playing Field:

This is another thing sellers should know about prior to visiting auction rooms for selling their investment properties for sale. Meaning, no-secret handshakes and no backdoor deals etc. Auction houses disclose every single Term & Condition upfront to all buyers and sellers. This helps both buyers and sellers feel that they are on the same page and they are not overpaying for anything. Nothing is being hidden from them.

Final Words:

Hopefully, this article helped a seller like you to learn something useful prior to visiting the auction room for selling their properties.

The Insider’s Guide to Buying Equestrian Property

There are some spectacular horse farms and ranches for sale at any given time, so you’re likely to have a wide variety of properties to consider. You may be tempted to dive right in and start touring the areas you’re considering for your property, but we encourage you to be deliberate in your process, because we know the time you put in up front will pay big dividends later on.

To help you, we’ve put together this quick read – a primer of sorts.

So, let’s get started. There’s quite a bit to consider when searching for horse property. We’ll start first with some general questions, and follow that with a list of important considerations to keep in mind when searching for properties. Here we go:

1. What’s your level of interest in horses?

Of course, you like horses, or you wouldn’t have made the decision to buy horse property.

But beyond that, the spectrum ranges from wanting property that can accommodate one or two of your own horses, to a commercial horse facility that specializes in professional training, boarding, breeding, or more.

And keep in mind too, that your level of interest may progress, say from beginning novice to a fully involved professional, which may lead you to a new property or property upgrades.

2. Where do you want to be?

Naturally, there may be many variables that influence this decision, with the basic ones being things like a desire to be near friends and family, or to live in a particular school district or county, or near a particular city. But beyond that, keep in mind that your answer to Question #1 will also bring its own considerations, such as:

  • Desire to be near facilities that accommodate your horse related interests, such as open state land, trails, or particular training or show facilities for specific types of horses
  • Desire to be near the ‘hub of the industry’ for your particular horse activity. This is particularly important if you’re a professional serving a market, or if you’re aspiring to achieve levels of accomplishment in the horse industry. The ability to network easily with like-minded horse people may be a consideration.

3. Do you want to build new on vacant land, buy an existing horse property, or buy an existing property that can be renovated to accommodate horses?

You can specify one or be open to all of these possibilities, and your preference may be influenced by some of the factors to consider as you keep reading.

For now, know that each of these options has its own advantages and disadvantages.

– Building new will enable you to have exactly what you want, but it will also take more planning and lead time, and may be more expensive.

– Buying an existing property is likely to be quicker, and possibly less expensive, but you may not find exactly what you want.

– And buying an existing property that can be renovated may bring some advantages of the first two options, but require planning, patience and vision that not all buyers have.

4. What is your price range or budget? Will it be a cash purchase or financed? Is it contingent on the sale of other property?

Like the answers to Question #3, each of these alternatives has its own advantages.

If you’re paying cash, you should be able to close on your purchase sooner, and possibly negotiate a better price.

If you’re financing your purchase, it’s best to be in touch with a lender in advance, to confirm your buying power and being the application process.

With those broader questions behind us, let’s get into more specific questions and important factors to consider:

How many acres are you looking for?

Think about the layout of the farm – the residence, barn, stable, paddocks, round pen, and storage for equipment, hay, feed, tack, bedding, etc., as well as pastures and hayfields (unless you plan to purchase all your hay), riding arenas and on-site trails.

Are there zoning or other restrictions that need to be considered in the areas where you want your farm?

If you intend to maintain grazing pastures, you’ll want to allocate two acres per horse. Be sure to select properties where horses are a permitted use or allowed under a special use permit.

And be aware of boundary line setbacks, which can vary by unit of government.

Know your soils.

Know what the soil types are before purchasing the property.

During wet seasons, poorly-drained clay and loamy soils in areas of high horse traffic are a maintenance nightmare and can be a health problem for horse’s hooves.

Ideally, barns and paddocks should be on well-drained sandy soils, or if they are on fine-textured soils, they should be graded to promote positive water drainage away from barns and high traffic areas.

Many farms will have a variety of soil types, which should influence the layout of the farm based on the uses for which the soil types are best suited. High loam soils are great for hayfields and pastures to help withstand drought. Agriculturally marginal soils can be used for trail riding, training areas, and turnout areas where horses are kept on hay instead of pasture.

What would you like the topography to be like?

The lay of the land has both practical and aesthetic relevancy. A picturesque horse farm on a rolling, tree-lined landscape has enormous aesthetics appeal.

However, from a practical standpoint, some level ground is desirable for building and training areas. Also, hayfields and pastures do best on level or gently rolling tillable ground.

Topography controls how well surface water drains from the property. Wetlands, swamps, and ‘pothole ponds’ characterize poorly drained areas, which contribute to ecological diversity, but have little practical use on a horse farm.

Access to water

A horse farm operation will use potable water in both the residence and the barn, and depending on the number of horses, the gallons used in the barn may far exceed the amount used in the residence.

Most rural areas don’t have access to a public water supply, so it’s important to have a good well (or wells) available, or that an aquifer exists, underlying the property, from which a good water supply can be developed.

The primary uses of water on the farm are for watering and washing horses, general cleaning, dust control in training areas, and, in some cases, irrigation.Irrigation used to keep pastures green or to water hayfields can exceed all other uses. If available, surface water, from a pond, lake or stream, can often be used for irrigation purposes.

Availability of other utilities and services

Other utilities and services covers wastewater disposal, electrical hookup, heating energy source (natural gas, LP gas, fuel oil), internet availability, cell phone coverage and solid waste disposal. All are important to consider.

In rural areas, septic tanks and drain fields are the most practical way to treat and dispose of wastewater. However, not all soils are conducive to the use of these systems. Percolation tests may have to be done to determine whether the soils are suitable.

Natural gas is the preferred energy source for heating, but many rural areas will only have propane gas available. Horses generate a lot of body heat, so the need for space heating may be limited. Heating wash water and preventing horse’s drinking water from freezing can usually best by done with electricity.

How is the coverage?

Having good internet connection and cell phone coverage is becoming increasingly necessary. Some remote areas may still have connection problems.

How will you manage the stinky stuff?

Horse farms generate a considerable amount of solid waste in the form of manure, and you’ll want to consider how manure will be managed when planning a horse farm purchase. Options are spreading it on the land, perhaps giving or selling it to nearby farmers, or having it hauled to a landfill by a contract waste hauler.

Existing and Planned Structures

Whether you’re buying an existing horse farm or one with existing structures that can be renovated for horse related uses, inspect closely (1) the quality of the structures, including buildings and fences, (2) for the possibility of nuisance problems that result from poor layout or adoptive use, (3) to determine the cost of renovations necessary to fit your intended uses of the property.

Get Help!

Find an agent that truly understands equestrian properties – if they don’t know what you’re talking about when you’re talking “horse”, they can’t adequately represent your best interests. Do your own due diligence to find one with the necessary knowledge.

And last, but certainly not least, consider the neighbors

Horse people are generally quite neighborly and easy to get along with. Generally, they like to network and socialize with people who have similar interests, like horses and country living.

That said, there are people who enjoy outdoor activities with little regard for environmental stewardship or the sensitivity of others, so before purchasing, it’s prudent to ask some questions about the neighbors, or better yet, to meet them personally.

Whew, there it is.

Hopefully, that list of questions and considerations was helpful, and not too daunting. Yes, there’s a lot to consider before buying horse property, or any property for that matter.

But, as the saying goes, it’s also not rocket science, but rather simply a matter of doing your homework and due diligence. And of course, in that regard, it’s also important to work with a qualified and competent Realtor

Turn-Key Luxury Home In Hale

Areas such as Alderley Edge, Hale and Prestbury have had their Edwardian and Twenties suburban homes demolished in recent years to make way for modern mansions. During the boom years these homes were bought for their plot of land, flattened and replaced with open plan high tech houses all around Cheshire. Local cried out as they witnessed perfectly good homes being razed to the ground, they felt that the mansions were too big for the plot of land. Hale has a mixture of these homes along its fancy residential streets but one of the houses stands out from the crowd. A resident of Hale for twenty years, Rittu Kumar, has built a spectacular home which is not only furnished but fitted with the bed linen too. She feels that the boom years of developers buying a plot of land for £1million, spending £1million on the build and then selling for £3million have now disappeared. These developers have now gone out of business; she has adopted a different approach with her turn-key homes. Any person interested in one of her properties only has to turn the key in the lock.

Her first project was a house in Carrwood in Hale Barns, the house was valued at £5.5million. The house was over three levels and 9,200sqft in size. She bought the one acre plot in 2007 and demolished the sixties home that was on the land, she built a classic house making maximum use of the sloping site to create two storeys at the front and three storeys at the back of the house. Along with her business partner, an interior designer, she left her distinctive mark inside the house. She uses bold colours, hard woods and glass, something your average developer would not. She uses textured leather on the walls or purple and red fabrics and there is no cream and magnolia throughout in her homes. She hopes to bring the high end turn-key homes to Cheshire that the Candy brothers create in London. Her next project is two flats in Mayfair and a villa in Cannes. She makes sure that every room has at least one striking feature and the Cheshire house has a £100,000 cinema room installed which comes equipped with twelve leather chairs.

The house has been on the open market since October but she expects it sell in the spring but she has already been offered rental of £25,000 for the house. However she feels that a wealthy entrepreneur will buy the house and not the expected rich footballers of the region. The property market in Hale is doing well and so she might get her buyer in the end.