FORT LAUDERDALE, FL - It is another Tourist Board type of Saturday here in Fort Lauderdale with blue skies and light breezes inviting us all outside to go and enjoy weekend activities. Unfortunately, the usual SoFlo weekend pursuits including the beach, pool parties and boating have given way to safety conscious stay-at-home alternatives. There is no doubt it is hard to adapt, even my dogs look listless and sad. Everyone is restless and increasingly introspective as the days unfold into weeks and uncertainty weighs heavily on our minds. At Florida Luxurious the last week was spent managing the contract to closing on pre-COVID19 transactions, clearly, this was business in the pipeline from the previous couple of months. Now we are working with virtual tours and individual websites of our inventory that contain photo galleries of up to 80 different images, floorplans, surveys and flood elevations. 84RoyalPalmDrive.com is an example of how easily information can be presented to potential buyers.
Last Thursday I attended an open mic virtual meeting held by LuxuryRealEstate.com (Who’s Who in Luxury Real Estate). It was universally agreed that new business has virtually stopped. However, internet traffic is more active than ever before which is creating new opportunities long term. Short term concerns, especially for the North East, included cancelled contracts or closings being extended. Members of LuxuryRealEstate.com discussed their new e-commerce approaches and the importance of remaining connected virtually. Ideas such as virtual house-warming parties, posting of Porch Pictures and maintaining community-based communications were all positive. A number of affiliates also mentioned they see a trend starting as some buyers will seek to relocate from City living to a more rural lifestyle. This may be driven by the fact that so many people are now learning to work virtually. I was particularly interested to hear from my affiliates in Canada as the Canadians have a long-term love for the SoFlo beaches. The Canadians reported slow activity along with the European representatives who have experienced much longer restrictions than Floridians. Also,on a positive note, Monday morning I reached out to Wells Fargo, Bank of America and Synovus Bank for an update on home financing. All three are still actively writing loans and appraisals are being done subject to the individuals bank’s policy. Bank of America is doing drive-by appraisals for purchases under $2 Million and automated appraisals for conforming loans. Generally, loans over $2 Million still require a physical walk-through of the residence and are being allowed per the latest COVID19 safety guidelines. I usually get calls from appraisers for luxury residences and it is always a pleasure helping them with insights on different property values. I am really looking forward to those calls starting again!
I live close to Port Everglades and many people have been following the cruise ship news. Last week the sound of hovering helicopters overtook the noise of landscaping and construction. The cruise industry is a huge part of our economy with anywhere up to 8 or 9 ships at dock most weekends. This has been a very sobering topic and it is strange to see the docks empty during this time. Obviously, there has been an enormous ripple effect across the entire hospitality
industry.
With adaption to the high virtual content of our daily lives I believe that this will be ultimately balanced by a highly trust based economy! There is so much that can be achieved in terms of internet research but more than ever before it is critical to create lasting business and friendships that are trust based. Now is a good time to lay the foundations for the relationships that will be most important to you once we move past this challenge. Good advice and guidance will enable all of us to recover more quickly! In the meantime, Florida Luxurious Properties wishes everyone continued health and safe well-being.
I am the Broker/Owner of Florida Luxurious Properties and proud Affiliate of LuxuryRealEstate.com. I would be delighted to answer any questions and welcome comments to 954 328 3665 or Julie@FloridaLuxurious.com.