Condo Blog - A Non-Corporate Blog From CondoDomain HQ

I had a great call last night with longtime friend and peer Joe Ferrara - and as always, he got my wheels turning.

I am putting this out on the wire (blog-o-sphere) and hope for any and all ideas & suggestions on proven marketing & PR advice for our new message.

Let’s put all the B.S. aside, all the disgruntled comments from the traditional real estate folks and let’s just talk basics.

At CondoDomain.com we have a pretty unbelievable story to tell.  No we are not curing cancer or saving the planet (I wish I was…but unfortunately I am smack-dab in the middle of the real estate world right now), but the point being is that we are offering a surreal “Too good to be true” kind of product & service.

The Basics:

1.  CondoDomain is a real estate broker, just like RE/MAX, Century 21, Coldwell Banker or any other real estate brand out there. We all claim to be better than one another or have more market share, etc, but bottom line is that we are no different than then mega-brands.  The point here is that any agent that works for one of these firms is just a “person” and that “person” is whom creates the value in the transaction.  So no matter if you are working with RE/MAX or CondoDomain - the better agent will create more value for you - and therefore provide a better service and get you a better deal.  Agree?

2.  Niche:  As a firm we specialize in 1 vertical.  We ONLY work with buyers and we concentrate on urban living which mainly consists of condominiums.  Buying a condominium is different than buying a single family home, that being said, we feel we have an advantage as our ‘agents’ deal with this all day long.  Also, ONLY working with BUYERS allows our “agents” to concentrate on solely that.  Most traditional real estate agents spend the majority of their time marketing themselves to drum up clients/business.  After they get a new client (buyer or a seller) they need to adjust their perspective on how they are going to help them (i.e.  market a new listing or help them find a new home).  At CondoDomain we just work with buyers, 100% of the time, so all we do is tour properties all week long and see up to 10X more listing than the average “top real agent”.  I would put this way up on the list as a major advantage for CondoDomain to serve you as a buyer’s agent, no?

3. Business model:  Without drilling into details or boring you with how our internal systems work, our business model ‘affords’ our team members/agent to work with buyers for a set flat fee.  When we started this business it did not make sense to us that if we helped a buyer buy a home and they spent more money, we got paid more?  Actually, our exact opinion was this is “ass backwards”.  As a buyer’s agent aren’t we supposed to try and help our buyers get the new home or condo for the lowest price possible?  Therefore we implemented the “flat fee”.

Because of how the traditional real estate model is set up & for still operating, we are still compensated a commission based on the percentage of the sales price.  So we simple accept the commission at the closing, subtract our fee due to the firm (which is the exact same for every transaction) and then cut the remainder of the commission back to our client.  Sound fair?

Summary:

To date we have had VERY FEW thought-out rebuttals to our business model.  Most traditionalists classify us as a “discounter” and just write hateful things to us about the model - whatever!    Does anyone out there who does not agree with our model have a “thought out” response to a flat fee based buyers agency?

Our goal as a company, beyond the obvious of helping buyers, is NOT to ruin the real estate industry, but rather provide a very sensible and viable option to consumers.

So…

We are operating a company called CondoDomain that provides a dominant web-based information portal that includes more ‘local’ RE data on one site than any other single source.  We have local real estate agents whom we believe are some of the very best in the industry for calculated reasons.  And we work with every single one of our clients for the exact same set fee and REFUND them back any remainder of the commission.

My guess is that if we were lucky enough to tell every buyer in our market about our business model, 8 out of 10 people would choose us.  So….HOW DO WE TELL OUR AWESOME STORY?

More information visit our website @ www.CondoDomain.com

(Photo above:  Museum Tower, Dallas TX)

Calling all Real Estate Developers and Sales & Marketing firms:  Spruce up your new condo development on the leading condominium website - CondoDomain.com.

We have done our very best job to keep our website up-to-date with the most current information and multi-media, but we can never do the job of your marketing team.

The marketing team just updated their project - Museum Tower - in Dallas, TX and it looks so much better than the job we did.  Check out the new gorgeous renderings and updated photos, and we are posting their video soon too!

Developers/Marketing Firms: Remember posting your condominium development on our website is 100% free. We take pride in having the most informative urban real estate website out there….so if you are on our site, please contact us to update it.  If you don’t see your new condo development on the site - please go ahead and add it for free!.

Live in 4 cities:  Atlanta Condos | Boston Condos | Charlotte Condos | Dallas Condos

Coming Soon:  Baltimore Condos | DC Condos | Philadelphia Condos | San Diego Condos

A Boston restaurateur who banked on the allure of Donald Trump’s name in deciding to buy a Fort Lauderdale, Fla., condominium-hotel unit alleges in a lawsuit that he is the victim of misleading marketing.

In the lawsuit filed Monday in Broward Circuit Court, John Taglieri also contends the developer of the project violated state securities and condo laws.

SB Hotel Associates LLC failed to register Taglieri’s unit at the beachfront Trump International Hotel & Tower as a security, though it was marketed as an investment opportunity, and wrongly promoted the project as a Trump development, according to the lawsuit.

The lawsuit claims marketing material indicated the units would be worth 36 percent more with the Trump name.

Trump is not the developer and does not have any agreement to indicate the project will operate under the Trump name when it is completed, according to the suit.

Taglieri put down $146,000 in December 2005 for a $730,000 unit in the 298-unit tower under construction at 551 N. Fort Lauderdale Beach Blvd. (A1A). He was told the 24-story development would be complete in 2007.

“The impetus for the lawsuit is frustration with purchasing a product he thought he was getting that was heavily promoted in a certain way by the developer and realizing that’s not the project that will be delivered,” said Taglieri’s attorney, Jared Beck of Beck & Lee in Miami.

“In this market, misrepresentation and failure to deliver what’s promised are things a developer cannot afford to get away with,” he said.  Continued…

Source: Law.com

More Blogs on:  Condo-Hotel | Trump

An announcement for ManhattanWest, a condo project in Vegas, is marketing hers and his units.The development offers “amenities crafted for specific male and female demographics, while also offering a ‘mix and match’ option for those wanting to enjoy the best of both worlds,” according to the announcement. For women there are the Diva units and for men, the “M-Series.”

The manly M-Series units feature a set of ” ‘guy-friendly’ upgrades designed for guys by guys,” including a ceiling-mounted HDTV projector that can deliver an 8-foot to 10-foot picture (tuned to the Spike network, presumably?), a “built-in, stocked wet bar” (24-pack of Pabst Blue Ribbons included?), a surround-sound speaker system, and a pair of half-sized dishwashers (but men don’t wash dishes, right?). Continued…

Source: Inman News Blog

(not made by us) but very cool.   Its a tad long…so pull it up on your sofa at home.  We found this on Google Video…and its a techno version of what is going on in the “Worlds Fastest Growing City”!  Dubai - UAE.

Fun Fact:  Did you know that 20% of the worlds Cranes are in the UAE right now?

Watch the Video 

Source:  SkyScraperCity

More Videos in Dubai:

Cranes in Dubai 

Dubai Hotel 

Construction in Dubai 

CONDOMINIUM TRENDS 12/7/06 - An interview of Boston’s leading Real Estate Marketeer, Kevin Ahearn of Otis & Ahearn, Inc.

THE NEW LUXURY LOFT: BOSTON FOLLOWING NY

High-end luxury lofts may be old news in New York’s Soho, where the starving artists who pioneered the area have become as rare a sight as affordable restaurants, but in Boston, the loft market had remained at a more entry level price point…until now.

Several new projects are breaking boundaries in downtown Boston for high-end loft living. Chief among them is the 54-unit former Virgin Records Building at 360 Newbury, designed by renowned architect Frank O. Gehry, developed by Boston Residential Group and marketed by Otis and Ahearn, Boston’s premier residential brokerage and marketing company. With high-style, luxury finish units selling for between $650,000 to over $2 million, the project is pushing the loft market into a whole new arena.

“The loft concept started in Boston as a fairly modest build-out, offered at inexpensive prices and in pioneering locations,” says Otis & Ahearn president Kevin Ahearn. “Today, it has expanded dramatically into very expensive housing as it should. We are marketing another project downtown — Lafayette Lofts, at the corner of Kingston and Essex — with a price range starting at $500,000 up to $1.5 million and there are more coming including in Midtown / Downtown Crossing. The whole loft market has picked up a lot of steam by going to a higher price point and a higher finish” broadening buyer profiles.

CONDOMINIUM SALES SURGE IN EMERGING URBAN MARKETS

As high-end condo sales push the $1M+ mark in Boston, a large segment of the condo-buying market has found itself priced out of the downtown area.

But that doesn’t mean those buyers aren’t purchasing condos. They are simply moving into new urban emerging markets in the immediate environs, such as Chelsea, East Boston, Watertown, Jamaica Plain, Medford and more.

“These new urban markets are really a trend worth watching,” says Kevin Ahearn, president of the Boston-area brokerage and marketing firm, Otis & Ahearn. “Our data shows that even as the peak market downtown has slowed down a bit, these new markets have surged ahead in sales, particularly in the sub $500,000 price point.”

New urban areas are often on T lines, with good access to downtown with amenities and services. The neighborhoods are already dense, with existing multi-family homes, and new condo developments fit easily into the urban fabric.

“These areas are great for people who want to get out of the primary home, into one-level living, but don’t want to move away from family, friends or grown kids,” says Ahearn. “The young professionals, empty nesters and divorced middle-aged people—all big factors in the condo market—are turning to these areas as affordable alternatives.”

HYBRID HOTEL/RESIDENTIAL PROJECTS ARE THE FUTURE OF LUXURY LIVING

A spacious loft with high-end finishes, sweeping views…and a full service restaurant, spa and maid service? Sounds like a sybarite’s dream, but it’s fast becoming reality, due to the dramatic expansion of hotel flagships into mixed-use hotel and residential properties.

Heretofore the downtown Boston market between 1980 and up to 2000 had only 2 combination residential and hotel flag properties – old Ritz (Carlton House) and the Four Seasons. Since 2000 the additional hotel flags that have arrived, are under construction or looking in the market include a 2nd Ritz, InterContinental, Mandarin, Regent and multiple brands / flags of Starwood including a W Boston and possibly a St. Regis.

It’s only a matter of time when more arrive as part of mixed use developments and it’s very exciting for Boston.

“The Four Seasons and the Ritz, the Fairmount hotels—they’re all ramping up their efforts in this area,” says Kevin Ahearn, president of Boston-area brokerage and marketing firm, Otis & Ahearn. “On the business end, it’s a win-win situation. The hotel is in the base of the building, which has less view, and thus less value for residential. The residential portion is above, which gives the hotel a built-in market for its services.”

And for the buyers, Ahearn says, it’s the services that win them over. “The fabulous spas and exercise facilities; the great restaurants and celebrity chef kind of appeal; the maid service and custodial amenities…that’s hard to beat.”

For affluent purchasers who travel frequently and may have second and third homes, there is also the appeal of the “lock-and-leave” security that such projects offer. “Prosperous retirees may spend time in Florida, and just want a nice place with no upkeep to land during the holidays, to see kids, etc.,” says Ahearn. “ And for empty nesters, coming in from the suburbs and still working, these places give great access to downtown and the workplace, and services that make their lives easier.”

TWICE THE SHOWER AND HOLD THE TUB

Large soaking tubs are no longer the height of luxury, if current trends in condo interiors hold true. Instead, more and more buyers are requesting oversize showers with multiple heads, glass enclosures, benches and more—and eliminating the tub altogether especially in the 1 & 2BR units.

“It seems to come from the hotel influence,” says Kevin Ahearn, president of Boston-area brokerage and marketing firm, Otis & Ahearn. “Many of the luxury hotels have dropped the tub in favor of these large shower enclosures that open right onto the sleeping area, showers with all the spa-like bells and whistles. We find that’s what condo buyers are asking for.”

Another trend? Like the tub, enclosed kitchens seem to be a thing of the past. “Absolutely everyone, except buyers of the largest units, want the big open kitchen, dropped right into one end of the living area, with very high-end finishes. The kitchens are so high quality, they have more of a dining room look,” says Ahearn. “People have moved definitively away from the small, separate kitchen. They want entertaining Kitchen where there is interaction with the living space and with other people and high end appliances, even when they don’t cook.”

PERSONALITY OVER PARKING

Downtown loft and condo conversions are almost always full of character, abounding in unique spaces and architectural detail. One thing they may lack, however, is parking. Yet while it was once considered obligatory to include parking in any condo development, more and more buyers seem willing to trade car convenience for character and fabulous building locations in the middle of everything.

“Most loft deals in urban locations were once offices or warehouses, and the vast majority have very little parking, if any,” says Kevin Ahearn, president of Boston-area brokerage and marketing firm, Otis & Ahearn. “But we are finding that today, people are willing to compromise in that area. They want the beams and columns and big windows and unique qualities of interesting conversions — for this type of buyer the offsetting feature(s) diminishes the parking feature requirement within other segments of the market.”

Yes, that is right. We are going to open up our Condo Blog to all of our condo real estate blog partners. As of today you will periodically see posts from not just John Keith and the condoDomain team, but from your local real estate professionals from your own market!

Some will contribute a ton, some just a little….but the collaboration from everyone should make The Condo Blog that much better!

I am going to stick to my passion - within Real Estate and Technology & Innovation…and let for the local news & events beam through from none other than our luxury condo bloggers!

Enjoy!!! and make sure to visit all of our blog partners on the right —–>>>>

Thanks to Sellsius we have a really cool picture to kick off the holiday weekend.

Question: What comes first the building or the crane?

Source: by way of Sellsius

Panama is quickly becoming the crown jewel of Latin America. The interest by Americans in owning real estate in Panama is unprecedented, as Baby Boomers discover this magical and economic retirement paradise. There are now more Americans buying property and planning to live in Panama than anywhere else outside of the United States. The most compelling aspect of this growth is that 99% of retirees could never afford to live in a TRUMP property, but in Panama they can.

All Condo / Hotel studios are $290,000 ($330,000 after November 1st) no matter where located in the building and they are all approximately 540 sq. ft. The revenues generated through the Hotel will be pooled so that each owner receives the same percentage of income, whether their unit has been rented or not. All hotel suites are fully furnished and accessorized at the Trump level of quality.

All condominium residences are FINISHED but not furnished. Finished means central air conditioned; full appliance package with washer and dryer; marble flooring throughout; granite kitchen countertops with full backsplash; European kitchens cabinets, frameless shower enclosures, designer fixtures, and the level of quality you would expect in a TRUMP property. Download Brochure

PRICE RANGE FOR CONDOMINIUMS ARE:
ONE BEDROOM: $425,000 ( 1085 sq. ft approx.)
TWO BEDROOMS: $625,000 ( 1630 sq. ft approx.)
THREE BEDROOMS: $750,000 ( 2130 sq. ft. approx.)
THREE BEDROOM COMBO: $1.4M ( 3300 sq. ft. approx.)
FOUR BEDROOM COMBO $1.8M ( 4380 sq. ft. approx.)

SPECIAL UNITS AVAILABLE FOR A LIMITIED TIME AT OPENING PRICES:
2603 - 2 BR - 1642 SF - $568,000
3306 - 2 BR - 1642 SF - $569,000
2804 - 2 BR - 1642 SF - $571,000
3403 - 2 BR - 1642 SF - $581,000
4405 - 2 BR - 1642 SF - $587,000

Source: Jimmy Nevius, Las Vegas High Rise Projects

In past eras, you obtained security with stone walls, a drawbridge and armed sentries.

These days, we call that a gated community.

Of course, today’s gated developments lack portcullises and moats (usually). Unlike their chilly predecessors, they are as much about privacy and exclusivity as safety. And gated communities are far more common than residential fortresses ever were.

Although recent figures are hard to come by, in 2001 more than 7 million Americans were living in homes located behind barricades, according to the U.S. Census, and industry experts say more and more developers are installing gates around their properties. In areas such as Las Vegas, it’s difficult to find a new home that is outside such a development, and gated communities are popping up in China, France and Argentina. Realtors familiar with these neighborhoods stateside say the numbers are growing as homeowners seek to raise their families in environments that feel safer, are clean and well-kept and offer recreational amenities.  Continued…
Source:  Forbes

The Falor Corporation, an aggressive condo conversion company, pulled the plug on Nicky Hilton’s much-discussed condo-hotel project at 500 S. Dearborn St. Paris’ little sis was to help Falor convert the Printers Row’s Hotel Blake into a “calmer version” of her South Beach prototype.

Condo-hotels, in which investors buy individual hotel rooms to use as a residential condo, and then allow the hotel operator to rent out the room when they are away, have been less than successful in the past. In fact, Falor’s other condo-hotel, the Aldens at 202 S. State St., went under last year. Continued…

Source: Chicagoist

The St. Regis Hotel has opened the St. Regis Residence Club, New York for those who want the chance to own luxury fractional ownership property in Manhattan. The club is located on the 8th and 9th floors of the hotel with 22 deluxe studios, one- or two-bedroom suites available in four-week increments. The hotel has a Beaux Arts exterior and the elegantly decorated guest suites come in two color schemes: steel blue-green and yellow saffron daffodil. The residences also include the services of a personal butler. This is the second St. Regis residence club. The first, St. Regis Residence Club, Aspen sold a four-week membership for over $1 million and the property nearly sold out after only 18 months.

Source:  Luxist Blog

The Tides South Beach is becoming a condo-hotel, with pre-renovation prices for condos ranging from the mid $800,000s to $1.4 million.

The Art Deco landmark at 1220 Ocean Dr. will have 45 oceanfront guest rooms, junior suites and penthouses. All residences are a minimum of 539 square feet. Three penthouse suites range from 1,200 square feet to 2,600 square feet. Info: 305-503-2146; www.tidessouthbeach.com.

Source:  Miami Hearld

This is a great hotel…and I am sure will make even a better Condo Hotel!

Ever wish you could be a guest in your own home? The latest condo trend marries the indulgence of a haute hotel with the independence of apartment living. AMY VERNER reports,

I can easily pinpoint the moment I thought, “Yeah, I could definitely live like this for the rest of my life.”

Six media types were sitting around a well-appointed dining table in a condo on the 55th floor of the Miami Four Seasons Hotel and Residences. After polishing off four mind-blowing courses prepared en suite by the hotel’s executive chef, Patrick Duff, we were being offered dairy-laden dessert plates. Since I am lactose-intolerant, I requested a chocolate chip cookie. When not one, but four, giant ones arrived, I blurted, “Could I have a smaller cookie, please?”

A must read article…I think these guys are on to something… 

Source:  GlobeandMail.com

We found a new website today - The Penthouse Collection. The Penhouse Collection is run by WCI, one of the most established home & condo builders around.

Currently ‘The Collection’ has two units available:

The Sesons Penthouse 20

One Singer Island West Penthouse

For more information visit www.ThePenthouseCollection.com