Around the Globe with E&V November 2024

Around The Globe With E&V Presented by Jennie Frank Kapoor   When selecting where to call my luxury real estate sales business “home,” one of the main attractions to Engel & Völkers was the power of the global brand. This is truly a luxury first brokerage, along with relevant extensions like yachting, that fit the objective of helping provide advice and value to my clients as a lifestyle platform. A lot of brokerages speak about being “global,” but I found E&V to truly follow through with that promise. It’s a tremendous value to my clients, whether buying or selling, to be able to network with global luxury real estate advisors who are experts in their local markets, many of which are feeders to the places I love and work – South Florida and The Bahamas. To illustrate the point, each month I’m highlighting expert luxury real estate advisors from around the globe who I’m proud to call colleagues and actively network with. Whether helping drive exposure to sell a property or mining unique opportunities for purchase, this is the true power of “local expertise with global reach” – not just a catchy mantra (it is catchy, though), but a way of life for this luxury real estate brokerage. This month we’re highlighting two amazing sets of advisors, their “shops” (E&V language for local office), and their local listings from: 1) The Bahamas; and 2) Montreal / Quebec of eastern Canada. E&V Bahamas Meet Alex Jupp (of the Jupp Team) and Sarah Gardner After joining Engel & Völkers in 2017, Alex has specialized in high-end investment real estate with income potential. He finds this type of real estate especially interesting as it "provides a structure of consistency and continuity in all aspects of the product." His dedication to exceptional service continues to wow his clients and peers alike. When he isn't busy selling real estate, Alex can be found enjoying all the Bahamas has to offer with his family. Learn more about Alex. Sarah was born in Nassau and has a twenty-five-year background in interior design and property development. She has worked on high-level projects in both Sydney and London before returning to The Bahamas in 2010 where she lives in Governors Harbour on the beautiful island of Eleuthera. Her twenty-five years of experience in design has given her an acute skill in assessing a property for the best use of space and future visioning to create inspirational places and maximize potential. Learn more about Sarah. Featured Opportunity – Cocodimama Sea-to-Sea Acreage, Eleuthera Discover an exceptional gem in The Bahamas where rare sea-to-sea property meets unparalleled opportunity. This extraordinary 32.45 acre parcel offers a captivating canvas for visionary developers. Nestled with seamless access to the main highway, this prime location embraces Eleuthera's Atlantic and Leeward sides, boasting breathtaking ocean vistas and elevations reaching up to 70 feet. View the property video or learn more about the property and listing details. Offered for $6,500,000. Market Perspective I really enjoyed learning about the local market perspectives from Alex and Sarah who shared the following: Eleuthera is a dynamic destination and has been one of our go-to Bahamas markets for investment and vacation properties for many years now. For example, nearby Romora Bay in Harbour Island sold (with a last asking price of $18M). The local real estate market is reflecting the surge in investment and activity – closed sales for beachfront acreage are on the rise compared to last year, as per The Bahamas MLS. In 2023, we saw properties between 3.86 acres and 7.1 acres that sold. This year [2024], we have seen property sizes between 19.27 acres and 31 acres being sold, which obviously shows an increased appetite for larger properties set on our magnificent beaches. We are not only seeing an increase in sales for this type of property, but the interest in larger plots of land has also increased. Waterfront / Beachfront homes are also doing well. The median sales price in 2023 was $1.2M with a highest recorded sale of $16,950,000. This year, the median sales price is $2,452,000, with the highest recorded sale being $22,500,000, as per The Bahamas MLS.    Eleuthera is popular for vacation rentals and boutique resorts. There is so much potential for beachfront acreages, especially near Governor's Harbour, the commercial hub in Eleuthera. The Cocodimama Sea-to-Sea Acreage is a fantastic opportunity for a visionary developer to enjoy the tailwinds and become part of the Eleuthera growth story. This is illustrated by the $55M injection for upgrades in the North Eleuthera International Airport and the on-going upgrades at The Governor’s Harbour Airport. The area growth story is further supported by Disney Cruise Line’s nearby Lighthouse Point. To learn more about the opportunities and splendors of Eleuthera, including nearby Harbour Island, Spanish Wells, and more, please connect with the Jupp Team and Sarah. E&V Montreal (Quebec) and Pompano Beach (Florida) Meet Marie Gonneville Marie is a well-accomplished luxury residential and commercial agent in Montreal and its surroundings. With more than 15 years of experience in sales and management with luxury brands for companies such as Louis Vuitton Moet Hennessy (LVMH), Marie stands out for her attention to detail, her ability to assess the needs of her customers and the establishment of honest and sustainable relationships.  Marie recently expanded her expertise by acquiring the Engel & Völkers Pompano Beach agency, along with Francisco Garcia, enhancing her ability to serve cross-border clients with unparalleled skill as a broker. This strategic move reflects her commitment to offering comprehensive, top-tier service across multiple markets. Her global network, combined with her distinctive approach to real estate, ensures a professional and dynamic presentation of your property. She excels in implementing innovative marketing strategies, efficient negotiation, and providing high-quality service tailored to meet the most demanding expectations. Learn more about Marie. Featured Opportunity – Kanata Tremblant Lakeside Retreat Located on the navigable shores of Lac de la Mine, this stunning two-story, architecturally distinct residence offers unparalleled luxury and relaxation just 20 minutes from Tremblant Village. The 4 bed / 3.5 bath home covers 3,567 SF on a sprawling 73,526 SF wooded lot, with design and orientation optimized for natural light and scenic views. This property is ideal for nature lovers, skiers, and those seeking a private escape with high-end finishes and access to premium amenities will find this property a refined haven for relaxation and outdoor adventure. Only 1.5 hours from Montreal and Ottawa, it is a haven for relaxation and outdoor adventure. Offered for $2,500,000. For more details, contact Marie Gonneville. Listing provided by Gabrielle Pigeon & Mathieu Desjardins - Engel & Völkers Montreal / Quebec. Market Perspective Marie is an extremely well-spoken wealth of knowledge about both the Montreal area of Canada, as well as the Pompano Beach market of South Florida. Here’s what she had to say: There is a foreign ban on buying regular houses and condos in urban areas, so I have put together an explanation of what it is and how & why Americans should invest in Canada:  Canada Foreign Buyer Ban In January 2023, Canada introduced a two-year ban on foreign residential purchases, primarily targeting urban properties to help improve housing affordability for Canadians. However, recreational properties, such as cottages, cabins, and vacation homes in designated non-urban areas, are exempt from this restriction. This allows American buyers to continue investing in Canada’s beautiful vacation regions—like Quebec’s Laurentians and Eastern Townships—without facing these restrictions.For American investors, this is a strategic advantage, especially considering the favorable exchange rate, which is currently over 40% in their favor. This currency benefit means purchasing Canadian recreational property becomes significantly more affordable, maximizing their purchasing power. Not only do American buyers gain access to Canada’s scenic and serene landscapes, but they also make a sound investment, securing a high-quality property at a comparatively lower cost. With Canada’s landscapes and natural retreats drawing strong interest, investing in a recreational property offers American buyers a unique blend of personal enjoyment and financial value. This exemption and the favorable exchange rate make it an ideal time for Americans to explore Canada’s vacation property market, balancing lifestyle benefits with smart financial leverage. Quebec Real Estate  The Quebec real estate market has shown resilience through 2024, with notable activity in both the luxury and recreational segments. In Montreal’s 2024 real estate market, both luxury homes and recreational properties have shown distinctive trends. The high-end segment, particularly in prestigious areas like Westmount, Outremont, and Hampstead, continues to attract attention. However, inventory has fluctuated due to the federal foreign buyer ban extending to 2027. This has cooled specific segments of the luxury condo market, especially for international buyers from regions like France and Asia. Still, there’s robust demand at the entry-level luxury price point (under $1.4 million), where multiple offers are now standard. Meanwhile, luxury sales in Quebec City have increased by 30.4% year-over-year, although the median luxury home price in Quebec City decreased by about 7.2% to $1.2 million. American buyers are increasingly interested in Quebec’s scenic recreational property options, especially with a favorable exchange rate providing over 40% purchasing power advantage. Quebec’s countryside and lakefront properties are especially appealing, offering investment potential and lifestyle perks. The overall interest in recreational properties remains strong, with U.S. buyers benefitting from the strong dollar to explore second-home opportunities in Quebec.  Pompano Beach Real Estate Outlook for Canadian Buyers: Building Wealth Through U.S. Investments While the current exchange rate may not be as favorable for Canadian buyers as it once was, with the Canadian dollar weakening compared to the U.S. dollar, Canadian investors still have strong reasons to consider Pompano Beach real estate. The area’s luxury real estate market, particularly, continues to offer significant long-term benefits, including opportunities to earn U.S. dollars and build a solid retirement fund. Here’s why: Earning in U.S. Dollars: One of the most compelling reasons Canadian buyers invest in Pompano Beach is the opportunity to earn income in U.S. dollars. While purchasing power may be lower now due to the exchange rate, the ability to generate rental income in American currency can help offset the difference. This is especially beneficial for Canadians looking to diversify their assets and hedge against potential currency fluctuations over time. With Pompano Beach’s increasing demand for short-term vacation rentals, investors can see significant returns by capitalizing on this growing market. Luxury Developments Driving Value: The influx of new luxury properties, such as the Waldorf Astoria and Ritz-Carlton Residences in Fort Lauderdale, along with the Residences by Armani/Casa in nearby Miami, is enhancing the region’s real estate market. These branded developments elevate the area’s appeal and set a precedent for high-end living in Pompano Beach. Buyers can invest in luxury condos and homes, knowing that these developments will contribute to the overall growth in property values. Canadian investors, despite the less favorable exchange rate, can benefit from long-term appreciation and the ability to build wealth through real estate. Building a U.S. Retirement Fund:  Many Canadians are turning to Florida for retirement planning, and Pompano Beach, with its beautiful beachfront and upscale amenities, offers an ideal location for second homes or long-term investments. By purchasing property now, investors can secure a retirement asset in the U.S., where property values are expected to continue appreciating due to high demand and ongoing infrastructure investments in the region. With the option to rent out the property when not in use, Canadians can also generate income to help fund future retirement needs, building both equity and passive income over time. Strong Local Demand and Tourism Growth:  Pompano Beach’s transformation continues with significant infrastructure projects, including new beachfront amenities, dining, and entertainment venues. These developments drive local demand and tourism, increasing rental opportunities and helping sustain the local real estate market’s momentum. As more people seek out Pompano Beach as a vacation destination and a long-term residential area, Canadian investors can benefit from the rising popularity and demand for high-end real estate in this growing community. Despite the current exchange rate challenges, investing in Pompano Beach real estate offers Canadians the opportunity to build wealth in U.S. dollars, enjoy strong rental returns, and set the foundation for a secure retirement fund. With new developments like the Waldorf Astoria, Ritz-Carlton, and Armani Residences, the area’s luxury market is poised for continued growth, making it a solid investment for those looking to diversify their portfolios and enjoy the benefits of owning property in a premier Florida destination. To learn more about the opportunities offered in both Montreal (Quebec) and Pompano Beach (Florida), I highly suggest connecting with Marie to speak in greater detail. Until next time! With Gratitude, Jennie

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REIMAGINE Thought of the Week South Florida Land Use Policy and Single Family Homes

    Today I want to share my thoughts on local land-use policy and the impacts on South Florida's single-family home pricing. What's the longterm outlook? What does it mean for personal or project opportunities? Enjoy my REIMAGINE Thought of the Week on this subject! And please checkout my newsletter, blog and podcast channels for additional insights about luxury real estate in South Florida and The Bahamas. Have a great weekend ahead!

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Values Market Report Series | Broward County | Q3 2024 | Sea Ranch Lakes

A Data-Drive Insights Series for Luxury Real Estate Q3 2024: Broward County Fort Lauderdale | Sea Ranch Lakes | Lauderdale-by-the-Sea | Pompano Beach | Hollywood | Weston | Southwest Ranches Welcome to the Values market report series by Jennie Frank Kapoor of Tropical Phoenix Homes. In this series, we take a look at broader luxury market-level insights and trends with a focus on the data in an executive summary format. This part of the series will focus on quarterly updates with a bigger picture in mind, whereas my nearby Values: Key Takeaways sub-series focuses on what’s happening in our local luxury markets each month. Coupled with our neighborhood and building deep dives, this will give my clients, prospective clients, and collaborators both the macro and micro views of the tropical markets we work within. The goal is to help buyers and sellers make better decisions for their real estate goals. A Few General Notes About This Post: All data reflects criteria focused on luxury $1M+ properties, where I specialize in for my sales and REIMAGINE businesses. All the data, charts, and analysis presented in this report are broken down between i) Single-Family Homes (SFHs) and ii) Condos / Townhouses to give a more accurate view to our audience of property types and their performance in the market. Information is segmented by the local markets I specifically cover and we also zoom out to the broader South Florida counties for context. Enjoy a release of the following counties and cities all month! Counties and Cities  Broward   Fort Lauderdale  Sea Ranch Lakes (this post) Lauderdale-by-the-Sea Pompano Beach Hollywood Weston Southwest Ranches Miami-Dade (coming soon) Coral Gables Coconut Grove Key Biscayne Miami Beach Pinecrest Bal Harbor Sunny Isles Palm Beach (coming soon) West Palm Beach Palm Beach Delray Beach Boca Raton Wellington For an insightful micro-level understanding of the market, please dig into my neighborhood deep dives and community pages. It's also my pleasure to prepare a complimentary market analysis and broker opinion of value for anyone looking to buy or sell a primary residence, secondary home, or investment property in a particular area. If you love numbers, charts, graphs – just data in general – this is the series for you. With an understanding of the past, we can help instruct the present and future. With that said, let’s dig in!   SEA RANCH LAKES I. SINGLE-FAMILY HOMES (SFHS) Click to View Available Listings SNAPSHOT 1 CLOSED SALES Observations: Luxury closed sales in Q3 saw a directional trend downwards, contrasting to consistent sales activity that what we observed in Q2. Typically, at least a sale in a month has occurred in 10 out the last 12 months. The YoY change has been flat or negative in the last 3 months. Sea Ranch Lakes is truly its own micro-market in the area, but this reinforces a common theme that the luxury market is continuing a leveling off or cooling phase after a number of significantly hot years, now favoring buyers. 2 CLOSED DOLLAR VOLUME Observations: After a 12-month high in July, luxury closed dollar volume in Q3 trended downwards with two of the three months also negative YoY. September was an especially low dollar volume month with no sales, well off the mark from recent months and YoY. 3 MEDIAN SALES PRICE Observations: The median sales price in Sea Ranch Lakes is among the highest in the South Florida region. Given the small sample size and sporadic recent sales, the data points are highly attributable to the “Ready vs Renovated” or “Rebuild vs Renovation” classifications of the specific properties. (See my in-depth market report from over the summer for more on this.) Given my strong knowledge of this neighborhood, the sales prices speak for themselves, but most homes are consistently trading in the $2 – 3M range. July was an outlier due to the specific properties. 4 MEDIAN TIME TO SALE Observations: Once again, analyzing median time to a sale in Sea Ranch Lakes has a small and inconsistent data set. That said, the luxury single family homes here do trade faster than most luxury communities in South Florida. This reflects i) the demand for the private neighborhood and ii) appropriate pricing from sellers. 5 PENDINGS Observations: In a good sign for the market, new luxury pending sales have been trending up over Q3 and Q2 – a good sign for the direction of the market – as fresh contracts usually signal upcoming closings in a month or two (stay tuned). 6 ACTIVES Observations: Following national, regional, and local trends, active inventory of Sea Ranch Lakes luxury SFHs is up consistently over the last year. This is reflected in both nominal listings as well as YoY change (with 9 of the last 12 months up from the prior year). To me, this reflects pent-up demandfrom luxury SFH sellers looking for the right macro and local environment to sell after a few years on the sidelines. 7 NEW LISTINGS Observations: Following national, regional, and local trends, new listing inventory of luxury SFHs in Fort Lauderdale is up in Q3 as we go into Fall / Winter selling season. Given the small sample size, looking at YoY change as a whole, one can conclude we’re seeing additional new inventory hit the market over the last year, including a notable 5 homes hitting the market in July of Q3. 8 MONTHS SUPPLY Observations: Months Supply of luxury SFHs grew consistently in Q3 here. This metric is another way of looking at the health of the market (buyers, sellers or neutral). Following national, regional, and local trends, luxury supply is up considerably over the last year, with consistently added luxury SFH inventory YoY in two out of the last three months. There’s no doubt we’re in an increasingly buyer’s market within Sea Ranch Lakes, but, once again, this is down to which specific classification of property. DISCLAIMERS AND NOTICES 1) Data relied on within this blog and market report are from i) BeachesMLS and ii) MIAMI Association of REALTORS as of the date of this blog. This data is not verified for authenticity or accuracy and may not reflect all real estate activity in the market. Based on information © 2024 BeachesMLS, Inc. Click on any individual listing page link in the market report tables to visit the property on the IDX feed to my website for the latest information. 2) This blog and market report are not to be considered investment advice nor a solicitation for investment. 3) Purchasing or selling real estate is an important financial decision. Make your own buying, selling, or investment decision based on your own analysis and due diligence, along with the consultation of your own professional advisors. 4) The content of this blog and market report are for information and educational purposes only. Any commentary is solely the professional opinion of Jennie Frank Kapoor and/or Tropical Phoenix Homes and does not reflect the opinion of Engel & Völkers, any MLS, nor any other group. Errors and typos are possible, and you should verify all information before taking any actions. 5) This blog and market report are not an advertisement for any other broker’s particular listing (property) nor a solicitation of the seller they may be representing. Listings reviewed in this blog and market report may be those of other brokerages and listing agents. Every listing links directly to their respective auto-synced IDX page and displays the appropriate credits in accordance with local MLS rules and guidelines. In no way is this an attempt to advertise these listings as those of Engel & Völkers and/or Jennie Frank Kapoor. Any such listings will be clearly marked and credited to Engel & Völkers. 6) Copyright © 2024 of all original photos and content within this blog and market report, which are the property of Engel & Völkers, Jennie Frank Kapoor, and/or Tropical Phoenix Homes (“IP Holders”). No photos nor content may be utilized or reproduced without the prior written consent of the IP Holders.        

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