South Florida - Weston Florida - Jason Kapit

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Jason Kapit, Esq./Realtor jumps to EWM Weston! 
 
CLICK HERE to read my Real Estate Blog ...
HERE to read EWMgourmand (South FL dining review)
 
Jason Kapit started his career as an attorney and securities trader for a privately held firm in New York.  He then began a successful transition into South Florida's real estate scene with intense focus on the luxury residential market.  Initially, he affiliated with Realty World South Florida in Weston where he was the Number #1 producing agent over the past 5 years. Never satisfied and always striving to improve, Jason finally decided to start a new chapter in his real estate career with EWM. 
 
Asked why the decision to join EWM (an exclusive affiliate of Christie's Great Estates) Kapit stated, "I was fortunate enough to be recruited by every quality firm on the street.  While I appreciated their interest in me, when I finally had a chance to analyze each company and determine which would be the perfect fit, it was a very easy decision.  EWM's parent company, Berkshire Hathaway, needs no introduction and exudes the type of quality and reputation necessary when engaging sophisticated clientele (but just in case you want to see a great interview with Warren Buffett, please click).  This ownership, coupled with its global, cutting-edge marketing is a very formidable combination.  I have no doubt that it will allow me to dominate in my residential markets throughout Weston, Southwest Ranches, Sunshine Ranches, Davie and the surrounding West Broward corridor."  
 
Kapit has sold more than $140 million in residential real estate to join the ranks of South Florida's elite.  He is a member of the Master Brokers Forum (click "MBF" in left-side column).  Jason attributes his ongoing success to his extensive community involvement, marketing savvy, skillful negotiating, extensive legal background and the solid reputation that both he and EWM enjoy through happy clients and their generous referrals.  Contact Jason Kapit direct at 954.650.4443, buzz@jasonkapit.com or www.jasonkapit.com 
 
Jason Kapit operates his business and draws motivation from the following:  'If you want to be the best, you have to strive to be perfect every day' ... John Madden - Sports legend, MNF & SNF announcer, and former head coach of the Oakland Raiders from 1969-1978. To this day, Madden currently has the best winning percentage (.750) of any head coach in NFL history.?
  

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To all of those interested or intrigued by
SHOP TO EARN/SHOP TO EARTH:
 

***  let me begin by saying that MLMs are controversial and the internet universe has a lot to say on the subject - read all that you can and then make your own decisions -  I have decided to give this particular idea a shot; in no way am I advocating anything; I am simply trying something new, plain and simple - in my short stint with this, I have realized that the key to success is to sign up under strong people who will help build your business.  you will read about people who drop out due to a lack of support.  don't make the same mistake - it's your money! ***

 
What is it?
 
It is an investment in a shopping mall that consists of a one-time payment of $448 (LESS THAN A SHARE OF GOOGLE) and a no-nonsense obligation to start your spending online (from your own portal website).  I was introduced to this by a friend and it is so early in the game that upside potential may be unlimited.  Here's why...
 
[1] It is all done online so the target audience is infinite;
[2] The products involved are all big name companies (Nike, Wal-Mart, Best Buy and the best GREEN companies in the biz, etc.)
[3] It is directly tied to the GREEN movement which is here to stay and considered to be important by everyone.
 
The site is called Shop to Earn and Shop to Earth (STE);
Once at the site, click on the picture at the bottom left; from there you will be taken to another screen - at the top right, click "Overviews" and start the video message.  If you like what you here, which you will, click "Join Now" and get started!
 
SOUNDS LIKE A GREAT IDEA - the type that requires no over analyzing.  Even if you can find reasons not to commit, perception is reality and the masses will flock to this because people love SAVING MONEY & EARNING MONEY AT THE SAME TIME!  Is there another campaign out there that currently combines online shopping, the GREEN movement AND the ability to EARN MONEY?  And with Donald Trump and Robert Kiyosaki now commenting on the importance of network/social/direct marketing, this is a cultural phenomenon that may just catch on!  Shop to Earn / Shop to Earth appears to be an example of just such a marketing effort.   
 
BOTTOM LINE:  There is RISK.  I say again, there is RISK.  What are the risks?  There is the purchase of the "online discount shopping mall" for $448.  In my opinion, that investment is ASYMMETRIC RISK - that is, there is finite downside (losing $448) and infinite upside.  The money you actually spend at the "mall" is not capital at risk because you are receiving the goods/services (at a discount) that you would otherwise buy from an alternative online site or bricks & mortar retailer.   The ONLY difference in the entire online transaction is the site from which you initiate the purchase process!  Certainly there are additional risks associated with direct selling campaigns; the unknown, the background/history of the company and its viability going forward.  Could the company disappear tomorrow?  Sure.  But in life, there are risks associated with everything and you have to evaluate whether those risks are worth taking.
 
YOU MUST CALL 954-650-4443 PRIOR TO SIGN-UP TO INSURE PROPER SET-UP AND PLACEMENT.
 

 

 
 
 
Trump and Kiyosaki Tell All!
 

Why Do You Recommend Network Marketing?

Robert Kiyosaki's Answer:

When I first heard about network marketing, I was against it.  But after opening my mind, I began to see advantages that few other business opportunities offer. 

Long-term success in life is a reflection of your education, life experience and personal character.  Many network-marketing companies provide personal development training in those key areas.

Most schools train people for the E or S quadrants, and that is great if those are the quadrants in which you want to spend your life.  Most MBA programs are training students for high-paying jobs in the corporate world as an E, not a B.

What if you’re in the E or S quadrant and you want to change?  What if you want to be in the B quadrant?  Where do you find the education that trains you for that quadrant?  I recommend a network-marketing business.  I recommend the industry for people who want to change and get the necessary skills and attitude training to be successful in the B quadrant.

Being an entrepreneur and building a B quadrant business is one of the toughest challenges a person can take on.  The reason there are more people in the E and S quadrants is simply because those quadrants are less demanding than the B quadrant.  As they say, “If it was easy, everyone would do it.”

Personally, I had to learn how to overcome my self-doubt, shyness and fear of rejection.  And I had to learn how to pick myself up and keep going after I failed.  These are some of the personal traits a person must develop if they are to be successful in a B quadrant business, regardless of whether it is a network-marketing business, a franchise or an entrepreneurial startup.

An important personal skill required for any B quadrant business is leadership.  Are you able to overcome your own fears and have others overcome their fears in order to get the job done?  This is a skill the Marine Corps taught me.  As Marine Corps officers, it was imperative that we be able to lead others into battle, even though we were all terrified of dying.

I meet many people in the S quadrant, the specialist or small business owners, who would like to expand, but they simply lack leadership skills.  No one wants to follow them.  The employees do not trust their leader or the leader does not inspire the employees to better themselves. 

As mentioned earlier, Forbes defined a big-business owner, a B quadrant business owner, as a person who controls a business with more than 500 employees.  This definition is why leadership skills are vial for the B quadrant.

Where could you find a business that will invest the time in your education, your personal development and building your own business?  The answer is: most network-marketing business.

Building a B quadrant business is not an easy task.  So you need to ask yourself, “Do I have what it takes?  Am I willing to go beyond my comfort zones?  Am I willing to be led and willing to learn to lead?  Is there a very rich person inside of me, ready to come out?”  If the answer is “Yes,” start looking for a network-marketing business that has a great training program.  I would focus less on the products or the compensation plans and more on the education and personal development program the company offers. 

A network-marketing business is a B quadrant business because it meets several criteria I look for in a business or investment.  Those criteria are:

  1. Leverage:   Can I train other people to work for me?
  2. Control:  Do I have a protected system that belongs to me?
  3. Creativity:  Will the business allow me to be creative and develop my own personal style and talents?
  4. Expandability:  Can my business grow indefinitely?
  5. Predictability:  Is my income predictable if I do what is expected of me?  If I am successful, and keep expanding my business, will my income increase with my success and hard work?

Isn’t Network Marketing A Pyramid Scheme?
I am often asked if network marketing is a pyramid scheme.  My reply is that corporations are really pyramid schemes.  A corporation has only one person at the top, generally the CEO, and everyone else below.  The following is an example of a typical corporate pyramid:

Compare that to a network-marketing business system:                            

A true network-marketing business is the exact opposite of a traditional business model.  A network-marketing business is designed to bring you up to the top, not keep you down at the bottom.  A true network-marketing business does not succeed unless it brings people up to the top.
Additional Points Worth Mentioning
The following are some other points worth mentioning:

  1. Tax breaks increase.  By starting a network-marketing business in your spare time and keeping your regular job, you begin to gain the tax advantages of the rich.  A person with a part-time business can take more tax deductions than employees can.  For example, you may be able to deduct car expenses, gasoline, some meals and entertainment.  Obviously, you need to check with a CPA for exact rulings on your situation.  And the cost of your CPA is tax-deductible.  In most cases, an employee cannot deduct CPA expenses.  In other words, the government will give you a tax break for advise on how to pay less in taxes. 
  2. Meet like-minded people.  One of the advantages I had is that my friends also wanted to be in the B quadrant.  When I first started out, most of my E quadrant friends thought I was nuts.  They could not understand shy I did not want a steady job or a steady paycheck.  So an important part of becoming a B is to surround yourself with other people who are Bs and want you to become a B.
  3. Give yourself time.  It takes time to be successful in any of the quadrants.  Just as it takes time to climb to the top of the corporate ladder as an E, or become a successful doctor or lawyer In the S quadrant, it takes time and dedication to become successful in the B quadrant.  It took me years before I built a successful B quadrant business.
  4. Network-marketing companies are patient.  One of the beauties of a network-marketing business is that it will invest in you, even if you are not successful.

In the corporate world, if you are not successful in six months to a year, you are often fired.  In the network-marketing world, as long as you are willing to put in the time, most companies will work with you in your development.  After all, they want you to get to the top.

  1. Leverage the systems that are already in place.  These systems are already tried and proven, which allows you to hit the ground running instead of trying to build the internal system of a new company.

In conclusion
After opening my closed mind, I could finally see some of the unique benefits the network-marketing industry offers people who want more out of their lives.
Generally, it costs much less to get started in a network-marketing company than to build a business on your own.

-Robert Kiyosaki

Donald Trump’s Response

Marketing is a powerful tool, and network marketing can increase that power, provided you are self-motivated.  In a simple visual, see a product and then remove the advertising agency from it.  It is up to you to do the marketing and advertising. 

That’s a big job, but it can be done if you are passionate enough to get it going on your own and to jeep the momentum and motivation going at a high level.  It requires an entrepreneurial spirit, and that means focus and perseverance.  I do not recommend network marketing to people who are not highly self-motivated. 

Another important aspect of network marketing is that it is inherently social, so if you are not a social or outgoing person, I’d think twice about going into it.  Sociability is a requirement. 

Just like in advertising, there’s no point in having a fantastic advertising campaign if the product isn’t equally fantastic.  Also keep in mind that if you decide to become a distributor, you will be legally responsible for the claims you make about the product, the company and the available opportunities.  But above all, make sure the product is worth your energy and total devotion.  Otherwise, you could be energetically spinning your wheels. 

Robert mentions the importance of going beyond your comfort zone when it comes to network marketing.  He also mentions giving yourself enough time.  These are good points to consider.  I would also agree that having leadership qualities is critical for success.  You definitely have to have a take-charge, can-do attitude. 

As with any other undertaking, know everything you can about what you’re doing before you begin.  Network marketing has proven itself to be a viable and rewarding source of income, and the challenges could be just right for you.  There have been some remarkable examples of success, and those successes have been earned through diligence, enthusiasm and the right product combined with timing.  As with so many issues we have discussed before, there are tangibles and intangibles involved, but success is not a total mystery, and that applies to network marketing as well. 

Most people have heard of focus  groups, a research tool that advertising agencies use when they are testing a new product.  They will go out to different locations and simply ask everyday people what they like and don’t like about a new product.  Its best if you can keep the focus group idea close at hand when you are deciding about a product.  Just because you like it doesn’t mean everyone else will.  Finding a common denominator in product appeal will matter.

My nutshell advice about network marketing is to do your research and then put everything you’ve got into your product.  Genuine enthusiasm is hard to beat, and the odds will be with you.
                                                                                                               
-Donald Trump

 
 
 
 
 
 

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WEBINARS & LOCAL MEETINGS!

 

Tuesday, August 19th at 9:00pm – Webinar with Rich Soviero

            Click link to register ΰ https://www2.gotomeeting.com/register/241583882

 

Wednesday 7pm(English) and 8pm(Spanish)

        Havana Coffee---7750 Nova Drive   Davie, Fl 33324

 

Wednesday, August 20th at 10:00pm - Webinar with Rich Soviero

            Click link to register ΰ https://www2.gotomeeting.com/register/471296643

 

Thursday, August 21st at 9:00pm – Webinar with Rich Soviero

            Click link to register ΰ https://www2.gotomeeting.com/register/361132275

Friday, August 22nd at 7:30pm ΰ Company Tour, Pier 66 – Ft. Lauderdale
Open to everyone and a great opportunity to invite new people to meet the
founders of the company.  Dress: Business Casual

Hyatt Regency Pier 66 - Ft. Lauderdale, FL
2301 SE 17th Street, Ft. Lauderdale, FL 33316
Reservations: (954) 525-6666

 

Do you have a Marketing Strategy?

real estate marketing strategy

Coming up with a solid action plan can become challenging when you have to evaluate what works, what doesn't, and what to maximize to bring the best results. 

We believe that to be able to put together a good marketing plan and turn it into an effective strategy it must begin with an evaluation process.

Not sure what you should be evaluating and how to put it all together?  That's where Jason Kapit's Marketing Strategy comes in.  We believe in really getting to know our client.  What is your ideal situation; move quickly or possibly contract for a long close to allow the kids to finish out the school year?  Do you need a quick sale to insure against a possible default?   No matter what your circumstances are, all will be discussed so as to allow us to properly price, advertise and market your property to effectuate extraordinary results. 

Don't just assume that listing your home for what everyone else in the neighborhood listed for is the way to go.   Get real answers.  Hire Jason Kapit.  Hire the best.

 

LOCAL MILITARY MAN'S TRAGIC DEATH ABROAD SPARKS PHENOMENAL CHARITY PROGRAM

 
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weston - weston, fl - weston fla - jk - jkcos - relocate to fl - relocate to fla - relocating to florida - relocating to fl - relocate to florida - relocating to fla - move to fl - move to fla - move to floida - moving to fl - moving to fla - moving to florida - Savanna - Savannah Falls - Cedar Falls - North Lake - The Meadows - Fairfield Meadows -Vista Meadows - Camden Meadows - Eagle Run - Eagle Watch - Monterey - Provence - Poinciana - Victoria Isle - Victoria Pointe - Hunters Pointe - Bay Pointe - Bay Isle - Riviera - The Retreat - Meadowood - Lakewood - Harbor Pointe - Montclaire - Cypress - The Laurels - Water Oak - Jardin - Royal Palm - The Springs - Bermuda Springs - The Isles at Weston - Windmill Ranches - Windmill Lakes - Windmill Reserve - Tequesta - The Ridges - The Landings - The Islands - Pelican Landing - Egret Landing - Mallard Landing - Maple Island - Jasmine Island - The Ridges - Heron Ridge - Fox Ridge - Maple Ridge - San Remo - San Sebastian - San Mateo - Courtside - The Legends - The Reserve - The Pointe - Weston Hills - Weston - Weston, FL - Weston, Florida - Parkland - Davie - Coral Springs - Southwest Ranches - Sunshine Ranches – Miami- Miami, FL – Coral Springs – Parkland – Miramar – Miramar, FL – Sunset Isles – Lido Isles – Silver Lakes – Silver Falls – Sunset Lakes – Griffin 345 -  Pembroke Shores – Pembroke Lakes – San Mateo – San Sebastian – San Remo – Country Isles – Courtyard at the Grove – Windmill Reserve – Windmill Ranches – Plantation Acres – Blackhawk Reserve – Blackhawk Ranches – Equus – Sawgrass Commons – Sawgrass Lakes – Hawks Landing – Weston Title  - Jacaranda Title – Jac Title – Weston Title and Escrow – Florida Title – Parkland Golf – YMCA – Rotary – Chamber Meeting – Business Club – The Oaks – Mizner Country Club – Le Rivage – Long Lake Estates – Stone Creek Ranch – Weston Commons – Weston 8  - ESPN – ESPN 1400 – Best Damn Real Estate and Mortgage Show Period!



 

How Much Should You Sell Your Home For?

 

Most of us have an idea of what we would like to sell our homes for.  Keep in mind, however, that any potential buyer that is the least bit serious will most definitely have done their homework.  We want our clients and potential clients who are selling their homes to be well informed prior to negotiating with potential buyers. 

As such, we have developed a very easy way to determine the up-to-the-minute value of your home.  This free service is just one of the many benefits offered by Jason Kapit, Esq./Luxury REALTOR. 

Sold within:

Percentage of Homes

1 Month

40%

2 Months

7%

3 Months

7%

4 Months

20%

5 Months

10%

6 Months

7%

7 Months

9%

Homes priced correctly sell fast.  Do not confuse a quick sale with low-level pricing.  This chart demonstrates the power of market-value pricing, and how fast a property should sell if priced correctly.  Unfortunately, pricing your property above-market oftentimes ends with a price reduction after 90 days, ultimately bringing in market savvy buyers who eventually finalize a sale (month 4).  

It all starts with pricing your home accurately, ultimately allowing you to sell your home for the most money in the least amount of time.

 

 

 

 

 

 

 

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Weston Gazette – July 2008 Edition

Short Sales Require Perfection - by Jason Kapit

 

Short Sale abbreviated definition – Selling your home for less than is owed with lender approval.

 

The issues surrounding short sales have become almost mainstream today.  Can’t afford your home?  Avoid foreclosure via the short sale.  Is it that easy?  Not by a long shot. 

 

Truth. The banks don’t have the staff to explain it and I am not even sure they could explain it if they did because short selling is essentially new to the banking system and although they have dealt with similar scenarios in the past, never before has there been the volume, UNTIL NOW. 

 

The best way for me to explain why you need to be PERFECT if you are a seller who is considering a short sale is by scenario:

 

Suppose you have a mortgage or mortgages on your home totaling $800,000.  Your home is worth $600,000.  The following two questions need to be addressed before the banks will even consider allowance of a short sale.

 

[1] Is there a financial hardship?  No hardship – no short sale.  (i.e. “I am strapped for cash and I don’t want to sell my other 9 investments properties in this environment” won’t cut it)

[2] Are you current?  This is tricky but if you are current on your loan(s), you may not qualify for the short sale scenario either, because without a solid argument, there is no hardship, YET.

 

Assuming, the answer to number one is ”yes” (you will have to prove it) and the answer to two is “no”, you may then , subject to lender approval, try and sell your home in this market but you better be PERFECT in execution,  otherwise you may be doomed to foreclosure.

 

PERFECT in timing and pricing.  The two are inter-related and if you can not adequately execute both, you will be in trouble. 

 

[1] Timing.  You don’t have much time.  Sure there will be people out there that will beg to differ and argue that you can stall an inevitable foreclosure for months and even years…which may be the tactic of choice if you wish to continue the daily stress involved for months or even years.  I think you would have to be a sadist but who am I to judge.  Assuming you are not, the goal is to quickly put an end to this, which leads to pricing. 

 

[2] Pricing.  Sounds easy but it isn’t.  Here’s why.  There are two trains of thought on this.  [1] Price as close as you can to recovering the full debt even when comparables dictate a lower selling price.  Insane idea, never works.  [1] Price it rock-bottom, essentially ringing the dinner bell for all vultures to come by for a quick pick-up.  Also insane, works every time, but many times with dire consequences.  Pricing too low is often a mistake made by a seller who is elated by the bank’s allowance of a short-sale scenario.  Sellers misunderstand the effect of the short-sale as they often equate it to a do-over, even though a majority of the time it is not.

 

The short sale will allow the seller to avoid the ominous default and ultimate foreclosure which may undoubtedly wreck their credit but, IT WILL NOT AUTOMATICALLY RESET THE DEBT (shortage) OWED!  For instance, if you owed $800,000 and the short sale of your home recovers $600,000, the shortage of $200,000 is still in question.  More often than not, the shortage will be designated as a collectable balance.  It is still a deficiency and a recorded judgment, much like the original mortgage.  On some occasions, banks quash the entire debt and absorb the loss but with the amount of short sales occurring, lenders are in no position to write down these losses so long as they are not going to have to hold onto tangible assets.

 

Bottom Line:  If you are even remotely thinking about selling your home via the short sale process, understand that it is a PROCESS that requires real guidance and precision to navigate successfully.  For questions regarding your specific situation, my contact information is below.

 

Jason Kapit, Esq. is a Realtor with EWM. Contact Jason at 954.650.4443, buzz@jasonkapit.com or www.jasonkapit.com.

 

active rain, activerain ewmgourmand, ewm - ewm realtors - berkshire hathaway - homeservices - wells fargo - esslinger wooten maxwell - warren buffett - mayfair - christies - christie's, christie's great estates - leading real estate companies of the world - residences - dupont registry - weston - weston, fl - weston fla - jk - jkcos - relocate to fl - relocate to fla - relocating to florida - relocating to fl - relocate to florida - relocating to fla - move to fl - move to fla - move to floida - moving to fl - moving to fla - moving to florida - Savanna - Savannah Falls - Cedar Falls - North Lake - The Meadows - Fairfield Meadows -Vista Meadows - Camden Meadows - Eagle Run - Eagle Watch - Monterey - Provence - Poinciana - Victoria Isle - Victoria Pointe - Hunters Pointe - Bay Pointe - Bay Isle - Riviera - The Retreat - Meadowood - Lakewood - Harbor Pointe - Montclaire - Cypress - The Laurels - Water Oak - Jardin - Royal Palm - The Springs - Bermuda Springs - The Isles at Weston - Windmill Ranches - Windmill Lakes - Windmill Reserve - Tequesta - The Ridges - The Landings - The Islands - Pelican Landing - Egret Landing - Mallard Landing - Maple Island - Jasmine Island - The Ridges - Heron Ridge - Fox Ridge - Maple Ridge - San Remo - San Sebastian - San Mateo - Courtside - The Legends - The Reserve - The Pointe - Weston Hills - Weston - Weston, FL - Weston, Florida - Parkland - Davie - Coral Springs - Southwest Ranches - Sunshine Ranches – Miami- Miami, FL – Coral Springs – Parkland – Miramar – Miramar, FL – Sunset Isles – Lido Isles – Silver Lakes – Silver Falls – Sunset Lakes – Griffin 345 -  Pembroke Shores – Pembroke Lakes – San Mateo – San Sebastian – San Remo – Country Isles – Courtyard at the Grove – Windmill Reserve – Windmill Ranches – Plantation Acres – Blackhawk Reserve – Blackhawk Ranches – Equus – Sawgrass Commons – Sawgrass Lakes – Hawks Landing – Weston Title  - Jacaranda Title – Jac Title – Weston Title and Escrow – Florida Title – Parkland Golf – YMCA – Rotary – Chamber Meeting – Business Club – The Oaks – Mizner Country Club – Le Rivage – Long Lake Estates – Stone Creek Ranch – Weston Commons – Weston 8  - ESPN – ESPN 1400 – Best Damn Real Estate and Mortgage Show Period!

 

Weston Gazette – June 2008 Edition 

A Tale of Two Markets - by Jason Kapit

 

I feel compelled to comment on the present situation as I have been a part of both the real estate and equities markets for some time.  If you recall, it was only when the dotcom bubble burst that an emergence of heavy interest percolated in the real estate sector.  South Florida was always ripe for sustainable and accelerated real estate prices, but what occurred from 2000 to mid-2005 was unbelievable in terms of price appreciation.  It stands to reason that real estate is in the doldrums as the stock market breaks through 13,000, all of this during what some argue is a period of recession.  What does that say about the general public’s mindset?  For one thing, it is hard to find happy mediums for both markets which is the reason why there have been such pitfalls in each.   I think what most investors and homeowners need to understand is that it is not simply the success of one or the other; IT CAN BE BOTH, in moderation.  The stock market and housing market can sustain year-over-year growth if overzealous action is thwarted. 

 

This problem always arises when the general public chooses one sector while abandoning the other.  It happened then and it’s happening now.  Real estate is the current scapegoat and in the mass hysteria of sub-prime crises, sky-high foreclosure rates and surplus residential inventory, investors are fueling a stock market in the wake of a very tough economic climate.  Why?  In my opinion, because the masses are generally wrong and will continue to chase the highs even after getting hurt time and time again doing the same thing.  Investors will keep bidding the stock market higher without even thinking about investing in real estate as it continues to crumble lower.  If you don’t think this is the time to invest in real estate in South Florida, you have no business investing in it, period.  Harsh words maybe, but true, definitely.  All the clichιs actually mean something right now.  “The hardest thing to do is usually the right thing to do.”  It is certainly very tough to jump into the real estate market right now, especially when the continual flow of bad news only serves to thwart any semblance of a recovery. 

 

Truth be told, the best time to get your feet wet is when there is blood in the water and the real estate market is running red right now.

 

Bottom Line:  The real estate market will eventually right itself and when it does, take a look and see how the stock market is doing.  Will it still have the same hype as it did when the real estate market was out of favor?  Probably not.  Find a happy medium; you can make fruitful investments in both sectors.  The all-or-nothing approach to investing has never worked over time.  You may be sick of hearing it, but DIVERSIFICATION is key.  The sooner you realize that, the sooner you can start to build a rock solid foundation for your future, inclusive of both tangible and non-tangible assets.

 

Jason Kapit, Esq. is a Realtor with EWM, Weston TC.  To contact him, email kapit.j@ewm.com or visit www.JasonKapit.com

active rain, activerain, ewmgourmand, ewm - ewm realtors - berkshire hathaway - homeservices - wells fargo - esslinger wooten maxwell - warren buffett - mayfair - christies - christie's, christie's great estates - leading real estate companies of the world - residences - dupont registry - weston - weston, fl - weston fla - jk - jkcos - relocate to fl - relocate to fla - relocating to florida - relocating to fl - relocate to florida - relocating to fla - move to fl - move to fla - move to floida - moving to fl - moving to fla - moving to florida - Savanna - Savannah Falls - Cedar Falls - North Lake - The Meadows - Fairfield Meadows -Vista Meadows - Camden Meadows - Eagle Run - Eagle Watch - Monterey - Provence - Poinciana - Victoria Isle - Victoria Pointe - Hunters Pointe - Bay Pointe - Bay Isle - Riviera - The Retreat - Meadowood - Lakewood - Harbor Pointe - Montclaire - Cypress - The Laurels - Water Oak - Jardin - Royal Palm - The Springs - Bermuda Springs - The Isles at Weston - Windmill Ranches - Windmill Lakes - Windmill Reserve - Tequesta - The Ridges - The Landings - The Islands - Pelican Landing - Egret Landing - Mallard Landing - Maple Island - Jasmine Island - The Ridges - Heron Ridge - Fox Ridge - Maple Ridge - San Remo - San Sebastian - San Mateo - Courtside - The Legends - The Reserve - The Pointe - Weston Hills - Weston - Weston, FL - Weston, Florida - Parkland - Davie - Coral Springs - Southwest Ranches - Sunshine Ranches – Miami- Miami, FL – Coral Springs – Parkland – Miramar – Miramar, FL – Sunset Isles – Lido Isles – Silver Lakes – Silver Falls – Sunset Lakes – Griffin 345 -  Pembroke Shores – Pembroke Lakes – San Mateo – San Sebastian – San Remo – Country Isles – Courtyard at the Grove – Windmill Reserve – Windmill Ranches – Plantation Acres – Blackhawk Reserve – Blackhawk Ranches – Equus – Sawgrass Commons – Sawgrass Lakes – Hawks Landing – Weston Title  - Jacaranda Title – Jac Title – Weston Title and Escrow – Florida Title – Parkland Golf – YMCA – Rotary – Chamber Meeting – Business Club – The Oaks – Mizner Country Club – Le Rivage – Long Lake Estates – Stone Creek Ranch – Weston Commons – Weston 8  - ESPN – ESPN 1400 – Best Damn Real Estate and Mortgage Show Period!

 

Weston Gazette – May 2008 Edition 

The net effect of improper pricing - by Jason Kapit

 

As it relates to my profession, I am not a proponent of giving anything away.  I won’t give away homes and I won’t give away my services.  I strongly believe in affixing values, marketing aggressively and finishing strong to a successful conclusion. 

 

This might sound odd but as a realtor, I have turned away many listing opportunities.  The reason is simple.  I will not accept a listing when the seller and I are not on the same page regarding value.  Simply stated, if the seller thinks his home is worth one million dollars and I value the home at $700,000, there is quite a divergence.  In years past, it would have been easier to accept that listing and often times, that listing was sold at, or even above the lofty set price.  Things have changed.  The need for an accurate valuation is crucial.  Why?

 

[1] The lender will appraise, re-appraise and re-appraise again.  Today, it is not unheard of for three appraisals to be conducted on the same property before a closing can occur.  To say that banks are “gun-shy” is an understatement   They overvalued properties for years and whether they are finally getting it right or grossly undervaluing them as a way to insure against an unknown future, there better be substantiated proof to back up an agreed upon price.  Most buyers, even the wealthiest ones, utilize leverage and that means that the majority of transactions will require a lender.  Lenders refuse to get burned any further.  The purchase price better be spot on.

 

[2]  The home will not sell.  This is pretty basic but begs mentioning.  Most buyers are currently not in “buy” mode, they are in “look” mode.  They will literally look forever and if there are 100 homes in your neighborhood, they quite possibly will look at all of them.  Do you honestly believe, barring unique exception, that during this downturn, buyers will pay a premium for your home?  Trust me, they won’t.

 

[3] The unknown is not your friend.  No one knows where this market is going.  Some say it will continue to decline due to massive inventory levels.  Some say the bottom is near.  Some say it has already hit bottom and it is starting to rebound.  I am not a forecaster and I will not comment on the future of the market.  What I will say is this.  Just like market-tops were made a few years back, we now continue to see break-lows to the downside.  Translation:  Every time a bank-owned property (foreclosure) or short-sale occurs in your neighborhood that seems shockingly low, it kills the market and more importantly becomes the new low, greatly affecting the future appraised value of your home (see #1).  In essence, selling your home in this market is a race to sell your home before the next break-low. 

 

Bottom Line:  Price your home fairly.  The net-effect of pricing your home high at the onset will leave you chasing the market down and ultimately selling at the low.  There is simply no reason to do that.  Values are what they are.  If you truly feel your neighbors are in “give-away” mode and you just can’t follow suit, DON’T LIST YOUR HOME.  

 

Jason Kapit is a Weston attorney-turned-Top Producing Realtor. To contact him, email gazette@JKteam.com or visit www.JKteam.com

 

active rain, activerain ewmgourmand, ewm - ewm realtors - berkshire hathaway - homeservices - wells fargo - esslinger wooten maxwell - warren buffett - mayfair - christies - christie's, christie's great estates - leading real estate companies of the world - residences - dupont registry - weston - weston, fl - weston fla - jk - jkcos - relocate to fl - relocate to fla - relocating to florida - relocating to fl - relocate to florida - relocating to fla - move to fl - move to fla - move to floida - moving to fl - moving to fla - moving to florida - Savanna - Savannah Falls - Cedar Falls - North Lake - The Meadows - Fairfield Meadows -Vista Meadows - Camden Meadows - Eagle Run - Eagle Watch - Monterey - Provence - Poinciana - Victoria Isle - Victoria Pointe - Hunters Pointe - Bay Pointe - Bay Isle - Riviera - The Retreat - Meadowood - Lakewood - Harbor Pointe - Montclaire - Cypress - The Laurels - Water Oak - Jardin - Royal Palm - The Springs - Bermuda Springs - The Isles at Weston - Windmill Ranches - Windmill Lakes - Windmill Reserve - Tequesta - The Ridges - The Landings - The Islands - Pelican Landing - Egret Landing - Mallard Landing - Maple Island - Jasmine Island - The Ridges - Heron Ridge - Fox Ridge - Maple Ridge - San Remo - San Sebastian - San Mateo - Courtside - The Legends - The Reserve - The Pointe - Weston Hills - Weston - Weston, FL - Weston, Florida - Parkland - Davie - Coral Springs - Southwest Ranches - Sunshine Ranches – Miami- Miami, FL – Coral Springs – Parkland – Miramar – Miramar, FL – Sunset Isles – Lido Isles – Silver Lakes – Silver Falls – Sunset Lakes – Griffin 345 -  Pembroke Shores – Pembroke Lakes – San Mateo – San Sebastian – San Remo – Country Isles – Courtyard at the Grove – Windmill Reserve – Windmill Ranches – Plantation Acres – Blackhawk Reserve – Blackhawk Ranches – Equus – Sawgrass Commons – Sawgrass Lakes – Hawks Landing – Weston Title  - Jacaranda Title – Jac Title – Weston Title and Escrow – Florida Title – Parkland Golf – YMCA – Rotary – Chamber Meeting – Business Club – The Oaks – Mizner Country Club – Le Rivage – Long Lake Estates – Stone Creek Ranch – Weston Commons – Weston 8  - ESPN !

 

Weston Gazette – March/April 2008 Edition 

Short Sale or Foreclosure - by Jason Kapit

 

During this tumultuous real estate downturn, there is a tidal wave of sellers who are in dire straits.  They can no longer afford to make timely mortgage payments and are forced to make tough decisions.  I often am asked the question “why would I go through the trouble of a short sale when it’s easier to just walk away and let the bank foreclose?”  Although I could write a book about the subject, I will try and sum up the major differences in a few short paragraphs.

 

Short Sale scenario – you owe $500,000 on your home, but the homes in your neighborhood are selling for $400,000; with the lender’s permission, the seller attempts to do the right thing and settle as much of the debt owed on the property; the inevitable sale proceeds will be “short” of what’s due but you will in fact be repaying a portion debt owed instead of ominously ‘defaulting’  In this scenario, you or your agent must diligently provide reasons for coming up “short” (i.e. , over extended, loss of a job, death, etc.)  The bank will in turn decide what if any deal they will take and if so, how to deal with the deficiency.  If in the case above, they are willing to take $400,000, you may or may not be on the hook for the additional $100,000.  That’s where a savvy negotiator can really help!

 

Foreclosure scenario – this is an actual default; that is, you didn’t make your mortgage payments, you did not try and defray monies owed by diligently working with the lender to sell your property, etc.  In this scenario, your credit will be ruined based on the fact that you have actually defaulted.  Although your credit will suffer in the short-sale scenario, there is a difference as the amount ultimately owed the bank after the property is sold, will be labeled as “charged off”.  “Charged off” or “Settled for less than due” is entirely different than “defaulted” and although it will not mean much to you at the time, when you are making future purchases (i.e. home, auto, boat) as those items might prove unattainable because of your past.

 

The bottom line:  Obviously there are going to be situations that dictate whether a short sale or foreclosure is a necessary evil for your specific situation.  But if the lender is actually allowing for the possibility of a short sale and you choose to “walk away” and allow foreclosure, you are doing yourself a tremendous disservice.  I am sure the frustrations are enormous but you need to think of the future and not your present day situation.  The goal is to try and get out of the situation you are in, not prolong it indefinitely which is essentially what you will do if you willingly allow a foreclosure to occur that didn’t have to.  If you need additional guidance, I am always happy to help.

 

Jason Kapit is a Weston attorney-turned-Top Producing Realtor. To contact him, email gazette@JKteam.com or visit www.JKteam.com

 

 

active rain, activerain, ewmgourmand, ewm - ewm realtors - berkshire hathaway - homeservices - wells fargo - esslinger wooten maxwell - warren buffett - mayfair - christies - christie's, christie's great estates - leading real estate companies of the world - residences - dupont registry - weston - weston, fl - weston fla - jk - jkcos - relocate to fl - relocate to fla - relocating to florida - relocating to fl - relocate to florida - relocating to fla - move to fl - move to fla - move to floida - moving to fl - moving to fla - moving to florida - Savanna - Savannah Falls - Cedar Falls - North Lake - The Meadows - Fairfield Meadows -Vista Meadows - Camden Meadows - Eagle Run - Eagle Watch - Monterey - Provence - Poinciana - Victoria Isle - Victoria Pointe - Hunters Pointe - Bay Pointe - Bay Isle - Riviera - The Retreat - Meadowood - Lakewood - Harbor Pointe - Montclaire - Cypress - The Laurels - Water Oak - Jardin - Royal Palm - The Springs - Bermuda Springs - The Isles at Weston - Windmill Ranches - Windmill Lakes - Windmill Reserve - Tequesta - The Ridges - The Landings - The Islands - Pelican Landing - Egret Landing - Mallard Landing - Maple Island - Jasmine Island - The Ridges - Heron Ridge - Fox Ridge - Maple Ridge - San Remo - San Sebastian - San Mateo - Courtside - The Legends - The Reserve - The Pointe - Weston Hills - Weston - Weston, FL - Weston, Florida - Parkland - Davie - Coral Springs - Southwest Ranches - Sunshine Ranches – Miami- Miami, FL – Coral Springs – Parkland – Miramar – Miramar, FL – Sunset Isles – Lido Isles – Silver Lakes – Silver Falls – Sunset Lakes – Griffin 345 -  Pembroke Shores – Pembroke Lakes – San Mateo – San Sebastian – San Remo – Country Isles – Courtyard at the Grove – Windmill Reserve – Windmill Ranches – Plantation Acres – Blackhawk Reserve – Blackhawk Ranches – Equus – Sawgrass Commons – Sawgrass Lakes – Hawks Landing – Weston Title  - Jacaranda Title – Jac Title – Weston Title and Escrow – Florida Title – Parkland Golf – YMCA – Rotary – Chamber Meeting – Business Club – The Oaks – Mizner Country Club – Le Rivage – Long Lake Estates – Stone Creek Ranch – Weston Commons – Weston 8  - ESPN – ESPN 1400 – Best Damn Real Estate and Mortgage Show Period!

 

 

 

 

 

Jason Kapit is the Featured Real Estate Columnist for the Weston Gazette and has been for the past 5 years!  AND ... Forum Publishing Group has just started to run his immensely popular column in the Parkland Gazette as well!  See this month's article below or click on any month above to see past articles you may have missed.

 

 

 

 

 

Weston Gazette – August 2008 Edition

Stiff Competition - by Jason Kapit

 

How about this scenario?  So far, you have made sound financial decisions and have not gotten yourself over-extended.  You didn’t refinance your home umpteen times and even in this dire real estate market, you still have plenty of equity in your home.  Now, you want to sell and realize that you will not be selling at the top.  Your plan:  hire a realtor to sell at fair market value. 

 

And therein lies the problem…  What exactly is fair market value?  It used to be simple.  Look back six months, see what the neighbors’ homes sold for, find a happy medium and go for it.  Not any more.  Not by a long shot. 

 

First, for appraisal purposes, the look back period has been reduced to 60-90 days.  Simplified, this means that home prices are declining at such a feverish pitch that banks are no longer willing to affix fair value to a home sold 6 months prior.

 

Second, of the homes sold in that 60-90 day look back, over 70% will have been short sales or foreclosures; not so good if you are looking to sell for at least a reasonable sum.  The giveaways on your block are slowly but surely affecting your bottom line.  In the past, those fire sales were usually thrown out for comparison purposes.  However, as these distressed sales continue to account for the majority of all sales, their impact on valuation is steadily gaining.

 

Third, the trend is not your friend.  More and more homeowners are unfortunately finding it necessary to sell short.  The banks are going along with this for two reasons:  [1] foreclosure sales are yielding greater losses than short-sale scenarios; [2] lenders do not want the insurmountable problems and expenses associated with managing tangible assets.  Simply put, sale prices will continue to weaken as seemingly lopsided transactions creep into the mainstream.

 

What can you do? Research before pricing your home!  Pricing is a lot more difficult than it used to be.  You must know the number of distressed properties in your immediate neighborhood.  If it is less than a handful, your argument to sell for a sum higher than those currently in distress is valid.  If, however, distressed sales prove to be the overwhelming majority in your neighborhood, you will be forced to sell at or around those depressed figures.  What’s worse is that if you choose to ignore this research you will put yourself in further trouble going forward.  I know there are a more than a handful of you that think you know more than I.  Maybe you do.  But think of it this way.  If every month, there is a new “break-low” sale price in your neighborhood, do you honestly believe that banks are somehow going to magically lend a buyer of your home more than what the neighborhood’s fair value is dictating?  Trust me, they are not.  You will need an ALL CASH buyer, who will opt to forego the appraisal process.  And while there may be many ALL CASH buyers out there, they are not many stupid enough to forego an appraisal process.