Trump's sons Eric and Donald Jr. in Dubai to open golf club

DUBAI — Two of US President Donald Trump's sons arrived in the United Arab Emirates for an invitation-only ceremony yesterday to formally open the Trump International Golf Club in Dubai.

Photographs shared on social media by real estate brokers showed Eric and Donald Jr. attending a private luncheon yesterday afternoon in Dubai with Hussain Sajwani, the billionaire who runs DAMAC Properties, the developer that partnered with Trump on the golf course.

Trump's two sons gave brief remarks and met with over 80 people gathered at the event, attendee Niraj Masand told The Associated Press.

They were "expressing their gratitude to Mr. Sajwani, who is the chairman of DAMAC, and sort of expressing their happiness to meet with all the partners," said Masand, a director of the real estate firm Banke International.


Both sons are scheduled to attend a gala at the golf course yesterday night, which sits inside a larger villa and apartment building project called DAMAC Hills on the outskirts of Dubai. Some 100 Trump-branded villas also are on the property, selling from 5 million dirhams ($1.3 million) to over 15 million dirhams ($4 million).

Eric and Donald Jr., who now run the Trump Organization, receive Secret Service protection as immediate family members of the president.


It's unclear what additional security protection the two sons will receive while in Dubai as experts already have warned the Trump brand abroad now faces a global terror risk .

The US Embassy in Abu Dhabi has declined to comment about the trip, while Dubai police did not respond to a request for comment.

However, the United Arab Emirates, a staunch US ally in the war against the Islamic State group and host to some 5,000 American military personnel, remains a peaceful corner of the Middle East. Its hereditary rulers hope to see a harder line from America on Iran and its foreign minister even backed Trump's travel ban on seven Muslim-majority nations earlier this month.

The ceremony in Dubai, home to the world's tallest building and other architectural marvels, marks the first major event abroad that the two Trump sons will attend together since their father's inauguration Jan. 20.

Ties between Trump and Sajwani remain strong. One of the Trump Organization's subsidiaries received from $1 million to $5 million from DAMAC for running the golf club, according to a US Federal Election Committee report submitted in May.

Sajwani and his family also attended a New Year's Eve celebration at Trump's Mar-a-Lago club in Florida, where Trump referred to them as "the most beautiful people from Dubai."

Trump days later told journalists that DAMAC had offered the Trump Organization $2 billion in deals after his election, something DAMAC later confirmed.

The Dubai golf course marks Trump's first successful venture in the Arab world. Another Trump-managed golf course is planned for another even larger DAMAC project under development and the developer has been putting up billboards around Dubai advertising the newly opened course.

The 18-hole course has raised questions about how the Trump Organization's many international business interests will affect the administration of America's 45th president.

Already, a liberal-funded watchdog group has filed a lawsuit alleging his business violates the so-called emolument act of the US Constitution. Similar questions have been raised by legal experts over Trump's Dubai course.

Trips abroad by Trump's two sons are expected to continue. Before Trump's inauguration, his son Eric visited the Trump Tower Punta del Este in Uruguay to check on the tower's progress and personally greet buyers. A Trump hotel in Vancouver, British Columbia, is also expected to soon host Trump's sons.

source: philstar.com

Exclusive office spaces for real estate brokers

MANILA, Philippines - While technology has allowed people to work virtually anywhere and anytime, having an office base is still a necessity one should not take for granted, especially for real estate brokers.

Real estate brokers engage their clients mostly in outdoor locations, so most of them choose not to have offices at all.

But for Salvador Mirandilla, president of Real Estate Brokers Association of the Philippines Quezon City (REBAB-QC), service in the real estate brokerage business is a commodity wherein value is directly proportional to image.

Thus, having one’s own office is an advantage. But setting up shop could be costly, especially to brokers who are just starting out.

Seeing the need for office spaces, and the growing trend of shared office business, Mirandilla founded RealtySurf Corp., a real estate company which offers professional office space for lease exclusively to real estate brokers.

RealtySurf started officially in October 2014 with an initial investment of P2 million, he said. 

“There are other companies already offering the same service and it doesn’t bother us. We look at it as a healthy competition. Besides, I personally look at it as an easy step for merger or partnership to get a better deal with different developers,” the veteran broker told The STAR.

He said shared offices are a good option because they offer the best of both worlds – having your own office at a very minimal cost.

“We just want to help fellow real estate brokers succeed in this cut-throat industry of real estate selling. Real estate brokerage is an image-dependent profession, and having your own office secures the perception that you’re a broker who will provide professional and diligent service to your clients giving you an edge above the competition,” Mirandilla said.

The company’s initial office space is located in West Avenue at the heart of Quezon City.

“We chose the location because of its accessibility and ideal location for both brokers and salespersons. We considered the rental price also,” Mirandilla said.

With a 92-square meter floor area, it houses a seminar room, and small office space for rental purposes for 10 brokers and office for administration.

RealtySurf offers a reasonably-priced office space in the market, at an average rental of P6,000 per month. This includes all the utilities like electricity, water, Internet and phone connection and use of its meeting room.

For more information on RealtySurf, contact 0917-819-7417 and ask for Malu Mirandilla. You may also make an appointment and visit RealtySurf’s office at Unit 3A, West Wing Building, 107 West Ave., Quezon City.

source: philstar.com

Real Estate Brokers Predict a Tough Time for Buyers

With inventory at near-record lows and prices inching up, all signs are pointing toward a seller’s market for Manhattan real estate this spring.

The number of apartments for sale dropped 34.4 percent to 4,960 listings in the first three months of the year — the largest year-over-year decline in 12 years, according to a report by the Douglas Elliman brokerage firm. At the same time, the number of sales went up 6.3 percent to 2,457 and prices increased across all categories, with the median sales price at $820,555, up 5.9 percent, according to the report. 

With the exception of the second and third quarter of 2010, when prices were buoyed by the homeowners’ tax credit, “that is the largest year-over-year increase since Lehman fell” in 2008, said Jonathan J. Miller, the president of the appraisal firm Miller Samuel and the author of Douglas Elliman’s report. “If you choke supply by the throat,” he added, the inevitable outcome is that “prices rise.” 

All of this means a tough time for those looking to buy. “The demand is across the board from studios to $50 million apartments, and there is not enough supply,” said Pamela Liebman, the chief executive of the Corcoran Group, which reported the median price was stable for the first three months of the year compared with the same period in 2012. “There are more bidding wars. There’s more frustration.” 

While the average price was down 10 percent, Corcoran attributed that dip to a shift in market share toward smaller apartments and resale co-ops as more entry-level buyers, enticed by low mortgage rates, decided to buy. 

Reports by Brown Harris Stevens and Halstead Property, however, showed the median price down by 5 percent to $780,000 in the first quarter of 2013 compared with the same period the previous year, a decrease that the firms consider an aberration caused by a rush of high-end closings at the end of 2012 in anticipation of changes to tax laws. 

“All these deals that normally would have closed in January, February and March were pushed forward,” said Hall F. Willkie, president of Brown Harris Stevens Residential. “As a firm, our closings were three times what our high had ever been in the month of December,” he added. 

Average prices skewed lower as well, down 16 percent to $1,252,081, in part because last year’s average was inflated by an $88 million closing at 15 Central Park West. Looking ahead, Mr. Willkie noted, “Our new deals are considerably above where they were in the first quarter of last year, which was our record year.” 

Overall, there were 3,066 new contracts signed in the first quarter, up 15 percent compared with the first three months of 2012, according to StreetEasy.com. The Web site’s analysis also showed prices going up 26.8 percent in the first quarter compared with last year, and a 41.3 percent drop in price cuts. 

Strong demand for new apartments means many new developments are selling inventory based on floor plans, before the buildings are completed. The sales center at 56 Leonard Street, a new luxury tower in TriBeCa, opened in February, and half the building is already sold, with more than $450 million in signed contracts. The median price of new development units also jumped 37 percent to $1.3 million in the first quarter from the same period last year, according to Corcoran. 

And with construction costs high, new development is meant to attract luxury buyers, offering little relief to the rest of the market. 

Brokers expect supply to begin to loosen up as prices rise, because homeowners with little or negative equity who have been holding back may finally put their homes up for sale as prices appreciate. “People are looking to move on with their life,” said Diane M. Ramirez, president of Halstead Property. “I think we’ll see more resale product come on in a more normal way.” She added, “I’m optimistic the balance will not get too much worse.” 

But buyers who wait could face higher prices as mortgage rates and prices are expected to rise. “You might have more inventory to look at next year, but financing costs might be higher and home prices will certainly be higher than right now,” said Stan Humphries, the chief economist of Zillow.com. 

While all of this means sellers currently have the upper hand, brokers caution against raising prices too quickly. “We hope that we don’t see crazy price increases,” said Dottie Herman, the chief executive of Douglas Elliman. “You want them to rise in a smart way and not just based on a shortage of inventory,” she continued. “You want them to rise in a fashion that doesn’t create a bubble.” 

source: nytimes.com

The Fort Lauderdale Real Estate Scene

When it comes to real estate in Fort Lauderdale, commercial real estate also offers apartments, condominiums and houses dockspace. Those interested in sailing facilities can choose accommodation with spring. Resorts, hotels and motels with berthing for boats to make a lot of business sense. Therefore, property prices, always increasing.

The scene of Fort Lauderdale real estate is very organized. The insistence of Florida real estate brokers license ensures a smooth process of real estate business. There are several real estate agencies that make good business, both sale and rental housing. Holiday homes, hotels, motels and resorts are important components of the scene of commercial real estate. These agencies offer services such as fixed mortgage deals, relocation services and real estate services.