Real Estate Investor/Distressed Real Estate Specialist: Deepa Lakhlani

President: DL Investments

Website: www.deepalakhlani.com

Deepa Lakhlani is a South Florida real estate investor and consultant who is a pro at connecting a growing clientele of domestic and international investors with the best real estate deals South Florida has to offer. Her real estate business is growing by leaps and bounds, as she delivers an air of professionalism, integrity and magnetism that stands out among the pack. She understands the promise of real estate as an engine to future wealth and prosperity for those who choose to invest in it; and those who seek out her services know that she delivers quality service that is in a class of its own.

Deepa began her real estate career in the Sales and Marketing division of the Distressed Real Estate Institute in Boca Raton, FL, which provided her with the requisite skill set to wheel and deal in the South Florida real estate market. Deepa decided to form her own company in the earlier part of 2011 because of the volume of opportunity she saw emerging for real estate investors in the area. She is heavily involved in the wholesale and rehab sector of the real estate market and works very closely with cash buyers who are seeking to capitalize on all of the great real estate deals that exist today in South Florida.

Realty Biz News recently spoke with Deepa to find out more about her role in the real estate market in South Florida and the services that she delivers to her global base of clients:

RealtyBizNews.com: Can you describe who your clients are and what their goals are?

Deepa Lakhlani: I work very closely with two different types of clients in the real estate investment arena, either buyers or sellers. In the case of sellers, the clients that I serve are owners of distressed properties, which we acquire at a bargain price. We later present these deeply discounted investment opportunities to the buyers (investors), who are also my clients. Many of the buyers that I work with are foreign investors who are looking for properties with a good investment potential, which they may at times use  as vacation homes on a periodic basis. My business brings buyers and sellers together to strike a deal that is to everyone’s benefit.

RealtyBizNews.com: What type of properties do your deals normally involve?

Deepa Lakhlani: My clients who are buyers invest in all types of properties, but there’s a large amount of investing happening right now in the residential housing market because there is so much inventory available in this category at the present time, in South Florida.

RealtyBizNews.com: What need does your business serve over what the average real estate investor provides to buyers and sellers?

Deepa Lakhlani: A lot of distressed sellers do not see beyond the conventional ways of seeking foreclosure relief. Real Estate Investors are portrayed as “sharks” to them, who are only hungry for a good deal and want to make them homeless. Not a lot of investors spend time informing distressed sellers that their assumptions are false, and that selling their house to investors is more of a win win situation, instead of a process of making them homeless. As a distressed property consultant and an investor, I provide these sellers with insights and elucidations on the advantages of selling to private investors versus waiting for the big auction date from the banks and eventually losing their house. On the other hand, buyers find it very difficult to source good deals in this market and often get outbid when they do eventually find one. I have first hand access to these deals and my network of wholesale investors, who can consistently source these bargain priced deals. Unlike many real estate investors, I do my due diligence on all potential deals, to ensure the subject property is free and clear of any liens, code violations or open permits. Conversely, many real estate investors are oblivious to this and can make common mistakes that would cost them a fortune!

RealtyBizNews.com: What is the one thing that you wish more people knew about real estate investing?

Deepa Lakhlani: That there are different ways of accessing capital for the purposes of real estate investing. I think more people would become involved in real estate investing if they realized that as a real estate investor you do not need to have cash or credit to get started. There are many private money and hard money lenders (non mortgage lenders) who provide loans that will allow them to purchase properties for investment purposes which they intend to rehab or fix-up and resell in a short time frame, allowing them to quickly pay back the private lender and walk away with a nice profit.***

If you would like to inquire about the services that Deepa provides to property sellers and real estate investors in the South Florida real estate market, you may contact her by phone at: 1-855-REI-BUYS (734-2897), by email at: contact@deepalakhlani.com or visit her website at: www.deepalakhlani.com where you can find some of the best real estate deals South Florida has to offer.

Luciana Barreto & Alicia Cervera Jr

Vanessa Correchel, Freddie Mora and Adriana Vargas were acknowledged from the Downtown/Brickell area, while in Miami Beach Adriana Pinto-Torres, Claudia Dunin and Carlo DiPasquale were acknowledged. Mitzi Mitchell-Burns from the Ritz-Carlton Coconut Grove office was acknowledged while in the Key Biscayne area Angela Patt was acknowledged. The Brickell Key II project saw Corina Otero being acknowledged, while Metropolis at Dadeland saw Christopher Adeleke acknowledged. North Dade/South Broward regions saw the acknowledgement of Paola Guzzo, Juliana Tobon and Marioli Saldana while in Palm Beach Robert Kemp was acknowledged. Luciana Barreto, Elena Campos and Cristina De Cardenas were acknowledged in the corporate office, while Wolfgang Herz was acknowledged in the commercial division.

Mitzi Mitchell-Burns & Alicia Cervera Jr

Miami-based Cervera Real Estate has been South Florida’s industry leader in condominium sales since 1969, and was the first agency to represent developers in the sales and marketing of their projects. Cervera has created a specialized field within the brokerage industry, and the company is also significant for being the first to market extensively in several international markets, and it has continued to broaden those markets whilst extending its global reach.

In addition, the company provides its agents with specialized training programs, and makes extensive use of digital technologies. Cervera has exclusively represented some of the most prominent developers, and its team of more than 250 professionals has sold 62 condominium projects and closed more than 36,300 units. For more information on this company please visit their website.

Epic Tower Penthouse in Miami. Courtesy of flickr

Cervera Real Estate was particularly successful in selling condominium penthouses. It sold a two-storey Epic Tower penthouse at 200 Biscayne Boulevard Way, as well as property at the Marquis Residences at 1100 Biscayne Boulevard. The company also sold penthouses at 500 Brickell and the Plaza. Both of these developments are on Brickell Avenue.

Veronica Cervera, CEO of Cervera Real Estate, said that “sales of these upscale condo penthouse residences are a sign of the increasing wealth in Miami, and an understanding of what city offers.” She also commented that the diversity of the clientele shows that Miami is becoming more international.

The buyer of the Epic Tower penthouse is originally from Baltimore but currently spends much of his time in Paris. Miami is an ideal location for him as he is currently expanding his business into South America. These penthouse residences are on the 54th and 55th floors and sell for $4 million.

Marquis Residences Miami. Courtesy of Marquis-Miami

They offer panoramic views of the city from the terrace, while additional features include an over-sized whirlpool, staff quarters and a separate service entrance. The Epic Tower is lavishly appointed with its own 12,000 ft.² spa, fitness center and two signature, chef driven restaurants.

Other international buyers have come from Europe, more specifically Greece and Switzerland while some are originally from Colombia and Venezuela. Unsurprisingly these luxury penthouses are also popular amongst well-known locals.

Cervera Real Estate has been a major player in Miami real estate for more than 40 years, particularly in marketing and selling luxury condominium properties in downtown Miami, South Beach, Brickell and Bal Harbour. The company has represented, sold and closed more than 63,300 units in 62 condominium projects.

Cervera has a considerable in-depth knowledge of South Florida’s real estate market which can only be achieved over many years.

Alicia Cervera Lamadrid had this to say about the appointment:

“We are excited to welcome Susie to Cervera Real Estate. Susie’s experience with social and Interactive Media will help broaden our customer reach.”

At her last firm, Metro 1 Properties Incorporated, Glass was also VP of Marketing and Operations and she used marketing initiatives to gain over $2 billion in real estate for her firm. In 2008 Glass succeeded in becoming a LEED Accredited real estate Professional, the first Woman and the youngest person in the RE business in Miami to strive and succeed in gaining this title.

Cervera Real Estate has been in the Miami region for over 40 years. The company primarily assists developers of multi-family residential projects in Southern Florida.  Cervera RE has played an instrumental role in the beginning of what is today’s most sought Miami Florida neighborhoods, inclusive of the South of Fifth Street in Miami Beach, Brickwell Avenue, and Downtown Miami.

The Original Press Release

Miami Beach

Many of the new investors for higher-end properties are coming from investors outside the United States: Mexico, Brazil, Canada, Romania, and France.  This shows that foreign investors still believe real estate may be a better investment for their money than having the money sit in banks, and that buyers are starting to regain confidence in the real estate market.

“We see the prices going up and we see people being assured it’s okay to buy now,” says Ralph De Martino, Residential President of the realtor association. “Most of the foreclosures, when they come on the market, they’re sold in a matter of days.”

Is this the start of better days to come?  It may be too early to tell at this point, but even the illusion that things are getting better may actually help give South Florida’s real estate market the jump start it needs.

Brickell Key, Miami

Many of the estimated 27,000 condo units built between 2003 and 2007 in South Florida saw a massive property value drop by as much as 40 percent.  Foreclosures were rampant, and development came to a halt.  Now, The Related Group, a major developer, is planning to build a new 35-story condo tower in Brickell Key, an island community in Miami.  Some are predicting this new development will be the precursor to many more.

3500 Curtis Lane in Coconut Grove

ONE Sotheby’s top selling agent Jorge Uribe made a great sale on the reported $13.5 million home waterfront estate. Now that the new owners can plunge into their 65 foot long, mosaic tile lined swimming pool in privacy (image below), and Jorge can pop the top on a bottle of Dom, Internet editors and the average Joe can sit back and gawk. Boy do I wish I could afford a Boffi Kitchen (bottom image) – my darling wife would love it.

Take a dip!

With 300 feet of water frontage (that’s a football field), its own tennis courts, this palatial place has 7 bedrooms and 8 bathrooms (who knows why places need more bathrooms than beds?). Casa Sirena (what’s your house’s name?) is situated on an over 2 acre family compound. Yeah, I know, it “compound” makes it sound like something out of The Godfather.

Folks, the master bedroom (suite) of this joint is bigger than most people’s houses (2,000 sq ft). There’s also a 4,400 square foot guest house on the grounds!

Step outside 3500 Curtis Lane

Well, I don’t want to sound too jealous, or even cynical here. Reading about such pomp and pageantry on the fringes of a real real estate meltdown is, of course, a multifaceted mental exercise. Should we be concerned that there are people who can still afford §13.5 million dollar homes? Or happy?

Is it a good thing there are real estate agencies that can afford PR Newswire press releases about a single sale? Or? I for one think it is a good thing – the American way is about plowing through tough economic times.

The air conditioned garage - fit for? Ferarris?

And, ONE Sotheby’s International Realty is the fastest growing luxury real estate brokerage firm in South Florida. From what I am reading, hundreds of agents down and over there are working with this firm now. Every time I see a Sotheby’s news bit, or look at one of their brokers, their system (however it works) seems to shine through.

If only every $13 million dollar sale were accompanied by some act of altruism? Say, matching free meals in Miami for dollars spent on press releases? Sorry, just thinking out loud – you see, our company pays Pamil Visions does press releases too – and our PR news site covers lots of them – unless Sotheby’s got a freebie, this one was not on the cheap.

No doubt the owners sleep soundly in their bedroom

Sotheby’s sites, agents, and listings do seem to rise to the top of things. But a press release about a single sale? I’m not so sure about that? Some kid in South Florida probably needs tennis shoes or something? The images you see are a good example of what I am talking about here. I do not know if the Internet had anything to do with Uribe’s sale, but Sotheby’s agents do tend to have better means to show off luxury properties than most competitors. I always cringe when a Realtor offers a multi million dollar listing and 400 pixel images of it.

The "Compound" (still can't get over that) aerial view

Any way, I leave you with some very cool pictures of this lovely home, courtesy ONE Sotheby’s International Realty. You can check out the rest of the very cool images of this home here. For further information about ONE Sothbey’s,  Jorge Uribe, or other listings and services of associated, the reader can use the contact points on their website, or connect with Jessica Kiibler Levy, of Levy Communications via the press release.

Stirring up some vittles in here would be a pleasure

The South Florida banks that survived these past three years all appear to be well capitalized. Yet at least six of these have now been red flagged with this Texas syndrome. The Texas Ration compared a bank’s bad assests (loans etc.) with its good assets (loan reserves, good loans, etc.). And the bad news is: Capital is probably dangerously short for at least six major South Florida banks.

Not our best moment, the failed banks of America

As of the end of December, 2010, at least 8 banks in this region fell below the “well capitalized” Texas Ration status. These banks desperately need to raise capital to solve the problem. Below is a list via the South Florida Business Journal, of six of the banks in question and suggested problems. These are all banks with a Texas Ration of above 100%.

Tamarac-based First East Side Savings Bank, at 218 percent: This $85 million-asset bank is under a cease and desist order from Federal regulators since last May. The bank basically has to get more capital to meet requirements. No need to overly portray the slippery slope this institution is on.

Sunrise-based TransCapital Bank, at 201 percent: The  Feds want this bank to offer higher than normal capital rations, and slapped a consent order on them in January. Again, not good news if we are looking for an institution climbing out of the recession.

Coral Gables-based EuroBank: This $102 million operation has $7.4 million in repossessed property – mostly commercial real estate. The bank is not under a public enforcement order. Uh hum. They have a pretty website.

Home Federal Bank of Hollywood, sits at a Texas Ration of 148 percent: The $84 million bank also got a cease and desist order in August. Gotta beat the bushes for more capital. No website that I could find easily?

Doral-based U.S. Century Bank, comes in at 115 percent: This bank’s $50.2 million in Troubled Asset Relief Funds was the largest in South Florida, yet still the bank seems to be leaking money like a strainer. Okay, a really ugly website too.

West Palm Beach-based Flagler Bank, is just about the threshold at 112 percent: $125 million in assets, and it looks like based on the banks efforts to reduce losses, this one may be about to get off the Texas Ration list.

Now closed

Of course the Texas Ratio is not the most significant indicator of a bank’s potential for profit. It is however, something that Federal regulators look at closely for a reason, and a logical one at that. If anyone remembers the Great Depression, not to be confused with the Great Recession of late, one reason so many banks failed was the lack of such ratios applied to their operations. Enough said about Texas, but for South Florida’s investment market and banks, 6 more banks on the doorstep of failure cannot be good news.

More later from other regions.

The properties are located in South Florida and have given the area a big boost in commercial realty, which is part of Duke Realty’s plan to increase investment in industrial assets in higher-growth markets. 13 assets remain, and the Indianapolis-based firm expects to close them by the end of the first quarter 2011.

Celebration Center, just one of Duke's many Florida properties

“These closings signal Duke Realty’s long-term commitment to South Florida and our dominant industrial market position in Broward and Palm Beach counties,” said Ed Mitchell, Senior Vice President – South Florida.

Duke Realty now holds 7 million square feet in total property in South Florida in Broward County and Palm Beach County, making it the largest commercial/industrial space owner in those areas.

Duke Realty’s headquarters are in Indianapolis, IN, and it has offices in over 20 cities in the U.S. The company has developed industrial/medical office properties for close to 40 years. At the end of 2010, its total national asset composition was 49 percent office, 42 percent industrial, and 9 percent medical office and other.

Duke Realty owns and operates rentable industrial and office space totaling 139 million square feet in 18 major U.S. cities.