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Market Conditions and Outlook
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User rated daily articles on declining and advancing real estate markets, mortgage news, creative owner financing, realty facts, and property owner opinions |
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Agents: Avoid Becoming Emotionally Involved in a Deal |
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| One of the least talked about topics in real estate is about agents that become emotionally involved in the deal.
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Washington Report: New Budget |
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| Real estate took some whacks in the new 3.8 trillion dollar Obama budget presented to Congress last week, but there were some helpful proposals for housing as well.
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Mortgage Bankers Mum on How They Fixed Their Own Mortgage Woes |
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| Is the Mortgage Bankers Association embarrassed by the way it resolved its own mortgage mess? In any case, officials of the trade group are refusing to provide details on that question. |
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4Kids Entertainment CEO Purchases Madoff Penthouse |
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| Toy magnate Alfred R. Kahn has bought Bernard Madoff’s Manhattan penthouse, according to a person familiar with the deal. |
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Wesley Hills real estate sale features owner financing - The Journal News | LoHud.com |
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Hedge Funder Battles to Keep Park Ave. Rent at $380 |
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| A Manhattan hedge funder is fighting to hang on to what has to be the best rent in the city: $380/month for a Park Avenue duplex. |
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Trouble on South Beach: Achenbaums Sue Over Gansevoort Hotel |
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| Miami vice, indeed. The strife at the trendy Gansevoort South Hotel on Miami’s South Beach continues. |
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Lightning sold; Palace no longer involved - Detroit Free Press |
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Manhattan Skyscraper Proves a Tough Sell for SL Green |
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| The would-be buyer of a major interest in a $500 million Manhattan skyscraper has sued the seller, SL Green Realty Corp. alleging breach of contract. |
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Madoff’s Penthouse Goes Into Contract |
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| Bernard Madoff's Manhattan penthouse has gone into contract for an undisclosed price. It was originally listed for $9.9 million in September and later was cut to $8.9 million. |
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UPDATE: Got $40 Million? A Florida Development Needs You |
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| The Forkosh Development Group wants millions of dollars worth of help in suburban Miami. |
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Friday Diversion: DreamWorks’ Katzenberg Buys, ‘Jersey Shore’ House for Rent |
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A Beverly Hills company plans to sell floating homes on a cruise ship that is set to launch in 2013. Here is a look at some land-based homes making news this week:
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FERRISBURGH REALTY INVESTORS v. SCHUMACHER - Leagle.com |
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Developing Referral Relationships |
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| Once you’ve received a referral, gathered information, and ranked the lead, it’s time to pick up the phone. The following advice and scripts will help you at each step of the lead-conversion process.
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Investor Report: Financing Opportunities |
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| You've probably heard that the Obama administration's budget sent to Congress last week emphasizes helping small businesses around the country. But you may not know that it also includes lots more potential financing opportunities for purchasers, owners and rehabbers of commercial real estate.
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Long-Term Mortgage Rates Remain Stable and Low |
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| Freddie Mac today released the results of its Primary Mortgage Market Survey (PMMS)in which the 30-year fixed-rate mortgage (FRM) averaged 5.01 percent with an average 0.7 point for the week ending February 4, 2010, up from last week when it averaged 4.98 percent. Last year at this time, the 30-year FRM averaged 5.25 percent.
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Housing Affected by Demographic Trends |
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| The Urban Land Institute predicts there will be two major changes beginning in this new decade in our country that will affect the housing market.
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Starwood Takes Its Lumps in Time-Shares |
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| The time-share industry has been shrinking since the latest recession began. But only now are we seeing the full extent of the pullback among the industry’s biggest players. |
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Zell Takes a Bigger Bite Out of the Big Apple |
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| Just after announcing on Monday it was snapping up ailing developer Harry Macklowe's last three rental towers, Equity is coming back for more. In its earnings conference call Thursday, the Chicago-based company said it plans 111 market-rate apartments and nearly 10,000 square feet of retail space in the Chelsea neighborhood at the southwest corner of 10th Avenue and 23rd Street. |
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Jay Waldron, attorney, Schwabe, Williamson & Wyatt - Site Selection |
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Are Second Mortgages the Achilles Heel of a Housing Recovery? |
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| Housing analysts are drawing more attention to one big problem that's making loan modifications less successful and drawing out efforts to pursue short sales and other foreclosure alternatives: The presence of second mortgages such as home equity loans and lines of credit. |
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Richard Juge, CCIM, 2010 President Details Institute's Impact on Real Estate, Industry and Economy |
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| Peter L. Mosca shares an excerpt of his radio show interview conducted with Richard Juge, CCIM, 2010 President of the Institute, and President of RE/MAX Commercial Brokers, Inc. in Metairie, Louisiana and broker/owner of a RE/MAX office in Mandeville, Louisiana.
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Feds Giving Mortgage Modifications Additional Boost |
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| It's not easy turning a potential foreclosure into a successful affordable mortgage modification -- from either side of the table.
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| The FHA announced tighter guidelines (January 20). Insurance premiums increased from 1.75 to 2.25 percent. Seller concessions are limited to 3 percent, down from 6 percent and new borrowers with a FICO score below 580 will need a 10 percent down payment instead of the 3.5 percent now required. GASP! We have a choice. We can choose to support what they are trying to do, or we can complain loudly and keep the buying public confused.
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Nevermind: Starwood Pulls Unfinished Corus Condos Off the Market |
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| A Starwood Capital-FDIC partnership halted its offering of Glencoe Lofts, a luxury California condo project it inherited from the failed Corus Bank. New plan? Finish the complex and resell the units, industry newsletter Real Estate Alert reports. |
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Home Supply Posts Modest Rise |
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| The number of homes listed for sale rose only modestly in many parts of the U.S. in January, contrary to the usual big increase during the month. Analysts had been expecting more for-sale signs because of new foreclosures. |
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Hotel Foreclosure Watch: iStar Reclaims its Peach |
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| IStar Financial Inc. is gambling there’s more peach than pit at Atlanta’s posh, Robert A.M. Stern-designed Mansion on Peachtree hotel, which the lender seized at foreclosure auction this week. |
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Camera publisher: 2nd deal to buy newspaper's Pearl Street property falls through - Daily Camera |
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Mortgage Rates Steady; Applications Surge |
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| Here's some good news for housing: Weekly mortgage applications surged 21% for the period ending Jan. 29, returning to pre-holiday levels as buyers take advantage of the lows - rates and prices - and the federal tax credit. |
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The $100K House: Builders Go Cheap To Compete with Foreclosures |
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| Home builders, battered from losing half of their market share in the past two years, are fighting back against business-stealing foreclosures. |
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More Arguments Favor Walking Away from a Mortgage |
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| No homeowner wants to be a sucker. More reports are surfacing of mortgage holders with the means to pay who choose default. |
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Commerical Real Estate’s Bright Spot: Prisons |
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Demand remains strong for one type of real estate: prisons.
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Builders, Ever Hear of the Merkley Amendment? |
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| On Christmas Eve, December 24, 2009, the Senate by a 60 to 39 vote approved the Patient Protection And Affordable Coverage Act (H.R. 3590). A large bill, as most have undoubtedly heard, was made a bit larger as language requiring small construction firms with more than five workers provide health care coverage or face stiff fines was, according to the National Association of Home Builders, "slipped into the Senate health care legislation at the last minute."
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Is Laser-Focused Prospecting Really Necessary? |
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| Most real estate sales training is focused on: Focusing. Or perhaps more aptly: Laser-focused prospecting.
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Owner Financing is Great, But the Buyer’s Low Credit Score Can Wipe Out Opportunities |
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| I’m just about to close a note deal where the Buyer’s/Payor’s credit score is below 600. Why can I even work with this thing? Because there was 10% down, there is almost 3 years of seasoning, and we’re only buying a partial, which keeps the risk acceptably low.
What if the Payors had credit scores over [...] |
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CURATE THIS 2010 Updates | BECA is Seeking Property for Future Development - Absolutearts.com |
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Horton Ponders Life After Homebuyer Tax Credit |
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| In order to get the homebuyer tax credit, buyers have to agree to buy by April 30. The market will likely soften after that, something builder DR Horton discussed in its first-quarter earnings conference call Tuesday. |
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Wilbur Ross: LeFrak Is Ideal for Stuy Town, Trump’s ‘Not Interested’ |
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| It might not be a political office, but there's still campaigning under way to run New York's sprawling Stuyvesant Town and Peter Cooper Village apartment complex. |
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How I Sold It: An Uphill Battle - International Business Times |
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How to Revive Securitization? A Toilet Brush May Help |
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| Members of the ASF fear that Congress, the FDIC and other regulators will impose such harsh restrictions on securitization that they will prevent it from regaining a major role in the provision of credit to Americans. |
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Games Won't Boost House Prices in Vancouver, Says Study |
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| There's no evidence that hosting the Olympic Games results in increased house prices for the host city, says a new study. That may be good news for Vancouver, which another report says is already the least affordable of 272 cities around the world.
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Sexual Harassment Case Has Relevance For Real Estate Agents and Property Managers |
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| It would be tacky to call it a cause for celebration, but California real estate agents can be gratified that the State Supreme Court has upheld the dismissal of Hughes v. Pair, a sexual harassment case. Why should real estate professionals care about sexual harassment suits? Because the laws involved apply to them.
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Real Estate Outlook: Jumps and Gains |
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| You can take your economic cues from the Federal Reserve Board' s latest assessment…or you can take them from the nation's consumers directly, as measured by the Conference Board's monthly Consumer Confidence survey.
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| Could the downturn be hitting home for luxury builder Toll Brothers?
Chairman and Chief Executive Robert Toll took a pay cut in fiscal year 2009, the Horsham, Penn.-based company disclosed in a securities filing Monday. |
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Macklowe Selling Off New York Rental Business |
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| Ailing New York City developer Harry Macklowe is selling the bulk of his New York residential business, unloading three rental towers to Equity Residential for $475 million. |
| There are so many choices to make between smartphone platforms, manufacturers, models and wireless providers, that it can be a confusing proposition, especially if you are relying on your choice to help you in business, first know that there is only a slight difference between devices in terms of the features and capabilities they offer. |
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Washington Report: State of the Union |
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Where will housing and real estate issues rank on Washington's priority list for the upcoming election year's legislative calendar?
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Friday Diversion: Stephanopoulos Buys in the Hamptons, Anderson Cooper’s New Firehouse |
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| George Stephanopoulos, co-host of ABC's "Good Morning America" show and a former adviser to President Bill Clinton, buys a home in East Hampton, N.Y., for $3.5 million, about 7% less than its asking price. |
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Update: Is New York Ready for ‘Trump Town’? |
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| Donald Trump has added his name to a list of developers interested in managing Stuyvesant Town. |
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Lions notebook: Mallett blow could be last of its kind - The Province |
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Goldman’s Latest Perk: Offering Mortgages to ‘Cash-Strapped’ Bankers |
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Their employers, facing public anger and political retaliation, have curtailed cash bonuses. And the new pay culture is hurting bankers with hefty mortgage payments and private-school tuition bills, according to this Journal story Thursday.
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Investor Report: 20 Percent Limit |
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| Foreclosure and REO investors have begun taking a closer look at the Obama administration's recent loosening of rules on property "flips"… . And they're seeing some potential complications. |
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Aging Buyers Want Easy, Comfortable Homes with First-Floor Master Bedroom |
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According to BabyBoomerMagazine.com, this group has greater wealth than any other, controls 70 percent of the total net worth of American households, and accounts for 40 percent of total consumer demand.
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Establishing Measurable Benchmarks For Your Team |
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It is essential that you create meaningful targets or benchmarks that are tangible and traceable for each staff member. These benchmarks are much different for the sales-oriented team members like Buyer's Agents and Listing Agents. The benchmarks for these production-oriented staff need to be aligned with the standard an Agent should aspire to.
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Mortgage Rates Flat This Week |
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| Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey (PMMS) in which the 30-year fixed-rate mortgage (FRM) averaged 4.98 percent with an average 0.6 point for the week ending January 28, 2010, down slightly from last week when it averaged 4.99 percent. Last year at this time, the 30-year FRM averaged 5.10 percent |
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Hotel Biz May Lack Luster, But W Hollywood Opening Is All Glam |
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This isn’t exactly the best environment for opening a hotel. Still developer Gatehouse Capital Corp. and hotel operator Starwood Hotels and Resorts Worldwide Inc. are rolling out their new Hollywood hopeful on Thursday:
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Housing’s ‘New Normal’: More Renters, Slowing Home Appreciation |
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| This disillusionment over homeownership as a way to build wealth could persist for decades to come, as those entering the housing market will be more apt to rent longer, and to place more emphasis on buying for shelter rather than investment purposes. |
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How Will the White House ‘Step Up’ Refinancing? |
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| In his State of the Union address, President Obama said the administration would step-up mortgage refinancings. But how? |
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Mallett blow could be last of its kind - Montreal Gazette |
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Credit Suisse Calls Housing Recovery ‘Fragile’ |
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| In a new report on the outlook for the U.S. housing market, Credit Suisse says extraordinary government support -including the loan-modification crusade, massive purchases of mortgage securities and tax credits--have fostered “some signs of tentative stabilization.” |
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California Department of General Services Launches Electric Vehicle Trial - AUTO-MOBI.info |
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RealSource.net Executives Discuss 2010 and the Distressed Asset Marketplace |
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| Peter L. Mosca, host of Income Property Investment Talk dot com, shares an except of his interview with the executive team at RealSource: Michael Anderson, CCIM; founder and co-owner, Nate Hanks, CCIM; co-owner, and Blaine Walker, President and 2010 Chairman of the Realtors Commercial Alliance |
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Keep the HOA Capital Reserve Fund Robust for Long-Term Economic Health |
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In today's bootstrapping economic climate, organizations across the economic spectrum are looking for ways to stretch a dollar and scrap non-essential expenses.
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Homebuyer Tax Credit Boosts Economy |
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| A new survey reveals that savvy consumers cashing in on the new and improved homebuyer tax credit are helping fuel economic recovery. |
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Tiger Woods Still Hanging on the Cliffs |
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| The tabloids might be obsessed with Tiger Woods' marriage, but we're more interested in his real-estate dealings. |
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Freddie CEO: Five Ways We Bolster the Mortgage Market |
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| As debate in Washington is revving up over the future of the housing-finance structure, the head of Freddie Mac offered a defense on Tuesday of the government-sponsored enterprise model that served as the foundation of the U.S. mortgage market for decades. |
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California Department of General Services Launches Electric Vehicle Trial - Autochannel (press release) |
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San Antonio Subdivision’s Crumbled Wall Lacked Permit |
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| Here's the latest on a collapsed retaining wall in a San Antonio community built by Centex: It apparently went up without a permit, local officials report. |
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Previewing the Spring Home-Shopping Season |
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| Four years into the Great Slump, Realtors and home builders finally have an effective sales pitch. |
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Why 2010 Could Be the Year of the ‘Short Sale’ |
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| If 2009 was the year of the foreclosure (and loan modification), then 2010 may be shaping up as the year of the short sale... |
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California Department of General Services Launches Electric Vehicle Trial - Business Wire (press release) |
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New Year, New Money-Saving Strategies for Builders |
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| With every New Year comes the promise of a new start, of new beginnings. For builders and those in the construction and development industry, many couldn't wait to say goodbye to 2009. |
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Three Rs: Rules, Regulations & Resolutions |
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| Every homeowner association has various methods available for establishing acceptable standards. As a benchmark, those standards must stand the test of federal law: For example, the board cannot enact a rule that flies in the face of the Fair Housing Act. |
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Hovnanian on Housing ‘Over-Correction’ |
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| We've got to hand it to Ara Hovnanian, chief executive of builder Hovnanian Enterprises, for his continued optimism.
Housing might remain choppy - and existing inventory is all the rage with buyers these days - but he was his cheery self on CNBC Tuesday afternoon, declaring the market has bottomed. He also believes we have had an over-correction. |
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Bank of America Agrees to Modify Second Mortgages |
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| It's been nine months since the Obama administration announced a plan to bring second mortgages into its foreclosure rescue program, and finally, on Tuesday, one mortgage servicing company, BofA signed on. |
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Dean Baker: We’re Still In a Housing Bubble |
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| Home prices have posted six months of gains, according to the Case-Shiller home price index, released this morning. But some housing bears say that the fundamentals don’t support those price gains and that, even once the market finds a bottom, home prices aren’t likely to show significant appreciation for many years to come. |
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A Mixed Bag Transaction – Partial Tax Deferred Exchanges - Real Estate News | BiggerPockets.com (blog) |
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Advertising as Distilled Listening |
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Mobile computing will challenge the effectiveness of advertising in real estate. PJ Wade offers 3 Tips for preparing to recognize the constructive and destructive shifts ahead, so you gain the advantage in deciphering pitches and promotions.
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Real Estate Outlook: Sobering News? |
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| You might have seen the headlines last week about an unexpected drop in housing starts. That's not the direction we ought to be headed in a rebounding economy. |
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Standardized Short Sale Process Will Benefit All Parties |
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| Two years ago the National Association of Realtors formed a task force to address the vexing issue of short sales. A multitude of members had complained of lengthy and often incomprehensible processes that -- although they varied in detail from lender to lender -- all seemed to share the characteristics of being inefficient and irrational. Upon completing its studies the task force issued recommendations that the short sale process be standardized among lenders, that common forms be used, and that fixed time frames be adopted for various phases of the short sale process. |
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Banks Accused of Short Sale Fraud - Another Reason I Love Doing Deals Without Them |
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| No wonder I love putting real estate transactions together without ever having to deal with a bank . . .
Jeremy Brandt is the CEO of companies like 1800CashOffer, HomeFlux.com and FastHomeOffer.com . . . all companies that bring lots of distressed sellers, investors and short sale agents together.
Check out this recording and transcript!
Over the [...] |
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Tishman’s ‘Strategic Default’ on Stuyvesant Town |
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| Last night the Journal reported that Tishman Speyer is giving back the sprawling Stuyvesant Town apartment complex in Manhattan to its lenders to avoid a foreclosure proceeding. Pressure had been mounting in recent weeks as the property's creditors threatened foreclosure. |
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San Diego Real Estate 2010 Forecast: The Year of the Strategic Mortgage Default |
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| It would be easy to write a 2010 real estate forecast by repeating the industry line that “the new year will mark a turnaround for real estate values; those who act fast will be able to get the best buys.” Real world facts, at least in San Diego, seem to indicate otherwise. |
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Washington Report: FHA Tightening Standards |
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| FHA is tightening up its standards for home buyers - but the changes are not as tough as some analysts had feared - especially on downpayments. |
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Why You Can Yawn Over Monday’s Home Sales ‘Shock’ |
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| The National Association of Realtors is due to release its monthly report on existing home sales at 10 a.m. Monday, and it’s likely to look lousy. |
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Friday Diversion: Cher Sells Hawaii Home at Auction, Schwarzman Sells in Hamptons |
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| While the building industry expressed cautious optimism at their annual convention this week, the high-end market hummed along: |
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Hotel Foreclosure of the Day: Scottsdale’s Montelucia Resort |
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| After just a little more than a year in business and despite drawing a roster of buzzworthy guests, including Jay-Z and President Barack Obama, the InterContinental Montelucia Resort & Spa in Scottsdale, Ariz., is in the hands of its lenders. |
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Home Builders Watch Out ‘We’re In for a Wild Spring’ |
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| There was a lot of optimism in Las Vegas this week, and it didn’t just come from gamblers playing the slots. |
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Harley-Davidson reports larger-than-expected loss in 4th quarter on ... - Gaea Times (blog) |
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30-Year Rates Down For Third Consecutive Week |
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| Freddie Mac (NYSE:FRE) today released the results of its Primary Mortgage Market Survey® (PMMS®) in which the 30-year fixed-rate mortgage (FRM) averaged 4.99 percent with an average 0.7 point for the week ending January 21, 2010, down from last week when it averaged 5.06 percent. Last year at this time, the 30-year FRM averaged 5.12 percent. |
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Determining Commission Plans Based on Your Key Numbers |
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The secret to an effective commission plan for Buyer's Agents is your ability to calculate the split arrangement from your seven key numbers. You must determine what amount of the net profit you are willing to share after all costs are paid for.
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How to Repair Your Home Without Damaging Your Wallet |
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| Some homeowners have a long laundry list of to-do repairs and, interestingly enough, many of those items don't get addressed until (or if at all) it's time to sell the house. In hot real estate markets, repairs are sometimes not done before the sale. Remember bidding wars over properties that needed work? Well, today sellers are looking for the advantage that makes their home stand out. Even though housing inventory declined toward the end of last year, it's expected to rise as more foreclosures tumble into the marketplace this year. |
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Selling a Business? Get in the Mind of the Buyer - PR-USA.net (press release) |
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Kick Mediocrity To The Curb Today - Real Estate News | BiggerPockets.com (blog) |
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Privatize Fannie and Freddie? Easier Said Than Done |
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| Privatizing Fannie Mae and Freddie Mac is much easier said than done, says a new report on the future of the mortgage-finance giants from Standard & Poor’s. |
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BRIEF: Firefighters douse fire at East Fourth Street structure - FireEngineering.com |
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Real Estate News Mega Edition: Mortgage Rates Fall, Goldman Subprime Fallout |
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| Here's a round-up of real-estate news that's run in the past couple of days from the WSJ and other sources: |
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Wood ‘It’s Real’: The Lumber Industry’s War on Plastic |
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There's drama in the deck business.
For several years, wood composites have been gaining market share in residential deck construction, appealing because they typically require less |
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Real estate sales stats are mixed - Wilkes Journal Patriot |
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Real estate sales stats are mixedWilkes Journal PatriotSixty homes listed on Wilkes MLS were sold for cash and three were sold with owner-financing in 2008, compared to 72 sold for cash and six sold with ... |
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