Latino Real Estate

Thirty cities get half of global property dollars

2012-01-26T22:32:00.000-08:00

(Reuters) - More than half the recent global investment in commercial real estate found a home in just 30 cities with a quarter spent in London, Tokyo, New York, Hong Kong and Paris, according to real estate services company Jones Lang LaSalle

In a report released on Wednesday, it said it expects major cities in emerging markets to increasingly become viable contenders for real estate investment dollars, expanding its list of 30 "alpha" cities over the decade.

By 2020, the list likely will broaden to the top 50 with investment spreading to such cities as Mexico City, Delhi, Guangzhou, Houston and Istanbul, Jones Lang LaSalle said.

Those cities were attracting global corporations, who are most often tenants, it said. Yet, as the quality of the buildings there improve and the real estate markets become more transparent, and the buying and selling becomes easier, these markets become safer for investment.

The study included investments in shopping centers, malls, office buildings, warehouse and distribution centers, and hotels. The report does not include apartment buildings.

Within 10 years, the bulk of commercial real estate investment will be in assets located in 300 cities where technology enables large global companies to operate in more cities, Jones Lang LaSalle said. Those include secondary and tertiary cities in China as well as those in more mature economies such as Austin, Texas.

Even with that expansion, traditional real estate investment markets will retain their top positions, especially those in the United States, said Jeremy Kelly, a director of global research for Jones Lang LaSalle and author of the report.

"While, the Asian/Pacific story is very compelling, and many real estate players are focusing on the growth opportunities there, we shouldn't forget the chunkiness, size and growth potential of many U.S. cities," Kelly said. "They are among the most innovative, and they are huge cities. Eleven of the top 30 in 2020 will be in the United States."

Source: http://www.reuters.com/article/2012/01/25/us-property-globalinvestment-idUSTRE80O1NQ20120125

Real estate agents feel the squeeze

2012-01-24T01:48:00.000-08:00

Another year of lacklustre house price growth provides the backdrop for a gradually tougher climate for the real estate industry.

“As with 2011, property prices are just holding their own which impacts on agents' commissions,” according to Herschel Jawitz, CE of Jawitz Properties.

“Unlike other industries where professional fees are charged, our commission doesn't go up with inflation each year. The only ways our earnings increase is if property prices increase, or we sell more properties.”

Jawitz said that if property prices only went up by two or three percent in 2012 then, in real terms, commission earnings would decline.

“Added to this, costs are increasing by at least 10%, and the equation becomes interesting. Normally, if you are sacrificing margins you can try to make up the numbers with higher volumes but the numbers of sales for the most part are going to be flat year on year and in some areas may even decline.”

Essentially, fewer sales, flat prices, and homes taking longer to sell equated to estate agencies spending more money with less return.

Jawitz said that because of these factors, 2012 would be another very competitive year for the industry, as growth would have to include taking market share from competitors.

“The bigger brands should be better off by the end of the year,” he said.

The decline in the number of estate agents supported this view with the fall off in agents coming mostly from the smaller agencies that had not been able to sustain themselves in a challenging market.

The number of estate agents had decreased by 60% since the height of the boom in 2006/7 to about 25,000.

According to Jawitz, most of the bigger national franchised brands or the larger brands in the metro areas had fared significantly better in this period and while absolute market sales might not have been increasing, relative market share would have grown.

Key success factors for 2012 would be similar to many industries - meeting clients' service expectations, employing technology as a critical enabler and most importantly, upholding the integrity of the brand and the people that represented it. - I-Net Bridge

Source: http://www.iol.co.za/business/business-news/real-estate-agents-feel-the-squeeze-1.1218981

Tsawwassen First Nation’s real-estate development an emancipation from the past

2012-01-22T23:27:00.000-08:00

The Tsawwassen First Nation is right to have embarked on ambitious real-estate developments, on its lands in the Lower Mainland of British Columbia. In a vote last week, 97 per cent supported this adaptation to the modern economy.

It amounts to a reversal of centuries of colonialism. This aboriginal community will be the landlords of numerous non-aboriginal businesses and households. It has become – among other things – a capitalist enterprise that will bring into being residential subdivisions with many types of housing, two large shopping malls, and an industrial park adjacent to the port of Vancouver – all this on less than half of the TFN’s 724 hectares.

That advantageous location in the midst of a metropolitan area, however, means that the TFN’s plan is not a simple recipe for economic development that all other aboriginal communities can easily follow – especially, remote reserves such as Attawapiskat and Kashechewan, both near James Bay, which in recent years have drawn national attention for (respectively) bad housing and a bad water supply.

Even so, the people of Tsawwassen have done what numerous native leaders have advocated for many decades. They have essentially emancipated themselves from the much-hated Indian Act, thanks to their treaty of 2009 with the federal and B.C. governments.

Nothing on Earth is ideal. The TFN is a quasi-municipal government, in which the 57 per cent of the residents who are not native (a figure likely to rise with the new subdivisions) lack votes, though they are to be consulted – and of course they can vote in federal and provincial elections. Status Indians could not vote in Canada until 1960; the role reversal is a striking irony.

Moreover, the development will add to urban sprawl. But aboriginals should not be denied the fruits of modernity. The Tsawwassen First Nation is to be congratulated for acting on this great opportunity.

Source: http://www.theglobeandmail.com/news/opinions/editorials/tsawwassen-first-nations-real-estate-development-an-emancipation-from-the-past/article2310027/?utm_medium=Feeds%3A%20RSS%2FAtom&utm_source=Opinions&utm_content=2310027

Real Estate: Common mistakes first-time homebuyers make

2012-01-19T22:38:00.000-08:00

First-time homebuyers face multiple challenges even before they get the house keys: getting approved for a mortgage, finding the right agent, searching for the perfect home and staying within a budget.

With planning, they can avoid mistakes that might jeopardize a deal.

Many decide to buy when they feel ready for a mortgage. But just because they can afford mortgage payments doesn't mean they can afford a home, says New York attorney Rafael Castellanos, a managing director at Expert Title Insurance. "They have an idea of what their mortgage payment is going to be, but they don't realize there's much more to it."

Property insurance, taxes, homeowners association dues, maintenance, and higher electric and water bills are some of the costs first-time homebuyers tend to overlook. "Keep in mind property taxes and insurance have a tendency of going up every year," Castellanos says.

Home buying doesn't begin with home searching. It begins with a mortgage prequalification. Often, first homebuyers "are afraid to get prequalified," says Steve Anderson, owner of Re/Max Benchmark Realty in Las Vegas. They fear the lender may tell them they don't qualify for a mortgage or they qualify for a loan smaller than expected. "So they pick a price range out of sky and say, 'Let's go look for a house.'"

That's a backward approach, says Ed Conarchy, a mortgage planner at Cherry Creek Mortgage in Gurnee, Ill.

"You get preapproved, and then you find a home," he says. "That way you'll make a financial decision versus an emotional decision."

He also advises thinking of the house as a long-term commitment. "If you have to switch jobs in a year or two and may have to move for the job, you should think twice," says Conarchy.

"Ideally, you should picture yourself living in that house for five to seven years."

If you're new to the home-buying game, you'll need a reputable real estate agent, a good loan officer or broker and perhaps a lawyer.

First-time buyers generally should not try to deal directly with the listing agent, Anderson says.

"If you are getting divorced, are you going to go to your husband's attorney for help? Of course not," he says. "Same here. If you go to a listing agent, he is only going to show you his listings. You must find a buyers' agent to help you."

If you hire an agent without a referral from friends or family, ask the agent to provide references from previous buyers. The same goes for loan officers or mortgage brokers. It's crucial to find a professional who will give you "truly independent advice," Conarchy says.

Sometimes that means hiring a lawyer, says Castellanos.

Spending all or most of their savings on down payment and closing costs is one of the biggest mistakes first-time homebuyers make, Conarchy says. "Some people scrape all their money together to make the 20 percent down payment so they don't have to pay for mortgage insurance, but ... they are left with no savings at all."

Homebuyers who put 20 percent or more down don't have to pay for mortgage insurance when getting a conventional mortgage. That's usually translates into substantial savings on the monthly payment. But it's not worth living on the edge, says Conarchy. "I'd take paying for mortgage insurance any day over not having money for rainy days."

Now, you've prequalified for a loan and found a house. The contract is signed, and the closing is in 30 days. Don't celebrate by buying furniture or a car. In this tight lending environment, lenders pull credit reports before the closing to make sure the borrower's financial situation has not changed since the loan was approved. Any new loans on your credit report can jeopardize the closing.

Mortgage rates stayed near record lows this week as borrowers rushed to refinance their loans.

The 30-year fixed-rate mortgage was 4.18 percent, unchanged from last week. A basis point is one-hundredth of 1 percentage point.

The 15-year fixed rate rose 1 basis point to 3.39 percent. The average rate for 30-year jumbo mortgages, or generally for those of more than $417,000, fell 2 basis points to 4.58 percent.

The 5/1 ARM rose 2 basis points to 3.06 percent. With a 5/1 ARM, the rate is fixed for five years and adjusted annually thereafter.

Source: http://www.mercurynews.com/real-estate/ci_19777989

Real Estate Investing Could Yield a Fast Turnaround

2012-01-18T21:52:00.001-08:00

If yоu knоw what уou аre doing then real estate investing can be thе mоst effective, аnd profitable, way tо invest уоur money long term. But whаt аbоut real estate investments for the short-term, quick return investor? In today’s real estate market many people arе shying аwаy from real estate investing bеcauѕe іt ѕееms lіke еvеrуone іs gettіng foreclosed on and making а profit іn real estate іs impossible. You hаvе to remember thаt real estate investing, јuѕt lіke the stock market оr anу othеr investment, іѕ cyclical. Yes thе market iѕ down rіght now but that іs оnly аftеr manу years of а boom in thе real estate market that created mаnу new millionaires аnd added to the portfolio of аlreаdу established real estate investing experts. So уоu саn rest assured that thе U.S. economy, аnd thе real estate market, wіll make a comeback. If уou reаlly lоok at it, logic wоuld suggest thаt іt will make a huge comeback and іf yоu wаnt tо be part of that initial windfall then thе time to get involved is now.

Just likе any оther investment real estate investing іs risky ѕо аlwаys know that there is a risk tо investing іn real estate. But the chances that уour real estate wіll apрrеciаte іn vаlue аre verу good ovеr time. It iѕ јust a matter of how long уоu саn afford tо wait. What you ѕhould bе doіng is scouting оut properties to invest іn bесаusе rіght now manу prime pieces of real estate аrе avaіlаblе for prices thаt thеy mаy nеvеr be аvaіlаblе for again. Homes that уou nеvеr thought yоu сould afford cоuld be bought оff thе foreclosure market for a fraction оf theіr original cost and held bу уou tо be sold for a profit later. But what сan уou do in thе interim to quickly increase the valuе оf that home аnd maximize уour profits еven more? It іs called house flipping.

Flipping Is The Fast Money Maker

Flipping а house means thаt уоu purchase a property аt a price thаt іѕ significantly belоw itѕ assessed value, fix іt up, thеn sell it for a profit. In a normal real estate market thіѕ іs the bеst wау tо make fast money in real estate investing. But in а market like this уou havе tо be a little smarter wіth уour real estate investing and realize thаt flipping іs ѕtіll the waу tо go but the cycle wіll tаke а lіttlе longer than it doeѕ in a good market. A house flip that would normаllу tаkе weeks yоu mаy hаvе tо hold оn tо fоr months in thіs market, but with the rate оf foreclosures so high, and thе possibility thаt the government mау give large tax breaks to people thаt buy foreclosed properties, the return in ninе months or ѕo could bе very large.

Normally in а house flip you wоuld buy а house in nеed of repair becаuѕе thоѕе are the oneѕ thаt hаvе depreciated іn cost but nоt necessarily іn value. You would do thе repairs and thеn put the house оn the market for a large profit. If yоu take the time tо bесomе a lіttle savvier with real estate investing thеn уou саn uѕе thіs current mortgage crisis tо beсоmе a house flipper thаt invests in foreclosed properties, fixes thеm uр аnd thеn waits fоr thе upturn іn the market to sell them аt a huge profit. The оnly variables уou neеd tо contend with is how long bеfоrе thе upturn аnd can yоu afford tо hold thе properties whіlе you wait for thе market to recover? If yоu can come to grips with months of holding costs then thіѕ may be the perfect time tо make уour money in real estate investing аnd yоu can add value to уоur real estate wіth thе quick house flipping technique of fixing uр thе property tо add еven more value.

Source: http://www.climbthenet.com/real-estate-investing-could-yield-a-fast-turnaround/2586

Houston's real estate rebound: Home sales finish up in 2011 with seven straight months of gains

2012-01-17T21:17:00.000-08:00

Houston’s housing market rebounded impressively in 2011 as the city registered a four percent gain for the year, according to annual totals released Tuesday by the Houston Association of Realtors (HAR).

The supply of homes for sale dropped sharply, further strengthening the local housing market. Only 42,083 properties were listed for sale at the end of 2011, down 14.1 percent from a year earlier.

"2011 ended on a very promising note," said Wayne Stroman, HAR chairman and President of Stroman Realty. “The key to sustaining that positive momentum in 2012 will be continued improvement in Houston's employment numbers."

Another telling statistic was expressed in what the association calls “months inventory” — a measurement of how long it would take to deplete the current inventory of homes for sale based on sales activity in the prior 12 months. In Houston, it would take 5.8 months to completely sell off all of the homes for sale — a 20-percent improvement over the last year.

During the recent economic downturn in some hard hit parts of the country, there was over a year’s supply of homes for sale.

The HAR said home sales in December were up 7.2 percent over December of 2010. It was the seventh consecutive month in which home sales increased.

Despite the improvement, home prices are not showing significant gains. The median price of a Houston home sold in 2011 was $155,000, up 0.7 percent over the median home price in 2010. The median price is the midpoint representing that half the homes sold for more and half for less.

Source: http://houston.culturemap.com/newsdetail/01-17-12-10-53-houstons-real-estate-rebound-home-sales-finish-up-in-2011-with-seven-straight-months-of-gains/

Charleston real estate agents hopeful after ranking

2012-01-16T22:22:00.000-08:00

CHARLESTON - A home is probably the biggest investment you'll ever make. But buying or selling a home lately - has been pretty scary.

Monday, the web site HousingPredictor.com ranked West Virginia's capitol city as having the third best housing market forecast in the country for 2012.

Tina Pepper, a Charleston realtor, said she is hopeful because of the news.

"We are seeing a slow increase in sales in the Charleston area, but that increase is supposed to get even better," said Pepper.

Pepper got into real estate in the middle of the recession.

"They would lower the price…and lower the price…and people were afraid," said Pepper.

Pepper said she's noticed the improvements.

"People are moving into the area for different jobs and companies which is great," said Pepper.

According to the report, retirees are taking advantage of lower prices and near record low mortgage rates.

John Johnson and his family have lived in the same house for ten years, in West Virginia, he says it's a great place to raise a family and someday retire.

"When I left high school I didn't think I'd be back, but after traveling I came back here to raise my family and the prices were great," said Johnson.

But Joe Clevenger is skeptical. He said he's had trouble selling, although he has found several houses he's interested in buying.

"Yeah I am not real sure about the reports, but it's definitely a buyers market," said Clevenger.

Pepper agrees it can be tough and offers advice when selling.

"My best saying is ‘clutter eats equity.' There's a lot of competition out there...so make your home welcoming," said Clevenger.

She says keep the house neat, smelling good, and the pets out of the way...when people stop by.

Pepper also added selling a house in three or four months is ideal, but it may take a little longer.

Source: http://www.wowktv.com/story/16531965/charleston-real-estate-agents-hopeful-after-ranking

Canadian home prices to gain in 2012

2012-01-13T20:58:00.000-08:00

OTTAWA — Canada's housing market will continue to be strong this year, with rising property values expected in all major markets, real estate brokerage firm Royal LePage said Thursday.

The company's forecast called for prices across to country to rise 2.8 per cent by the end of 2012, after stronger gains last year.

Even pricey housing markets in Metro Vancouver and Toronto — where standard two-storey homes averaged $1.1 million and $629,188, respectively, in the last quarter — will see continued price appreciation in 2012, though the gain for Metro will be more muted, according to the brokerage firm's forecast.

Metro Vancouver is expected to see its average house price climb 2.3 per cent to $802,000 in 2012, while Toronto is expected to see a 2.6-per-cent jump.

"Widespread calls for a major real estate correction in 2012 simply can't be justified," Royal LePage CEO Phil Soper said in a statement. "The industry has significant momentum entering the year, and buoyed by the stimulative effect of very low interest rates, we expect the market to continue to expand — albeit at a slower pace."

However, Royal LePage said stronger gains will be seen in cities benefiting from commodity-based economies, such as Calgary, Regina and Winnipeg, where price gains will be in the range of four to five per cent.

According to the company, in the fourth quarter of 2011, the average price of a standard two-storey home was $375,427, up 4.2 per cent from a year earlier. The average rate of a detached bungalow was up 6.1 per cent to $344,392, while condominiums gained 3.6 per cent to $234,680.

Statistics Canada reported Thursday that its new housing price index rose 0.3 per cent in November, following on a 0.2 per cent increase in October, and was up 2.5 per cent year-over-year.

Price increases in Toronto, Oshawa and Montreal offset declines in Calgary, Metro Vancouver and the Ontario metropolitan regions of Sudbury and Thunder Bay, the agency said.

In Vancouver, Statistics Canada said some builders offered promotional pricing in order to sell units, which helped push new-home prices 0.3 per cent in November from October, and made the

Builders in the other areas reported lowering prices in order to stimulate sales and remain competitive, while price increases elsewhere were attributed to higher material and labour costs.

The Canada Mortgage and Housing Corp. has forecast the average price of a listed homes for resale to be $363,900 this year, up 1.2 per cent from 2011. The Canadian Real Estate Association predicted that the average price would be relatively flat at $362,700. Both forecasts were made in November.

Source: http://www.vancouversun.com/business/Canadian+home+prices+gain+2012/5985432/story.html

Westport Real Estate Market Looking Up for 2012

2012-01-12T21:40:00.000-08:00

WESTPORT, Conn. – Like the weather, making real estate predictions isn't 100 percent accurate. But Westport Realtors Bunny Mostad and Deb Alderson, a mother-daughter team at Coldwell Banker, think Westport will see the biggest upswing in home sales this year since 2009.

After the recession, the number of home sales plummeted, Mostad said. In 2009, a total of 250 homes were sold, compared with the 400 homes sold three years earlier, she said. Conditions improved over the next two years, with 351 homes sold in 2010 and 344 sold in 2011. That's one reason Mostad thinks 2012 will be a good one.

"The number of units sold should continue to go up," she said. "I think we'll get back closer to what we saw about five years ago. We should definitely at least reach last year's number — and probably more."

Although the trends in numbers show people have regained some confidence in the market, Mostad said insecurity remains. Alderson agreed, saying she has found buyers are still fearful of buying and having the market drop again.

However, when the number of home sales dropped, so did the average selling price in Westport, Mostad said. In 2006, the average selling price was $1.598 million. This past year, the average home price was $1.338 million — a factor that she believes will help sales increase.

"I think prices will stay down, which is great for buyers," she said, especially first-time buyers. First-time buyers, she added, have become the National Association of Realtors' biggest market.

Continued lower prices, coupled with Westport's appeal, should prove fruitful for sales, Mostad said. The town's schools, clean beaches, proximity to New York City and "unique" amenities such as Longshore Club Park, attract buyers, she said.

On the national front, Mostad said there are signs that investors will be more active this year, which should also help drive sales. And mortgage companies, she said, have reported there will be an influx of foreclosures.

"I don't know if that's true or not, but that's what they've told us," she said. "There aren't many [foreclosures] in Westport, but there are some."

Source: http://www.thedailywestport.com/news/westport-real-estate-market-looking-2012

Real estate market shows pulse, but not yet roaring back to life

2012-01-11T22:08:00.000-08:00

St. Paul, Minn. — Minnesota's real estate industry enjoyed some improvement in 2011, but don't expect a roaring comeback this year, said residential and commercial real estate experts who hosted events Wednesday to review the state of their industry.

It would be a stretch to call the residential real estate market healthy. About half the sales in 2011 involved short sales or foreclosures, which sell at firesale prices. The median home sales price ended the year down 12 percent compared to 2010.

Big price gains are probably still two to three years away, according to Richard Tucker, president of the St. Paul Area Association of Realtors.

However, Tucker believes that the residential market took a good turn in 2011. "There is no question that as we look at the data and try to read what it's telling us, I do think there are positive trends in that and it's working in right direction," he said.

The big headline of last year, Tucker said, is that far fewer houses were for sale. If fewer foreclosures and short sales hit the market — and that may be a big if — that will support home prices.

That could mean prices will remain down on a year-over-year basis, but possibly to a lesser degree.

In December, there was already some evidence of a moderation in price declines, said David Arbit, a market analyst with a realtor group in Minneapolis. The median price last month was down 6.5 percent from the year before — the smallest year-over-year drop since the previous January.

What's more, Arbit notes, more homes were sold last year than any year since 2006, with the exception of 2009 when a federal homebuying incentive was offered.

"2006 was our peak bubble year. The fact that we've had the most demand since that bubble year we think bodes really well and is a promising indicator," Arbit said.

"It's always better to see higher sales rather than lower sales, but I'm reminded of the saying, 'I've been down so long anything looks like up to me,' " said Tom Stinson, state economist.

Stinson's optimism is restrained, which he made clear in comments delivered Wednesday to a group of commercial real estate professionals. The commercial real estate market improved somewhat in 2011 — landlords started collecting rent again on about a million square-feet of idle space. And multi-family housing, which is a component of commercial real estate, enjoyed particular strength.

But Stinson cautioned the crowd that there are headwinds in the economy for real estate. He doesn't expect great economic gains in 2012. If the pace of job growth continues, he says it will take about two-and-a-half years before the nation recoups all the jobs lost in the recession. That's likely to be a drag on new household formation, which is a key factor in demand for housing. People who have doubled up in housing aren't likely to launch out on their own anytime soon. Those issues will not help residential or commercial real estate bounce back.

"If you're thinking we're going to go back to where we were in 2007 or 2006, you're wrong," Stinson said. "We're not going back to where we were. We're going someplace different."

Source: http://minnesota.publicradio.org/display/web/2012/01/11/real-estate-improvement/

Local real estate sales and prices took a dive in 2011

2012-01-10T22:35:00.000-08:00

Single-family home prices in the region declined by 8.6 percent and condominiums lost 13 percent of their value over the course of 2011, according to year-end statistics released this week.

For the first time since 2002, homes in New London and Windham counties finished the year with a median sales price below $200,000, according to figures released by the Eastern Connecticut Association of Realtors and available on its web site at http://www.easternctrealtors.com/marketstatistics.html. The $192,000 median for 2011 compares with $210,000 the year before and is the lowest since 2003's year-end median of $174,000.

Single-family sales also were off for the year, down 12 percent from the numbers recorded in 2010. Condominium sales were up 4.6 percent on the year, but the median sales price was $140,000 compared with $161,000 the year before.

Mobile home, land, multifamily and commercial real estate sales also saw fewer transaction numbers throughout the year.

Lyme finished the year with the highest median home prices in New London County, at $631,500, followed by Old Lyme, $347,000; East Lyme, $282,500; Stonington, $280,000, and Salem, $251,875. Towns in the county with the lowest prices were Norwich, $138,000; North Stonington, $140,000; Griswold, $150,000; Montville, $174,000, and Voluntown, $188,500.

Source: http://www.theday.com/article/20120110/BIZ02/120119985/1047/NWS

Okanagan real estate market maintains status quo, but hopes for 2012 are up

2012-01-09T22:55:00.000-08:00

Few Okanagan realtors reaped riches in 2011, but those in the market for some silver linings were able to find solace in equilibrium.

In the Central Okanagan Real Estate Board's year-end review, they pointed out year-to-date unit sales diminished by a mere 0.3 per cent — from 3,633 from 3,643. Dollars changing hands, however, were even less stellar as sales volumes dipped to $1.4 billion compared to $1.5 billion in 2010.

That said, the board's optimism has yet to be shaken.

“Despite concerns about employment, personal debtload and net worth which dampened consumer confidence and slowed overall demand in most BC markets during 2011, OMREB ended the year on a positive note and is moving forward with optimism,” said Rob Shaw, a OMREB Vice President

“A modest improvement is anticipated for 2012 with a slow but steady increase in sales activity, downward trend in listings, and stable home prices for balanced market conditions in our board area. Ongoing near record low interest rates will keep affordability on an even keel and relieve some of the big purchase apprehension for home buyers across the country this year.”

Shaw did point out that economic growth across B.C. is expected to be tepid, but the most important news for the real estate industry doesn't come within this province's borders anyway.

“The Alberta economy and jobs are expected to improve as the oil patch continues to rebound," he said.

"We are hopeful that better household balance sheets will free up funds and bring back potential purchasers who are looking for good recreation, investment and retirement opportunities in the Okanagan Shuswap.

We have already begun to see more interest in these areas with more Europeans and Albertans on the scene for ski vacations over Christmas and New Years.”

Source: http://www.kelownacapnews.com/news/136972908.html

Real estate firm aims to build 20,000 residences in six provinces

2012-01-08T22:38:00.001-08:00

Huambo – A total of 20,000 social houses shall be built this year on the land reserves of the provinces of Huambo, Bié, Moxico, Kwanza Sul, Uíge and Luanda, by the “Kora Angola” real estate firm, under the project dubbed "My dream, my house", out of the 40,000 expected to be built by the year 2015.

The information was disclosed on Saturday from the head of in the central Huambo province, Aduard Sotski, during a ceremony meant to present the project to secondary education and university students, entrepreneurs, representatives of public firms and other potential candidates who might wish to have their own house.

On his turn, the commercial and marketing director of “Kora Angola” for the provinces of Huambo and Bié, Bernardo Florindo, assured that the project aims at creating new cities in which citizens shall have the opportunity to have their own residence and other infrastructures such as drinking water and electricity supply networks, drainage systems and paved streets, among other benefits.

According to him, the company will built houses of the A, B, C and D types, twinned houses and those with first floors in an area of 100 square metres, which shall be purchased at a price of USD 55,600 payable by the beneficiaries in a period of 22 years.

Source: http://www.portalangop.co.ao/motix/en_us/especiais/reconstrucao-nacional/2012/0/1/Real-estate-firm-aims-build-000-residences-six-provinces,61c03cf8-55e5-4878-9b9f-3cf432879189.html

Retail realty rebounding in Oklahoma City, real estate firm says

2012-01-06T22:45:00.000-08:00

Rising store sales and stronger retail rents should put landlords in the best position they've been in for several years, according to Price Edwards & Co., the biggest local commercial real estate firm.

The lurching national economy kept stumbling into locally owned retailers in 2011, but this year should bring growth broad enough to give some relief from the lingering effects of the Great Recession.

That's according to the year-end retail market summary from Price Edwards & Co. The firm forecast sales to rise at an increasing rate and retail rents to rise, putting landlords “in the best position they've been in the past four years to negotiate deals.”

Local stores, Price Edwards said, have benefited little from the improving economy since they haven't been able to cut costs, spend more on advertising or take other steps that regional and national chain stores have.

The tide is starting to turn, the firm said. Not that some stores won't close and that some won't still see sluggish sales.

“This is the nature of retail,” Price Edwards said in the report, compiled largely by Jim Parrack, senior vice president and retail specialist. “As with the past two years, improvement won't always seem readily evident as we are in the middle of it, but it will be real.”

National trends will still affect the local retail property market in Oklahoma City but with better results than last year.

Occupancy rates are forecast to slowly rise in the country as a whole, and not be wiped out by sudden large vacancies from big-name bankruptcies as in 2011, said Garrick H. Brown of Atlanta-based ChainLinks Retail Advisors, who wrote a national outlook for the Price Edwards report.

“There will certainly be plenty of retail failures in 2012, but we don't expect anything on the scale of Blockbuster or Borders — between them these two retailers alone returned over 14 million square feet of space to the market over the past year,” wrote Brown, national director of research for ChainLinks.

Stores aimed at middle-income shoppers will face the biggest challenges this year, he said.

“Retailers on either extreme are doing well. Luxury shoppers are back, but middle-class shoppers have downsized to discount retail. This goes across all retail types, from midpriced apparel chains, to midpriced grocers ... to casual dining chains,” Brown wrote.

In Oklahoma City, the retail vacancy rate fell below 10 percent for the first time in several years, ending 2011 at 9.8 percent, down from 10.5 percent at midyear and 11 percent at year-end 2010, Price Edwards reported.

The year ended with 2,668,006 square feet of space vacant, out of a metro inventory of 27,362,806 square feet of retail space, the firm said.

Price Edwards said retail occupancy increased on four factors:

Several vacant big-box stores were filled; national tenants, after a two-year lull, became more active; limited construction of retail space other than the successful lease-up of the new Outlet Shoppes of Oklahoma City, which opened 100 percent occupied; and national retail sales up 20 percent from the 2009 trough and 5.5 percent above the pre-recession peak, not accounting for inflation.

For access to the entire Price Edwards report, go to www.priceedwards.com.

Source:http://newsok.com/retail-realty-rebounding-in-oklahoma-city-real-estate-firm-says/article/3638126

Regina real estate market continues to grow

2012-01-05T22:45:00.000-08:00

The Association of Regina Realtors is gearing up to celebrate a milestone in 2012. The association turns 100.

There's no doubt the real estate landscape has changes dramatically in the last century, leading to record sales in the Regina area.

Shawn Fay, with Realty Executives Regina, says the area isn't showing signs of slowing down. "Saskatchewan is the place to be and maybe Regina more so than anywhere."

2011 was a significant year for Regina's real estate market. Residential sales rose, and the annual total dollar volume of sales in the city checked in at more than $1,000,000,000.

"There are lots of jobs, lots of demand for housing, the rental market as we know, has really tightened, so I think that's all really helping out," says Fay.

2007 is regarded as a record year in Regina real estate. It was a period of major population growth and supply shortage, which spurred the market still in play today.

Gord Archibald is the executive officer with the Association of Regina Realtors.He says despite the rising cost of owning a home, there are still plenty of options for first time buyers, especially those looking to get out of the increasingly competitive renter's market.

"Mortgage rates are at or near historical lows, so that makes a big difference in monthly outlay for a new homebuyer. There's the homebuyer's plan where one can borrow from their RSP if they choose to do that and there's some government assistance programs for first time buyers around right now," says Archibald.

With many financial pundits anticipating continued growth from Saskatchewan in 2012, the real estate market is also expected to follow suit.

Source: http://regina.ctv.ca/servlet/an/local/CTVNews/20120105/sas-reginamarket-120105/20120105/?hub=Regina

Apartment vacancies hit 10-year low: Reis

2012-01-04T22:13:00.000-08:00

(Reuters) - U.S. apartment vacancies fell to a 10-year low in the fourth quarter and rents continued to rise as the economy showed signs of growth. real estate research firm Reis Inc said on Thursday.

Those trends should continue this year, the firm added, with rents increasing sharply as vacancies decline.

Reis said the nationwide vacancy rate fell to 5.2 percent, a level last seen in late 2001. It is also lower than the lowest vacancy rate seen during the last cycle, in 2006, before vacancies started to soar because of the financial crisis.

Asking rents rose 0.4 percent in the quarter, while effective rents -- what the tenant actually pays on an annual basis after discounts -- rose 0.5 percent. Nearly 90 percent of the markets surveyed reported higher effective rents, the firm said.

"The fourth quarter tends to be a weaker leasing period given that most households make moving decisions in the second and third quarters, but the apartment sector exceeded expectations once again, ostensibly due to heightened economic activity in the last three months," Reis's research head, Victor Calanog, said in a commentary.

Apartment supply was tightest in the college town of New Haven, Connecticut, with a vacancy rate of 2.1 percent, followed closely by New York City at 2.4 percent.

Rent growth was highest in San Francisco, where effective rents grew 1.7 percent in the fourth quarter to $1,865.

Over the course of the year, the biggest decline in the vacancy rate was in the cities of Charleston, South Carolina, and Greensboro, North Carolina.

One of the key factors driving the tightening market, Reis said, was a lack of supply. Some 37,678 new apartment units came to market in 2011, the firm said, the lowest total in 31 years of data and nearly 25 percent less than the prior low.

That should change, though, as developers are drawn to what has been the best-performing real estate sector of late.

"By 2013 the influx of new units may begin eroding any benefit the sector derives from tight supply conditions," Calanog said.

Source: http://www.reuters.com/article/2012/01/05/us-apartment-vacancies-idUSTRE80407Y20120105

Aspen-area real estate sales end 2011 flat compared with 2010

2012-01-03T21:26:00.000-08:00

A frenzy in the upper end of the Aspen-area real estate market wasn't enough to sustain a rally in 2011 over 2010.

Realtors said 2011 will be remembered most for strong sales in the $10 million to $20 million range. But it also could be remembered for things that might have been.

The market looked like it was storming back to life during the first half of 2011, but it fizzled in the second half. A poor performance in December left 2011 essentially flat compared with 2010 in total dollar volume. The Pitkin County real estate market had particularly rough months in July (down 47 percent from the same month the prior year), October (down 54 percent) and December (down 38 percent).

Property transfers of all types totaled $1.27 billion in sales in 2011, according to deeds recorded in December at the Pitkin County Clerk and Recorder's Office and a report on sales through November compiled by Land Title Guarantee Co. There was $1.26 billion in sales in 2010.

The number of transactions increased 10 percent to 756 in 2011 from 689 the prior year.

Realtors examine statistics in a lot of different ways, so assessments of 2011 performance vary. Some just look at free-market residential property in Aspen and Snowmass Village rather than property sales of all types throughout the county. Looking at countywide statistics from one year to the next provides a glimpse at the big picture.

The total dollar volume for the first half of 2011 was up 24 percent over 2010, lining up the real estate industry for its best year since 2007. But the uncertainty over the U.S. debt crisis and ongoing economic turmoil around much of the world, particularly in Western Europe, cooled activity, said Brian Hazen, vice president for Coldwell Banker Mason Morse.

Nevertheless, there were signs of strength in the Aspen and Snowmass Village part of the market, especially in the $10 million to $20 million range, Hazen said. His analysis showed that during calendar year 2010 there were 13 sales of homes in that high-end price range for a total of $182 million. Last year there were 18 sales of homes between $10 million and $20 million for a total of $278 million.

Steven Shane, owner of SDS Real Estate, said sales of unique high-end properties continued to “flourish” in 2011 “if [sellers] have adjusted their pricing to a certain extent.”

Buyers are out there, he said, but they are doing their homework, and they are determined not to pay more than what they believe the market dictates.

“They didn't get to that level by being stupid,” Shane said.

Sellers are generally responding with discounts. There is enough inventory to maintain a buyers market. Sellers who have the financial wherewithal to hold steady on prices will likely see their property sit for some time, Shane said.

The Aspen-area real estate market remained challenging in 2011 in the sense that “buyers continue to have a sense of entitlement,” Shane said. Many buyers come from markets that were hit harder than Aspen by the recession, so that feeds their expectations for discounts. Aspen-area prices generally fell by about 30 percent.

Brent Waldron, broker associate with Chaffin Light Real Estate, said generalizations really don't apply to 2011. There were record sales early in the year but also incredible discounts necessary to move property, he said.

Waldron said the first half of 2011 was bouyed by a handful of record price sales. That made it appear the market was stronger than it really was, he said.

“I think it was a false rally,” Waldron said. “There were some remarkable sales that really weren't indicative of the market.”

Hazen said there has been a “slight appreciation” recently in the prices for the best properties in the high-end market, thanks in part to good absorption of inventory.

“It certainly has bottomed out — probably a year ago, frankly,” Hazen said.

Many distressed sellers scrambled to unload their property in 2009 and 2010. In 2011, there were 47 bank sales of property in Pitkin County through November, accounting for $32.3 million in sales, according to Land Title Guarantee Co.

Shane said the best of the “value sales” are long gone. Sellers still need to offer discounts to complete a deal because buyers have so many options.

“Whatever seller wants to play ball is the one that wins,” Shane said.

Another development is the lack of new home inventory. Shane said spec builders put the brakes on development after the recession. But the new home inventory has evaporated, and spec builders are taking note. He expects some new spec homes to come on the market before 2012 is over.

Shane said most of the buyers he encounters are “superstars of the financial world.” There is a perception that Aspen is attracting a lot of buyers from specific international markets, but he thinks that is more myth than reality.

Even with the strength of the high-end market, the average and median prices of single-family homes in Pitkin County fell in 2011. Through November, the average price was $4.21 million or a decrease of 3 percent from the average price in 2010, according to Land Title Guarantee Co.

A median price of $2.84 million for single-family homes in Pitkin County was down 11 percent through November compared with all of 2010.

Shane and Hazen both said they see the potential for further recovery of the upper-valley real estate market in 2012. Annual sales dollar volume won't return to the $2.5 billion level from pre-recession years, Shane said, but it could easily increase from $1.27 billion racked up this year.

The key for successful brokers is to be creative, he said.

“It's not business as usual. It's business as unusual,” Shane said.

Source: http://www.fnno.com/story/moving-average-crossovers/331-pennsylvania-real-estate-investment-trust-bullish-moving-average-crossover-alert-pei-moving-

Real Estate Investing May Always Be a Lucrative Business

2012-01-02T22:35:00.001-08:00

In recent months thеre haѕ bеen а lot оf talk аbout а crash іn the real estate market.

Analysts predict а housing bust. News reports іndicаtе that home sales аrе declining in sеvеral markets аll ovеr thе country. This paints the picture that real estate investing iѕ nо longer а lucrative business. Investors аll оver thе country are advised tо gеt out оf the game aѕ quickly aѕ рoѕsiblе tо avoid losses.

What analysts and news reports don’t tеll yоu is thаt еverу decade fоr the past forty years thеre hаs been ѕоmе kind оf warning аbоut а crash іn thе real estate market. Each time thesе warning cоme out, people begin to mistrust real estate investing.

They turn thеіr sights to оthеr forms оf investing. Analysts tо preach this gloom аnd doom on the real estate market аlsо do not understand thаt real estate investing іѕ muсh different than stock investing. The ѕamе rules аnd trends do not apply.

Every decade whеn analysts state thеіr predictions fоr a real estate market crash there arе some real estate investors whо heed thіѕ advice. These investors eventually regret doing ѕо оnсe they realize thаt therе wаs no cаuse for alarm іn real estate investing. Smart investors, on thе other hand, realize thаt therе is alwayѕ money to be made in real estate investing аnd thеy know exactlу why.

Humans hаve only а fеw basic needs. These basic neеdѕ nevеr change, they nеver go away. These nееdѕ include food, clothing, аnd shelter.

The constant nеed fоr shelter lies аt the root оf the reason that real estate investing will remain profitable. Of course, there are somе оthеr key elements, but the lеaѕt уou neеd to know is thаt humans will аlwaуs nееd real estate.

Even іf real estate ѕomehоw dwindles from а structure wіth walls аnd a roof tо а measly hole іn thе ground, it iѕ ѕtill considered shelter. Someone haѕ tо provide theѕe holes in thе ground. Some holes wіll end uр beіng bеtter than other holes. Some people wіll have the means tо buy аnd sell multiple holes. Real estate investing wіll continue tо exist.

The real estate market alоnе wіll never experience a crash. In аll thе years that real estate hаs been around, the market haѕ nevеr crashed. The only time уоu will seе а negative impact оn the entire real estate market iѕ whеn the general market experiences a downfall aѕ well. However, whеn thіѕ happens, thе valuе оf аll other commodities will decrease at the ѕamе time. Even in this case, real estate investing саn still prove to be profitable.

You mіght ѕee a local real estate market decline as а result оf аnothеr catastrophe, ѕuсh аs New Orleans іn the case оf Hurricane Katrina. Because оf a natural disaster, the majority of thе real estate in the area was lost. There wеrе nо properties for homeowners tо purchase. A key thing to know in real estate investing іs that local markets alwауѕ correct themselves. The disastrous loss іn the New Orleans area created а huge opportunity for real estate investing.

Although thе real estate markets in vаriоus cities might fluctuate frоm time to time, thе real estate market aѕ а whоlе will nеver experience а sеriоus decline. This iѕ thе reason thаt real estate investing will remain а lucrative form оf investing.

Records show thаt over thе long term real estate hаs alwаys increased in valuе аnd thеre іѕ nо good reason whу thiѕ will nоt continue.

Source: http://www.climbthenet.com/real-estate-investing-may-always-be-a-lucrative-business/2506

Investors see commercial real estate as a good bet

2012-01-02T03:44:00.000-08:00

Despite the economy, investors are bullish on the prospects for office buildings, the largest commercial real estate sector, a survey finds. Apartments are viewed as the most favored category.

As 2011 came to a close, some commercial real estate experts found promising signs in often troubled markets.

The office market is gaining interest from investors amid a mixed bag of property-related economic fundamentals such as improvement in employment and business expansions, a recent survey showed.

Commercial real estate continues to offer attractive yields compared with alternative investment vehicles, said respondents to a quarterly poll by consulting firm PricewaterhouseCoopers.

"Despite a sluggish U.S. economic outlook, the majority of surveyed investors view commercial real estate as favorably priced and a good play," said Mitch Roschelle, the U.S. real estate advisory practice leader at PwC, as the firm brands itself.

Investors are bullish on the general prospects for office buildings, the largest commercial real estate sector. They expect to see occupancy stabilizing and rents rising in many markets this year. Most attractive are office districts that have abundant tenants in technology or energy businesses.

Rent growth is expected to be highest in San Francisco, New York and the Pacific Northwest. Los Angeles ranked ninth among 51 markets as a desirable place to invest.

Newer, well-located industrial and retail properties are sought out by investors, but apartments took the crown as the most favored real estate category.

"Investors continue to view the apartment sector as an attractive play in delivering steady cash flows driven by solid rental demand and rising rents," said Susan Smith, editor in chief of PwC's survey. "As a result, investors view this sector as a hotbed for further investment activity."

Architects report rise in contracts

The nation's architects reported a slight improvement in business in November, the first uptick in four months.

Architectural contracts are a leading indicator of construction activity, with a lag time of about nine months to a year between the awarding of contracts and construction spending.

The American Institute of Architects, the leading trade group for the profession, said its index of "work on the boards" reported by architects was 52, following a score of 49.4 in October. Any score above 50 indicates an increase in billings.

"Hopefully, this uptick in billings is a sign that a recovery phase is in the works," said Kermit Baker, the institute's chief economist. "However, given the volatility that we've seen nationally and internationally recently, we'll need to see several more months of positive readings before we'll have much confidence that the U.S. construction recession is ending."

The West lagged behind the rest of the country in November billings with a score of 45.6.

Law firm to occupy Riverside tower

One of Riverside's oldest law firms, Best Best & Krieger, has agreed to rent 35,000 square feet in the Citrus Tower office building being built there.

The domed, six-story tower at 3390 University Ave. is the only office building under construction in Riverside and San Bernardino counties, according to Lee & Associates. The real estate brokerage represented landlord Regional Properties Inc. in the lease.

Real estate specialists familiar with the Inland Empire valued the 10-year deal at more than $14 million. Citrus Tower is expected to be complete by April.

Source: http://www.latimes.com/business/la-fi-property-report-20120102,0,6879054.story

Home prices in largest U.S. cities fall in October from September

2011-12-27T23:07:00.000-08:00

Home prices in the nation's largest cities fell in October for the second straight month, suggesting that prices will head down further next year and dashing hopes that the sluggish housing market was headed for an upturn.

The Standard & Poor's/Case-Shiller index, a measure closely followed by economists, showed price drops in 19 of 20 cities since September. Overall, the price index slipped 1.2% month over month and fell 3.4% compared with October 2010.

The decline is typical of the season, when home buyers back off after the busy summer period. But coming off five straight months of increases through August, the retreating prices in the fall suggest that weakness in the market may stretch into 2012.

Atlanta was on particularly shaky ground, according to Case-Shiller data. The price index there declined 5% in October after falling 5.9% in September and was down 11.7% over the last 12 months. Atlanta, Cleveland, Detroit and Las Vegas had average prices that were lower than they were in January 2000.

In Los Angeles, the Case-Shiller index recorded a monthly decline of 1.5% in October after sliding 0.8% in September. Year over year, L.A. prices are down 4.9%, as measured by the index.

San Diego fell 0.6% from September and was down 4.5% from October 2010. In San Francisco the pattern was almost the same, with the price index off 0.7% from September and down 4.7% from a year earlier.

"In the October data, the only good news is some improvement in the annual rates of change in home prices," said David M. Blitzer, chairman of the index committee at Standard & Poor's. In 14 of the 20 cities tracked, the rate of the annual decline in home prices slowed.

Home prices appeared to be stabilizing earlier this year, but that may have been an illusion produced by a temporary reduction in foreclosures, economist Patrick Newport of consulting firm IHS Global Insight said in a research note. The foreclosure pipeline was slowed after media reports that some lenders cut corners when processing their foreclosures.

More than 6 million homeowners — 12.6% of the homeowners with mortgages — were either delinquent on their payments or in foreclosure at the end of the third quarter, the Mortgage Bankers Assn. said. About 22% of residential properties with mortgages were underwater at the end of the third quarter, meaning that the homeowners owed more on their loans than the properties were worth, according to CoreLogic data.

"Add to this the currently high unemployment and underemployment rates, one gets a recipe for further price declines," Newport said in a research note. "Our view is that foreclosures, excess supply and weak demand will drive prices down another 5% to 10%."

Should the economy slip into a recession, the unemployment rate will climb, driving foreclosures up and leading to an even larger drop in home prices, Newport said. He rated the chance of another recession a 35% probability.

The Case-Shiller index, created by economists Karl E. Case and Robert J. Shiller, is widely considered the most reliable read on home values. The housing index compares the latest sales of detached houses with previous sales and accounts for factors such as remodeling that might affect a house's sale price over time.

The index also provides seasonally adjusted data. S&P has warned that the adjusted data are unreliable because the high number of distressed properties has distorted the market.

The Case-Shiller data cast a pall on recent, more promising market feedback. Last week, the Commerce Department said construction of new homes and apartments was up 9.3% last month from October and up 20.1% compared with November 2010.

Home sales in California were up 4% in November compared with the same month a year earlier, though they fell 4.2% from October, according to real estate research firm DataQuick. The median home price in the state in November was $244,000, down 4.3% from a year earlier but up 1.7% from October, the report found.

Source: http://www.latimes.com/business/realestate/la-fi-housing-prices-20111228,0,541656.story

UK Tax Rules Draw Property Investors

2011-12-26T22:00:00.000-08:00

LONDON – London’s reputation as an international metropolitan center brought swarms of overseas investors to the city in 2011 in the search for real estate, but the use of overseas companies has allowed the buyers to skip out on nearly GBP 750 in taxes for the purchase.

In 2011 foreign residents purchased GBP 4.3 billion worth of real estate in the city of London, and the current tax rules in the UK meant that the properties were levied at a reduced tax rate, costing the HM Revenue and Customs over GBP 750 million in lost tax revenues. Under current regulations, properties worth over GBP 1 million which are purchased by a foreign company are only subject to a 0.5 percent stamp duty, compared to the regular stamp duty rate of 5 percent.

According to experts, more than 65 percent of all properties available in London in 2011 were purchased by overseas residents, who were mainly from the Middle East or countries of the former Soviet Union. London’s popularity as an investment destination has been attributed to the simplicity of the UK’s regulations for purchasing property, and the current rules which allow real estate to be held anonymously by companies registered in offshore jurisdictions.

According to estimates published by the British press, nearly 9000 new homes and apartments are being built over the next 9 years in order to meet the current demand for new property investments.

Source: http://www.taxationinfonews.com/2011/12/uk-tax-rules-draw-property-investors/

Real estate bill is against consumer interest

2011-12-25T21:58:00.001-08:00

It is common knowledge that most builders blatantly engage in various malpractices-be it delay in construction, use of substandard materials, deviation from sanctioned plans, failure to obtain the occupation certificate, avoiding the formation of a co-operative society, illegal sale of parking and other open areas, misappropriation of advance monies taken for maintenance etc. Flat purchasers are always at the receiving end, with builders flouting the provisions of the Maharashtra Ownership Flats Act. The only viable, time-tested and effective remedy available to a flat purchaser to fight the might of the builder was through the redressal mechanism provided under the Consumer Protection Act.

Will consumers get better protection with the introduction of the real estate (regulation & development) bill by the ministry of housing and urban poverty alleviation? Though this new legislation appears to project a rosy picture, an analysis of the various provisions will show that in reality it will be beneficial to builders at the cost of the flat purchasers.

Under Section 2 (c) of the new law, by a legal fiction, opens spaces are included under the definition of "apartment". Once the bill is passed, builders will be legally entitled to sell the open spaces (like parking space, terrace and private garden) for independent and private use. At present, as per the interpretation of law by the Supreme Court, sale of open spaces by a builder is illegal, as the land and other open spaces would belong to the society. The new law will help builders overcome this well reasoned judgment and profiteer by selling the open spaces.

Section 3 of the bill provides that a builder must compulsorily be registered with the real estate regulatory authority for plots measuring 4000 sq. metres or more. Most of the buildings are constructed on smaller plots. Hence this provision will not be applicable to most builders.

Section 18 of the bill provides for establishment of the real estate regulatory authority comprising of one chairperson and two members. There law does not mandate the appointment of any judicial officer on the authority. So, given the way our country functions, the appointments may be made to favour persons with the "right connections". The composition of the authority and its strength of three members will be inadequate to cope with the construction and development projects being carried out throughout the country. Also, it would be difficult for the common man to approach a remote centralized authority.

Similarly, the real estate appellate tribunal comprising nine members, to be constituted under section 35, will be unable to set up Benches throughout the country to deal with disputes. Accessibility to the redressal mechanism will become more difficult and costly.

Section 46 provides that the order of the tribunal can be enforced like the decree of a civil court. This proceeding is lengthy, cumbersome and costly. Unlike the consumer fora, the authority or tribunal under the new bill does not have power to adopt penal proceedings/criminal prosecution for non- compliance. Such proceedings would have to be initiated by the authority or tribunal by filing a complaint before a criminal court, and the flat purchaser would not have any idea about what is happening in such pro-ceedings.

Section 47 provides that the decision of the appellate authority would have to be challenged before the Supreme Court. The quality of adjudication by the authority with no judicial member would be questionable. The rates of appeal would be high. The cost involved would also be high. The tribunal would not be easily accessible to the common man. The three-tier redressal system under the Consumer Protection Act would be much more effective and economical.

The most anti-consumer provision of the new law is Section 60, which states that no injunction shall be granted by any court or other authority in respect of any action taken or to be taken in pursuance of any power conferred by or under this Act. The new law, thus, takes away the alternative, efficacious remedy which was hitherto available to a flat purchaser under the Consumer Protection Act.

Source: http://timesofindia.indiatimes.com/city/mumbai/Real-estate-bill-is-against-consumer-interest/articleshow/11248135.cms

How To Get Profit In Real Estate Flipping?

2011-12-23T20:54:00.000-08:00

Profit is the obvious benefit and sought after benefit of flipping real estate, if you are still learning how to buy a home then flipping is not for you. This is one incredibly tangible benefit, particularly when the profits are large and quick to come on your way. Of course there are some risks. Most ventures that offer high profit also come with a high degree of risk. Flipping real estate any market will require you to become familiar with that market the Santa Maria real estate market differs from the Detroit market for example.

Let us talk about profit first. Profit is one reason that most people get into this business. A long day and a hard work is definitely not the type of work one would ordinarily undertake for the simple love of getting one’s hands dirty. This is real work that leaves you bone weary at the end of the day. However, when all the work is done and you get around to making the sell, you will find that the profit involved in a successful flip is well worth the effort you’ve put into the process.

The good news is that the savvy investor can still manage to make money even when the situation may not work out quite as planned. This is yet another benefit to flipping real estate. If the flip doesn’t work out, there is always the option of leasing to own the property or renting out the property. The profits in these situations are considerable less than a straight out flip but it can prevent financial ruin that is often the risk of a flip gone wrong. The fact that there are options and that you aren’t necessarily left ruined at the end of a bad flip is definitely a benefit. There aren’t many types of investments that allow you the option to save yourself the way real estate does.

One of the intangible benefits of flipping houses is that you are in essence working for yourself. In other words you do not have to punch a time clock or worry about overtime (at least not on your part). This can be a bad thing too if you lack the discipline required to get the job done. However, most of us will view this as a huge check in the pros column when deciding whether or not to take the plunge into the wonderful and frightening world of real estate investing.

Even though this is a business that requires a lot of work in order to turn an attractive profit, there is some satisfaction at the end of the day involved in knowing that you are working for yourself and not to make someone else wealthy or in order to punch a time clock. That feeling of satisfaction is one that you should hang onto when the brand new toilet you’ve just installed becomes a geyser. Of course there are mistakes along the way, what other job keeps you on your toes quite like this one?

Real estate investing, house flipping in particular, can be one of the most frustrating types of investments one can pursue. But many have made tons of money by flipping homes in Santa Maria and at the same time it can also be one of the most rewarding mentally, spiritually, and financially. This is something you should keep in mind when deciding whether or not this is the right path for you. Just be sure to be that hard-working one to earn a good profit, if you are diligent enough, you will get your target and surely you will have a good profit which will pay all your efforts for the hard work.

Source: http://southjerseyrealestateagent.com/?p=8148

Fairfax Media buys 50% of Melbourne real estate rival for $35 million: Midday roundup

2011-12-22T21:49:00.000-08:00

Fairfax Media will pay $35 million for a 50% stake in a rival Melbourne real estate publication set up by a former Age staffer just last year.

Under the widely anticipated deal, Metro Media Publishing will house both its assets and that of Fairfax Community Newspapers in Victoria.

Antony Catalano, who founded Metro Media Publishing last year after a long career with the Melbourne broadsheet, will lead the bulked-up group.

Catalano launched The Weekly Review in April 2010 in partnership with a number of real estate agencies after serving out a non-compete period following his departure from the position of advertising director at The Age.

The glossy magazine took about $20 million in real estate advertising from Fairfax when it started being distributed to home owners in Melbourne’s wealthy eastern suburbs.

Fairfax acquired 50% of MMP by purchasing equity stakes from some existing MMP shareholders.

Catalano has a private stake alongside real estate agents – Kay & Burton, Jellis Craig, Marshall White and Bennison Mackinnon, plus several others.

The deal is subject to ACCC approval.

Dick Smith faces investigation over shonky hard drive sale

Electronics chain Dick Smith could face fines and compensation claims if it is found to have misled consumers about their goods and services, after a storm over a customer buying what he believed to be a new disc drive only to find it held malware-infested pirated films.

Questions are now being raised about whether the sale of second-hand electronic goods is more commonplace than expected, with consumers complaining on tech sites and Twitter about the purchase of “new” products which were in fact second-hand.

According to reports, the Fair Trading Commission is set to conduct a formal investigation into whether the practice is “widespread and systemic” and says retailers who mislead customers about the nature of goods could face fines of up $1.1 million per offence.

The Australian Competition and Consumer Commissioner said it couldn’t “confirm or deny any correspondence that we’ve had with Fair Trading.”

Dick Smith told Fairfax the sale of the used good was a one-off.

The Australian sharemarket up in early trade, but to close year down 600 points

The Australian sharemarket is up almost 1% in early trade, on the back of positive leads, but is set to end the year well down.

At just before 11pm in the last trading day before Christmas, the S&P/ASX 2000 was up 0.94% to 4129.2 and the All Ordinaries index was up 0.89% to 4179.0.

This means it will be down almost 600 points or more than 13% through 2011.

Overnight, Wall St rose on positive employment data. The S&P 500 Index was up 0.83%.

Over the year, the US market is down 1.3%.

Source: http://www.smartcompany.com.au/advertising-and-marketing/20111223-fairfax-media-buys-50-of-melbourne-real-estate-rival-for-35-million-midday-roundup.html

Miami Real Estate Market Continues Winning Streak in November, Prices Rise Fourth Consecutive Month

2011-12-21T21:07:00.000-08:00

(MIAMI, FL) -- Today the Miami Association of Realtors reported that sales of existing single-family homes in the Miami Metropolitan Statistical Area (MSA) rose 11 percent in November, from 679 to 755, compared to November 2010. Sales of existing condominiums increased 2 percent, from 1,039 to 1,064, compared to November 2010.

Statewide sales increased 11 percent to 12,993 for single-family homes and two percent to 5,590 for condominiums compared to November 2010. Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops rose four percent from the previous month and were 12.2 percent above November 2010, according to the National Association of Realtors (NAR).

"Residential real estate sales have consistently risen in Miami-Dade since August 2008," said Jack H. Levine, 2011 Chairman of the Board of the Miami Association of Realtors. "Now, after the relatively rapid absorption of excess housing inventory, we are seeing property prices follow the same pattern. This is very encouraging and reflects market strengthening despite the impediments posed by unnecessary and restrictive mortgage underwriting standards and appraisal challenges."

International Buyers Fuel Cash Transactions

The percentage of cash transactions remained the same at 64 percent, compared to the previous month. Cash sales accounted for 41 percent of single-family and 79 percent of condominium closings. Nearly 90 percent of international buyers in Florida purchase properties all cash. Nationally, all-cash sales accounted for 28 percent of transactions, reflecting the stronger presence of international buyers in the Miami real estate market.

Condominium Prices Rise Again

The effect of short sales and foreclosures on the median and average sales prices for both single-family homes and condominiums has lessened particularly in some areas of the county. In November, 56 percent of all closed residential sales in Miami-Dade County were distressed, including REOs (bank-owned properties) and short sales, compared to 62 percent in November 2010 and 57 percent the previous month.

In November, the median sales price for condominiums rose for the fourth consecutive month. The median sales price of condominiums in November increased 18 percent to $125,000. The median sales price of single-family homes remained the same at $171,300 compared to a year earlier.

"The Miami residential real estate market continues to perform in a healthy and balanced manner, said 2011 Miami Association of Realtors Residential President Ralph E. De Martino. "International buyers in Miami have fueled an unprecedented recovery unlike any other in the nation, increasing demand and limiting supply of homes. We are fortunate because Miami combines all of the attributes that are expected to attract international buyers long into the future."

Statewide median sales prices remained the same at $130,100 for single-family homes and increased four percent to $86,700 for condominiums. The national median existing-home price for all housing types was $164,200 in November, down 3.5 percent from November 2010.

The average sales prices for single-family homes in Miami-Dade County increased 8.2 percent, from $300,369 in November 2010 to $324,846 in November 2011. The average sales price for condominiums increased 21.5 percent, from $193,486 in November 2010 to $226,151 last month.

Inventory Drops 40 Percent in Last Year

The inventory of residential listings in Miami-Dade County has dropped 40 percent, from 24,278 to 14,461 active listings, in the last year. Compared to the previous month, the total inventory of homes dropped 4.4 percent from 15,127. Since August 2008, existing housing inventory has decreased more than 66 percent, down from 43,100.

Total housing inventory nationally fell 5.8 percent to 2.58 million at the end of November compared to the previous month.

Source: http://www.worldpropertychannel.com/north-america-residential-news/miami-home-sales-miami-condo-sales-miami-association-of-realtors-international-real-estate-investors-in-miami-cash-transactions-cash-sales-in-miami-national-association-of-realtors-nar-5112.php

Inland Diversified Real Estate Trust, Inc. Announces August 2012 Close of Offering

2011-12-20T22:55:00.000-08:00

OAK BROOK, Ill., Dec 20, 2011 (BUSINESS WIRE) -- Inland Diversified Real Estate Trust, Inc. ("Inland Diversified") has announced that it will close its current "best efforts" public offering to new investors on August 23, 2012.

Inland Diversified presently is offering up to 500,000,000 shares of its common stock for sale at $10.00 per share and up to an additional 50,000,000 shares of its common stock for issuance under its distribution reinvestment plan at $9.50 per share. Inland Diversified intends to use the proceeds from this offering primarily to acquire a diversified portfolio of commercial real estate. Inland Securities Corporation is the managing broker dealer for the "best efforts" offering.

Inland Diversified, a non-traded real estate investment trust (REIT), focuses on acquiring a diversified portfolio of commercial real estate assets. Inland Diversified is designed to take advantage of opportunities in various property categories, including: grocery-anchored shopping centers, necessity-based retail assets, single-tenant office and multi-family assets. Inland Diversified is not limited to investing in a single asset class.

A copy of the final prospectus for Inland Diversified's offering is available upon written request addressed to Inland Securities Corporation, 2901 Butterfield Road, Oak Brook, Illinois, 60523. The prospectus may also be obtained at the SEC's website at: www.sec.gov , or at the Inland Diversified website at: www.inlanddiversified.com .

About Inland Diversified Real Estate Trust, Inc.

Inland Diversified Real Estate Trust, Inc. ("Inland Diversified") is a public, non-listed real estate investment trust (REIT) that focuses on acquiring and developing a diversified portfolio of commercial real estate. For additional information, please refer to Inland Diversified's website at www.inlanddiversified.com .

This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical, including statements regarding management's intentions, beliefs, expectations, representations, plans or predictions of the future, and are typically identified by such words as "believe," "expect," "anticipate," "intend," "estimate," "may," "will," "should" and "could." We intend that such forward-looking statements be subject to the safe harbor provisions created by Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward looking statements involve numerous risks and uncertainties that could cause actual results to be materially different from those set forth in the forward looking statements.

This is neither an offer to sell nor the solicitation of an offer to buy any security, which can be made only by the prospectus which has been filed or registered with appropriate state and federal regulatory agencies, nor will there be any sale of securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. No regulatory agency has passed on or endorsed the merits of this offering. Any representation to the contrary is unlawful.

SOURCE: Inland Diversified Real Estate Trust, Inc.