Low home prices and low interest rates make this a great time to become an investor. These 5 tips will help you get started.
http://bit.ly/b6HlG4
Monday, April 26, 2010
Saturday, April 24, 2010
The New Rules of Remodeling
You may have noticed the lines at home-improvement stores getting longer or heard the whirring of buzz saws in your neighborhood. After years of economic recession and housing-market malaise, people are starting to fix up their homes again.
http://bit.ly/aPq2Hl
http://bit.ly/aPq2Hl
Friday, April 23, 2010
8 signs of a real-estate rebound
Confused about whether the housing market is coming back? Look for these 8 indicators to determine whether there's good news ahead. Read more>>>>
Thursday, April 22, 2010
Wall Street Journal: Mortgage Delinquencies Decline Again
With mortgage delinquencies falling in March for the second month in a row, some now see "a turning point" for the recession-battered U.S. housing market.
Wednesday, April 21, 2010
Monday, April 19, 2010
CNN Money: 6 Biggest Mistakes Buyers Make
Buying a home is the biggest purchase most people will ever make, yet many go into it blind. Here are the 6 most common -- and costly -- mistakes homebuyers make.
1. Not knowing your credit score
2. Buying a car before a house
3. Skimping on home inspection
4. No lawyer
5. No contingincies
6. Not budgeting for insurance
http://money.cnn.com/galleries/2010/autos/1004/gallery.Costly_homebuying_mistakes/6.html
1. Not knowing your credit score
2. Buying a car before a house
3. Skimping on home inspection
4. No lawyer
5. No contingincies
6. Not budgeting for insurance
http://money.cnn.com/galleries/2010/autos/1004/gallery.Costly_homebuying_mistakes/6.html
Friday, April 16, 2010
Thursday, April 15, 2010
What Real Estate Traits Actually Do and Don't Make Home Occupants Happy
Neuroscientific evidence on what real estate traits actually do and don't make a home’s occupants happy http://ow.ly/1xXn2
Tuesday, April 13, 2010
Interest in investment properties triples
A new survey also finds that half of Americans who plan to purchase a home in the next five years would be first-time buyers. Read more>> http://bit.ly/cgzusx
Friday, April 9, 2010
2.6 Million Awarded in Chinese Drywall Suit
A federal judge recommends that homeowners living with the corrosive drywall gut their homes to the studs.
Posted by Mai Ling at MSN Real Estate on Friday, April 9, 2010 8:14 AM
A federal judge is recommending that plaintiffs awarded $2.6 million rip out their Chinese drywall and remaining interior to the studs. (© J Pat Carter/AP)The suffering may soon be over for some homeowners living with Chinese drywall.
A judge on Thursday awarded $2.6 million to seven Virginia families for damages to their homes caused by the sulfur-emitting drywall that corrodes electrical wiring, metals and more.
But the New Orleans federal judge took the case one step further by not only recommending that the drywall be removed, but also that the homes be gutted down to the studs, according to the Sun Sentinel.
* 6 surprising findings from the Chinese drywall report
Earlier this month we wrote about the federal government urging residents living with Chinese drywall to replace the drywall as well as any other corroded household items, such as electrical components and wiring, gas service piping, fire suppression sprinkler systems, smoke alarms and carbon-monoxide alarms.
U.S. District Judge Eldon Fallon added air-conditioning systems, insulation, carpeting and most appliances to the list.
USA Today says that this is the first in a series of lawsuits concerning Chinese drywall that Eldon is presiding over, and that thousands more will be decided at the state level.
But it's still unclear how the plaintiffs will collect the the $2.6 million they've been awarded since foreign companies aren't subject to decisions made in U.S. courts.
* It's too late for families driven to bankruptcy because of Chinese drywall
Plaintiffs' lawyers have said they would try to seize U.S. vessels from the drywall company named in the suit, Taishan Gypsum Co., which USA Today says hasn't responded to lawsuits.
However, a company named in another case that Eldon presided over in March but has yet to rule in, Knauf Plasterboard Tianjin Co., has been cooperating with U.S. courts. From USA Today:
In a statement, Knauf Plasterboard said Fallon's findings in the Virginia case were "distinct from the cases against KPT." The company said it would work with federal and state regulators and others "in evaluating the concerns about drywall manufactured in China."
Despite plaintiffs' expected struggles to collect their award in the suit decided Thursday, they still could be considered among the luckier victims. At least they know where their drywall came from.
* Who are the prisoners of drywall?
According to an earlier article in The New York Times, many of the drywall sheets imported from China simply say "Made in China," and that even if homeowners could track the company that produced or imported them, many since have disbanded or simply cannot be found.
That hasn't stopped homeowners, homebuilders, contractors, drywall installers and others from filing lawsuits against Chinese drywall manufacturers as well as each other. And homeowners also are suing American drywall suppliers, insurance companies, distributors and homebuilders.
* 5 of the craziest Chinese drywall stories
But, in the meantime, The Times writes that many of the bigger homebuilders have been proactive at gutting homes of the tainted drywall, even at a cost estimated at more than $100,000.
And this is just the beginning. So far, the court cases are only dealing with the corrosive qualities of the Chinese drywall. Later this year or in early 2011, USA Today said courts could start hearing cases regarding the health effects of the drywall, which have included nosebleeds, headaches, difficulty breathing and a pervasive rotten-egg odor.
* Will Chinese drywall make you sick?
It's also expected that Congress could step in with relief for Chinese drywall sufferers after the new guidelines to rip out the drywall were issued last month by the Department of Housing and Urban Development and the Consumer Product Safety Commission.
Posted by Mai Ling at MSN Real Estate on Friday, April 9, 2010 8:14 AM
A federal judge is recommending that plaintiffs awarded $2.6 million rip out their Chinese drywall and remaining interior to the studs. (© J Pat Carter/AP)The suffering may soon be over for some homeowners living with Chinese drywall.
A judge on Thursday awarded $2.6 million to seven Virginia families for damages to their homes caused by the sulfur-emitting drywall that corrodes electrical wiring, metals and more.
But the New Orleans federal judge took the case one step further by not only recommending that the drywall be removed, but also that the homes be gutted down to the studs, according to the Sun Sentinel.
* 6 surprising findings from the Chinese drywall report
Earlier this month we wrote about the federal government urging residents living with Chinese drywall to replace the drywall as well as any other corroded household items, such as electrical components and wiring, gas service piping, fire suppression sprinkler systems, smoke alarms and carbon-monoxide alarms.
U.S. District Judge Eldon Fallon added air-conditioning systems, insulation, carpeting and most appliances to the list.
USA Today says that this is the first in a series of lawsuits concerning Chinese drywall that Eldon is presiding over, and that thousands more will be decided at the state level.
But it's still unclear how the plaintiffs will collect the the $2.6 million they've been awarded since foreign companies aren't subject to decisions made in U.S. courts.
* It's too late for families driven to bankruptcy because of Chinese drywall
Plaintiffs' lawyers have said they would try to seize U.S. vessels from the drywall company named in the suit, Taishan Gypsum Co., which USA Today says hasn't responded to lawsuits.
However, a company named in another case that Eldon presided over in March but has yet to rule in, Knauf Plasterboard Tianjin Co., has been cooperating with U.S. courts. From USA Today:
In a statement, Knauf Plasterboard said Fallon's findings in the Virginia case were "distinct from the cases against KPT." The company said it would work with federal and state regulators and others "in evaluating the concerns about drywall manufactured in China."
Despite plaintiffs' expected struggles to collect their award in the suit decided Thursday, they still could be considered among the luckier victims. At least they know where their drywall came from.
* Who are the prisoners of drywall?
According to an earlier article in The New York Times, many of the drywall sheets imported from China simply say "Made in China," and that even if homeowners could track the company that produced or imported them, many since have disbanded or simply cannot be found.
That hasn't stopped homeowners, homebuilders, contractors, drywall installers and others from filing lawsuits against Chinese drywall manufacturers as well as each other. And homeowners also are suing American drywall suppliers, insurance companies, distributors and homebuilders.
* 5 of the craziest Chinese drywall stories
But, in the meantime, The Times writes that many of the bigger homebuilders have been proactive at gutting homes of the tainted drywall, even at a cost estimated at more than $100,000.
And this is just the beginning. So far, the court cases are only dealing with the corrosive qualities of the Chinese drywall. Later this year or in early 2011, USA Today said courts could start hearing cases regarding the health effects of the drywall, which have included nosebleeds, headaches, difficulty breathing and a pervasive rotten-egg odor.
* Will Chinese drywall make you sick?
It's also expected that Congress could step in with relief for Chinese drywall sufferers after the new guidelines to rip out the drywall were issued last month by the Department of Housing and Urban Development and the Consumer Product Safety Commission.
Wednesday, April 7, 2010
Apartment rents continue to grow in US; worst may be over
Submitted by Malini Ranade on Wed, 04/07/2010 - 03:37.
Apartment rents continue to grow in US; worst may be overIf the trend seen in the apartment rent segment is anything to go by, then the real estate is out of the recession. This segment has seen a positive growth during the first quarter this year.
The rise in rents has come after five months of decline and that is the good news in the growth story. It also means that the apartment vacancy rate, which was at the highest level of 8 per cent, has also come down.
This information was revealed by a research firm, Reis Inc. In the 70 top US markets which were studied by it, 60 showed an increase.
Most of the increase was visible in Miami followed by Seattle and New York. This is unlike what happened last year when all the big cities showed a decline in the rental segment.
The Reis report showed that the rents increased by 1.6 per cent in Miami which was followed by New York, where it grew by 0.9 per cent.
Talking about this, the director of Reis, Victor Calanog said that most of the markets have bottomed out and are moving towards recovery
Apartment rents continue to grow in US; worst may be overIf the trend seen in the apartment rent segment is anything to go by, then the real estate is out of the recession. This segment has seen a positive growth during the first quarter this year.
The rise in rents has come after five months of decline and that is the good news in the growth story. It also means that the apartment vacancy rate, which was at the highest level of 8 per cent, has also come down.
This information was revealed by a research firm, Reis Inc. In the 70 top US markets which were studied by it, 60 showed an increase.
Most of the increase was visible in Miami followed by Seattle and New York. This is unlike what happened last year when all the big cities showed a decline in the rental segment.
The Reis report showed that the rents increased by 1.6 per cent in Miami which was followed by New York, where it grew by 0.9 per cent.
Talking about this, the director of Reis, Victor Calanog said that most of the markets have bottomed out and are moving towards recovery
Tuesday, April 6, 2010
Dollar parity keeps Canadian buyers in U.S. real estate
By Tania L. Haas
TORONTO (MarketWatch) -- As the Canadian currency reaches parity with the U.S. dollar, more of that country's residents, like the bird represented on its coins, are flocking south to find a second home in the sun and sand.
Lawrence Yun, chief economist at the National Association of Realtors (NAR), says about 27,000 Canadians bought vacation homes in the U.S. last year, and that it looks like the Canadian influx is slated to continue through 2010.
Experts expect the currency known as the loonie to continue to appreciate over the next several months, sending Canadian buyers on a shopping spree in Florida, California and Arizona.
The Canadian dollar hit parity Tuesday morning, then slipped away, after oil prices rose to the highest level in nearly two years.
"We have almost all the stars aligned for the Canadian dollar," said Camilla Sutton, director of foreign exchange at Scotia Capital in Toronto. "We have oil and a whole host of commodities at 18 to 20 month highs. Sentiment is very, very strong. And one of the most important things is relative sovereign risk, and on that note, Canada stacks up very well."
Another factor contributing to the loonie's climb: rising interest rates. The Bank of Canada is positioned to be raising interest rates before the Federal Reserve.
"We see the Bank of Canada raising interest rates in July and in September while the Fed, facing a much wider gap in U.S. unemployment, could be quite a bit more patient," said Avery Shenfeld, chief economist at CIBC World Markets in Toronto.
The Canadian dollar reached its peak at $1.10 (U.S.) in November 2007. The last time the loonie danced with parity was back on July 22, 2008, when it hit $1.0001 US.
"It was a very violent drop through parity, and we didn't stay there longer than a few months. And then we hovered on either side of parity for a few months before the financial crisis hit. So in many ways we are just retracing the steps back towards parity, but at a slower pace. Canada has been dealing with a strengthening currency for almost 10 years now," said Sutton.
Sun, sand and savings
With the appreciating dollar, more and more Canadian home seekers look south to get more value for their dollar.
The NAR found that Canadian buyers led all foreign clients in 2009, approximately 154,000, beating home seekers from the U.K., Mexico, and India.
"I anticipate an even greater number of Canadians will be purchasing U.S. real estate in 2010," said Yun.
Many Canadians, spooked by the volatility of the stock market, are looking to invest their money into property, according to Wayne Levy, with Toronto-based real estate firm Florida Home Finders of Canada. Levy attributes Florida's appeal to its proximity to Eastern Canada, easy access to the ocean from anywhere in the state, low maintenance fees and inexpensive taxes. Also at play: the nostalgia factor.
"So many of our clients have been there as kids," said Levy. "They went to Disneyland with their parents, or spent the odd Christmas with their grandparents down there. You're going for the temperature, but you are also rekindling some of your childhood memories."
Most Canadian buyers, about 22,000, used cash for their U.S. property purchase in 2009.
Mark Borg, a realtor with Prudential Real Estate based in Bonita Springs, Florida, has seen an increase in Canadian clients with the rising loonie.
"My Canadian clients feel that the price point is extremely great and it's a wonderful time to buy. Primarily they are looking for foreclosures, and there are plenty of them to choose from," said Borg, a native Torontonian who moved to Florida in 1999.
Borg said in his area, which is located between Naples and Fort Myers, the majority of residential sales are foreclosures and short sales. He said the nationalities of his clientele change with fluctuating currencies.
"During the boom time with the regular market, it was primarily foreign nationals from Europe. Now the only foreigners that I deal with are Canadians," said Borg.
Levy and Borg's experiences should come as no surprise. According to the National Association of Realtors 2009 Profile of International Home Buying Activity, Florida was a top state destination for buyers from Canada and Europe.
Commercial market is bird of a different feather
While Canadians may be dominating the American residential scene, they remain minor players in the commercial market. Dan Fasulo, managing director at Real Capital Analytics, said changes in currency rates overtime have less of an impact on decision making in institutional commercial property.
"For most major international investors, real estate is just one arm of a larger operation that usually includes investments in stocks and bonds. All of the currency risk usually gets hedged at the more macro company level for the different investment targets," said Fasulo. "It's not as big an issue in the commercial sector as it is in the residential sector, where it does have a significant psychological impact."
Still the Canadian dollar's rise has made some waves in commercial real estate. Toronto-based Brookfield Asset Management /quotes/comstock/13*!bam/quotes/nls/bam (BAM 25.79, +0.05, +0.19%) said in a note earlier this week it will invest $2.625 billion in equity to fund recapitalization of bankrupt General Growth Properties Inc. /quotes/comstock/13*!ggp/quotes/nls/ggp (GGP 16.26, +0.05, +0.31%) . While retail property developer RioCan said earlier this month it plans to spend at least C$500 million on acquisitions this year, with a particular focus on the U.S. market.
While Fasulo keeps his eye on Brookfield, RioCan, and other property managers like Dundee (D-U), he said the loonie's race toward parity has little impact on commercial transactions.
"At the end of the day it's a smaller market, and there's only so much capital that flows through Toronto, versus to London and New York, where it's basically aggregating the most amount of capital to invest in commercial property around the world," said Fasulo from his London desk.
But in Florida's residential market, "sold" signs keep popping up on the lawns of luxury foreclosed homes with new Canadian residents. For Mark Borg, a Canadian migrant himself, it's a no-brainer.
"In two 12-hour drives," said Borg, "you've got golf, ocean, and an extremely inexpensive home."
Tania L. Haas is a freelance writer in Ontario
TORONTO (MarketWatch) -- As the Canadian currency reaches parity with the U.S. dollar, more of that country's residents, like the bird represented on its coins, are flocking south to find a second home in the sun and sand.
Lawrence Yun, chief economist at the National Association of Realtors (NAR), says about 27,000 Canadians bought vacation homes in the U.S. last year, and that it looks like the Canadian influx is slated to continue through 2010.
Experts expect the currency known as the loonie to continue to appreciate over the next several months, sending Canadian buyers on a shopping spree in Florida, California and Arizona.
The Canadian dollar hit parity Tuesday morning, then slipped away, after oil prices rose to the highest level in nearly two years.
"We have almost all the stars aligned for the Canadian dollar," said Camilla Sutton, director of foreign exchange at Scotia Capital in Toronto. "We have oil and a whole host of commodities at 18 to 20 month highs. Sentiment is very, very strong. And one of the most important things is relative sovereign risk, and on that note, Canada stacks up very well."
Another factor contributing to the loonie's climb: rising interest rates. The Bank of Canada is positioned to be raising interest rates before the Federal Reserve.
"We see the Bank of Canada raising interest rates in July and in September while the Fed, facing a much wider gap in U.S. unemployment, could be quite a bit more patient," said Avery Shenfeld, chief economist at CIBC World Markets in Toronto.
The Canadian dollar reached its peak at $1.10 (U.S.) in November 2007. The last time the loonie danced with parity was back on July 22, 2008, when it hit $1.0001 US.
"It was a very violent drop through parity, and we didn't stay there longer than a few months. And then we hovered on either side of parity for a few months before the financial crisis hit. So in many ways we are just retracing the steps back towards parity, but at a slower pace. Canada has been dealing with a strengthening currency for almost 10 years now," said Sutton.
Sun, sand and savings
With the appreciating dollar, more and more Canadian home seekers look south to get more value for their dollar.
The NAR found that Canadian buyers led all foreign clients in 2009, approximately 154,000, beating home seekers from the U.K., Mexico, and India.
"I anticipate an even greater number of Canadians will be purchasing U.S. real estate in 2010," said Yun.
Many Canadians, spooked by the volatility of the stock market, are looking to invest their money into property, according to Wayne Levy, with Toronto-based real estate firm Florida Home Finders of Canada. Levy attributes Florida's appeal to its proximity to Eastern Canada, easy access to the ocean from anywhere in the state, low maintenance fees and inexpensive taxes. Also at play: the nostalgia factor.
"So many of our clients have been there as kids," said Levy. "They went to Disneyland with their parents, or spent the odd Christmas with their grandparents down there. You're going for the temperature, but you are also rekindling some of your childhood memories."
Most Canadian buyers, about 22,000, used cash for their U.S. property purchase in 2009.
Mark Borg, a realtor with Prudential Real Estate based in Bonita Springs, Florida, has seen an increase in Canadian clients with the rising loonie.
"My Canadian clients feel that the price point is extremely great and it's a wonderful time to buy. Primarily they are looking for foreclosures, and there are plenty of them to choose from," said Borg, a native Torontonian who moved to Florida in 1999.
Borg said in his area, which is located between Naples and Fort Myers, the majority of residential sales are foreclosures and short sales. He said the nationalities of his clientele change with fluctuating currencies.
"During the boom time with the regular market, it was primarily foreign nationals from Europe. Now the only foreigners that I deal with are Canadians," said Borg.
Levy and Borg's experiences should come as no surprise. According to the National Association of Realtors 2009 Profile of International Home Buying Activity, Florida was a top state destination for buyers from Canada and Europe.
Commercial market is bird of a different feather
While Canadians may be dominating the American residential scene, they remain minor players in the commercial market. Dan Fasulo, managing director at Real Capital Analytics, said changes in currency rates overtime have less of an impact on decision making in institutional commercial property.
"For most major international investors, real estate is just one arm of a larger operation that usually includes investments in stocks and bonds. All of the currency risk usually gets hedged at the more macro company level for the different investment targets," said Fasulo. "It's not as big an issue in the commercial sector as it is in the residential sector, where it does have a significant psychological impact."
Still the Canadian dollar's rise has made some waves in commercial real estate. Toronto-based Brookfield Asset Management /quotes/comstock/13*!bam/quotes/nls/bam (BAM 25.79, +0.05, +0.19%) said in a note earlier this week it will invest $2.625 billion in equity to fund recapitalization of bankrupt General Growth Properties Inc. /quotes/comstock/13*!ggp/quotes/nls/ggp (GGP 16.26, +0.05, +0.31%) . While retail property developer RioCan said earlier this month it plans to spend at least C$500 million on acquisitions this year, with a particular focus on the U.S. market.
While Fasulo keeps his eye on Brookfield, RioCan, and other property managers like Dundee (D-U), he said the loonie's race toward parity has little impact on commercial transactions.
"At the end of the day it's a smaller market, and there's only so much capital that flows through Toronto, versus to London and New York, where it's basically aggregating the most amount of capital to invest in commercial property around the world," said Fasulo from his London desk.
But in Florida's residential market, "sold" signs keep popping up on the lawns of luxury foreclosed homes with new Canadian residents. For Mark Borg, a Canadian migrant himself, it's a no-brainer.
"In two 12-hour drives," said Borg, "you've got golf, ocean, and an extremely inexpensive home."
Tania L. Haas is a freelance writer in Ontario
Friday, April 2, 2010
The State of Arizona's Luxury Market: Luxury Trails Overall Market, But 2010-2011 Looks to Be Stable & Improving
By Deems Dickinson, CRB
Arizona REALTOR® Magazine - April 2010
When you mention luxury homes in Arizona, most people think of Paradise Valley. However, from Flagstaff to Tucson, Pinetop to Phoenix and points in between, the luxury market in Arizona is vast and wide-ranging in its array of homes and amenities. The luxury home market is as diverse as the Arizona landscape itself. Read more>>
Arizona REALTOR® Magazine - April 2010
When you mention luxury homes in Arizona, most people think of Paradise Valley. However, from Flagstaff to Tucson, Pinetop to Phoenix and points in between, the luxury market in Arizona is vast and wide-ranging in its array of homes and amenities. The luxury home market is as diverse as the Arizona landscape itself. Read more>>
Subscribe to:
Posts (Atom)