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FHA MIP Increase
Posted by Kari Johnson on January 21, 2010 at 3:14pm — 2 Comments
Fannie Mae Announces Deed-for-Lease Program...A Good Idea?
Am I the only one who thinks this is a bad idea? Does this not put more bad debt on the banks, thus making it harder for qualified borrowers to get a loan, encourage defaulting, and more importantly, lead to the… Continue
Posted by Karen Ramsey on November 19, 2009 at 6:30am
House & Senate Approve Home Buyer Tax Credit Extension!
This afternoon, the House voted 403-12 in favor of extending the first-time homebuyer tax credit through April 30, 2010. Today’s vote was following Wednesday’s 98 to 0 approval of the bill in the Senate.
The bill is now en route to President Obama’s desk, where it may be signed as early as tomorrow (Friday). The Dodd-Lieberman-Isakson amendment inclu… Continue
Posted by Karen Ramsey on November 5, 2009 at 8:30pm
Strategic Foreclosure - A Business Decision?
The study found that 26% of the record numbers of home mortgage defaults across the country are "strategic" -- that is, calculated economic decisions to bail out of loans by owners who actually have the money to make the payments but can't handle the negative equity they're carrying caused by local prope… Continue
Posted by Karen Ramsey on October 29, 2009 at 10:24pm
The First Two Foreclosure Mediations for Loan Modification Have Been Scheduled
"The first two mediations under the landmark Nevada Foreclosure Mediation Program (FMP) have been scheduled for September 14.
One of the program’s newly appointed mediators has scheduled the mediations to kick off the program that was created by the Nevada Legislature to help keep financially struggling Nevada residents in their homes. Both mediations involve homes in Las Vegas.
Under the FMP rules, mediators who are assigned… Continue
Posted by Karen Ramsey on August 29, 2009 at 11:56pm
Forum
Rally the Troops!
Home sales continue to rise for the third straight month, interest rates are dropping, and the DOW tops 9,000! There is some good news out there, but is it enough to boost consumer confidence? We are…
Tagged: interest, confidence, rates, sales, rise
Started by Karen Ramsey Jul. 24, 2009.
RealEstateEnvy.com adds a property search feature!
We are pleased to announce that we have implemented the long awaited search listings feature for your viewing pleasure. You can now search all properties for sale in all of Northern Nevada. This will…
Tagged: city, tahoe, for, sale, carson
Started by Karen Ramsey May. 3, 2009.
Interest Rates at Historic Lows!
Interest rates hit a historic low today after the Federal Reserve launched a bold $1.2 trillion effort to lower rates on mortgages and other consumer debt, spur spending and revive the economy. After…
Tagged: lake, sparks, tahoe, fed, sales
Started by Karen Ramsey Mar. 19, 2009.
CNN Money
Money pit: When a cheap foreclosure costs much more
Dusan Tatomirovic found a steal when he bought a foreclosed condo just north of Monterey, Calif., last April for $130,000.6 ways to ensure remodeling pays off
Just a few years ago you could count on getting the bulk of your money back for almost any home-improvement project you took on. Today merely replacing a toilet seat can feel like throwing caution, and cash, to the wind. According to a study from Remodeling magazine, the average return on value for an upgrade declined from 87% in 2005 to 64% in 2009. But these six new rules will help you maximize your return on your remodeling investment.The commercial real estate dilemma
Luckily for banks, the commercial real estate time bomb just keeps on ticking.Lost your house? You still have to pay
As terrible as it is to lose your house to foreclosure, at least it's a relief to put your biggest financial headache behind you, right?Realtor - Magazine
MBA Feels Market Crunch, Sells Headquarters
The Mortgage Bankers Association isn't immune to the softening real estate market either. The trade group has sold its Washington, D.C., headquarters for nearly $40 million less than what it paid in 2007.Are Interest Rates About to Rise?
New York's Federal Reserve Bank president says interest rates will likely climb late next month, but the extent of the rise remains to be seen.4 Reasons to Sell Now
Give your customers some encouragement: Here are four good reasons for them to not wait to sell.Madoff's Manhattan Penthouse Under Contract
The U.S. government seized three of Bernard Madoff's properties and is selling them to reimburse victims of his $65 billion Ponzi scheme.More Owners Optimistic About Home Values
The number of home owners who fear the value of their homes will fall in the next year declined in January to the lowest level since early 2007, according to a new survey.Yahoo - Financial News
Oil below $72 in Asia amid economy doubts (AP)
Oil prices lingered below $72 a barrel Tuesday in Asia as investors remained uncertain about the strength of global economic growth and demand for crude.Asian stocks mixed after Wall St decline (AP)
Asian stocks were mixed Tuesday following Wall Street's overnight decline on lingering worries about high European debt levels.Criminal probe is launched in Conn. plant blast (AP)
Authorities launched a criminal investigation Monday into the cause of an explosion that killed five people at a power plant under construction, saying they couldn't rule out negligence.Governor Schwarzenegger Highlights Jobs Package - REC Solar Hosts Governor's Press Conference (Business Wire)
SAN LUIS OBISPO, Calif.----Governor Schwarzenegger toured REC Solar’s facility in San Luis Obispo and held a press conference to discuss the California Jobs Initiative. REC Solar is recognized as one of the nation’s largest and most respected solar installation companies.President's Ratings Slip To Near Neutral As Support Narrows (Investor's Business Daily)
President Obama continues to lose the support of independents, an ominous sign for Democrats heading into the midterm elections.Wall Street Journal
Mortgage Bankers Sell Building at a Loss
The Mortgage Bankers Association sold its 10-story headquarters building in Washington, D.C., for $41.3 million, well below the $79 million it paid in 2007.Connecticut, Starwood Hit Bump
Connecticut pulled off a coup when Starwood Hotels agreed to relocate its headquarters there. But now there are questions being raised over how the state sealed the deal.China Prepares to Salvage CCTV Tower
Beijing is preparing to rebuild a Rem Koolhaas skyscraper in the complex housing the national broadcaster, a year after fire gutted the structure.Home Builders See Daylight
Fewer write-downs and cancellations along with improved order rates are putting some lift into the depressed home construction market.Lenders Seize Sillerman Resort
Lenders holding the $180 million mortgage on entertainment mogul Robert Sillerman's luxury resort in Anguilla have taken over the half-built project.Loopnet - Commercial Real Estate BLOG
Pricing a Commercial Listing in Today's Market
In 2005, I wrote an article entitled “the Art of Pricing a Deal.” At that time, I stated the risks of overpricing a commercial property were that it ultimately led to a lower sales price and a loss of valuable time. Today, I have heard several theories that a property listing should be priced at 25-30% above its value, as a buyer wants to feel like he or she is receiving a steep discount. I think it’s time to dust off my old article, as properly pricing a commercial property listing is even more relevant today.In the last two years, the average selling price of my commercial property listings has been under 12% from the original asking price. With today’s reduced asking prices, it would be even lower. Currently, I try and price my listings at even less of a spread: about 10% above where I expect them to trade. This seems to generate the most activity as buyers are focused on the best priced listings.
Pricing a commercial property right and taking an aggressive, proactive marketing approach will generate multiple offers today. The days of posting a sign on a commercial property and placing a NY Times ad are over, as the information must be sent out to the masses, the brokerage community, and online listing services such as LoopNet.
There are literally thousands of buyers waiting to pounce on the right opportunity. In this market, I believe buyers feel like there is safety in numbers- if someone else is bidding on it, the listing must be an opportunity. One such case is a former convent that we have under contract in Chelsea. We brought the property to market earlier in 2009 for $3.95m or $619/sf. We received a dozen offers early on between $2.5m-$3.5m. Then we had an asking price offer submitted. As soon as other buyers were made aware of the interest, two more asking price bids came in. Having multiple bidders is essential in any market, as without leverage it is virtually impossible to get a buyer across the finish line.
In all, buyers are willing to bid up to and above the asking price today. They are savvy enough to realize that the discount off an ask doesn’t necessarily equate to a bargain. Furthermore, they choose to focus on the properties priced well and overlook the rest.
What are you seeing in your market? I invite you to weigh in and share your commercial property pricing strategies.
____________________
Guest Blogger: James Nelson, Partner at Massey Knakal Realty Services, New York
James Nelson has been involved in the sale of more than 150 properties with an aggregate value of over $1 billion since 1998. With the exception of the Founding Partners, he has been the company’s top salesperson for the last three years. Currently James is handling over 40 properties with an aggregate sales price of around $300,000,000.
http://www.masseyknakal.com/people/JNelson
LoopNet Offers the First Commercial Real Estate Search App for iPhone Users
Want to be able to search for commercial property anytime anywhere? There's an app for that!
Download the FREE LoopNet iPhone App today.
(iTunes required)
We're ecstatic to be the first to offer CRE professionals easy access to all 745,000 commercial listings on LoopNet.com from anywhere at any time - with technology that suits their busy on-the-go lifestyles. The LoopNet iPhone App was just approved and is now available in the iPhone App Store making it the first Commercial Real Estate Search Application.
With just a tap you can now explore properties in your immediate area, filter through results, get driving directions to a listing and contact the listing broker.
LoopNet iPhone App features:
- Location Finder: explore properties in your immediate area using the iPhone's built in GPS capabilities
- Custom Search: filter results by price, building size and property type (office, industrial, retail, land, multifamily, etc.)
- Driving Directions: use Google Maps to plot properties or email directions to a friend.
LoopNet's FREE Basic Membership lets you search hundreds of thousands of properties for sale and lease. Premium Membership delivers full access to the entire property database.
Property Search
LoopNet Community Involvement... what a year!
2009 marked LoopNet’s highest Community Involvement participation output to date! In fact, LoopNet employees logged more than 1,042 hours of service, benefiting more than 40 organizations through donations and volunteer efforts.
Here are some of our accomplishments for 2009:
- Raised nearly $10,000 for the San Francisco and LA Regional Food Banks.
- Donated 100 toys to children of The Edgewood Center of SF for the Annual Holiday Toy Drive; adopted 3 families for the Christmas holiday.
- Cooked 515 pounds of homemade goodies (mashed potatoes, yams, stuffing, cookies, & macaroni and cheese) to feed 1200 homeless people for Thanksgiving in the Park.
- Collected $3,000 worth of school supplies and funds for underprivileged school age children.
We are hoping to make 2010 an even better year!
LoopNet Success Story
When Joe DeCollibus, with Miami Provisions, set out to lease a warehouse in Florida, he came to LoopNet to find the right property. By taking advantage of the numerous tools that LoopNet provided, Joe was able to save time researching and evaluating potential opportunities.
Setting up a Saved Search & New Listing Email Alert allowed Joe to easily stay updated on newly added listings that matched his search criteria - there was no need to log in and conduct a new search everyday. He was also able to research the local demographics for each listing, giving him additional information to make a more informed decision.
“LoopNet is helpful in so many ways. It is a great tool. I will never look for another property without the use of LoopNet. It allowed me to do all the necessary research to find the right property for me.”- Joe DecColibus
Do you have a success story you would like to share? Submit it today.
Oh, CRE: a holiday parody of the song "O Christmas Tree"
Boy has it been a tough year. Let's hope 2010 is a lot better. Until then, check out this video and have a little laugh:
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