31% Landlords Plan to Buy More Rentals By Year End
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LOS ANGELES, Aug. 31, 2010 – Almost one-third (31%) of independent landlords plan to buy additional rental property by the end of 2012, according to a survey released today by The National Association of Independent Landlords.
The top reason, cited by 68% of those planning a purchase, is that current prices make rental real estate a good investment. Other reasons include pricing low enough to allow them buy a retirement home (8%) or a vacation home (8%) that can be rented out to earn additional income until needed.
“With property prices still beaten up in many great areas – Las Vegas, Florida, Arizona and California – our members see this as a good buying opportunity and a smart way to beef up their property portfolios,” said Tracey Benson, president of The National Association of Independent Landlords. “Low interest rates are just icing.”
Most respondents (73%) say real estate is a good way to fund their retirement.
Nationally, housing prices and sales are mixed, with some areas having bottomed out and others in for further depreciation.
“It’s not like all uncertainty has been erased from the market – far from it. But buyers who do their research can find deals that really make economic sense for them,” Benson said.
The National Association of Independent Landlords polled 507 members from Aug. 24 to Aug. 26, 2010.
About The National Association of Independent Landlords The National Association of Independent Landlords is the country’s largest provider of services for small landlords. Services include credit reports, electronic rent collection and tenant screening as well as information about property management, rental laws in all 50 states and other issues critical to property owners.
For further information, please visit www.landlordassociation.com or call 1-800-352-3395.
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Miami Existing Condominium Sales Rise 43 Percent
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Miami, FL
The Miami real estate market continues to strengthen as a result of increased sales and stabilizing home prices. In the Miami MSA, there was a 43 percent increase in condominium sales in July compared to July 2009 and a 112 percent increase compared to two years ago, when homes sales began climbing, according to the MIAMI REALTORS and the Southeast Florida Multiple Listing Service (SEFMLS).
The sales of existing single-family homes in the Miami MSA dropped eight percent in July compared to July 2009 but were 51.3 percent higher than they were in July 2008. The Miami real estate market experienced rising residential sales since August 2008, posting increases for 23 consecutive months. Condominium sales continue to increase. Statewide sales increased 11 percent for condominiums and dropped 14 percent for single-family homes.
Nationally, sales of existing single-family homes, townhomes, condominiums, and co-ops decreased 27.2 percent from the previous month, and are 25.5 percent below July 2009, according to the National Association of Realtors (NAR).
The median sales price for single-family homes in the Miami metropolitan statistical area (MSA) in July increased three percent to $199,300 compared to a year ago. The median sales price for condominiums in July was $110,500 down 20 percent from a year ago. Statewide median sales prices decreased seven percent to $138,000 for single-family homes and 20 percent to $87,200 for condominiums.
“While sales of single-family homes have slowed down after nearly two years of significant increases, sales of condominiums continue to rise and at a considerable pace,” said Jack H. Levine, 2010 Chairman of the Board of the MIAMI REALTORS. “This shows that there is demand for local properties, which should result in further strengthening into the future. We are encouraged by the performance of the local market and expect continued stabilization.”
Average Home Sales Price Increases
The average sales prices, which have increased consistently over the last few months, for residential properties rose again in July for single-family homes but dropped slightly for condominiums. According to the SEFMLS, the average sales price for residential properties that sold in Miami-Dade County in July increased 8.3 percent from the previous year to $294,479 for single-family homes and decreased 5.8 percent to $212,156 for condominiums.
Days on the Market and Inventory Levels Decrease
The inventory of residential listings in Miami-Dade County according to the SEFMLS has dropped 11.4 percent from 28,956 to 25,659 since July 2009. The number of active single-family home listings is 13 percent lower compared to a year ago, while active condominium listings have dropped 11 percent. Compared to last month, the total inventory of homes increased 1.9 percent. The average days a property stays on the market decreased 10.3 percent to 100 for single-family homes and 11.9 percent to 114 for condominiums.
Nationally, total housing inventory at the end of July rose 2.5 percent from the previous month.
“Demand for local properties, including multiple bidding reminiscent of the boom during the last decade, is driving values,” said 2010 MIAMI REALTORS Residential President Oliver Ruiz. “Median and average sales prices are rising, while condominium prices are expected to follow due to the considerable increase in sales.”
MIAMI REALTORS
The MIAMI Association was chartered by the National Association of Realtors in 1920 and is celebrating its 90th year of service to Realtors, the buying and selling public, and the communities in South Florida. Comprised of four organizations, the Residential Association, the Realtors Commercial Alliance, the Broward County Board of Governors, and the International Council, it represents 23,000 real estate professionals in all aspects of real estate sales, marketing, and brokerage. It is the largest local association in the National Association of Realtors, and has partnerships with more than 60 international organizations worldwide. MIAMI’s official website is www.miamire.com.
Note: MIAMI REALTORS and the Southeast Florida Multiple Listing Service are the sources for statistics reported by the National Association of Realtors and Florida Realtors. MIAMI reports average sales price as well as median sales price.
CONTACT:
Lynda Fernandez, 305-468-7040 Office or 305.903.7922 Cell or
Teresa King Kinney, 305-468-7010
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Cape Cod Ultra-Low Energy House Wins EcoHome Grand Award
August 28, 2010 by admin
Filed under Positive Real Estate
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Cape Cod, MA
The Truro Residence, a modern Cape Cod home by ZeroEnergy Design, won a ‘Grand Award’ for the 2010 EcoHome Design Awards hosted by EcoHome magazine. Aligned with the magazine’s philosophy, the national contest showcases the “best integration of design and performance” from across the country.
The award winning Truro Residence is a modern, oceanfront vacation home perched 115’ above sea level overlooking Cape Cod Bay. The home features native landscaping throughout the 1.7 acre site and near zero energy use thanks to a high performance building envelope, a geothermal heating and cooling system, and photovoltaic panels that produce nearly as much energy as the home uses each year.
“We are thrilled to receive the Grand Award, and have our work singled out as an example of design excellence and sustainability,” said Stephanie Horowitz, AIA, of ZeroEnergy Design. “Our exceptional team helped to make this home both beautiful and high performance.”
EcoHome magazine coverage of the EcoHome Design Awards:
http://mydigimag.rrd.com/publication/frame.php?i=44516&p=23&pn=&ver=swf
Team members:
- ZeroEnergy Design | Architecture, Mechanical Design | ZeroEnergy.com
- Silvia & Silvia Custom Builders | Construction | SilviaAndSilvia.com
- Eleven Interiors | Interior Furnishings | ElevenInteriors.com
- Light Th!s | Lighting Design | Light-This.com
- Venegas and Company | Kitchen Consultant | VenegasAndCompany.com
- Heimarck & Folgia | Landscape Architecture | HF-llc.com
About ZeroEnergy Design:
ZeroEnergy Design creates innovative and environmentally sensible homes. Our multidisciplinary team of architecture, engineering and finance professionals takes a calculated, three-pronged approach to green design and sustainability. This results in high performance homes that holistically appeal to our clients’ lifestyles, aesthetic preferences, and environmental ideologies.
http://www.ZeroEnergy.com
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Miami High-End Condos Experience a Miniboom, According to Brosda & Bentley
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North Miami Beach, FL
It is past half-time for 2010 Southeast Florida real estate sales. After a rocky 2009, how did 2010 weather so far, is the million dollar question many are asking. Prices started tumbling since September 2008 – and in certain market segments, housing values are still down significantly, but there is also good news to report as to market research provided by Brosda & Bentley Realtors. Especially for new luxury oceanfront condo developments in Sunny Isles Beach, Miami Beach and downtown Miami in particular, sales are booming and prices in some areas are on the rise.
Jade Beach condo tower, in North Miami Beach was nearly sold out during 2009, despite the dramatic economic downturn in the United States. Jade Beach resales are now strong and closed units are setting new retail sales records. Its sister tower Jade Ocean condos, is an oceanfront, ultra-luxurious glass palace, towering 50 stories above the Atlantic Ocean and reporting more than 60 percent of sold condominium units. The Acqualina Resort & condos, a landmark in Sunny Isles Beach, claim the title of highest retail sales price per square foot in the city. During the summer, two units closed at $784 and $714 per square foot respectively. The elite Turnberry Ocean Colony condos boasts six retail sales, with the highest being at $733 per square foot.
Some of the most expensive Miami penthouses sold thus far in 2010 include the Marquis penthouse in downtown Miami. It sold a few days after LeBron James announced his engagement with the Miami Heat. Entrepreneur Russell Wright closed on the 67-story Marquis luxury residential condo, with reportedly the highest terrace and hot tub in Miami. Dwayne Wade of the Miami Heat sold his house in Davie and is now apparently looking for a trophy property in Miami, as is Chris Bosh of the trio. Russell Wright is quoted as saying that the economic force of the three basketball superstars playing in Miami “Is going to have an impact, I probably already made money on the condo.”
In June, the ‘Imperial Suite’ or Penthouse Villa B sold at the über-luxurious Setai Resort & Residences in Miami Beach for a record breaking $15 million or $2,416 per square foot.
Downtown Miami condo sales were up 110 percent with 1,933 units sold in the first 6 months of 2010. Great downtown Miami condos that sell due to drastic price reductions include Met I, Epic and Icon Brickell, which sold 49 units, including at least one with a $100,000 over-the-odds premium, after LeBron James announced his switch to the Miami Heat. The average sales price of a downtown Miami condo in the first two quarters of 2010 was reportedly $356,100 or about 16 percent higher than in 2009.
In March, April and May of 2010, 135 condos sold in Miami-Dade County priced $1 million and above, nearly double the number compared to the same time period in 2009. At the beginning of the summer, impressive sales at One Bal Harbour for $8.7 million, at the Fontainebleau for $9 million and Santa Maria Brickell for $11 million kept Miami luxury real estate brokers abuzz.
A highly anticipated new oceanfront condo development is the St. Regis Resort and condo residences in Bal Harbour, destined to open in 2011. The three glass towers replaced the famous Sheraton in front of the gated entrance to the renowned Bal Harbour Shops. Over $40 million in sales were reported in the first half of 2010.
Brosda & Bentley Realtors features more than 50,000 residential and commercial Southeast Florida property listings on its website BrosdaandBentley.com. The company provides free usage of the database to registered users. Consumers may also opt to receive automatic updates on new listings, pre-foreclosure and short sale properties. Katerina Brosda, Broker and CEO of the company sold the 10 Museum Park penthouse in downtown Miami with its very own rooftop pool. “Most of our clients during 2009 and 2010 were cash buyers, not investing into Miami real estate per se, but actually pursuing to live in the homes they bought. Yes, these may still be third or fourth trophy properties, this goes especially for condos, but our clients invested heavily in upgrades, eclectic designs, electronic SMART Home features, custom fittings and furniture,” Katerina Brosda stated. Brosda & Bentley also provides a one stop, turnkey, white-glove home furnishings and design conceptualization service to its clients.
“Miami Condo sales above the $1 million mark will continue to outpace single-family home sales in the same price category for the rest of 2010 and into 2011. Condominium living is the new lifestyle choice of the wealthy,” said Katerina Brosda.
Brosda & Bentley Realtors projects luxury Miami condominium sales to remain strong. The average sales price for residential properties that sold in Miami-Dade County increased by 8.3 percent in July. Inventory levels have dropped 11.4 percent compared to July 2009. Condominium listings have dropped 11 percent and the average days a property stays on the market decreased 10.3 percent for single-family homes and 11.9 percent for condominiums or 100 and 114 days respectively.
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Mortgage Refinancings Soar to Highest Level Since May 2009
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The Mortgage Bankers Association said Wednesday its refinancing index jumped 17% to 4676.70 in the week to Wednesday, soaring to the highest since May 2009. The four-week average increase rose to 3.2%. This abrupt spike is a sign that mortgage rates have fallen far enough to incentivize a new wave of refinancing from homeowners. According for Freddie Mac, the average rate for a 30- year home loan dropped to 4.4A% last week.
This wave could also be a great sign for the U.S. economy as a whole, not just the housing market. Morgan Stanley estimates that if 50% of mortgages in mortgage-backed bonds are refinanced, it would free up $46 billion a year for consumers. $46 billion is more money than the last extension of unemployment benefits.
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Lenders Cushion Loan Pricing After Spike in Refinance Demand
August 20, 2010 by admin
Filed under Positive Real Estate
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Los Angeles, Calif. (VOCUS)
The Mortgage Bankers Association (MBA) released its results to its Weekly Survey. This survey covers over 50% of all U.S. residential mortgage loan applications taken by retail mortgage bankers, commercial banks, and thrifts. This extremely accurate data gives economists a great look into the consumer demand for mortgage loans. This trend of increasing refinance applications implies consumers are seeking out a lower monthly payment, a fairly predictable assessment. But, the long term effects of this action paint a better picture.
If these consumers are actually able to reduce their monthly mortgage payments they will increase their disposable income, or their “spending money”, giving them the opportunity to spend that spending money which would in turn revitalize the economy. This would create more consumer spending or even allow debtors to pay down personal liabilities like credit cards. This effect could spiral to astronomical proportions because as the more people spend their surplus disposable income, the better the economy gets and the lower the mortgage payments are, creating the effect all over again.
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Homebuyers Find Value in Townhomes for Sale with 3% Interest Rates & Up to $125K in Down Payment Assistance
August 20, 2010 by admin
Filed under Positive Real Estate
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Anaheim, Calif.
The revitalized Anaheim is becoming one of the most exciting, up and coming communities in southern California. Walking distance from art and cultural galleries, like the all-new MUZEO museum, and steps from sidewalk cafes, unique shops, and the vibrant farmer’s market, Downtown Anaheim is bringing this urban village concept to life. Explore the opportunities to live the downtown dream, from spacious townhomes for sale to sophisticated flats with up to $125,000 in down payment assistance and interest rates as low as 3% for qualified homebuyers at Colony Park.
Centrally located at the heart of the downtown renewal, Brookfield Homes’ Colony Park has everything: incredibly affordable prices for first-time buyers, amazing financing, modern stainless steel appliances, private attached garages offer extra storage and convenience, large light-filled spaces and more. With no Mello-Roos, a low tax rate, resort-style salt water pool, park and pavilion, and utility costs that currently average between 25%-40% lower than those in neighboring cities, Colony Park in Anaheim offers an unparalleled variety of new townhomes for sale.
After searching townhomes for sale over a period of six months, newly married Khoa and Jackie Ngo realized that older duplexes and bank owned properties weren’t for them, but Brookfield Homes’ Colony Park proved to be an ideal fit. “We love our community. The layout of our home is amazing,” said Khoa. In addition to the central location, spacious floorplan, and affordable price, Khoa and Jackie recognized Colony Park’s tremendous overall value. “Money is always important, especially nowadays,” Khoa added. “One of the first things that appealed to us at Colony Park was the low tax rate and no Mello Roos.”
The tremendous overall value also grabbed the attention of Michael and Lan Luong Gilmore. Originally from Santa Ana, Michael and Lan Luong Gilmore searched throughout Orange County for a new home. “We checked out other homebuilders, which all had acceptable designs,” said Lan. “However, most of those homes came with Mello-Roos, much higher HOA dues, and guest parking was unavailable.” The couple recently closed escrow and love every square foot of their new home. “Another plus: the homes are energy efficient and environmentally responsible.”
The Gilmore’s were also extremely satisfied with the Brookfield Homes team and their overall homebuying experience. “From the beginning to the end, everyone was very accessible and helpful. We felt assured that this community was a wise choice,” Lan stated.
Colony Park’s stylish townhomes for sale and flats offer a wide variety of living arrangements from one to four bedrooms and up to four and one-half baths. The one-, two-, and three-level homes span from approximately 1,073 to 2,060 square feet. Plus as a GreenPoint Rated community, Colony Park’s homes are energy efficient, conserve water and other important resources, improve indoor air quality and share an infill address that provides nearby access to public transportation. Prices start from the mid $300,000s to the mid $400,000s.
Down payment assistance of up to $125,000 may be available for qualified homebuyers. To learn more, contact the Anaheim Housing Services Agency at (714) 765-4340, ext. 4886, or visit anaheim-hca.org. To learn more about Colony Park, please call (800) 726-1512 or visit LiveColonyPark.com. View more testimonials of happy homeowners at www.youtube.com/user/ColonyParkAnaheim.
About Brookfield Homes–Brookfield Homes Southland is independently and locally operated with offices in Orange and San Bernardino Counties, and is part of one of North America’s largest homebuilding companies, Brookfield Homes Corporation. The parent company also has community development and homebuilding operations in the San Francisco Bay area, San Diego, Sacramento, Virginia, Maryland, Hawaii and Washington, DC. Listed on the New York Stock Exchange, Brookfield Homes is a public company. Additional information regarding Brookfield Homes Southland is available at www.brookfieldsouthland.com.
Disclaimer: California state credit of $10,000 available on brand-new homes used as primary residences. California funds distributed on first-come, first-served basis. See your individual tax consultant for full details. A City of Anaheim secondary financing down payment assistance payment deferred loan of up to $125,000 to supply the balance of purchase price. Availability will vary based on buyers credit score. Buyer must meet underwriting guidelines, including evaluation of income, assets, and credit (a minimum credit score maybe required). Rates, terms, fees and prices are subject to change without notice. Please see sales representative for details. Equal housing lender. Issued 08052010. Copyright 2010. Brookfield Homes. Broker License Number 01402089
For further information on this development and others please visit http://www.brookfieldhomes.com/index.html.
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Ballard Named One of the Best Places to Live in Seattle Positively Affecting Local Real Estate Values
August 17, 2010 by admin
Filed under Positive Real Estate
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Seattle, WA
Seattle’s Ballard neighborhood has just been named one of the city’s “Best Places to Live” in 2010 by the Seattle Metropolitan magazine. Leading Ballard Seattle real estate agent Rick Benson sees this as a result of the many new developments in the Ballard real estate market, as well as the community’s high quality of life.
“Ballard has always been the kind of neighborhood that people move into and never want to move out of,” says Benson, a longtime Ballardite. “The fact that Ballard has been receiving all these accolades comes as no surprise to those of us who’ve watched the neighborhood grow over the years. The strong sense of community and affordable housing prices are top attractions to the area; couple that with breathtaking views, especially in Sunset Hill and Blue Ridge, and you have the makings for a community that is priceless,” he says.
Known for its strong maritime heritage and Scandinavian culture, Ballard is situated in northwestern Seattle overlooking the Puget Sound. The neighborhood has seen a great deal of condominium development in recent years, but has managed to keep its established neighborhoods intact. According to Seattle Metropolitan, over 350 homes were sold here in 2009, many more than the combined total of homes sold in Columbia City, East Renton and Maple Leaf.
“Ballard is a great place to live, raise a family and start a business,” says Benson, who was also a local business owner in the community for 30 years. “The real estate market here still has reasonable prices and you’d be pleasantly surprised at the different housing possibilities – anything from Craftsman homes to new Ballard Seattle condos.”
To view some of the Ballard Seattle homes for sale currently available, visit Benson’s website, www.RickBensonRealEstate.com.
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Denver Among Best Places to Live, Work and Play in the US; Boosting Local Real Estate Values
August 17, 2010 by admin
Filed under Positive Real Estate
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Denver, CO
Recently ranked 6th in Forbes’ recently released “Best Places for Business and Careers” list and landing in the top 25 cities in Men’s Journal’s “Best Places to Live in 2010;” the city of Denver has received quite a bit of positive attention this year. Residents and experts alike remain positive about the current and future of the city’s economic and real estate market. Leading Denver Real Estate Specialist, Donavon Paschall, notes that The Mile-High City is no stranger to such accolades, thus the success of the city can be reflected in its bolstering real estate market.
“Denver seems to have a perennial spot on lists like these,” he says, “which is not something that comes as a surprise for those who live and work in the area. Denver is doing a lot of things right.”
Paschall particularly agrees with Men’s Journal’s praise of the city’s vibrant downtown area. “Denver’s urban neighborhoods are loaded with old world charm and are just steps away from offices, restaurants, open spaces and cultural venues. Denver urban living is something that many people aspire to these days.” The magazine called Denver’s downtown “one of the best in the country for work, owning a condo, and walking to everything.”
A top-selling real estate agent in the 80205 and 80207 zip codes, Paschall specializes in Northeast Denver real estate and Denver classic homes. “Denver has entire neighborhoods of beautifully maintained and remodeled historic homes,” he says. “Those who’ve always dreamed about living in classic homes along tree-lined streets that are just minutes from parks, schools and commercial areas will find more than a few options here.” Paschall himself has had a great deal of personal experience in renovating classic homes within Denver’s downtown area.
Some fine examples of Denver classic homes currently on the market can be found in Paschall’s recently launched website, www.HomesByDonavon.com. The new site also features virtual tours of the featured homes, as well as a property search tool where users can search for real estate throughout Denver’s historic neighborhoods.
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USDA: Nebraska farm real estate value up 9 percent
August 17, 2010 by admin
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LINCOLN, Nebraska
Recent figures from the U.S. Department of Agriculture reveal that Nebraska farm real estate value rose a whole 9 percent over the year of 2009, to a astonishing record of $1,460 an acre. The statistics say that the increase continues a trend dating back to 1993. The Nebraska farm real estate value on January 1 was $120 an acre higher than that of Jan. 1, 2009, another impressive record. Average croplan rose 11 percent from last year while dryland average $2,000 an acre.
