31% Landlords Plan to Buy More Rentals By Year End

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.

Miami Existing Condominium Sales Rise 43 Percent

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

Miami High-End Condos Experience a Miniboom, According to Brosda & Bentley

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.

Lenders Cushion Loan Pricing After Spike in Refinance Demand

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.

Ballard Named One of the Best Places to Live in Seattle Positively Affecting Local Real Estate Values

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.

Denver Among Best Places to Live, Work and Play in the US; Boosting Local Real Estate Values

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.

Housing Market Boast Brilliant Numbers

New home sales jumped 23.6% in June to an annual rate of 330k compared to market expectations for a somewhat smaller increase to a rate of 320k. Also, the S&P/Case-Shiller 20-city home price index increased 0.5% in May from April and 4.6% from May one year ago. This was the second monthly increase and the fourth year-over-year gain in home prices. 15 of the 20 metro areas tracked by this index showed monthly price gains.

Caribbean Condos with Guaranteed Income for Investors

Mexico’s beautiful Yucatan Peninsula hosts some of the oldest real estate on the continent, the 500 year old Colonial City called Merida, and it hosts the lavish newly developeing beachfront properties of the Caribbean. Eric Partney, associate broker at Mexico International, explains, “After
living in the Yucatan for 6 years I am still charmed by the diversity. My
clients love the old colonial homes in Merida but also want beachfront for
investment and retirement. I am now working with a new condo-hotel project
called ‘Sian Ka’an.’ This project is unusual in that you can buy a small
condo starting in the mid-$150,000 range and get a guaranteed income since
the Hotel Bahia Principe is leasing back the units for a minimum of 7 years.
This is an easy way to buy now with a guaranteed income plus have your own
piece of paradise in Mexico.”

NAR Supports the Growth of Small Businesses

“As the leading advocate for private property rights, NAR believes it is critical for Congress to act soon and to get capital flowing to small businesses and to the commercial real estate market,” Jim Helsel, treasurer of the National Association of Realtors, told the House Committee on Financial Services. He explained that raising the SBA loan limits and allowing the SBA 504 loans to be used to refinance property can help ease the liquidity crisis in the commercial sector. He went on to articulate that the NAR strongly supports the H.R. 3380 because it is projected to raise the credit union member business lending cap from 12.25 percent to 25 percent of total assets. Small regional and community banks make up for close to half of the small business loans issued in the United States. Needless to say, available credit unions increase the credit accessible by small businesses.
Source: NAR

DJSP Enterprises Acquires Timios, Inc.

DJSP Enterprises completed its acquisition of Timios, Inc. DJSP Enterprises is one of the largest providers of processing services for the mortgage and real estate industries. It now plans to leverage Timios’ best in class technology and paperless processes across the existing operations in Florida. “Completion of this acquisition represents a significant step forward in our quest to become the leading cyclical provider of products and services to the mortgage and real estate industries,” said David Stern, Chief Executive Officer for DJSP.

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