Florida Real Estate Bottom Signaled by Sale of Distressed Condo
By Bob Ivry
Sept. 4 (Bloomberg) -- Sales of distressed Miami properties have begun, signaling a bottom for south Florida's real estate market and the end of waiting for vulture funds armed with about $30 billion to spend.
The sale of 120 condominiums last month to a Philadelphia private equity firm and Related Group of Florida, a development company led by Jorge Perez, ``broke the logjam'' for investors targeting the oversupply of condos in downtown Miami, said Peter Zalewski, owner of the Condo Vultures LLC consulting firm in Bal Harbour, Florida.
Regional and community lenders are starting to market properties in Miami, where the median condo price in July fell 19 percent from a year earlier, according to the Florida Association of Realtors in Orlando. Banks that were reluctant to take real estate-related writedowns may be forced by regulators to sell homes that sit empty and mortgage notes that aren't being paid, said Jack McCabe, founder of McCabe Research & Consulting LLC in Deerfield Beach, Florida.
``There's a purging going on,'' McCabe said. ``It's my belief that the vulture buyers would form the bottom of the real estate market, and we're almost there. That bottom may last for three years as foreclosure sales go on.''
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Friday, September 5, 2008
Bloomberg Article on Florida Real Estate Bottom
Wednesday, August 13, 2008
Incredible, sought after NC lakeview acreage!
Monday, July 28, 2008
ATTN: Investors - Lakewood Ohio triplex
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Friday, July 25, 2008
Lakewood 2 Family Investment Property!
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Wednesday, July 23, 2008
Great Information from Bankaholic.com
4 Reasons Why Investors Should Avoid Hedge Funds at All Costs
Posted in Investing by Johns WuJuly 22, 2008 09:29 PM
Hedge fund activity currently constitutes approximately 30 percent of all equity trade volume. So if you have any experience with equity trading, or even a slight interest in this type of venture, then you’ve probably been tempted to get involved with one of these notorious private investments funds. And make no mistake, hedge funds and those who run them have made a name for themselves in recent years.
Hedge funds have been all over the mainstream news media of late, whether it’s due to huge successes, shocking defeats, or the way that their managers seem to treat billions of dollars as if it were Monopoly money.
Hedge funds are private by definition and only certain investors qualify to partake in them. If you’ve climbed your way into this category as a result of a strong record in equity or futures trading, you might feel compelled to throw your money in with the über-rich, thinking that it’s a sure way to become one of the elite. But be warned, hedge funds are not all that they are cracked up to be. In fact, for an educated and conscientious investor, hedge funds can be a nightmare.
These four curious characteristics of hedge funds make them different than many standard investments. If you don’t bat an eye at this list, then go for it and you’ll at least enter the fray with your eyes wide open. But if anything in this description of hedge funds surprises you or makes you the least bit uncomfortable, then it might be best to stick with what you know.
For the continuation of this article, visit http://www.bankaholic.com/finance/hedge-fund-risks/
Wednesday, July 2, 2008
Jersey City Deals Posted!
unlocked 2 Times
Posted By: M. Crimmins - view profile $174,900
1 vote
Location: Jersey City, NJ
Newly renovated one bedroom condo in prime area of Journal Square. This unit has been freshly painted ... More >>
Monday, June 30, 2008
Great investment property deal!
Please visit us at www.lockboxdeals.com for more great investment property deals!
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8034 NW 5 AV
Miami, Fl 33150
The following information is believed accurate but is not warranted
These Properties Are Offered For Sale From the Owner Direct. No
Middle Man Involved
This is a great handyman Special 3 bedroom 1 bath, single family.
1050 SF on 7,300 SF lot size !. Completely fenced. Light rehab !
ASKING : $64,900
Market Value : $170,000
Property is in Lock Box
If you have any questions feel free to contact Stephan 305-318-8197.
Sunday, June 22, 2008
Idaho Retreat investment property deal posted!
Please visit us at http://www.lockboxdeals.com/ for more great deals!
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Peaceful Retreat
unlocked 10 Times
Posted By: S. Gleason - view profile $650,000
3 votes
Location: Buhl, Id
Located on 1.2 acres,this property brings privacy, solitude and peacefulness. 3600 sq ft 3 bed, 3.5 ... More >>
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Friday, June 20, 2008
New Deal Posted to LockBoxDeals!
$19,995, 3br, Owner financing lease/
Posted By: george caraman
Location: CLEVELAND , OH
$19,995, 3br, Owner financin lease/purchase option : w81ST- 3 bedrooms, 1.1 baths, 2 garage, basement.
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Monday, June 16, 2008
Energy-efficient Deal Posted!
Posted By: R. CORSENTINO - view profile $389,000
Location: Portal, GA
3200 SQ FT, OVERSIZED GARAGE... More >>
Wednesday, June 11, 2008
Renewable Energy Fair
Midwest Renewable Energy Association's 19th Annual Energy Fair
The Midwest Renewable Energy Association's Energy Fair is June 20-22 in Custer, Wisconsin, which is located near Steven's Point. This is the premier educational event on renewable energy, energy efficiency, and sustainable living. Information about the MREA and the Energy fair can be found at http://rs6.net/tn.jsp?e=001d_p0tl7_baa7lE2mIs1C44gYoe9AuCy_8np1EHiQmwYHLRESNM6Y-2-389nmqcjb_9soXhszsCV_HQE8v6tMBy7RHcityp4kAWi81LwEGwuIVhDKKDQzng==.
If you are interested in carpooling to this event, please post a message on the MIC's bulletin board (http://rs6.net/tn.jsp?e=001d_p0tl7_baYg4JV7hqv4topxOgb91O9LswshDatdziMAkMNWAurAz3wLvN-9Sfjg8OElxYULRBADpPTnIaEThlqYv9UjlwFjOOzAjbRi8XoW9_9gArlx0sr8i-ceBXAjXs8-uOM5Ym3JouzDwzMYfA==). Check the bulletin board often to find riders or a ride.
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Find Grants for Real Estate Development!
Grants are available now from the United States government for developing low-income housing, veteran's housing, and community redevelopment. Find out how to find them and how to apply with this concise, easy-to-use guide. Order Simply: Grant Writing now and find funding today!
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FREE Listings
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Monday, June 2, 2008
Great New Deal Posted to www.lockboxdeals.com!
Lovely 1 story in Woodcreek
Posted By: R. Absher - view profile $135,000
Location: Pearland, Tx
Open and spacious family room with wood burning fireplace, Master suite has walk in closet, Tile flooring in kitchen /dining area.Lots of storage, 3rd bedroom currently being used as a home office. Lots of updates include double pane windows, newer carpet and upgraded gas appliances. Refrigerator remains with house. Great location close access to Beltway 8 or center of town.
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Monday, November 26, 2007
Has your area hit bottom?
Over Thanksgiving weekend, I had the opportunity to visit with many friends, several of whom happen to be interested in real estate investing. Some have even made quite a bit of money investing in developing. We live in Miami, which was one of the big bubble areas, so the question came up whether we have bottomed out in prices yet.
The consensus seemed to be that the next six months or so offer excellent opportunities for finding the best prices. It is true, you can drive through even the nicest areas and find prices that are more consistent with prices from two or three years ago. And foreclosures and pre-foreclosure sales are everywhere. But as soon as a pre-foreclosure sign goes up, the property seems to be sold.
In fact, the newly released third quarter report by the National Association of Realtors found that 93 out of 150 metropolitan areas studied showed increases in median existing single-family home prices from a year earlier, but 54 had price declines. NAR chief economist Lawrence Yun said that home prices throughout the midsection of the US are affordable and perhaps even undervalued.
At our main listing site, www.lockboxdeals.com, we offer the best deals in real estate from all over the country. Let us know how the market is faring in your area, and don't forget to post your free listings.
Monday, October 22, 2007
Grants for Real Estate Investing
By now, we have all seen the commercials shouting that you are a fool for not taking advantage of the government grants available for everything from starting your own business to investing in real estate. Does it sound too good to be true?
That depends. Certainly, some people have received a grant for investing in real estate. A very few have received a large grant for investing in real estate. And even though these grants exist, the requirements can be quite stringent, the competition very tough, and the amounts small.
However, there are some circumstances where it is possible to start or improve a real estate investing career by seeking and obtaining grants. Most often, local municipalities fund affordable housing initiatives. These may range from offering individuals grants to assist in a first-time-homeowner down payment, to grants to non-profit developers to build multi-unit affordable housing developments.
For example, recently in Miami, Florida, housing assistance grants were available (http://www.miamidade.gov/housing/library/hag_eng_span.pdf) for low-income individuals who meet needs criteria. This type of grant can be found by contacting the housing department of the municipality where you are looking to invest.
Other programs exist on a municipal or regional basis for the elderly, persons with disabilities, and persons with AIDS. If you fall into one of these categories and wish to purchase real estate, again the best place to start looking is your municipal housing authority or agency.
Another class of programs encourages “Sweat Equity,” or seeks to provide housing opportunities for people who are willing and able to provide some of the labor of building the home. One of the best known organizations in this category is Habitat for Humanity, although similar organizations exist on local levels.
Individuals may also qualify for downpayment assistance. This information from the website http://www.whitehouse.gov/government/fbci/grants-catalog-housing.html#020 illustrates a typical example of this type of grant:
AHP Homeownership Set-Aside Program of the FHLBank SystemFederal Housing Finance Board
An FHLBank may set aside up to the greater of $4.5 million or 35 percent of its AHP funds each year for a homebuyer program for low- and moderate-income households. Member lenders provide the set-aside funds as grants to eligible customers generally on a first-come, first-served basis. Set-aside funds may be used for down-payments, closing costs, rehabilitation, or homeownership counseling costs. Each FHLBank may set its own maximum grant amount, which may not exceed $15,000 per household.
To qualify for a grant, households must meet several criteria. Please contact your nearest FHLBank Community Investment Officer to learn more.
Contact: To find your nearest Community Investment Officer, visit http://www.fhfb.gov/FHLB/FHLBP_officers.htm.
It is also possible to obtain grants to make property improvements to a property that you own. These are most available in Community Redevelopment Areas and can be found through the municipality you are interested in. These types of grants are often available for commercial and residential properties, and may cover anything from disaster preparedness to exterior paint and landscaping to safety items. Rural areas may benefit from irrigation grants and other incentives from the US Department of Agriculture.
For non-profit organizations that seek to obtain grants to build affordable housing initiatives, the Federal government offers several types of grants for real estate investing. Housing and Urban Development (HUD) offers community development block grants that usually funnel through a competitive awards process to a municipality that in turn awards contracts to businesses to build houses for the low-income and underserved members of the community.
Contrary to popular belief, the Small Business Administration does not offer grants to start new small businesses, so if you have to invest your own funds to start a non-profit organization, you have to decide whether developing affordable housing will be a career that you will follow regardless of whether you obtain grants and contracts.
Other grants for real estate investing can be found for rural and farming assistance projects, tribal projects, and other miscellaneous specific projects.
If you do fall into one of the covered categories, a grant for investing in real estate may help start you on the road to owning property. You will still have to do the work of researching properties for purchase, making improvements on the property, reselling for a profit to convert extra cash into additional investments, and working up into bigger and more profitable deals. Seeking and obtaining a grant for real estate investing may help a hard working, motivated investor gain the leg up necessary to profit in real estate.
Multiple books exist that state they can supply information on available grants and how to obtain them. Internet searches also are quite useful in finding different types of funding opportunities. Municipal housing agencies are also a wealth of information for finding out about grant opportunities. For more information, try www.grants.gov or your local housing agency.
Friday, October 19, 2007
How Important is SEO for an Agent's Site?
I have a Realtor friend who is developing his first site, and he is struggling to balance creativity, usefulness, and SEO features.
I recently read on another blog that for agents, perhaps sacrificing SEO in order to give customers what they want up front - access to listing searches - is more important, as it will bring customers back again and again. We all know that sites that feature great search categories but very little text are difficult to optimize, but sites that feature tons of keyword rich text might be confusing to customers who just want to see listings. Where is the balance between getting repeat customers and finding new customers? Is it more important to optimize to attract new customers and then let good old fashioned great service keep them coming back?
Of course, for my site www.lockboxdeals.com, since it is a listing service and supported by ads, SEO is one of the most important (and expensive!) priorities I face everyday, so perhaps my opinion is a bit....skewed!
What do you all think? Does it depend on area of the country - for instance, is SEO more important in major metropolitan areas that have international clients? Does the type of brokerage make a difference - independent versus aligned with a Coldwell or other larger firm? Does a creative site bring more visitors than a site that is functional but similar to a lot of others?
Selling Houses on eBay?
I had a new property uploaded to my listing site, www.lockboxdeals.com, for $4,990. That's right, under $5,000 for a home. Not the downpayment price, the total sales price. When I followed the link, it led me to eBay!
There are many houses listed on eBay for auction, some with no reserve and bids starting at $1, some as classified advertisements that list a more traditional price. Has anyone ever tried this method for selling a house in a hard to sell area?
I've tried to follow through on a couple of the listings to see if the final sales price was comparable to a regular listing. There are also many ways to improve the ending sales price (Buy it now price, setting a reserve). There are also investment deals available. One foreclosure looks like it will sell for close to the Buy It Now price, but the property for $4,990 is still at that price with only 13 hours to go!
Have You Googled....You?
In real estate, perhaps more than in other professions, image is important. Realtors recognize the importance of a professional appearance and demeanor in person, but how about your online image?
One tip that I picked up and regularly follow is to Google your own name periodically. With the abundance of posting and social networking sites now, you may find unflattering or even untruthful comments about you on sites of importance in the industry. When a potential client searches you on the internet, these comments could make the difference between winning a new client - and commission - or losing.
If you find untruthful comments, you can ask the administrator of the site or forum to have these comments removed. Or at least you can post your own dispute of the comment. On my site, www.lockboxdeals.com, Realtors are notified when someone posts a new comment on your listing, and I have a Terms of Use policy that allows me to edit or remove comments depending on content.
I also periodically Google my company name, which not only gives me an idea of what people are saying but also of how many folks are talking!
By the way, when I checked my name, Lisa Merritt, another real estate Lisa Merritt, an agent, turned up in Colorado. If you are reading, Hello from Miami!