Posts Tagged ‘Real’
May 13th, 2011 | 
Author: 2008 has begun with a mix of decidedly lousy economic news and some pessimistic projections, so at first glance it might be very tempting for those hoping to either buy or sell homes in Austin to stay on the sidelines and avoid the Austin real estate market completely.
That would be a mistake. Don’t be discouraged, because things are not exactly as they appear. You need to look past the negative-leaning news headlines in order to find the proverbial silver lining in a cloudy real estate picture.
Of course the mortgage industry is still reeling in the wake of the sub-prime mortgage crisis, with some experts anticipating yet another large wave of borrowers defaulting on their loans. National statistics show existing home sales in 2007 down at least 20 percent over the previous year. There’s talk of the housing bubble bursting in various regions of the country, news of the highest unemployment rates in two years, and now even some presidential candidates openly using the dreaded “R” word, recession.
But that’s the national scene. When it comes to Austin real estate, the news was far from bad in 2007. In fact, to insert the word “bad” into any discussion of either last year’s local housing market or any analysis of the year to come would frankly border on irresponsible. The truth is the Austin real estate market bucked national trends and appears poised to remain solid this year, despite mixed economic predictions.
Yes, sales of homes in Austin were also down in 2007, but only by 12 percent, better than the national average. And there is further reason to avoid applying what you hear in the national news to the Austin real estate market: according to the National Association of Realtors, in several regions around the country average sales prices have actually increased, and that includes Austin homes, which went up in value by nine percent.
More encouraging news is that Austin homes in 2007 didn’t take too long to sell, and didn’t linger: on average, they stayed on the market 47 days, compared to 49 days in 2006 — hardly a cause for panic.
According to some economists, the Austin real estate market will cool in 2008. A new report from Austin-based Angelou Economics says stricter lending restrictions in the wake of last year’s mortgage crisis may price some first-time or low-end homebuyers out of the market — and it thinks this may have already started happening: apartment vacancy rates, typically seen as a leading indicator for decreased home sales, are at a five-year low, meaning those folks won’t be seeking homes in Austin, but will keep renting.
But at the same time, Angelou acknowledges that continuing population and job growth will cushion the Austin real estate market from the worst effects of the sub-prime mortgage troubles. After all, Austin is still perceived as a great place to live, work and play. The simple fact is people are still moving here, and shopping centers, hospitals, schools and entertainment venues are popping up all over the landscape.
Angelou also says increases in the prices of Austin homes will slow from “rapid” to “average”. That’s not exactly a grim development for sellers.
Angelou expresses concern about new home construction, which saw a significant slowdown in 2007 — a nearly 40 percent drop in new home permits over 2006. And according to a study cited by The Austin Business Journal, new home construction dipped 20 percent. By year end continuing angst over the mortgage crisis caused home builders to run for cover and scale back their previously aggressive plans in central Texas. The most recent and striking example of this came just in December, when Centex Homes announced it was backing out of plans to purchase nearly 500 acres of land in northern Travis County — an acquisition that would have eventually led to 1400 brand new homes.
Yet even this doesn’t necessarily translate into bad news for potential buyers and sellers of Austin homes. Buyers could be the recipients of favorable deals, as those home builders now focus on getting rid of their existing unsold inventory. As always, they’ll compete with the existing resale homes in Austin by offering incentives to buyers, who could find themselves in a brand new home at a bargain price.
But that new home inventory won’t last forever — and with less of those brand-new subdivisions being built and aggressively advertised, that’s less competition for homeowners who might be inclined to put their homes on the market. And of course it’s in their interest to price their resale homes competitively, in order to compete with the builders and sell within a reasonable amount of time. All that competition only works to the advantage of people in the market for an Austin home.
So don’t let a little gloomy news get you down. The Austin real estate market finished 2007 strong, and will remain that way in 2008.
Be it residential or commercial, the demand today is for new and quality real estate, and Mumbai is religiously following this trend.
body:Be it residential or commercial, the demand today is for new and quality real estate, and Mumbai is religiously following this trend. In the current scenario, industry experts predicts Mumbai real estate sector to witness a price hike in the coming months.
Residential Scenario
Residential real estate of Mumbai has been on a high from past two-three years. The property rates are expected to shoot up more in near future.
With 14 lakh sq.ft of commercial and retail space by Indiabulls and 5 lakh sq.ft of Peninsula II properties under construction in Lower Parel, Mumbai, the demand for residential properties is anticipated to rise by 30 per cent from March 2008, says industry sources.
Also, amid township trend catching up with the end-user all over, the demand for high quality, luxury residential projects are escalating. This inclination is strong although property taxes and maintenance costs are exponentially higher, state real estate consultants.
Commercial Prospect
According to media reports, the commercial property rates in Mumbai are likely to rise by about 50 per cent with large number of premium buildings getting constructed.
As India’s costliest commercial hubs are now being located in Nariman Point and the SBD of Bandra Kurla Complex, Mumbai commercial real estate is seeing record escalation. Prices in Bandra Kurla Complex are as a minimum 25-40 per cent higher as compared to Nariman Point.
In fact, a strong demand for international standards of construction in office space from corporate has driven the values in the air.
Future Outlook
Since Rs 9,250 crores plan has been intended for Dharavi’s redevelopment, Asia’s largest slum is seeing a sharp rise in its property prices, whereby a one-BHK house is to cost the same as an elite house in Kandivli or Borvli.
Further, India is emerging as a sizzling destination for quality commercial enterprises, says industry sources, and builders are looking forward to cash on by setting up huge number of commercial properties.
With new developments and redevelopment plans being undertaken, Mumbai Real Estate industry can only ascend in the times to come.
Understanding the matters involved in commercial real estate is not just like eating a piece of cake. Though you gather a lot of knowledge and go through tutorials, hands on experience or live experience in ICI real estate market can get you better armed to fight the battle. Not everyone is interested in this commercial real estate but indirectly sometimes you get trapped in this ICI real estate world. For instance, if you are a home owner or you own a land scape, then it means that you own a real estate. Now, when you either try to sell it away or give it for lease – you are into the commercial real estate world.
Building For Lease:
If you are giving your building for lease, then understand how to get prepared for it. There will be a step by step format to assist you in preparing your building for lease. As a part of commercial real estate or ICI real estate, building for lease abides some specific set of rules for peaceful transaction.
Identify the basic building for lease charges:
The building for lease cost can be determined in two ways.
1. The cost of per square footage multiplied with the cost of square footage will give you the annual cost. Break it down or divide it with 12 months can give the exact monthly cost. This will be the monthly building for lease charges. You can also check the current commercial real estate or ICI real estate news and updates to find out the cost per footage.
2. This charges accumulates the surcharges called the common area maintenance (CAM). These charges are common for leasing real estate.
Charges generally included in case of lease:
• You pay the tax for the part of building occupied by you. It is a general real estate leasing condition.
• Maintaining the space outside the building (lawn mowing, parking lot repairing, snow removal, land scaping etc.).
• Utility services.
• Property Insurances.
When you are giving your commercial real estate for leasing, these are the common prime factor that should be taken care of. There will be several other charges based on the type of real estate you are dealing with.
Building for sale:
When you are selling your commercial real estate or transferring the ownership of ICI real estate then it is a multistep process. Before you try some other sources, place a big notice “Building For Sale”. You can get someone calling for purchasing the building. If you think that handling this commercial real estate or ICI real estate business is not your cup of tea, then interview some broker to get help for selling your commercial real estate. Neither depends on the broker completely nor go by his words. First of all evaluate the property and fix your price, then tell the broker what you want. The broker will of course keep his share which is not at all our look out.
Contact a good broker for getting the most from your ICI real estate matters. If possible take help from an advocate who is experienced in commercial real estate dealings.
For several years now, the real estate industry has faced hard times. Whether you measure this as slumping sales of new homes or resale homes, or falling home values, things have looked bleak. The negative press coverage about real estate, often with banner headlines about the most recent gloomy statistic, has fueled the attitude of pessimism we see. This has sometimes been a self-fulfilling prophecy: real estate “experts” predict continued falling prices or sales, potential buyers read this and either decide not to make a purchase. The result: lower sales and lower home values.
The problem with this pervasive pessimism is that it does not tell the whole story. The real estate market is actually many, many markets, not just one. There are regional markets such as the Northeast or the Midwest. Markets within cities such as Los Angeles, Las Vegas, and Seattle. And local markets within each of the cities. In any of these markets, conditions vary widely. Some real estate markets in the U.S. have already begun rebounding, or in some cases have experienced newly rising prices. Factors such as the state of the local economy, net in-migration of people to the market, and the existing supply of homes all play a part in how a given market performs. You can’t look at broad-brush national statistics and draw conclusions about whether it is a good time to buy or not. You have to research the local market where you are thinking of buying and evaluate market conditions there.
The second thing to keep in mind is that the news media are reporting past results; they have no more insight into what may happen in the future than anyone else. There have been many times when the stock market is overwhelmed with pessimism and the result is irrational selling of shares. Then, something sparks a rally and investor confidence returns. The point is, the stock market does not send every investor an e-mail saying: Hurry! Now’s the Time to Buy! Most equity investors do not recognize when the market is turning and so miss out on opportunities. Similarly, by the time it is commonly recognized that the real estate market has rebounded, the best buying opportunities will already be gone.
It is really impossible to predict when the real estate market will rebound on a national level. For individuals with a long-term perspective, five years or more, a home will continue to be one of the foundations of a wealth-building strategy. In an economy as strong as the American economy, where home ownership has for generations been encouraged by Federal government policy, there is no reason to believe that real estate values will not resume their upward climb in the near future. Will it be in six months? A year? Two years? That’s hard to say. What’s important to remember is that this down period in the real estate market will end. Smart investors know that and aren’t forced into unwise real estate investment decisions based on the whim of the media.
Before you decide to sell your treasured piece of Edmonton Real Estate, save yourself both time and money and increase your home’s value with these simple and easy steps! Edmonton homes for sale can significantly increase their marketability when pride of ownership becomes priority number one.
Remove Clutter. ALL CLUTTER. The more you simplify each room, the better your buyer can envision their furniture and style in your home. Take your trinkets, figurines, and knick-knacks, and store them in a box.
Keep the décor simple. Think of your home as a hotel. Keep the basic furniture, and add a few matching accents. Remove your individual personal style. Make your home feel clean, fresh and contemporary with a style that’s appealing to anyone.
Check over your home with a fine-tooth comb. Chances are, you may not notice damage or problems that a new buyer would. Be critical, and don’t give your buyer a reason to lose interest.
Make the necessary repairs that need to be completed without renovating. A fresh coat of paint is often enough to update the rooms in your home. Remember to choose natural tones, as these are the most complimentary and flattering for all furniture and styles. Say goodbye to your outdated pink, floral wallpapered or faux finish walls!
Make your home inviting. Light scented candles, check all your light bulbs and replace as necessary, and ensure your home is odour & smoke-free. Show that you care about your home’s appearance. During a showing, turn on lamps for extra lighting and shine.
Your home should sparkle! Clean your house and keep it that way. Make your home ready for a showing any day of the week. Yes, people will be critical when it comes to cleanliness, so don’t disappoint in this area. Scrub your shower, clean your fridge, steam your carpets, poop & scoop and freshen that litter box!
Most Edmonton homes for sale are sold with the appliances included, as an incentive for homebuyers. Ensure all appliances are in working order. Especially if you are selling them with the house. No one wants to pay for a dishwasher repair as soon as they move in.
Clean parts of your home you normally don’t pay attention to. Dust windowsills, organize the garage, scrub windows inside and out, paint the eaves trough, remove marks from walls, weed the cracks in your driveway…make your house immaculate inside and out.
Make the exterior as inviting as the interior. Outdoors: plant flowers and shrubs, seed and water your grass, add a patio set, add outdoor lighting and paint your mailbox. Indoors: decorate with fresh flowers, make rooms feel cozy and complete with proper drapery, rugs, books and matching accessories.
Pay attention to details. Clean up cobwebs, organize everything down to your linen closet and laundry room, remove family photos (max. of 2 small), protect your valuables, clean your furnace ducts and make everything perfect. Make sure home buyers fall in love with your home by leaving no stone unturned. It’ll be worth it!
Once you’re done, don’t be surprised if you love your home more than you ever have. Looks attractive, clean and stylish right? If you’re impressed, buyers will be too! Showcase your Edmonton Real Estate property with pride, and increase your home’s value and salability.
© 2010 Mel Simmons