Turkish Real Estate To Recover Quickly
October 28, 2009
The Turkish real estate market is poised to recover more quickly than others because it is among the least leveraged and least negatively affected property market, reports Sunday’s Zaman, the highest circulation English-language newspaper in Turkey. Prices in Istanbul, and Turkey as a whole, did not drop as much as elsewhere due to the lack of a developed mortgage financing system. Most property owners own their property free and clear, so as prices dropped and bargain hunters came looking, Turkish owners could afford to wait for prices to recover. For these reasons, the majority of investors queried by Jones Lang LaSalle (JLL) international investors ranked Turkey as #1 or #2 compared to Greece, Romania, Ukraine, Russia and Azerbaijan.
The downside of Turkey’s real estate is a stagnated market where values are hard to gauge, which deters some investors. The trend seems temporary, says JLL, which projects that when the bargains are gone in hard hit places like Russia, investors will return. Prices will rise with full recovery possible as early as second half of 2010. Others are less optimistic, citing the absence of financing as preventing swift recovery, much as it prevented a dramatic crash.
Abu Dhabi Tops MENA Real Estate Markets
October 28, 2009
Abu Dhabi is projected to be the strongest performing market in the MENA region (Middle East/North Africa) real estate market over the next two years, according to a survey of 200 investors for Jones Lang LaSalle’s Second Investor Sentiment Survey. MENA property investors are much more confident overall than they were six months ago. This has resulted in more buyers than sellers.
Saudi Arabia and Qatar are also expected to be among the first to recover from the downturn. Abu Dhabi , however, is the stand out market for investors because of its leadership, planning, superior planned infrastructure, and its general regard as the regional leader of the MENA real estate market.
Other key findings included:
- The Middle East was the last region to experience the global downturn
- Middle Eastern real estate markets continue to outperform globally
- The downturn is likely to continue in 2009, setting the stage for recovery in 2010
- Falling prices create greatest opportunity
FDI Declines In 2009 With Slow Recovery In 2010
October 28, 2009
Global foreign direct investment (FDI) flows have been severely affected by the economic and financial crisis. According to a new report from the United Nations Conference on Trade and Development (UNCTAD)
, inflows are expected to fall from $1.7 trillion in 2008 to below $1.2 trillion in 2009, with a slow recovery in 2010 (up to $1.4 trillion) and gaining momentum in 2011 (approaching $1.8 trillion).
The U.S., along with China, India, Brazil and Russia (the BRIC countries), will likely lead FDI recovery. FDI to the U.S. actually increased in 2008 to $316 billion, up from $271 billion in 2007, due to an increase in loans from parent companies to their U.S. subsidiaries. UNCTAD does not expect a similar surge in intracompany loans in 2009, resulting in a projected decline in FDI into the U.S.
The report noted that the global FDI landscape has changed with a surge of investments to developing and transition economies.Their share in global FDI flows grew to 43 percent in 2008. Specifically, FDI inflows to Africa and to South, East and South-East Asia rose to record levels. Inflows to the Caribbean, Latin America and South-East Europe also increased. However, UNCTAD reports that in 2009, FDI flows to all regions will suffer from a decline.
The quest to go paperless
October 28, 2009
Have you ever wondered how can I or how can my office that I manage start the transition to go paperless or inch closer to paperless on the realtor end of the equation? Well, although tablet PCs have been out for quite a while, tablet PCs are just starting to come on strong in the real estate business, especially in the Midwest market. In short, a tablet PC allows users to digitally sign documents anywhere on the screen. Let me be clear, you can hand write a novel on the tablet pc using the writing utencil supplied with the computer, so it’s more than just getting signature, you can write whatever you want to write on your contracts, or you can write what you want to write on anything for that matter with your tablet pc. My 3 year old laptop finally puked last week. Literally the period key completely fell off of the keyboard, which is why I’m using so many commas in his post.
I originally became interested in a tablet pc about 3 months after a friend purchased one. His business has been more efficient, as well as more organized. I’m excited to wow buyers and seller alike as soon as the new pc comes in. I will do a follow up post as to what my buyers and sellers thought about signing contracts digitally instead of paper. As far as getting a copy of all signed documents to seller and buyers, I have an air card that will keep me connected to the interenet anywhere I go, so I plan on emailing the sign documents before I even leave the home. It’s a good idea in theory, however before I get to excited, I’ll try it out first, then report back.The Celestine Prophecy movie download
Could there be a Tax Incentive in the works for Commercial Real Estate
October 25, 2009
We have all witnessed how proactive the Federal government can be. Cash for Clunkers, the First Time Home Buyer Tax Credit are successful examples. It is no secret that the commercial real estate market is experiencing the same problems as the residential side has. Commercial properties are going into foreclosure, new loans are getting more and more difficult to obtain and large projects are being stalled or canceled.
In an article on Wall Street Journal, Phil Izzo brings up an interesting point citing the Federal Reserve’s latest beige book. The Feds are getting increasingly concerned about the state of the commercial market (as they well should be). Whenever the Feds get overtly concerned about something, they tend to act (at least the new administration has). He notes that the only sectors that show any grow are all federal projects supported by stimulus dollars.
The numbers show that the First Time Home Buyer tax credit has helped sales in the residential market over past several months.
So….is it too far fetched to think that the government may try to offer the something similar in the commercial market to stimulate sales?
Home Buyers and Sellers Pulling the Plug on Granite Countertops
October 25, 2009
Granite countertops have long been the staple of luxury housing. If you were buying a home with granite countertops it almost always meant it was a luxury home with an upscale kitchen. A status symbol.
That seems to be changing as a recent AZCentral.com article
highlights the new, fresh styles home buyers and remodelers are seeking for their kitchen work surfaces. Among the up and coming counter stars are some old niche favorites like glass and concrete while new contenders including recycled paper (Paperstone) and engineered quartz (Caesarstone, Silestone) pop up on buyer radar.
One reason home buyers are moving away from granite as a first choice surface is the ubiquitous nature of the stone in new homes. When granite was still new to the market it was very expensive and exclusive. After the wild popularity over the past decade, granite prices have plummeted and the idea of granite countertops in a home has lost its luster. While granite is still pricey at about $40 per square foot and up, it’s significantly lower than concrete ($100+/per square foot).
Another reason granite is slipping into the past is the porous nature of the stone. Granite needs to be sealed upon installation and every so often to prevent staining and losing its shine. Non-porous stones like Silestone avoid this making them practically maintenance free.
Still, the higher cost of alternatives will keep granite at the forefront of kitchen surfaces until discretionary kitchen upgrades grows more common again. Have you noticed a shift in buyer perception of granite countertops?
Image Credit: Rennette Stowe
RE/MAX and Heart Financial work to streamline short sales
October 21, 2009
In a press release, it was announced that RE/MAX International and Heart Financial are now working together to streamline the short sale process.
“It’s unfortunate that the Short Sale process has been so difficult to navigate in this marketplace,” says Dave Liniger, Chairman and Co-Founder of RE/MAX International. “We’ve been working hard to promote streamlined Short Sales to provide both significant benefits to lenders, and a welcomed opportunity for homeowners to get a fresh start.”
At-risk homeowners who do not qualify for a loan modification will now have a viable alternative, and will not be forced into foreclosure. Lenders that offer loan modifications to their at-risk borrowers will be invited to participate in this new Short Sale program.
Howard Brinton – An Interview I wish we had done.
October 19, 2009
While this is not an interview per se, it is a tribute to a good man and a great person in our industry. Howard Brinton announced that due to his failing health, he is closing down the “Star Power” business that he has operated effective October 1, 2009. Although I never had the chance to meet Howard, he remains one of the most influential and intriguing teachers and sharers of marketing insight in the real estate industry over the last 30 years.
Simply put, there are few things that I regret not doing. I am checking off my “bucket list” at a pretty rapid rate these days. But for a blogger, an online newspaper enthusiast, and conversationalist and a friend of the REALTOR, Howard Brinton will remain at the top of my “Interviews I wish we had done” file.
Here’s to you, Howard!
Realogy sells OpenHouse.com to Scripps Networks
October 19, 2009
In a move widely touted as a good deal for HGTV, Scripps Network announced that they have purchased OpenHouse.com from Realogy. It was also indicated that they will provide content to it at least partially via an existing arrangement with FrontDoor.com.
What is next for OpenHouse.com? Only time will tell…
How much did Realogy sell OpenHouse.com to Scripps for has not been disclosed at this time.
The Pros Advantage – WARNING! BEWARE!
October 17, 2009
The internet is truly a wonderful thing. The easy access to information and sharing of ideas with others provides a venue that has never been equaled. Unfortunately along with it, you also have a bad element of persons that want to essentially mug you, steal your products and information, and sell them as their own to others for profit.
Which brings us to the case of The Pros Advantage and David Bigham
. The Pros Advantage has apparently attempted to steal a website design/architecture from Real Estate Webmasters, and then sold that design to David Bigham (a real estate agent in Minnesota) for his use at a steep discount. In this particular case, The Pros Advantage forgot to “file off the serial numbers” in the code that they stole. So when the website went live, they left a Real Estate Webmasters copyright in the code. [I'm sure they are aware of that mistake by now, and have probably removed the copyright for Real Estate Webmasters - but, its already been documented & screenshotted so that even with its removal, it will only provide further evidence that they are attempting to cover up the fact that they stole the design.]
At this point, it is unclear as to the level of involvement David Bigham has in this transaction. One would think that he was probably an innocent victim and would want to do the right thing by joining forces with Morgan Carey & Real Estate Webmasters to get The Pros Advantage to remove the offending site, and provide a full refund. A quick change to the DNS (a Domain Name Server is what tells the internet which website to display) would have shown good faith on David’s part to want to resolve the situation. David own’s the URL / Domain, and a quick log in to his registrar would have allowed him to quickly remove the stolen property from being displayed.
Instead, it appears that either he is truly clueless as to how the whole internet thing works – or he has been conspiring in some fashion with The Pros Advantage from the start. In various commentary with Morgan, David has taken numerous positions ranging from threats of involving a Trademark and Web Attorney, to how he as the owner of the URL/domain is unable to change the DNS, to demanding Morgan & Real Estate Webmasters take legal action by sending a letter from their attorney. (That last one is particulary ridiculous. This is like asking someone to start firing a gun at you.)
So for all persons considering using The Pros Advantage – Warning! Beware! You too could be the recipient of stolen property by being a client of theirs.
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