Real Estate Downsizing
November 22, 2009
With so many businesses having to count every penny, some have decided to give up one of their biggest costs: office space. An Associated Press article states that more and more small businesses are shrinking staffs and encouraging telecommuting—-in order to be able to maintain small offices or eliminate the location altogether. According to article, not only are these businesses saving money on property leases, taxes, etc but also on auxiliary costs like utilities and office equipment.
Whether this trend has had any significant impact on the commercial real estate market is hard to say. Given the current climate of the market, businesses seeking smaller spaces and eliminating locations has probably help drive up the vacancy rate and reduce rents across the country. Vacancy rates in commercial properties have hit record highs in several major markets across the country and show no signs of decreasing. It begs the question whether the Federal government will step in as they have done with the residential market.
You can read the rest of the AP article here.
NAR: Indexing is OK
November 17, 2009
This week, NAR officially approved indexing of websites by search engines as an acceptable use of IDX data. Here is a summary from REALTOR.org:
NAR’s Board of Directors:
“Amended the Multiple Listing and Internet Data Exchange Policy to conform to NAR virtual office Web site (VOW) policy and to make clear that participants may not use IDX-provided listings for purposes other than display on their Web sites but are not required to prevent indexing of their Web sites by recognized search engines.”
This is a clarification that was brought to the forefront when MIBOR (Metro Indy Board of REALTORS) sought to force their members with sites that indexed listings de-index them from major search engines such as Google, Yahoo, and etc.
Unfriend Reaches Oxford Dictionary
November 16, 2009
The Oxford dictionary has added a new word to its extensive vocabulary which signifies the ever grow influence of social media. The word “unfriend” has managed to find its way into the English language. For those of you who are unfamiliar with the term, “unfriend,” means to remove someone from your friends list on any particular social network. Facebook being a great example. For someone who is unfamiliar with social networking, “unfriending” doesn’t seem like a big deal at first. But in reality it can be the equivalent of ending a meaningful friendship with someone. Social media has become an intricate part of communicating with others. Many people have developed friendships through mainly through these social networks. “Unfriending someone can have a hug impact on your social network standing if your not careful who you remove. “Unfriending” can be no different then ending a friendship in person. Perhaps many Facebook users don’t realize this, but you can be offending someone without even knowing it. It’s important that Facebookusers learn proper etiquette when using such networks. Communicating through Facebook and other sites is no different then talking with people in person. Having this approach will only help your reputation in the social media world.
GMAC Real Estate combines with Real Living
November 11, 2009
We now know what the new brand will be for GMAC Real Estate. GMAC Realtors received an email today from Graham Badun (CEO of Brookfield) saying that Brookfield Asset Management, who bought GMAC Real Estate about a year ago, has now acquired the Real Living Franchise. Additionally, the email stated that GMAC Real Estate would be re-branded to Real Living.
Badun indicated that Real Living offered the branding needed to provide a strong future for the company.
Harley Rouda, Jr., president of Real Living, will be the new president of the combined company.
$8,000 Tax Credit For First Time Buyers Extended To June 2010
November 6, 2009
In what is an epic win for the real estate industry and upcoming home buyers, the $8,000 tax credit for first time buyers was extended earlier today. The new credits work like this:
What You Should Know About The $8,000 Tax Credit
- Must be in contract by end of April 2010 and close by June 2010 to receive the $8,000 tax credit.
- Must be a first time home buyer.
- Single buyers are eligible if they make up to $125,000 per year, up from $75,000 in the previous credit and couples (who file a joint tax return) up to $225,000, up from $150,000 this past year.
- Maximum purchase price cannot exceed $800,000.
Newly introduced is the $6,500 tax credit for home sellers who have occupied their homes as a primary residence for five consecutive years within the past eight years.
What You Should Know About The $6,500 Tax Credit
- Maximum purchase price cannot exceed $800,000.
- If you sell your new home purchase or cease to use it as a primary residence within three years of purchasing you must repay the $6,500 tax credit. [Source]
- Must purchase a home by end of April 2010.
What do you think of the new and improved home buying tax credit? Will it be a boon to the real estate industry or end up killing sales for 2011?
Be sure to consult with your accountant/tax professional to learn more about the pros/cons and your eligibility for the new tax credit.
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