Tax Credit Coming to an End?
February 8, 2010
The First Time Home Buyer Tax Credit of 2009 was given new life late last year. President Obama extended the original credit end date until April 30th for purchases and buyers under contract before then have until the end of June to close escrow and claim the credit. The credit has been a success to this point, helping to drive consumers back into the ailing real estate market.
There has been some talk in the media about 2010 being the rebound year for the economy. Home sales in several areas around the country are up and prices have stabilized or increased. However, foreclosures are still a problem in several states coupled with high unemployment. Considering the overall state of the union, I wonder if the government isn’t considering an extension of the credit into the fall.
Interest rates are still very low and there is plenty of surplus housing available. Consumers have been buying but new inventory coming on the market is still a factor.
What do you think?
International Living Reveals Top 10 Best Countries to Live
January 23, 2010
The 2010 Quality of Life Index, produced by International Living, ranks and rates 194 countries based on their quality of life. The index looks at nine categories: cost of living, culture and leisure, economy, environment, freedom, health, infrastructure, safety and risk, and climate. For the fifth consecutive year, France tops the list.
The top 10 countries in the 2010 Quality of Life Index and some of the characteristics that contribute to their high ranking are:
- France: An unsurpassable quality of life, including the world’s best health care.
- Australia: Countrywide access to an active and healthy lifestyle. Urban dwellers enjoy plenty of great culture, excellent food, and a favorable cost of living.
- Switzerland: A super-efficient, high-tech society and alpine tourism.
- Germany: Theater, art, and classical music concerts. Average employee earnings of €41,509 ($61,433).
- New Zealand: Pristine landscapes and absence of high crime rates, abject poverty, pollution, congestion, health issues and cramped city living.
- Luxembourg: A financial center and tax haven, and a per capita GDP of $88,000.
- United States: Convenience of getting what you want, when you want it.
- Belgium: Expat friendly with everything from English-language cinema to international schools.
- Canada: High living and health care standards. Vast natural resources, robust financial industry, and innovative manufacturing.
- Italy: Grand historic cities, 60 percent of the world’s art treasures, and a WHO-acclaimed national health care system.
Promising Outlook for Commercial Real Estate Worldwide in 2010
January 17, 2010
Worldwide, 2010 looks promising for commercial real estate investment across most markets, and Asia offers the best opportunities, according to the 16th edition of the LaSalle’s Investment Strategy Annual.
The report says that the free fall in values has stopped in nearly all the major markets it follows and the early stages of restored investor confidence have begun.
Markets across the globe are recovering in very different and surprising ways. LaSalle offered the following information about specific markets:
United Kingdom: While capital values will still increase, a sharp rebound in prices means that the best opportunities have passed, the report says.
Continental Europe: France and Germany are set to see most of the investment activity in 2010. Re-pricing in other countries continues at varying speeds and Central Eastern Europe continues to be paralyzed.
United States: Its recovery is slower because the market has yet to reach bottom. Weak economic fundamentals are expected to push vacancies up and prices down until the second half of 2010.
Asia: The area is expected to offer investors the greatest range of opportunities in 2010 as China and India growing rapidly, and economies that have experienced a contraction in economic output reclaim lost ground by 2010.
LaSalle summarizes that investors in commercial real estate should be cautiously optimistic about the outlook in 2010. However, as a late cycle participant in the general economic recovery, real estate will behave differently from other asset classes.
Century 21 franchisor in China going public?
January 6, 2010
It was reported today on Blogging Stocks that the company with the exclusive franchise rights to the Century 21 brand in China, IFM, has started to fill out the needed paperwork to proceed with an IPO.
So far, IFM has the largest network of real estate offices in China, with more than 1,000 locations across 34 major cities. There are roughly 14,900 agents and staff, which manage 4.7 million property listings. With its heft, IFM is ranked #3 in terms of real estate volume in China.
Morgan Stanley and Goldman Sachs are reportedly the lead underwriters on the IPO.
Art Bartlett Co-founder of Century21 dies after long illness
January 3, 2010
According to a press release this morning, Century 21 co-founder Art Bartlett has passed away after a long illness at the age of 76.
“Art was a legend whose actions helped to write the very history of real estate and franchising,” says Century 21 Real Estate LLC President and CEO Tom Kunz. Bartlett created the concept of regional franchising and has been deemed the “father of conversion franchising” — converting existing small businesses into franchises.
“His vision, combined with his dynamic charisma and determination have positively touched the lives of generations of real estate brokers, agents and the millions of people for whom they help find homes globally,” adds Kunz.
Keller Williams Family Reunion 2010 Agenda
December 30, 2009
Keller Williams has announced the Agenda for their Family Reunion scheduled for February 20th through 24th in New Orleans, LA. While not all of the details on speakers are clear yet, they have an Agenda page on their website here that is to be updated as details are finalized.
The event is expected to draw thousands to New Orleans and provide much economic stimulus to the area. Convention Fees are currently $499.
REMAX Convention 2010 Orlando
December 26, 2009
RE/MAX International has set the schedule for their Convention 2010 in Orlando Florida. Details of the convention were provided here.
While the economy in general is expected to slow the convention and travel business overall quite significantly, the REMAX Convention is expected to be a good draw among RE/MAX associates worldwide. Aside from workshops on every real estate business subject imaginable, attendees are also scheduled to hear from Dave Liniger, co-founder of RE/MAX and the convention is scheduled to be headlined by Mary Matalin and James Carville.
Boost Your Business with Foreign Buyers
December 12, 2009
This is a good time for real estate professionals to expand their clientele with international buyers. Among the factors favorable for marketing to foreign buyers are:
- International buyers bought 154,000 homes and condos during the 12-month period ending in May, and they continue to be attracted to the weak dollar.
- The U.S. dollar has weakened significantly since June, dropping 9 to 11 percent against such foreign currencies as the Japanese yen, European euro and Canadian dollar.
- Both the U.S. economy and the U.S. housing market are showing signs of stabilizing.
- Nearly 46 percent of international home buyers paid cash for homes purchased.
- The median price that foreign home buyers paid for a home was nearly $80,000 more than the U.S. national median price.
Among International buyers, those from Brazil, Canada, France and the Netherlands have paid mostly cash for second homes. Those purchases, MSNBC.com reported, ranged from $6 million to $15 million in condo buildings.
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.
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