Category Archives: National

Fort Lauderdale Makes The Top 10 Best Downtowns of 2014 List

Downtown is the place to be. It’s where art and music collide with small business and fine dining. The best downtowns exhibit a variety of cultures that reflect the areas: from historical buildings and modern new construction, to fine art galleries and community spaces. A successful downtown experience encompasses the best of the community, offering residents and tourists great activities and support for social interaction. The very top of the list of the best downtowns all have one thing in common; they are multifaceted and draw out people from the outer boroughs and the suburbs, while attracting out-of-town visitors at the same time.

Usually, we use the most up-to-date statistical information to compile The Top 10 Best Downtowns 2014 list. Don’t misunderstand, we still rely on accurate numbers related to population and business growth: but popularity depends on the aesthetic of the architecture and the energy only the locals can bring. Our best explorers have gone there and reported back with their honest opinions.

The best downtowns evolve over a long time span, sometimes going through different phases in city planning dependent on the local councilmen. From historical sites to man made attractions, residents and tourists alike shape these downtown areas.

Sheila Grant is the editor of Downtown Idea Exchange and Downtown Promotion Reporter. She has some thoughtful insight into what makes a downtown area successful: “We think they are the most vital part of the city. They give everyone in the outlying areas a sense of community and heritage.” She goes on to state that “The way to have a really vibrant downtown is to have residents there who can support the businesses and provide that life on the street to make the area seem more lively and safer.”

Our picks for the Best Downtowns begin with Fort Lauderdale in Florida

Why Fort Lauderdale? Besides the hopping club culture, the real estate market has improved considerably: with a lowered vacancy rate over the past two years by 5.7 percent. Like many other downtowns, young career minded individuals are shaping the marketplace. People working entry level jobs and small business owners want to be close to their place of business. Besides the new wave of people moving in from out-of-town, longterm residents have experienced a rise in their salaries and property values. Previously known as a beach bum epicenter, urban planners and city officials saw the need to make an effort to change the structure of downtown to better serve the evolving community needs. Beginning in 2003, and amending the plan in 2007, their plans have been a success.

Taking their inspiration from the iconic Italian city of Venice, the community leaders made the New River a focal point. This made sense because over 40,000 residents live on the water, literally. Yacht owners love the lifestyle Fort Lauderdale has to offer. The views of the Atlantic Ocean were kept in mind in the architectural plans for new buildings. Himmarshee Village is the center for retailers, comedy and music venues and family run eateries and bars. Broward Center for the Performing Arts is a prominent theater, which funnels patrons from their shows to the locally owned businesses. Like many great town centers, Fort Lauderdale has not forgotten its past. The Bonnet House Museum and Gardens, plus the Nova Southeastern University Museum of Art make for a fine cultural experience.

Las Olas Boulevard bridges the gap between A1A and the Atlantic Ocean. 17 blocks offer a European experience: with alfresco dining, fine art exhibition spaces, and a contemporary club scene. Las Olas Boulevard inspired the city planning committee. With thoughtful landscaping, plus careful color choices for buildings new and old, Las Olas served as the inspiration for the new Fort Lauderdale.

Google home searches up 243% in four years!

Real estate-related searches on Google.com have grown 253 percent over the past four years, according to a joint study from the National Association of Realtors® and Google called The Digital House Hunt: Consumer and Market Trends in Real Estate.

“These results parallel the trends shown in NAR’s economic research reports,” says NAR President Gary Thomas. “As home sales and prices continue to trend up, more people are regaining confidence to invest in their future through homeownership.”

According to the analysis, buyers used specific online tools at different points during the home search process. Buyers tend to rely on search engines and general websites when they begin their search, use maps more in the middle of the process, and engage mobile applications most toward the end of their search.

In their online search queries, first-time buyers frequently searched terms like “FHA loan,” “FHA,” “home grants,” “home loan,” and “home buyer assistance.” Last year, more than four out of 10 first-time buyers purchased their homes with a Federal Housing Administration-insured mortgage. Mirroring the Google/NAR study, search activity on Realtor.com has also picked up significantly in recent months – a 31 percent increase nationwide between March and October.

According to Google internal data, the five states with the highest number of online queries from people who can be presumed to be first-time buyers were Delaware, Louisiana, Mississippi, South Dakota and Wyoming. Queries related to retirement homes were highest in Nebraska, North Carolina, Oregon, Virginia and Washington. For vacation home searches, the top five states were Florida, Ohio, Oregon, South Carolina and South Dakota.

Another change of note: Mobile devices are significantly changing the way people search for homes. According to results from Google’s home shopper research with Compete, 48 percent of people who used a mobile device in their home search used the device to get directions to homes for sale, and 45 percent used the device to request more information about specific home features or real estate services.

“Increasingly, online technologies are driving offline behaviors, and home buying is no exception,” says Google Head of Real Estate Patrick Grandinetti. “With 90 percent of home buyers searching online during their home buying process, the real estate industry is smart to target these people where they look for and consume information – for example through paid search, relevant websites, video environments and mobile applications.”

Source: Florida Realtors®

Congress Extends Mortgage Debt Relief Act!

On January 1, 2013, as part of the so-called fiscal cliff negotiations, Congress passed an extension of the Mortgage Forgiveness Debt Relief Act. This extension of this act, which has saved homeowners more than $1 billion dollars in taxes, is great news for struggling homeowners nationwide, and for the agents that represent them.

The extension is now only awaiting President Obama’s signature.

The Mortgage Forgiveness Debt Relief Act was originally passed in 2007 to aid the millions of homeowners who suddenly found themselves in danger of losing their homes to foreclosure following the housing market crash.

Under the Mortgage Forgiveness Debt Relief Act, debt forgiven in a short sale, foreclosure, or loan modification, is exempt from federal taxes on primary residences. For homeowners facing foreclosure, this exemption saves them from paying thousands, or even tens of thousands, in taxes on top of losing their homes.

Now for another year, homeowners can take advantage of this exemption and avoid foreclosure without the fear of an impossible tax liability.

And with banks recognizing the significance of short sales as an effective loss mitigation tool, they’re ramping up for business. Short sales will be the key loss mitigation tool used by mortgage servicers in 2013.

Please contact Brian Pearl, a Certified Distressed Property Expert (CDPE) if you or someone you  know is in danger of losing their home.  Visit my website for tons of useful FREE resources, FAQ, and videos (www.flshortsaledept.com).

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Will rentals thrive in a seller’s market?

There’s been plenty of talk about how the housing bust propelled the rental market to new heights as people skipped buying a home and decided renting made much more sense.

But now as the housing market enters an unsteady recovery phase, the relationship between the two sides of the market is shifting. Now it seems that markets favoring sellers are often places where apartment developers are looking to build. So in this case rentals would benefit not from a weak housing market, but a strong one.

The best places to sell your home are almost exclusively in the West and Southwest of the country, according to a new report from real-estate listings service Zillow. The best places to buy, generally, are on the East Coast or in Midwestern Rust Belt cities. Zillow’s calculation is based on a number of factors, including a comparison of sales prices and list prices and the number of days it takes to sell a home.

In many of the cities where sellers have the most negotiating power – San Jose, Calif., San Francisco, Austin and Phoenix, for example – apartment construction is heating up as well. That’s according to apartment pipeline data from Axiometrics Inc., a real-estate data firm that recently launched a research tool that tracks the number of planned apartment units.

The trend makes sense: Developers deciding to pull the trigger on construction of new apartment building look at a lot of different factors, including the renting versus owning balance of a market. If a city is a true sellers’ market, that’s a sign that more of the population moving there or starting a new household will turn to rentals until the market comes back into balance.

Similarly, in markets where buyers have the upper hand, like Cincinatti, Cleveland, Providence, Jacksonville and Hartford, Conn., developers have less interest in building rentals, a sign that apartment builders are shying away from the competition from for-sale single-family homes.

There are, of course, some exceptions.

Perennially an outlier, New York City is considered by Zillow to be the nation’s No. 4 “buyers’ market,” but Axiometrics shows that 111 projects, with nearly 40,000 new apartments, are planned for the next few years. That’s probably because New York, with its strong job market and a population that’s almost continually turning over, has seemingly endless demand, despite rising apartment rents.

On the other side, some markets that have seen steep price declines, like Las Vegas, Sacramento, Riverside, Calif., and Salt Lake City, are considered “sellers’ markets” by Zillow because of bidding wars that have erupted as investors, often paying all-cash, look to convert foreclosed homes into rentals.

But none of those markets have much in their apartment pipelines. Apartment builders know they can’t really compete with single-family rentals or a market where retail buyers can still purchase a home cheaply from a bank or an investor looking to get rid of it quickly.

Source: WSJ Online

Finally some good news! Inventory of homes for sale shrinking in South Florida.

The number of homes and condominiums for sale across South Florida has steadily declined over the past two years, an encouraging sign for the region’s battered housing market.  Broward County had 19,869 properties on the market in July, down 35 percent from July 2008, according to a multiple listing service report compiled by the Keyes Co. Palm Beach County’s inventory of homes and condos slid 31 percent to 23,947 during the same period.  The supply of new homes being built in the two counties also has decreased sharply in the past two years, said Brad Hunter of the Metrostudy research firm in Palm Beach Gardens.  In 2005, sellers rushed to list their homes, hoping to fetch record prices during the housing boom. But the frenzy led to a collapse and prices plummeted.  Thousands of foreclosures and short sales have clogged the market ever since, giving buyers plenty of choices and little reason to pay top dollar.  “You won’t get price appreciation until you get the inventory in balance,” said Mike Pappas, president of Keyes. “We’re making great strides.”  Declines in homes for sale already have helped stabilize prices recently.  The median price in Broward rose 7 percent during April, May and June to $209,800 from a year ago, the Florida Realtors said Wednesday. Palm Beach County’s median increased at the beginning of the year but dipped 2 percent in the second quarter to $235,500.  Pappas said his firm is handling fewer transactions involving foreclosed homes, and he thinks that’s an indication the foreclosure market has peaked.

Copyright © 2010 Sun Sentinel, Fort Lauderdale, Fla., Paul Owers. Distributed by McClatchy-Tribune Information Services.

Keller Williams Ranked #1 in Home Buyer Satisfaction!

 

Satisfaction with national real estate companies among home buyers has improved while satisfaction among home sellers has declined in the last year, according to the J.D. Power and Associates 2010 Home Buyer/Seller Study, released Thursday.

J.D. Powers collected 3,000 evaluations from 2,817 respondents who bought or sold a home between March 2009 and April 2010. Overall satisfaction with the buying experience is determined by rating satisfaction with the practitioner, the office they represent, and a variety of additional services. Four factors are examined for the home-selling experience: the quality of the practitioner’s performance, marketing, the office they represent, and other services.

“Among both home buyers and home sellers, the importance of [practitioners] and salespersons has increased substantially in 2010, compared with 2009,” said Jim Howland, senior director of the real estate and construction practice at J.D. Power, in a statement.

“Buyers are increasingly relying upon negotiating skills of [practitioners] and seem to be satisfied with the purchase prices they are obtaining. Despite the fact that sales practitioners appear to be doing a good job of negotiating and marketing on behalf of home sellers, the tough economic conditions are negatively impacting their overall satisfaction with real estate companies,” Howland added.

On a 1,000-point scale here are the scores in the home buyer segment:

1. Keller Williams, 817
2. Prudential, 811
3. Coldwell Banker, 805
4. Home-Buyer Segment Average, 803
5. RE/MAX, 801
6. Century 21, 798
7. ERA, 785
8. GMAC/Real Living, 765

Satisfaction ratings on a 1,000-point scale from home sellers:

1. Prudential, 760
2. Keller Williams, 751
3. RE/MAX, 744
4. Coldwell Banker, 743
5. Home-Seller Segment Average, 742
6. Century 21, 727

Source: J.D. Power and Associates (07/28/2010)

Shadow inventory may slow housing recovery

The housing market has shown some signs of life recently. Existing home sales are up, prompting some optimism. But at the same time, an untold number of houses that have yet to hit the market are waiting in the wings.

And the bigger that so-called shadow inventory, the further off the housing recovery might be.

‘The Tip Of The Iceberg’

By the official count, about 3.5 million homes are on the market right now. Given the rate of home sales, that’s roughly twice the normal supply.

But “that could just be the tip of the iceberg,” says Stan Humphries, chief economist for the real estate Web site Zillow.

It’s not what is already for sale that worries economists like him; it’s the number of homes that might hit the market in the months to come.

“The portion of the iceberg below the waterline is inventory that’s waiting to come into the market at some point,” Humphries says. “And as it bleeds into the market over time, it continues to put downward pressure on prices.”

Shadow inventory comes in several forms. It includes homes in or close to foreclosure but not yet put up for sale — a number that’s increasing. It also includes homes that owners want to sell but are waiting to put on the market until it improves.

In a recent survey, Zillow found that nearly a third of homeowners would have considered putting their homes up for sale if the market were better. Nationally, that would mean between 11 million and 30 million homes that aren’t listed but are waiting on the sidelines.

Stuck With Unwanted Homes

The would-be sellers include people like Jennifer Dalzell. She and her husband bought a five-bedroom row house just four years ago in the shadow of the nation’s capital. Her husband is in the military, so they move around a lot.

Dalzell says she’s watched the appraised value of their home plummet along with their retirement savings and mutual funds. Her husband will be moving to his new gig in Africa without the family, in part because they don’t want to sell at what she believes is the bottom of the market.

“Because we can wait, we’ll wait until we feel that we can get a better price for the house,” Dalzell says. “I think the market will come back. It feels like there’s money out there, and people are just sort of waiting. And I guess we’re contributing to that waiting game.”

There are no records that quantify how many people like Dalzell there are. In fact, sizing up the shadow inventory is tough.

“Unfortunately, our data are very delayed, and we really don’t have a sense of exactly where we are,” Former Federal Reserve Chairman Alan Greenspan said at the National Association of Realtors conference in May.

The key question, Greenspan said, is quantifying how many single-family dwellings are available for sale.

Number Of Foreclosed Homes Unclear

But it’s not clear how many more homes will be heading into foreclosure. If prices keep falling, that number is bound to grow.

Government data released Tuesday showed the number of homes going through the foreclosure process jumped 22 percent during the first quarter. The number of homeowners who are seriously delinquent on their mortgages is also up. Delinquencies are growing the fastest among borrowers who had good credit scores.

And that’s only part of the challenge. As banks take possession of more foreclosed homes, not all of those are listed — sometimes because they are holding back inventory so they don’t flood the market.

“I do know that banks are holding onto inventory, and what they’re doing is they’re metering them out at an appropriate level to what the market will bear,” says Pat Lashinsky, chief executive of online brokerage site ZipRealty.

He says this strategy has paid off for banks — even if it also pushes a full housing recovery further out.

“By not flooding the market, they were getting better pricing on the homes that they owned,” Lashinsky says. “And instead of people coming in and offering less than what the prices were, they were ending up in multiple-offer situations and getting more for the homes.”

Lashinsky adds that a large shadow inventory is not all bad because it creates a kind of buffer. Having so many people hold back prevents a free-fall in home prices. And when the economy recovers, he says, there will be plenty of homes to buy.

Help Haiti

On January 12th, a series of massive earthquakes devastated the small country of Haiti. The amount of people killed, injured, and displaced by the disaster is staggering, and they need our help. With relief efforts underway, many displaced Haitians and their friends and families around the world are deeply concerned about the safety and whereabouts of loved ones.

In response to the Haitian earthquake, a team of Googlers worked with the U.S. Department of State to create an online People Finder gadget so that people can submit information about missing persons and to search the database.  Click here to view the database.

Keller Williams Realty Voted #1 Most Recognizable Brand

A just released article by Real Estate Trends names Keller Williams Realty the number one franchise for brand recognition. Here’s some of the article highlights:

Real Estate Franchises: Most Recognizable Brands for 2009

The Top 10 real estate franchises, most recognized by the real estate industry as quality national brands are:

  • Keller Williams Realty
  • Coldwell Banker Real Estate
  • RE/MAX International
  • Century 21 Real Estate
  • Prudential Real Estate
  • Sotheby’s International Realty
  • EXIT Realty
  • ERA Real Estate
  • Weichert Real Estate Affiliates
  • Better Homes & Gardens Real Estate

  • Keller Williams Realty’s surprising #1 ranking was most likely due to the strong, above average online and social media presence of their agents and the fact that during 2009 KW surpassed RE/MAX in agent count according to a widely published REAL Trends survey…

    Click here to read the full article on RETrends.com

     

    This Month In Real Estate – December 2009

    Each month, This Month in Real Estate provides expert opinion and analysis on real estate trends across the nation. The aim of the consumer-oriented segments is to provide real information on real estate.

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