None-the-less, there were some areas of Austin that experienced positive home price growth between 2007 and 2009.  Since average home sale prices began to decline during 2008 and throughout 2009, we decided to compare average sold prices during 2009 to 2007 to get a better idea of the losses and gains. While some areas would be expected to stay strong such as zip code 78746 in the coveted Eanes Independent School District (Eanes ISD) where all the public schools are rated exemplary by the Texas Education Agency, average sale prices gained a small 1.57%. Other highly desirable areas lost ground such as zip code 78703 (West of downtown and west of Mopac but east of the river) where prices dropped 7.58%. Some areas that experienced the highest price declines are on the outskirts of west and northwest Austin. For example, zip code 78733 just north of Bee Caves Road and just east of the City of Bee Cave (located in Eanes ISD) lost over 23%. The 78734 zip code in the Lakeway area lost just under 20% while northwest Austin’s zip code 78726 lost just under 19%.
 
Other areas of strength were zip codes 78750 in northwest Austin around the popular Westwood High area where some students have the opportunity to attend all exemplary rated schools from elementary to high school. Zip code areas 78704 and 78745 just south of downtown pulled out slight gains of .01% and 1.94% respectively. The central zip codes around downtown Austin experienced price reductions of 4-8%. Downtown zip code 78701 shows a 37.82% increase, but there were only a handful of homes sold in this zip code so the numbers do not have as much credit.
 
For buyers there are different angles to consider when deciding where to purchase their next home. On one hand buyers may find the best values where prices have dropped the most. On the other hand, buyers might consider purchasing a home where prices have been the most stable over the last few years. Either way, Austin continues to buck the national trends with continued growth and relative employment stability, which suggests long term demand for Austin homes. According to Texas’ State Demographer, Austin Metropolitan Statistical Area (MSA) population will grow 33.9% between the years 2010-2020 from 1.7M to 2.92M. By the year 2040 the Austin MSA is projected to have a population of just less than 4M. That is over twice the size of the current Austin MSA! If the projections hold true, Austin homeowners should enjoy continued market stability and growth for years to come.

The Playa del Carmen Real Estate region is well known exotic beautiful beaches and relaxed lifestyle. Anybody who has visited Playa del Carmen goes back with a wish that he/she had a Playa del Carmen Condo near the beachfront with soft and white sands and a short drive from the Fifth Avenue and warm & sunny climate. In Mexico condo market, Playa del Carmen offers one of the best options as reaffirmed by the fact that Playa del Carmen is consistently chosen as one of the best tourist destinations in Mexico.

Year 2010 started on a strong footing with hotels in Playa del Carmen reaching occupancy rate of 85%. A few days after Christmas, over 30,000 out of 37,200 rooms were occupied. The numbers rose subsequently the following week, and the first week of January saw numbers reach an heart warming 93% with the bulk of the visitors from U.S. and Canada. Towards the end of the winter in US and Canada, that is, during February and March, tourists will again start pouring in.

Playa del Carmen entices tourist from US and all over the world beautiful beaches, excellent and expanding infrastructure, the fancy restaurants, world class amenities and a sunny climate through the year. This establishes Playa del Carmen as a town which encourages the beachfront lifestyle and also makes Playa del Carmen condos best choice for a unique lifestyle.

Many visitors who have visited Playa del Carmen have gone back only to come back as permanent residents because of the lure of Playa del Carmen lifestyle and availability of excellent Playa del Carmen condos. A condo in Playa del Carmen can be an excellent vacation investment as owners can live in the condo whenever they want and rent it out when not in use. Thus Playa del Carmen condo can also be an income generator. Every year, more and more Americans and Canadians are retiring to this wonderful place to explore and enjoy it in their leisure time.

Condos in Playa del Carmen are comparatively cheaper even though the prices are appreciating inspite of recent recession in US and around the globe. Mexican Caribbean was voted as “Best Destination in Mexico” for the sixth consecutive year by the Travel weekly. This confirms that Playa del Carmen region is one of the best destinations for tourism. Any destination which has a booming tourism sector has also a growing real estate industry to cater to the growing needs of a growing population. Because of these factors, serious long term investors never abandoned their faith in Playa del Carmen Real Estate sector and the Playa del Carmen continued to grow.

Author: Tom Budniak

When it comes for you to buy kitchen appliances, you better head into the stainless steel products. This simply because stainless steel is always able to provide you better benefits compared with other steels.

In buying the sinks, stainless steel should be your top priority to look for, especially for it’s resistance to the water or heat, so you will have it in the longer term. In Mrdirectint.com, you will be able to see collections of undermount sink, whom been proven for the toughness and its great quality. Read the rest of this entry »

A rug is known as part of home decoration. The rug brings elegant and fresh look to the room where it is put. If you want to make you home looks more beautiful, area rug is a perfect option for it. Another function of area rug is to protect your expensive floor from scratches. If you are looking for an area rug, you can go SuperiorRugs.com. SuperiorRugs is a leading supplier of area rugs. They distribute the area rugs to all over the world.

SuperiorRugs has been manufacturing the area rugs for more than 20 years. The rugs are in Persian and Oriental style and at affordable prices. Moreover, the rugs are also available in a variety of sizes, colors, and shapes so that you can choose the rug that fits your home decor. Read the rest of this entry »

Sometimes dealing with construction-related jobs is quite complicated if you don’t have the right tools for it. Whether you are a professional or an amateur, you might need power tools to get the job done faster. If you are looking for the power tools, you can buy it online at PowerTools.us.

Power Tools is an online source of power tools for construction, industrial, auto, mechanic, etc. They have a wide variety of power tools to choose from. They provide drills, screwdrivers, wrenches, hammers, nailers, and saws. Moreover, they also have the power tools for specific industries like woodworking. The power tools in this site are from the top brands such as Makita, Hitachi, and many more. Many of the power tools are designed to handle medium-duty jobs. However, there are some tools that can handle heavy-duty jobs. Read the rest of this entry »

If you are searching for a new home, it is better to seek the expertise of experienced real estate agents who have set up homes for sale websites. In the rest of the passages, I will demonstrate the importance of these web portals. We will also look into how they will aid you effectively in choosing the very best homes. Some of the experienced users who are in the real estate business might be already aware of the strategies that are to be acknowledged when browsing through these portals. Yet, I list the rest of the passages for the novice of the users.

You should have a good understanding of your requirements before searching for websites that list the various homes for sale. You might have set aside a portion of your hard-earned money with the sole intention of investing on a new house. According to your requirements, the average sale price of the house will increase dramatically. For example, the average sale price of a two-bedroom house and an eight-bedroom house will vary. Unless you have a good understanding of your requirements, you are going to be confused looking at the options that will be presented to you on the real estate portal.

Most of these portals specialize in displaying real estate listings, homes for sale and even properties that are available for rental. Purchasing a home can make a significant dent in your purse. Alternatively, you can search for homes for rent through these portals. By doing so, you will be able to locate that dream home and move over to the new house by paying a fraction of the cost that will be incurred if you purchase the same house. Once again the factor, which I had mentioned, previously comes into play.

The rates of the homes for sale will vary according to the neighborhood. If you are low on cash, it is better not to look at the options available in posh urban areas. The real estate prices are always on the rise. Always look for a humble abode that is near schools and colleges. It will prove to be beneficial on a later date. You will be able to save considerably on transportation costs. Easy access to the motorway is also recommended if you are a regular commuter. Frankly, you should be aware of these factors beforehand. Just like the real estate prices, the average cost of living is also increasing dramatically.

Skimming through the offers listed in web portals that specialize in the display of homes for sale will give you even more ideas about the existing real estate prices. Premium homes always come with a heavy price tag. Unless you have ample crates of cash stacked up in the basement, it is wiser to invest in simpler homes that will suffice your purpose! The maintenance costs associated with larger homes are high. During these times of unstable economic uncertainties, we have to exercise various money saving options.

When looking to purchase your very first home, the one thing you just can’t do without is a qualified real estate agent.  Because first timers are often completely unaware of what to expect when buying their first home, having an expert around is a good idea.  A professional realtor can walk you the process and help it run more smoothly.

It is also a good idea to have someone around who understands the ins and outs of the real estate industry.  The reality is that when you are buying a home and you’ve never done it before, the entire process can be somewhat overwhelming.  Having someone you can trust to help you find the perfect home to purchase will be like a breath of fresh air as you take that first plunge into home ownership. 

So let’s talk about ways to go about finding that perfect real estate agent.  Below are a few ways that will help a potential first time buyer find just the right real estate professional to fit their personality and needs.
   
1. Referrals - poll your friends and family to see if they have someone that they would recommend.  Usually you will find that getting a referral for a real estate agent will give you comfort because someone you know has vouched for their work.
 
2. Check the neighborhood - chances are that if you are in the market to buy a home, you’ve already been doing some driving around in the neighborhoods you’re interested in.  If you see a few homes with a recurring name, this could be an indication that this person is a qualified realtor, so go ahead and give them a call.
 
3. Interview a few candidates - whether you get a name off a For Sale sign or get a referral from your best friend, you might want to talk to a few real estate agents before settling on one.  Every good real estate agent will not fit your personality style, by spending a little time speaking with a few you’ll be able to choose who you feel most comfortable with.
 
Buying a home can be an arduous and exciting event all at the same time.  This is particularly true if you are going through the process for the first time.  Having a qualified real estate agent can not only make the process stress free, but it will ultimately help make your dream of buying a new home come together much quicker and with optimal results.  

 

In spite of the economic downswing that many countries in the world are currently experiencing, real estate remains one of the booming industries. For those who are thinking of venturing into home purchase, it is important to understand the essential components in the real estate market such as home mortgage.

Home buyers need to submit the necessary documents for mortgage application before their prospective lender qualify them for a mortgage or issue a loan. Other than the personal identification, financial documents are very common requirements when applying for mortgage loans. This documentation is normally presented to the bank or mortgage lender. Determined by conditions of the mortgage company, a broker may validate some of the information or the underwriter will confirm all of the details. The bank confirms a potential buyer’s financial information, when this is done the underwriter can move on to process the mortgage. In case the information is unclear or cannot be checked out, the mortgage broker will ask the potential buyer for extra documentation.

In most cases, your prospective lender will ask prospective home buyers to submit the following requirements before applying for a loan or issuing a mortgage.

• Almost every mortgage brokers or banks will want to see copies of pay stubs from the last three months prior to the loan application. If it happens that a prospective buyer owns a business or works on a commission basis, there is a need to provide more documentation of income. This means the prospective buyer has to provide pay stubs for the past 12 months or profit loss report.
• For home buyers who are already retired, the bank may request proof of retirement income. This can be social security reports, IRA or 401K reports, or pension reports.
• The potential buyer may also need to present bank account statements for the last three months. The bank may also ask the prospective buyer to submit bank account statements for the past three months. If you have both checking and savings accounts, you should submit statements for the two accounts.
• The prospective home buyer may also need to furnish a copy of their current lease or form signed by the landlord.  The mortgage broker or bank will want to see this document so they can contact the landlord and verify rent paid and to know if you pay on time.
• There are times that the bank asks for an employment verification form. This form can be provided by your employer. The content of form includes in details of your salary, duration of employment, weather there will be a change in your employment status and scheduled raise.
• The lender will ask you to submit a least a year’s tax returns in the documents required for mortgage loans. Many lenders will look for up to three years of tax returns. You must be able to submit the full tax return.

Since most home buyers do not have enough financial resources for the purpose of purchasing a home in full payment, lending companies and banks are imposing the required documents as necessary and impose other tight standards to apply and get approved for home mortgage.

While the debate rages as to how much we’re going to pay for power and other utilities, it’s time to start planning for the consequences:

Eskom and Other Housing-Related Tariff Increases – Impacts Go Far Beyond Short Term Economic Growth, and So Should the Debate

In recent times, power utility Eskom has been occupying much of the media space, and the debate surrounding the proposed tariff hikes has been heated to put it mildly. Will the tariff hikes be 45%? Is it now 35%? We don’t know yet, and we’ll only get some certainty early next year.

In the mean time, there are certain realities surrounding power as well as other property-related costs that we need to start considering more seriously.

What is apparent regarding energy in South Africa is that if there is not some combination of investment in additional capacity along with demand management of power, it will probably not be too long before the so-called “reserve capacity” runs out.

What we also know is that there is a big environmental debate surrounding energy consumption and supply, and especially coal-fired power stations (predominant in SA) are not exactly the “flavour of the month” with environmentalists. From this point of view, too, it would appear that energy production and consumption habits will be required to change in future.

In addition, it isn’t only the area of electricity supply where under-investment has caught up with us. Transport, water and sewage in some areas also require urgent attention, which would probably imply more costs coming the way of the household sector.

Now there are various models for financing increased power supply capacity and other infrastructure, including greater private sector involvement, and hopefully we won’t have to pay quite as much as the proposed hikes suggest. But the reality is that the cost of operating a home is already rising steadily, and Eskom is only one contributor to that. If one looks at the most recent available consumer price inflation numbers for October, the CPI sub-index for electricity used in homes showed year-on-year inflation of 24.1%. In other words, high electricity inflation is already happening.

The CPI sub-index for “water and other services”, which includes refuse removal, sewage and assessment rates showed year-on-year inflation of 9.4%, also well-above overall consumer price inflation. Mediocre “actual rental” inflation of 5.4%, along with estimated “owner occupied rental” inflation of 4.7% assisted in curbing the overall rate of inflation for the CPI sub-index for housing and utilities to 7.4%, but that still leaves the housing costs sub-index inflating at above the 5.9% overall consumer price inflation rate.

This does not include the cost of insurance, and the CPI sub-index for insurance, which includes amongst others housing and household insurance, showed year-on-year inflation of 12%.

What will the probable response be to the steadily rising costs of operating homes, in which councils and utilities look set to play an important but not the only role? In the short term, it would predominantly be to cut back on usage of services such as power and water where possible. Such options are often limited in the short term, because the size of the property and its built in facilities (swimming pools for instance) cause it to consume significant quantities of electricity and water. In the longer term, however, the demand-side options become more significant, because over time the design of new properties can change.

Increasing urban land scarcity, often related to limited investment in new infrastructure, especially in the area of transport, has already caused some densification of urban living through the development of new homes on smaller-sized stands. Now, more significant increases in costs related to household operation, often aimed at funding the growing infrastructure shortfalls, threatens to speed up this densification process – i.e. higher home operating costs means we ultimately buy and build “less house” on average.

And so, while not ignoring economists’ (justified) short term concerns regarding the negative impact that possible Eskom tariff hikes can have on overall near term economic growth, there is a more complex longer term problem of how we re-arrange our cities to become more efficient in the use of not only energy, but also water and space (and even air, with pollution issues coming into play).

The following are some of the probable longer term implications of rising real costs of operating homes:

An increasing portion of the population will go for smaller sized homes on smaller-sized stands, a process already under way but which rising utilities costs and assessment rates could help to speed up.
This implies more people in less space, as opposed to the urban sprawl of yesteryear, and implies the more efficient use of existing space as opposed to the creation of new space. For transport, it needs to imply the steady shift to mass public transport. For health and recreation it implies the need for more safe public open areas to compensate for a diminishing number of housing units with their own private open areas. For the utilities, it should mean increasing the capacity of distribution networks in existing areas, from electricity to water to sewage, not to mention healthcare and education facilities.
From an employment point of view, the long term densification and household operating cost increases could have a negative impact on the domestic worker segment of the labour force. Less gardens means less gardening services required, while the combination of smaller-sized housing units along with the long term home operating “economy drive” could imply a move away from the common practice of home domestic workers. The resultant need to re-skill and up-skill what is a significant part of the labour force presents a further challenge.
I’m sure I have only scratched the surface when it comes to the implications of the above-mentioned cost increases. But, while the detail of how much extra we are going to pay for utilities still has to become more clear, the reality is that these and other costs related to home operation (and with that the “time and stress costs” associated with rising urban transport congestion) have already been steadily rising for some time, in part causing a steady change in the way we live in our urban areas. It is necessary that urban planning and design changes keep up with the trend, and for urban densification not to be allowed to proceed in its often chaotic way.

Well-planned and well-run cities can be great attractors of skilled labour, thus contributing to higher economic growth. Conversely, badly planned and managed cities can conceivably repel skills and be a drag on the economy.

I believe the reality is that property operating and related costs will rise significantly in real terms in coming years, with not only Eskom but other utilities, councils, transport costs, and even some home-related private sector services costs contributing to significant changes in the way we live in response to these cost increases. But the ultimate extent of the cost to the economy has the potential to go far beyond the magnitude of tariff increases, depending on what the urban planning response will ultimately be to the resultant densification process already in progress.

So, while the debate regarding how much extra we’re going to have to pay for this infrastructure investment is a useful one to have, perhaps it needs to be rapidly extended to thinking about the far-reaching consequences of resultant home operating cost increases already in progress.

The popular word now in real estate is “attrition”–the reduction in numbers usually by resignation or retirement of some sort. Everyone is talking about a form of attrition, whether it is in number of transactions, loans closing or some other measure that we like to use.

However, as a broker, I am seeing another kind of attrition among my colleagues. The attrition rate of brokers and other service providers in this down market is rarely discussed and not easy to quantify. Most brokers do not like speaking about the rate at which their counterparts are leaving the commercial real estate industry. But there is definitely a bright side to working with real estate professionals that are products of the attrition rate and faring well in this market.

It’s no big secret that brokers are typically paid on commissions earned from sales. Therefore, when there are fewer sales, there are fewer commissions. And when there are fewer commissions to go around, people have a tough time maintaining a lifestyle or paying bills altogether. Some brokers just can’t afford to be brokers anymore.

So what is a once-prolific real estate professional to do? The answer is simple: Hang in there.

While most brokers do not make as much money in down markets, some still do. Leasing brokers are a prime example, especially those representing tenants. With rates down, vacancy at abnormally high rates and landlords more apt to make a deal, tenants that are still in business are shuffling their spaces to more affordable locales and the brokers are there to facilitate the transaction.

However, let’s discover more specific and critical data points that point to success, and downfall, of brokers in recessionary periods. The arduous and coveted Certified Commercial Investment Member (CCIM) designation has probably seen the smallest decrease in membership over the past year. Losing only 2% of its almost 10,000 members in this economy, CCIM could be used as a barometer for those truly committed to commercial real estate sales. With an increase of membership over the past five years of at least 17%, it could be said that those committed to professional commercial real estate services are still interested in the industry. Additionally, from January 2005 to October of this year, CCIM has enrolled over 85,000 people in its courses.

While statistics are helpful to determine trends, it is also important to qualify what commercial real estate professionals are experiencing. We have heard of entire brokerage firms closing in 2009 and seen layoffs beyond our comprehension. But do we know exactly what has happened to the people that were laid off on a day’s notice? We hear from industry professionals that most of the seasoned brokers have easily found a new home. While it may take a little while for them to build their brand under a new umbrella, they have committed themselves to their profession.

However, like previously stated, some have left the business altogether. Without naming names, we have heard of commercial real estate investment sales brokers going to medical supply sales; we have heard of brokers going to copier sales; and we have even heard of brokers going to the restaurant industry.

Brokers are having a hard time remaining brokers, yet those that are sticking it out are experiencing less competition. Those people, the last ones standing, are those committed to an industry that isn’t always good to them.

As an example of the effects the market is having on well-trained and ambitious professionals, highlighting one individual that optimizes the tone of the market is important. Keith Edwards, MBA, is a relative newcomer to commercial real estate, having been in the industry roughly six years. However, during his tenure, he has been considered a strong asset to two once-successful companies: a regional developer and a tenant-in-common syndicator.

Keith was part of dozens of transactions during his time at each position, but became a product of his environment. Laid off twice within 12 months, he has been looking for a new position for about a year.

When asked about his perception of commercial real estate, he states, “Having gone through a bankruptcy and being laid off two times within one year really changed my perception of the industry. I started to see the volatility and uncertainty that is part of commercial real estate. While I do like the business, I began to consider leaving to find something more stable. It was this understanding that really started to change my thinking of staying in commercial real estate.”

Keith continued to express his desire to work in the industry but felt with the mass closures, layoffs and bankruptcies, he was competing for jobs with much more seasoned professionals. He continued, “Firms that were/are hiring seem to be looking for experienced (15 years or more) talent that they can hire at a discounted rate. While I have six years experience, many people with a lot more experience than me were looking for the same jobs.”

Brokers are hardly the only group of service providers that are experiencing attrition in this market. Development firms started laying off people in 2007 and consolidating offices in order to weather the upcoming storm. While most are working on skeleton crews, some have been forced into drastic scenarios and closed their doors altogether.

Attorneys, once considered recession proof, have been forced to reduce salaries and lay off some of their staff in order to work under a business model that receives fewer fees. The easy money is gone and most likely wont come back for decades. That aspect in itself will deter many from staying in the business and will most likely detract from new professionals being motivated to enter the business. New graduates are finding that jobs are less prevalent in the field and are reallocating their academic credits to different interests in order to have a better chance of gaining employment.

A group of industry professionals got together in 1954 and started the Realty Foundation of New York. Its sole purpose is to help brokers when times are tough. Through anonymous grants, they help their colleagues get back on their feet. Maybe it’s several months of mortgage payments, college scholarships for their kids or paying a tax bill that comes due, but the foundation is as busy as ever in this market.

From the 1950s to today, people know that brokerage is a necessary profession in the commercial real estate industry and is not always the easiest one to sustain. Keeping true professionals in the business, even in the hardest times, will benefit everyone as the market begins to take a positive turn.

What I am personally finding, as a broker, is that some of the slower times at the beginning of the year helped me formulate my strategies for the next several years. I knew that while I wasn’t going to retire in the next six months, I was able to have more substantive conversations both with colleagues as well as future clients. I was able to take advantage of the phone not ringing every two minutes and actually engage in a meaningful conversation. Essentially, I was able to listen, learn and, in some cases, mentor.

With the national unemployment rate essentially at 10% and layoffs still occurring from large conglomerates to small local businesses, we can assume that there will be additional attrition in commercial real estate for the next year or two. So what are you ultimately left with and who is the last one standing?

Those that remain in the business, are dedicated to the field, are true professionals and realize that this is a difficult, complex and sophisticated industry are the people you want to work with now and into the future. They understand that every year, every quarter or every day will not be a windfall of cash. But they appreciate the long and established relationships that they generate over the years of providing the absolute best and most comprehensive services.

In essence, those real estate professionals that are still here and those committed to their field are who you should choose to work with for years to come. Because we all know those that were in it for the quick buck always had their eye on just that and not the long-term benefit of servicing their clients for extended periods.                                             By: David Sobelman Source: GlobeSt.