January 31, 2008
I was just down in Cancun for a wedding and it is amazing how many new condo developments are going up in Mexico. Mexico Condos are really taking over the skyline in many of the large cities down there. On this visit to Cancun, I went into downtown and there are cranes everywhere. I must have seen billbaords and ads for about 30 brand new condo towers all over the place. The prices are pretty affordable however it is a lot tougher to get a loan down there. Generally you have to come up with more money down than in the states. We actually represent a great new project in that area called Capricho. This is a very modern luxury project with 220 units. You can see all the properties that NCO represents in Mexico on our Mexico Condos page.
When you are looking to purchase a condo in Mexico, you can expect to also be courted to purchase a timeshare. Or if you are staying at a resort, you can also expect to be hounded to be a timeshare. I would caution people about this process. I was staying at a resort and the hotel concierge will offer you free gifts etc to come listen to a brief presentation. I of course did not go to this, but some of my friends did and they were kept there for 2 hours listening to all the presentations about the different timeshares they could buy. For some people this makes sense and you get to use it a few weeks a year or trade with other timeshare owners, but I would never personally buy a timeshare.
If I was going to make an investment in Mexico, it would be in purchasing a condo in Mexico. At least this way, I would be able to build some equity in the condo and also rent it out on my own or by using a rental management company if needed. I actually considered buying a place at Trump Baja who is also a client of www.newcondosonline.com. This amazing project in Baja is only 30 minutes from my home in San Diego and the units are incredible. You can check out Trump Baja here.
Overall on my trip, Cancun was different than I remember. I was there about 10 years ago and I know that about 3 or 4 years ago they had a major hurricane. They have re-built a lot and there are 5 times as many resorts as I remember. The downtown strip is actually very beautiful and the water is crystal clear and amazing. I will definatley check out some of the amazing new condos in Cancun and see if any would make a good investment.
My one word to the wise is be careful at the bars in Mexico. On multiple occasions when ordering a drink, they definatley do not give you what your ordered. I know my vodkas pretty well and theat Grey Goose Martini tasted more like watered down white tequila. I am sure at some of the major resorts this does not happen but it did happen quite a lot at some of the palces we visited.
I’ve spoken to many Investment Groups and Developers over the years.In this real estate industry you get a lot of brokers saying “sure we can” and “that’s no problem.”As you know there are a lot of brokers in this industry and a lot of them are professional exaggerators.I’m not trying to downgrade my very profession but a broker needs to separate himself from the pack.If you’re truly qualified, have experience and have an extensive financial network then you SHOULD charge a retainer for your services.The Developers who don’t pay can stick w/ mid-level brokers and resort to Advil & Tylenol when things go bad.
Take NCO (newcondosonline.com) for example.We charge $10,000 per month for consulting fees and access to the largest condominium website in the country.As you can imagine having 1,300 paying clients we get a lot of access to Investment Groups, Developers and Capital Groups.
I have a deep roladex of many of the top CEO’s in the industry. Not only do you get consulting on pre-sales Investment Groups, but also bulk purchasing groups and finance groups in the industry.We put together comprehensive marketing plans on www.newcondosonline.com (that’s included).We track the sales of the e-leads and can deduct 50% of the monthly marketing fee.I don’t see many brokers offering to help in sales in the trying time.For the largest condo website in the country we’re also happy to speak with more brokers.We do see you as assets.I suggest for all brokers to create yourself a differential advantage and provide a service you can be proud of.Jon Thielen
With my job, I get asked at least 5 times per day about what condo markets I like right now. People want to know where they should put their money in this market. Now that rates have fallen again this week, it is much more affordable to purchase a condo if you have decent credit. I would like to discuss my favorite condo markets right now and why I like them.
1. New York City- New York City, especially Manhattan is the only market in the country where prices and sales continue to steadily increase. They will always be demand for living in New York as it is the most densly populated city in the country and the busiest. Even if you can’t live there, rental rates in New York are higher than anywhere else in the country. If you can find a good building where the HOA’s are not too high and the price is right, New York can be a great place to buy a condo. Search all the New York Condos that NCO represents.
2. Los Angeles- I am always in favor of buying and investing in condos in areas that have the highest population growth in this country because there will always be a high demand for housing. With the star power of Hollywood, many condo developers are almost giving some condos away to celebrities in order to get publicity for their condo project. Either way, high-rise condo living in Los Angeles is becoming very popular and there are some great projects at much more affordable prices than the homes in the hills in LA. Check out Los Angeles Condos here.
3. Las Vegas- With the current state of the real estate economy, prices have come down a lot in the last year in Las Vegas. Right now is the perfect time to buy. The Condo Hotels make the best investments as you can recoup a portion of your mortgage every month. Right now developers are going all out to sell their product and you can get an amazing deal on a Las Vegas Condos. There will always be high demand for Las Vegas as the city is hotter than every right now. There will always also be a lot of International Demand. See Las Vegas Condos here on NCO.
4. Atlanta- This city has the highest business growth int he country and it never really got affected by the condo boom. Prices never soared so they are all still at very reasonable levels. There is a great selection of new condo projects in Atlanta and there are also a lot of great colleges there and a ton of new young business leaders. It is very easy to find a renter if you want to purchase a condo as an investment in Atlanta. See all the great choices for Atlanta condos here.
I also really like the idea of investing Internationall right now. There are a ton of great choices on NCO. Choose Wisely.
January 30, 2008
As we all know Las Vegas condos have the been leading the buzz in the national housing boom and condo investment market for the past few years. New Las Vegas condos and high-rise developments have been flooding the market and still are.Many projects have been canceled due to lack of pre-sales and financing issues. Construction costs of course have played a major role in slowing things down on the construction side while fleeing investors have helped to slow things down on the buying side.There are some new condos and condo hotel projects that are actually defying the odds and outpacing other developments with their pre-sales.City Center is a perfect example of this. However, many builders and real estate companies have been leasing Las Vegas condos in many of these new developments to provide some form of income.
Nights at Vegas is a local real estate and property management company that is in this situation right now. The problem for them is that they lease condos in the new Trump International Hotel and Tower. Donald Trump also owns a lease management company that leases condos in the development and earns a 50% of the rental income. Nights at Vegas earns 20% of the rental income and users the “Trump” brand for marketing and promotional efforts.Donald recently banned the firm from using the Trump brand which has completely hindered their ability to operate as it gives the appearance that they have no connection to the development. Nights at Vegas is suing Donald for $4 billion! The firm is suing based on violations of anti-trust laws and various unfair competition laws. That is quite a lofty goal! Good luck!
When things like this start happening it is never a good sogn. Fortunately, markets like Las Vegas continue to grow in population and attract travelers, events, tradeshows, and entertainment of all kinds. Las Vegas condos will thrive again…its a question of when! If developments like City Center can still sell, then there is hope for the rest!
January 29, 2008
Florida has not faired too well in this housing crisis. Many cities are taking a hit as supply exceeds demand. Tampa Bay has had some hard times in regards to the recent real estate market. Channelside condos and others have filed for chapter 11 – a sign that is not healthy in this economy. However, luxury product has not really taken as bad a hit. One example is Sandpearl Residences. Located on the Gulf of Mexico on an immaculate beach and crystal blue water, homebuyers will drop their jaws when they look out of their condo. With units starting at $970,000 these Tampa condos are attracting the luxury buyer – the buyer who is not worried about the housing crisis. Sandpearl Residence defines luxury. Nearly 10 foot ceilings, crown molding in the interiors, a stain resistant carpet, innovative floorplans and the choice of beautiful tiles are some of of the luxurious home amenities a homebuyer can expect from Sandpearl.
The community is equally amazing: poolside fitness center with sauna and steam room, a lush tropical environment and a private storage locker in a storage room – these are some of the luxurious common amenities that can be found at SandPearl. Tampa condos for sale are abundant but few can stand out as much as JMC Communities’ Sandpearl Residence. These condos are available now and with interest rates dropping, you can expect this development to sell out rather quickly.
January 28, 2008
Post hurricane Katrina New Orleans has undergone massive redevelopment projects including new retail, master planned communities, central business districts, apartments and of course New Orleans condos. It has been more than two years since the disaster and in that time there have been many new condos proposed…only a few of which have been canceled. New residential development has been part of the rebuilding plan by the city but what they didn’t predict was the overall effect of the slowing housing market. Sales have definitely slowed, and as for many condo projects around the country, the banks have slowed down their pace of funding construction loans.
Some amazing New Orleans condos such as Vantage Tower in downtown New Orleans have been canceled due to the drastic increase in construction costs coupled with the slower than expected amount of job growth. New Orleans has been trying to revitalize its urban core with new retail, office, and luxury condos in the downtown area but without enough jobs and willing buyers who can afford these new condos, it has been a difficult task.
Of course some of the solution will be to provide luxury apartments for a while rather than condos if there are not enough buyers. Until New Orleans attracts more upper income employment, second home buyers, investors, end creates more incentives, the market will remain relatively slow. We can expect to see some more properties not make it off the ground but hopefully as the market corrects these new high-rise condos will be able to move forward.There will be a new Trump Tower going up as well which can bring new interest and investment into any slow market.We’ll see what happens!
As an advertising executive for NewCondosOnline.com I have seen a number of condo websites emerging on the internet.Since the single family home websites are in abundance and the real estate market is down, you will find that almost all the websites you visit are working off a commission base structure. Internet sites advertise your property and if you sell in a result to that advertisement you will pay them a commission fee instead of a monthly advertising rate. Now I am no Donald Trump of the internet or advertising market but I do have a general concept of business. Wouldnt you think the old saying would hit home “you get what you pay for”.
Even if some of these websites did send you a homebuyer from someone who happened to be on your website, how are they able to track it. National Association of Realtors shows that 80% of all homebuyers started there search for property online. Key word is started their search. NAR also states that 80% of these buyers are 6-12 months away from buying a condo. You would think from a business standpoint that you would not want to rely on an advertising outlet to help you sell and an advertising outlet should not rely on you to help their revenue stream to keep afloat there business.
If you do business with NewCondosOnline.com you will get what you pay for. We will send you leads from homebuyers that are in your control to sell. The amount of money you will save paying a monthly advertising fee is far less than the commission you will have to fork over to an agency for helping you send a homebuyer. Nothing is FREE these days in business. I wish more media agencies and developers would get the FREE tag line out of their minds. We should all go back to basic business principles and keep our advertising services credible. It is too mind boggling for these developers and media agencies to make a desicion on who to go with. Although FREE sounds nice and pay us if we send you a buyer, but come on lets be realistic. Since when do you see business models like that stay afloat. Advertise with NewCondosOnline.com and let us show you results not tell you about what may happen.
Why Tampa? Well considering that Tampa is located in a beautiful part of Florida whose climate rivals that of San Diego, Hawaii or Fiji — It’s no wonder that people are flocking to Tampa not only as a vacation destination but to settle down and find a home. Little do most vacationers know is that Tampa has a strong Cuban ethnic backbone that can be reflected in the local culture and can be seen in dance clubs and restaurants along the coast. Its proximity to Clearwater Beach and St. Peterburg make it a central hub for travel and it is considered the business hub for the west coast of Florida.
Precautions are easily warranted when living on the gulf coast but the fact that many hurricanes have swept through the area have not prevented residents from staying in the area and new home buyers from buying there. The city offers a remarkable public safety task force and when natural anomalies do happen, Tampa fares better than almost all gulf coast cities.
Tampa offers a unique blend of culture and relaxation in the new condo developments and many can be seen with many of the local builders who use newcondosonline.com.
January 25, 2008
The largest condo website in the country will soon be adding one of San Diego’s most intriguing downtown’s new addresses The Mark.
This beautiful new address is The Mark of San Diego. You can view this new condos listing of their website here. The residences will range from $400 to 3.7M. If you’re a buyer of this property you can expect concierge, 24 hours per day lobby attendants and a new fitness facility.
I personally love this building because of it’s location, attention to detail and floorplans.I visited The Mark’s website and found this website as a GREAT resource.My wife is an Interior Designer and pointed out the nice layouts.For those interested in a walk through, you’ll notice floor plans ranging from 1 bedroom at 899 sq.ft. to 3 bedrooms at 2441.I love baseball so any sports fans would love to this location because you’re very close to the stadium.
I did my research and found out that this building a project by Doug Wilson.
Doug Wilson he led the design and re-development of the Symphony Towers and created Park Loft.In the next week NCO is proud to launch a Doug Wilson project on the largest condo website in the country.
In the next week we’ll be up-loading all these beautiful images of this property.Stay tuned!
January 24, 2008
Big news is a buzz and people are doing more than talking about the current state of the U.S economy.While the majority of the working U.S took the day off to celebrate Martin Luther King Jr. day, signs that the U.S dollar was receding to a weaker state.The Chinese and German market fell sharply and it was due in part to a response of the short comings the dollar has seen in the last several months.It doesn’t help that our economic leaders have proposed an economic stimulus package that will end up totalling 150 billion dollars and giving back a total of $1200.00 to a full family and close to $600.00 to a single tax payer.It’s a great idea and opportunity to stimulate the economy but, considering the last time that the Federal Reserve decided to give back to the taxpayers in the form of a stimulus package,the majority of tax payers SAVED that money. What a joke right!? Wouldn’t it be more prudent to spend 3 million dollars on a nation wide poll to determine of the money would be spent or saved PRIOR to presenting a new economic stimulus plan!? It’s pretty silly, but I suppose crazy enough to work. Obviously the area’s that are impacted the most are big cities like San Diego, Los Angeles and even small towns like Clearwater Beach FL.
Is there a recession going on? It’s pretty clear that we are in a state of recession, but the general public is having a hard time of that title actually sinking in. I was scanning the New York Times today and read that a 3rd world African country released a 10,000,000 dollar note of their national currency…. that is laughable considering that that note equals about 4 U.S dollars. Every great civilization WILL fall, but we have learned a lot and have predicted that these factors would be hitting our soil — It’s really a matter of how we handle these next few moves or else it may be CHECKMATE!