October 31, 2008
A recent article on Forbes.com highlights the top Real Estate markets in the United States, most likely to rebound. Forbes believes that watching the commercial market can be a great indicator of where the Residential market is headed, thus the perfect place to move into a new condominium. Here is the surveys criterion:
“The best cities in which to invest are those that are considered gateways to international investment, have vital downtowns where people can forgo cars, and don’t have a glut of condos or office space.”
Based on this criterion, Seattle was ranked as the #1 city most likely to rebound. Essentially, this is where you want to purchase New Condos for either investment or residence. As the article stated:
“Apartment vacancies are low and there aren’t too many new buildings going up, meaning the market won’t be oversupplied. The same is true in the retail space.”
So if the same is true for retail space, and the commercial market and economy are improving and/or doing well, then these urban and mixed use properties should benefit the most. Not to mention that both will be LEED Certified.
Rollin Street: Across the street from a Starbucks and Whole Foods Market, with easy access downtown on the new Seattle Streetcar line that runs directly in front of the property.
5thand Madison: Surrounded by some of Seattle’s best hotels and restaurants including the Fairmount, the W Hotel, Hotel 1000, the Metropolitan Grill and the new Purple Café and Wine Bar.
October 25, 2008
I had the good fortune to travel to Chicago last week with my family. While the Cubs are not in the World Series, (my Philadelphia Phillies are representing the National League this year in the October Classic), the city is still as vibrant as ever. It is magical to walk around a city with such tall buildings going up all around me. There are at least 3 Buildings in Chicago all over 1,000 feet tall: Trump Tower, Hancock Tower and Waterview Tower.
My family gets a little upset sometimes when I sneak away early from a family meal to check out the local real estate around town. What can I say, I have real estate in my veins! After talking with one of my favorite Agents around town, who is very connected to the downtown scene, we took a look at some Chicago Condos. With so much new construction around town, it is nice to get a mix of new construction and existing buildings. I was quite impressed with 474 North Lake Shore located right on Lake Michigan.
You know when something just feels right when you first experience it, well 474 North Lake Shore gave me that feeling. I am not able to say with 100% Accuracy if it was the 16th floor sundeck with gas grills or the on-site cleaners, but I will always cherish my time looking at New Chicago Condos. I really like traveling to various cities to see what there is to eat but more importantly, what are the opportunities in the local real estate market.
Stay tuned for my next update, from wherever my travels take me…..
So the election is eleven days away. Nervous? Me too! You know who also is nervous? Condo developers and homebuilders. Historically, the stock market has always gone up after a Donkey has won the Oval Office. I know you’re thinking the stock market has nowhere to head but north but the GOP can do many things behind the scenes that can sway the election their way. Like, geez, I don’t know, tampering with voting machines, not counting certain votes in certain cities in certain states (Ohio) and fooling senior citizens in Florida into voting for george bush. Heck, the GOP has already convinced my step-grandmother that Obama is a Muslim. My step-grandmother is pretty sharp – but she’s been brainwashed by the media and Fox News. Good job guys! Not that there is anything wrong with being a Muslim but we all know the connotations are not the highest these days for that religion. But I digress…If a Donkey or Burrito (we’re in San Diego) becomes President, the market will most likely go up and people will regain some of their wealth and thus be able to splurge on a new condo! So, let’s rally around this and hope that Obama/Biden become the Number 1/2 combo in DC on November 4 because I want to see more condo developers build more towers and sell more units!
October 24, 2008
A great Army General once said, “War is hell, but combat is a mother %&*$#@.” You may or may not understand the meaning behind this statement but it is fairly self explanatory. War is referenced as a general term to encompass the overall campaign of fighting the enemy, but it is the day-to-day “in the trenches” brutality of combat that makes War so terrible…but often necessary.
For the purposes of this blog I will be comparing War to the ongoing struggle of operating and growing a business…whether you run a small real estate business or a Fortune 500 company. Even during a great economy, building a business is an ongoing uphill battle that takes constant focus, flexibility, adaptability, and perseverance. Once a bad economy strikes, all the rules change. It is like running a successful War and then having additional externalities to deal with…we’ll refer to the current economy as “the insurgency”. The most important rules of combat to remember (especially for small units or special operations teams) are SHOOT, MOVE, and COMMUNICATE. These rules must be followed in order to overcome the enemy and maintain tactical control of the situation. In an economy like the one we are in, companies must be able to continually move forward, adapt to current conditions, makes changes where needed, and win the war despite many battles lost. The original playbook may not apply. Your plan for the “war” of building a business most likely was comprised of conventional methods. Once you enter a combat scenario with a strong insurgency element, you must adapt your fighting tactics. This requires your team to become faster, smarter, and more flexible than the conventional force. If you don’t make adjustments you will most certainly perish.
Shoot. In a combat scenario you must always be putting bullets down range and overcome your enemy through superior fire power and swift violence of action. Much is the same when trying to maintain and grow a business during a recession. You must always be making sales, building new relationships, and bringing in business. Without this you put a time limit on your ability to survive. Usual sales tactics do not apply nor may your original revenue streams, but that is the nature of the game.
Move. You must always adapt to your environment, be aware of your surroundings, and for the love of God…KEEP MOVING! If you do not, you will be pinned down or flanked by your enemy. In this case, the enemy is not just your competition, but the economy (or “the insurgency”). Create new revenue streams, hire good sales/business development people, and get rid of the ones that are not bringing in business. Change your tactics and be willing to try something new if it has been thoughtfully researched, planned, and budgeted.
Communicate. Communication is the key to operating in combat. It is key to having a successful sports team, and it is key to growing your company/business. This requires good internal and external communication. You must communicate with your managers and employees…you must communicate effectively with your partners and clients as well. Find out what they need and make plans to service that need in the best way possible.
A well trained special operations team will flood a target in a matter of minutes and overwhelm the enemy by being much better trained, smarter, faster, and more adaptable. They will not go in blasting away at everything in sight but choose their targets wisely to minimize collateral damage. You only want to choose the targets that matter, just as you do in business. Your team might experience losses and you might take a few rounds. Like growing a business in a recession, you must always keep moving forward. Shutting your doors and waiting out the storm usually does not work. Why? Because you have no idea how long the storm will last, who will be around after the storm, and if your business model will even apply. But if you persevere and outlast the storm, your business might be a totally different animal than before. However, you will most assuredly be stronger and smarter than before.
Las Vegas has quickly become a city that is more than just neon lights and casinos. A major construction boom of new condos in Las Vegas has led to a profound change in the cities landscape. Even from just a few years ago! There is an abundance of Jobs, fueled by the casino industry, and Condominiums in downtown Vegas. Compared to it’s neighbors in Southern California, Las Vegas Condos are a relative bargain. The confluence of Job Growth and low cost of living has led to the Las Vegas region being one of the countrys fastest growing metropolitan areas.
Las Vegas is changing from a casino town to a major metropolis. With all the new condos downtown, and tremendous job growth, we are truly seeing a Live, Work, Play community. But I guess in Vegas, play takes on a whole new meaning!
For ultra luxurious living in Las Vegas, check out One Queensridge Place. A Resort lifestyle located just off the Las Vegas strip between the red rock mountains and the City.
October 23, 2008
Mexico Condos – Cabo San Lucas is a fatastic vacation destination and great buying opportunity for those seeking vacations condos, second homes, or new primary residences. Many Americas find cabo so appealing that they move there permanently. The community is very friendly, almost everyone speaks English and it has all the amenities and comforts of most American cities.
Cabo attracts condo buyers and investors from California, Texas, Arizona, New York, and many other US states. For as long as Cabo has been a popular destination, it is amazing to see how much development is still underway and planned for the next ten years. One would think that it would be built out by now – NOT by a long shop.
I was in Cabo earlier this week meeting with many condo developers and other companies with major new home commuinties such as Quivera. Many of these new condo and home developments include estate homes, condos, villes, and townhomes. All have price ranges all over the board. Quivera is currently the largest most high end resort development under way in Cabo San Lucas. Homes will range in price from $5 million to over $11 million. Mexico condos have been a great investment opportunity for Americas for many years. many people who spend extended time in cabo own fractional time shares of condos under full ownership.
If you enjoy Cabo and envision spending more time there, buying a condo or home may be the right investment for you!
It is interesting to see how volatile the foreclosure statistics are month to month. Much of it is due to the economic swings and the new legislations being passed to regulate the foreclsoure process. Some interesting stats are as follows:
- U.S. Foreclosure Activity decreased 12 percent from August to September, but was up 21 percent from September 2007
- U.S. Foreclosure Activity increased 3 percent from Q2 2008 to Q3 2008 and was up 71 percent from Q3 2007
- California foreclosure activity decreased 32 percent from August to September, mostly driven by a 51 percent drop in NOD filings
- The big drop in NOD filings in California is largely attributable to a new law (SB 1137) that took effect Sept. 8 and requires lenders to contact homeowners 30 days before filing a NOD
- The trend we are seeing in general is that new state laws dealing with the foreclosure process are lowering numbers in some states, but it’s too early too tell in most cases if the laws will have a long-term impact or just forestall foreclosures temporarily
The state laws are designed to regulate the process and protect the home owners as well. Overall, the impact should be to reduce the number of foreclosures by state each month but only time will tell if the regulations will have a lasting impact.
New Condos Online has partnered with Realty Trac to showcase foreclosure condos and foreclosure homes across the country. Until we can market and sell current inventory it will be difficult to find funding for new condo developments and home communities over the next few years.
Real estate mogul Jorge Perez was featured in the Wall Street Journal this morning, acting as both a buyer ands eller of new condos in Miami Florida. He was quoted as saying "There is no question in my mind that within some time — I don’t know if that’s two, three or four years– people are going to look back and say: ‘These units were bought for how little!’" he says emphatically. "Some of these are really a gimme. And we think the future of Miami is very strong."
Whether the purchase of a new Miami condo is for primary residence, for an investment, or for a rental, we are confident that these luxury condo developments in Miami will continue to be valuable and act as the key to making Miami aworld-class city and international destination. See the premier new luxury condominiums we have featured in Miami:
Park Central East
October 21, 2008
The condo market is very strong in Panama City right now, and it is a great time to buy a new condo. Unlike the United States, Mortgage Backed Securities are not offered in Panama which will help prevent a bubble and price increase like we experienced in the US. Panama City is also attractive to international buyers and especially to European investors, where the Euro is strong, because it is much more affordable than a London or New York. Panama will continue to remain a strong long term investment as prices remain stable.
Visit the Trump Ocean Club, The Orchid Residences, and the Plaza Costa del Este on NewCondosOnline.com, as the premier luxury residences in Panama City.
October 18, 2008
New York City is called the city that never sleeps for good reason. On a recent business trip to the Big Apple, I had the opportunity to take in the city and view a few New York City condos. Jersey Boys was a fantastic show and highly suggested for all NY visitors, but that is a topic for another blog. Even with Wall Street being the center of the country’s financial situation, the city is as vibrant as ever. There are many real estate projects in New York that are still showing strength such as Loft 25 at 420 West 25th Street.
With units from $825,000, this may seem high for the rest of the country, but New York Real Estate doesn’t sleep just like the entertainment options. As I made my way from Manhattan Condos to Brooklyn Condos, I was pleased to see new construction all around me. Who knows what the near future holds as the lending institutions in New York go through major challenges, but the real estate looks strong as the capital markets correct themselves.
Stay tuned with many New York City Condos coming on board with New Condos Online in the next few weeks. Some wise scholars would even say that the New Condos Online site never sleeps as it continues to be a wonderful showcase of New York Condos for interested buyers, investors and agents.