New Condos Online's finance and consulting division, NCO Capital, represented at the Distressed Real Estate Conference in Miami this week.  The show was a great success for all in attendance.  The best part about the conferences and the most valuable goal is the educational factor.  Real estate professionals, condo developers, consultants, investors, and agents attended the show to learn more about the coming months and years and how to weather the volatile housing market.

As most of us know, distressed real estate concerns homes, condos, and development projects that are in financial disarray and/or having difficulty moving product.  A market such as this sets a great foundation for condo investors to buy at a discount and utilize some creative exit strategies.  The builders do not always win in this scenario but there are great opportunities for both the condo builders and buyer/investors to get what they need.

Over the next year there will be a multitude of condo investments on the market to buy in bulk or as single unit opportunities.  This is why investment groups and developers alike are raising capital and starting their own funds to purchase distressed real estate while the price is right.  In my opinion, there will continue be buying opportunities for savvy condo investors throughout the rest of the year and into next year.

Let us not forget however about all the great opportunities in the world of new construction condos.  As the Fed continues to lower rates, buyers will have increasingly good financial options to lock into.  Low rates couple with slightly lower prices creates a win-win for all buyers...and the agents representing them!

Exciting things are happening in Costa Rica and other Central American markets where real estate and condos are experiencing double digit appreciation much like we saw in California and Florida before the housing bust.  This growth persists in countries such as Costa Rica, Panama, and Belize. This reality coupled with low prices for homes and condos make these markets key targets for foreign investors, home buyers, US buyers and investors, and investment clubs. 

According to many local experts we are just at the cusp of the growth.   Better infrastructure, schools, hospitals, government stability, and safety are all providing a sound foundation for fast and healthy growth.  The question is whether these markets will resemble the current US markets in 5 years with overvalued properties and an abundance of supply sitting on the market.  I think this will all depend on how investors tackle this opportunity. 

Prices are so low relative to US prices that even with rapid appreciation it would take a while for Costa Rica condos and Panama condos to be drastically overvalued.   It is more difficult to buy property in Central America as an investor because most countries call for 30% down payments or more.  This requirement will bring more qualified investors who seek long term holds and keep out the people who do not really have the liquid capital for proper investing. 

We still can’t be sure who will win the upcoming election not to mention what will happen with Obama and Clinton.  At the end of the day, who will be the real winner?  We hope to say that the US Dollar will come out on top!

Many economists are predicting a positive upward bounce for the dollar (post-election) which will be great for the United States and our global economy.  It also means that real estate investments and condo investments may have a short-lived window of opportunity…for the buyer.  The Fed will be lowering rates AGAIN and the real estate bargains and distressed real estate opportunities may not last at the low current low prices.  I personally think there will be great condo investments throughout the rest of 2008 and that we are not quite at the “bottom” yet. 

From the perspective of international condo buyers and investors, the idea of buying up distressed real estate and foreclosed homes and condos might seem a bit harsh.  On the other hand, it is safe to say that throughout this year, foreign investors will not find better deals on condos and homes for years to come, if ever again.  The combination of the housing recession and the weak dollar give foreign buyers and condo investors the perfect opportunity to strike.  It is important for foreign investors to keep a close watch on the US housing market trends and communicate regularly with local agents to find the best deals.

It is not unusual to find investment condos all over the country for $100,000 to $300,000 off the market price.  Builders still need to move this inventory and are willing to work with buyers to get these condos and homes sold. 

I know we are all tired of the doom and gloom news about the market, house values, foreclosures, etc.  Those of us in the real estate industry keep a close eye on the cyclical nature of the market, or at least we should.  As much as we would all like to turn away from the pending doom, it is more realistic and responsible to face the news and really dig into the economic factors. 

Foreclosures are at record highs and it is not getting any better any time soon.  The Fed can only do so much and people tend to over value the positive result that rates cuts will have on the home and condo markets.  Homes and condos will still sell throughout this year and current owners will still try to sell but not at the rate that they once could.  When we talk "recession" we need to look at all factors facing the housing industry; and consumer spending overall has an affect.  Also, all the talk about the baby boomer generation is just as relevant now as it was in the condo boom.  Many sellers who have homes they want to downsize from are in no rush to unload their homes at the current values and will want to ride this out before moving.  This will have an effect on the sale of new condos and homes. 

Over the next year, baby boomers across the country will be retiring.  And since about half of this generation's wealth is in their home values, they will want to be unloading this inventory onto the market to liquidate their assets.  This will affect the already saturated home and condo surplus. 

Almost everyone knows by now that you have to be online to generate the most exposure for any business.  It is of course no different for real estate.  When builders, agents, or investors, are marketing their condos and homes to the masses, the most cost effective way to this is online.  OK...so we have established this as pretty much fact.  Now we have to dig into the true realities of online marketing for condos and homes.

The "internet" buyer or "Internet" lead MUST be treated differently that someone who walks into the sales office.  Many people know this, but many still refuse to grasp this reality.  NAR studies show over 80% of buyers use the Internet as their primary initial tool in searching for homes and condos, vacation condos, rentals, etc.  And yes, this is now regardless of age or demographic...everyone is online.  People spend months sometimes looking online.

Here is where agents fall short much of the time (I hope no one takes offense to this because this message is meant purely as an educational tool)...the "Internet" lead may not be ready to buy for months.  That is OK!  This is where the relationship must begin.  If you are an agent and you receive an email from a possible buyer inquiring about your product, that is a good sign.  Yes, there are a lot of "lookers" out there but most of those "lookers" eventually turn into buyers.  The question is...are they going to buy a condo or home from you, or are you going to let them slip through your fingers and buy from someone else because you didn't feel like taking the time to build the relationship?

More articles keep coming out from economists about how "the worst is yet to come".  The vets of the industry are usually more inclined to agree with the economists and the younger real estate professionals who have not weathered a long and severe real estate bust, are generally more inclined to try to stay positive.  There is pessimistic, and then there is just plain realistic. 

The last time we saw a big condo bust like this was in the late 70's.  People keep talking about when the market will correct and how long it will be at the bottom.  The economists say the worst has yet to come and that things will stay bad through 2009.  Well, maybe that is the case...the questions is...what do we do until that time.  You don't have to have 40 years in the business and gone through bankruptcy a few times to see when it is time to diversify and take precautions.  Of course, all that experience helps but if we learn from historic trends and apply them to our business models now, much pain and financial loss can be avoided.

Countries such as Panama, Costa Rica, Honduras, Nicaragua, Guatemala and Belize provide a wealth of political, economic, and ethnic diversity.  Over the past 20 years Central America, once considered very dangerous and politically tumultuous, has developed into a world class tourist destination as well as a big target for US and foreign real estate developers and investors...especially in the area of new high-rise condos and resort communities.

Panama condos continue to make strides as major players such as Trump enter the market further branding the area for success.  Panama once only know for the “canal” know attracts European, Asian and many Latin American cultures and money!  But who knows what will happen as we continue to flood that market...will prices continue to increase creating the dreaded bubble?

Apparently, Nicaragua is now considered to be the safest country in Central America according to the Harvard Business School studies.  If so, then we can only presume there will be an ever increasing amount of international consumer confidence in that area. 

Before “pulling the trigger” on your new Panama condos or investment properties I would strongly suggest many trips to the desired area, consultations with local real estate experts and attorneys, and the gain a sound understanding of the purchase process.  Central America and all of Latin America will continue to gain world-wide recognition for luxury condos and home building, especially as these countries further advance their water systems, Internet access, infrastructure, and economies. 

Well, the Fed made another major rate cut as part of their emergency action procedures to battle the current market conditions.  What does this mean for current owners and aspiring buyers?  We keep hearing that it is a buyer’s market.  It kind of depends who is saying it...if it is a real estate agent telling you this, make sure you have all the facts and your personal finances in order before doing anything.  In all honesty though, they are right.  There are many good opportunities for long term buyer/owners.

One major shockwave rippling through the housing industry is the ever increasing rate of foreclosures...especially on condos.  Condo foreclosures are at an all time high and it can have a direct impact on other owners living in the same building.  Buyers are there looking for great deals, but are concerned about the effects of foreclosures in buildings they are interested in.  Even for the long term thinkers, condo foreclosures can have an impact on current owners.

Here is what to consider: (1) Anytime that condos are foreclosed on in a give building there is a direct financial burden placed on that building and its association.  Keep in mind that condo owners are paying for housing association fees and other expenses that are put in place to help run operating expenses and keep common areas in good condition.  When that money is not paid by owners that are foreclosed on by the bank, the association must make necessary adjustments.  This usually means that current condo owners have to pay their pro-rata share of the increased expenses; and (2) the longer these expenses accrue and current owners have to keep footing the bill for those who default on payments, the more likely it will have a negative impact on values.

Miami condos were probably some of the first home product to be hit by the slump.  As we all know Miami was leading the condo boom while being flooded with buyers and investors from the United States and abroad.  While the market started to correct and make the downward shift, builders were still moving forward with projects and flooding the market with more condos.  This is understandable knowing that these massive condo highrises are years in the making and go into planning, financing, and construction phases while the housing market is healthy.  All builders can do is go off of years of experience (hopefully), following market trends, hope for the best but plan for the worst. 

During the condo boom from 2005 through 2007 there were almost as many condos planned in Manhattan, New York as there were in Miami.  The problem in Miami has been that only 25% of those planned units have been constructed.  This is actually a good thing for the time being because inventory levels for Miami condos are rising while the absorption rates for New York condos are staying quite healthy.  Inventory levels in New York are actually going down...even with all of the new condos being built anf planned for 2008. 

Obviously, as an owner of an online condo advertising portal, when I decided it was time to upgrade and move into a larger home, the first place I went to look was the Internet.  My wife and I started search for new condos and homes on all the major site, including of course www.newcondosonline.com, and started compiling research on specific areas in San Diego, price points, floor plans, and prices.  So may people are scared to purchase right now because home values are dropping and they are afraid that they will buy then watch the value go down for the next year or so.  Well, if you are thinking long term (which one should be at this stage in the market cylce), who cares if the pvalue drops another $50,000.  Five years from now that will have corrected...especially in cities with such a high demand for housing. 

We looked and hundreds of condos and homes online and finally found our dream home.  We contacted the sales representative and were proactive in setting up appointments.  The nice part about the prcess was how engaged the agent was from the beginning.  We see so many online leads going to sales representatives for new condos across the country that are never followed up on.  I know...you can't believe right?!  In this market you would expect sales teams to be doing everything they can to bring in a lead and foster a productive client relationship. 

Well, here we go into another year!  As we all know 2007 was a bit difficult for the real estate community and everyone is trying to figure out when it will get better.  While the condo market was at its peak, economists, analysts, owners, buyers, and real estate professionals were all trying to figure out when it end.  Even though the market is cyclical we tend to forget that fact while blinded by the success and exciting new developments across the country. 

So the questions remains...will condos still be selling this year and will new condo developments continue to be built?  It can be assumed that 2008 will be another difficult year as even the most optimistic of economists expect things not to turn around until 2009.  But we should not be ready to throw in the towel just yet!  There are many ways for builders and developers of condos to survive the tough times.  The market has been down before and it will be down again.  All we need to do is hold on and weather the storm.  For those of us on the advertising and consulting side of the business it is important to diversify your business model and make efforts to support those in the building community.

We need not be pessimistic but optimistic and realistic while planning for the future.  Let's face it, in the world of urban development and new condos in major metropolitan areas - building will only continue to become higher density.  Urban sprawl can't go on forever and with the amenities of the true urban center - more people will BUY into condo living!  Picture all those futuristic movies where it's all vertical living.  Maybe it won't be just like that but it makes sense.  There is only so much developable land. 

Let's make 2008 a great year!

During 2007, Southern California and more specifically San Diego and Los Angeles, were hit very hard by the declining market.  This is no secret.  As we watched the whisper of a real estate bubble turn to a national media frenzy the sales of San Diego condos and Los Angeles condos slowed dramatically causing inventory levels to rise, values to drop, and layoffs to occur in the construction and mortgage industries.  The most optimistic of analysts and economists stated in 2005 that there was no bubble and that the market might correct but not crash.  This was true for some markets but not most.  Now these more optimistic analysts are saying that we will continue to see condo and home values decrease for another 6 months to a year and start to see a correction in 2009.  Of course this means that market conditions may not be what we would consider “good” until 2010 or 2011.

Some real estate professionals in San Diego and Los Angeles feel that there is at least an inkling of consumer confidence starting to emerge.  Not so much in the fact that the market will correct soon and become healthy, but that for long term thinkers and condo buyers…now is the time to buy.  There are and will continue to be great opportunities through 2008. 

In less than a year the U.S will see a new face as George W. Bush will step down from his 8 year reign as President of the United States of America. We are on the forefront of a drastic change not only politically but financially. This will mean big changes for our struggling economy.

Some of the political norms that are being challenged are very groundbreaking; Talks of a female President, an African American President, and a Libertarian who wants to abolish income tax and the IRS. Ron Paul has raised almost 19 million dollars for his campaign while Barack Obama is challenging many stereotypes U.S citizens see as leadership M.O's. A question that ALWAYS get me excited is the possibility for new trade which could bolster our economy and the even more exciting possibility to cut spending.

 People abound are talking recession this and inflation that, but with a new leader comes the possibility positive change. Imagine Ben Bernacke not having to cut the FED rate or the discount rate not to relieve pressure but watching it reduce naturally? That would mean that the American people could start fresh with a budding real estate market, start managing their debt and we could potentially be in a great position to get The United States back into good shape! That could mean that San Diego would continue to boom, Arizona would get hotter and Belize would look that much more pretty. 

"If it bleeds, then it leads" - you don't need to be a genius to understand what this overused hyperbole connotes. This statement also refers to the blunders of the national real estate market. According to some very respected media sources, prices for: condos, single-family homes, and townhomes are dropping...fast! Wow, what a shock! I read an article earlier today from CNN Money entitled: Home prices post record decline (http://money.cnn.com/2007/12/26/real_estate/Case_Shiller_down/index.htm?...) and you can guess what the article is about: over supply of inventory, Florida condos, for example, not being able to sell...and the article doesn't let up.

The last sentence of the of article made me chuckle though where it stated the only places to actually show positive price growth. Way to uplift your online readership.

You know what's interesting, the way that authors or experts can sum up the entire US real estate market and label it "poor" or "slow" or "dismal". What people need to realize is that real estate markets differ from city to city, zip code to zip code and even neighborhood to neighborhood. You can be in a depressed market on one side of the street and then walk across the street to a booming neighborhood. To aggregate all the data and sum up how the market is, is not really a fair assessment. Yes, prices are falling in more areas where they are rising but, come on.

Americas Media Group Worldwide (AMG), who recently opened offices in New York City and Washington DC, has now brought their marketing expertise to the West Coast. With their expansive client list, global offices, and impressive roster of services, AMG is excited to open shop in San Diego, California with esteemed partner, NewCondosOnline.com.    

 

With a virtual “who’s who” roster of clients such as: The Gansevoort Hotel, Casa Fendi, Cipriani, Rockwell Group, Guerlain Spa, W Hotels, St Regis, Cap Cana, and Richard Mier; Americas Media Group Worldwide (AMG) announced their official partnership with top online real estate site, NewCondosOnline.com, in July 2007 and the two forces have now taken their partnership to the next level. The two real estate experts, who have recently opened their office doors in San Diego, are eager to share with California their vast portfolio of properties, clients, and knowledge.

 

As the fires have calmed down now in San Diego, my thoughts go out to those who have been displaced by this disasterous turn of events.  Insurance companies are going to be quite busy trying to deny coverage to their policy holders - we shall see in the coming months how this will play out.  Is the city going to institute more strict codes for real estate developers regarding fire regulations?  We're not in hurricane central land but are still prone to fires.  And as this area gets drier by the year, thanks to water displacement from - yup, Global Warming - how is the city going to react?  Will insurance rates now skyrocket?  This will be interesting to watch and read about as this will continue to be a major issue for the SoCal residents who lost their houses, condos, and apartments.

Everyone has been following this great tragedy and watching as people are evacuated from their homes and neighborhoods.  The community of San Diego has come together in such a strong way that every day the volunteer and donation centers refuse donations after about 1 PM.  So many people have been flooding to Costco and Walmart and cleaning the shelves to bring much needed items to the people who no longer have homes.  According to last nights poles, over 1,000 homes have been lost, and that number is probably higher now. 

We want to let everyone know that one of the best ways to help is to donate to the Red Cross.  You can do it online with a credit card.  Everything so far has been extremely organized and the volunteer centers have been flooded with people lending a helping hand.  We can also say that only a few instances have occurred where people have been negatively trying to take advantage of the situation but the police and law enforcement have been able to stop all attempts.

Please keep all those who have lost their homes and those who are helping in your prayers.  We greatly appreciate it. 

I think one of the biggest focuses right now is finding out exactly what the buyers looking to purchase condos right now are looking for.  Obviously they are looking for homes they love and wish to hold on to for some time.  This is not a market where people should seek a quick profit opportunity and a way to "supplement" their income...I think there has been enough media civerage on this topic to educate enough people.  Those buying are looking for a long term commitment that is in their price range and at a long term rate that makes since financially. 

Now that everyone is on the same page, the next step is to understand how to truly entice these people into choosing the product you have to sell.  If you are a modern high-rise with all the amenities, then who is your demographic.  If you have a master planned community with condos, single family homes, and townhomes, then who are you marketing to?  another component is discovering not just what your buyer is looking for, but who that buyer actually is.  Are they a first time home buyer looking for a condo, or a young family looking for an affordable townhome or single family home? 

Once you discover who your buyer is and what they are looking for, then an appropriate marketing strategy can be implemented so precious dollars are not wasted advertising to a demographic that is not important.  So many builders out there right now are still dumping thousands into the newspaper when practically their entire demographic of buyers does not even receive the paper...everyone is online!  Its the first thing they do when they get to the office...much to the disappointment of many employers :)

Everyone is trying to predict when things will get better...buyers, agents, builders, lenders, etc.  The list goes on and on.  Who has the right answer?  For obvious reasons, we are focused primarily on the condo market which is currently a major component of the overall housing situation.  Some experts are now saying things could be looking brighter in 2009, which may mean we should start to see some positive signs in late 2008.  Rates will probably be dropped again to further help the mortgage crisis, but what are the real soutions that will turn things around?  Only time will tell...as we have seen with other market cycles in the past few decades. 

Condos are still being built and projects are still selling out, which means those that can buy are buying to hold long term assets.  Builders with sound financial situations and quality well-priced projects are still managing to keep their heads above water.  Everyone is simply trying to weather the storm unit we get back to the good old days.  Things will not be as they were a few years ago, but conditions will be healthier and more stable.  Of course, regions around the country will shift and react at different times.  The bottom line is that regardless of what real estate experts say, we all just have to watch market conditions closely and we will see gradual change.

OK...so I guess we have all heard by now that the Fed lowered the rate by half a point.  This is exciting news, right?!  In the short term thsi will definitely lower some people's mortgage payments and remove personal financial strain.  Obviously, this does not solve everyone's problems but it will at least free up some money for people. 

So where does this leave the housing market?  Most think that this will not really solve any immediate problems.  One thing to keep in mind however is that many people waiting to purchase condos have been waiting for this exact news...when will the Fed lower rates?  Well, now that they have, will we see some of these condo buyers come off the "fence" and make a purchase.  Now would be the time to lock into a reasonable long term fixed rate mortgage. 

Another questions to ask is "will there be another rate cut to follow this one"?  If so, it will most definitely brings some buyers out of the woodwork...at least we hope!  How will the lending institutions react to this?  There is no doubt the housing industry will now be slightly better off than it was before, but it will be interesting to see how much positive reaction comes from the rate drop.  We should expect to see some activity fluctuation over the next month as a direct result of this news.  We are already seeing great activity in the stock market!

Let's wait and see what happens...

I've often myself considered moving from my suburban home down to a city high-rise condo. One of the main issues I continually face is whether or not I will be able to have pets in any given condo community. I personally would like to have the option to have a small dog, cat, or at least a fish tank if I were to make the move to a new condo. This is an amenity that builders and developers should be consistently remembering when they market their new projects. On average, 15 percent to 20 percent of a condo's homeowners are likely to be pet owners compared to about five percent of a development's residents who will consistently use a fitness center, which is considered standard in contemporary condo and loft developments. Fewer than that will be regulars at the community center. A pet amenity is something that your pet owners are going to use twice a day, every day. According to the 2007-2008 National Pet Owners Survey, 63% of U.S. households own a pet, which equates to 71.1 millions homes In 1988, the first year the survey was conducted, 56% of U.S. households owned a pet as compared to 63% in 2006 Total Number of Pets Owned in the U.S. (millions) Bird: 16 Cat: 88.3 Dog: 74.8 Equine: 13.8 Freshwater Fish: 142.0 Saltwater Fish: 9.6 Reptile: 13.4 Small Animal: 24.3

So developers: Remember to consider the pet-friendly prospective homeowners you are marketing to - allowing a dog or cat to live with their owner could be the deciding factor that wins you a closed unit!

With all the negative press on the housing market, we forget to realize that there are some amazing new condos and homes accross the country. New condo and homebuyers need to be aware of this, to be cognizant of what areas have the most opportunity for future development.

The states that lead the pack for new housing development include: Florida, which added the highest number of homes (273,000), followed by Texas (198,000) and California (181,000). Among the states with the fastest growth rate, four out of five states are in the West: Nevada (4.5 percent), Arizona (3.5 percent), Idaho (3.4 percent), Florida (3.3 percent) and Utah (3.1 percent).

Overall, there were 126.3 million housing units in the United States last year, a 1.4 percent increase from a year earlier. Check out many of these available new condo units here on www.newcondosonline.com!

For those developers and builders out there who are still relying on simply print, signage, and radio advertising for their projects, its time to step into the times.  The internet has proven to have an amazing impact on the real estate industry! I may be preaching to the choir on this one, but lets take a look at why "cyberspace" has made a huge leap in bridging the gap between sellers(developers, homeowners, seller's agents) and buyers (end-users, buyer's agents, and investors).

1. it’s easy! Online researchers (aged 5-105) can perform incredibly detailed searches online through search engines, blogs, and new condo related websites to find huge inventories of new homes. 

2. Rather than spending weekend after weekend driving around town looking for for-sale signs and open houses, you can search sites like www.newcondosonline.com for new condos in the neighborhood and price range you want. Photos are available.

3. Its Fast.  You can oftentimes find the most up-to-date availability of a new project's remaining units, or find out how to get in early on Phase I of a pre-construction project. 

4. Blogs are informative.  There aren't many other opportunities for amateur homebuyers and sellers to gain insight into local markets at any time, anyplace. 

5. It’s Fun! There is so much information at your fingertips online, there is much more opportunity to find the right deal online than by reading the Sunday paper or by listening to the radio.  As an online researcher, you decide what direction you want to go with your search, rather than being forced to read what the newspaper decides you should. 

I have a phone interview today with Real Estate Weekly and we will be discussing a very interesting topic.  As we all know, mortgage stocks are struggling right now.  It is tougher for mortgage banks to bundle loans and sell them as securities now because of the whole sub-prime disaster.  Then or course we are all seeing the media put out something new everyday about foreclosures.  So many people who were in sub-prime loan products, interest only loans, adjustable rate mortgages, etc. are in foreclosure now because they can no longer afford their home.

An interesting market to look at in contrast to the rest of the country is New York - specifically the Manhattan area.  National foreclosure rates are up about 35% while NY rates actually went down by about 2.78%.  New York is a completely different market however with different restrictions and guidelines as to how and when a bank can foreclose.  People with mortgage loans in NY still actually own their homes.  If a bank want to foreclose it takes longer and costs more than in any other state.  The banks are not real estate companies and it is costly to hold these real estate assets once the foreclosure process is complete.  It makes more sense for everyone involved to work out the loan.

Manhattan is a market that is providing new opportunities for mortgage stocks.  The housing market is still very healthy, absorption rates are great, owners still have the ability to sell their homes and condos quickly if they are in trouble, and wealthy people are taking massive mortgages on new homes and New York condos.  Condo sales accounted for 49% of home sales in Manhattan during the first three months of the year.  many of the mortgage loans are between $2 million and $10 million!

Homebuyer incentives are not news to anyone paying attention to current market conditions. however, I felt a need to reiterate the fact that here at www.newcondosonline.com, we are seeing builders piling on perks, price cuts, and freebies to motivate homebuyers to take action and purchase their new condo. Accross the country, condo and home builders are juicing their efforts to unload units with no avail. They are offering buyers cash discounts of as much as 20% in some states. We are seeing developoers in Florida paying two years of property taxes and insurance - worth as much as $150,000 on condos priced as high as $2.5 million - for buyers of completed condos. In Virgina, new condo developers are offering savings as much as $100,000 off the cost of upgrades ranging from granite countertops to a conservatory. Here are a few tips for prospective new homebuyers to get some concessions from a new condo developer:

• Buy a finished condo:Developers want these off their books
• Get a pre-approval letter: This shows a developer you have financing already in place
• Close quickly: Wrap up a purchase within 30 days; builders want to sell before the next bank payment is due
• Avoid contingencies: Don't make your purchase contingent on selling a home or finding financing

Happy new condo hunting. View over 1,300 new and pre-construction condo projects accross the U.S., Mexico, Canada, and Central America on www.newcondosonline.com.

In this new era, the average consumer is on an empowered adventure to gather free information from the net in unorganized fashion. If they don’t find what they are looking for on one site, they go to another. There is no loyalty! This is quite different than the prospecting we did when we farmed a subdivision. This is due to the fact that viewers on the net may remain anonymous, yet they can gather facts and information, without ever talking to an agent or correctly identifying themselves.

All potential clients have needs, but they may not be imminent or pressing. For the moment let's assume most Internet viewers are just curious or just in an information-gathering stage. They just are not making a decision this week. The reasons they are not a hot prospect may be a possible relocation to your area, an upcoming job interview in your town, renters in a lease, or a person anticipating a job transfer. So is it is not wise to spend a lot of time on these prospects right now.  Instead allow them to come forward when they are ready, willing, and able. 

I'm in San Francisco at the Real Estate Connect trade show - connecting with people. I've actually enjoyed my day here. I've learned a lot from different leaders in certain industries and of course, have networked. However, as the day was winding down, and I was walking around, I observed something that, I would venture to say 85% of the people attending this show have in common. Most people, including myself, have some sort of handheld device/mobile phone. So, if this is the case, why is there not a booth at the trade show for these mobile phones? I personally don't believe that booths are worth all the money - I'd rather network but I feel that if Sprint, Apple, or Verizon would generate a ton of business by parading their handhelds around. A tag line for this could be: "Get your listing information faster!" or "Sell your condo while you're mobile!" More random observations will be posted. Stay tuned!

 

So what's going to happen to all the employees in the construction business?  Specifically Miami, FL.  Miami shouldn't be looked at as a microcosm of the entire condo industry but construction of condos in this city has become so stagnate that going vertical is harder than getting the average obese kid to put down the fries and shake from the local drive-thru.  Bloomberg reports that the oversupply will force prices down as much as 30 percent, the worst decline since the 1970s, and help push Florida's economy into recession as early as October (Bloomberg 7/20).  And yet, some developers keep on building.  Just out of curiosity, when are develpers going to realize that they should hold off for a bit?  What kind of signs are they waiting for?  Fiscal? Spiritual? I don't know either! 

This leads me to my first question...what's going to happen to all of the construction workers when one day, the developer realizes he needs to cut his losses and decides to pull the plug on the project?  I hope these construction workers are looking at the big picture and have something else lined up just in case.   Maybe they should petition more for retirees to move down to Miami.  This would hopefully ensure them more business so that they will be able to keep their jobs!  

With soaring gas prices, condo buyers in the many U.S. cities are being drawn to transit-oriented developments where they can purchase condos near train stations and other forms of public transit. Condo buyers are looking to be near stations with trains that will take them to work in or to outside suburbs. Transportation always has been a magnet for housing and commercial development. Transit-oriented developments (TOD) have gained popularity as a strategy to address a number of urban home buyer problems including traffic conjestion, affordable housing shortages, air pollution and sprawl. With gas costs on the rise, it is not always cheap to travel to and from work, especially during rush hour. Condo buyers are finding that other commuter woes can be avoided by opting for a condo in a transit oriented development.

San Diego Condos offer a great new project for commuters called Smart Corner. The Smart Corner building exemplifies the best principles of Smart Growth, an approach to urban planning that seeks the benefits of a close connect between where people live and work. It combines residential living, an office building and ground floor retail space, and mass transit all on one city block. The 19-story, 301-unit residential tower boasts a rooftop lounge with a spa and a full-equipped fitness center. There are many new condo developments on www.newcondosonline.com that offer great proximity to public transportation like Smart Corner does. Check them out all over the country today!

 

 

U.S. foreclosure activity increased by 90 percent this may and many of the condo and homeowners who are in trouble have been unable to sell or come up with the money they need. As a result, an increasing number of condo and similair properties are being returned to banks and lenders. To get rid of these condos and houses, most banks and lenders have resorted to foreclosure auctions. In a slow housing market, an auction is often the quickest way to get rid of a property.