Archive for January, 2009

Posted on January 31, 2009 - by admin

2006: U.S. Cities With Overvalued Real Estate And Home Prices

Buying a home is a big-time real estate investment and has to be done with great prudence. Knowing where not to buy a home is as important as are the dos and don’ts of buying a home.

Of the many top ten lists on CNNMoney.com, there is listed the top ten overvalued cities in America where it is better not to buy a home for the next two years or so. The report states a variety of reasons for the unfavorable market conditions.

Five cities in California – Bakersfield, Fresno, Merced, Sacramento and Stockton, figure among the top ten cities that have the least possibility of home price appreciation. Home prices have reached a new high (by nearly 60%) in these areas over the past two years. With an economy driven by agriculture and relatively higher unemployment rates anticipated for that area, the real estate market is predicted to slump in the region.

Although three cities in Florida are recommended as good real estate buys, the report also cites four others in Southwest Florida that fall among the very bottom of the list. With home prices here expected to plummet very soon, cities like Fort Myers, Naples, Punta Gorda and Sarasota are those that one would do best to avoid for a year’s time or so, while buying a home or a condo.

Market prices are expected to decline in the Jersey Shore (New Jersey) area that saw a radical boom in the last two quarters. Although home prices in the third quarter have rebounded from the slight drop during the second quarter, the bubble is expected to burst soon and the overpriced market is likely to stabilize. The popular seaside cities of New Jersey, Atlantic City and Ocean city are anticipated to fall under the unfavorable list.

In Phoenix, Arizona, a hot favorite among investors last year, sliding home prices may to be an unavoidable occurrence in the next 12 months. With home prices dropping by more than $100,000 in some residential developments and investors trying to sell off their property, it is safer to wait for a year or longer before investing here.

Economists at Moody’s Economy.com also predict a sharp decline in Riverside and San Bernardino counties, California’s Inland Empire.

The bottom ten cities that are likely to see major drops in median home prices during the coming year are Stockton, (leading the list with a predicted fall of 9.7%), Merced, Reno/Sparks, Fresno, Vallejo/Fairfield, Las Vegas, Bakersfield, Sacramento, Washington, D.C and Tucson.

Given these fluctuating real estate market conditions, one should exercise a great deal of caution when investing in real estate. It makes sense to get the expert advice of a real estate agent to advise you about your next home purchase, since agents often have access to the most up-to-date real estate market data and neighborhood pricing trends.

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Posted on January 31, 2009 - by admin

California Information

The “Golden State” of California has long been one of the most famous settlement spots in the United States. After the gold rush of 1848, countless people from all over the world came rushing to this geographically diverse land in search of opportunity and prosperity, seldom went away disappointed.

With almost 100 million acres of land, California is the third largest state in the U.S., next only to Alaska and Texas. It is nestled along the Pacific Ocean with a coastline of 1,264 miles stretching from the Oregon border in the north to the Mexican border in the south. It is one of the most culturally diverse states in the country, with its citizens having varied ethnic backgrounds like Native American, African American, Hispanic, European, and Asian. California climate is also one of the most diverse in the whole United States. With four different climate zones, one could always find a region in California suitable for their taste.

Although mountains and deserts dominate the state’s landscape, real estate lands is not hard to come by. In fact, one could even find an upscale resort community within the Colorado Desert - Palm Springs. It has become famous for its warm winter sunshine and its star-studded population. Other upscale communities can be found in the Bay Area, Central Valley, and the coastal strip between Los Angeles and San Diego. Low to medium scale real estate, on the other hand, could be found on the outlying communities and upland areas.

For business and employment considerations, one could always find opportunities a few hours drive away from their home. Employment and business opportunities in the state are among the highest in the nation due to its continually booming industries.

Tourism remains as California’s leading industry. Some of the well-known tourist destinations within the state are Disneyland, Hollywood, Golden Gate Bridge, and Sea World. There are many more similarly famous theme parks, national parks, and landmarks all throughout the state.

Foreign trade has also been a major industry. Among the leaders in this industry is the City of Los Angeles, whose ports have continually been one of the most busiest in the country for decades. In 1994, the city overtook New York as the country’s premier gateway for foreign trade.

Sports fans would never be disappointed as the state hosts a number of professional teams in different sports. Among the famous California professional sports teams are: the Los Angeles Lakers (NBA), Los Angeles Clippers (NBA), Sacramento Kings (NBA), Golden State Warriors (NBA), Los Angeles Dodgers (MLB), San Diego Padres (MLB), San Francisco Giants (MLB), Los Angeles Angels (MLB), Oakland Athletics (MLB), San Francisco 49ers (NFL), San Diego Chargers (NFL), Oakland Raiders (NFL), Anaheim Mighty Ducks (NHL), and the Los Angeles Kings (NHL).

National Security matters is not an issue in the State of California. Seized by the United States Marines at the height of the Mexican-American war (1846 - 1848), San Diego Bay houses the largest concentration of military personnel in any city in the United States.

With its natural beauty, coupled with teeming opportunities, living in the state of California promises a future worth spending in.

Bulgarian Properties

Posted on January 31, 2009 - by admin

Real Estate Market Changes Bring New Opportunities for Investors to Make Big Money!

Consumers are seeing the end of the ever increase real estate values with year over year double digit gains. This new market seems to have signaled the end of the housing boom. The foreclosure rate is now skyrocketing to the highest levels seen in a decade. There is bad news everywhere or at least this is so for many who stretched beyond their financial means. But not everybody will suffer. For those with cash, real estate buying opportunities are plentiful and the margins below market pricing that they can purchase the property are getting bigger and better. There are several sources investors can turn to for bargain basement deals. In almost any multiple listing service, banks are marketing foreclosure properties (real estate owned) for 3% to 5 % below market prices in most Orange County California markets. In other areas of the country such as North Carolina, banks may be discounting as much as 10% off market pricing. In Colorado, builders are having such a hard time moving inventory that they have slashed prices and are offering incentives. In these markets, you may be able to buy a brand new home in rent ready condition with break even on cash flow for as little as 20% down. The builder may even guarantee you rent for x number of months or find a tenant for you. Such is the case in many Florida communities where prime golf course property can be purchased for a similar deal. Short sales are abundant in the California marketplace, but the banks are so swamped with the onslaught of problem loans that it is often months before they get back to you. (A short sale is when the bank agrees to accept less than the outstanding loan on the property.) Tax sales can prove profitable, but there is a lot of competition at these auctions for very few properties. Most California counties hold tax sales a minimum of 2 times per year and auction the property off for the unpaid taxes due on the property. Properties typically go to sale after 4 years of unpaid taxes.

Trustee sales may be your best bet to make serious cash. I have attended many Trustee sales and have seen incredible properties sold at margins sometimes 20% or 30% below market. These are lucrative deals and you can earn hundreds of thousands of dollars purchasing these properties. Buyer beware, you must do your homework prior to bidding as not all liens are wiped out in this type of auction. Property taxes, IRS liens, special assessments, and Hoa dues may all be payable and you may still have fix up costs. But at margins like this, if you do your homework, it will pay off.

So if you are an investor, now is the time. The mother of all deals may just be around the corner and it was once said “fortune favors the prepared mind.” Perhaps they should have said fortune favors the prepared wallet. For investors with cash that like to buy heavily discounted properties, this may be the time you have been waiting for. Ready your cash and keep your eyes wide open.

The author John Daniel is a licensed real estate broker and investor in Orange County California

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Posted on January 31, 2009 - by admin

Real Estate Opportunities Flourish In Tennessee

Posted on January 31, 2009 - by admin

Real Estate of the Summit

 

Feel free to ask “Why Summit Country?” You just can not imagine how many reasons there are!

Summit County is situated high in the Colorado Rockies. It is well-known as Colorado playground due to the numerous summer and winter outdoor actives that the area provides. The county hosts 4 major ski areas: Keystone, Copper Mountain, Arapahoe Basin and Breckenridge. The Summit Country also has 2 reservoirs, Dillon and Green Mountain that adds even more attractiveness to the area. The easiest way to get to Summit County is by I-70, which connects it with Denver. The ski areas in Summit County are located on the western side of the Continental Divide, and can be quickly reached from Denver trough the Eisenhower Tunnel.

As for the cultural life of the Summit Country, it holds dozens of annual festivals. Among those are Breckenridge Art and Music Festivals, Snow Sculpture Championships, Oktoberfest and so on.

So here’s a quick list of the biggest towns in Summit County:

Silverthorne is the major residential town in this area, located mostly just north of I-70 along Highway 9. 80% of Silverthorne housing is occupied by full-time residents unlike the other Summit Country towns. Therefore there are plenty of commodities in the town.

The commercial area of Silverthorne is mostly the stores, boutiques and cafés that draw many tourists. The best thing about Silverthorne is that it is surrounded by Wilderness areas. That provides superb hiking facilities.

The town of Dillon borders Silverthorne a little south of I-70. 75% of the houses are second homes or rental properties. Dillon is actively developing a Main Street area, but the main attraction is incredible Lake Dillon.

Breckenridge is the other big town in Summit County. Having the ski resort right in town, it is quite luxurious and trendy which explains plenty of amenities and tourist’s conveniences.

Keystone and Copper are extremely popular the ski resorts though almost nobody lives there full-time.

 

According to the statistics of Breckenridge CO Real Estate agencies there are more and more people, who want to invest their money into land and housing in Colorado.

If you are interested in Land for Sale in Summit Country or Commercial Property For Sale Colorado, place your offer in one of the manifold real estate agencies. Good luck!

 

 

 

Bulgarian Properties

Posted on January 31, 2009 - by admin

All Arizona Real Estate Buyers Should Read This

Kiss Your Landlord Goodbye! I’m writing this at the end of August, 2006. Information changes but this article has some good stuff in it about first time home buyer’s buying from the Phoenix MLS or any Phoenix real estate for that matter. Last year at this time, I don’t think a new home buyer had a chance in heck of buying a house. The investors literally invaded the Valley of the Sun including Phoenix, Ahwatukee, Chandler and Gilbert and bought everything in sight. Even legitimate home buyers had a hard time buying.

Homes one year ago had an average listing life of 14 days. Now it’s more like 14 months. Okay, I was exaggerating a little; it’s more like about 75 days. And this is good news for first time home buyers. Other good news is that the lending industry is creating more affordable loans that should more than make up for the slightly higher interest rates. And I was just quoted 6.51% which in historical terms is great! And there is no pressure to raise the rates soon so think hard about buying a new home.

We in the industry are all watching the market right now. There are lots of homes on the market, and their average listing life is longer, that’s true. It causes lots of buyer hesitation because they think the market will force home pricing down in the Phoenix Real Estate market. Pigs are fed, Hogs are slaughtered is an old stock market term. It means when you think it’s a good time to buy, like right now, buy! By the time you see signs that the stock market or the Phoenix real estate market has bottomed out, it will have already have started back up, and you will have lost an opportunity. The first sign that the buyer’s market is ending is that each month now more homes are being sold than the previous month. The market is leveling out as I type.

Home buyers who make an effort can get a ton of help right now.

Homes for Arizonans: Must be first time home buyers. Call Arizona Housing Department: 602-771-1000

Fannie Mae’s “My Community Mortgage” Offered by most major lenders: Can use non-traditional sources of income like income from boarders.

Home in Five First Time Home Buyer’s Program. Grants for up to 5% of closing costs or down payment. Offered through the Industrial Development Authority of Phoenix and Maricopa County. Call 602-262-6606 or 602-506-7294

Lender breaks on mortgage insurance: A few lenders offer loans to first time home buyers that don’t require mortgage insurance if they take classes for home buying counseling. The following groups offer counseling: Community Housing Resources: 602-631-9780; Neighborhood Housing Services: 602-258-1659; Housing for Mesa: 480-649-1335; Fannie Mae Phoenix Partnership: 1-800-732-6643; Consumer Credit Counseling Service: 1-800-308-2227; Chicanos Por La Casa: 602-257-0700; Community Services of Arizona: 623-435-2255.

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Posted on January 31, 2009 - by admin

Arizona Real Estate

The Land of Arizona

Contrary to popular belief, Arizona real estate is not synonymous with cactus. Erase the picture of the lonesome wilderness with only the Roadrunner and Wile E. Coyote disrupting the terrain. Of course, that kind of landscape are still here and there but the fact is, Arizona today is one of the fastest growing states in the United States. A lot of people are drawn to investing in Arizona real estate because of its quality education, booming economy not to mention its popular and attractive areas of interest and of course who could forget the Phoenix Suns?

Short History

Also know as the “Grand Canyon State”, Arizona joined the US in 1912 as the 48th state. The name Arizona originated from the term “arizonac”. The word is actually two Papago Indian words that means “place of the young spring”. Recognized for its bountiful cactus growth, the saguaro cactus blossom is Arizona’s national flower, while its capital city is Phoenix.

Geography

With a total land area of 113,635 square miles, the sixth biggest in the United States, Arizona has an estimated population of 5,939,292 people in 2005. The climate, which is dry and sunny, is ideal for outdoor activities. Snows can be seen capping the tips of the high central areas.

Real Estate Situation

A lot of people have picked Arizona as one of their favorite places to be. Investing in Arizona real estate means the prospect of being close to the state’s powerful landscape, while enjoying the vitality that is offered by the major cities.

Experiencing Arizona’s vivid scenery is also truly convenient. Its metropolitan centers are not that far from the natural wonders that the state is so famous for. Once you have your piece of Arizona real estate, unwinding at the Grand Canyon or at Lake Mead is certainly within your reach. Literally.

Industry

The most significant industry in Arizona is manufacturing. Arizona real estate is ideal for those who are into the state’s primary products, namely aeronautical objects, communication and electrical items. It is also the producer of more than half of the country’s supply of copper. Arizona’s economy also relies greatly on agriculture which includes breeding of cattle, production of dairy products as well as cotton.

Places and Activities

Aside from the Grand Canyon and Lake Mead, other places for rest and recreation include the Painted Desert, Fort Apache, the Petrified Forest, Hoover Dam and Lake Havasu City’s reconstruction of the London Bridge.

For camping and hiking aficionados, you won’t get tired of Arizona’s various sites for these activities. There are five major parks to choose from, two of which are Dead Horse Ranch State Park and Fool Hollow Lake Recreation area. In these parks, you can camp, fish, canoe, hike and enjoy the view of the wildlife. For those who are into fishing and hunting, Alamo Lake State Park is the place to be.

If you’re more of the “lounge around” type, you don’t need to go far from your Arizona home in order to unwind. There are also popular resort areas there, as well as cultural sites for the Native American heritage and quaint historic towns.

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Posted on January 31, 2009 - by admin

The Austin Climate: How Stable is Austin?

“If you are buying property in Austin, you may wonder what sort of climate you’re getting yourself into. This is especially true if you are moving to the area from another part of the country. The traditional view of Texas is that it is a very hot place to live. While Austin can certainly have hot, dry summers, on average summers tend to be quite pleasant and not overbearing.

A popular saying in Texas is that if you don’t like the weather here, simply wait a minute. This is certainly true of Austin, where the weather can fluctuate from moment to moment. However, overall, over the past 20 years, the weather has been relatively stable. Austin is a bit away from the Gulf, so it is somewhat sheltered from tropical systems that affect areas closer to the shore. In many cases, Austin gets the tail end of tropical systems, which translate mainly into wind and rain that do not tend to damage property as much. Austin is also technically below the tornado alley — just below the southern end. Any severe weather that occurs in the city tends to be flash flooding, wind, and hail. While the occasional tornado does pass through, it has been many decades since it has caused major damage.

Winters tend to be very mild here, although the occasional ice storm does occur. It certainly keeps things interesting, and thanks to the occasional ice presence, the city of Austin is usually well prepared for dealing with the ice on the streets.

Summers here are generally very long, and tend to stay quite warm. The beginning of summer is marked by humid and warm weather. 90% humidity and 75° can occur early in the morning, although the humidity generally drops throughout the day. There are occasional days where the temperature rises over 100°, but this tends to be the exception rather than the rule. One nice trait of Austin climate is that when the days are very hot — one of those rare days when the temperature does go to 100° — the humidity also tends to balance out to 20% or 30%, which helps make the heat easier to bear.

Flash floods in the area occur because of the fact that there’s very little topsoil — most of the region consists of the beautiful limestone hills that Texas Hill country is known for. As a result, when a number of inches of rain falls in a short period of time, the only place for the water to go is downhill. The porous limestone only can absorb a little bit of the rain, and there is simply not enough soil absorb the rest. This means that when there is a heavy rain, you should try to stay off the roads and listen to your local media for updates. Caution signs will help you if you do absolutely need to be on the road. Even when the water does not seem to be that bad, keep in mind that there are very few places for the water to go, so if you’re not from the area and are not familiar with local conditions, you may not be able to appreciate flash flood risks. Therefore, it is important for you to listen to the local radio or local media to find out about potential risks before you head on the road.

On the other hand, despite the occasional flash floods, Austin is far more stable than Hawaii, Alaska, and much of the West Coast, which are risk for volcanic and seismic activity. Although Austin is located near the Balcones Fault, there is little risk of earthquakes, and an earthquake has not occurred in many, many years. As long as you’re willing to deal with a little bit of rain, beautiful summers, and mild winters, Austin real estate is sure to please you.”

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Posted on January 31, 2009 - by admin

Chandler, Arizona Real Estate

Chandler Arizona was named after Dr. Chandler who moved to the area decades ago. The town was put on the map when the prestigious San Marcus hotel was built close to now what is considered down town. When the hotel was first built it was in the middle of the desert accompanied only buy desert cacti and shrubs. Today it is a historic hotel tucked behind growth and development. Chandler has become a modern society aided by the employment of the tech industries.

Chandler center for the arts is just a stones trow away from the San Marcus Hotel and Golf Course. It is used as a theatre from concerts to ballet. The structure is filled with hundreds of thousands of dollars worth of chandeliers. The entire city benefits from the structure as it is even used for the local high school concerts and art displays.

Fine dining isn’t foreign to Chandler, but some of the best restaurants are ran by Mom and Pop. One can choose from authentic mexican at Elmer’s Tacos or Guedo’s Tacos, One of the best pizza places is Nello’s just up the street. Or the more popular restaurant chains like the Cheese Cake Factory and BJ’s Pizza are found at the Chandler Mall. Chandler is also home of the first Cold Stone Creamery. Whatever your craving is, Chandler will have it.

One of the most anticipated event of the year is the Ostrich Festival. I know that might sound a little out of place for Chandler, but Chandler had ostrich Farms back in the day. In celebration of Chandler’s roots, people from all over the phoenix valley come to watch ostrich races and enjoy a carnival. Rides and plenty of good food abound. Live music fills the air each night and unique vendors line the streets. It is a fond memory for Chandler residents who remember the festival as kids. It is a one of a kind festival that the entire family can enjoy. It last for a few days and happens one time a year.

Chandler also was a farming town. There is still evidence of this in the way the city is laid out. There are a few farms here and there that remain that give Chandler that rural look. Chandler has a building code that includes a strict height limit to buildings and commercial fronts. You won’t see any sky scrapers in Chandler, but you will find a south west fill to everything from the shopping centers to the neighborhoods.

Although Arizona is a desert, Chandler has many lake communities and plenty of green golf courses. With all the sunshine just about anything grows in Arizona. All one needs to do is add water. Chandler is an Oasis for many residents. A good portion of the population comes from other states only during the winter time. These winter visitors return to their home towns during the summer and take advantage of Arizona’s perfect winters. The cost of living is very reasonable and is sure not to turn anybody away. The variety of what Chandler has to offer will suit any new comer. Residents are friendly and almost nobody is native. Well, at least that is the way it seems. With 4% a year population growth it is no wonder either. Arizona is t he place to be.

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Posted on January 31, 2009 - by admin

Alabama State Taxes - 4 Tax Varieties Explained