About Me
- The Desert Real Estate Blog
- De gustibus non est disputandum - There's no excuse for good taste. Living Well Begins At Home. As the broker of choice for countless celebrity clients and Fortune 500 CEOs, I take pride in a level of service, experience, and discretion that is without peer in the communities of La Quinta, Rancho Mirage, Indian Wells and Palm Desert. Searching for a residence of uncommon distinction and grace? Share your wishes with me and reap the benefits of an insiders’ knowledge of the upscale desert communities. And if you are planning to place your home on the market, no one is more skilled at providing exposure and finding qualified buyers across the nation and the world. I specialize in luxury homes and fine golf properties within the Coachella Valley.
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Monday, February 25, 2013
The Top Ten Legal Mistakes made by Sellers
1. Accepting the buyer with the highest offer without
regard to the other contractual terms.
2. Not properly handling multiple offer situations with multiple buyers.
3. Not properly handling back-up offers.
4. Entering into an agreement with no earnest money deposit from the buyer, or a very small amount.
5. Entering into an agreement before verifying the buyer’s financial ability to close escrow.
6. Not disclosing known material fact affecting the value or desirability of the property.
7. Not providing the buyer with legally required disclosures.
8. Not obtaining the buyer’s written acknowledgment of disclosures.
9. Not considering whether to require the buyer to remove contingencies.
10. Not excluding items from the sale that the seller wants to keep.
Information provided by Car.org.
2. Not properly handling multiple offer situations with multiple buyers.
3. Not properly handling back-up offers.
4. Entering into an agreement with no earnest money deposit from the buyer, or a very small amount.
5. Entering into an agreement before verifying the buyer’s financial ability to close escrow.
6. Not disclosing known material fact affecting the value or desirability of the property.
7. Not providing the buyer with legally required disclosures.
8. Not obtaining the buyer’s written acknowledgment of disclosures.
9. Not considering whether to require the buyer to remove contingencies.10. Not excluding items from the sale that the seller wants to keep.
Information provided by Car.org.
Buy Up Distressed Properties
Many investors looking for a deal will
continue to pick up properties that have been through the foreclosure process.
The object of the exercise for some buyers is to build an investment portfolio in
anticipation of increased demand due to population growth.
Naturally, purchasing these
properties at bargain prices, specifically at auctions, could give shrewd investors more bang for
their buck as demand for housing increases. The caveat being that you need to do your homework!
Just because the property was
distressed at one time, doesn't mean it needs to be distressed when it is
purchased by the real estate investor.
What we have and continue to do for the investor, is to focus investors
on the ease of buying properties that have already been through a complete
renovation process and, more importantly, are not sitting in a condition with
deferred maintenance issues.
This allows investors to really focus on a top of
the line property with the highest anticipation of performance.
There are some really outstanding values in the desert from $150,000 uo to $5 million.
Currently we have 2 homes in the $150,000 range that are 3 to 4 bedrooms in gated communities as well as a magnificent home in La Quinta that was originally $3 million now selling, fully furnished for $1,595,000.00!
Call me directly at 760.574.7676 and I will find you a great opportunity and investment with built-in equity
No one in the real
estate business likes to make predictions. However, there are a few signs that
the real estate market is starting to pick up.
1.
Foreclosures are down
sharply.
2.
The rise in rents is
encouraging buyers to buy real estate.
3.
Demand is starting to
outweigh supply.
4.
Homebuilders are
starting to come back into the desert.
5.
Lenders are slowly
loosening up and lending again.
6.
Real estate tax breaks
survived the fiscal cliff.
7.
Complaining about the
real estate market is getting old.
8. Nearly 2 million homeowners were freed
from negative equity in 2012.
9. Look
for social media to become even more of a factor for real estate in 2013
10. These
rates are for week beginning February 24, 2013.
Fixed Rate Loans
Rate Points Max
Loan LTV
10. 30 Years 3.500% 1.375 $417,000 90%
11. 30 Years 3.625% 0.500
$417,000 90%
12. 30 Years 3.750% 0.000
$417,000 90%
13. 15 Years 2.750% 0.750
$417,000 90%
14. 30 Years 3.990% 1.000
$1,000,000 80%
15. 15 Years 3.375% 1.000
$1,000,000 80%
16.
5/1
17. 30 Years 2.500% 0.500
$417,000 90%
18. 30 Years 2.750% 1.000
$1,000,000 70%
19.
7/1
20. 30 Years 2.750% 0.500
$417,000 90%
21. 30 Years 2.990% 1.000
$1,000,000 70%
22.
10/1
23. 30 Years 3.000% 0.500
$417,000 90%
24. 30 Years 3.500% 1.000
$1,000,000 70%
25.
FHA
30 Years 3.625% 1.000 $417,000 96.5%3.625
Tuesday, February 19, 2013
Experts Believe the Multifamily Sector Will Perform Well in 2013
If you ask experts at Fannie Mae and the National Association of Home Builders, 2013 is bound to be a great year for the mulitfamily housing sector. They are basing their assertion on already low vacancy rates and higher rents, and both groups believe that multifamily housing will aid in the real estate recovery this year because of its growth. According to Fannie Mae, asking rental rates are likely to increase 2.5% this year, while vacancy rates will increase to 6%. Both of those numbers are in-line with the historical norm.
David Crowe, chief economist for the National Association of Home Builders, said, “Last year was a banner year for the multifamily market, and our baseline forecast calls for further steady growth in the rate of multifamily production.”Rent growth exceeded Fannie Mae’s projection of 3% coming in at 3.25% at the end of 2012. Fannie Mae says the slight increase in end-of-year vacancy rates is not abnormal because this is a part of the year when most people choose not to move.
Both the NAHB and Fannie Mae agree that there will be a boom in multifamily housing this year, including new construction. Other industry experts point to some specific hurdles, like the lack of available capital that is handcuffing developers around the country. Additionally, in certain parts of the country, rising costs associated with construction, materials and labor will play a factor in the multifamily sector’s ability to grow.
From CV Escrow
With regard to the Coachella Valley's 8 primary cities, La Quinta, Indio, Cathedral City, Palm Springs, Indian Wells, Rancho Mirage, Desert Hot Springs and Palm Desert, Palm Springs outnumbers all the other cities.
Investing in apartments in Palm Springs makes the most sense as there are a multitude of units from four units up to choose from at reasonable prices.
We have located apartments for sale as well as choice tracts of land to build apartments in the aforementioned cities.
Please call for sdetails - Barry 760.574.7676
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