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Real Estate - Part 2

Real Estate Archives

Real Estate Investors Buying Up Storm Damaged Homes

Union Holding Group, a Union County New Jersey-based Real Estate Investment Company, has ramped up their Cash for Houses Program in New Jersey in the wake of Hurricane Sandy.

Chief Marketing Officer, Chris Floor, said, “The damage Sandy brought is immense – rendering many houses impossible to sell or mortgage on the retail market.  Our Cash for Houses program is an easy way for homeowners to sell their property as-is – without needing to fix homes or bring them up to code to meet township certificate of occupancy standards.”

Many homeowners are still trying to salvage sentimental items among the damage – as well as awaiting insurance adjuster appointments so they can find out where they stand with their insurance claims.  Floor went on to say, “We know how difficult this situation can be – it’s their homes we’re talking about.  We offer sellers the flexibility to close when they want to – we’ve got plenty of work to do and we’ve had plenty of sellers that have already taken advantage of the Cash for Houses program.  Sellers can close when it’s most convenient for them – period.”

Getting cash for houses often sounds appealing – but it’s not for everyone.  Floor continued, “Some sellers are much more comfortable using a Realtor versus selling directly.  The issue there is many storm-damaged homes require extensive renovation – and it’s not easy to find available contractors as they’ve got their plates full with work.  Sellers seeking a fast sale – so they can move on quickly – are often the best candidate for the Cash for Houses program.”

Union Holding Group is a Union County New Jersey-based Real Estate Investment Company based in Cranford, NJ.  For more information call 866-910-5323 or visit www.houses4fastcash.com.

This press release was issued through eReleases® Press Release Distribution. For more information, visit http://www.ereleases.com.

Web Site: http://www.houses4fastcash.com

Real Estate Demand in Caribbean Heating Up

English: West Bay Beach, Roatan, Honduras.

Roatan, Honduras. (Photo credit: Wikipedia)

Based on figures from the CBO and the Joint Committee on Taxation, federal taxes will increase by a total of $423 billion in 2013 if the Bush-era tax cuts are allowed to expire. According to the Associated Press, the increase in taxes will be the largest since 1942.

In light of this, for those looking to secure their funds offshore and control their own spending, the newest development on Roatan, Crystal Sands Villas, may be the answer.

Amy Murphy, a realtor with Russ Lyon Sotheby’s International Realty in Scottsdale, Arizona, has experienced an influx of buyers seeking to purchase homes in the Caribbean – with a 70% surge in inquiries since the election.

As the owner of her own Caribbean property on the island of Roatan off the coast of Honduras, Amy has first-hand experience of this offshore buying trend.

Since the late 1990s, the value of her property has rocketed from $38,000 to $250,000, a growth trend which is tempting more buyers to invest before taxes rise.

Amy said: “In 2012, the Wall Street Journal, Kiplinger’s and International Living each designated the island of Roatan – along with the Cayman Islands – as among the top destinations for retirees in the world.

“Roatan distinguishes itself by offering full-service spas, world-class golf, dining and shopping all at reasonable prices.  It’s a haven for anyone looking for an affordable and peaceful island lifestyle and it’s appealing for Americans who don’t want to give money to governments, agencies and programs they do not endorse.

“Many buyers looking to invest money in this market believe that entrepreneurs and families should be able to control their own spending, without being forced to fund an overly deficit US Government.”

The newest development on Roatan is an exclusive community in the pristine area of Turquoise Bay.  Called Crystal Sands Villas, the properties consist of eco-friendly designer villas on one of the last unspoilt white sand beaches in the Caribbean. Each luxury property will enjoy 24-hour gated security with concierge service, spa, marina and medical services, all with stunning views of the Caribbean Sea and the Mesoamerican Barrier Reef – the second largest reef in the world.

Amy continued: “Prices to buy into this idyllic and secluded Caribbean community will increase 25% in January, with building commencing next summer.  The investment potential is huge, especially as the year-end approaches.

“With land appreciation in Roatan averaging at around 13.5 percent each year over the past decade, anyone buying into the development now could look to sell in several years, potentially earning a significant return,” she continued.

“As this luxury community becomes more established, a greater number of people with wealth and a desire to escape from the stress and politics of urban life will want to buy into it.

“My advice to anyone wanting to make a move is to take advantage of securing their funds offshore before taxes rise and begin living a life of beaches and beauty on a tropical paradise like Roatan.”

Discover more about property and investment opportunities in Roatan Honduras now:

www.roatanluxuryestates.com or contact Amy Murphy at amy@roatanluxuryestates.com

CONTACT: Press, Miki Haines-Sangor, +44 7900 690 574, miki@goldengoosepr.com

Web Site: http://www.crystalsandsvillas.com

Clopton Capital, a commercial mortgage provider based in Chicago, is forecasting no increase or measurable change in commercial mortgage interest rates in 2013. This prediction is based on numerous factors including political, economic and proprietary to the commercial mortgage industry. “Via direct conduits, current commercial mortgage interest rates are at best, in the neighborhood of 3%. This make borrowing commercial capital incredibly cost effective and advantageous and we are pleased to state that these commercial mortgage interest rates will likely continue to exist throughout next year”, said Jake Clopton, the founder of Clopton Capital.

The firm states that if sudden or unprecedented borrowing costs were to increase, whether this be transactional costs or simply an increase in interest, the firm will be swift in notifying their prospects, clients and the general public. “If commercial mortgage interest rates were to somehow soar suddenly, we would immediately draft a mass email to our clients and issue a press release explaining why this has happened, what is means for our clients and what we intend to do to adapt to the issue as a firm”, said Jake Clopton.

Clopton Capital intends to continue utilizing commercial mortgages in 2013 as their primary mechanism for funding new and existing commercial real estate projects. Commercial real estate owners and business owners are encouraged to visit CloptonCapital.com for more information about commercial loan options available presently.

Credit Union Offering Zero Down Mortgages

Navy Federal Credit Union, announced this week its October mortgage closings surpassed $1 billion. This is a record and a coupe for Navy Federal at a time when the REALTOR® Confidence Index (RCI)1,reports that consumers face “tight credit conditions” and challenges in getting loan dollars from lenders. In fact, year-to-date, Navy Federal has made more than $8.3 billion in mortgage funds available to its members.

So, how is it possible for Navy Federal Credit Union to report such substantial mortgage gains, despite a national lending squeeze? Jack Gaffney, executive vice president, Lending, asserts it’s by having both the will and the way to lend.

“Having ample products, competitive rates and specials like offering to pay up to $2500 in closings costs are a must in matching members to mortgages that suit their budget. But by far, being able to offer a “no money down” option is a difference maker,” says Gaffney.

The credit union is one of the few lenders in the market still offering a 100% financing alternative for purchasing a home. The Navy Federal Homebuyer’s Choice Mortgage pulled in $416 million year to date, and the credit union projects near $10 billion in total mortgages booked by year-end.

“For us, huge mortgage success means that we’ve put thousands of families in new homes or placed them securely in their current ones,” says Gaffney, “and, that we’re doing absolutely everything we can to find the exact right mortgage or refinance option to fit our members’ needs. Making homeownership possible is a privilege.”

About Navy Federal Credit Union: Navy Federal Credit Union is the world’s largest credit union with $50 billion in assets, four million members, 227 branches and a workforce of over 10,000 employees worldwide. The credit union serves all Department of Defense military and civilian personnel and their families. For additional information, visit www.navyfederal.org.

1 According to data from the REALTOR® Confidence Index (RCI), September 2012 Edition
http://www.realtor.org/sites/default/files/reports/2012/realtors-confidence-index-2012-10-report.pdf

Contact: Jeanette Mack
Manager, Corporate Communications
Phone: (703) 255-8792
E-mail: jeanette_mack@navyfederal.org

Web Site: https://www.navyfederal.org

Florida Real Estate Prices Heading North

Pending sales, closed sales and median prices rose, while the inventory of homes and condos for sale dropped in Florida’s housing market in October, according to the latest housing data released by Florida Realtors®.

“With Thanksgiving just around the corner, we have a lot to be thankful for here in Florida,” said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. “The state’s latest unemployment rate fell to 8.5 percent, the lowest in nearly four years – and combined with the momentum of the housing market, it clearly shows that Florida is on a positive path and has been for months. Pending sales, closed sales and prices are trending up.”

Statewide closed sales of existing single-family homes totaled 17,779 in October, up 25.3 percent compared to the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. Closed sales typically occur 30 to 90 days after sales contracts are written.

Meanwhile, pending sales – contracts that are signed by not yet completed or closed – of existing single-family homes last month rose 56.7 percent over the previous October. The statewide median sales price for single-family existing homes in October was $145,000, up 9 percent from a year ago.

According to the National Association of Realtors® (NAR), the national median sales price for existing single-family homes in September 2012 was $184,300, up 11.4 percent from the previous year. In California, the statewide median sales price for single-family existing homes in September was $345,000; in Massachusetts, it was $294,900; in Maryland, it was $244,357; and in New York, it was $225,000.

The median is the midpoint; half the homes sold for more, half for less. Housing industry analysts note that sales of foreclosures and other distressed properties continue to downwardly distort the median price because they generally sell at a discount relative to traditional homes.

Looking at Florida’s year-to-year comparison for sales of townhomes-condos, a total of 8,252 units sold statewide last month, up 16.4 percent compared to October 2011. Meanwhile, pending sales for townhome-condos in October increased 47.1 percent compared to the year-ago figure. The statewide median for townhome-condo properties was $107,000, up 20.2 percent over the previous year. NAR reported that the national median existing condo price in September 2012 was $181,000.

The inventory for single-family homes stood at a 5.2-months’ supply in October; inventory for townhome-condo properties was also at a 5.2-months’ supply, according to Florida Realtors. Industry analysts note that a 5.5-months’ supply symbolically represents a market balanced between buyers and sellers.

“Once again, everything that should be going up in the market is going up, and everything that should be going down is going down,” said Florida Realtors Chief Economist Dr. John Tuccillo. “As impressive as the year-over-year gains for October are, far more impressive are year-to-date gains of 2012 over 2011. They indicate the depth and resilience of this recovery.”

The interest rate for a 30-year fixed-rate mortgage averaged 3.38 percent in October 2012, down from the 4.07 percent averaged during the same month a year earlier, according to Freddie Mac.

To see the full statewide housing activity report, go to Florida Realtors Media Center at http://media.floridarealtors.org/ and look under Latest Releases, or download the October 2012 data report PDF under Market Data at: http://media.floridarealtors.org/market-data

Editor’s Note : Florida Realtors 2012 housing market data releases mark a new statewide data reporting partnership between Florida Realtors Industry Data and Analysis department and new vendor partner 10K Research and Marketing. Housing sales data from the state’s local Realtor organizations is collected and organized with the goal of providing unique, localized market reports to the local Realtor boards and associations within Florida Realtors, enabling the groups and their Realtor members to serve as the definitive voice of real estate in their respective local markets. At the same time, Florida Realtors is providing comprehensive statewide housing market statistics – but this new data series only refers to statewide data and does not include metropolitan statistical areas (MSAs).

Florida Realtors®, formerly known as the Florida Association of Realtors®, serves as the voice for real estate in Florida. It provides programs, services, continuing education, research and legislative representation to its 115,000 members in 63 boards/associations. Florida Realtors® Media Center website is available at http://media.floridarealtors.org .

CONTACT: Marla Martin, Communications Manager, +1-407-438-1400 ext. 2326; or Jeff Zipper, Vice President of Communications, +1-407-438-1400, ext. 2314

Web Site: http://www.media.floridarealtors.org

Las Vegas Real Estate Setting Records for Sales

Las Vegas Homes

 

We knew it had to happen sooner or later. Nothing lasts forever, not even the low housing prices in Los Vegas. The investors are coming out of the woodwork and have snapped up about 60% of the homes in Vegas for cash. Read more about it here:

http://www.latimes.com/business/money/la-fi-mo-vegas-home-sales-20120328,0,3278002.story

Foreclosure Numbers Dropping

Foreclosure

The banks are reporting lower foreclosure numbers for the last quarter of 2011. Some of that can be attributed to the robo-signing fiasco and some to the new programs that the banks have put in place to help the home owner keep their home. The banks have become a little more flexible in dealing with these delinquent mortgages mainly because the tactics they were using before simply wasn’t working. You can read more about it here:

 

 

Bank of America Tiptoes into Landlording Business

Foreclosure properties

Foreclosure properties. (Photo credit: Wikipedia)

 

It seems like it was only yesterday that when an investor wanted to purchase a property through the short sale process, two things that the Banks demanded were that the homeowner was not to receive any cash and that they were not allowed to stay in the property after the sale. All of that has now been turned on it’s head. Some banks are now offering cash to homeowners for the keys to the property and now BoA will allow some owners to stay on as tenants. The idea is to eventually sell the properties off to investors. Good news for investors and it’s been a long time coming.

Bank of America Corp. has tentatively joined a nascent housing industry movement in which homes in or near foreclosure are sold to investors as rental properties.

The bank on Friday began a test program for 1,000 homeowners headed into foreclosure in Nevada, Arizona and upstate New York — borrowers it has been unable to help with loan modifications but hopes to keep on as renters. If successful, the program could be tried in California and rolled out nationally.

Consumer advocates maintain it often would be better for homeowners, communities and the banks themselves to keep troubled borrowers on as renters rather than kick them out. Seizing and selling empty homes creates neighborhood blight and accelerates downdrafts in housing prices, they contend.

Bank of America doesn’t plan to become a longtime landlord for borrowers turned tenants. In the pilot, it hopes to take possession of homes for no more than three months before selling them to investors making a bet on the recovering housing markets. If the program becomes established, the goal would be for the investors to take over as soon as the occupants relinquish ownership and pay the first month’s rent.

Whether this scheme can work is to be determined by the pilot, the first such test announced by any major mortgage company. The bank wants to find out whether getting a loan off its books with a quick sale at a deep discount is a better deal financially than the foreclosure process, which can drag on for months or even years in highly regulated states such as New York.

“This pilot will help determine whether conversion from homeownership to rental is something our customers, the community and investors will support,” said Bank of America’s Ron Sturzenegger, who oversees about 1 million troubled loans inherited from aggressive mortgage giant Countrywide Financial Corp., which Bank of America purchased in 2008.

Homeowners can’t apply for the program themselves, a bank spokesman said.

The trial is limited to a tiny slice of the 1 million loans that Bank of America owns outright. It is not testing any of the additional 8 million home loans on which it provides customer service but which are owned by investors in mortgage bonds.

Bank of America executives said the 1,000 homeowners selected are all at least 60 days late on their loans and are not qualified for or not willing to accept other alternatives to foreclosure.

They will be offered one final deal: hand their property titles to the bank, which would cancel their mortgages in what’s known as a deed in lieu of foreclosure, and sign contracts agreeing to rent the home for up to three years at or below market rates.

Source

Hopefully this program works out for all parties and the foreclosure backlog starts moving again.

Foreclosure Funding is Available Up to 110%

Foreclosure Funding

Foreclosure Funding (Photo credit: niallkennedy)

 

It’s hard to open the newspaper or watch the news without hearing something almost daily about foreclosures. Maybe you’ve even looked at some of these properties either for your own use or as an investment property. If you have been looking than you’ve probably noticed that most of these houses need a lot of work, with roofs, kitchens, heating systems all seeing better days. Makes you wonder how all that work will get done, especially if you’re not all that handy. It just so happens that the Fed’s have a great program to cure what ails these rundown houses.

There are some great bargains right now in foreclosed homes but they often aren’t in the best of shape. Fortunately, the FHA’s 203(k) program allows you to both buy a house and fix it up with a single mortgage loan.

The FHA 203(k) mortgage is designed for fixer-uppers. You can borrow up to 110 percent of the expected value of the property after renovation to pay for both the purchase and home improvements. You can even do the work yourself, provided you’re qualified to do so, although the FHA will likely insist that you hire professionals for more demanding projects.

Many foreclosures need repairs

Foreclosed properties can be in poor condition for a number of reasons. To begin with, if the previous owners couldn’t make their mortgage payments, they probably didn’t keep up with routine maintenance either. Second, foreclosures often stand vacant for a long time before they are purchased, and may deteriorate during that time. Finally, homeowners facing foreclosure sometimes remove appliances and other items of value, or simply damage the property to spite the bank.

On the plus side, these are some of the reasons why foreclosures sell at a discount in the first place. Quite often, they can be purchased and put back into shape for considerably less than you would spend on a conventional home purchase with only minor upgrades needed.

Streamline option for basic improvements

There are two types of FHA 203(k) loan. If the home only needs modest improvements, like a new roof, new appliances, kitchen remodeling, repairs or upgrades to heating, electrical and plumbing system, floor repairs, basement refinishing and the like, you can apply for a streamlined 203(k), also called a modified 203(k). This will allow you to borrow up to $35,000 with more simplified application requirements than on the standard 203(k).

The standard FHA 203(k) is used for more extensive improvements, those costing more than $35,000 or involving structural work. This might include adding an addition, repairing structural damage, moving a load-bearing wall or any kind of work that involves detailed drawing or architectural exhibits.

Borrow up to 110 percent of improved value

In either event, the maximum you can borrow is either 1) the total of the purchase price and planned improvements, or 2) the estimated improved value of the home plus 10 percent (110 percent of the improved value), whichever is the lower of the two. In any event, you’ll need an appraisal done to calculate what the improved value will be.

In addition, you’ll need to prepare a work plan showing what you plan to do and the cost of the materials and labor. You can do the work yourself, but must show that you are qualified to do so. In addition, you must include a provision for the cost of the labor, so that you can pay to have the work completed by professionals if you are unable to do so in a timely manner – you’re allowed six months for do-it-yourself projects.

 Limited to owner-occupants

The FHA 203(k) loan program is limited to owner-occupants – you must live in the home once renovations are complete. However, the loans can be used to purchase and improve multiunit homes of up to four units, provided that you make one your residence. The loans can also be used to divide a single-unit home into multiple units, or turn a multiunit property into a single-family residence.

Not all FHA lenders deal in 203(k) loans, so you may have to do some looking around to find one who knows how to handle them. You can also expect a somewhat longer closing period than on a regular FHA mortgage, usually about 45-60 days.

 Source

So now you have no more excuses. Get out there and start making offers.

Foreclosed Self Storage Facility

Foreclosed Self Storage Facility

Attention Commercial Investors! Here’s a rare opportunity to acquire a Self Storage facility in Southern California. These things don’t come along every day. The property has been foreclosed and is now in the hands of the lender.

Bancap Self Storage Group, Inc., the “#1 Self Storage Broker in California,” recently announced that it has begun marketing and sales activities for the lender owned self storage property known as Newport Mesa Self Storage in the city of Costa Mesa, California.   The firm was selected as the exclusive listing broker for the Orange County facility.

Newport Mesa Self Storage is a three-story self storage property located on Newport Boulevard in the city of Costa Mesa in Orange County, California.  It is currently operating under the Storage Direct trade name. The property is located on a busy frontage road with freeway visibility along the busy 55 (Costa Mesa) Freeway.  This freeway is the main connection between Newport Beach and the rest of the Orange County metropolitan area.

The project contains approximately 37,870 net square feet of storage space in 480 rental units. The property is currently at 62% occupancy by unit count and 72% occupancy by rentable square footage.  Economic occupancy currently stands at about 65% of the gross potential rental income.  As the average occupancy in the area is approximately 90%, it appears this property has significant upside potential to increase value with higher occupancy and income.

“There have been very few storage properties available for sale in Southern California and especially in Orange County,” said Dean Keller, President of Bancap Self Storage Group. “This is a rare opportunity to purchase a well located facility in a very desirable market, with tremendous upside potential.”

Costa Mesa is well known for its retail (including the renowned South Coast Plaza), higher education (including Orange Coast College and Vanguard University) and its arts and entertainment (including the Segerstrom Center for the Arts.)  The city is ideally located with close proximity to commercial, industrial and residential districts around the Orange County / John Wayne Airport area.  It is also closely associated with its coastal neighbor, the world famous Newport Beach.

The property was recently obtained through foreclosure and the foreclosing lender/owner is represented by LNR Partners, LLC as the special servicing agent for the note-holders.  LNR Partners has engaged Platinum Storage Group to provide professional property management services for the property.   LNR has previously engaged Bancap Self Group as its exclusive broker – most recently in the sale of the Casino Self Storage property in Moorpark, California.

Bancap Self Storage Group is the top selling broker of self storage facilities in California with over $900 million in completed sales.  The company has specialized exclusively in self storage properties for over 25 years.  The firm has recently brokered several lender-owned “REO” properties, as well as several first-class high occupancy properties that were very profitable.  The firm has also facilitated numerous self storage portfolio sales in the state.

For more information contact Dean Keller, President of Bancap Self Storage Group at (949) 888-5355 or visit the company web site at www.bancapselfstorage.com

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