Tampa Real Estate Market

January 23, 2010 No comments »
an aerial view of Sarasota, Florida seen from ...
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Although the Tampa real estate market faced many obstacles and experienced many struggles in 2009, many real estate experts believe that there are signs that the Tampa real estate market is set to make its recovery in the coming months.  Recent increases in the home sales and the slowing decline of the median sales price in Tampa provide real estate experts with optimistic views of the Tampa real estate market’s future.  Realtors believe that the general affordability of housing in the area, low interest rates, and the federal first time homebuyer’s tax credit are all major incentives that will play a large role in influencing the future recovery of the Tampa real estate market.

According to the St. Petersburg Times, Tampa Bay has suffered many real estate losses over the past year as a result of the economic recession that began in 2008.  Tampa Bay has suffered from high foreclosure rates, which have contributed to the 40 percent loss in housing values throughout the area.  Unemployment has been a major concern for many homeowners, and it has been one of the leading causes for foreclosures in the Tampa Bay area.  Home sales were also down by 90 percent in 2009 from the peak reached in 2005.  Real estate development has also been slow due to the bankruptcy of numerous construction companies in Tampa.  However, despite the past struggles that Tampa Bay real estate has faced, many experts believe the market still has everything it needs to make a full recovery in the near future.

Tampa Bay Online has recently reported the significant gains made to the Tampa Bay real estate market.  According to Tampa Bay Online, the region posted a 34 percent gain in home sales during the month of November.  Median sales prices have also been reported to have stabilized, declining much more slowly than it has in previous months.  Realtors have also posted a 46 percent gain in home sales from the month of January, but sales are still down 10 percent from the peak reached in 2005.  Nevertheless, real estate experts are hopeful that these are signs that the Tampa real estate market is gaining the momentum it needs to begin its recovery.

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Austin Real Estate

January 13, 2010 No comments »
The Texas State Capitol located at 30.2745° -9...
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Despite real estate development activity in the Austin region, many real estate experts are concerned that the recent developments aren’t enough to promise improvements in the Austin real estate market in the coming months.  Since the economic recession of 2008 began, Austin’s commercial real estate market has struggled greatly with high foreclosure and vacancy rates, and real estate experts have noted that Austin’s residential real estate is largely overpriced, which is not good given that during the current economic times, prospective homebuyers are only interested in affordable housing.  Although slight improvements may be made in the coming months, real estate experts believe that Austin real estate levels will most likely remain stable throughout 2010, with 2011 bringing about recovery.

According to the Austin American Statesman, the commercial real estate in Austin has suffered great losses since the beginning of the economic recession that began in 2008.  Commercial real estate foreclosure rates have more than doubled between 2008 and 2009, making Austin one of the worst-performing cities in Texas.  Residential real estate in Austin has also suffered from high foreclosure rates.  Real estate experts have attributed the high commercial foreclosure rates to the numerous local businesses struggling to stay afloat.  Austin also suffers from high unemployment rates, with many businesses continuing to layoff workers.  The concern for job security plays a major role in determining the success of the residential real estate market in Austin, because many prospective buyers will only invest in real estate if they are confident that they will keep their job and a steady source of income to use towards paying off the house.

The Austin Business Journal has reported that the residential real estate in Austin will also continue to suffer in the coming months if sellers aren’t willing to lower prices.  National realtors have found Austin to contain a large inventory of overpriced homes, which is surprising given that Austin tends to be one of the more affordable housing market in the nation.  However, as long as prices remain high, homes are unlikely to find buyers.  Throughout the nation, only the affordable markets are the ones showing improvements, luxury markets continue to remain sluggish.  Many homebuyers are only interested in investing in affordable or “bargain” priced homes that have been previously foreclosed on or are being drastically reduced in price out of desperation.

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Santa Fe Real Estate

December 31, 2009 No comments »
The Inn at Loretto, a Pueblo Revival style bui...
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The culturally rich area of Santa Fe, New Mexico, found itself suffering a heady blow from the effects after the bursting of the U.S. housing market bubble. Residents have seen the values of their homes fall amid the tumbling of the economy, and many have found themselves in foreclosure after being unable to make high or reset mortgage payments, leaving a larger inventory on the Santa Fe real estate market.

According to local realtor Suzanne Brandt, sales activity was positive in Santa Fe in November, with volume for the month 35% higher than it was at the same time last year. This year saw 115 closings on homes for sale in Santa Fe, compared with just 85 last year. Much of the increased activity can be attributed to buyers wanting to take advantage of the government’s plan to offer tax rebates up to $8,000 for qualified buyers.

The rebate program, which was set to expire Nov. 1, has now been extended and opened to even more home owners, not just first-time buyers. Prices in Santa Fe still showed that there is room for improvement. The average price for a home sold in November was $458,029, slightly lower than October’s $463,219.

According to the Santa Fe Association of Realtor’s data, the third quarter of 2009, which includes data from July 1-September 30, the median price had suffered severely in 2009. The median price for this year’s third quarter was $287,000, down from $427,250 in 2008’s third quarter, a worrisome figure for those who bought homes at high prices and now need to sell, but a welcome sign for those looking to nab a great deal on some real estate in Santa Fe.

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Beverly Hills Real Estate

December 24, 2009 No comments »
City of Beverly Hills, California
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Although luxury housing markets throughout the nation continue to suffer as a result of the economic recession of 2008, Beverly Hills seems to be one of the few luxury real estate markets showing promising signs of recovery.  Throughout the nation high-end home sales are down significantly, and in many regions they are nonexistent.  Many homebuyers aren’t willing to pay millions of dollars for a home during these difficult economic times and are opting for the “bargain” prices offered by foreclosed and distressed properties.  However, Beverly Hills, considered to be the popular home to many of the rich and famous, has recently experienced an increase in real estate activity.

According to DQNews.com, Southern California real estate markets have shown improvement over the past few months, with many regions posting increases in both home sales and median prices.  In November of 2009, there were almost 20,000 new and resale houses sold in the Southern California region, down 13.3 percent from the previous month, but up 14.7 percent from November of the previous year.  Realtors aren’t concerned about the decline between the months of October and November though, as historical data trends have shown sales to decline during the same period even during times of economic prosperity.  However, foreclosures are still a major concern for real estate experts because high foreclosure rates continue to plague the region’s real estate market.  Foreclosures and distressed properties continue to dominate home sales, as most prospective buyers are only interested in affordable housing.  Nevertheless, the median price in Southern California did rise by 1.8 percent between the months of October and November, even though median prices are still about 43 percent below the peak experienced in early and mid 2007.

Despite Beverly Hills’ general lack of affordability, many realtors believe that the Beverly Hills real estate market may be making a comeback, one of the first comebacks for luxury home markets in the nation.  Prices for housing in Beverly Hills are low relatively speaking, and the flourishing entertainment industry has been an attractive force for prospective homebuyers.  Local realtors are reporting a 25 percent increase in sales between the months of October and November, and a 109 percent increase from low seen two years ago.  With home values 30 to 40 percent below peak levels a few years ago, realtors are optimistic that the future will show significant improvements in the Beverly Hills real estate.

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Honolulu Landmarks

November 20, 2009 No comments »
Oahu from the air.
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A number of Oahu condos for sale are located in the Kalihi and Kapalama areas of Oahu.  A major landmark in the popular residential district of Honolulu is the Bernice Pauahi Bishop Museum, designated as the Hawaii State Museum of Natural and Cultural History.  Founded in 1889, Bishop Museum is the largest museum in the state and is home to the world’s largest collection of Polynesian and Pacific art, artifacts, and scientific pieces.  In addition to a large gallery dedicated to Hawaiiana studies, the Bishop Museum also features a large entomological collection that includes more than thirteen million specimens.  This is the third largest collection of its kind in the nation. The museum is actually located on the original campus of the Kamehameha Schools and features a number of delicate architectural styles.  Hawaiian Hall and Polynesian Hall comprise an interesting Victorian style.  The Hawaiian Hall is home to a complete Sperm whale skeleton.

The Bishop Museum is also the home of many valuable artifacts like the Hawaiian Royal Regalia, the royal crowns, and the consorts crown. Many of the native ancestry-related pieces have been centered in controversy since thieves broke into the museum and stole certain things in an effort to return them to burial grounds and other sacred sites.

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Buying a House? Consider this!

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Real Estate = Big Money
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Considering buying a house or a real estate property?  Keep in mind that purchasing such a property is not as easy as buying a car or investing in stocks.  To help you with the buying process, consider researching and talking to friends and family who have had experience in going through such.

When choosing a house as an investment, you have to consider a couple of things.  First of all, think of the location.  Are you planning to settle down in a suburban area or would you rather stay in the city?  How big is the family you have in mind?  Try to have a house and lot which you could possibly expand, should you find yourself with a greater number of individuals living with you.  Check out the facilities of the village or subdivision your house is situated at.  There may be other fees that you have to take care of such a club memberships or association payments.

After considering these things, decide on a final budget.  Try to stay as close as possible to the reasonable budget you have set.

Making an Offer

After making the big decision of choosing which real estate property to purchase, you are now ready to embark on your first step to negotiating the price.  This is usually referred to as making an offer.  When you make an offer to the seller, be very reasonable.  Emphasis was put on making your budget reasonable so that you can write an offer that is equally reasonable.  The seller should see that you are serious with buying the property, and writing an offer that is very unjust would make him or her see that buying this real estate property is not very important to you after all.

Moreover, when writing an offer, you are not only indicating the amount you are willing to pay for the said property.  You should also consider including how you plan to pay for house, financing programs you wish to use, house insurance policies, repairs you want to have made and who would pay for them, other services and contingencies.

Earnest Money Deposit

You have decided which property to get, you have made an offer, so what do you do next?  Think about how much deposit you are willing and capable of making.  Keep in mind that you want to show the seller that your earnest money deposit is actually reasonable enough to qualify as a serious bidder for the property.  Although you want to get the best deal, you cannot give unreasonably low amounts.  Try to put yourself in the seller’s shoes.  Think about the market today and the actual market value of the property you are eyeing.  The location, the land area and the overall make of the house should also be guiding factors that could help you in determining what a ‘reasonable deposit’ is.

Experts also suggest that buyers follow the two to three percent rule.  They say that the deposit should be about two to three percent lower than the actual offer.  By doing such, you are showing the seller that you are very serious about buying the property and at the same time you are not putting your money in so much risk.  Should the transaction unfortunately fail, having a lower deposit would mean that a relatively small amount of your money would be tied with the transaction until it has been resolved.

Consider these steps and equip yourself with knowledge so that you can make the best decision when making a real estate purchase.

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CORPORATE COMPASS

November 5, 2009 No comments »
Compass Rose North

Corporate Compass reports on corporate real estate and industrial development in the US.

Up to date news, special features, and indepth interviews with leading business individuals in the region.

Corporate Compass brings you the inside story of development project.

Case studies and indepth interviews with project managers/decision makers helps you understand the development progress in the region.

We aimed to bring you reliable, constructive, and unbiased information.

Corporate Compass magazine is published quarterly and is subscribed by professionals worldwide.

Chipmaker Intel sets up R&D labs near colleges Berkeley one of 3 U.S. sites

In a bid to tap into the University of California at Berkeley’s brain trust, Intel Corp. is opening a lab just blocks from the campus, hiring a Cal computer science professor to run it and hoping to enlist other professors and graduate students in its research efforts.

The lab is one of three research facilities Santa Clara’s Intel is setting up near universities. Besides UC Berkeley, the others are adjacent to the University of Washington in Seattle and Carnegie Mellon University in Pittsburgh. Intel hopes to add at least three more labs to the mix, including at least one overseas.

The chip giant is by no means the first high-tech company to set up shop near a college, but it is one of the first to hire professors to run the show and open it up to faculty and students, said David Tennenhouse, an Intel vice president and head of research.

“Lots of people have set up research labs next to universities, . . . and most of those labs don’t really collaborate with the university, and sometimes they are competing with university researchers on similar projects,” he said. “We want these labs to actually do joint projects.”

Intel and the universities will work out issues of intellectual property and ownership of potential patents before each project gets off the ground, said David Culler, the Berkeley computer science professor who will run the new lab for Intel. Culler has taken a leave of absence from the university and gone on the company’s payroll.

Ignacio Chapela, a UC Berkeley professor of environmental science policy and management who has been outspoken in the past about corporate-funded research projects, said he likes the fact that Intel is keeping a “healthy arms-length distance” from the university.

In the past, he said, other companies have tried to exert control on university projects by funding research efforts or pouring money into departments.

“I do like the fact that (Intel is) out of the campus,” Chapela said. “There’s clear distinction and space between Intel and the university.”

The lab sits on the penthouse floor of a 13-story building in the heart of downtown Berkeley. It will have a staff of about 20 full-time Intel employees plus 20 to 25 graduate students, Culler said.

Culler, who has been teaching computer science at the university for 15 years, took a one-year leave of absence to join Intel and run the lab.

“The whole idea is to tackle research together . . . and harness the (resources of the) two organizations together,” he said. Tennenhouse said while the research at these labs will remain open, Intel plans to “mirror” the same kind of work in its own in-house research labs.

“You don’t get ahead by hiding things,” he said, noting that the key to making research profitable is turning it into commercial products. “These labs mean we’ll be getting out of the gate faster, and we’re going to need to keep running faster.”

Investing in research facilities such as this one is important even during one of the worst downturns in high-tech history, Tennenhouse said, adding that Intel is on track to spend about $3.9 billion on R&D this year — just a shade below its original plan. He wouldn’t say what the research budget will be next year.

Craig Barrett, Intel’s chief executive officer, encouraged other executives at a semiconductor-industry dinner to support university research.

“The future of our industry depends on technology and innovation and R&D,” he said. “That’s our absolute key to our future.” But more than potential for new products, Tennenhouse hopes the labs will also be a magnet for top technical talent.

“No. 1 value is people — that’s a much bigger benefit than you might think, ” he said. “I’m talking about a relatively small group of people who’ll become the technical franchise for the company.”

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