Real Estate News – California Sunset Team http://californiasunsetteam.com/ Tue, 15 Nov 2022 10:30:00 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://californiasunsetteam.com/wp-content/uploads/2021/09/californiasunsetteam-icon-120x120.jpg Real Estate News – California Sunset Team http://californiasunsetteam.com/ 32 32 2 hot real estate trends billionaires are buying into https://californiasunsetteam.com/2-hot-real-estate-trends-billionaires-are-buying-into/ Tue, 15 Nov 2022 10:30:00 +0000 https://californiasunsetteam.com/2-hot-real-estate-trends-billionaires-are-buying-into/ While the stock market has been abysmal in 2022, billionaires are quietly pumping money into the real estate sector. It’s no secret that the housing market has cooled following repeated interest rate hikes by the Federal Reserve, so why are the ultra-rich so keen on real estate right now? moment ? The truth is that […]]]>

While the stock market has been abysmal in 2022, billionaires are quietly pumping money into the real estate sector. It’s no secret that the housing market has cooled following repeated interest rate hikes by the Federal Reserve, so why are the ultra-rich so keen on real estate right now? moment ?

The truth is that they are not buying residential properties, but rather two specific types of real estate: resorts and farmland.

Image source: Getty images.

Billionaires are snatching up rare assets

In the wise words of Will Rogers, the earth is a attractive investment because “They don’t do more stuff.”

This is especially true for resort properties and farmland. Urban sprawl continually puts pressure on our country’s arable land, and the resort industry is often built around natural beauties such as pristine coastlines and majestic mountains, which you can’t manufacture.

This is probably the driving force behind the money that is pouring into these areas of the real estate market.

Investments in resorts could indicate smart money optimism

Oracle founder Larry Ellison recently spent more than $400 million on two separate resort properties in California’s Lake Tahoe region.

And billionaire Houston Rockets owner Tilman Fertitta is reportedly closing a deal to buy a luxury resort in Laguna Beach, Calif., for nearly $650 million, which will set a record for resort sales. highest per room in the state. Fertitta also acquired a 6% stake in Wynn Resorts (WYNN 0.11%) in October.

These resort investments by billionaires were a headache for me at first, as they seem awfully risky given the current environment. macroeconomic conditions.

But these bold investments could indicate some optimism on the part of the country’s wealthiest individuals.

Despite pessimistic comments from market experts, the Bureau of Labor Statistics released an overwhelmingly positive consumer price index report last week indicating a decline in year-on-year inflation from 8.2% to 7.7%.

Thus, high-level investment in resort space could signal an economic upturn.

Individual investors interested in exposure to this industry might consider Vail Resorts (MTN -2.04%). The company has 40 mountain resorts in three countries and has become a household name for alpine adventure in the United States.

Although the stock struggled in 2022, it currently trades at a fairly reasonable rate of 26 times earnings and offers an attractive dividend yield of 3.32%.

Billionaires’ investments in farmland are anything but cryptic

While investing in luxury resorts is a bit confusing, the wealthy elite buying farmland is anything but.

There are plenty of conspiracy theories floating around the internet about why Bill Gates and Jeff Bezos are scooping up hundreds of thousands of acres of US farmland, but I tend to think the explanation is much simpler. Consider the value of US farmland dating back to the 1970s:

Chart illustrating US farmland values ​​dating back to 1970.

Data source: Statista.

There are few asset classes that have a better appreciation chart to the right. Even in the worst economies in recent history, farmland values ​​have declined only nominally. This is because farmland is both rare and a necessity. Even in a recession, people still need to eat.

Gates is now the largest private owner of farmland in the United States with more than 240,000 acres. Other notable wealthy individuals such as Ted Turner, founder of CNN, and Taylor Sheridan, producer of hit shows such as Sons of Anarchy and Yellowstone, have picked up hundreds of thousands of agrarian acres in recent years.

Farmer standing in front of a corn field with his arms crossed.

Image source: Getty Images.

If you want to expose yourself to this lucrative asset class but less enthusiastic about owning and operating a real farm, you might consider Agricultural partners (REITs -0.51%).

This real estate investment trust (REIT) owns nearly 200,000 acres of farmland which it leases to more than 100 tenants who grow 26 different crops. Talk about diversification. Farmland Partners also generates income renewable energy such as wind and solar.

In a year when the stock market was beaten, this REIT is up 15% and generating a dividend yield of 1.71%.

Is it worth it

It is important to note that these jaw-dropping real estate investments are often a drop in the ocean for billionaires. That being said, I really like the sparseness and relative simplicity of land investments, and I think it’s worth exposure, especially to agricultural properties.

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Miami real estate players brace for recession https://californiasunsetteam.com/miami-real-estate-players-brace-for-recession/ Fri, 11 Nov 2022 22:45:00 +0000 https://californiasunsetteam.com/miami-real-estate-players-brace-for-recession/ Major brokers, landlords and developers doing business in South Florida’s real estate market are bracing for an economic downturn, though they expect deal flow and new construction to continue through the year at come. It was the consensus among panelists and attendees at The real deal’s South Florida Showcase + Forum Thursday. The one-day event […]]]>

Major brokers, landlords and developers doing business in South Florida’s real estate market are bracing for an economic downturn, though they expect deal flow and new construction to continue through the year at come.

It was the consensus among panelists and attendees at The real deal’s South Florida Showcase + Forum Thursday. The one-day event — TRD‘s greatest ever – was headlined by a fireside chat between TRD founder and publisher Amir Korangy and CEO of Compass Robert Reffkin.

Douglas Elliman’s Haleh Gianni, one of about 4,500 people in attendance at Mana Wynwood in Miami, said that with the economy heading towards a recession, she felt “a lot of tension about how to respond”. But after listening to the speakers, “there are a lot of reasons to be motivated and a lot of expectations,” Gianni said. “It’s time to step up our game.”

The showcase included more than 100 exhibitors, including booths for luxury developments such as The Edition Fort Lauderdale, Bentley Residences Miami and 1428 Residences in Brickell. Some exhibitors fed the crowd of real estate professionals. Fortune International Group poured Bellinis, courtesy of Cipriani Residences Miami. Compass has kept event goers caffeinated with espressos. Prop-tech company Courted.io gave away a little something stronger: sample-sized tequila bottles.

At the Title Brothers and Dr. Mortgage booth, a long line of hungry attendees formed in front of two sushi chefs baking fresh rolls. Inside the VIP Lounge, bartenders mixed bourbon cocktails for special guests and speakers.

Alicia Cervera Lamadrid of Cervera Real Estate said the showcase was an opportunity to give people a quick look at the projects her company is promoting, to contact old friends, to make new friends and to remind them that the residential market of South Florida is very active. “We have four new projects that we present here,” she said. “They come and make appointments.”

During the first panel of the eventThe Agency’s Mauricio Umansky was candid with the public about the country’s economic situation. “We are 100% in a real estate recession,” he said. “I think companies today need to be fiscally responsible.” Ryan Serhant, also from the Agency, advised public officers to be smart, efficient and to follow what is happening in the markets.

The third panelist in the discussion, Pam Liebman of the Corcoran Group, said South Florida brokers need to have direct conversations with sellers about price reductions. After the panel, Liebman stayed to hear what Reffkin had to say about Compass’s recent troubles.

The headlines about Compass losing money are misleading, Reffkin said during his conversationnoting that “Compass has decided to invest more in the agent’s future than other companies – that’s all it’s saying.”

During developer panel, Ian Bruce Eichner, Arnuad Karsenti and Carlos Rosso acknowledged working in a difficult environment due to rising construction costs and inflation. But they insisted that South Florida’s residential real estate market is a far cry from the catastrophic crash that occurred in 2008.

Developers are focusing more on building luxury condominiums that cater to high-net-worth buyers, as opposed to “bread and butter” apartment buildings for the middle-income investor market, Rosso said.

During round table on the office market, billionaire Jeff Greene said the commercial real estate sector will see more distress over the next two to five years. “I’m not very bullish on office buildings at all,” Greene said. “I think we’re going to have a major, major correction.”

Michael Shvo, the New York-based developer and investor whose plans include the redevelopment of Miami Beach’s Raleigh Hotel, joined Greene on the panel. Shvo said he is focused on buying high-end office buildings, like the Solow Building on 57th Street in Manhattan. Shvo is rumored to be a potential bidder for the property. After the panel ended, Shvo mingled with exhibitors and attendees for about an hour.

Developers Rishi Kapoor and Alex Witkoff expressed a more optimistic outlook for the South Florida market during their Next generation panel. The migration of people from other states over the past two years is “creating demand from the top down,” Kapoor said.

Miami is “much more stable” after going through years of boom and bust cycles, Witkoff added.

During the welcome round tablerestaurant owner Robert Rivani and nightclub mogul Marc Roberts have also played down the negative impacts of a recession.

“When recessions happen, opportunities arise,” Rivani said. “If you are well prepared, that makes you a good investor.”

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Four Seasons and Midad Real Estate Announce Projects for Hotels and Private Residences in Jeddah’s Corniche District https://californiasunsetteam.com/four-seasons-and-midad-real-estate-announce-projects-for-hotels-and-private-residences-in-jeddahs-corniche-district/ Wed, 09 Nov 2022 14:10:00 +0000 https://californiasunsetteam.com/four-seasons-and-midad-real-estate-announce-projects-for-hotels-and-private-residences-in-jeddahs-corniche-district/ The future luxury hotel, serviced apartments and branded residences will have exceptional views of the Red Sea and easy access to Jeddah dynamic commercial centers TORONTO, November 9, 2022 /PRNewswire/ — Four Seasons Hotels and Resortsworld leader in luxury hotels, announces its intention to expand its presence in the Middle East alongside the Saudi investment […]]]>

The future luxury hotel, serviced apartments and branded residences will have exceptional views of the Red Sea and easy access to Jeddah dynamic commercial centers

TORONTO, November 9, 2022 /PRNewswire/ — Four Seasons Hotels and Resortsworld leader in luxury hotels, announces its intention to expand its presence in the Middle East alongside the Saudi investment company Midad Real Estate. Together they will present Four Seasons Hotel and Private Residences Jeddah at the Corniche, a new coastal retreat scheduled to open in 2024.

The project will be located in the Corniche district, where clients and owners will be enchanted by the view of the Red Sea and Jeddah classical architecture, reflecting the city’s 2000 year history. Key business centers, the historic Al-Balad district, the Tahlia Street shopping district and the Jeddah Formula 1 street circuit will be close to the upcoming Four Seasons, giving future travelers and residents a reason to visit and to live in the increasingly popular metropolitan destination, also known as New Jeddah Corniche.

“Four Seasons is experiencing incredible growth and momentum in Saudi Arabia and our new project in Jeddah at the Corniche will be a perfect complement to our existing and future properties in this important destination,” says Bart Carnahan, President, Global Business Development and Portfolio Management, Four Seasons Hotels and Resorts. “Whether you’re visiting for a long or short stay, or looking for a new home, Four Seasons is committed to bringing dynamic projects to market that offer something for everyone. We look forward to partner with Midad Real Estate to establish Four Seasons Jeddah at the Corniche as the main gateway to all that Jeddah’s New Corniche has to offer.”

Four Seasons Hotel and Private Residences Jeddah at the Corniche will feature 269 luxuriously appointed guest rooms and suites, 21 serviced apartments for short and long stays and 64 private residences including two penthouses. With Skidmore, Owings & Merrill leading the architecture and Richmond International leading the interior design, each space will be carefully created to incorporate tasteful and opulent design elements. Accommodations will feature expansive family living spaces, tranquil spa-inspired bathrooms, and marble-clad interiors. Serviced apartments will be available in two- and three-bedroom configurations starting at 116 square meters (1,250 square feet).

“As Jeddah emerges as a global destination for business and leisure tourism, the arrival of Four Seasons on the Corniche ushers in a new level of luxury and prestige, signaling the bright future that awaits this vibrant destination,” said Mrs. Razan Sebay, Midad Immobilier. “Our shared values ​​and commitment to innovation in design, hospitality and real estate speak to our strong partnership and our collective desire to bring this landmark Four Seasons project to life and, in doing so, , to propel Jeddah into a distinguished regional and global travel destination.”

Combining community, convenience and comfort, guests and residents can enjoy renowned Four Seasons service and an unparalleled luxury lifestyle experience through the hotel’s amenities and dining options, including multiple restaurants with outdoor dining terraces, an outdoor shisha lounge, a cigar lounge and more. . Meeting and event space will total 4,000 square meters (43,055 square feet); men and women can relax in their own swimming pools, fitness centers and spas; while children can safely play, create and explore in the free Kids For All Seasons program.

In addition to the amenities available at the neighboring hotel, owners of Four Seasons Jeddah Private Residences at the Corniche will have exclusive access to a private resident lounge, outdoor terrace, fitness centers and valet parking, all of which will be headed by a Director of Residences. and the dedicated Four Seasons residential team. Private residences will range from one to five bedrooms and 300 to 1,065 square meters (3,230 to 11,500 feet). To ensure an effortless lifestyle experience, complemented by a highly personalized and service-rich environment, owners can be confident that their assets are in good hands, whether at home or abroad, because Four Seasons acts as property manager for each private residence to ensure standards. quality and service remain consistent throughout.

Four Seasons Hotel and Private Residences Jeddah at the Corniche will join the growing collection of Four Seasons properties in the Kingdom of Saudi Arabiaincluding Four Seasons Hotel Riyadh at Kingdom Centerthe next Four Seasons Hotel Diriyahand a collection of soon-to-be-announced projects.

For more images, please see here.

About Four Seasons Hotels and Resorts
Four Seasons Hotels and Resorts opened its first hotel in 1961 and since then has been dedicated to perfecting the travel experience through continuous innovation and the highest standards of hospitality. Currently operating 126 hotels and resorts and 51 residential properties in major city centers and resort destinations in 47 countries, and with more than 50 projects in planning or development, Four Seasons consistently ranks among the top hotels in the world. world and the most prestigious brands in reader surveys, traveler reviews and industry awards. For more information and reservations, visit fourseasons.com. For the latest news, visit press.fourseasons.com and follow @FourSeasonsPR on Twitter.

Media Contact
Emilie Borgeest
[email protected]

SOURCE Four Seasons Hotels and Resorts

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Institutional investors and crowdfunding are coming https://californiasunsetteam.com/institutional-investors-and-crowdfunding-are-coming/ Sun, 06 Nov 2022 11:35:23 +0000 https://californiasunsetteam.com/institutional-investors-and-crowdfunding-are-coming/ Institutional investors have recently come under fire for eating up market share in real estate. Meanwhile, crowdfunding platforms have promised to democratize housing markets for retail investors. Two industry experts have shared their thoughts on what’s really going on behind the scenes. Real estate has been a hot commodity over the past couple of years, […]]]>
  • Institutional investors have recently come under fire for eating up market share in real estate.
  • Meanwhile, crowdfunding platforms have promised to democratize housing markets for retail investors.
  • Two industry experts have shared their thoughts on what’s really going on behind the scenes.

Real estate has been a hot commodity over the past couple of years, largely due to the massive influx of institutional investors into the housing market. Along with the rise of these deep-pocketed investors, there has been a surge in popularity for real estate crowdfunding platformswhich allow smaller, non-accredited investors to get in on the action as well.

But as investors and wealthier work-from-home transplants from metropolitan areas have flocked to suburban housing markets, fears that market premises will be overpriced have grown. These investors may also contribute to the housing shortage currently facing the United States, postponing the dream of home ownership for many Americans.

Insider asked two real estate experts to share their thoughts on how the mix of institutional investors and crowdfunding investment platforms has affected the housing market — and what the implications will be for potential homeowners.

“Investors went wild”

According to independents housing market analyst John Wake, the pandemic-induced era of easy money has brewed the perfect storm for a land grab in the housing market. The catch, however, was that instead of the average Joe buying his first home, the floodgates were opened for a massive deluge of investors seeking new assets after the stock market sold off in early 2020.

“My impression of all of this is a bit like investors have gone nuts,” Wake told Insider in a recent interview. He believes the most important trend in today’s housing market is the sheer amount of capital looking for new homes.

The influx of these institutional investors has only exacerbated the massive imbalance between supply and demand real estate market is currently facing, Wake said.

“The supply of housing is growing more slowly than the supply of gold globally. So when you get slightly increased demand from investors, that has a disproportionate impact on prices and then pushes people out,” he explained.

Wake also thinks institutional investors are more inclined to hold on to their properties, which is why he isn’t optimistic that supply will catch up with demand anytime soon. In previous housing market booms, such as the growing market bubble in 2005, mom and pop investors would sell their properties as soon as prices peaked, creating a glut of inventory over the next two years.

“I don’t think we’ll have those foreclosures this time unless there’s a bomb buried in the funding from those institutional investors,” he said.

A new entry into a crowded housing market

While institutional investors have certainly strengthened their presence in recent years, individual investors have nevertheless been able to penetrate the housing market thanks to a new investment strategy: crowdfunding.

Crowdfunding platforms such as Fundrise have grown in popularity due to their promises that with just a few dollars, investors can earn big returns in one of the hottest asset classes in the market today. Wake thinks it’s certainly opportunistic – people tend to act whenever there’s good news – but he’s worried about the long-term effects of this trend, particularly if it continues to destabilize global markets. accommodation like Phoenix.

Funding from institutional investors can also be confusing at times, with Fundrise appears to be paying too much for its build-to-let communities. But when calculating the value of these neighborhoods as a de facto apartment complex rather than individual homes, the math works in favor of the platform.

Wake says there’s also plenty of room for error because this method of asset valuation is so new. For example, there is a lot of risk in calculating rents if investors simply extrapolate rent increases on the assumption that rents would continue to rise indefinitely.

“But what if they don’t? It’s a totally different scenario than we had last time, because rents didn’t go up at all in 2005 and 2006,” he said. he declared. “So now to skyrocket them – it makes this time different. It changes the math.”

Retail investors may be taking on more risk than they think

Tomasz Piskorski, a real estate professor at Columbia University Business School, is more optimistic about investors — including crowdfunding platforms — and their impact on the housing market.

“There’s this thing about blaming institutional investors for driving up prices,” he told Insider in a recent interview. “They’re buying single-family homes and converting them to rentals, pushing back some people’s dream of homeownership.”

“I don’t think institutional investors or crowdfunding platforms have a large and meaningful impact on prices…not in relation to low interest rates, migration trends, the impacts of working from home on prices,” continued Piskorski. “It all depends on the acquisition price.”

Piskorski says institutional investors might value a home more than a single-family owner because they can create more value for those properties through professional management.

For example, owners who own multiple properties might not find as much value in their vacation homes if they don’t spend the majority of their time there. But if a professional real estate company can instead buy that property and rent it out most of the time, the efficiency of the asset could be maximized, Piskorski pointed out.

“Professional rental companies are in some ways bringing more efficiency and they could help with affordability issues due to very high mortgage rates right now. A lot of people just can’t afford to buy a house; they could have a lot of financing costs,” he explained. . “It’s good that there are companies that offer single-family rentals.”

In fact, Piskorski thinks an influx of professional management might be just what housing markets need right now, given that the more than 10 million single-family units currently offered for rent in the United States are ” generally very badly managed” in terms of maintenance requests. and other factors. “I think single-family rental businesses are helpful responses to market needs,” he said.

Piskorski said rentals also help mitigate some of the potential risks of home ownership, such as property devaluation in the event of an economic downturn. Additionally, he views crowdfunding as an alternative option for retail investors who may not be able to invest in the real estate market using traditional methods, which may include barriers to entry such as requiring investor accreditation.

To understand why, Piskorski delved into the history of crowdfunding. “In 2012, real estate prices were still very depressed and it was not easy to obtain a lot of institutional capital to invest. The idea was therefore to provide an alternative source of financing to encourage public investments in the ‘real estate,’ he said. Explain.

Crowdfunding has a plethora of benefits, including being both a cheaper and easier source of funding for real estate projects, and allowing these platforms to buy and operate properties at a lower cost than a single investor. And on paper, it’s about providing a public service by democratizing access to private equity.

But historically, private equity and crowdfunding returns have on average underperformed the public REIT market, especially when factoring in fees, Piskorski said. He’s also concerned about the so-called “lemon market” – essentially, that some crowdfunding platforms will get the lowest bids that institutional buyers won’t invest in.

According to Piskorski, crowdfunding platforms could potentially pose a lot of risk to a small investor, who might not have the financial sophistication to fully understand and monitor their investments. The industry itself also lacks regulation, so companies are able to promise high returns while disclosing very little information.

“Just to be very clear, I wouldn’t want to come across as someone who is against crowdfunding…I think there are some very legitimate companies out there,” Piskorski said. “But again, if you were to ask me honestly as an economist what the problem is, I wouldn’t say it’s on the asset side. It’s more about whether these companies are delivering a fair return to a diverse base of retail investors given that there is very limited oversight and disclosure regarding the quality of the transactions they enter into.”

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Insurance Companies Seek Massive Increase in Mobile Home Rates in Northeast NC, Outer Banks https://californiasunsetteam.com/insurance-companies-seek-massive-increase-in-mobile-home-rates-in-northeast-nc-outer-banks/ Thu, 03 Nov 2022 14:41:08 +0000 https://californiasunsetteam.com/insurance-companies-seek-massive-increase-in-mobile-home-rates-in-northeast-nc-outer-banks/ The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance to increase insurance rates for mobile home policies over the next two years, with the largest state rate increases in again along the coastal areas. The NCRB, which represents insurance companies and is not part of the North Carolina […]]]>

The North Carolina Rate Bureau has filed a request with the North Carolina Department of Insurance to increase insurance rates for mobile home policies over the next two years, with the largest state rate increases in again along the coastal areas.

The NCRB, which represents insurance companies and is not part of the North Carolina Department of Insurance, called for rate increases to take effect in stages for new policies and renewals starting July 1, 2023 and from July 1, 2024.

In the territory covering Dare, Currituck and Hyde counties (Territory 1), demand is 63.6% for Mobile Home-Fire policies in 2023 and 2024, while Mobile Home-Casualty policies would increase by 38.8 % in 2023 and 38.9%. in 2024.

For the rest of North Carolina interior counties (Territory 2), increases would be 37.9% for MH-F policies in 2023 and 2024. MH-C policies would increase by 22 .9% in July 2023, followed by increases of 23%. the next year.

NC insurance territories for mobile homes have Dare, Currituck, and Hyde counties in Territory 1, and much of the rest of Northeastern NC in Territory 2

The request comes after the NCRB and Insurance Commissioner Mike Causey reached a settlement for rates that went into effect last year from a
25% at Dare, Currituck and Hyde and 17.5% for MH-F fonts.

The 2021 settlement led to an increase in MH-C policies of 14.8% in Dare, Currituck and Hyde, and 6.3% for the rest of the region.

The MH-F and MH-C programs provide property and liability coverage. Unlike standard homeowner programs, the MH-F and MH-C programs include flood coverage. Both programs are similar. However, the MH-F program provides coverage for a wider range of risks.

The public will have an opportunity to comment on the NCRB proposal. There are two ways to provide public feedback:

  • Public comments via email should be sent by November 18 to: NCDOI.2022MH@ncdoi.gov.
  • Written public comments should be mailed to Mary Faulkner, to be received by November 18 and addressed to 1201 Mail Service Center, Raleigh, NC 27699-1201.

All public comments will be shared with the NCRB.

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What does your garage door mean to you in a hot real estate market? Much said Tommy Mello https://californiasunsetteam.com/what-does-your-garage-door-mean-to-you-in-a-hot-real-estate-market-much-said-tommy-mello/ Tue, 01 Nov 2022 01:43:16 +0000 https://californiasunsetteam.com/what-does-your-garage-door-mean-to-you-in-a-hot-real-estate-market-much-said-tommy-mello/ The residential real estate market continues to set new highs as the midsummer heat continues to rise with prices, demand and sales rates continuing to rise at a blistering pace. Residential real estate markets across the United States remain at a high speed, which means repair contractors like Tommy Mello have their work cut out […]]]>

The residential real estate market continues to set new highs as the midsummer heat continues to rise with prices, demand and sales rates continuing to rise at a blistering pace. Residential real estate markets across the United States remain at a high speed, which means repair contractors like Tommy Mello have their work cut out for them this year.

Mello, owner and CEO of Phoenix-based A1 Garage Door Service, knows that your garage door is “the smile of your home.” More importantly, it becomes an essential factor when buying and selling residential properties. Mello founded A1 Garage in 2007 in Phoenix and has since expanded to include 19 markets across the United States, all of which are experiencing strong demand and record selling prices.

In many markets in the United States, real estate prices have increased by 30-50% in the past year alone, all in correlation with an explosive demand for high-end residential properties. As such, Mello sees A1 garage door services as a critical factor in this push. Why? Because having a well-maintained garage door not only provides protected storage with huge curb appeal, but also adds significant value to your home.

Whether you’re buying, selling, or staying, there’s no debating the value that a strong, good-looking garage door adds to your home. Value depends on factors such as location, geography, weather, and the surrounding neighborhood, but clearly having a beautiful, fully operational garage door is vital no matter what. Remodeling Magazine, for example, finds that a new garage door can return homeowners over 90% of their investment. That’s more than kitchen and bathroom upgrades, which average about a 70% return on investment.

Therefore, you need a repair and maintenance team that you can trust and who will be dedicated to your goals of ownership. It’s where Mello and his team make their living, helping homeowners across the United States add value to their homes and realize their dreams. Like a cool breeze on a hot summer day, A1 Garage Door and Mello offer customers a refreshing customer-centric approach.

After performing a thorough inspection from the garage door down to the mechanics and circuitry, Mello and his team work closely with their customers, using comprehensive terminology to explain what needs fixing and what doesn’t. is not. This is a stark contrast to traditional methods of trying to drive up the bill as much as possible with terms that may as well be in a different language.

A1, on the other hand, is a breath of fresh air in the industry, emphasizing customer satisfaction more than unnecessary repairs to receive a bigger payout. Between its dedication to stellar customer service and its long track record of stunning results, A1 is the obvious choice for adding value to your home without breaking the bank along the way. After all, remodeled kitchens and bathrooms are all well and good, but what good is it if your home has a broken smile? Trust is the most important aspect of any business, as Mello shows

Aimee Tariq is more passionate about empowering professionals to live their best life by eliminating toxic triggers and maximizing energy, focus and productivity. At the age of 23, she became no. 1 Bestselling Author for Health Optimization.

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Why is Austin’s housing boom slowing down? https://californiasunsetteam.com/why-is-austins-housing-boom-slowing-down/ Sat, 29 Oct 2022 02:45:00 +0000 https://californiasunsetteam.com/why-is-austins-housing-boom-slowing-down/ Rather than a house taking just a day or two to sell like in 2020, it now takes around a month or more. AUSTIN, Texas — More than two years ago now, 2020 saw what many real estate agents and developers called an Austin gold rush, with homes selling within hours. Now the market seems […]]]>

Rather than a house taking just a day or two to sell like in 2020, it now takes around a month or more.

AUSTIN, Texas — More than two years ago now, 2020 saw what many real estate agents and developers called an Austin gold rush, with homes selling within hours. Now the market seems to be slowing down.

“It brought a lot of people here and it was just a perfect storm,” said Chester Wilson, one of the owners of Great Austin Builders.

Two years ago, many set their sights on Austin.

“Gold rush is a perfect term for it. I’ve been doing this for 25 years. It was unlike anything we’ve ever seen,” said Cord Shiflet, president of the Austin Council of Realtors.

However, Shiflet said Austin’s housing boom isn’t going anywhere, it’s only slowing down.

He noted that instead of taking just a day or two to sell, homes now take around a month to sell. But why?

“On average, interest rates have nearly doubled over the past year,” Shiflet said. “You kind of have to erase what you’ve seen in the last year or two. I mean, these are all-time lows.”

Austin’s luxury real estate is also feeling the downturn.

“We couldn’t believe it. Prices kept going up. We thought it was good,” Wilson said in reference to how quickly they were selling homes in 2020. “We kind of positioned ourselves to be ready for today if and when there was a downturn, and there it is.”

Wilson and his team built these luxury homes around Austin, saying longer listing times lead to lower prices.

“There are actually a lot of compelling reasons to get out there and look for homes. Now with the added inventory for buyers and especially with all the price reductions we’re seeing,” Wilson said.

Shiflet noted that there were upsides for buyers.

“What buyers appreciate is that there are no longer 40 offers on a house. They may actually have a chance of getting a house,” Shiflet said.

He said if buyers take advantage now, they could refinance in the future after interest rates drop.

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Crown Heights Real Estate: This 1 bedroom won’t break the bank https://californiasunsetteam.com/crown-heights-real-estate-this-1-bedroom-wont-break-the-bank/ Wed, 26 Oct 2022 14:26:29 +0000 https://californiasunsetteam.com/crown-heights-real-estate-this-1-bedroom-wont-break-the-bank/ PROSPECT HEIGHTS-CROWN HEIGHTS, NY — About $300,000 can buy a spacious one-bedroom apartment in one of Crown Height’s most affordable co-ops, according to Brooklyn realtors. The 650-square-foot unit at 1509 Bergen Street is listed at $299,000 and includes a galley-style kitchen, ready-to-use washer/dryer closet, and assigned parking spot, according to the listing. This apartment is […]]]>

PROSPECT HEIGHTS-CROWN HEIGHTS, NY — About $300,000 can buy a spacious one-bedroom apartment in one of Crown Height’s most affordable co-ops, according to Brooklyn realtors.

The 650-square-foot unit at 1509 Bergen Street is listed at $299,000 and includes a galley-style kitchen, ready-to-use washer/dryer closet, and assigned parking spot, according to the listing.

This apartment is in a Housing Development Corporation development with income restrictions on who can buy, real estate agents say.

Keep scrolling for more details and photos of Patch’s real estate website.

Listing Description: Unit 201 at 1509 Bergen St offers spacious floor through living accommodations with southern and northern exposures in the Maynard; Crown Heights’ most affordable co-op development. Inside this walk-up garden-style development is a 1-bedroom unit with 9-foot-high ceilings that opens to a spacious living room facing the breakfast bar in front of its galley-style kitchen fitted with a a gas cooker, a refrigerator and a dishwasher. Just off the kitchen entrance is a dining area that can accommodate a 6-seater dining table. Continuing down the hallway, you come across a washer/dryer closet, with water supply and ventilation hookups, just before the bathroom entrance. And directly across from your laundry room and bathroom is your spacious bedroom with ample closet/storage space. BONUS: This unit comes with an assigned parking spot, so you won’t have to wait for street parking to become available when you return from errands or outings. This co-op apartment is in the HDC Coop development with income restrictions on who can buy and we are happy to explain the means and who can benefit from this opportunity.

Listed By: Michael Corley, Corley Realty Group Inc

For more information Click here. See more photos from the listing below, courtesy of Corley Realty Group Inc:

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Agent’s Guide to Calming First-Time Home Buyers https://californiasunsetteam.com/agents-guide-to-calming-first-time-home-buyers/ Sun, 23 Oct 2022 11:07:17 +0000 https://californiasunsetteam.com/agents-guide-to-calming-first-time-home-buyers/ Buying a home for the first time can be daunting, especially with how the market has changed over the past few years. Rising interest rates and falling prices can create even more doubt among first-time home buyers. That doesn’t mean buying a home is a bad idea, but as an agent you’ll want to be […]]]>

Buying a home for the first time can be daunting, especially with how the market has changed over the past few years. Rising interest rates and falling prices can create even more doubt among first-time home buyers.

That doesn’t mean buying a home is a bad idea, but as an agent you’ll want to be prepared to calm down buyers, especially first-time buyers who may have more anxiety about the property. whole process than someone who’s been there. before.

First-time buyers representing about 34% of home buyers in 2022, according to the 2022 Report on generational trends of home buyers and sellers, it’s important to know how to work with first-time buyers and help them with their concerns. There have been additional concerns to address recently with the market experiencing rising mortgage rates, homes that have doubled in value, lots of competition and now frequent price reductions, giving first-time home buyers a added worry about buying their dream home.

The first fears of first-time buyers

High mortgage rates and a slowing market are undoubtedly the biggest concerns for homebuyers right now. This, coupled with rising home prices, has first-time home buyers questioning take the plunge. According to National Association of Realtorsthe average US home price hit $350,000 in January 2022 and 65% of buyers say that’s too high.

In addition to rising rates, first-time home buyers have the normal fears of buying the right property, knowing what they can afford, knowing which lender to choose, and putting down a lot of change. for the first time. Being able to address these concerns will make the difference in a home sale, but also whether a home buyer continues with you as a real estate agent rather than someone else.

How vsa agentlemen help calm down first-youhome buyers ime vsworries during this crazy market?

Realtors need to help first-time buyers see that these concerns are normal and part of the process. Just like when a officers begin, there are many questions and concerns of the unknown. Let’s take a look at these concerns and how you can help calm a first-time buyer who has them.

To begin, let’s discuss high mortgage rates. What first-time home buyers don’t realize is that if you have a lower credit score, the interest rate on your mortgage will be higher. Let’s take an example. If someone had a credit score of 700 to 719 with 20% of the mortgage price to pay upfront, the average rate for a 30-year fixed rate mortgage on May 19 was 5.833%, according to Bankrate. On the other hand, if someone had a credit score of 660 to 679 with the same starting rate of 20%, the average mortgage interest rate was 6.66%. If that same person had a credit score of 800 or higher, they probably could have gotten a mortgage interest rate of around 5.5%. Essentially, a person could pay more in points rather than in interest rates.

Helping a buyer who is unsure what they can afford is simple – ask them to ask their lender for pre-approval. This will help them understand the most affordable price range to start looking for a home. Don’t forget to let your buyer know that it also helps to shorten the closing process, which sellers will appreciate.

This brings us to buyers who need a lender, but don’t know how to find one. You can start by referring a buyer to your preferred lender if you have one, but it’s also important to help them understand what to look for in a lender if they want to look into a few themselves. They want a lender who will offer a lower interest rate and who has a dedicated person to work with to make the process smoother. A dedicated person also helps when it comes to gathering all the labor-intensive paperwork to get a home loan. One tip I always recommend is to ask the lender to give me a timeline on how long it will take them to close assuming the buyer delivers all the items on time.

For buyers who are afraid to deposit such a large amount of money, they don’t necessarily have to. First-time home buyers have a few loan options available to them – FHA loans, USDA loans, VA loans. FHA (Federal Housing Administration) offers loans with as little as 3% of the total cost of the house for down payment. If a buyer wants to buy in a rural area, they can consider a USDA loan. VA loans are an option for veterans, an active duty member, or a veteran’s spouse.

Many first-time buyers, as well as repeat buyers, are afraid of choosing the wrong property. What if a better option arose after I closed? What if I am missing a good property in my search? Have I broadened my search enough? These questions and more swirl around in the minds of buyers when looking for a home. The truth is, we just don’t know, and those questions will never go away, even if they wait a little longer to see what comes to market. Help them by making a checklist of must-haves for their home. If the house ticks all or most of the boxes, it will help it gain some perspective. Remind them that the best time to plant a tree is today.

Conclusion

Buying a home for the first time is not an easy process, especially in this changing real estate market. Understanding what fears often plague first-time homebuyers can help you prepare well and relieve homebuyer pressure and anxiety as much as possible. As the market and economy change, new concerns are added and others disappear, so be sure to stay up to date on your housing market.

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Real estate outlook 2023, how to manage a real estate bubble: UBS https://californiasunsetteam.com/real-estate-outlook-2023-how-to-manage-a-real-estate-bubble-ubs/ Thu, 20 Oct 2022 09:31:41 +0000 https://californiasunsetteam.com/real-estate-outlook-2023-how-to-manage-a-real-estate-bubble-ubs/ Major US cities appear to be out of bubble territory, according to a recent UBS report. But house prices could soon come under pressure as supply increases and demand drivers dry up. UBS’s Matthias Holzhey shared his outlook for the US housing market in 2023. The sky may not be falling for the US housing […]]]>
  • Major US cities appear to be out of bubble territory, according to a recent UBS report.
  • But house prices could soon come under pressure as supply increases and demand drivers dry up.
  • UBS’s Matthias Holzhey shared his outlook for the US housing market in 2023.

The sky may not be falling for the US housing market yet, but home values ​​will soon begin to fall, a new report from UBS warns.

“Prices seem overvalued,” Matthias Holzhey, head of Swiss real estate at UBS Global Wealth Management, said in a recent interview with Insider. “They seem too high, even compared to pre-pandemic levels.”

Holzhey is no stranger to spotting bubbling real estate markets. Since 2015, he has authored the annual UBS Global Housing Bubble Index. In this year’s report, released in October, four of the largest US cities – New York, Los Angeles, San Francisco and Boston – were firmly rooted in “overvalued territory” but were not considered to be at risk of being bubbles.

UBS real estate bubble card

UBS Global Wealth Management



But that doesn’t mean American homeowners have nothing to worry about. The report did not look at all markets, so other cities could still see rapid price declines, as Canada is currently experiencing.

A repeat of the housing market crash of 2008 is not on the cards, according to Holzhey, although he thinks U.S. home prices are set to decline for four straight quarters. The only question is: How much?

“If income levels are sustainable and then continue to grow, then I think they’ve still peaked, but house prices won’t have to return to pre-pandemic levels,” Holzhey said. “But in the case of a recession, it can lead to a decline – easily having 20% ​​decline – but that’s not the base case.”

Home prices are much more likely to fall 10-15%, Holzhey said, but he added that even a more modest decline is no guarantee. He noted that this is his view and not his company’s official call.

How to Navigate the Housing Market in 2023

There are four other key drivers of demand in the housing market, Holzhey said: revenue growth, risk asset returns, interest rateand psychology.

The first two points are attributable to the wealth effect, since the more money people make at work or on the stock market, the more they are willing and able to spend on a home. Another determining factor of what buyers can afford is interest rates, which have risen this year and therefore made it more difficult to buy a home. Psychology in this context means people’s propensity (since the start of the pandemic) to spend more time at home, which has changed where some people want to live.

Three of those four demand drivers appear to be negative heading into 2023, Holzhey said. Revenue growth has been above average, but has not kept pace with inflation and is expected to fall, a historically bad year as the stock market wiped out trillions in savings and mortgage rates soared. Meanwhile, homebuyer psychology is too difficult to predict, Holzhey said.

Consider the supply that is coming in quickly and “it’s hard to be optimistic” about where home prices are headed, Holzhey said — at least from a homeowner’s perspective.

For hopeful homebuyers, however, a drop in exorbitant home prices is long overdue. But they too have to be careful what they wish for. Homebuyers dream of closing a property after prices drop and just before they rebound, but buying early in a stock market crash would be a nightmare scenario for those who have patiently waited to close a home.

Historically, it’s virtually impossible to pinpoint the timing of a purchase in any market — especially real estate — Holzhey said. Pinball machines can play with strategic buying and selling, but it’s risky for those who live in the home they’re buying to play the waiting game, according to Holzhey.

However, today’s real estate market bears little resemblance to the markets of the past. That’s why, given the abnormally high uncertainty in the market as supply rises and demand drivers fade, Holzhey said homebuyers waiting for prices to fall could see their patience pay off.

“I think prices are going to come down over the next four quarters,” Holzhey said. “So it may make sense – an exception – to wait.”

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