Buyorrentrealestate.com, Inc.
Author: michael | December 23, 2011
Properties from Sunshine Florida to Massachusetts.
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Survey: Home prices down in most major US cities.
Author: michael | November 29, 2011
By Derek Kravitz, AP Real Estate Writer | AP
WASHINGTON (AP) — U.S. home prices are falling again in most major cities after posting small gains over the summer and spring. The report suggests the troubled housing market remains weak and won’t recover any time soon.
The Standard & Poor’s/Case-Shiller index released Tuesday showed prices dropped in September from August in 17 of the 20 cities tracked. That was the first decline after five straight months in which at least half the cities in the survey showed monthly gains.
A separate index for the July-September quarter shows prices were mostly unchanged from the previous quarter.
Americans are reluctant to purchase a home more than two years after the recession officially ended. High unemployment and weak job growth have deterred many would-be buyers. Even the lowest mortgage rates in history haven’t been enough to lift sales.
David M. Blitzer, chairman of S&P’s index committee, said that while the steep price declines seen between 2007 and 2009 appear to be over, home prices are down from the same time last year and do not show signs of easing.
“Any chance for a sustained recovery will probably need a stronger economy,” Blitzer said.
The largest monthly price declines were in Atlanta, San Francisco and Tampa, Fla. And prices in Atlanta, Las Vegas and Phoenix fell to their lowest points since the housing crisis began four years ago. Blitzer called the new lows reached in those three cities a “bit disturbing.”
New York, Portland, Ore., and Washington were the only cities to show monthly price increases in September.
A majority of the cities tracked by the survey posted modest price increases from April through August, the peak buying months. The monthly changes are not adjusted for seasonal factors.
Even with the gains, home prices were down in all but two major cities in September from the same month one year ago.
Sales of previously occupied homes are on pace to match last year’s dismal figures — the worst in 14 years. And sales of new homes are shaping up to be the worst since the government began keeping records a half century ago.
Some people can’t qualify for loans or meet higher down payment requirements. Many with good credit and stable jobs are holding off because they fear that prices will keep falling.
“Despite record high affordability of real estate, the psychology of home buyers is still being weighed down by economic uncertainty, keeping them on the fence when it comes to buying homes,” said Stan Humphries, chief economist at Zillow.com, which measures home values.
Atlanta has been especially hard hit in the past year. Prices there dropped nearly 6 percent in September and have fallen nearly 10 percent over the past 12 months.
Since the fall of 2008, one out of every four sales in Atlanta has been a foreclosure, an auction or a bank sale.
Many homes there were built during the housing boom. The city has also been confronted by high unemployment. In September, the unemployment rate was 10.3 percent — more than a point higher than the national average.
The Case-Shiller index covers half of all U.S. homes. It measures prices compared with those in January 2000 and creates a three-month moving average. The September data is the latest available.
Prices are certain to fall further once banks resume millions of foreclosures. They have been delayed because of a yearlong government investigation into mortgage lending practices.
Home prices had stabilized in coastal cities over the past six months, helped by a rush of spring buyers and investors. But this year, prices in many cities, including Cleveland, Detroit, Las Vegas, Phoenix and Tampa, have reached their lowest points since the housing bust more than four years ago.
Foreclosures and short sales — when a lender accepts less for a home than what is owed on a mortgage — are selling at an average discount of 20 percent.
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6 Worst Home Fixes for the Money.
Author: michael | November 4, 2011
Dana Dratch
Friday, November 4, 2011
It’s the magic phrase uttered by almost anyone who’s ever considered the cost of home remodeling: “We’ll get it back when we sell.”
Unless you keep those projects practical, though, you might just be kidding yourself.
For example:
• Steel front door: Good. • Master suite addition costing more than the average American home: Bad.
Every year, Remodeling magazine looks at the hottest home upgrades and renovations and calculates just how much owners get back with they sell.
Upkeep is more popular than upgrades these days, says Sal Alfano, editorial director for Remodeling. These are the projects that often recoup the biggest slice of expenses at resale. But prices and returns do vary regionally, he says.
Ever wonder what brings the lowest return when you plant that “for sale” sign? Think high-dollar, high-end and highly personalized add-ons that make you drool. Like a totally tricked-out garage built from the ground up. Or a super luxe master suite addition. Or the home office redo designed just for you.
Here are the six improvements that rank dead last nationally when it comes to getting those renovation dollars back at resale.
Home Office Remodel
Want to get an idea what today’s office-away-from-the-office looks like? Walk into Starbucks.
These days, a home office consists of a multiple-choice combination of wireless laptops, smartphones, PDAs and touch-screen tablets. And that worker bee might be toiling anywhere from a home patio or a favorite restaurant to a park bench.
The standard home office renovation, meanwhile — complete with plenty of built-in storage and high-tech wiring — is this year’s biggest loser in the resale value sweepstakes. Nationally, homeowners spent an average of $28,888 and can expect to recoup about 45.8 percent at resale, according to the report.
Return on investment doesn’t reflect your enjoyment of the space, Alfano says.
He offers two tips for home-office remodelers when they sell. First, opt for something that can be easily converted back into a bedroom or den for (or by) the next buyer.
Second, when you’re selling, call it a study, den or hobby room. “There’s lots of call for multipurpose space. Don’t lock yourself into that one use,” Alfano says. Don’t use words that invoke images of actual work. Or the office.
Backup Power Generator
You see a backup generator and imagine all of the comforts no matter what the weather.
But potential buyers hailing from outside your local area may not share that vision. (And a handful of those who do might have watched too many zombie movies.)
On average, when homeowners have a heavy-duty backup power generator installed, they spend about $14,718, according to the report. Going with a slightly less expensive model or having a less complicated installation could cut the costs significantly, Alfano says.
Average amount of the price recovered at resale time: 48.5 percent.
Sunroom Addition
Real estate agents will tell you that potential buyers want square footage, pristine condition and lots of light. So a brand-new room that has the word “sun” in it, it has to be great for resale value, right?
Not necessarily.
Your first clue: The word “addition” — which means expanding the footprint of your home — indicates that this is not a renovation for the faint of heart (or wallet). “It’s one of the more expensive projects,” Alfano says.
While it seems simple enough, the national average for a sunroom addition is $75,224, according to the report. Homeowners can expect to recoup about 48.6 percent when they sell.
That doesn’t mean that adding a sunroom is always a bad move.
If your home needs another common area, a sunroom could be the answer, says Katie Severance, co-author of “The Complete Idiot’s Guide to Selling Your Home.” An addition is best considered in the context of the whole home, she says. “The doctor has to treat the whole patient. You have to look at the house and say ‘What’s out of balance?’”
Upscale Master Suite Addition
Who doesn’t want to wake up in a five-star-hotel-quality suite with an attached spa bathroom and a kitchenette that affords you coffee and pastries before facing the world?
Once you see the price tag, it won’t just be the coffee keeping you up at night.
For a super-deluxe master suite addition — which adds square footage and uses only top-dollar materials — the average cost is about $232,062, according to the report.
That’s 460 nights at a posh resort with enough left over to raid the minibar.
In years past, this project was “sort of a trend in vacation homes” that migrated to primary dwellings, Alfano says. Sellers can expect to recover about 52.7 percent at resale.
Your buyer can purchase a newer house with the same features as part of the original floor plan that “probably lays out better anyway,” says Loren Keim, author of “How to Sell Your Home in Any Market.”
So while the next buyer may appreciate your luxury accommodations (which could even tip their decision in your home’s favor), chances are they won’t want to pay the full tab for your remodel.
Bathroom Addition
Unless you’re a hermit who never entertains, you’ve probably wished for an extra bathroom now and then.
But bathroom additions require serious coin. For a moderately outfitted addition with synthetic stone or plastic laminate surfaces, figure parting with about $21,695, according to the Remodeling report. Go upscale, with finishes like premium marble or fine tile, and you can easily spend in the neighborhood of $40,710.
Either way, you get about the same return: 53 cents on the dollar. “In the buyer’s mind, the additional bathroom isn’t worth that additional $20,000 to $40,000,” Keim says.
Investigate a less-expensive way to get the same result without flushing quite as much cash. While additions usually cost more, pros might be able to reconfigure your existing space to add a bathroom for less, Alfano says.
Upscale Garage Addition
Instead of cleaning out the garage, how much would you pay to have a new one built from scratch?
This time, it would have all the organizational built-ins, and a durable, easy-to-clean floor to ensure it would never be messy again. And windows for natural light.
Oh yeah, and you could store a couple of cars in there, too.
The price tag for a top-of-the-line detached two-car with all the trimmings is about $90,053, according to the report. You can expect to recover about 53.6 percent of that when you sell.
“This one is completely decked out on the inside,” says Alfano. “It’s a dream garage.”
And that’s likely some of the problem with recovering the value at resale. Says Keim, “You’ve got a very small target audience out there that wants an upscale garage.”
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Looking for Team Leader.
Author: michael | August 16, 2011
Help Wanted.
A new established Real Estate Corporation, looking for self-motivated, goal oriented, with ability to be a team leader, Real Estate Professional, able to build independently a Real Estate Business in Massachusetts. Please, Fax your resume to
Buyorrentrealestate.com, Inc. Fax number:
(617) 812-4690
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Dear property owner, investor:
Author: michael | July 22, 2011
Buyorrentrealestate.com Inc. Would likes to ask you
for the opportunity marketing yours Rental Real Estate properties.
Thanks for your time and please check out my company website.
www.BuyOrRentRealEstate.Com
The Real Estate Website that satisfies all of your Property Needs.
Sincerely,
Michael Deych
President of BuyOrRentRealEstate.Com Inc
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Great Deal at West Roxbury!
Author: michael | May 28, 2011
Completely renovated 5 large bedrooms ·Total 2300 sqft in a 2-floor colonial house for rent in West Roxbury,
- ·1st floor: large living room; 1 bedroom; 1 dining room; 1 large sun room and 1 full bath and big kitchen;
- ·2nd floor: 4 large bedrooms and 1 full bath;
- ·New hardwood floor throughout 1st floor (including one of the bedrooms) to the 2nd floor; new carpet on second floor 4 bedrooms; Large closet in each bedroom; Big sunroom for kids to play; a large basement and an extra storage room for plenty of storage space;
- ·Ideal location: close to major shopping malls (BJ’s, Costco, Whole foods, Sears, Stop&Shop, Lowes, Home depot etc.), walk to playground and community pool. Quite street with nice neighborhood.
- ·Walk to bus lines (Rt 34, 34E, 35) to Forest Hills Station (15-20 min); close to Dedham line commuter rail to South Station and downtown Boston. ~7.5 mile to Longwood Medical Area.
- ·Window ACs, Gas ranger, Gas heating (3 independent heating zones) and Gas dryer.
- · Rent $2500/month + utilities. Available as early as June 1 or anytime move in between June-August. First, last and one month security deposits are required.
·
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Great Apartment on Boston-Newton line.
Author: michael | May 4, 2011
Available: September 4, 2011
Rent: $1,400/month
Bedrooms: 1
Baths: 1
Sq.ft.: 1,000 (estimate)
Description: This unit is ideal for undergraduates looking to live conveniently close to campus in a student-oriented building. The BC Shuttle bus stops directly in front of the building as does the Green Line. Next door is a small strip mall that has two restaurants (Bluestone Bistro and a sushi place), as well as a laundromat and a convenience store.Building also has coin operated laundry in the basement. Heat and hot water are included in the rent and parking is available at an additional fee.
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Great Deal! No Fee!
Author: michael | April 3, 2011
Great one bedroom apartment next to Boston College at Chestnut Hill Avenue, next to MBTA Bus Stop, walking distance to shops and restaurants. Hardwood floors, heat and hot water included in rent. No fee! Available from 06/01/2011. Rent is: $1300.
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Real estate’s clearance sale.
Author: michael | March 26, 2011
By THE ASSOCIATED PRESS
March 26, 2011
THE ASSOCIATED PRESS
In suburban Chicago, it’s paradise to be a homebuyer.
At the Millbrook Pointe development in quaint and pristine Wheeling, a $269,000, brick-and-stone townhouse comes with $25,000 in free upgrades, including wood-burning fireplaces, all-stainless-steel kitchens and marbled bathrooms tricked out with double-bowl vanities and whirlpool soaker tubs.
Down the highway at the Patriot Place golf course villas in Bolingbrook, buyers are lavished with lawns sodded to perfection, absurdly low seller financing and a year of free insurance that will pay the mortgage if you lose your job.
At the Sunset Ridge estates, the amenity bonanza gets even more surreal: Buy a customizable colonial for as little as $170,000 and get a brand new, $17,000 Chevy Cruze. The 2011 model. For free.
Spring for home sellers is like Christmas for retailers — peak season. Normally, that might mean a few giveaways. A better brand of siding here. An expanded choice of tile color there. But a new car? “Obviously, business has been soft,” says Kim Meier, president of KLM Homebuilders, the company offering the promotion.
The festival of upgrades on new homes — especially in the housing markets that were savaged by the subprime meltdown — is queasy confirmation of just how much the housing market remains the sickest part of the U.S. economy.
Existing home sales plunged nearly 10 percent in February to their lowest level in nine years. It was the largest drop since July. Forty percent of those sales were on distressed properties. And new home sales are on track to come in at just 250,000 this year, the fewest since the Kennedy administration, when there were 120 million fewer people in the United States.
Across the country, real estate agents are reporting a rise in traffic at open houses. But they say buyers are reluctant because of the shellshock they suffered after the free-money machine blew up in everyone’s face. The foreclosure epidemic. The plague of employment insecurity. The fear that the U.S. is on a downward slide. They’re all playing into buyer commitment phobia, brokers say.
There’s also confusion over the conflicting signals. Prices are low, but unemployment is high. Mortgage rates are attractive, but lending standards are strict. Renting is newly chic.
The U.S. will certainly have a spring home buying season this year. But even if sales rise as usual, they won’t pull the zombie housing market out of its stupor. Nationwide, forecasters expect house prices to drop at least 5 percent more this year. And no one in housing land is murmuring about anything like price stabilization until 2012. At least. “We don’t expect a dramatic rebound,” says Paul Ashworth, managing partner at Capital Economics. “We expect stagnation for several more years.”
The housing problems certainly aren’t easing. Foreclosures are expected to peak this year. A third of homeowners owe more than their homes are worth. Normally the number of people with negative equity is 5 percent. And strategic defaults, where people simply walk away, are rising.
The buying that is happening isn’t coming from first-time homebuyers. A recent study by Capital Economics found that 60 percent of sales are to foreigners and investors, most of them paying cash. In fact, in international real estate circles, the U.S. is viewed as the “new emerging market,” says Thomas M. Shapiro, president of global real estate investment firm GTIS Partners.
Foreigners are attracted to U.S. real estate because their local currencies are so much stronger than the dollar. Investors are also attracted to the properties because rents are rising.
The places hit hardest by the foreclosure epidemic — California, Arizona, Nevada, Utah and Florida — are certainly skewing the statistics for the worse. In places like New York City, Washington, D.C., and San Francisco, the real estate market is strengthening and can almost seem exempt from the national malaise. That’s because the job market in those cities — dominated by finance, the federal government and the tech sector, respectively — remains robust compared with the rest of the nation.
“If you have a secure job and the economy around is growing, then it’s a great time to buy,” says Barbara Corcoran, a New York real estate investor and analyst. “That’s not true in too many places, but you can see improvement in certain pockets.”
Worse news for sellers is that buyers don’t think the housing market has hit bottom yet, according to Truila.com. A recent survey by Trulia and Harris Interactive found that nearly 70 percent of renters who aspire to being homeowners say they will wait at least two years before buying. And nearly 60 percent say a housing recovery won’t come until after 2012.
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Author: michael | March 21, 2011
Summer rentals heat up on Cape, the Islands, at N.E. tourist spots
Interest surges in Cape, the Islands, N.E. tourist spots
By Jerry Kronenberg
Two years after Wall Street’s meltdown began raining on New England’s summer-rental market, real estate brokers on Cape Cod, the Islands and other popular vacation spots say the clouds are finally beginning to break up.
“There’s a real resurgence of conditions that existed three summers ago before the Great Crash,” Martha’s Vineyard broker Ann Floyd said. “Our numbers aren’t equal to (summer 2008) yet — but they sure are getting close. There’s a feeling among everyone on the island that it’s going to be a very good summer.”
Floyd said she’s rented 27 percent more units so far this year than at the same point in 2010, while the Steamship Authority says summer reservations to bring cars over to the Vineyard are up 5.3 percent.
“That’s an encouraging sign compared to what we were looking at last year,” Steamship Authority chief Wayne Lamson said. “It’s a good start.”
On Cape Cod, Osterville Realtor Jack Cotton said the slow economic rebound is actually good news for tourist destinations close to Boston.
“It’s true that some people can’t afford to go rent a place with the economy where it’s at — but others who’d normally spend the summer touring Europe might say: ‘Let’s go to Cape Cod instead,’ ” he said.
Cotton added that today’s high gas prices are also convincing many Hub tourists to stay close to home.
“If gas gets to be $7 a gallon, you’ll still be able to load up the Suburban with your kids and spend maybe $200 on gas to come to Cape Cod and ride bikes all day,” he said. “What could be a more cost-effective vacation than that?”
Other New England tourist destinations report improving summer rentals, too.
Joseph Wright, a broker on Maine’s Mount Desert Island, said he’s been getting lots of calls over the past two months from tourists looking for summer rentals around popular Acadia National Park.
“I think people are much more comfortable about their job security and are saying: ‘You know what? Let’s take a vacation,’” he said. “The economy still isn’t booming, but people aren’t losing jobs as much as they were a couple of years ago.”
In the Berkshires, West Stockbridge Realtor Scott Sawyer said he’s already rented eight of the 20 or so units he expects to handle this summer — including a 32-acre Lenox estate that rents for about $30,000 a month.
“The rental market has remained pretty strong, which actually makes sense if you think about it,” Sawyer said. “In a down economy, lots of (vacationers) decide to rent instead of buy.”
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