Archive for the ‘Land For Sale’ Category
1 Acre Building Lot Sells for Record $233 Million
Falconridge in the Peak District of Hong Kong is a Trophy Hunters Dream.
A trophy, residential building lot, located at Falconridge in Hong Kongs’ affulent Peak district, sold at auction for a record $233 Million. The price equates to an eye-popping, jaw dropping $8717.00 per square foot for the one acre piece of land.
The sale emphasizes that at least the luxury end of real estate in Hong Kong continues to command a premium and provides further proof that the sizzling, hot real estate market shows no signs of cooling off. Average home prices in the cosmopolitan city soared 30 percent last year and are up 8 percent so far in 2010, in spite of efforts by the government to cool the market down. To date, higher interest rates, large down payment requirements and increased taxes on luxury homes have done little to stop the flow of big money into the real estate market.
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Finished Building Lots. The Next Boom.
Are you one of the millions of people looking for the next boom in real estate? If so, you might want to consider abandoned subdivisions. Savvy investment groups and individuals have been snapping up finished building lots like candy.
Why? There are so many incomplete developments for sale, that finished building lots are being dumped onto the market at 50 cents or less on the dollar. Small builders or investors, who have the time to hunt down smaller projects, or buy the fill in lots that don’t interest big investors, are doing even better. They report buying quality building lots at 20 – 30 cents on the dollar.
The Law of Supply and Demand.
Supply: The two to three year supply of unsold building lots has stopped developers from investing in more land, finishing projects or starting new ones.
Demand: The United Stated needs 1.2 million new homes for the next 10 years, just to keep pace with population growth. During the past few years, builders have constructed only 500,000-600,000 homes per year, or less than half the amount needed to keep pace. When housing demand rises, the need for finished lots will be painfully obvious and builders will pay a premium to get their hands on them.
Investment in building lots was significant by the end of 2009. Before you jump in and invest in a vacant building lot, make sure your expectations are reasonable. Other than the Golden Rule…Location, Location, Location…, keep in mind, generally, land can not be flipped. Plan to hold on to the property for a minimum of one year and up to three. If you are considering unfinished lots, plan to wait a minimum of three to four years before ringing the register.
MORE…..Check back with us tomorrow. We’ll tell you how to spot a good price for a lot and buy below the finishing costs!
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Don’t Take Your Home Off the Market During the Holidays
I’m thinking Turkey. The leaves have fallen, lawn mowers are stored and furnaces are in use. It’s at this time of year that many of our customer’s ask… “Should We Take Our Home Off the Market During the Holidays?”
The answer is definitely ”NO”. There are a lot of reasons to keep your home listed right through the New Year. And, there’s a special timely reason this holiday season!!
- The First Time Buyers Tax Credit has been extended until April 30, 2010 AND it’s been expanded. Step Up Home Buyers, who make a lot of money, can also receive $6500 in Tax Credits until April. Big tax incentives mean that smart buyers will be house shopping vs mall shopping this holiday season.
- Interest Rates are at Record Lows. 30 year fixed rate mortgages are below 5 percent. But, with the dollar weak and falling, low rates may not be around for long. Serious home buyers are aware of the difference that even a small interest rate increase would make in their house payment. The combo of Tax Credits and Low Interest Rates create strong urgency among buyer’s. Smart seller’s spruce up their homes and play into the pressure.
- Holiday Shoppers are Serious Buyers. Trust me. Everyone of us loves the holidays. So, the people who are out looking for homes in November, December and January are SERIOUS Buyers. Do you really want to pull your house off the market when the most serious people are shopping?? Think about it and gear up!!
- Less Competition. Many sellers don’t read our blog. They foolishly pull their homes from the market during the holidays, and this year will be no exception. Less competition and MLS exposure could make the difference between For Sale and Sold, this Christmas.
- Houses are Pretty during the Holidays. Staging your home is easy during the holidays. The mood is festive. Holiday colors are warm and inviting. Candles, centerpieces and decorations touch the heart and convey a peaceful lifestyle. Light the candles, make a roaring fire, bake some goodies and turn on some relaxing holiday music. Buyer’s love to see a home decorated and looking special. Don’t let this once a year opportunity pass you by.
- Curb Appeal. If your landscape and lawn isn’t that great, breathe a sigh of relief that no one else’s is this time of year, either. Add seasonal color, a wreath, perhaps some decorations. Just keep it subtle and classy. No mowing, no weeding and trimming, and best of all snow covers all…
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Home Buyer Tax Credit Extended.
Great news for home buyers, sellers and owners, alike. The homebuyer tax credit has been expanded to include step up buyers, who have owned a home for 5 years. It also extends the tax credit through the end of 2010.
GREAT NEWS!
It appears that Senate Democrats have recognized the tremendous value of the First Time Homebuyers Tax Credit and odds are it will be renewed soon. At this time, it is believed that the credit will allow anyone purchasing a home, by April 30, 2010, to participate and receive the full credit available.
The credit will continue until the end of 2010, but the amount of tax credit will drop by 2 percent every 90 days. The graduated benefit should help the housing market recover into and through the 2010 summer selling season.
Here is the text of the story as reported in Bloomberg News today:
Senate Democrats on Board with Credit Extension
Senate Banking Committee Chairman Chris Dodd (D-Conn.) says Senate Democrats have agreed to extend the first-time home buyer tax credit. The latest version extends the program to home sales signed not closed by April 30. Purchasers would have another 60 days to close the sale. The credit will also be expanded to include so-called step-up buyers who have lived in their current home for at least five years.
The credit would be cut slightly to a $7,290 cap. Income eligibility for first-time home buyers would stay the same, but it would rise for step-up buyers to $125,000 for individuals and $250,000 for couples.
Source: Bloomberg News, Dawn Kopecki and Ryan Donmoyer (10/27/2009)
Going, Going, Gone. Auction Your Home.
Property auction
Real estate auctions are a fast and efficient method for selling property. They work on the principle of competitive bidding and provide an ideal situation for buyer and seller, alike.
The Benefits for Sellers Include:
- Speed- The auction selling process is swift and accelerated.
- No Negotiations- Auctions eliminate haggling, counteroffers and remove the seller from the pain of negotiating.
- No Home Showings- Buyers are given specific dates and times that the property will be Open to the Public for viewing, before bidding begins. The process eliminates the hassle’s of showing the home to numerous people, one person at a time.
- Certainty -The seller knows exactly when the property will sell, decreasing long-term carrying costs, such as mortgage payments, taxes, maintenance and insurance.
- Qualification- Potential Buyers are required to Pre-Qualify for financing before they can bid on the property.
- Exposure- Auction exposes property to a wide range of qualified buyers and the aggressive timeline to sale increases interest and urgency.
- Competition-Auctions create competition among buyers. Due to the competitive nature of auctions, it is not unusual for the auction price to exceed the price the seller would have gotten through negotiations.
- Real Value- Auction sales are live, real time events. The auction process assures that the seller that the property was sold at its real market value.
- Serious-Buyers who attend auctions arrive ready and willing to buy.
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Housing Relief Act of 2008 – Summary of Terms
In an effort to soften the sharp housing downturn, the Senate recently passed a $150 Billion Bill to provide relief for homeowners, in theory, for homebuilders, for certain.
The “foreclosure relief” bill, which now moves to the House for approval, sounds helpful, but falls shamefully short on solutions or assistance for homeowners losing their houses. In fact, the only set aside for those facing foreclosure is a $100 million in counseling assistance, which possibly makes sense to prevent over-borrowing, but accompishes nothing after the fact.
Relief for Homebuyer’s received a mention in the bill, but the real help offered was for the benefit of bankers, developers and builders.
The bankers and builders receive a $25 Billion Dollar Tax Rebate and plans to steer buyers to their foreclosed properties, with the lure of a $7000 future tax credit. The bill provided a $0.00 tax credit, if homebuyer’s purchase a home owned by anyone else.
Translation: Homeowners, who are paying their mortgages on time, will suffer an immediate $7000 loss in home value, as they attempt to compete against lenders, builders and developers when selling their property.
In Conclusion: The $150 BILLION Dollar Relief bill harms taxpayers and homeowners, and does little for families in financial trouble. The only “help” offered is for the politicians, banks and the powerful, cash laden, National Association of Home Builders, who threatened to stop handing over millions of dollars in campaign donations, unless they were cut in on the taxpayer give away. The result. When the votes were counted… the money counted more. The Senate sealed the deal by a 84 to 12 margin.
Question: Have we had enough, already??? Don’t you think if the US Congress really wanted to help the housing market, they would simply offer a $7000 tax credit to anyone who buys a home that they intend to live in (ie: no investors), no strings attached??? Instead, homeowners and buyers are penalized in favor of the banks and builders who likely created this mess in the first place.
Action: I urge everyone who cares about their home to immediately write their State Representive in protest, before this bill is passed. We don’t have millions of dollars for lobbiest or bribes to get their attention, but we do have numbers and the power of the pen on our side.