Top 20 U.S. Cities for Foreclosure Discounts

Real Estate News | North America Residential News

Top 20 U.S. Cities for Foreclosure Discounts

Top 20 U.S. Cities for Foreclosure Discounts

By | December 27, 2013 12:52 PM ET
 0   0   0

As the end nears for 2013, RealtyTrac has identified the top U.S. cities for homes with foreclosure discounts.
The top city is Fort Myers, Florida, with a 65 percent foreclosure discount. The city’s foreclosure sales average price was $135,409, giving a dollar discount of $254,526. For the list, RealtyTrac measured single-family homes with three bedrooms.
Rounding out the top five cities are Cleveland Ohio (63 percent discount), Fresno, California (62 percent), Pittsburg, Pennsylvania (60 percent) and Atlanta, Georgia (57 percent).
The state of Ohio had seven cities in the top 20 list.
In a separate report, RealtyTrac reported a nationwide 37 percent drop in foreclosure activity in November.
top-20-cities-for-foreclosure-discounts.jpg
foreclosure-discount-percentages.jpg

– See more at: http://www.worldpropertychannel.com/north-america-residential-news/top-us-cities-with-foreclosure-discounts-realtytrac-us-foreclosures-fort-myers-ohio-foreclosure-discounts-7821.php#sthash.nxp4I1Dj.dpuf

What Investors Deserve A Discount On Property Management Fees

Property Management Fees

Management fees usually run 10% on  average across the industry. For the most part that is a fare price for the services that are provided by most management companies.

But what about the investors that choose to buy and upgrade their properties in higher rental areas then most. They spend more to purchase their properties, and they spend more to update and rehab them so they can get top rental rates.

So odds are management will not have a hard time renting the units, nor will they constantly be dealing with section 8 or DSS, not to mention all the evictions that come with the lower end properties.

So if you are an Investor that prides yourself with investing in class A properties  then you should contact us to see how much money Team Kendrick can save you.

We charge 10% of collected rents per unit, but we have a maximum of $125. per unit.    Lets  be honest it takes a lot less work to manage a class A property then a subprime  property.

 

 

 

Houzz Tours: Parisian Modern Style for a San Francisco Flat »

Houzz Tours: Parisian Modern Style for a San Francisco Flat »
Architect Stephen Sutro of Sutro Architects grew up in San Francisco just four blocks from this home, alongside one of the owners, who was a childhood friend. Years later, when the friend and her husband hired Sutro for this… more »
Design Workshop: Kinetic Architecture »
Kinetic architecture, which moves or changes to adapt to seasonal, functional or daylight requirements — or just for the heck of it — has roots dating back to medieval times. A castle’s drawbridge served as a multifunctional… more »
Houzz Tour: Throwing Curves in Santa Barbara »
The recipe for a truly exceptional home is quite straightforward. Just mix one part enlightened owner, one part creative architect, one part spectacular site and just the right amount of green. In the foothills just above… more »
41 Finds to Keep You Warm »
The days are getting longer (thanks, solstice!), but winter isn’t relinquishing its chill anytime soon. Stave off the cold with a cuddly robe or throw blanket, a warm fire or a tummy-warming treat. Whatever keeps you warm,… more »
My Houzz: Soothing Neutrals Calm in an Airy Netherlands Home »
A snowy white interior and a calming monochrome palette come together flawlessly in Guido and Aggy Hoogwerf‘s Netherlands home. The interior’s charming update was rolled out in stages, with the owners doing much of the… more »
Homes Around the World Wish You a Merry Christmas »
Merry Christmas, Houzzers! Sit back, enjoy the fire, let that Christmas meal digest and enjoy visiting some Houzz homes around the world bedecked for all the festivities. Best wishes from all of us to all of you. more »
What to Do With Old Family Photos »
There’s something intriguing about poring over old photographs. Whether the photos are black and whites from the Old Country or yellow-stained images from the halcyon days of our own youth, looking at them is like peeking… more »
Modern Roof Features for Light, Rhythm and Interest »
Light monitors, clerestories and dormers are means of bringing light high into rooms; they’re particularly helpful in supplementing the light that comes from other windows. While these elements are especially good for deep… more »
The Single Easiest Trick for Serial Redecorators »
If you decorate your own home, you probably fall into one of two main categories. You might be the type who paints a room, installs new flooring or carpeting, then adds furniture and accessories and hangs draperies, art and… more »
Double Take: Moorish Goes Modern in a Manhattan Townhouse »
When faced with unifying six stories of a sleek Manhattan townhouse, the forward-thinking designers at SPG Architects looked back to traditional Moroccan design. “The client had hand-carved doors from Morocco that he wanted… more »
My Houzz: Tradition and Romance Live On at an 1875 Estate »
Patty Mouhtouris describes her husband, Roger Keys, as a nomadic wanderer who doesn’t stay in one place for long. This was never more true than the day he returned home from a business trip to the Southern Highlands of… more »
Take a Winter Walk on the Safe Side »
A wintry wonderland is a beautiful sight to behold, and an occasional walk along a snowy garden path is a real treat. For main entryways and often-used walks and patios, however, safety is a real concern. Here are a few… more »
6 Dramatic Garden Makeovers, From Backyard to Rooftop »
A good landscape looks effortless, like it’s always been there and always will be. Although many homeowners fantasize about what their dark, cramped kitchen would look like with a wall removed, visualizing how to treat… more »
My Houzz: Lighthearted Ease for a Petite Hague Pad »
Industrial designer Aafke Kauffman loves scouring flea markets and vintage stores for treasures to bring home and upcycle. In her eclectic Netherlands home, an all-white backdrop ensures that her secondhand finds are central,… more »
Splendor in the Bath: Art Deco Brings on the Elegance »
I realized a few years ago that our upstairs bathroom — with its leaky tiles, rusty faucets and crumbling walls — was due for a major rehab. I still loved its retro seafoam-green bathtub and sink, and its champagne-bubbly… more »
Wild Gardens Bring Excitement and Beauty to Landscapes »
Walking down any street in any suburban neighborhood, you can get the pulse of what’s fashionable in the garden. Seeing home after home, you can note how acres of treated lawns blanket landscapes and oddly sheared evergreen… more »
Organized Chic: 15 Stylish Ways With Trays »
I think of a tray as one of those things in a home that has a lot of stories to tell. A tray has been around; it has seen most rooms in a house. It has lots of experience with meeting utilitarian demands as well as aesthetic… more »
Great Design Plant: Coral Bark Japanese Maple, a Winter Standout »
Sometimes we want a little drama in the garden — something unusual, a plant with the power to stand on its own. Few four-season plants can compare with coral bark Japanese maple. With fiery red stems that stand out in the… more »
Houzz Tour: Sophisticated Luxury in a San Francisco Condo »
Given his penchant for collecting objects during his extensive travels, you wouldn’t expect San Francisco interior designer Robert Holgate to prefer small-space living. But Holgate lives in a 600-square-foot condominium,… more »
Basement of the Week: Wine Inspires a Refined Renovation »
Wine-club Fridays were a big inspiration for this basement’s design. “My clients belong to a wine club that gathers every Friday, and they wanted a nice place to entertain those guests that was also comfortable and cozy… more »
Simple Pleasures: The Morning Primp »
The tone of your morning, from the moment you roll out of bed to the last second spent scrambling for keys and phone on the way out the door, can set the mood for your entire day. Why not make sure it’s a good one? Here… more »
Great Design Plant: Brittlebush Brightens Rocky, Dry Spots »
Desert hillsides are dotted in a carpet of yellow in winter and spring as brittlebush comes into bloom. This Southwestern native may be beautiful, but it is also one very tough shrub. Brittlebush handles areas with rocky… more »
Houzz Tour: Rebooting a 1930s Bungalow in 3 Days »
Call this house a heart to Hart. When Anthony Carrino and John Colaneri of Brunelleschi Construction set out to remodel the Maplewood, New Jersey, home of computer science teacher Earl Hart, they had to use their design smarts… more »
Kitchen Color: 15 Fabulous Green Backsplashes »
Sure, your kitchen backsplash serves a very practical function: protecting the wall area above your countertop from splashes and spatters. But it’s also the perfect place to add a dash of fun color. The weather where I… more »
Guest Picks: Household Basics That Don’t Do Boring »
I’m so drawn to really well-designed and unique everyday items. Power strips and extension cords are not the first things that come to mind when decorating, but these small touches can add a lot to thoughtful home decor…. more »
See what Houzzers are working on and add your advice! »

Colo0ur of the walls to chear up the bedroom – Hi, I do nto really like this orange colour of the walls…the… more »
by narniamallorca · 38 comments
Great Living Room – need layout/design advice – My LR is a 2 story, open layout with great light and a lovely… more »
by aehatfield · 26 comments
Updating Kitchen – Need Input! – I’m updating my 1970’s kitchen (photos 1 &2). My new floor tile is due to… more »
by Marq Goldberg · 78 comments
How to Create the “Wow” Factor in our Entrance? – The first photo is what you see when you first enter the house… more »
by B · 63 comments
What do you do if your headboard must be in front of a window? – Hi – I recently got a new headboard for my bed…. more »
by Kelly Fisher · 33 comments
What’s your favorite color? – What color(s) do you like to decorate with? Post your favorite colors and share… more »
by Jeannie Nguyen · 20 comments
Follow Houzz © 2013 Houzz Inc.
Don’t want to receive Houzz updates? Unsubscribe.
View our privacy policy.
Houzz Inc. 310 University Ave, Palo Alto, CA 94301, USA.

Rent Growth Expected in U.S. Multi-Housing

Real Estate News | North America Residential News

Rent Growth Expected in U.S. Multi-Housing

Rent Growth Expected in U.S. Multi-Housing

By | December 19, 2013 10:13 AM ET
 12 4   0   2

U.S. multi-housing rents are expected to grow approximately 2.5 percent each year for the next three years, even as the level of new construction increases, according to a report from CBRE.
The report shows that the pace of new multi-family construction in the U.S. will level off at approximately 216,000 units per year over the next five years, a figure slightly higher than historical averages.
“The multi-housing sector is only now beginning to fill a supply shortage that has existed following a three-year-long drought in development resulting from the recession,” Jim Costello, CBRE’s Head of Americas Investment Research, said in the report. “We anticipate that most of the new supply that will come online over the next few years will be absorbed by pent-up demand.”
Although the 2.5 percent of annual rent growth rate is higher than the pace of inflation, it is more moderate than the 3.9 percent average growth witnessed since the beginning of the recovery in 2010.
In the 13 major U.S. markets assessed by CBRE, current market rents are marginally higher than what developers require to achieve target current returns between six and seven percent.
The best opportunities for development are found in Boston, Southeast Florida, Seattle and Washington D.C., where achievable rent levels are significantly higher than constructions costs.
Tougher underwriting standards, higher equity requirements and greater scrutiny of borrowers by risk-averse financial institutions for construction loans will slow the pace of development and keep supply levels in line with market demand, CBRE said in the report.
“In the aftermath of the global financial crisis, banks are requiring 25 percent to 30 percent of a project’s cost to be financed via equity and are only willing to lend to developers with a proven track record,” noted Peter Donovan, Senior Managing Director of CBRE’s Multi-Housing Group. “This serves as a form of capital rationing that will likely prevent overdevelopment in the coming years.”

– See more at: http://www.worldpropertychannel.com/north-america-residential-news/multi-housing-rent-growth-expected-cbre-boston-southeast-florida-seattle-washington-dc-7792.php#sthash.GPnPCWT3.dpuf

US Multifamily Sales Strengthen

Real Estate News | North America Residential News

US Multifamily Sales Strengthen

US Multifamily Sales Strengthen

By | October 31, 2013  9:34 AM ET
 22 36 9   0   9

Sales volumes for multifamily properties in the U.S. jumped 47 percent during the third quarter after a relatively slow second quarter, led by activity in western markets.
Third quarter, national sales volumes for multifamily property reached $25 billion, according to Jones Lang LaSalle.
“Several factors — such as the ‘housing hangover,’ the rise in household formation and population growth within two key renter demographics (Echo Boomers and empty nesters) — continue to support robust demand for rental apartments,” Brady Titcomb, research manager, multifamily, for JLL, said in the report.
The growth in sales was driven by apartment sectors in tech-heavy areas in the West, JLL found.
“While all metros have seen apartment fundamentals strengthen over the past year, some of the highest levels of growth have been found in economically diverse areas that feature a high concentration of STEM [science, technology, engineering and math] employment, such as Seattle and Portland, Oregon,” said David Young, managing director and leader of JLL’s west coast multifamily practice, said.
The top-ranked metro areas are Washington D.C., New York and Los Angeles, where $5.8 billion in year-to-date multifamily sales were reported.
The firm expects strong multifamily absorption levels across the U.S. into 2017.
Snapshot of the multifamily markets in seven of the major Western metro areas:

  • Denver: Denver ranks within the top 10 in the country based on annual rent growth. Over the last three years, Denver has absorbed 4,100 units annually, on a net basis.  To date, 4,398 units were delivered and absorption has totaled 4,259 units. With $1.5 billion in year-to-date transactions, sales volumes are down 6.9 percent over last year’s needle moving pace, the MSA’s solid fundamentals continue to keep the investment landscape competitive and velocity moving toward peak levels.
  • Los Angeles: Los Angeles has the highest rate of renters versus owners of any U.S. metro. At 3.9 percent over the past year, Los Angeles’ rent growth falls in-line with the U.S. average; however, core assets still garner annual growth above 5 percent. During the past 12 months, nearly 3,000 units were delivered, nearly 6,000 units were absorbed, and occupancy increased 40 basis points.
  • Orange County, California: Market vacancy is 3.6 percent, its lowest level since 2000, and the average rent has grown by 4.3 percent over the past year. Investor demand for multifamily assets in Orange County remains strong, as nearly $900 million in transactions have been completed during the past year.
  • Phoenix: Renter demand is tight throughout Phoenix, and the vacancy rate is at a historic low of 5.5 percent. Rent growth has accelerated in 2013 and averages 4.5 percent on a year-over-year basis. Approximately 4,700 units, or 1.9 percent of the total inventory, are under construction. Investment sales activity has been robust, with $2.4 billion in multifamily transactions taking place over the past year.
  • Portland: At 41.7 percent, Portland has a very high percentage of renters compared to the national average. The vacancy rate is 2.9 percent, its lowest level since the mid-1990s. While year-to-date investment sales volume was down 19.4 percent through the third quarter, the volume remains right at its 10-year average.
  • San Diego: During the past year, new deliveries have increased inventory by 20 basis points, but occupancy has increased by 60 basis points to reach 97.7 percent. Year-over-year, the average rent has increased by 2.7 percent. Investors continue to covet apartment communities in this metro, as the investment sales volume was up 21.1 percent from 2012 through the first three quarters.
  • Seattle: At 6.2 percent, Seattle’s annual rent growth is the highest in the country. Investment sales volume reached $1.8 billion in the first nine months of 2013, a 12.8 percent increase from the same period last year.

 

↓ Read User Comments

Related News Stories

Vancouver Home Sales Climb 38 Percent 

by Francys Vallecillo | Dec  9, 2013

Foreclosures Drop 30 Percent in U.S.

by WPC Staff | Dec  9, 2013

Wayne Gretzky Lists California Home

by WPC Celebrity Team | Dec  6, 2013

U.S. Mortgage Rates Rise Amid Positive Economic Data

by Francys Vallecillo | Dec  5, 2013

U.S. Home Sales, Values Increase

by Francys Vallecillo | Nov 26, 2013

California Pending Home Sales Increase

by WPC Staff | Nov 25, 2013

U.S. Pending Home Sales Drop

by WPC Staff | Nov 25, 2013

Comment with Facebook

– See more at: http://www.worldpropertychannel.com/north-america-residential-news/multifamily-property-western-multifamily-markets-jones-lang-lasalle-7581.php#sthash.csfBys89.dpuf

Lead Based Paint Hazards in California Residential Rental Property

Lead Based Paint Hazards in California Residential Rental Property

Lead Based Paint Hazards in California Residential Rental Property

Posted on 20. Dec, 2013 by  in Business

The federal Residential Lead-Based Paint Hazard Reduction Act applies to residential property built before 1978. It imposes the following duties on owners:

1.    All prospective tenants must be provided with a federally approved pamphlet on lead poisoning prevention, Protect Your Family from Lead in Your Home. You can obtain the pamphlet online at http://www2.epa.gov/sites/production/files/2013-09/documents/lead_in_your_home_brochure_land_b_w_508.pdf. 2.    All new tenants (and existing tenants at lease renewal) must sign a disclosure form acknowledging receipt of the pamphlet and other lead information.  A blank form is available at portal.hud.gov/hudportal/documents/huddoc?id=DOC_12345.pdf. Tenants should be requested to sign this disclosure form indicating that they have received the pamphlet and any reports.  The signed disclosure forms should be retained for at least 3 years as proof of compliance.

A fact sheet regarding the lead disclosure requirements is available at portal.hud.gov/hudportal/documents/huddoc?id=DOC_12351.pdf.

The disclosure form for sales differs slightly from the disclosure form for rentals. The sales disclosure form is available at http://portal.hud.gov/hudportal/documents/huddoc?id=DOC_12343.pdf.

There are requirements for renovation, repair and paint projects that disturb lead-based paint in homes, child care facilities, and schools. Renovators must be certified and must follow specific work practices to prevent lead contamination.  The “Small Entity Compliance Guide to Renovate Right EPA’s Lead-Based Paint Renovation, Repair and Painting Program” publication is a guide for property managers and maintenance personnel working in homes and child-occupied facilities built before 1978. It is available at www2.epa.gov/sites/production/files/documents/sbcomplianceguide.pdf. Before starting work, renovators must give tenants a copy of the Lead Safe Guide to Renovate Right available at  www2.epa.gov/sites/production/files/documents/renovaterightbrochure.pdf.

Kimball, Tirey & St. John LLP is a full service real estate law firm representing residential and commercial property owners and managers. This article is for general information purposes only. Before acting, be sure to receive legal advice from a lawyer. If you have questions, please contact your local KTS office. For contact information, please visit www.kts-law.com

Will the Home Sales Spree Soon Leave Owners Holding the Bag?

Will the Home Sales Spree Soon Leave Owners Holding the Bag?

Will the Home Sales Spree Soon Leave Owners Holding the Bag?

Posted on 16. Dec, 2013 by  in Real Estate

Has the housing market begun to plummet due to rising interest rates? Are rental housing values about to crash?

Those who read my articles know I’m frequently asking the questions that rental property owners and managers should also be asking. The answers are vitally important during these uncertain economic times. As of November 27, 2013 the yield on the 10 year Treasury bond sits at 2.74%. This is the benchmark interest rate impacting home mortgage rates, and it’s been stuck around this level for months.

This begs the question, “Will the Federal Reserve’s Zero Interest Rate Policy (ZIRP) prevent this important benchmark interest rate to move much higher?” Experts are divided on the answers. Only in hindsight do we really have a more accurate view of the numbers of houses that have been selling, whether ZIRP has contained longer-term interest rates, and whether rising mortgage rates have tamped down on new and existing home sales.

According to the National Association of Realtors’ (NAR) most recent update and taking into account variations in all regions of the U.S housing market, pending home sales continued to move lower in October, marking the fifth consecutive monthly decline. The “Pending Home Sales Index, a forward-looking indicator based on contract signings, slipped 0.6 percent to 102.1 in October from an upwardly revised 102.7 in September, and is 1.6 percent below October 2012 when it was 103.8.

“The index is at the lowest level since December 2012 when it was 101.3; the data reflect contracts but not closings” according to the NAR. So the bottom line here is that housing prices continue to cool down after the big spike that began in the autumn of 2012 when Treasury bond yields and mortgage rates were at historic lows.

The NAR’s chief economist Lawrence Yun explained the situation this way, “…weaker activity was expected. The government shutdown in the first half of last month sidelined some potential buyers. In a survey, 17 percent of Realtors® reported delays in October, mostly from waiting for IRS income verification for mortgage approval,” he said.

“We could rebound a bit from this level, but [the markets] still face the headwinds of limited inventory and falling affordability conditions. Job creation and a slight dialing down from current stringent mortgage underwriting standards going into 2014 can help offset the headwind factors,” Yun said.

A survey of real estate professionals validated the slowdown in market activity, but some surveyed view the slowdown as a “welcome brake” on the rapid home price growth that’s occurred when there’s been only modest growth in consumer incomes and jobs. Then there’s the all-important Housing Affordability Index. Housing affordability decreased in the third quarter as home prices and mortgage rates were on the rise.

This left housing prices out of reach for more families, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index. The NAR also reported that housing affordability has fallen further to a five-year low because home price increases have risen more than the average person’s income growth.

So if you’re a property manager and you have clients who have used leverage to finance their purchases of rental properties show your concern by asking if their financing interest rates will change soon. If interest rates on refinancing are much higher than when they originated their loans, it may be a good time to consider selling some rental properties to lock in gains and reduce their financing exposure.

Once again the housing sales numbers and the affordability index tell us all that fewer Americans can buy their housing and more will need to rent. That should be a big plus for the property management industry and their owner clients in the year ahead.