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Archive for August 2010

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LENDERS – CAUSE AND EFFECT

Monday, August 30th, 2010

 A colleague of mine personally replied to my last blog post on this Inside Real Estate titled “Media Loves Drama”.   His reply:  “The reason home sales are down 27% is the government has imposed such strict new guidelines that fewer people can qualify for a mortgage these days…”

My response:  I agree with you that, unfortunately, it is almost impossible NOW for people to get mortgages.  But, the looseness and carelessness of being able to get mortgages in the late 90ies to 2007 is what put this nation and other large countries in the pickle they are in today – lenders granted shitloads of mortgages to people who didn’t qualify to even buy a bicycle on credit – and you know that.

Now, everyone feels sorry that the government intervened forcing lenders to go back to their original modi operandi and lending only to those who have a near perfect FICA score.

Let’s not forget that in the past 40 years, the American Credit Card Society of Lenders (in don’t know if there is such a recognized organization that really exists but I am naming it so for this essay) has brainwashed people with mass-media hypnosis for people to spoil themselves with the “get it now and pay for it later” propaganda thing…And retailers figured out how to sell their products on TV by making sure their goods are aired immediately before a Visa or Master Card commercial.  Today, we are all addicted to “get it now” and we live way beyond our means.

I really don’t know the answer to the big picture but I think that making loans easier to get to the financially struggling class would only help selling real estate but I am afraid that it would not help the recovery of present and future mortgage delinquencies.  Maybe a great part of the solution would be to rectify the credit card mayhem.  Perhaps, the first step to an immediate correction to our pecuniary unbalance should be to open Betty Ford type clinics in all small, mid-size and major cities in the US and start a mass credit card detoxcication.  But, the economical side-effect to that would be devastating to the other vital organ of our economy: continuous production.

Does anyone out there have the magical answer to straighten this mess?  Please come forward… God are you there?

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Posted in Housing Market, Mortgage, Questions and Answers, Real Estate, Real Estate Agent, Townhomes | No Comments »

MEDIA LOVES DRAMA

Saturday, August 28th, 2010

Yes, the media loves drama because tragic news sell newspapers.   Last week the National Associaiton of Realtors® announced that July sales dropped down by 27.2%…

I think there are different ways to report facts:

  1. There is a huge crack on the wall but the house has a good foundation and structure.  The house will be fine because  the crack can easily fixed.  There is nothing to worry about.
  2. There is a hige crack on the wall.  This situation is horrible because it will inevitably expand to the foundation of the house and to the ceiling causing the fissure to spread widerer delivering unbearable stress to the roof rafters and eventually the roof will cave in and people in the house will die.

The media tends à la number 2 fashion.

OK, sales have been sparse this summer but that does not mean it’s real estate doomsday.  Relax folks!  Real estate will never come to a complete halt.  Sales activity will pick up after the beginning of school.  Considering the overall economy of the past twelve months, we’ve been having a very health sales and purchase activity this year.  This summer doldrums is only part ot a natural sales cycle.  IT WILL GET BETTER SOON!

If you want drama, watch soap operas!  If you want accuracy, watch 60 Minutes or listen to the National Public Radio (NPR).

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Posted in Housing Market, Real Estate, Real Estate Agent | No Comments »

~ DON’T PANIC ~

Wednesday, August 25th, 2010

The National Association of Realtors® (NAR) reported Monday that the July 2010 home sales (that includes houses, condos and townhouses) fell to 27.2 %.   The media loves drama.  Most reputalbe media had a field day with that NAR report by glooming their report with “This is the worse home sales decline in 15 years…. and probably caused by the termination of the stimulus package tax credit for first-time buyers at the end of April 2010″ making it sound like this is the end of the housing world.

OK. That’s reality. Get over it!  This is not real estate doomsday.  Here in Fort Lauderdale, Southeast Florida, yes the amount of property sales have slowed down some but there have been many, many sales in June and July.  In fact, this month I am very busy working with buyers who are either making a local lateral move to larger homes or condos and snowbirds now preparing to buy something ready for the winter season.

Life may not be the best these days but life is gooood, nonetheless!

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Posted in Buy a House, First Time Home Buyers, Housing Market, International Buyers, Real Estate, Real Estate Agent | No Comments »

THE PROOF IS IN THE PUDDING, THEY SAY.

Tuesday, August 24th, 2010

If selling “for sale by owner”  (commonly known as FSBO) is so easy, then, why did the Tampa Bay based FSBO dynosaur filed for bankruptcy on July 29, 2010?  Sure, everyone likes to save money - paying a real estate professional broker’s fee (commission) is reprellant to sellers as it is to pay any other professional fees for services rendered (doctors, attorneys, designers, architects, etc.) but paying a professional fees has it’s advantages.  

FSBO seller and buyers must realize this: “Caveat Venditor” (Seller Beware) and “Caveat Emptor”  (Buyer Beware).  Ther are thousands upon thousands of horror stories ever come out of do-it-yourself buying/selling properties.  That’s why the FSBO approach is only taking about 10% of the real estate market share.  Moreover, FSBOs are not FREE!!!  Similar to Buy Owner, there are many other FSBO vendors who, for a substantial up-front fee, they will sell you a package that will guarantee a presence on local MLS and that is all.  Sellers are totally on their own without any support or advise from their FSBO representants, none whatsoever.  And, if a co-broker brings a bonafide buyer to the closing table, sellers have to pay at least 2.5% to 3% commission in addition to the already paid up-front contract fee.   Sellers may save a few bucks but is it worth the plethora of aggravations all the way to closing?

Realtors®, on the other hand, prepare, research, work with directly with their customers, do all the legwork of showings or taking their buyers to properties but mainly, they represent their customers’ best interest throughout the entire listing to closing process.  Realtors® are continuously educated, totally aware of everything related to and/or conditions affecting their neighborhood markets plus they know the laws affecting real estate (they are not attorneys).  They work under reputable brokers offices and they are supervised by their immediate brokers and by their local, state and national Realtor® Associations.   They inform and educate thier customers of the latest trends in the industry and they help protect their clients best interest. 

Hiring a Realtor® is money well spent.

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Posted in Homes, Homes for Sale, Housing Market, International Buyers, Laws of Real Estate, Luxury Homes, MLS, Real Estate, Real Estate Agent | No Comments »

YOUR CASTLE IS WAITING FOR YOU…

Monday, August 23rd, 2010

Do you remember when you were a child playing on the beach by the lake or on the ocean shore with your plastic pale and shovel trying to build a sand castle?

 

That was kid’s stuff.  Now that you are an adult, confident, successful and financially secured, come down to Fort Lauderdale, FL and build the real thing.  If you don’t have time to take on that project, I’ll help you find the land and the right contractor to materialize it for you; or, you can buy an already built dream castle or a luxurious condo to make an impressive statement from the fine and exclusive selection of superb residences on the beach or near it .

Call my “Sell” phone (954) 529-5505

John Bourassa, Realtor®

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Posted in Buy a House, Condos, International Buyers, Luxury Homes, Mansions, Real Estate, Real Estate Agent | No Comments »

THE EYE OF THE REAL ESTATE STORM

Saturday, August 21st, 2010

YouTube Preview ImageI must admit that real estate has dwindled down in South East Florida for the Summer and the media doesn’t seem to know what to make of the economic health of the Nation on this third quarter of 2010.  It seems like everything has quieted down like we are in the eye of a storm.

Fear not ya’ll.  Buyers and sellers are still on summer hiatus and soon will resume their activities.  By the end of summer, things will get back to normal and there will be a surge of all sort of activities, including real estate.

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Posted in Housing Market, International Buyers, Real Estate, Real Estate Agent | No Comments »

FORT LAUDERDALE CENTRAL BEACH ALLIANCE

Tuesday, August 17th, 2010

Living in Fort Lauderdale, FL is not only about baking in the sun all day, it is also a secure way of life.  Fort Lauderdale has a Council of Fort Lauderdale Civic Associations (CFLCA) which has many participating communities, all on voluntary basis, who voice their concerns to the constant changes of laws affecting each community.

The Fort Lauderdale Central Beach Alliance, for instance, is a strong powerhouse association of residents who take at heart their beach community.   Each quarter of the year they conduct a meeting to review, discuss and pool ideas on all activities that could threaten the well balanced health of the community.   Consequently, one or more representatives will meet at City hall each month to either play lobbyist for an issue or will become a political foe against an other issue.

Fort Lauderdale is a beautiful city boasting lots of sub-tropical charm, excitement and culture all in a safe environment.

What are you waiting for?  Home prices in Fort Lauderdale are affordable, the weather is warmly-cool and its residents are friendly.

For more detailed information, visit the CFLCA:  http://www.cflca.org/content/view/12/26/

Posted in Real Estate | No Comments »

JUST FOR GIGGLES…

Friday, August 13th, 2010

The economy is so bad that….

- I got a pre-declined credit card in the mail.

- African television stations are now showing ‘Sponsor an American Child’ commercials!

- I ordered a burger at McDonald’s and the kid behind the counter asked, “Can you afford fries with that?”

- CEO’s are now playing miniature golf.

- Exxon-Mobil laid off 25 Congressmen.

- My ATM gave me an IOU!

- If the bank returns your check marked “Insufficient Funds,” you call them and ask if they meant you or them.

- McDonald’s is selling the 1/4 ouncer.

- Angelina Jolie adopted a child from America.

- Parents in Beverly Hills fired their nannies and learned their children’s names.

- My cousin had an exorcism but couldn’t afford to pay for it, and they re-possessed her!

- A truckload of Americans were caught sneaking into Mexico .

- Motel Six won’t leave the light on anymore.

- A picture is now only worth 200 words.

- They renamed Wall Street “Wal-Mart Street .”

- When Bill and Hillary travel together, they now have to share a room.

- Congress says they are looking into this Bernard Madoff scandal. Oh Great! The guy who made $50 Billion disappear is being   investigated by the people who made $1.5 trillion disappear!

And, finally…
 
I was so depressed last night thinking about the economy, wars, jobs, my savings, Social Security, retirement funds, etc., I called the Suicide Hotline. I got a call center in Pakistan, and when I told them I was suicidal, they got all excited, and asked if I could drive a truck…

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Posted in Uncategorized | No Comments »

…AND FHA GIVETH AND FHA TAKETH AWAY

Monday, August 9th, 2010

Leave it to FHA to make sure the word confusion holds an esteemed place on Wikipedia.  Let’s see if I get this right:

FHA loans require two types on Insurance Premiums: 1- The Up Front Mortgage Insurance Premium (UFMIP) that is charged upon taking a loan and, 2- The Mortgage Insurance Premium (MIP) that’s  added to the monthly morgage payments.   The good news is that on September 7, 2010, FHA will reduced the UFMIP from 1.75% down to 1.0%  –  Great, Yes?  -  NO, because they will simultaneously increase the monthly MIP on most loans from a factor of 55 to a whopping 85-90.

What does that translate into numbers?  The UFMIP will decrease monthly payments by approximately $6.00 per $100K but the MIP will increase the monthly payments by approximately $29.00 per $100K.  DUH!

I thought Robin Hood was supposed to take from the rich and give to the poor…When did he switch?

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Posted in Housing Market, Mortgage, Questions and Answers, Real Estate | No Comments »

I AM A LUXURY RESIDENTIAL REAL ESTATE AGENT!

Saturday, August 7th, 2010

EVERYONE HAS A SPECIALTY.   The past five years of radioactive real estate decay forced almost every Realtor® to change their practice by selling tedious bottom-feeding priced distressed sales (short-sales or foreclosures).  Despite that real estate depression,  I managed to survive through it, humbly, without diverting my real estate practice towards “short-sales” or “foreclosures” .  

 I am a professional luxury residential real estate agent who does just that:  My specialty is to selling properties above $350,000 – matching buyers and sellers to purchase homes or condos on or near the beaches as  primary residences or as a second vacation homes.  And, I excel in that market segment.

 

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Posted in Buy a House, Condos, Homes, Housing Market, International Buyers, Property, Real Estate, Real Estate Agent | No Comments »

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