Posts Tagged ‘real estate’

Credit Scores Around the Country [Interactive Infographic]

Tuesday, May 31st, 2011

credit-score-country.png
(click on the map to go to the interactive graphic)

Do you know what your credit score is? Maybe you should try surviving the credit storm before you start buying houses…

(Via Column Five for Credit Sesame)

Meet Adam Blake, the Young Prince of Real Estate

Wednesday, November 24th, 2010

TILE showed up for part of the Global Student Entrepreneur Awards at the New York Stock Exchange this October, and we met some young folks who made us feel bad about sleeping through college.

Adam is just one of them. He was THE Global Student Entrepreneur of the Year in 2005, because he figured out how to turn a simple off-campus housing need into a multi-million dollar real estate business.

But… why? Well, we asked him:

Watch the oh-ficial GSEA 2010 recap video here. To see all our GSEA interviews, click here.

Kids Get A Say In Where They Hang Their Hats

Wednesday, September 29th, 2010

They have to live there, too.

  • Real estate brokers are seeing an increase in clients under the age of 18, as more parents try to involve their kids in the decision of where to live.
  • Sometimes the goal is to teach the kids how real estate works, sometimes it’s a way to make them feel more involved in a big family change, and sometimes it’s just practical to have another person helping to make the final decision.
  • The 9- and 14-year-old daughters of a Manhattan apartment hunter were instrumental in pointing out flaws: the dining room wouldn’t fit a table for homework, the oven wouldn’t fit a Thanksgiving turkey, the layout wouldn’t allow for enough privacy.

Facts & Figures

  • Frances Katzen, a broker with Prudential Douglas Elliman, recently showed a $3.1 million dollar apartment to two children, aged 11 and 12, who came without their parents.
  • Another agent working for CORE showed an apartment to a client and his 15- and 18-year-old children, who seemed to be along for a lesson in finance.

Best Quote

“At first I thought it was going to be boring. Then I thought it was fun to fit everything in.” – Julia Paris, 14-year-old house hunter

Time to enter the real world? Blair Brandt will help you find a place.

Thursday, August 26th, 2010

blair-brandt.jpg Blair Brandt is the founder and CEO of The Next Step Realty. And at just 22, he’s responsible for managing all the different components of the business: he recruits and manages brokers and Next Step staff, develops relationships with clients, oversees PR and marketing, business operations, legal and financial matters, tax, web design and programming, investment and return on that investments for investors… pretty much everything. Blair spends most of his day meeting with people to seek collaboration, advice, cross-marketing opportunities, and so on. But he found the time to answer some of our questions, so check it out:

TILE: How did you come up with the idea for a service like this?
Blair: For the past four years, I worked as an assistant at a real estate firm while in Florida. There I noticed one crucial factor in the marketplace: the power of referrals and the importance of having good leads for a realtor.

Especially in bad times, having personal networks that could deliver you with quality clients was the way to continued success. SO, if we were going to set up a leads service, we needed to find a niche that we could specialize in and that could be ours.

We realized our niche when my friends from college started to call me asking if I knew brokers in the cities they were moving to for new jobs. So, while I was helping a few of my friends get matched up with the right brokers, my friend and future business partner Belton Baker picked up on what I was doing and said – listen, let’s market this to everyone we know, and everyone they know. We immediately saw the demand for an improved, streamlined housing transition from college to the real world.

TILE: What was your first apartment search like?
Blair: Our first apartment search actually went pretty well. We spent months recruiting the best real estate brokers for the job in major cities, and we really did some extensive interviewing and personal networking to make sure we were dealing with the right people. Once we started to get our clients, which happened more in a wave of hundreds than in any one single first search, the brokers were very well prepared to service the clients. Most of their clients were young professionals anyway and this is what they specialized in, but they hadn’t directly marketed their services to colleges – that became our business.

TILE: Why is your logo a giraffe? NextStep-logo-only.jpg
Blair: My philosophy from the time I started this company with Belton is that the transition from college to the real world is one of the most intense psychological and logistical bridges young people must cross. Of course, life offers countless challenges after graduation, but the change in lifestyle from student to adult is a rapid one for recent graduates. Graduates are often embarking on their first job and career, and in the meantime making all the other adjustments required in moving to a new city. We decided if we could help recent graduates by solving one of the problems – housing – we could develop our own niche market in the process. The giraffe  is symbolic and metaphorical because it represents the nature of our clients during this transition. Giraffes take some of the largest steps of any animal and they reach high. Our clients are similarly reaching high in their new beginning and taking a very large step into the real world and their first home.

TILE: What advice would you give your teenage self?
Blair: Dream big.

TILE: Can you tell us a secret about the real estate business?
Blair: It’s about specialized service, having an expertise in a particular process or niche, and building relationships with expanding networks of people. Most of what we do is personal networking. We started this business with a list of 500 students at college campuses to help spread the word, and the domino effect is beyond what we ever expected. First friends, then friends of friends, then friends of friends of friends, and before you know it, you are dealing directly with the public. If you can specialize in a certain real estate niche, associate yourself with that niche, and then use networks to create momentum, you can get something off the ground fast.

To see Blair talking in real life, check out his recent interview on Bloomberg TV: http://bit.ly/dlIxYM

>> TILE brings you exclusive opinions, explanations, and interviews from experts in every industry. To read more, click on Ask the Experts in the TILE Library.

Have a burning question or an expert you’d like to see interviewed? Just Ask TILE!

Home Ownership No Longer A Safe Investment Option

Monday, August 23rd, 2010

Before the real estate bubble burst, a home was more than just a home – it was an investment.

  • For the past 50 years, homeowners have seen huge profits as their homes went up in value every year. It was relatively easy to buy low and sell high, so there was more money moving around in the housing market and the economy as a whole.
  • No more. Some experts predict that home values will now increase only by the rate of inflation – nowhere near the 10% increase many homeowners had been expecting every year.
  • Buying a home is now more of a risk than a definite reward. But not everyone has a dismal view. Housing is a necessary part of life, and in areas where there is a limited number of options, prices will have to keep up with demand.

Facts & Figures

  • Home sales are expected to have declined by 20% since last July.
  • $6 trillion in housing-related assets has been lost since 2005.
  • It will take at least 20 years for those losses to be regained, though it’s possible they never will.

Best Quote

“There is no iron law that real estate must appreciate.” – Stan Humphries, Chief Economist for Zillow (a real estate website)

Affordable Vacation Homes For The Wealthy

Friday, August 13th, 2010

In this market the affluent still want an island getaway home – just for a lower price tag.

  • Real estate developers are marketing affordable vacation homes to wealthy clients in a tough market.
  • Developers are trying to avoid lowering the price on existing homes, and instead are advertising affordable second, third and even fourth homes that offer extra amenities like pools and beach access.
  • The goal is to play to value and convenience, while still including the perks of a vacation house.

Facts & Figures

  • At a sporting club in central Florida, members can buy 1,500 square foot cabins starting at $600,000.
  • On a private island in the Turks & Caicos clients are able to purchase small houses for as low as $1.4 million, which is 44% less than the $2.5 million required for the island’s least expensive property and home previously.

Best Quote

“We’re trying to get the point across that you can have a great place in a wonderful island for, quite frankly, a reasonable price.” – Steve Schram, Chairman, DPS Sporting Club Development Co.

The Housing Market Is Still Stalling

Tuesday, August 3rd, 2010

Homes aren’t selling and construction on new homes is slowing.

  • The stalling housing market can be attributed to global economic turmoil, falling stock prices, and slow labor markets.
  • Signed contracts in May and June have fallen dramatically.
  • Despite low mortgage rates, tighter lending standards are preventing buyers from getting a loan and purchasing a new home.
  • The two major issues in the job market are that there are too many homes and not enough demand.

Facts & Figures

  • An unprecedented number of homeowners owe more than their homes are worth.
  • Demand for mortgages is at a 14 year low.
  • Last week, the average rate on a 30-year fixed-rate mortgage was 4.57%, which is the lowest its been since 1971.

Best Quote

“The sellers think the market’s coming back. They’ve tacked on an extra 5 to 10 to 15%. The buyers aren’t going for it. It’s going to feel like a double-dip because sellers are going to have to lower their prices” – Jim Klinge, a real-estate agent in Carlsbad, California

Strong Quarter, Weak Economy?

Friday, July 16th, 2010

Although second quarter reports look strong, the economy may start to level out.

  • Fear of an economic slowdown caused the stock markets to dip.
  • Airlines are expected to make their first annual profit since 2007  due to fuller planes and higher fares.
  • Stronger Asian economies are increasing exports, which helps struggling U.S. shipping companies.
  • Despite all this, there has been poor job growth in the U.S in the past few months.

Facts and Figures

  • New home sales fell 33%, and existing home sales fell 2.2%.
  • Air shipments (mostly Asian exports) increased 30% from last year.

Best Quote

“Bottom line is earnings may hold up, but sales growth is slow and companies aren’t going to invest their record cash holdings until it improves.” – Howard Silverblatt, Senior Index Analyst of Standard & Poor

New Homes Didn’t Sell In May

Tuesday, June 29th, 2010

Because a special tax credit for purchasing new-homes expired in April, sales plunged in May.

  • The drop in new home sales, which are at the lowest number since 1970, may be the result of buyers rushing to purchase homes before the tax credit expired.
  • New home construction and applications for home-buying loans also declined in May.
  • The decline may not be indicative of a weak recovery, but instead merely a reaction to the expired tax credit.

Facts & Figures

  • New home sales fell -32.7% from April to May.
  • Sales had increased by +12.1% in March and +14.7% in April.
  • In May 2010, the median price of a new home was $200,900, which is 9.6% lower than in 2009.

Best Quote

“It’s a concern that even with very low interest rates, you’re seeing there’s an inability of home sales to move up at all in the past year, but there’s a reason to believe going forward things wouldn’t be quite as bad as they are in May.” – Michael Feroli, Chief U.S. Economist at J.P. Morgan Chase

Living In Walt Disney World

Thursday, June 24th, 2010

Walt Disney Co. plans to develop an expensive vacation-home real estate community – “Golden Oak” – in Walt Disney World in Florida.

  • Golden Oak homes will be priced between $1.5 and $8 million dollars, placing them at the very top of the Orlando area housing market.
  • Construction on the first homes is expected to be finished in 2011.
  • There is another real estate development next to the theme park – “Celebration” – that is more economically diverse and generally considered a successful project.

Facts & Figures

  • The average price of new home listings in the Orlando area in 2010 is about $243,000.
  • The proposed plan includes 450 homes, a 445-room Four Seasons hotel, 2 updated golf courses, a clubhouse, parks, walkways, and wetlands.

Best Quote

“This may be the first time that a kind of man-made entertainment center has generated that kind of real-estate activity.” – Elizabeth Plater-Zyberk, Dean of Architecture at the University of Miami