Sometimes referred to as the southern gem, Dunedin is the South Islands second biggest city, characterised by a unique Scottish feel and architecture imposed on it during the time of New Zealands colonisation. Surround by beaches, forests and dramatic scenery, Dunedin is noted for its youthful and charismatic population being attracted by the educational and tertiary facilities contained within. With a population of just over 125,000, the city is one of the best preserved Victorian and Edwardian cities in the Southern Hemisphere. Becoming a desired location for students, families and businesses alike, the demand for Dunedin real estate is increasing at above average rates.
According to the latest Quotable Value New Zealand figures, southern Dunedin real estate figures have surged, recording the highest percentage increase in the country. The southern region extends from Waverley to Green Island, including the suburbs of St Kilda and St Clair. The figures illustrate that the area has experienced an increase in home values by 8.7% with an average sale price of $264,000. Likewise, Dunedin overall, showed a 4.9% increase in property values with the average sale price rising to over $276,000.
The increasing prices are a direct result of increasing demand. As many of the main centres in New Zealand are experiencing continued growth in house prices and valuations, Dunedin is presenting itself to many as an attractive option. With the average house price in New Zealand just a little under $410,000, properties in Dunedin represent real value in the marketplace where many families are struggling to find suitable and affordable housing options. According to Glenda Whitehead from QV Valuations, some of the increase in market activity in Dunedin is due to a rise in purchases by existing homeowners, who realise the benefits of purchasing prime real estate at well below national averages.
There are many advantages to purchasing Dunedin real estate, apart from the scenic and natural beauty that the city is surrounded by. With the security of tenure, you will be able to enjoy the cycle of the real estate market, accessing capital gain as the property naturally appreciates. If, like most kiwis, you enjoy a little do it yourself (DIY), then additional capital gains can be achieved through renovations. There is nothing like the sense of pride that comes with homeownership. The freedom and ability to personalise your property to suit your tastes and requirements has long been an aspiration of nearly all New Zealanders. However, with the current price hikes in property prices, renting is fast becoming a reality for many who cannot afford the deposit or repayments on their first home. However, Dunedin is offering the consumer real value and choice. Why not consider a move to a new place, where the people are friendly, the amenities are first class and most of all, your dream property is within your reach.
Real estate loan is what a lot of people use to buy their home. Real estate loans have been instrumental in bringing joy to people by making that unaffordable house affordable. Some real estate investors too make use of real estate loans for buying properties. However, real estate loan is not free money and anyone who buys real estate or plans to buy real estate using real estate loan must understand the concept of real estate loan very clearly.
Real estate loan (also known as motgage ) is the money that you borrow from someone (a financial institution i.e. a motgage lender) for the purpose of buying a property. The real estate loan generally covers a part of your purchase price and the remaining portion has to be paid by you upfront i.e. as down payment. The amount (i.e. the percentage of total purchase price) that you have to pay as down payment is dependent on a number of factors and you can generally reduce it to even 5% by going for mortgage insurance.
FHAand VA loans (i.e. mortgage insurances through FHA and VA) reduce the down payment requirements on real estate loan even further. Whatever you borrow from the mortgage lender as real estate loan needs to be paid back to the mortgage lender over a period of time (and, of course, you will also need to pay appropriate interest on that real estate loan). The tenure of your real estate loan and the prevailing market rate will determine the amount of interest you pay for your real estate loan. Generally, you are required to pay back the real estate loan in the form of monthly instalments which are composed of both interest and principal portions of your real estate loan.
Also, there are various types of real estate loans e.g. fixed interest rate loans and adjustable interest rate loans. So depending on what type of real estate loan you have gone for, your monthly payments might either remain constant ( fixed rate ) for the full tenure of the loan or keep getting adjusted periodically (adjustable rate) on the basis of a financial index. Besides that, some other costs are also associated with real estate loans e.g. there are closing costs , inspection costs, attorney fee etc.
Also, in case the property needs some repairs, there will be costs associated with that too. Again, there is stamp duty and other taxes that you need to pay. So, really, you need to understand the concept of real estate loans and the related costs clearly before you actually go for the real estate loan. And understanding these concepts is really not that tough.
When one pictures his dream home, he would naturally think of a house have every bit of comfort and peace and surrounded by an environment that meets his requirements. You can barely define what a typical home can be like, but it should at least be a place where your mind and body can relax itself. It should make you say ‘Home Sweet Home’. Be it large or medium or even small, the atmosphere inside your house should help you calm yourself. At present, you can find innumerable real-estate companies. Most of them promise world class services. But reliability is a strong factor that makes the choice of a company difficult.
San Diego, one of the most important commercial centres of the world, is a place known for its economical viabilities. It is also the second biggest city in the State of California in the United States of America. Moreover the climate is very refreshing and comforting. Thus San Diego homes for sale are obviously in demand. 7 estates is a real-estate company that provides you San Diego homes that are for sale and houses rent San Diego County. The locations of these homes are very aesthetic. The natural beauty surrounding these homes can grab anyone’s attention. The houses are studded with high quality and luxurious comforts. All these features bring to mind a price that is beyond the reach of most. However the actual price is astonishingly lower.
San Diego is rapidly growing into a well-developed city. Highly developed infrastructure and a location craved by many over the world, San Diego homes for sale and sale houses San Diego have a really high demand. Thus it is necessary in every respect to find a genuine property that does not come with a jaw dropping price. Search San Diego MLS listings is the method of selecting your desirable property, purchasing it, or selling it. The web-site classifies the properties as Basic, Advanced or map on the basis of floor area, no. and size of bedrooms, bathrooms etc.
Both the buyer and the seller are provided with all the necessary information by Houses rent San Diego County, with a small price that is required during the transaction. They also employ short sale specialists who guide and advice owners in matters of short sale of properties and against any kind of foreclosure. This kind of a situation usually occurs when the lender is of little help when the owner’s property has been undervalued. 7 estates keep in mind the needs and demands of each and every of its clients individually. 7 estates employ hardcore negotiators who make the situation of San Diego foreclosure homes for sale simpler and less complicated. The entire process remains confidential. 7 estates also manage San Diego Investment properties for sale and Townhomes and condos for sale. The site is also very helpful to clients who wish to relocate to San Diego. The site provides very detailed San Diego County relocation information. So if you want that dream home in San Diego, you know whom to rely upon.
Tenant improvement allowances, funds provided by the landlord to improve office space, are becoming increasingly prevalent during landlord-tenant negotiations, and all companies should consider their role in creating an ideal office space. However, companies seeking to lease at least 5,000 square feet of Class A & B office space with a lease term of at least five years can exercise much greater leverage on the landlord and will typically find it easier to achieve many of the suggestions below. If in doubt, you should consult with a real estate broker to determine the feasibility of any specific item.
1. In todays economic environment, many landlords are providing and funding 100 percent of the building standard installations required by tenants.
2. Tenants should try to negotiate above-standard items, such as millwork, extra HVAC, large glass walls, plush carpeting or special lighting, to get them included in the tenant improvement allowance provided by the landlord.
3. When landlords refuse to fund all or a portion of above-standard items, tenants can try to amortize their cost into the rent over the term of the lease instead of paying out of pocket.
4. Funding above-standard work can also be achieved via negotiating tactics, for example, offering to decrease the quantity of free rent and increase the tenant improvement allowance instead.
5. We recommend tenants hire an architect to represent their interests and suggest a layout and design of the space to ensure tenant improvement allowances are put to the best possible use.
6. Tenants can avoid the need for a large tenant improvement allowance by touring many suites and finding one with a suitable existing configuration. However, we advise tenants to avoid compromising the amount of their tenant improvement allowance just to decrease the rental rate.
7. Landlords are providing generous tenant improvement allowances for new tenants, and tenants can use this as leverage even if they are only renewing, especially if they have occupied the space for the past five-to-ten years.
8. If landlords offer a specific dollar amount for a tenant improvement allowance, we advise tenants to negotiate an open-bid format, based on an expert review by their own architect, project manager or construction firm.
9. Many companies are using tenant improvement allowances to create more light in the workplace by adding glass in offices and conference rooms. From narrow, vertical side-windows to full walls of glass, natural light illuminates interior areas and provides sight-lines for workers to improve communications and productivity.
10. We always recommend tenants hire an architect to brainstorm about the best uses for tenant improvement allowances. Many companies are decreasing hard-walled offices in favor of flexible workstations and huddle rooms, small two-to-four person conference areas, to accommodate departments changing needs.
The only thing churning more intense than my stomach was the salt water in the Gulf of Mexico. The storm surge from Hurricane Ike had most coastal residents scrambling for higher ground and my gut craving Dramamine and that patch that embarrassingly sticks to the skin behind your ear that tells the world, “I am a land lover.” I was feeling seasick without ever leaving dry land.
I confess. I’m a Realtor in Houston, Texas who was a selling machine leading up to the “greatest storm” of my grandkid’s era. I survived the 175 MPH winds of Hurricane Carla, not to mention every hurricane before and after Carla since 1953. So, for me, this hurricane was just going to be another Texas breeze. My grandchildren, however, will tell my great grandchildren someday how they survived the greatest storm of their time. In my case however, the little ones will sit at my feet as I recount how I survived the greatest real estate storm of my time, at least since I came to Re/Max Houston 20 years ago. Now, I’m not talking about Hurricane Ike. I’m referring to the “Perfect Real Estate Storm” that hit Houston all at once and high winds and storm surges are only part of the story.
Ok you ask! Why is a Re/Max Houston professional espousing such negative thoughts about the Houston real estate market? In reality, what you will glean from my personal story here is just the opposite. Actually, now may be the best time to buy Houston real estate, just as it was during the oil crash of the 1980’s. Those who bought homes in Houston then made remarkable profits when they sold just a few years later. Perhaps those who missed that opportunity before now have a second chance to score some great Houston, Texas real estate opportunities. The smart money is doing just that already.
Let me lay all my cards on the table. I’m just going to say it and get it out there. I sold seven homes in 10 days before Ike hit and I didn’t want anything, including Mother Nature messing with my production. There, I said it and there are no take-backs. I was on a proverbial roll. As Forest Gump would proclaim, “I have nothing else to say about that.” The third quarter of the year and the holidays were looking pretty festive especially since I still had other pending sells in the pipeline just about ready to close as well.
Once the storm hit land however, and the aftermath was vividly displayed on the news, I came to my senses and realized how selfish my thoughts have been. My own concerns were insignificant to the impact the storm was having on so many people’s lives. Like the rest of my fabulous neighbors, I got out what yard equipment I still have at my age–a rake–and I began the process of helping people in my neighborhood removing limbs, leaves and offering hugs to those who just needed one. The images on television of the devastation had a much greater impact on the collective psyche of my neighbors than any minimal damage the storm caused us. They were network news and CNN driven hugs. They were some of the same hugs that brought us together after 911. I love those hugs. They are sincere and meaningful hugs which tells the recipient I’m glad you’re ok and I am here for you. I wish terrorists and natural disasters weren’t the catalyst of such an outpouring of affection.
The point is, as the rest of the country was lamenting from its own real estate storm with plunging real estate values to the depth of Davy Jones’ Locker, I was enjoying a robust market for the most part. Since the storm however, the market in Houston at least for the moment has been quiet for real estate professionals as it was when the eye of Hurricane Ike passed directly overhead. That eerie quiet when you know it has stopped now but there is more on the way.
What changed in the Houston real estate market? Why did our thriving market go from one of the hottest real estate markets in the country to the status quo with the rest of the nation’s housing market? Hurricane Ike tore up the Gulf Coast, but over all, the city of Houston and surrounding communities were spared that same devastating damage. Why the sudden slump in Houston real estate values?
There she blows! Here comes the perfect storm! I like to call it the “superfecta.” Like the horse race, win, place, show, and there goes my equity–for the moment I might add. Four significant events hit us pretty much at the same time. As the 1980’s illustrated however, when the next race begins, the Houston, Texas real estate market is the first out of the gate. With the right jockey, your Re/Max Houston professional, The “Bayou City” will be the first to the finish line too.
Of course, one of the four events is Ike. Many gulf coast residents were distracted by storm damage, either to our homes or someone we know. There was much to do and no electricity to do it with. Minimal, fences were down and some shingles were missing–if we were lucky. Either way, it was a pain in the neck. Insurance companies, contractors and handymen had to be contacted. We were all preoccupied. It took months for the posttraumatic stress of Ike to get past our subconscious even if our homes were perfectly fine and undamaged. Buying a home, with the devastation people saw on TV was not exactly a top priority at this moment in time.
Secondly, the demise of the sub-prime market was already beginning to have an affect on the Houston real estate market just as it did to the rest of the country. Foreclosures were piling up and home buyers who could qualify for a loan, literally on one day, were suddenly shut out of the real estate market the next day as lower credit score applicants were suddenly denied low down payment programs previously available. Some programs ended while buyers were on contract waiting to close. “Poof,” programs were just cancelled by lenders and the sale fell apart. The buyer was devastated. Ironically, the seller even had a difficult time believing their own Realtor that a program would just suddenly end. The seller wanted the buyer’s earnest money for having their home off the market for a nonqualified buyer. This is a lesson in simple supply and demand. Take away the demand, add to the supply and it’s a formula for falling real estate values or any commodity for that matter which looses its market.
A third factor affecting the Houston real estate market is falling oil prices. This phenomenon is more indicative to the Houston economy than the rest of the country. The Houston economy is more diverse than it was during the 1980’s oil crunch, but let’s be real–oil drives the Houston economy. At $140.00 a barrel, the energy sector is begging for qualified employees. Engineering and oil and gas companies could not hire qualified people fast enough. The demand was so great; these firms had to look to other shores to find enough qualified workers. Cut the price of oil in half in a matter of a few months, well someone “my friend” to borrow a phrase from John McCain is going to get a pink slip. Neighbors who gave me hugs a few months ago now have concerns about “pink slip” rumors at their jobs. I’ve received several pink slips myself from potential clients who have dropped out of the market until economic concerns settle down. A mistake on their part? Just like the stock market, the unwise stock purchaser waits for stock prices to go up and then jump into the market rather than buy when values are still low.
Along with falling oil prices of course, we’re dealing with the slumping stock market, wall-street blues (what a great cop show that was); and the failures of Fannie Mae, Freddie Mac; Ford; GM; AIG bail outs; hand outs and Brett Favre doesn’t play for the Green Bay Packers anymore. When will it all end?
To make a long and tumultuous story short, a lot has happened to the Houston housing market in a short period of time. But, just as fast as you can say, “The Jets are going to the playoffs with Brett Favre,” the Houston housing market will turn for the better as well, just as it did 20 years ago. The smart money will jump on Houston Real Estate before it takes off again. Homes that sold for $30,000 in 1988, sold five years later for $65,000 in traditional lower value areas. Prices increased dramatically more in higher demand areas such as The Heights near downtown. By year 2005, the same home sold between $95,000 and $100,000 or for much more depending on the area of town. Own a few of these values and call it a day. The deals are out there now, but it will not last forever. It never does.
The price of oil will go up again. It’s only a matter of time. Hurricane Ike will be a distant memory. Houston real estate values will be off to the races, again.
So, miss the second great real estate opportunity in Houston in the last 20 years and we will see then who needs the Dramamine. I have been seasick before without leaving land. It’s not a pleasant feeling.