Unrestored homes purchase +83%. Fashion is a ruin

The new trend of real estate, ruined houses for a market in crisis

They are called fixer-upper, more commonly slums, houses in poor condition sometimes to be rebuilt almost from scratch are the latest trend when it comes to real estate in New York.

The trend is becoming increasingly popular due to the decline of the houses on the market and lower prices of the houses in ruins, convenient despite the costs that the restructuring.

Jonathan Miller, head of the real estate firm Miller Samuel, told the New York Times that the purchase of housing conditions as "poor or very poor" rose in the City by 83% from December 2011 to December 2012.

"The properties for sale in Manhattan fell by 34% from the fourth quarter of 2011 - said Miller - touching its lowest level for 12 years now, and that's why those who want to buy a home has become more flexible."

Some giants of real estate, as Corcoran and Brown Harris Stevens, who first proposed not to customers homes in poor condition have decided to change its policy.

And search engines are emerging as RealDirect.com that allow users to perform ad hoc research, entering as keywords terms 'unrenovated', ie not refurbished, and 'needs work', needs restoration.

"Many people, especially in recent months, prefer a place to rebuild from scratch, a home created by them one hundred percent rather than made according to the tastes of someone else" said Doug Perlson, CEO of RealDirect.

Among those who chose to marry the new philosophy there are, for example, Laura Jacobs, a writer, and her husband James Wolcott, cultural critic for Vanity Fair.

The couple decided to buy a house for $ 750,000 in Washington Heights after selling the apartment where they lived for 1.36 million dollars.

"We knew that we would have spent at least $ 200,000 for the renovation, but the space was huge - they explained to the NYT - we were certain that the result would be what we wanted."

Even Corey Reese, attorney for Estee Lauder for nine years for rent in Chelsea, bought a 'slum' to turn on 24th Street, for $ 789,000,

"I saw an apartment in horrible conditions - he said - but I understood the potential: the view, the Art Deco style, the brightness. And finally - he added - the ability to have a real kitchen."

The Italian real estate market crisis, merciless numbers

Translation of an interesting article from the Italian web based newspaper Nove da Firenze .

The figures released by FIAIP are really discouraging: in Italy in the period 2007-2012 real estate sales were down by as much as 40%. In the past year house prices also showed a decrease of 12% (25% if we compare the average prices of the previous year with those of 2008.).

And common clichés that keep the industry afloat we have thought in the past few years the only luxury properties, and this both in Italy and internationally.

According to the findings in the recent MEETIN - a real estate meeting in Naples, for example, this assumption seems confirmed in the Southern Italy.

Over the last five years, sales and construction of new buildings have declined by 40%, sales of larger apartments and luxury properties in the most prestigious neighborhoods of Naples (Posillipo, Vomero, Chiaia) has instead maintained.

The same goes for real estate on the Sorrento coast, who have not registered even the declines in sales prices.

Of the first opinions in contrast seem to come from the Northern Italy, and in particular from Milan.

According writes Joan Valsecchi on Immobiliare.it News, it seems that even the high end of the market - which had not previously been the least affected by the crisis - is starting to feel a bit 'hit: properties of prestige of Milan in fact, would arrive at the cost 20-25% less than it was five years ago.

And if we can not speak of a real crisis, however, would seem obvious signs of some slowdown in the luxury market.

It seems that at this time the only ones who can afford the expense of a certain kind - we speak of digits that can even exceed € 19,000 per square meter - are entrepreneurs belonging to sectors that are resisting more to the crisis, such as fashion or telephone for example, or the super-rich from Russia or the Arab states.

To confirm the trend, in some way, there are also data published on 6 March by Osservatorio Residenze Esclusive (Observatory of Exclusive Residences), sponsored by Tirelli & Partners, and for the second half of 2012 in the cities of Milan and Rome.

According to these data luxury properties are struggling to find buyers, and so stretch of the days of sale.

According Casa24Plus for example, in Milan, for homes with a value of more than € 7,000 per square meter, the average selling now would exceed 16 months (in 2010 were less than one year).

We wanted to explore the question also heard the opinion of Dimitri Corti, CEO of Lionard Exclusive Real Estate, a Pistoia (Tuscany) estate agency specializing in selling luxury real estate in Italy.

According to D. Corti there is not actually a real braking because the Italian sellers are basically willing to consider offers also much lower, while still allowing you to get to the final sale.

Confirms instead the fact that buyers come almost exclusively from countries such as Russia, Ukraine, Lithuania, Kazakhstan.

We are then told that Tuscany is by far one of the most sought after, not only in Italy but also in the whole Europe.

Please follow me to Forbes

I am at http://www.forbes.com/sites/richardgreen/2013/03/13/california-has-a-shortage-of-rental-housing/.

Greece for sales: Athens sells 28 public buildings.

Among the buildings, offices of ministries, public bodies and the police headquarters.

After months of unnecessary delay, which among other things are often caused irritation of the representatives of the international creditors of Greece, the National Agency for the Promotion of Property of the State (Taiped, privatization agency), has announced yesterday the international tender for the sale and leaseback by the state, 28 state-owned buildings that are now offices of government departments, public bodies and even the police headquarters in Athens.

Properties for sale will be divided into two groups of 14 properties each, while the total rents that derive, according to the Taiped, will amount to approximately 30 million euro per year. The time for submission of tenders from interested parties expires next April 19.

With regard to the period of leaseback,the State may recover any property at the market price after about 20-25 years. According to officials of Taiped, the problem for the sale of real estate is not a lack of buyers willing to invest, but the fall in prices, as the sale comes at a time of severe economic crisis that has already caused a serious decline in the value of the property .

As financial advisors have been appointed to the Taiped Alphabank, the Eurobank Equities Investment, the National Bank and the Bank of Piraeus.

Why not worry about the deficit right now?

Because if I did my math right, Federal Government interest payments are at a long-term low relative to GDP. [Update, after looking more closely, I see that the source of the data--the US Treasury--includes state and local interest payments as well]. Consider the chart below:

Federal Government Interest Expense on Debt Outstanding Relative to GDP

The numerator is annual Federal Government interest payments, which come from here.  I am pretty sure these numbers are in nominal dollars.  The denominator comes from the BEA, and is in nominal dollars. Years are fiscal years.

Note that interest rates would have to double for us to be in the situation we were in the late 1980s, the end of the (ahem) Reagan Administration.  Do we ultimately need a steady state in which debt to GDP doesn't rise?  Absolutely.  Just not tomorrow.

Thud of the real estate market in Paris, shaking the prices of the safe of Europe



Is the future of Paris grey ?

Storm signals were on the horizon but the final amount were worse than expected. "Home sales in Paris, one of the world safest real estate markets, have fallen by 21% in one year" makes known the Chamber of Notaries of the Ile-de-france.

Throughout the region the decrease compared to 2011 was 13%. Is therefore just the capital to suffer the most, so that prices historically high and untouchable, begin to give little signs of abating. In one year the costs are decreased by 1%, but with a tendency to get worse. The square meter value is still really expensive with and average of  8270 euro even for normal houses, not luxury villas or castles.

According to data provided by notaries have been sold in the capital only 27,690 units. In the entire region instead the amount was 150,000. Of course, the proportion between the city and the common metropolitan area of Paris explain the difference, but the question remains: is this the end of the age of investor confidence or just an isolated incident?

In the Ile-de-france region lists value decrease was 1, 4% and the average price is now certified on 5510 euro per square meter. More convenient values 3,130 euro per sq m, are located in the so-called Grand Couronne .

The bigger houses? Are the Australian's

Australians have bigger

The United States are famous for their architectural excesses: the boundless city, towering skyscrapers, monumental houses. We also saw that the U.S. can boast at least six of the ten most expensive homes for sale in the world. But it is news not too long ago that Australians have escaped the "cousins" Americans another record: that of the larger houses

According to research commissioned by the Commonwealth Bank of Australia National Institute of Statistics, for the first time in ten years the Australian houses of new construction have been awarded first place in the ranking of the larger houses in the world, thus relegating the new constructions American second 

The survey, conducted on individual homes and apartments completed in 2008-2009, shows just how the amplitude of Australian homes have increased by 10% in ten years, reaching an average of 214.6 square metersIn second place are the new American households, whose average size is decreased from 212 square meters to the existing 201.5 square meters. 

 Follow the case of New Zealand with an average of 196.2 square metersIn Europe, the larger homes can be found in Denmark (137 square meters, data Policy Exchange 2005), which in fact occupies the fourth position in the world rankings prepared by CommSec. Italy is the second lowest, with an average of 81.5 square meters.  English are the lowest (76 sqm).
 
If so Australia has the biggest houses in the world, which areas are the most important sizes? The national ranking is headed by the state of New South Wales (NSW), where the new buildings completed in 2008-2009 have a surface average of 262.9 square meters. For those who prefer smaller homes, the recommended destination is Tasmania, where the average size of new construction is "only" 190.6 sqm. 

The American People agree with George Orwell

This video presents what the American people consider to be the ideal wealth distribution.  At 2:47, the narrator notes that under this ideal distribution, "the wealthiest folks are about 10 to 20 times better off than the poorest Americans."

George Orwell in Why I Write:

2. Incomes. Limitation of incomes implies the fixing of a minimum wage, which implies a managed internal currency based simply on the amount of consumption goods available. And this again implies a stricter rationing scheme than is now in operation. It is no use at this stage of the world's history to suggest that all human beings should have exactly equal incomes. It has been shown over and over again that without some kind of money reward there is no incentive to undertake certain jobs. On the other hand the money reward need not be very large. In practice it is impossible that earnings should be limited quite as rigidly as I have suggested. There will always be anomalies and evasions. But there is no reason why ten to one should not be the maximum normal variation. And within those limits some sense of equality is possible. A man with Ј3 a week and a man with £1,500 a year can feel themselves fellow creatures, which the Duke of Westminster and the sleepers on the Embankment benches cannot.

Real Estate, optimism back with the Web: digital relocation

The new web frontier of real estate market, the dedicated real estate search engine

According to a survey, the benefits in terms of efficiency of the use of the Web for real estate portals are characterized by rapidity in providing timely information to customers, the ability to keep up with the competition and meet the demands of the market with significant time savings and money.

 

The web marketing can very well replace the obsolete forms of traditional advertising, such as newspapers and magazines, which in addition to being inefficient, requiring large amounts of money.

From the point of view of the purchasers, not only are praised all the characteristics of a digital communication, but also the speed to be able to take advantage of an estate portal in order to submit their ad, to be viewed also from a wider range of customers and international at affordable prices.

 

With the increasingly widespread use of search portals property changes the relationship with the customer that easily with one click can search for the home of your dreams in all parts of the world.
 

The advertisements have all the necessary information accompanied by images and videos so as to provide all the details needed for a distance vision.

The popularity of smartphones, tablets and laptops has facilitated this type of interaction, and to guarantee the freedom and time savings potential customer.

 

An excellent example of real estate search engine comes from Italy with Cercacasa.

 

Cercacasa.it is the first professional portal for the promotion of the buildings designed and built by real estate professionals and also managed according to the logic social oriented. A portal opened to the potential of Web 2.0. Experience of more than 12,000 industry professionals get the most innovative solution for the management of its real estate reality and integration with fellow real estate agents located throughout the world, which will allow you to quickly find a property meets your needs.

 

The site was created under the auspices of Fiaip, Italian Federation of Professional Real Estate Agents, which has always worked to make more ethical and transparent real estate market.

Tips for Buying Real Estate Online

The Internet has changed modern life in many ways, including the way that people buy and sell real estate. From real estate broker websites to personal blogs on real estate, there is tons of online information for potential buyers to utilize. Though most people already use the internet to search for homes listed for sale, there are some other things that can be done to get even more value out of shopping for real estate online.


Compare Homes

Online shopping allows people to compare homes side by side from the comfort of their own home. Though nothing replaces an actual property viewing, an online look at a home is a low stress environment that allows buyers to view the home without the pressure of a broker or other shoppers. The Internet also allows buyers to simultaneously look at similar homes in various areas. For example, an internet shopper can search for and compare all of the three bedroom homes with-in a 15 mile radius of his or her work.

Neighborhood

A residential or commercial real estate property is only as good as the neighborhood that surrounds it. The Internet allows a buyer to quickly learn about the neighborhood in which a real estate property is located. For example, a buyer can learn about the crime rate, the quality of area schools and the proximity of local stores and restaurants. Online mapping programs can even allow a remote buyer to view the local area from another location.

Research Values

There is often a vast difference between the asking price of a home and the actual selling price of a comparable home. An online shopper can quickly look up information on past selling prices for similar properties before viewing a home. With a smartphone, a buyer can even look up these prices while at a home or in a real estate broker's office. Having this information on hand at all times can help the buyer to negotiate the best deal possible.

Networking

The Internet allows a person to share information quickly and easily with people that they know. By posting on a social networking site that a person is interesting in buying a house or other real estate property, the buyer will let everyone know that he or she is in the market. This can help the buyer to uncover reel estate that is not yet listed, motivated sellers or for sale by owner properties that are often missed through traditional real estate searches.

Loan Acquisition

One of the most important parts of shopping for real estate is qualifying for a loan. The Internet provides shoppers with access to lenders all across the country that can best meet the buyer's unique needs. For example, a buyer with credit problems can use the Internet to find mortgage lenders willing to work with him or her to qualify for a loan. A buyer with good credit can also use the Internet to find the best deal on a mortgage loan which can result in thousands of dollars of savings over the life of the loan.
More information, please visit :

About Dubai Real Estate 2013

2012 will always be credited as a year of celebration, optimism and robust recovery in the history of Dubai real estate as it brought various good news related to the performance of this sector. Local and international investors, who had lost confidence on Dubai realty sector after economic crunch, flew back to Dubai to complete several property transactions during the previous year. The sector's growing performance also impressed and encouraged newbie investors to enter into the sector with renewed confidence. Property prices, which had fallen by more than 50% during the course of 4 years since 2008, finally showed an upturn during 2012.

Performance highlights of 2012 revealed that the prices of villas and apartments have increased by 21% and 7-8% respectively. This increase predicts a prosperous future and can pave the way for robust recovery ahead in 2013. However, there some are experts who believe that re-inflating property prices and launching of grand property projects has its own set of risks. As per these experts, officials and developers should adopt a cautious approach otherwise the recovery will be slowed down in 2013. Let's discuss the factors that are slowing down the process of recovery in Dubai real estate sector.

Oversupply!

Residential real estate sector of Dubai will continue to experience an upturn in 2013 but the growth pace will be slower compared to 2012 due to the delivery of a number of residential projects across Dubai. With various property projects at different secondary locations, the recovery is expected to extend to wider areas of Dubai, which was previously limited to only prime neighbourhoods. At the same time, around 50,000 property units will be added to the supply line in the coming three years. It may not make some difference now but the fact is that Dubai is already under the pressure of oversupply. More property projects in secondary locations may lead to a decline in the rents or property prices, which can also affect rents and prices Dubai property for sale in posh areas.

Grand Property Projects are Back!

With stability in rents and sale prices of Dubai properties in the year 2012, 2013 is predicted to be a year of robust recovery and Dubai has also rediscovered its appetite for grand and gigantic property projects. Projects like the replica of Taj Mahal, the world's biggest Ferris Wheel and the expansion of Dubai Mall, to name a few, are in queue. One should not forget that Dubai is still struggling hard to come out of the bust and shake-off its effects so the strategy to impress the world with the world's largest, tallest or biggest buildings should not be adopted right now. This strategy led the UAE real estate sector to the verge of bankruptcy in 2008.

Over Confidence!

2012 has revealed that property transactions were 49 percent up compared to the number of transactions that took place in 2007. At the same time, 70 percent property purchases were made using cash as buyers avoided mortgage in 2011. Most of these investors were the ones who had adopted "wait and watch" strategy and invested their money in Dubai real estate sector only when they were absolutely sure that the time was right.

As per the current situation however, it can be said that the forecasting growth based on these statistics is nothing more than overconfidence, which can adversely affect the sustainable growth of the sector in the upcoming years.

If Dubai government and officials will take a cautious approach, not only will the sector recover fully in 2013 but it will also achieve its original highs.
More information, please visit : http://www.bayut.com/

London: Battersea Power Station reborn, boom of luxury homes

The building made famous
by '30s cover Animals Pink Floyd

It's the fastest selling real estate of this kind recorded in London. 

In four days were sold real estate properties with a total value of 600 million pounds (nearly € 724 million) in the converted historic Battersea Power Station, the one with four colossal chimneys, in the south-west of London, the largest brick building in Europe remained unused for three decades.  An interesting example of luxury homes building boom.

They lined up starting at 6:30 am, reports the British press to grab a seat, large or small, preferably overlooking the River Thames, as this may become one of the largest urban corners 'cool' of the "new London" .

The building is considered one of the best examples of Art Deco architecture in the '30s and was made famous by the album cover of Pink Floyd's "Animals" of 1977, the one with the pig flying between the white chimneys of the plant.

The sale is open on Thursday and by Saturday had already been purchased all 600 units made available on the 800 in the project. From studios to 340 thousand pounds (415 thousand euro) in the attic of 6 million (over € 7 million). And the buyers belong to different classes: the bankers of the city to a former employee of the power plant. The company that operates the store is sure that soon all the 800 apartments will be sold, and in 2016 will begin the first tenants to live there. In fact, for the moment everything is on paper: the site has not yet been started, should start in the summer, but the project was assigned Uruguayan architect Rafael Vinoly and funded by a Malaysian company, it really makes my throat. 

The plant has stopped producing electricity in the early 80s and since then the industrial complex was designed for different locations, a Disneyland at one stage. To protect them, the four chimneys will be extracted and stored separately during the work. The conversion also foresees the creation of green spaces, swimming pools, gyms and commercial spaces, which will be used up to 15 thousand people. The enthusiasm did remove checks for Battersea Station Pawer the experts also explain the sudden increase in real estate costs and the coincident lack of housing in the surrounding areas such as Kensington.