Delinquency, Foreclosures Climb In NY Area

Posted on: March 15th, 2012 by reedc
buy-bank-foreclosure

Analytics company CoreLogic Inc. has reported that delinquency and foreclosure rates in the greater New York City area rose at the end of 2011, bucking a national trend toward reductions in both categories. In December 2011, foreclosure inventories hit 4.6 percent, a 0.6 percent increase from the previous year, while delinquency rates hit 7.9 percent in the state of New York, CoreLogic said in its February foreclosure report. The news is even worse in the areas surrounding New York City. While Manhattan itself appears to be largely immune to the trend, surrounding boroughs and suburbs are in worse shape, according to a CoreLogic map published by The Real Deal. Beneficiaries of this news could include prospective home buyers and investors looking to pick up distressed properties, as the combination of low mortgage rates and rising foreclosure inventories should keep prices low for the immediate future. Why the increase? Some reports… continue reading

Is Manhattan too crowded?

Posted on: March 9th, 2012 by reedc
nyc-times-square-crowded

The New York Times recently published a column on the population of Manhattan and its continued growth.  We’ve all been there, cutting people off, giving dirty looks because someone has the nerve to walk at a casual pace, jamming into a subway car that will save you minutes instead of waiting for the next one, and don’t even get us started on that group who feels the need to walk 3 abreast!   Can Manhattan really handle more, aren’t we already over crowded? Manhattan currently has a population of 1.6 million, which actually is far less than it was in the 1910 before zoning laws were created.  At that time its population was 2.3 million with an estimated 90,000 windowless rooms available for rent. What’s interesting is how much the city swells each day, essentially doubling! During the work day the population grows to 3.9 million. This includes day-trippers, hospital patients,… continue reading

Earning profits through Foreclosure & Short Sale

Posted on: March 6th, 2012 by reedc
short_sale_vs_foreclosure

Recently, the real estate market has been seen as a black hole.   However, you will see that if you invest in the right type of property, you have the potential to earn very good profits with the added bonus of revitalizing neighborhoods. I am talking about short sales and foreclosures. Why Should You Invest in Foreclosures? When the borrowers have failed to pay for more than 90 days, lenders foreclose the property. The bank tries to recuperate the money lost by typically listing the properties for sale for the price that is owed to them and not the true value. Thus, properties may be found listed for $100,000, even though their real value is $250,000 or more. If you buy the property, you will in fact gain $150,000 in equity. The biggest profits tend to come when you invest in luxury foreclosures. This may even allow you to receive… continue reading

NYC Brokers Optimistic In 2012 After Tough 2011

Posted on: March 1st, 2012 by reedc
real-estate-rebound-2012

Despite anemic home prices around the country and a sour market in the fourth quarter of 2011 in New York City, city brokers have high hopes for 2012, according to a recent report by the Real Estate Board of New York. According to REBNY, 60 percent of the residential broker members it surveyed expect some improvement in the first quarter of 2012, an increase of 23 percent over the third quarter of 2011. Much of the optimism seems to be driven by bright spots at the higher end of the market — brokers reported a 7 percent increase in sales at the $3 million and above level compared to the fourth quarter of 2010, and a 6 percent increase in closings on rentals worth over $4,000. The survey also revealed the amenities that brokers find to be in high demand. The most sought after perks were doormen, in-unit laundry, private… continue reading

Working In A Rental Agents Paradise

Posted on: February 29th, 2012 by reedc
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Since the Great Recession hit, residential sales in New York City have been sluggish compared to the red-hot pre-bust bonanza. Sure, the top of the market’s doing fine, but the average agent might be struggling the close enough sales to stay afloat. Though city-dwellers may not have the cash to buy, they still need a place to call home, and the rental market has rebounded accordingly. Certain areas of the city saw average rents increase by more than 10 percent over 2010 rates, and demand should remain strong in 2012 and beyond, analysts say. And that should be music to your ears. It’s true that rentals don’t deliver big paydays, but they add up! Close a handful of renters a month and you might find yourself doing much more than just keeping the lights on. But an even better way to look at it is this: With rents climbing steadily… continue reading

Board Games- a smart way to understand real estate

Posted on: February 27th, 2012 by reedc
monopoly man

There are numerous board games that make you learn different things. Most games are made to teach strategy, math skills and spelling. Others make you answer many trivia questions and present facts. Other kinds teach players how to buy real estate, run a business, rent properties and even banking. A good example for these games is Monopoly, with more than 750 million people playing it and learning at the same time to become successful and manage their money. Rochester on Board is another good example of a real estate game. It involves real estate trading, teaching players how to trade properties. The board and even the rules are similar to those of Monopoly. The Anti Monopoly game will appeal to people who want to play a real estate and classic business, but in an opposite way than normal Monopoly. Players are able to work to get a monopoly and can… continue reading

Green education and its purpose in learning real estate

Posted on: February 23rd, 2012 by reedc
green-buildings-pyrmont

It’s obvious that the real estate business and all the industries related to it must undergo an immediate market transformation. In the past, working as a real estate representative was enjoyable. Every month, the agents used to have up to 6 contracts, 6 transactions, meetings with mortgage lenders and almost six home inspections. At the end of the month they were waiting for the money. Then, all of a sudden, they had up to 5 buyers and almost 4 sellers who were requesting a market analysis. The agents in the commercial and residential markets did work hard. Imagine such a schedule and how it suddenly disappears. It’s hard to believe that up to 30 homes are shown to a buyer and he/she doesn’t want any of them or that the lender refuses great credits. Imagine this situation with almost 6 buyers and all the process of discussing with the buyers… continue reading

10 FAQ’s about our REO Bus Tour

Posted on: February 21st, 2012 by reedc

What is the advantage of the Bus Tour over the class room training? With the bus tour you’re getting hands on experience in the field.  You will go through the entire inspection process of a few REO Properties.  You will see examples of what to do, and just as importantly, what not to do.  Additionally, you’ll have direct access to Ted Weinstein.   Every successful person has had a mentor to show them the “ropes.”  With Ted, you’re getting an REO Broker with over 30 years of experience.  Reo Brokers are dedicated solely to the listing and selling of bank owned properties.  If you’re serious about getting started in REO properties there isn’t a better way to get into investing then starting off with a mentor in the field. Who leads the tour? Ted Weinstein.  For the past thirty years, Ted Weinstein has been involved in the foreclosure process and the… continue reading

Tips and trends for real estate marketing in 2012

Posted on: February 21st, 2012 by reedc
iStock_000017084072Small

Specialists in real estate marketing believe that in 2012 the slump that affected the housing marketing in the United States will disappear. Yet, in case the marketing approach that you’re making use of is out of date, the revival will not occur too soon. In this article you’ll find out which are the most successful property marketing techniques this year. Utilize all these methods if you want to benefit from the housing upswing. Techniques for applying the 2012 technique in real estate marketing 1. The property content must be qualitative. The property marketing based on content states that clients will usually purchase from a respected and trustworthy brand. You can have new buyers if you start writing helpful articles and blogs. The secret is to create work that’s useful. For instance, some property websites might choose to present short descriptions of all the neighborhoods. Harris Interactive states that thanks to… continue reading

6 Ways To Find New Clients

Posted on: February 17th, 2012 by reedc
finding-new-clients

1. Social Networking: Get on Facebook, Twitter, LinkedIn, and any other service that can help you connect with prospective clients. And it’s not enough to just be there, you have to be active. Actively network with prospects, colleagues and industry heavyweights, and be sure to post frequent, interesting updates and maintain sleek, professional profiles. 2. Business Cards: Business cards are still a great way to drum up business. Hand them out to every potential client, but update your cards for the times — include your social media handles along with your standard contact info, and encourage prospects to reach out to you that way or via text. People are often more comfortable reaching out over the Web than with an old-fashioned phone call. If you’re looking to get cutting-edge, include a QR code on your card. 3. For Sale By Owner: Some property owners think they can make a sale… continue reading

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