2009 was a ‘challenging’ year

2009 was a ‘challenging’ year: "Overall, 2009 saw improvements in the residential sector of the market, though there were widespread reports of Realtors closing their first transaction of the year in early summer. Many of these stories involved short sales or bank-owned properties. The most optimistic residential Realtors described 2009 as “challenging.” "

Florida foreclosures top California rates

"Florida is now No. 2 in the nation for foreclosures, dislodging California and now trailing only Nevada. Market watchers fear the situation could worsen in the next two years, as high unemployment and tight financing offer few positive indications. RealtyTrac data show that one in every 119 homes in the state was in some stage of foreclosure in November. South Florida’s tri-county area was the 13th worst market in the country, with one in every 136 homes in some stage of foreclosure. [Sun-Sentinel]"

Making property a self-service sector - The National Newspaper

Making property a self-service sector - The National Newspaper

Happy Holidays from American Airlines

Happy Holidays from American Airlines

Posted using ShareThis

Fla. 2009 Profile of Homebuyers and Sellers

Fla. 2009 Profile of Homebuyers and Sellers: Fla. 2009 Profile of Homebuyers and Sellers

ORLANDO, Fla. – Dec. 4, 2009 – The real estate market constantly evolves, and Realtors must continually have a clear picture of today’s homebuyers and sellers. The “2009 Profile of Homebuyers and Sellers, Florida Report” describes the characteristics and motivations of the state’s recent homebuyers and sellers.

The complete 211-page report, compiled by the National Association of Realtors, is available on the research page of floridarealtors.org at: http://www.floridarealtors.org/Research/Index.cfm"

Florida leads nation in foreclosures

Foreclosures hitting more people with good credit:

WASHINGTON – Nov. 20, 2009 – "The foreclosure crisis likely will persist well into next year as high unemployment pushes more people out of homes, pulls down housing prices and raises concerns about the broader economic recovery."

"Among states, the worst damage is still concentrated in the states hardest hit from the start: FLORIDA, NEVADA, CALIFORNIA and ARIZONA. Together they account for 43% of new foreclosures."

Distressed sales remain a concern

Distressed sales remain a concern:

WASHINGTON – Nov. 20, 2009 – "Twenty-nine percent of recent buyers purchased a home in foreclosure or through a short sale, according to the latest Realtors® Confidence Index. Realtors who participated in the survey are also concerned about a growing number of foreclosures and the hurdles buyers face in short sales."

rock bottom update

Timeline from web team on items pending completion. Progress with site is coming along. Subscription page and programming. Conference call with Growthink regarding attorney's review of PPM. Risks analysis, how much is too much? Give back and our financial model. Percentage of revenue vs. profit....

JD back at the University of Miami for entrepreneurship week. Events put on by Launch Pad. Today's panel, Internet Business. Tomorrow, woman in business - all day event: raising capital, forming a team, investor etiquette 101.

The Real Deal | South Florida Real Estate News

The Real Deal South Florida Real Estate News: "New York best for renters, Florida best for buyers
November 04, 2009 06:00PM

Good news for New York City renters: they're living in one of the top rental markets in the U.S., according to Forbes magazine. The publication ranked the top cities to rent in the U.S. based, not on value, but on whether it's more fiscally prudent to buy or rent in that location. New York City took the number two spot on the list, beaten out by Los Angeles for the top position. Three other California markets made the top five list. On the buyers' side, Florida took the cake, with two of the state's top residential markets, Orlando and Tampa, ranked as the number one and number three best cities to buy in, respectively. [Forbes via NYDN]
Tags: buying market forbes magazine rental market residential market"

Rates on 30-year loans fall below 5 percent

Rates on 30-year loans fall below 5 percent

j & j in Miami

JZ was here in Miami : Fri - Sun. Back in LA now. Working out general real estate deals, teaming up with potential cb associates / Website progress, programming services with correlating subscription. Seo proposal: Pageoneorbust.com. Website Completion 2 weeks.

UF study: Job uncertainty holds back real estate resurgence

UF study: Job uncertainty holds back real estate resurgence: "GAINESVILLE, Fla. – Nov. 3, 2009 – With the state’s high jobless rate, Florida’s real estate outlook faces a dangerous condition that can delay any economic recovery: uncertainty.

“Most economists think the recession is over, but people are afraid to spend money as unemployment keeps going up, which creates problems for every sector of the real estate market,” says Timothy Becker, director of UF’s Bergstrom Center for Real Estate Studies, which released the latest University of Florida (UF) quarterly survey.

Florida’s unemployment rate climbed to 11 percent in September, its highest level since 1975, Becker says. And that, along with a large number of foreclosures, places Florida near the bottom of states expected to recover from the economic downturn.

“Florida was the first one into the recession and it’s probably going to be the last one out,” he says."

Florida homeowners walking away from underwater mortgages

Florida homeowners walking away from underwater mortgages: Duque’s game plan is known as a strategic default – when borrowers walk away from loans, even if they can afford the payments. Here is a look at the benefits, the risks and the ethics of such a move.

The Real Deal | South Florida Real Estate News

The Real Deal South Florida Real Estate News: "Survey predicts South Florida price drops will be worst in the nation

October 21, 2009 05:30PM

Miami will be the worst-hit market for falling property prices in the country, according to a report by Fiserv, a financial information and analysis firm. Declines in single-family home prices here are forecast at 29.9 percent by June 2010, the biggest tumble of all 381 metro areas surveyed in the report. Orlando fared second worst, with values shrinking 27 percent, the report said. Prices are forecast to fall another 26 percent in Fort Lauderdale. Nationwide, Fiserv predicts home values will slide 11.3 percent. It's the worst view of the Miami market to come out in some time, as recent Case-Shiller surveys have shown prices were stabilizing. [Miami Herald]"

Homes: About to get much cheaper

Homes: About to get much cheaper - Oct. 20, 2009: National home prices are forecast to shrink another 11%. Miami, Las Vegas and Phoenix will record steep declines, but a few cities will actually post gains."

Miami foreclosures nearly double last year's figures

The Real Deal South Florida Real Estate News:

Miami-Dade County foreclosures in September nearly doubled from a year ago, and Florida became the fourth-worst state for foreclosures in the nation, behind Nevada, Arizona and California, according to RealtyTrac. South Florida's biggest county saw a 94 percent increase in foreclosures from a year ago, with 5,721 suits launched. Broward County saw a 2 percent increase, with 3,493 homes entering foreclosure. Palm Beach County saw a 20 percent increase from a year ago. Statewide foreclosures rose 15 percent compared to a year ago, with a total of 55,036 homes in some stage of foreclosure. [Miami Herald] and [SFBJ]"

Foreclosures rise 5% from summer to fall

Foreclosures rise 5 percent from summer to fall: "WASHINGTON (AP) – Oct. 15, 2009 – The number of households caught up in the foreclosure crisis rose more than 5 percent from summer to fall as a federal effort to assist struggling borrowers was overwhelmed by a flood of defaults among people who lost their jobs."

Survey: Most economists see recovery starting

Survey: Most economists see recovery starting: "NEW YORK (AP) – Oct. 14, 2009 – More than 80 percent of economists believe the U.S. recession is over and an expansion has begun, but they expect the recovery will be slow as worries over unemployment and high federal debt persist."

South Florida Foreclosure stats for the week

Foreclosure stats for the week

Top Buildings

Photographing new condo buildings in Miami for our "Top Buildings" section. (top to bottom: Continuum 2, Apogee, and Icon Brickell)

Tibor Hollo, deal for buyers

Tibor Hollo, South Florida's dean of the deal, is thriving - Business - MiamiHerald.com: "Miami developer Tibor Hollo is offering at least one salve for would-be buyer anxiety: A no-income, no-assets, no questions-asked loan for 75 percent of a unit's value, plus a money-back guarantee."

Bailed-out homeowners often re-default

More than 50% of the homeowners who had mortgage modifications in early 2008 have since missed at least two payments.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=224514

Record streak for pending home sales

National Association of REALTORS: The Index, up 6.4% in Sept., has increased for seven straight months - the longest upsurge since the series began. http://tinyurl.com/y8potre

The Real Deal | South Florida Real Estate News

The Real Deal South Florida Real Estate News:

"History says home prices haven't yet hit bottom"

Florida’s consumer confidence rises as economic fears ease

Florida’s consumer confidence rises as economic fears ease : article

Florida home sales up, prices down

In SW Florida, clients are knocking on Realtors' doors as nationwide buyers read stories about the current bargains in Fla. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=224217

J Lo says hello to Icon Brickell

The Real Deal South Florida Real Estate News: "Singer and new Miami Dolphins minority owner Marc Anthony has purchased a unit in the three-tower Icon Brickell condominium towers, designed by Philippe Starck. The purchase adds to Anthony and wife actress-singer Jennifer Lopez's real estate holdings in New York and Los Angeles. Developer and Related Group head Jorge Perez had given the couple a personal tour of several condos. [People]"

Lost Decade for South Florida

The Real Deal South Florida Real Estate News: "The median price of a house in at least nine South Florida zip codes has dropped to the level it was in 1999, according to a new report. The median price of a single-family home in Deerfield Beach, Hallandale Beach and seven other Broward and Palm Beach county zip codes was lower in July this year than in July 1999"

9/28/09 - miami office

New business owners learn from mistakes
These business leaders admit to mistakes they made the first time around: a lesson for entrepreneurs just starting out.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=224166

$1M going further in many housing markets
A million bucks doesn't buy what it once did. In most U.S. neighborhoods, it now buys a lot more.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=224162

Rock Bottom Property.com

Rock Bottom Property is the go-to online resource for finding the best-priced luxury properties available on the market today.

Launching Miami Beta Site - Oct. 1

http://www.rockbottomproperty.com/

Excellent progress here in L.A.
Found a new attorney and looking forward to the PPM review.

Florida's job market may have hit bottom

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223734

'Mortgage Meltdown' video game tackles housing slump

The result is "Mortgage Meltdown," a bizarro-world version of Monopoly. Instead of buying properties and trying to corner the real estate market, your goal is to keep your head above water and wait for the economy to turn around. http://tinyurl.com/mypt9p

Condos facing finance troubles get creative

CHICAGO – Sept. 16, 2009 – Condo associations, developers and lenders across the nation are trying innovative tactics to save themselves from financial disaster amid the foreclosure crisis.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223440

Are homeowner's worse off after loan mod.?

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223230

Another loan crisis may hit S. FLA banks

Squeezed by the economy, more commercial property owners are in default, which could hit Fla. banks especially hard. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223174

J & J

Conference call with Chris at Growthink provided extremly helpful insight into understanding the core components of the PPM. Possible opportunity with a new company, Iwantanoffer.com - looking forward to meeting with the owners. Still trying to form the team at Coldwell Banker, we received an inquiry from an agent this week. Website, well... remaining patient.

Highest Foreclosure Rates - by State

Nevada had the highest foreclosure rate for the 32nd straight month. Followed by: Florida, California, Arizona.... View article for Top Ten states.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=223004

First time homebuyers race the clock

Just 12 weeks remain for eligible buyers to find and close on a home to qualify for the $8K federal tax credit by Nov. 30. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=222996

South Florida Foreclosures climb 39%

Foreclosure filings in August climbed nearly 40 percent from a year ago, according to data from Miami-Dade, Broward and Palm Beach counties. There were about 7,800 filings for the month, Condo Vultures reported, bringing the year-to-date tally to 67,185 foreclosure filings, up 34 percent from 50,157 in the same eight-month period last year. The consulting group forecasts the region could have 100,000 foreclosure filings in 2009, up from 75,000 in 2008 and 33,000 in 2007.
Source: [SFBJ]

Mortgage rates down, still above record lows

Rates for 30-year home loans edged down to 5.08% this week, remaining close to record lows reached over the spring. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=222844

Best Cities For A Housing Recovery

Miami makes the list...

Forbes article - http://tinyurl.com/mlzal7

Foreclosure guilt haunts homebuyers

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=222455

Bulk buyers want Fla's overbuilt condos

Bulk buyers want Fla.'s overbuilt condos. Miami is considered ground zero for distressed condo buys with more unsold units than anywhere else in the country.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=222380

With home sales up, tax credit evaluated

With home sales up, tax credit evaluated The Real Deal New York Real Estate News: "New home sales rose 9.6 percent last month, with 433,000 sold in July and 395,000 sold in June, CNBC's Diana Olick reported. This kind of data is encouraging, according to Olick, who says that both those figures show significant growth. 'For two months running ... we're seeing big jumps up in new home sales,' Olick said, adding that, despite the encouraging news, the influence of the first-time homebuyer's tax credit should be kept in mind. 'Is it all based on that first-time homebuyer's tax credit or can it sustain past that? That's the big question we're going to see in the months going forward.'"

J & J in MIA

Kickoff with Growthink on private placement memorandum. Excellent meetings with Maria from 3 eye group, our web design team. Excited to get the beta site up in Miami, very shortly.
Joe will return to LA tomorrow and dive deeper into the numbers. Still accessing the development of a real estate team here in Miami to handle leads and listings.

Downtown condo files Chapter 11

Everglades on the Bay, one of Miami’s most notable downtown condominium projects, filed for bankruptcy protection. A petition from Cabi Downtown LLC Developers said the tower had $100 million to $500 million in liabilities. The financially troubled project had its $256 construction loan come due February 18, after an extension from November 2008. Bank of America was the lender, but court records do not show how much it is owed. Gryphon Construction of Fort Lauderdale was listed as having the largest unsecured claim, at $912,272. Miami-based law firm Siegfried, River, Lerner De La Torre & Sobel claimed $395,456, and Holly Sime Realty of Miami seeks $193,750. [SFBJ]

Fla. taks force urges foreclosure mediation

A judicial court's final report calls for form changes, an Internet clearinghouse and mandatory mediation with lenders. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=221775

U.S. foreclosures rose 7% in July from June

In Fla., foreclosure filings were up 6.78% compared to June, and 23.11% over July 2008. But the state improved some. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=221489

Foreclosure Filings Jump in July

Foreclosure Filings Jump in July - washingtonpost.com: "Foreclosure Filings Jump in July"

Home Buyers gain an edge with Internet searches

Most spend an average of 16 weeks browsing websites before contacting a real estate professional to get serious. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=221104

Top Real Estate Websites

based on online traffic:

1. Realtor.com
2. Zillow.com
3. Yahoo Real Estate
4. ZipRealty
5. Rent.com
6. ServiceMagic.com
7. Trulia

http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=221059

Has the market hit bottom?

By every measure except foreclosures, the housing market has stabilized and is now starting to recover. http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=220855

July 09

We have the final business plan for rock bottom completed. Next phase: PPM. Continuously working with the web team - able to upload properties and interact with the site now.

Foreclosures up 15 percent in first half of 2009 - Real estate- msnbc.com

Foreclosures up 15 percent in first half of 2009 - Real estate- msnbc.com:

More than 336,000 households received at least one foreclosure-related notice in June. That works out to one in every 380 U.S. homes.

On a state-by-state basis highest foreclosure rate in the first half of the year (with more than 6 percent of all households receiving a filing)

1. Nevada
2. Arizona
3. Florida
4. California

Followed by Utah, Georgia, Michigan, Illinois, Idaho and Colorado.

Photos make online home listings stand out

Research shows online property listings with photos attract more buyers than those without, but quality is important. Read more.

July 4, 2009

Joey is leaving Miami and heading back to L.A. He is surely ready to get back. Realization of where we've come. Keep moving ahead. Celebrated Joey's 30th birthday. Received the business plan draft - which JZ said was "the best present" he could have asked for. PZ - thanks for the support. Made a lot of progress with the website, great cc Maria. Thanks for keeping up with us all the way from Medellin. Starting a business is a process indeed. Just keep moving!

First Time Homebuyers

First time buyers accounted for 40% of all April sales. (NAR)

These buyers are not chained to an existing home whose value is falling, and they have not suffered big losses in their net worth. (Business Week)

Fla.'s $8K program takes effect

First-time homebuyers can use their tax credit toward a downpayment, but the state must first collect money to fund the program. Read more

Downtown Miami

Skyline lights buck odds With dozens of high-rise condos in trouble and an urban core that isn't too active after dark, some analysts expected Downtown Miami to look like a ghost town after sunset once the housing bubble burst. About 80 buildings comprised of 23,000 units have come online since 2003, so those predictions seemed reasonable after the 2006 peak. But a new study from Goodkin Consulting/Focus Real Estate Advisors says otherwise. The majority of the residential units completed in Downtown Miami since 2003 are occupied and the closing rate is accelerating despite obstacles to financing. There's still a long way out of the bottom, but the process is moving. "Our research indicates that 62 percent of units in new Downtown Miami buildings are occupied by a combination of owners and renters, defying the perception that the majority of high-rises built in recent years are empty," said Lew Goodkin, founder of Goodkin Consulting. By Jennifer LeClaire

J & J

Back from LA. Met with Growthink - in person. Working on pricing, revenue streams. SoCal trip was well timed. Spent last two days in Miami, at a very infomative REO seminar.

Florida home, condo sales up in May

Looking up: existing single-family homes sales, condo sales and for the first time in months, the median sales price. Read more.

South Florida market looking better

MIAMI – June 16, 2009 – South Florida home prices have hit bottom, but threats to the housing market still loom as foreclosures rise, mortgage rates creep up and inventories remain high.That’s according to a prominent economist and several top real estate brokers who spoke here Thursday during the International Real Estate Congress hosted by the Realtor Association of Greater Miami and the Beaches.“We’re certainly near the bottom if not at the bottom,” said Lawrence Yun, chief economist for the National Association of Realtors.

Read more.

International buyers believe in Fla.

According to Gerson Lehman Group, international buyers believe the Florida housing market is poised for recovery. Read more.

Homebuyers Search Online

Market listings online and do it right
Over 80% of homebuyers search online, and for most of them, the photos you use can make or break the sale. Read more.

Making a dent

Latest foreclosure program may be working. The new version of the federal Making Homes Affordable program has helped more than 120,000 in just three months. Read more.

Marking them down

Home asking prices are reduced an average 10.6% nationwide. Miami (15%) and Jacksonville (12%) were tops in Florida. Read more

Average listing prices reductions in top cities:

1. Detroit: 23 percent
2. Las Vegas: 16 percent
3. Miami: 15 percent
4. Los Angeles: 12.1 percent
5. New York: 13 percent
6. Phoenix: 13 percent
7. Mesa, Ariz.: 13 percent
8. Jacksonville, Fla.: 12 percent
9. Long Beach, Calif.: 12 percent
10. San Francisco: 11 percent
11. Oakland, Calif.: 11 percent
12. Atlanta: 11 percent
13. Sacramento, Calif.: 11 percent
14. Cleveland: 11 percent

Give Back - Give Shelter

Los Angeles Homeless Services Coalition http://www.lahsc.org/

Camillus House, Miami FL http://www.cammillushouse.org/

NYC, The Doe Fund http://www.doe.org/

Did you know?

There is 1 new foreclosure every 13 seconds. As of this week, 1 million new foreclosures have been filed in 2009, according to a nonprofit research group. Read more

Growthink, LA

1pm e.s.t - cc

Rock Bottom Property-
Diving deeper. Differentiating. Where do we fit in. Full circle. The agent perspective.

Florida #1 Foreclosures

11% of Florida homes in foreclosure process
Florida ranks first nationally for homes in foreclosure and is the only state in double digits. The national rate is 9.12 percent. Read more.

Our website for Rock Bottom Miami will be up very shortly. We will start by focusing on showcasing distressed luxury properties in Miami and move into all of South Florida.

Other future target cities include:

L.A.
Las Vegas
Phoenix
NYC

May 28, 2009: News

TODAY'S TOP STORIES

Florida's existing home, condo sales rise

April existing home sales increased 18% over year-ago numbers, and condo sales rose 21%. National sales also climbed. Read more.

Governor signs $8K homebuyer credit into law

On July 1, first-time Florida buyers who quality for the federal $8,000 tax credit can use it toward a downpayment. Read more.

Survey: Economists see recession end in '09

More than 90 percent of economists predict the recession will end this year, although the recovery is likely to be bumpy. Read more.

Growthink / 3 eye group

JZ : LAX to MIA (5/23 - 5/28) / Miami meetings J & J

5/26/09 : 1pm e.s.t

Growthink, LA - Kick-off for rock bottom property. Discussion: Phase 1- strategic plan, business model, and concept. Seeing the value proposition and the niche. Great start!

5/27/09 : 10am e.s.t

3 Eye Group, Miami - Meeting with Maria. Getting ready to launch the rock bottom property miami site in the next few weeks. Extensive discussion on key questions, concepts and implementation.

Growthink, LA

Great article by Dave Lavinsky on Growthink's Blog:
http://www.growthink.com/content/how-dare-you-susan-boyle

CB meeting, Miami

In Florida, approximately 63% of mortgages have negative or nearly negative equity share. In California, 59.2%.

http://manyeyes.alphaworks.ibm.com

CB / Growthink

5/13 Coldwell Banker office meeting at Capri (nice new building on the bay in sobe, views of downtown, beautiful finishes, high ppsft., unique buyer will pay. Guest speakers, Duff Rubin from cb commercial.

Henry Ensler from sunbelt title; a look at short sales, the numbers - the reality.

5/14 Go to Meeting with Growthink 7pm e.s.t; impressive proposal for rock bottom.

www.gotomeeting.com

5/18 CC with Growthink 7pm e.s.t; contract overview and green light. kick off set for 5/22.

Growthink, LA

Conference call with Growthink (Jeff/Ryan), intro. Great questions and answers. Overview. Feedback. Direction. They get it.

http://www.growthink.com/

CB / RB Team, Miami

Working at Coldwell Banker office today. Met with our broker regarding forming a team. Excited about this next step.

3 eye group, Miami

Great conference call with Maria at 3 eye group - Friday afternoon. Thanks for the detailed PPT. Looks like we're making progress. Design wise we are close to completion, programming will take us some time. Hope to have the website up by the end of June.

http://www.rockbottomproperty.com/


Web Design / Development

http://www.3eyegroup.com/

Growthink, Los Angeles

Excellent meeting with Growthink - good job JZ. Getting to the next step, corporate structure, refined business plan and raising capital.

www.growthink.com

PST >> EST

What time is it? East Coast time. West Coast time. On the Pacific - do you get more done because of this time difference? The day is almost over here but not out there...

Los Angeles

Los Angeles, SO CAL ::: welcome