Category Archives: US Market

Now theres a novel thought…?

October 9th, 2014

In light of the serious ongoing discussions in the Australian Real Estate market over office charges, comes – well especially after the multi-billion dollar US Real Estate Portal merger… this below  statement.

2014-10-09_statement

There are plenty of voices over their who have a point of view on it too

Far from the worry some are mentioning is the fact that any such large spend will expect a payback….and everyone is bandying around 2014’s new catchword “disruptive” as a way of describing something that could be a game changer. Admittedly we here in NZ are more like Australia and the UK in our buyer / seller relationships, and this is quite different than the MLS centric situation the US finds itself in.

2014-10-09_worryornot

Well moving forward ….

Heres the article,

Makes you feel great to be a Kiwi … and having such forward thinking folk in our own industry, because years ago the NZ real estate industry already started down this path….

And it looks like its started.

2014-10-09_dejavu

… feels like a touch of “seen this before…..”

Advertising Signage…

August 2012

Just been alerted to this by a tweet from C21 (below). Imagine this…you place a For Sale sign on your property and ………… then this happened……….

By 5 o’clock that night I was calling him frantic with the phone ringing off the hook with TV camera’s outside our house…. from that VERY FIRST interview request…..

Well it did happen in the last few months, & it was for a “Sweet Bungalow” in Beverton, Oregon USA for sale at USD$169,000.

And the sign….here it is…

SOURCE: http://www.greatfamilyhome.com/magnets.html

You can get the story from the owner over here, and there is even a blog being written to chronicle the happenings. You can also buy a Fridge Magnet of the sign.

ORIGINAL SOURCE:  Inman News (via C21 https://twitter.com/c21selectpro )

 

Quiz Night…in the late afternoon though…

Feb 6th, 2012

Real Estate, especially for the media, is all about perspective….colour me not all that impressed with the most recent Demographia report released last week though?

So here is a bit of perspective.

Ok its definitely just realestate related, but be interested to know how many of you get these answers right?

1. What single USA city has seen 364,000 foreclosures since 2008?

2. Which American metropolis has seen its home prices drop 54% in the last 3 years.

3. In the 12 months to October 2011 this town with a population of just over 100,000, demolished 775 abandoned homes, what’s its name?

4. Commute times to work in this US town averaged 31 minutes, where is it?

5. You can buy a median priced property in this beautiful sunny spring break mecca at only USD$183,000, but that figure is off 50% since 2006, where am I talking about?

6. Yes, yes I know you’re complaining about your rates, $3,234 for a year seems a tad high. However based on your property value of $136,000, that figure seems to be stratospheric! Where is this lucky town?

And…just perhaps some Branch Managers might see something here they can throw around at the next weekly sales meeting when Mr “woe is me” Agent comes up with the “but its tough out there” line?

Try selling property in one of these markets!

1 IMAIM (*47% of homeowners are currently sitting on “underwater mortgages”)

2 TIORTED

3 TNILF in NAGIHCIM

4 OGACIHC

5 ELADREDUAL TROF, ADIROLF

6 DROFHCOR, SIONLLI

Answers are spelt in reverse.

CREDIT – msn.realestate.com

OECD releases updated Housing Snapshot

April 30th, 2010

Courtesy of their data visualization software, Tableau Public, you can view some of the charts like this one…..

which attempts to show a snapshot of the international housing market.

Its focused on major OECD partners so NZ misses out, but there’s no doubt about the amount of toxicity the US market has had to travel through, while at the same time how lightly Germany and Australia got off.

Jérome Cukier, OECD Factblogs editor says;

House prices in many OECD countries rose for more than a decade from the mid-1990s –  an unusually long and steep climb. Previously, booms typically lasted for about six years and house prices rose by about 45%; by contrast, the recent boom went on for twice as long and prices increased by an average of 120%.

Then along came the GFC and the recession “we had to have” and that put a real damper on things.

Interestingly housing prices in the USA had already started to nosedive before all this recession stuff and much earlier than in other OECD countries. According to Jérome, “led by the sub-prime crisis – compare the first quarter of 2006 with 2008. Indeed, that US fall, which undermined the value of products like mortgage-backed securities, helped trigger the financial crisis.”

The post informs us that US housing prices fell overall by about 30% leading up to mid-2009.

Some signals are suggesting that the US could be out of the woods soon, but caution on being a tad too optimistic is suggested in this The New York Times article.

The OECD finishes their article with a word of caution;

“International comparisons of house prices are hard to compile. There may be big variations between countries in how data is collected, and the data may focus on city prices, for instance, or cover only certain types of houses.”

Real Estate Agents Disclosure is a Duty

The current Real Estate Agents Act (Professional Conduct and Client Care) Rules 2009 booklet makes a licensee’s duty of care and professional obligation very clear in regards to the subject of disclosure.

Recently in Florida,  there has been an example of a disclosure situation on a large scale.

The Florida, Palm Beach Post published an article back in June, 2009 with the heading;

Parents in The Acreage fear possible cancer cluster; state looks at incidence rate

A week or so back, The Miami Herald report;

Health officials have confirmed the area has higher than normal rates of brain tumors and cancer among children.

Feb 17th, US CBS affiliate CBS12, started out their report by saying;

Tonight, real estate agents are reacting to the news of a cancer cluster in The Acreage.

Also in the last few days, US Fox TV affiliate WFLX have reported that;

The Realtors Association of the Palm Beaches is watching the cancer cluster situation, and they’ve just come out with a new disclosure form that people will have to sign before they buy or lease a home in The Acreage.

Could this have the potential to affect the price of homes in this nominated zone?

httpv://www.youtube.com/watch?v=_-74MDgoe0g

YOUTUBE VIDEO – Erin Brockovich Press Conference re: The Acreage

Of note in the States, but something we hardly hear about downunder, is something called Radon. (Americas second leading cause of lung cancer) In many parts of the US this is an especially important consideration that stateside home buyers need to be informed / aware of.

Some reports here are also talking about the potential for radium to be in the water.

On the horizon though, I wonder how a situation like this example below would go;

1] agent is told by neighbours / other agents / buyers of some information about a suburb, information which is more in the “rumour” category, not officially published or confirmed data on the area….perhaps they’ve heard it before also from another source

2] agent thinks its fair to not inform buyers of this? Or agent think its fair that he/she does inform buyers of this?

3] local resident hears about this 2nd / 3rd hand and is told that was the reason this particular “informed / info disclosed to” buyer then deciding against purchasing in his/her street.

4] disgruntled local resident decides to proceed further, possibly exploring legal options, as they perceive value to his/her own property has been prejudiced, by nothing more than rumour / hearsay?

Could this happen in NZ?