Publicado el sábado 03 de noviembre del 2007Posted on Sat, Nov. 03, 2007-->
El Nuevo Herald
No espere una baja significativa del precio de la vivienda
José A. ''Tony'' Ruano
Analizar la dinámica de la economía es uno de mis pasatiempos favoritos.
En las mañanas, mientras desayunamos, mi esposa y yo solemos comentar las noticias que leemos en la prensa y compartimos las informaciones que nos llegan a través de terceros. En realidad ese es nuestro tiempo para intercambiar ideas, hacer planes y tomar decisiones, pues en el resto del día la vorágine de las obligaciones laborales y la vida misma, nos consumen nuestro tiempo y drenan gran parte de nuestras energías.
Hace apenas cuatro días intercambiábamos opiniones acerca de la duración del estancamiento de la industria inmobiliaria y de la posibilidad de que las propiedades bajaran de precio o de construir propiedades a un precio más asequible para los ciudadanos. Al final, terminamos analizando el futuro de los bienes raíces como inversión y llegamos a esta conclusión:
Con el incremento de los precios de la materia prima y de los salarios de los obreros de la construcción; la escasez de terrenos ubicados en lugares adecuados; el aumento del precio del barril de petróleo y la actual debilidad del dólar y por consiguiente su poder de compra, se hace muy poco probable que se produzca una baja significativa en los precios de los bienes inmobiliarios.
Medidas tendientes a conservar el medio ambiente, tal como el cierre parcial o total de tres de las cuatro canteras de piedra caliza existentes en el sur de La Florida o fenómenos naturales, como los incendios ocurridos recientemente en San Diego, California, hacen aumentar desproporcionadamente el precio de los terrenos disponibles en las áreas más favorables para nuevas urbanizaciones.
En Miami, Florida, por citar un ejemplo, las propiedades cercanas al área del Downtown de la ciudad deben ganar en valor, pues les resultará más económico a los constructores comprar y demoler una propiedad previamente erigida en terreno ya firme, para fabricar un edificio de múltiples niveles en el mismo, que darse a la tarea de preparar rellenar, compactar y adecuar un sitio para ese fin.
En San Diego, California, la historia será similar. Los incendios han arrasado con parte de los suburbios y al igual que cuando pasa un huracán, los residentes del área, presos de pánico, procurarán alejarse del lugar de los hechos. La bella ciudad seguramente sufrirá cambios y serán más los rascacielos que definan su futura silueta en torno a su bahía.
La situación actual de la banca es otro aspecto a considerar muy de cerca. Actualmente resulta sumamente laborioso lograr la aprobación de un préstamo para comprar una vivienda, producto de que la industria financiera está saneando su sistema interno, seriamente dañado por la pasada política liberal de préstamos, pero es de considerar que, de acuerdo con las medidas que están tomando para evitar futuros descalabros, antes del verano del 2008 ya exista un equilibrio y todo vuelva a la normalidad. Así como puede esperarse que alrededor de esa misma fecha el dólar repunte en valor, si el panorama internacional conserva su actual derrotero. Entonces, veremos nuevamente aumentar el valor de los inmuebles.
J. A. ''Tony'' Ruano es autor del libro
``Bienes raíces. Manual práctico de compra,venta y administración.'' Escriba a: tony@ruanobrokers.com
Saturday, November 3, 2007
Friday, June 22, 2007
By ALEXANDRA CLOUGH
Palm Beach Post Staff Writer
Thursday, June 21, 2007
BOCA RATON — In the clearest sign yet that the region's real estate boom has ended, Miami-based Ocean Bank confirmed Wednesday that it has filed a $50 million foreclosure action against the developers of a Boca Raton condo conversion.
The foreclosure may be the largest filed in Palm Beach County since the red-hot residential real estate market began cooling early last year. And analysts say it's a precursor of things to come as the lenders who fueled the frenzy with easy-to-get loans continue to tighten the purse strings.
"It's probably just the tip of the iceberg, the first of many more to come over the next couple of years," said Jack McCabe of McCabe Research and Consulting in Deerfield Beach.
Ocean Bank said NRW Development LLC, a South Florida real estate development firm, and six individuals owe $50 million on a condo conversion known as Villa Mare Beach & Yacht Club Residences, a 40-year-old apartment complex formerly known as Oceanview/Lakeview apartments.
In the lawsuit, filed June 1 in Palm Beach County Circuit Court, Ocean Bank seeks the property and personal guarantees from the six investors.
"We have filed a foreclosure action against NRW Development ... to protect the bank's interests in two Boca Raton properties," Terry J. Curry, chief credit officer of Ocean Bank, said in a statement. "Of the $60 million which Ocean Bank lent to NRW, $50 million remains outstanding. We anticipate resolving this matter."
The bank would not comment further.
Among those being sued: Hernan Gleizer, chief executive of Re/Max Bestseller Realty in Aventura, and Ricardo Djmal and Ricardo Weinstein, two investors in The Whitney condominium in West Palm Beach.
The Whitney's developer, Enrique Dillon, said the condo is not affiliated with Villa Mare.
None of the borrowers could be reached for comment Wednesday.
Ocean Bank is Florida's largest independent commercial bank with $5.9 billion in assets, and lent millions of dollars on condo projects in South Florida - which now has a glut of condo units hitting the market. Ocean Bank does not have Palm Beach County offices.
In March, the Federal Deposit Insurance Corp. issued a cease-and-desist order in which Ocean Bank agreed to reduce and monitor loans to condo conversions and land development. The bank also agreed to review the collateral backing commercial loans of more than $10 million, and to limit the level of credit to any borrower granted without bank board approval.
The enforcement action came too late for the NRW loan, however.
The Ocean Bank lawsuit says NRW and six other borrowers stopped paying on the loan in December, only seven months after NRW borrowed the $60 million to pay $57 million for the property.
NRW had planned to create Villa Mare out of the two aging 80-unit, five-story buildings, the last major rental complex on the Boca Raton waterfront. The apartments sit on a side street known as Sweetwater Lane that runs from the Intracoastal Waterway to the ocean, south of Spanish River Boulevard.
Units were to be priced between $311,000 and $1.2 million.
But even that sweet location wasn't enough to guarantee success, especially when NRW plunked down so much to buy the two-building complex.
It's tough to make the numbers work when you're paying $356,250 per unit, McCabe said.
Even when the sale took place last year, "we questioned that deal," he added. "The price may have been too high."
Now Ocean Bank has a giant hole in its $4.5 billion loan portfolio, bad news for a bank with past-due loans creeping past the $208 million mark.
Ken Thomas, a Miami banking analyst, called the bad NRW loan "a big issue" for Ocean Bank, especially given the rare enforcement action issued by the FDIC.
But Thomas said Ocean Bank can handle the hit. The bank posted a profit of $19.1 million for the quarter ended March 31.
Palm Beach Post Staff Writer
Thursday, June 21, 2007
BOCA RATON — In the clearest sign yet that the region's real estate boom has ended, Miami-based Ocean Bank confirmed Wednesday that it has filed a $50 million foreclosure action against the developers of a Boca Raton condo conversion.
The foreclosure may be the largest filed in Palm Beach County since the red-hot residential real estate market began cooling early last year. And analysts say it's a precursor of things to come as the lenders who fueled the frenzy with easy-to-get loans continue to tighten the purse strings.
"It's probably just the tip of the iceberg, the first of many more to come over the next couple of years," said Jack McCabe of McCabe Research and Consulting in Deerfield Beach.
Ocean Bank said NRW Development LLC, a South Florida real estate development firm, and six individuals owe $50 million on a condo conversion known as Villa Mare Beach & Yacht Club Residences, a 40-year-old apartment complex formerly known as Oceanview/Lakeview apartments.
In the lawsuit, filed June 1 in Palm Beach County Circuit Court, Ocean Bank seeks the property and personal guarantees from the six investors.
"We have filed a foreclosure action against NRW Development ... to protect the bank's interests in two Boca Raton properties," Terry J. Curry, chief credit officer of Ocean Bank, said in a statement. "Of the $60 million which Ocean Bank lent to NRW, $50 million remains outstanding. We anticipate resolving this matter."
The bank would not comment further.
Among those being sued: Hernan Gleizer, chief executive of Re/Max Bestseller Realty in Aventura, and Ricardo Djmal and Ricardo Weinstein, two investors in The Whitney condominium in West Palm Beach.
The Whitney's developer, Enrique Dillon, said the condo is not affiliated with Villa Mare.
None of the borrowers could be reached for comment Wednesday.
Ocean Bank is Florida's largest independent commercial bank with $5.9 billion in assets, and lent millions of dollars on condo projects in South Florida - which now has a glut of condo units hitting the market. Ocean Bank does not have Palm Beach County offices.
In March, the Federal Deposit Insurance Corp. issued a cease-and-desist order in which Ocean Bank agreed to reduce and monitor loans to condo conversions and land development. The bank also agreed to review the collateral backing commercial loans of more than $10 million, and to limit the level of credit to any borrower granted without bank board approval.
The enforcement action came too late for the NRW loan, however.
The Ocean Bank lawsuit says NRW and six other borrowers stopped paying on the loan in December, only seven months after NRW borrowed the $60 million to pay $57 million for the property.
NRW had planned to create Villa Mare out of the two aging 80-unit, five-story buildings, the last major rental complex on the Boca Raton waterfront. The apartments sit on a side street known as Sweetwater Lane that runs from the Intracoastal Waterway to the ocean, south of Spanish River Boulevard.
Units were to be priced between $311,000 and $1.2 million.
But even that sweet location wasn't enough to guarantee success, especially when NRW plunked down so much to buy the two-building complex.
It's tough to make the numbers work when you're paying $356,250 per unit, McCabe said.
Even when the sale took place last year, "we questioned that deal," he added. "The price may have been too high."
Now Ocean Bank has a giant hole in its $4.5 billion loan portfolio, bad news for a bank with past-due loans creeping past the $208 million mark.
Ken Thomas, a Miami banking analyst, called the bad NRW loan "a big issue" for Ocean Bank, especially given the rare enforcement action issued by the FDIC.
But Thomas said Ocean Bank can handle the hit. The bank posted a profit of $19.1 million for the quarter ended March 31.
6 MISTAKES THAT TIE YOU DOWN
from Florida Realtor Magazine, June 2007 by Bridget McCrea
6 Mistakes That Tie You Down
It pays to know how to run your business. Here are mistakes some sales associates make and tips for turning them into positives.We’ve all heard the saying “To err is human …” but in the real estate industry even the smallest mistakes can mean the difference between having a successful career and being stuck in a holding pattern.“The inherent nature of the business and how different it is from traditional careers makes it difficult for the average person to successfully make the transition into the real estate business,” says R. Eric Bramlett, a broker with One Source Realty in Austin, Texas, and the author of the article “Common Mistakes New Real Estate Agents Make.” “As a broker, I see many new [sales associates]. They bring a lot of great qualities to the table—lots of energy and ambition—but they also make a lot of common mistakes.”From failing to build a business plan to deciding that those important tech tools are just too expensive, sales associates can use these tips to build a thriving business.“There’s nothing fun about starting off your week with a [sales associate] whose hair is on fire because he or she [accidentally] goofed,” says Gwen Treston, broker/vice president at Watson Realty Corp. in Neptune Beach. “But as hard as we try, mistakes do happen.” We uncovered six mistakes that brokers see their sales associates making on a regular basis, along with some sage advice on how to avoid them. With freshly minted real estate licenses in hand, new sales associates flock to local brokerages ready to claim their piece of the real estate pie. Unfortunately, many of them just don’t take their new careers seriously. “Many of them are thinking, ‘Oh, I’m just going to sell real estate,’ and don’t treat it like a real business,” says Rebekah Rivers, CEO of The Rivers Team/Keller Williams Realty in Tallahassee. “I walk through the office sometimes and see agents in the recreation room chitchatting,” says Rivers. “I tell them, ‘This isn’t selling houses.’” Without a focus and plan, many of those sales associates wind up never taking the necessary steps to establish themselves as independent contractors. Some are unaccountable for their actions, while others hang around the office selling one or two homes a year until they eventually leave the business. “If you’ve ever opened the doors to any business, you know that one of the key ingredients is a business plan,” says Bramlett. “Your business plan helps you define where you’re going, how you’re getting there and what it’s going to take for you to make your real estate business a success.” Here are the essentials, according to Bramlett, of any good business plan:
Goals. What do you want? Make them clear, concise, measurable and achievable.
Services You Provide. “You don’t want to be the ‘Jack of all trades and master of none,” says Bramlett, “so choose residential or commercial, buyers, sellers or renters and in which [geographical] area you want to specialize.”
Market. To whom are you marketing yourself?
Budget. “Write down every expense—gas, groceries, cell phone and more. Then write down the new expenses you’re taking on—board dues, increased gas, increased cell usage, marketing, etc,” says Bramlett.
Funding. “How are you going to pay for your budget without any income? Plan for at least 60 days,” says Bramlett. “With the goals you’ve set for yourself, when will you break even?”
Marketing Plan. “How are you going to get the word out about your services? The most effective way to market yourself is to your own sphere of influence,” says Bramlett. “Make sure you do so effectively and systematically.” To help sales associates get a grip on reality, Rivers suggests you talk with them about the importance of creating and following a business plan, and developing marketing and advertising budgets. She has sales associates fill out goal sheets that include yearly goals and details on what it will take to reach those goals. To close two sales in a month, for example, a sales associate would set out to get three listings during that period. “I also tell them that the office is for training and client meetings,” Rivers adds, “but that they don’t make sales there.” No one really likes hitting the streets to find new clients and customers, but in today’s market, this age-old sales strategy has once again become a necessity for those who want to fill their pipelines. “Most of them just don’t like doing it,” says Gloria Frazier, broker/president at ERA American Realty of Northwest Florida Inc. in Fort Walton Beach. Frazier says overlooking this important marketing approach is a mistake. “Salespeople have more fun when they have a real buyer or seller in front of them,” she says. “Where the experienced [sales associates] have [licenced] assistants to do some of the screening and prospecting for them, those that haven’t quite ‘made it’ yet have a hard time setting aside enough time and energy to develop new business through prospecting.”For the latter, Frazier says, her brokerage offers a postcard program based on a specific geographic or demographic farm area. Sales associates can also get handouts (often a small gift tied in with a holiday theme) to use with past clients and customers. “Those gifts get the agent going to the front door to talk to past clients,” says Frazier, who impresses upon sales associates the much higher rate of return that comes from face-to-face contact with potential clients and customers. “Most new sales associates don’t realize that the hardest part of the business is finding the business,” says Bramlett. “They’ve just shelled out money for their license and board dues, so the last thing they want to do is to spend more money,” he says. “Any good businessperson will tell you that how much business you get is directly correlative to how much you spend on marketing. If you choose the right brokerage, then you’ll get some good inbound leads. However, don’t neglect a good personal marketing campaign from the beginning, to get your own name out.”“In addition, those who do spend money on personal marketing stop because they spend it in the wrong place,” says Bramlett. “The easiest place to spend your money is in conventional newspapers. This is the most visible place to see real estate advertising, it’s where large offices spend a good part of their money and so many new agents mistakenly spend their money here. This becomes very frustrating to new agents because of its low return. New sales associates should look to their own sphere of influence and referral marketing to see the most effective return on their investment,” he says. Also important is that customer pipelines have to be replenished through prospecting on a regular basis, not just when business is slow. “Every [sales associate] who gets busy in January and neglects to prospect regularly,” says Frazier, “winds up with no business in June.”Making assumptions about other people’s wants, needs and knowledge levels can be dangerous, according to Frazier. “The biggest mistake is thinking that the buyer or seller knows what’s going on, when they really don’t at all,” says Frazier, who sees too many sales associates neglecting to clearly explain to customers the steps involved with buying or selling a home. Skipped issues can range from seemingly small issues (like not telling the buyer to bring a cashier’s check to closing) to monumental problems. In the end, it’s the sales associate who winds up looking bad, and who can even be on the hook for future liabilities. At ERA American Realty, Frazier says, brokers use a combination of in-house training, case studies and role playing to ensure that sales associates are asking the right questions and covering the appropriate topics with their clients and customers. Five times a year Frazier holds a class based on real-life mistakes sales associates have made and complaints she’s heard. “Ninety-five percent of [the mistakes] are communication issues,” she says. “Most are based on disconnects that sales associates—had they recognized them at the time—could have dealt with quickly.”“Getting started is expensive,” says Bramlett. “However, you’ll run into even more expenses when you go to arm yourself with the necessary tools of the trade.” Of course, your first big expense should be your Realtor® Association membership. “Here’s what [else] I think is necessary,” he says.
Mobile phone with a beefy plan. “These days, everyone has a cell phone. But not everyone has a plan that will facilitate the level of use that real estate professionals need. Plan on getting at least 2,000 minutes per month,” says Bramlett.
Computer (preferably a laptop) with appropriate software. “There’s no way around it; you have to have a computer and be savvy enough to use e-mail,” says Bramlett. “You’d be wise to invest in some business management software, as well. If you’d like to save some money (and who wouldn’t?), then you can get the client and e-mail management software Thunderbird from www.mozilla.com. And, you can get a free office suite from www.openoffice.org,” he says. “The only downside to these programs is that they do not sync with your PDA or smartphone.”
Real estate–friendly car. “You don’t have to have an expensive luxury car, but your two-door coupe won’t do the trick. Make sure that you have a four-door car or van that’s comfortable and presentable,” he says. “Real estate professionals choose their broker for a variety of reasons—they have a good reputation, the office is close to their house and more,” says Bramlett. “While these aren’t bad reasons to choose a broker, they also aren’t going to help you in your success. The No. 1 reason to choose a broker, and the question to ask is, “What do you offer your agents?” “Ask the broker: Do they have incoming leads? What does their training program consist of? What’s their retention level? What’s their average sales price? Do they encourage their sales associates to promote themselves? A broker’s purpose is to help new sales associates start successful careers and to help established ones progress to the next level,” says Bramlett.Mistakes aren’t reserved for new sales associates by any means. Rivers, for example, sees way too many experienced professionals thinking that just because they’re hitting their sales numbers, they no longer need training, mentoring, education (above and beyond the required continuing education) or other tools that can give them an ongoing edge in the market. “They think that once they’re good, they’re good, and that they don’t need to be taught anymore,” says Rivers, who estimates that she herself has taken more training in the last 12 months (e.g., through her franchise’s Rising Star and Mastermind program) than she has in the preceding five to 10 years. “None of us are ever really that good,” says Rivers. “We can all use ongoing training and refresher courses to get even better.” To impress this on her sales associates, Rivers says, she offers mentoring, holds role-playing sessions and accountability classes, and talks one on one with them about their ongoing training goals. “I’m constantly reminding them that they need to go to class,” says Rivers. “Mostly, they want to do the fun stuff like schedule appointments and talk to people, but being a good real estate [professional] takes so much more.” Bridget McCrea is a Clearwater-based freelance writer.
FHA TRIES TO STAY RELEVANT TO BUYERS
FHA tries to stay relevant to buyers
MIAMI – June 22, 2007 –
Over the past eight years, the Federal Housing Authority (FHA) has become less and less important.Subprime lenders offering high-cost loans won away many of the moderate-income first-time homebuyers who used to count on an FHA guarantee to snare a mortgage.Home prices rose far above FHA lending limits, set by Congress and unchanged for years. And though the agency streamlined some of its procedures, it still takes far longer than 24 hours to approve an FHA loan, unlike the instant gratification that lures eager buyers to hard-marketing subprime lenders.The number of loans guaranteed by the FHA dropped two-thirds nationally from 1999 to 2006.Now, the FHA’s resurrection may be at hand.Legislation aimed at modernizing obsolete FHA loan standards is back in Congress, having died quietly last fall after passing the House.Then, nobody much cared. They do now, says Megan H. Booth, senior policy representative for the National Association of Realtors.“This is a critical window. There’s all this congressional concern about the subprime mess, with horror stories in every district. This is our time to get Congress to say: ‘If we can reform this program, we can give people a viable alternative that’s not risky like these crazy loans,’“ she says.“How many hearings has Congress had this spring on subprime? A gazillion. FHA reform can’t be a bailout to subprime problems, but it can be a solution.”Sweeping changes in the mortgage market this decade “shut them out. Now there’s an opening,” agrees Ann Grochala, director of lending and accounting policy for the Independent Community Bankers of America.If the Expanding American Homeownership Act of 2007 does pass, it would allow the FHA to consider what consumers have to pay for loan guarantees as determined by their credit histories; increase the amount it guarantees and thus come closer to the cost of houses in more expensive, usually urban, markets; and make it easier to purchase condominiums with FHA loan guarantees, lowering the first step into homeownership in pricey areas.The modernization bill would raise the limit to 100 percent of the loan limit allowed by mortgage purchasers Fannie Mae and Freddie Mac for high cost areas, and from 48 percent to 67 percent of the limit in lower-cost areas.“If it were increased, it would provide more options,” says Delbert F. Reynolds, Wisconsin field office director for the FHA. “Loan limits aren’t the only issue. One of the points of modernizing is to do some catch up with other tools, like not requiring a down payment.”That is one of the controversial provisions in the modernization proposal put forth by the Department of Housing and Urban Development, which includes the FHA: eliminating the requirement for a down payment of at least 3 percent. The new requirement would be some type of cash contribution by the buyer at some point in the purchase process.If the modernization legislation passes, it might bring the FHA into the 21st century, where it faces more competition than ever for historically overlooked moderate-income homebuyers.Suddenly sober subprime lenders have stiffened loan standards, to stanch losses and head off regulation, but they’re still making loans.Meanwhile, local non-profits and city and state government agencies have expanded their own homebuying assistance programs.Last fall, for instance, the Housing Authority of the City of Milwaukee quietly began selling rehabbed houses to buyers who qualified for housing subsidies but hadn’t been in those programs.Even if the proposed changes are adopted, the FHA will remain just one voice in a chorus clamoring for the attention of first-time buyers, says Geoff Smith, director of research with the Woodstock Institute, a research non-profit based in Chicago.“(The FHA) was designed to encourage banks to make loans to borrowers who couldn’t access them otherwise. Now there’s an abundance of access to credit, so the question is: Is the FHA still fulfilling a need?’“ he says.“There are other agencies that have loan programs, that offer loan down payments, and that are targeting the portion of the subprime market with prime or close to prime. As a person who follows housing policy and finance, I don’t think of the FHA hardly ever,” Smith says.There’s one market, at least, where the FHA’s appeal still shines.Homeowners with failing finances due to subprime loans are flocking to the FHA’s new Loss Mitigation Program.HUD reports that since last October, 36,500 families nationally have become new FHA borrowers as they escape the consequences of predatory loans.© 2007 Milwaukee Journal Sentinel, Joanne Cleaver. Distributed by McClatchy-Tribune News Service.
MIAMI – June 22, 2007 –
Over the past eight years, the Federal Housing Authority (FHA) has become less and less important.Subprime lenders offering high-cost loans won away many of the moderate-income first-time homebuyers who used to count on an FHA guarantee to snare a mortgage.Home prices rose far above FHA lending limits, set by Congress and unchanged for years. And though the agency streamlined some of its procedures, it still takes far longer than 24 hours to approve an FHA loan, unlike the instant gratification that lures eager buyers to hard-marketing subprime lenders.The number of loans guaranteed by the FHA dropped two-thirds nationally from 1999 to 2006.Now, the FHA’s resurrection may be at hand.Legislation aimed at modernizing obsolete FHA loan standards is back in Congress, having died quietly last fall after passing the House.Then, nobody much cared. They do now, says Megan H. Booth, senior policy representative for the National Association of Realtors.“This is a critical window. There’s all this congressional concern about the subprime mess, with horror stories in every district. This is our time to get Congress to say: ‘If we can reform this program, we can give people a viable alternative that’s not risky like these crazy loans,’“ she says.“How many hearings has Congress had this spring on subprime? A gazillion. FHA reform can’t be a bailout to subprime problems, but it can be a solution.”Sweeping changes in the mortgage market this decade “shut them out. Now there’s an opening,” agrees Ann Grochala, director of lending and accounting policy for the Independent Community Bankers of America.If the Expanding American Homeownership Act of 2007 does pass, it would allow the FHA to consider what consumers have to pay for loan guarantees as determined by their credit histories; increase the amount it guarantees and thus come closer to the cost of houses in more expensive, usually urban, markets; and make it easier to purchase condominiums with FHA loan guarantees, lowering the first step into homeownership in pricey areas.The modernization bill would raise the limit to 100 percent of the loan limit allowed by mortgage purchasers Fannie Mae and Freddie Mac for high cost areas, and from 48 percent to 67 percent of the limit in lower-cost areas.“If it were increased, it would provide more options,” says Delbert F. Reynolds, Wisconsin field office director for the FHA. “Loan limits aren’t the only issue. One of the points of modernizing is to do some catch up with other tools, like not requiring a down payment.”That is one of the controversial provisions in the modernization proposal put forth by the Department of Housing and Urban Development, which includes the FHA: eliminating the requirement for a down payment of at least 3 percent. The new requirement would be some type of cash contribution by the buyer at some point in the purchase process.If the modernization legislation passes, it might bring the FHA into the 21st century, where it faces more competition than ever for historically overlooked moderate-income homebuyers.Suddenly sober subprime lenders have stiffened loan standards, to stanch losses and head off regulation, but they’re still making loans.Meanwhile, local non-profits and city and state government agencies have expanded their own homebuying assistance programs.Last fall, for instance, the Housing Authority of the City of Milwaukee quietly began selling rehabbed houses to buyers who qualified for housing subsidies but hadn’t been in those programs.Even if the proposed changes are adopted, the FHA will remain just one voice in a chorus clamoring for the attention of first-time buyers, says Geoff Smith, director of research with the Woodstock Institute, a research non-profit based in Chicago.“(The FHA) was designed to encourage banks to make loans to borrowers who couldn’t access them otherwise. Now there’s an abundance of access to credit, so the question is: Is the FHA still fulfilling a need?’“ he says.“There are other agencies that have loan programs, that offer loan down payments, and that are targeting the portion of the subprime market with prime or close to prime. As a person who follows housing policy and finance, I don’t think of the FHA hardly ever,” Smith says.There’s one market, at least, where the FHA’s appeal still shines.Homeowners with failing finances due to subprime loans are flocking to the FHA’s new Loss Mitigation Program.HUD reports that since last October, 36,500 families nationally have become new FHA borrowers as they escape the consequences of predatory loans.© 2007 Milwaukee Journal Sentinel, Joanne Cleaver. Distributed by McClatchy-Tribune News Service.
Sunday, April 8, 2007
El Mercado Inmobiliario da Dura Batalla
El mercado inmobiliario da una dura batalla
ELENA KENNY
El Nuevo Herald
Los vendedores de propiedades en Miami se las están ingeniando para atraer compradores de todas partes del mundo, dispuestos a dar la batalla en el vacilante mercado inmobiliario de Estados Unidos.
Pese a que las firmas de corredores de bienes raíces han crecido en buena medida a través de los ingresos que vienen de fuera de Miami, ahora han tenido que rediseñar sus estrategias de mercadotecnia y ventas en el exterior para contrarrestar el enfriamiento del mercado inmobiliario.
''En pleno boom inmobiliario, todo era mucho más fácil. Los compradores nos tocaban a la puerta; ahora somos nosotros los que estamos tocando puertas'', dijo Samuel Strauch, el presidente de Affinity International, que tiene más de seis proyectos en Miami, entre ellos Paramount al lado del Centro Carnival de Artes Escénicas.
Cuando los corredores de bienes raíces hablan de conquistar nuevos compradores de propiedades, por lo general se refieren a acudir con más frecuencia a ferias inmobiliarias en Latinoamérica, Africa, Asia, Europa y hasta en los emiratos de Dubai; ofrecer recepciones en los potenciales mercados y reforzar su presencia en la red internacional de contactos profesionales.
''Aunque la venta acelerada de propiedades se acabó, el mercado de Miami es muy saludable y sigue siendo un destino vacacional y de negocios muy atractivo para los estadounidenses que viven en los estados del norte y los extranjeros'', afirmó Xavier Hawley, el director ejecutivo de Vistas International Realty, la agencia exclusiva de ventas y mercadeo para Villa Magna en Brickell Bay, entre otras obras.
Para Alex Konietzko, socio minoritario y el director de ventas del proyecto Kubik en Biscayne Boulevard, la participación en ferias inmobiliarias en Dubai, España, Estados Unidos, México y Venezuela ha sido clave para promover este complejo de condominios.
''El mercado de bienes raíces de Miami está corrigiéndose, y los precios de las propiedades siguen siendo atractivos para compradores como los baby boomers o los europeos'', opinó Konietzko.
''Creo que todos los especuladores inmobiliarios salieron del mercado y los actuales precios de las propiedades son muy atractivos para los europeos por el tipo de cambio del euro frente al dólar, ya sea como inversión o para adquirir una casa vacacional'', aseveró Jerry Kaufman, el director ejecutivo de The Kaufman Organization, la firma urbanizadora de los proyectos The Blue y Regalia en el área del Doral que en estos momentos se exhiben en una feria de Dubai.
Tras varios años de fuerte crecimiento, los precios de las casas dejaron de subir a ritmo acelerado en Estados Unidos en el 2006 y la tendencia se ha mantenido este año.
Pero hay algunos indicios, según los expertos, de que la parte más drástica de la desaceleración ya quedó atrás.
Otro factor importante, según Kaufman, es que en los últimos años muchas corporaciones multinacionales de Asia y Europa han vuelto sus ojos hacia Miami como enlace para las Américas.
''Miami proporciona un lugar perfecto para hacer negocios porque cuenta con una comunidad que da la bienvenida a los visitantes en los idiomas en que se sienten más cómodos para manejar sus asuntos empresariales, ya sea español, portugués, alemán, etc.'', añadió.
No obstante, para salir al exterior en busca de mercados es necesario conocer con detalle los gustos de los potenciales compradores.
''El europeo valora mucho el diseño'', explicó el arquitecto y urbanista para G&D Developers, Fernando Levy Hara, quien regresó recientemente de una feria europea y está convencido de que para los ``productos buenos hay más mercado''.
''Los británicos se mueren por lugares exóticos como Miami, sobre todo en la costa. También entre los alemanes y los italianos hay gran interés por Miami'', dijo Levy Hara, quien después de hacer trayectoria en su país natal, Argentina, inició una expansión por el resto de Suramérica y Miami.
Los precios de la vivienda en el Reino Unido, según un estudio del banco británico HBOS, se han disparado un 11.1 por ciento en el primer trimestre del 2007.
Por eso, los entrevistados en general se mostraron optimistas de que Miami todavía ofrece buenas oportunidades de inversión a mediano y largo plazo, en comparación con otros destinos inmobiliarios.
ekenny@elnuevoherald.com
ELENA KENNY
El Nuevo Herald
Los vendedores de propiedades en Miami se las están ingeniando para atraer compradores de todas partes del mundo, dispuestos a dar la batalla en el vacilante mercado inmobiliario de Estados Unidos.
Pese a que las firmas de corredores de bienes raíces han crecido en buena medida a través de los ingresos que vienen de fuera de Miami, ahora han tenido que rediseñar sus estrategias de mercadotecnia y ventas en el exterior para contrarrestar el enfriamiento del mercado inmobiliario.
''En pleno boom inmobiliario, todo era mucho más fácil. Los compradores nos tocaban a la puerta; ahora somos nosotros los que estamos tocando puertas'', dijo Samuel Strauch, el presidente de Affinity International, que tiene más de seis proyectos en Miami, entre ellos Paramount al lado del Centro Carnival de Artes Escénicas.
Cuando los corredores de bienes raíces hablan de conquistar nuevos compradores de propiedades, por lo general se refieren a acudir con más frecuencia a ferias inmobiliarias en Latinoamérica, Africa, Asia, Europa y hasta en los emiratos de Dubai; ofrecer recepciones en los potenciales mercados y reforzar su presencia en la red internacional de contactos profesionales.
''Aunque la venta acelerada de propiedades se acabó, el mercado de Miami es muy saludable y sigue siendo un destino vacacional y de negocios muy atractivo para los estadounidenses que viven en los estados del norte y los extranjeros'', afirmó Xavier Hawley, el director ejecutivo de Vistas International Realty, la agencia exclusiva de ventas y mercadeo para Villa Magna en Brickell Bay, entre otras obras.
Para Alex Konietzko, socio minoritario y el director de ventas del proyecto Kubik en Biscayne Boulevard, la participación en ferias inmobiliarias en Dubai, España, Estados Unidos, México y Venezuela ha sido clave para promover este complejo de condominios.
''El mercado de bienes raíces de Miami está corrigiéndose, y los precios de las propiedades siguen siendo atractivos para compradores como los baby boomers o los europeos'', opinó Konietzko.
''Creo que todos los especuladores inmobiliarios salieron del mercado y los actuales precios de las propiedades son muy atractivos para los europeos por el tipo de cambio del euro frente al dólar, ya sea como inversión o para adquirir una casa vacacional'', aseveró Jerry Kaufman, el director ejecutivo de The Kaufman Organization, la firma urbanizadora de los proyectos The Blue y Regalia en el área del Doral que en estos momentos se exhiben en una feria de Dubai.
Tras varios años de fuerte crecimiento, los precios de las casas dejaron de subir a ritmo acelerado en Estados Unidos en el 2006 y la tendencia se ha mantenido este año.
Pero hay algunos indicios, según los expertos, de que la parte más drástica de la desaceleración ya quedó atrás.
Otro factor importante, según Kaufman, es que en los últimos años muchas corporaciones multinacionales de Asia y Europa han vuelto sus ojos hacia Miami como enlace para las Américas.
''Miami proporciona un lugar perfecto para hacer negocios porque cuenta con una comunidad que da la bienvenida a los visitantes en los idiomas en que se sienten más cómodos para manejar sus asuntos empresariales, ya sea español, portugués, alemán, etc.'', añadió.
No obstante, para salir al exterior en busca de mercados es necesario conocer con detalle los gustos de los potenciales compradores.
''El europeo valora mucho el diseño'', explicó el arquitecto y urbanista para G&D Developers, Fernando Levy Hara, quien regresó recientemente de una feria europea y está convencido de que para los ``productos buenos hay más mercado''.
''Los británicos se mueren por lugares exóticos como Miami, sobre todo en la costa. También entre los alemanes y los italianos hay gran interés por Miami'', dijo Levy Hara, quien después de hacer trayectoria en su país natal, Argentina, inició una expansión por el resto de Suramérica y Miami.
Los precios de la vivienda en el Reino Unido, según un estudio del banco británico HBOS, se han disparado un 11.1 por ciento en el primer trimestre del 2007.
Por eso, los entrevistados en general se mostraron optimistas de que Miami todavía ofrece buenas oportunidades de inversión a mediano y largo plazo, en comparación con otros destinos inmobiliarios.
ekenny@elnuevoherald.com
Friday, April 6, 2007
New Miami Realty / Certified Home Loans
Gracias a personas como el Comisionado Joe Sanchez estamos reverdeciendo los negocios en la Calle 8 .
Con su soporte y nuestra confianza en el futuro estamos desarrollando programas de capacitacion para el financiamiento tanto de propiedades comerciales como residenciales para ayudar a los residentes de la pequeña Habana.
Tenemos profesionales en el área de Bienes raíces que le ayudaran en cualquier pregunta sobre su propiedad
Wall Street Repunta un poco Por Joe Bel Bruno
Wall Street repunta un poco
Por JOE BEL BRUNO
The Associated Press
NUEVA YORK --Wall Street se recuperaba un poco el jueves después de una sesión de pausadas ganancias antes de la publicación de cifras clave sobre el empleo que se utilizan para tomarle el pulso a la economía en general. Los inversionistas se mostraban cautelosos la víspera del Viernes Santo.
Hubo poca reacción al reporte del Departamento del Trabajo que dice que las solicitudes para beneficios de desempleo aumentaron y llegaron a su nivel más alto desde el 3 de marzo. En cambio, Wall Street se mantuvo enfocada en el reporte del gobierno sobre el empleo - publicado el día en que no hay transacciones, lo que hace que el lunes se presente como un día crítico para el movimiento bursátil.
En las operaciones del mediodía del jueves, el índice industrial Dow Jones subía 13,81 puntos, equivalentes 0,11%, colocándose a 12.543,86 unidades.
Los indicadores generales también sub?61an. El índice Standard & Poor's 500 subía 2,65 puntos, equivalentes al 0,18%, a 1.442,02, y el índice compuesto Nasdaq ganaba 7,14 puntos, equivalentes a 0,29%, ubicándose a 2.465,83.
El rendimiento de los bonos del Tesoro a 10 años subía a 4,66% con respecto al 4,65% del miércoles.
El dólar tenía bajaba en relación a las principales monedas, mientras que en esta sesión el precio del oro subía.
El barril de crudo ligero bajaba 51 centavos y se cotizaba a 63,87 dólares en la Bolsa Mercantil de Nueva York.
Los papeles en alza superaban a los papeles en baja en relación de 4 a 3 en la Bolsa de Valores de Nueva York a donde el volumen era de 495,5 millones de acciones intercambiando manos.
El índice Russell 2000, barómetro que mide el comportamiento de las pequeñas empresas que se cotizan en la bolsa, subía 1,42 puntos, equivalentes al 0,18%, a 812,21 puntos.
En otros mercados internacionales, en Asia, el índice japonés Nikkei cerró con un retroceso de 0,30%. En Europa, el índice FTSE 100 de Gran Bretaña subió 0,51%, el DAX de Alemania también subió 0,37%, y CAC-40 de Francia sumó 0,04%.
---
En Internet:
Bolsa de Valores de Nueva York: http://www.nyse.com
Bolsa Tecnológica Nasdaq: http://www.nasdaq.com
Por JOE BEL BRUNO
The Associated Press
NUEVA YORK --Wall Street se recuperaba un poco el jueves después de una sesión de pausadas ganancias antes de la publicación de cifras clave sobre el empleo que se utilizan para tomarle el pulso a la economía en general. Los inversionistas se mostraban cautelosos la víspera del Viernes Santo.
Hubo poca reacción al reporte del Departamento del Trabajo que dice que las solicitudes para beneficios de desempleo aumentaron y llegaron a su nivel más alto desde el 3 de marzo. En cambio, Wall Street se mantuvo enfocada en el reporte del gobierno sobre el empleo - publicado el día en que no hay transacciones, lo que hace que el lunes se presente como un día crítico para el movimiento bursátil.
En las operaciones del mediodía del jueves, el índice industrial Dow Jones subía 13,81 puntos, equivalentes 0,11%, colocándose a 12.543,86 unidades.
Los indicadores generales también sub?61an. El índice Standard & Poor's 500 subía 2,65 puntos, equivalentes al 0,18%, a 1.442,02, y el índice compuesto Nasdaq ganaba 7,14 puntos, equivalentes a 0,29%, ubicándose a 2.465,83.
El rendimiento de los bonos del Tesoro a 10 años subía a 4,66% con respecto al 4,65% del miércoles.
El dólar tenía bajaba en relación a las principales monedas, mientras que en esta sesión el precio del oro subía.
El barril de crudo ligero bajaba 51 centavos y se cotizaba a 63,87 dólares en la Bolsa Mercantil de Nueva York.
Los papeles en alza superaban a los papeles en baja en relación de 4 a 3 en la Bolsa de Valores de Nueva York a donde el volumen era de 495,5 millones de acciones intercambiando manos.
El índice Russell 2000, barómetro que mide el comportamiento de las pequeñas empresas que se cotizan en la bolsa, subía 1,42 puntos, equivalentes al 0,18%, a 812,21 puntos.
En otros mercados internacionales, en Asia, el índice japonés Nikkei cerró con un retroceso de 0,30%. En Europa, el índice FTSE 100 de Gran Bretaña subió 0,51%, el DAX de Alemania también subió 0,37%, y CAC-40 de Francia sumó 0,04%.
---
En Internet:
Bolsa de Valores de Nueva York: http://www.nyse.com
Bolsa Tecnológica Nasdaq: http://www.nasdaq.com
Wednesday, April 4, 2007
Sube Wall Street por reporte positivo de vivienda
Sube Wall Street por reporte positivo de vivienda
Por MADLEN READ
The Associated Press
NUEVA YORK --Las acciones subieron el martes ante la mejoría del mercado de la vivienda, al tiempo que bajaban los precios del petróleo, factor que contribuyó a las ganancias. El índice industrial Dow Jones ganó más de 120 puntos.
El índice de la Asociación Nacional de Corredores de Bienes Raíces de la venta de viviendas usadas subió a 109,3 en febrero con respecto al 108,5 de enero. El índice fue un 8,5% menor que hace un año, pero mejor de lo previsto.
El informe reafirmó a los inversionistas que el sector vivienda, aunque débil, no se ha visto afectado por el estado de las hipotecas de alto riesgo. Temores de que los problemas del sector hipotecario pudiesen esparcirse al resto de la economía provocaron la volatilidad del mercado bursátil en semanas recientes.
"Eso significa que la gente sigue pidiendo créditos hipotecarios, sigue comprando viviendas, tiene ingresos, empleos y todo aquello que resulta beneficioso", destacó Kim Caughey, analista bursátil de la firma Fort Pitt Capital Group. "Uno nunca va a tratar de comprar una casa si cree que va a ser despedido. Los consumidores siguen optimistas y es el consumidor el que mantiene esta economía", agregó.
Según cálculos preliminares, el Dow subió 128,00 puntos, equivalentes a un 1,03% a 12.510,30 puntos.
Los mercados generales también pasaron a terreno positivo. El índice Standard & Poor's 500 ganó 13,22 puntos, equivalentes a un 0.93%, a 1.437,77, y el índice compuesto Nasdaq subió 28,07 puntos, equivalentes a 1,16%, a 2.450,33.
De otro lado, los bonos del Tesoro a 10 años en 4,67%, en alza con respecto al 4,65% del lunes. El dólar subió con respecto a las principales monedas, mientras que los precios del oro bajaron.
El barril del crudo ligero bajó más de un dólar y se cotizó a 64,55 dólares en la Bolsa Mercantil de Nueva York.
Entretanto las ventas de vehículos en marzo fue débil pero se mantuvo la demanda en el extranjero. GM, la principal fabricante automotriz del país, dijo el martes que sus ventas en China se dispararon en un 25% en el primer trimestre. Con un descenso en las ventas en Estados Unidos sus expectativas están puesta en el mercado extranjero.
La acción de GM subió 67 centavos, equivalentes a un 2,2%, y se cotizó a 31,50 dólares; Ford ganó 3 centavos y se cotizó a 8,12 dólares, y Daimler Chrysler perdió 1,05 dólares para cotizarse a 82,97 dólares por acción.
Al cierre, las acciones en alza superaban a los papeles en baja en una proporción de 3 a 1 en la Bolsa de Valores de Nueva York, donde el volumen fue de 1,190 millones de acciones.
El índice Russell 2000, barómetro que mide el comportamiento de las pequeñas empresas que se cotizan en la bolsa, subió 9,29 puntos, equivalentes a un 1,16%, a 812,51.
En otros mercados internacionales, el índice Nikkei del Japón ganó 1,27%. En Europa, el índice FTSE 100 de Gran Bretaña subió 0,80%, el DAX de Alemania ganó 1,56%, y el CAC-40 de Francia subió 1,18%.
----
Por MADLEN READ
The Associated Press
NUEVA YORK --Las acciones subieron el martes ante la mejoría del mercado de la vivienda, al tiempo que bajaban los precios del petróleo, factor que contribuyó a las ganancias. El índice industrial Dow Jones ganó más de 120 puntos.
El índice de la Asociación Nacional de Corredores de Bienes Raíces de la venta de viviendas usadas subió a 109,3 en febrero con respecto al 108,5 de enero. El índice fue un 8,5% menor que hace un año, pero mejor de lo previsto.
El informe reafirmó a los inversionistas que el sector vivienda, aunque débil, no se ha visto afectado por el estado de las hipotecas de alto riesgo. Temores de que los problemas del sector hipotecario pudiesen esparcirse al resto de la economía provocaron la volatilidad del mercado bursátil en semanas recientes.
"Eso significa que la gente sigue pidiendo créditos hipotecarios, sigue comprando viviendas, tiene ingresos, empleos y todo aquello que resulta beneficioso", destacó Kim Caughey, analista bursátil de la firma Fort Pitt Capital Group. "Uno nunca va a tratar de comprar una casa si cree que va a ser despedido. Los consumidores siguen optimistas y es el consumidor el que mantiene esta economía", agregó.
Según cálculos preliminares, el Dow subió 128,00 puntos, equivalentes a un 1,03% a 12.510,30 puntos.
Los mercados generales también pasaron a terreno positivo. El índice Standard & Poor's 500 ganó 13,22 puntos, equivalentes a un 0.93%, a 1.437,77, y el índice compuesto Nasdaq subió 28,07 puntos, equivalentes a 1,16%, a 2.450,33.
De otro lado, los bonos del Tesoro a 10 años en 4,67%, en alza con respecto al 4,65% del lunes. El dólar subió con respecto a las principales monedas, mientras que los precios del oro bajaron.
El barril del crudo ligero bajó más de un dólar y se cotizó a 64,55 dólares en la Bolsa Mercantil de Nueva York.
Entretanto las ventas de vehículos en marzo fue débil pero se mantuvo la demanda en el extranjero. GM, la principal fabricante automotriz del país, dijo el martes que sus ventas en China se dispararon en un 25% en el primer trimestre. Con un descenso en las ventas en Estados Unidos sus expectativas están puesta en el mercado extranjero.
La acción de GM subió 67 centavos, equivalentes a un 2,2%, y se cotizó a 31,50 dólares; Ford ganó 3 centavos y se cotizó a 8,12 dólares, y Daimler Chrysler perdió 1,05 dólares para cotizarse a 82,97 dólares por acción.
Al cierre, las acciones en alza superaban a los papeles en baja en una proporción de 3 a 1 en la Bolsa de Valores de Nueva York, donde el volumen fue de 1,190 millones de acciones.
El índice Russell 2000, barómetro que mide el comportamiento de las pequeñas empresas que se cotizan en la bolsa, subió 9,29 puntos, equivalentes a un 1,16%, a 812,51.
En otros mercados internacionales, el índice Nikkei del Japón ganó 1,27%. En Europa, el índice FTSE 100 de Gran Bretaña subió 0,80%, el DAX de Alemania ganó 1,56%, y el CAC-40 de Francia subió 1,18%.
----
Monday, April 2, 2007
Renters say' harges it by Donna Kimura
Property Management
Renters say 'charge it'by Donna Kimura
A growing number of apartment owners are allowing residents to use plastic to pay the rent because they're finding it helps their bottom line.Apartments are the latest market for Visa and others in the ultracompetitive credit card industry. Visa, the world's largest payment brand, has already inked deals with three prominent property management firms and is in discussion with several top 10 apartment companies. In February, Westdale Asset Management started accepting card payments at four of its properties in the Atlanta region. The number of residents using this payment option has grown each month, according to Trevor Bert, controller at the firm. Westdale has since expanded the program to 11 properties in Georgia and one in Austin, Texas, he said.“We knew it was an emerging market,” Bert said. “We wanted to be a market leader and not a follower.”Visa also entered an agreement with Lincoln Property Co. in March that could streamline rent payments for more than 10,000 residents of Lincoln's premier development, The Villages in Dallas. “The decision to start accepting Visa for rent payments was based solely on resident demand,” said Drew Schunk, vice president of Lincoln. He said he expects the move to better enable the company to serve current residents and attract new ones. Company leaders also anticipate expanding payment card acceptance to several more of its rental communities within the year.For owners, the use of credit cards helps to ensure timely payment. It can also reduce some of the work involved with processing checks. Owners, however, have to consider that card companies typically receive about 2% of the purchase price on every transaction they process. Visa says costs associated with cash and check handling are consistently higher than costs associated with card transactions.Tenants seem to like the convenience of using plastic, and they build up their frequent-flier miles and other reward points at the same time.Visa and Apartment Investment and Management Co. (AIMCO), the largest owner and operator of apartment communities in the nation, recently released the results of a study that surveyed 105 community managers and 356 residents in eight AIMCO communities that accept card payments.According to the study, 81% of the managers who responded said the credit card option makes the apartments easier to rent. In addition, 83% said the use of cards increases on-time payments. Twenty-two percent of the managers also said the use of cards results in fewer people moving out.Offering the credit card option gave AIMCO a competitive advantage, said Linda Brockbank, senior sales director for Visa U.S.A. “I know that one of the issues for property management companies is occupancy rate,” Brockbank said. “Another issue is cash flow. We wanted to substantiate that it (credit card payment) helped in those two areas.”Almost 40% of the residents surveyed who were aware that they could use their credit card used this option, according to the study.The ability to pay for rent, security deposits and application fees with plastic was listed as one of the top four reasons residents chose to live in their community, said the survey. Residents who pay by card are also less sensitive to the cost of rent than those who never pay by card, said the study.The use of credit cards may involve a one-time payment, or it could be an automatic charge that allows residents to make monthly payments on a credit or debit card.Now that just about every adult has at least one credit card in his or her possession, the card companies are looking for bigger purchases. For most people, rent is their biggest monthly expense. It's also a recurring charge, another vital area of growing importance to the card companies.The industry saw recurring payment charges grow by 27% to $30 billion last year, according to Brockbank.Visa's not the only one looking at apartments for new business. American Express and MasterCard both report that the market is an area they are pursuing.American Express is already working with a few large property management companies and will form marketing relationships with them to raise consumer awareness about the payment option, said spokeswoman Joanne Fisher. American Express has even begun to explore ways for homeowners to pay their mortgage by credit card.MasterCard is also assessing the opportunity in the rental housing payment market, according to spokesman Alex Lau. The main drive is offering consumers more convenience and options.MasterCard is working with its member financial institutions – banks and credit unions – to help communicate the benefits of making recurring payments by credit card, according to Lau.
Renters say 'charge it'by Donna Kimura
A growing number of apartment owners are allowing residents to use plastic to pay the rent because they're finding it helps their bottom line.Apartments are the latest market for Visa and others in the ultracompetitive credit card industry. Visa, the world's largest payment brand, has already inked deals with three prominent property management firms and is in discussion with several top 10 apartment companies. In February, Westdale Asset Management started accepting card payments at four of its properties in the Atlanta region. The number of residents using this payment option has grown each month, according to Trevor Bert, controller at the firm. Westdale has since expanded the program to 11 properties in Georgia and one in Austin, Texas, he said.“We knew it was an emerging market,” Bert said. “We wanted to be a market leader and not a follower.”Visa also entered an agreement with Lincoln Property Co. in March that could streamline rent payments for more than 10,000 residents of Lincoln's premier development, The Villages in Dallas. “The decision to start accepting Visa for rent payments was based solely on resident demand,” said Drew Schunk, vice president of Lincoln. He said he expects the move to better enable the company to serve current residents and attract new ones. Company leaders also anticipate expanding payment card acceptance to several more of its rental communities within the year.For owners, the use of credit cards helps to ensure timely payment. It can also reduce some of the work involved with processing checks. Owners, however, have to consider that card companies typically receive about 2% of the purchase price on every transaction they process. Visa says costs associated with cash and check handling are consistently higher than costs associated with card transactions.Tenants seem to like the convenience of using plastic, and they build up their frequent-flier miles and other reward points at the same time.Visa and Apartment Investment and Management Co. (AIMCO), the largest owner and operator of apartment communities in the nation, recently released the results of a study that surveyed 105 community managers and 356 residents in eight AIMCO communities that accept card payments.According to the study, 81% of the managers who responded said the credit card option makes the apartments easier to rent. In addition, 83% said the use of cards increases on-time payments. Twenty-two percent of the managers also said the use of cards results in fewer people moving out.Offering the credit card option gave AIMCO a competitive advantage, said Linda Brockbank, senior sales director for Visa U.S.A. “I know that one of the issues for property management companies is occupancy rate,” Brockbank said. “Another issue is cash flow. We wanted to substantiate that it (credit card payment) helped in those two areas.”Almost 40% of the residents surveyed who were aware that they could use their credit card used this option, according to the study.The ability to pay for rent, security deposits and application fees with plastic was listed as one of the top four reasons residents chose to live in their community, said the survey. Residents who pay by card are also less sensitive to the cost of rent than those who never pay by card, said the study.The use of credit cards may involve a one-time payment, or it could be an automatic charge that allows residents to make monthly payments on a credit or debit card.Now that just about every adult has at least one credit card in his or her possession, the card companies are looking for bigger purchases. For most people, rent is their biggest monthly expense. It's also a recurring charge, another vital area of growing importance to the card companies.The industry saw recurring payment charges grow by 27% to $30 billion last year, according to Brockbank.Visa's not the only one looking at apartments for new business. American Express and MasterCard both report that the market is an area they are pursuing.American Express is already working with a few large property management companies and will form marketing relationships with them to raise consumer awareness about the payment option, said spokeswoman Joanne Fisher. American Express has even begun to explore ways for homeowners to pay their mortgage by credit card.MasterCard is also assessing the opportunity in the rental housing payment market, according to spokesman Alex Lau. The main drive is offering consumers more convenience and options.MasterCard is working with its member financial institutions – banks and credit unions – to help communicate the benefits of making recurring payments by credit card, according to Lau.
Wednesday, March 28, 2007
Open House Certified Home Loans
Fue un exito la inauguración de la sede en la calle 8 de nuestra sucursal de Certified Home Loans Compañía filial de New Miami Realty que contó con la presencia del comisionado de la ciudad de Miami Joe Sanchez además de un grupo de amigos y familiares
Gracias por su soporte
Gracias por su soporte
Friday, March 16, 2007
Open House
La gran Apertura de nuestra sucursal de Certified Home Loans sera el martes 20 de Marzo 2007 de 6 8 P.M.
Monday, February 26, 2007
Miami Real Estate
Sperry Van Ness una de las mas grandes compañías en ventas de bienes raíces comerciales en los Estados Unidos con mas de 147 oficinas y mas de 800 agentes
En Asociación con New Miami Realty Corp. anuncio la apertura de su oficina en la ciudad de Miami situada en el 1963 SW 8th Street en el Corazon de la Pequeña Havana.
En Asociación con New Miami Realty Corp. anuncio la apertura de su oficina en la ciudad de Miami situada en el 1963 SW 8th Street en el Corazon de la Pequeña Havana.
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