Maybe I am experiencing a little business hangover but a business news channel just reported that Mr. Madoff was released to his home after a hearing on his 50 Billion dollar fraud case.
Now maybe my logic is askew but seems like the gentleman should be held in jail until his trial.
Seems like there is sizeable evidence to marginally conclude that he has committed this alledged fraud so why isn't he sitting behind bars?
I am baffled!! But how does the saying go, "Money talks and _-_-_-_ walks"... a new twist I would say.
Always the realist, I am know to be conservative in my calls but I think it is official, The Bay Area has hit its own real estate slowdown.
As near as I can tell, the full impact started in San Francisco & the Pennisula about November 10th. I know you are saying "duh" the country knew this months ago.
Well it really did not affect our market until recently and still there are districts in San Francisco that are still active and parts of the pennisula that are still growing in price per unit and sales. (can you say Palo Alto?)
National pundits are saying that the Bay Area was the last to get hit and will be the first to recover so if their prognosis is accurate then lets figure a second quarter turn for us to the upside.
Locally, I have been telling my buyers to get familiar with their targeted market so when we see a change then we can act accordingly. To me that means "snatch up some deals" before prices start rising again.
If you are an investor, think about 6-10 unit apartment buildings now. Because rents are holding steady and there are several local apartment owners who have over extended themselves.
Anyway, I wish everyone the best this holiday season, Happy Holidays!!
A month or so ago, I expressed my thoughts on using "LinkedIn", the professional social networking service.
Well this month I am again singing its praise. My 'network' has experienced a steady growth adding about 5-10 new connections per month.
I answer real estate questions asked by the audience of 30 million users and join real estate "groups" (and others) that I believe add value to my business. Like my alumni association and other social organizations I frequent.
Question: Are you getting any business from the site?
Answer: YES, 2 transactions with 2 more buyers currently looking for property.
Utilizing LinkedIn's "network effect" is very similar to a real estate person developing a "referral base". I think we all understand how valuable that is to a real estate agent's business.
Heck I am still using the free version but frankly with the traction I have been getting I am seriously considering buying the upgrade version. $20.00/mth is alot cheaper than the website, blog, open house ad's, postcards and all the other marketing efforts that I am paying for each month.
If you have not tried LinkedIn yet or are like some who just don't get it, I STRONGELY suggest creating a profile and start building your network today!!
I recently got my hands on a new technology / business book and I must pass on my praises.
"Closing the Innovation Gap" By: Judy Estrin
When you get past the impressive resume of the author (current Board Member of Disney & FedEx) one will find a direct, clear and alarming expose of hopefully waking up the innovative society in America.
With recommendations from Bob Igor, Vint Cerf and Andrew Grove, I have no reservation in supporting this book.
I challenge all of us to support education and research from now until the end of time...
The other day we were notified that our parent firm "GMAC Home Services would be acquired by Brookfield RPS, a division of Brookfield Asset Management".
My opinion: it seems that the transaction makes sense for all parties and they all have a vested interest in making it hugely successful.
I for one, look forward to what the future has to offer!!
Last week I was in the midst of another "Connect" conference for real estate and technologists.
And what a week it was, reacquainting with past attendees, seeing the latest offerings of new technology companies and hearing what agents from across the country are experiencing.
Makes me think how lucky we are to live and work in the Bay Area. While I am working on another successful year my peers from other states are not having it so good.
A big take away from this year is how it seems the real estate industry while being "local" is evolving to a national and internationally influenced industry. Many of the new offerings reflect what is happening in Australia, London, Europe and even New Zealand. (There's your plug Alistair.)
Information and data are becoming more prevalent with bloggers and websites while syndication seems the popular movement of late. www.Trulia.com continues to provide new and interesting tools for agents and consumers alike.
Yes, I loved it and Yes, Brad ( www.Inman.com ) I will be back next year!! Oh, and Joel another great series of panelist for 'Bloggers Connect'. Thanks!!
I have been using the professional networking site "LinkedIn" for a couple of years now and this weeks announcement by the company of a new round of financing reminded me to write about them in my blog.
As the real estate business becomes less 'local'. Yes, I said that!! It has become more important to expand your business/professional network in a way to expose potential buyers and sellers to your abilities in new and more internet savvy ways.
My use of 'LinkedIn' has proved beneficial in many ways. I have expanded my business network as well as met new people that have purchased properties thru me by way of their referral system.
If you haven't considered the service there is no time like the present to get started. Heck, its free!!
Last Friday I had the opportunity to tour three (3) condominium complexes who are under construction and are in the process of conducting "pre-sales".
3000 - The Plaza
Astoria - Central Park West
Skyline at MacArthur Place
Having toured some 20+ condo projects in San Francisco, I was looking to do a comparison of the overall project, amenities, pricing and sales techniques.
As my touring partner and I soon found out. Only one property had adjusted to the current Orange County market and acted that way. Maybe it was because the Director of Sales was more personable than the others or maybe it was just clear from my experience that the Skyline project was superior based on my tastes but I was really impressed with #3, Skyline at MacArthur Place.
Top of the line appliances and finishes along with a pratical layout and use of the space. Made Skyline far more interesting than the other two. We had to finally leave because we were not in going to buy anything. But over the course of the next three days we kept referring to the property.
Apparently all three developers are well know in the Orange County area (and more specifically Newport Beach) but I have yet to meet them. So I do not have a bias in that regard.
In any case, here's wishing you the best and I hope sales go in your favor. Oh, btw, if you would like a nice two bedroom give "Heidi Stockwell" a call at: 714.727.0602 she is the sales manager @ Skyline...or email her at: heidi@skylineinoc.com
The dept of building inspection seems to have not only inefficencies in work flow but apparently they have a budget shortfall as well.
This week the dept. announced a plan to raise rates charged to the public for such items as permits, etc...and including "Report of Residential Building Record" which those of us in the real estate business call the 3R report.
That report is rumored to be going from the current 50.00/report fee to $160.00/report. Note: this is a mandated report that every home owner is required to provide as apart of their disclosure package on a home, condo, loft, multi-unit etc...sale in San Francisco, CA.
That is a 300%+ increase that the public has to absorb. Come on where is our representation...??
I encourage all home owners to call your representative if you have a concern over this increase.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
Ken Glidewell (Pacific Union Real Estate)
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