Mayor Tom Martin hosted the 12th annual Ports to Plains conference in Lubbock this week that began with an amazing kick off hosted by the providence of Alberta, Canada at the Overton Hotel in Lubbock.  Guest were made aware of the similarities of the plains of West Texas and our northern neighbor.  Agriculture, oil and natural gas production as well as terrain make our areas excellent advocates for economic development from as far away as Acuna to Alberta.  Ports to Plains transportation development was initially the inspiration of Congressman Randy Neugebauer.  It was announced that TXDOT has been approved for a four way divided highway into New Mexico.  Texas Tech welcomed the attendees to a reception at Jones Staduim on 10/01 where the guest were received by State Rep Duncan, Congressman Jones, and Texas Tech President Guy Bailey.  The conference was an educational, networking and buisness devopment event that our city may be very proud to have been the host.  LUBBOCK ASSOCIATION OF REALTORS was excited to be one of the sponsers for this event.

Thank ya all that have resonded to s my blog about the scary stuff that we are seeing in our small 200,000+ markets.  I hope we can give these folks some kind of practical adice.  Where do they start? This is bad!

Big thanks to everyone for all your greatness on commenting on my unhappiness that Eli was being dished by his city and fans at a time not too long agol  Well, several weeks since Super Bowl, I'm feeling pretty darn proud of myself for asking for a time out to give him a break  This may never happen again!  Thank ya'll for supporting your wonderful teams and thanks for the lattitude in allowing me to express my frustration.  Gosh! It's really a great country!  Look at all the underdogs go, even a little dog, Uno!

 

Ps. My Eli Blog had more comments than any other, Love It!

Wanted to wait until I felt like I had truly helped this client obtain his first home as an Active Rain referral before turning it into a blog! Upon closing and permission from the AR member to publish, I will let ya'll know more, but for now, thank you, for entrusting me with your son's first home while he continues his quest for Master and as a TA while at Texas Tech.  Every client I work with teaches me more.  This is a person older and than his years and I understand why you are so proud of him.

Not my usual post, but OMG! My second favorite team (Cowboys !st ofcourse!) are doing s phenominal effort against the undefeated Pats!  Go Little Brother!  You belong in NY--GO FOR IT!  Half time & Giants are up!  They must have seen Gary's post! BTW Wess Welker is TTU Grad who was ignored until Zack Thomas, another great Texas Tech grad of the Dolphins asked them to take another look.  Well, look at him now!

PLEASE LET THE PRESS HAVE SOME RECOGNITION! This was an unbelievable effort by the GIANTS!

Though the National Association of Realtors reported sales of existing homes nationwide fell for the eighth straight month (as of end of October), Lubbock's sales rose by almost 6%.  Nationally, the median price (the price where half the homes sold either below or above) fell 5.8%.   The median price in Lubbock actually rose by 15%.  At the end of October one year ago the median price in Lubbock was $117,260 compared to $134,905 for 2007.

Admittedly, the inventory in the Multiple Listing Service has risen.  Last year at this time there were 1608 single family properties on the market.  This year there are 1700--not an alarming figure.  Volume is down by a modest 2.4% for the year, but the good news is that there actually has been appreciation as the numbers above reflect.

What continues to make Lubbock sound is the high employment rate, lending practices that have been and continue to be financially viable, and a diversified economy.  Texas Tech continues to grow in student population and this year will be a bumper cotton crop due in part to the amount of summer moisture.  There are also a number of new businesses that have either come to the city or are contracted to come to Lubbock.

It's an amazing thing that perception of economic conditions can so often out weigh reality!

Source: Lubbock Multiple Listing Service

On November 29th the Lubbock Association of Realtors were fortunate to have Della Lindquist speak at our monthly luncheon regarding complaints received at the Texas Real Estate Commission.  Ms. Lindquist is the Director of Enforcement for the Texas Real Estate Commission with a team of eight attorneys and another eleven field officers working throughout the state.  Though she acknowledged the investigation process is slow she also explained that the goal is to be thorough.  Approximately 400 complaints to TREC are made to her department each month and are divided evenly as internal issues, licensing issues and the remainder being consumer complaints.

The majority of consumer issues come from a misunderstanding of agency.  Though agency laws have been in place in Texas for several years, representation continues to be misunderstood.  Ms. Lindquist reiterated that although the Information About Brokerage Services (IBS) form does not actually have to be signed, it must be presented upon the first substantial meeting between an agent and the prospect.

Some of the most vulnerable aspects that she emphasized were as follows:

1. When acting as an intermediary--STOP SELLING!  Though it is an agents nature, when a prospect brings up an objection, fore-go giving advice.  In an intermediary capacity, legally we must stop giving our opinions in order to be fair to both parties
2. Don't use language such as "my buyer, my seller, or the seller's and I..."
3. When an agent has entered into a listing agreement and later decides to purchase the property for their own purpose, the agent should council with their broker and end the listing agreement.
4. Be careful not to confuse sub-agency with intermediary.
5. Be careful with disclosure issues.  Remember that a defect will include any material effect that may preclude a buyer from the purchase of a property.
6. When the date of the IBS is close to the date of the contract, red flags go up in the TREC legal department.

When questioned, Ms. Lindquist explained that it is not the job of the listing agent to determine proximity of registered sex offenders and restated that it is against the law to disclose any matters regarding HIV.

Just reiterating the need for all of us to take action as well as ask our friends to do the same regarding FHA  Reform S 2338 and Freddie Mac/Fannie Mae Loan Limits.  The FHA reform will provide existing homeowners with refinancing alternatives and additional options for first time buyers.  As all of us know, the first time buyer is the first domino that has to fall to create a move-up real estate market.  This reform will go a long way to bring back a return of stability in the real estate markets across the nation.

Regional increases to conventional loan limits is also needed to assist homeowners wishing to purchase properties in high cost of living areas.

Help our industry and protect your home values!  TAKE ACTION!

 

 

Recently a San Francisco investment group, Dwares Group, Inc., purchased Briercroft Center at 5302 Ave. Q.  The Dwares Group specializes in refurbishing distressed retail properties.  Briercroft Center is a 77,000 square foot retail facility built in 1966.  The Dwares Group have hired Lubbock contractor G. Greenstreet Inc to evaluate and propose ideas to give the facility a much needed face-lift.  Spring of 2008 will be the start date for the project.  The facility currently has a colonial look which is out of date and the company plans on including pad sites to the large parking lot and plenty of green area.  Cost of the investment will exceed $1 million. 

Lubbock continues to provide great opportunities for 1031 exchanges, commercial and residential investments.

My Tip #7--Learn about a new culture

With this being the week of Thanksgiving, you are most likely reflecting on how blessed we truly are to live in such a wonderful country that offers boundless opportunities.  Recently I was fortunate enough to attend a Keller Williams Recruiting Clinic in SouthLake, Texas.  The course was taught by Moe Abbasi.  Mr. Abbasi is the Regional Director, New York Region of Keller Williams.  This was an excellent course that really teaches how to dig deeper into the needs analysis process.  These principals apply not just in recruiting, but also assist with your buyers and sellers as well.

After day one of the clinic, two other colleagues and I went to partake in the great shopping available in the center next to the SouthLake Hilton.  Directly across the street from the hotel is Truluck's, not exactly what our OP (Operating Principal) suggested as our price point for restaurants.  Fortunately he relented and met us for dinner.  While awaiting a table we were delighted when Mr. Abbasi walked in unescorted and agreed to join us.  Mr. Abbasi had explained to the class that he was fasting from sunup to sunset.  We felt very lucky when we learned that Truluck's is one of his favorite restaurants.  I have always been fascinated by cultures other than my own, and for nearly three hours Mr. Abbasi answered our questions and shared some of his life's experiences.  He told us how he had returned to his birth country and sought out his first spiritual leader.  He shared some of the history of his courtship with his wife and his love of his family.  The one thing I remember most about this great evening was his statement that he gives thanks every single day and several times a day.

If you are able to ever take a course from Moe Abbasi, please know it will be a treat.  He was so gracious to answer my rather direct questions with such spontaneity and taught us all a bit more about his culture.  This was an education in more ways than one!