investors: Foreclosure Auction Sales Surged In October 2013 - 12/21/13 05:04 AM
With the 4th quarter of 2013 under way and talk continuing about recovering prices, Foreclosure Auction sales are a category of national housing sales not typically discussed frequently.  One fact many may not have noted was, October 2013 picked up the pace on foreclosure auction sales. 
 RealtyTrac, a national foreclosure tracking and data firm recently released its October 2013 Residential and Foreclosure Sale Report.  This report includes all transactions of condos, townhomes and single family homes nationally, including bank owned property and foreclosure auctions.
According to RealtyTrac, the projected yearly pace is 5,649,965 total residential sales.  This is 13% higher … (0 comments)

investors: Mayor of Chicago is trying to implement his own “Cash for Keys Program” - 05/02/13 02:02 AM
There’s lots buzz running around our fair city; City of Chicago’s Mayor, Rahm Emanuel, has proposed a bill that would require real estate investors that purchase multi-unit buildings from a foreclosure auction to pay renters to move.
According to the Chicago Tribune, He is proposing that in order for the new owner to be fair to the current tenant, that the tenant receive $12,000 to move.  The other option is to provide the tenant with a long term rent-controlled lease.
Benjamin De Los Monteros, of Cherry Picker Investments said, “It was quite the stir yesterday sitting in the auctions yesterday.  Many … (2 comments)

investors: Cash is still King! - 05/01/13 12:24 AM
Cash is still king, at least in California.  With it being difficult to even qualify for a mortgage right now, the market has definitely gone in favor of cash investors.  California saw almost 146,000 homes bought with cash transactions in 2012. 
According to DataQuick, a San Diego based real estate data firm, the number of cash sales in the state in 2007 were 40,000. 
John Walsh, President of DataQuick says, "It's clear that a lot of today's housing market recovery is being fueled by people putting their own money into homes. Some cash buying is part of a normal … (2 comments)

investors: Squeeze Play on the “net lease” Private Investor - 04/28/13 06:24 AM
The squeeze play on the net lease private real estate investor seems to be making quite a stir.   In a market where properties are up for grabs many investors want a piece of the pie.  Large investment groups like hedge funds, pension funds, and REIT’s (real estate investment trusts) are racing in and acquiring as much property as they can, making it much more difficult for the individual or private investor to be competitive in the commercial property sector.
According to the Assistant Vice President of Calkain Cos, a national brokerage based in Washington D.C., they are seeing a lot more … (0 comments)

investors: Are Real Estate Investors slowing down? - 04/12/13 08:45 AM
With the market becoming more competitive, many think that investors are slowing down.  2011 was a banner year of investor activity and the market witnessed first-hand the effects of billions of dollars flow through their communities from hedge funds.
So since their activity is seemingly slowing the question remains; how long before they decide “cash in their chips?”
The National Association of Realtors, NAR, has been tracking investor activity very closely over the last 2 years especially.  They reported a drop in activity from 2011 to 2012.  Private funds were purchasing as much as 1.23 million investment properties and now, only … (2 comments)

 
Michael Hobbs, SRA, LEED GA, RAA (PahRoo Appraisal & Consultancy)

Michael Hobbs

SRA, LEED GA, RAA

Chicago, IL

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PahRoo Appraisal & Consultancy

Address: 1707 W. Roscoe Street, Suite 1, Chicago, IL, 60657

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